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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Dec. 31, 2015

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Abstract]

Schedule of Financial Instruments Measured at Fair Value

							12/31/2015								6/30/2015
	Balance sheet classification		Fair value hierarchy level				Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
Assets
Investments including money market funds (a)	Cash and cash equivalents			1			$	234			$	234			$	212			$	212
Time deposits (a)	Cash and cash equivalents			2				79				79				84				84
Foreign exchange derivative contracts	Other current assets			2				5				5				1				1
Commodity purchase derivative contracts	Other current assets			1				1				1				-				-
Trust assets for nonqualified deferred
compensation plans	Other assets			1				47				47				38				38
							$	366			$	366			$	335			$	335
Liabilities
Notes and loans payable (b)	Notes and loans payable			2			$	500			$	500			$	95			$	95
Commodity purchase derivative contracts	Accrued liabilities			1				1				1				-				-
Commodity purchase derivative contracts	Accrued liabilities			2				8				8				8				8
Commodity purchase derivative contracts	Other liabilities			2				1				1				-				-
Long-term debt (c)	Other liabilities			2				1,796				1,848				2,096				2,137
							$	2,306			$	2,358			$	2,199			$	2,240

____________________

(a)		Cash equivalents are composed of time deposits and other interest bearing investments including money market funds with original maturity dates of 90 days or less. Cash equivalents are recorded at cost, which approximates fair value.
(b)		Short-term debt is composed of U.S. commercial paper and/or other similar short-term debts issued by non-U.S. subsidiaries, all of which are recorded at cost, which approximates fair value.
(c)		Long-term debt, which is recorded at cost, includes current maturities. The fair value of long-term debt was determined using secondary market prices quoted by corporate bond dealers, and was classified as Level 2.

Effects of Derivative Instruments Designated as Hedging Instruments on OCI

	Gains (losses) recognized in comprehensive income
	Three Months Ended								Six Months Ended
	12/31/2015				12/31/2014				12/31/2015				12/31/2014
Commodity purchase derivative contracts	$	-			$	(10	)		$	(7	)		$	(16	)
Interest rate derivative contracts		-				(9	)			-				(12	)
Foreign exchange derivative contracts		(2	)			1				5				5
Total	$	(2	)		$	(18	)		$	(2	)		$	(23	)
	Gains (losses) reclassified from accumulated other comprehensive net loss and recognized in net earnings
	Three Months Ended								Six Months Ended
	12/31/2015				12/31/2014				12/31/2015				12/31/2014
Commodity purchase derivative contracts	$	(3	)		$	-			$	(5	)		$	-
Interest rate derivative contracts		(1	)			(1	)			(3	)			(3	)
Foreign exchange derivative contracts		(1	)			1				-				-
Total	$	(5	)		$	-			$	(8	)		$	(3	)

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- Definition

Financial Instruments and Fair Value Measurements [Abstract]

+ References

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- Definition

Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624171-113959

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

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