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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Mar. 31, 2017
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Abstract] |
Effects of Derivative Instruments Designated as Hedging Instruments on OCI | The effects of derivative instruments designated as hedging instruments on Comprehensive income and Net earnings were as follows:
| Gains (losses) recognized in Other comprehensive income
| Three Months Ended |  | Nine Months Ended
| 3/31/2017 |  | 3/31/2016 |  | 3/31/2017 |  | 3/31/2016
Commodity purchase derivative contracts | $ | (3 | ) |  | $ | 3 |  |  | $ | (2 | ) |  | $ | (4 | )
Interest rate derivative contracts | — |  |  | — |  |  | — |  |  | — |
Foreign exchange derivative contracts | (1 | ) |  | (9 | ) |  | — |  |  | (4 | )
Total | $ | (4 | ) |  | $ | (6 | ) |  | $ | (2 | ) |  | $ | (8 | )
Effects of Derivative Instruments Designated as Hedging Instruments on Net Earnings |
| Gains (losses) reclassified from Accumulated other comprehensive loss and recognized in Net earnings
| Three Months Ended |  | Nine Months Ended
| 3/31/2017 |  | 3/31/2016 |  | 3/31/2017 |  | 3/31/2016
Commodity purchase derivative contracts | $ | — |  |  | $ | (4 | ) |  | $ | (1 | ) |  | $ | (9 | )
Interest rate derivative contracts | (2 | ) |  | (2 | ) |  | (5 | ) |  | (5 | )
Foreign exchange derivative contracts | — |  |  | 1 |  |  | (3 | ) |  | 1 |
Total | $ | (2 | ) |  | $ | (5 | ) |  | $ | (9 | ) |  | $ | (13 | )
Schedule of Assets and Liabilities for Fair Value Disclosure | The following table summarizes the fair value of the Company’s assets and liabilities for which disclosure of fair value is required:
|  |  |  |  | 3/31/2017 |  | 6/30/2016
| Balance sheet classification |  | Fair value hierarchy level |  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Assets |  |  |  |  |  |  |  |  |  |  |
Investments including money market funds | Cash and cash equivalents (a) |  | 1 |  | $ | 196 |  |  | $ | 196 |  |  | $ | 234 |  |  | $ | 234 |
Time deposits | Cash and cash equivalents (a) |  | 2 |  | 132 |  |  | 132 |  |  | 79 |  |  | 79 |
Commodity purchase futures contracts | Other current assets |  | 1 |  | — |  |  | — |  |  | 1 |  |  | 1 |
Commodity purchase swaps contracts | Other current assets |  | 2 |  | 1 |  |  | 1 |  |  | — |  |  | — |
Foreign exchange forward contracts | Other current assets |  | 2 |  | — |  |  | — |  |  | 1 |  |  | 1 |
Commodity purchase swaps contracts | Other assets |  | 2 |  | — |  |  | — |  |  | 1 |  |  | 1 |
Trust assets for nonqualified deferred compensation plans | Other assets |  | 1 |  | 69 |  |  | 69 |  |  | 52 |  |  | 52 |
|  |  |  |  | $ | 398 |  |  | $ | 398 |  |  | $ | 368 |  |  | $ | 368 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Notes and loans payable | Notes and loans payable (b) |  | 2 |  | $ | 650 |  |  | $ | 650 |  |  | $ | 523 |  |  | $ | 523 |
Commodity purchase futures contracts | Accounts payable and accrued liabilities |  | 1 |  | 1 |  |  | 1 |  |  | — |  |  | — |
Commodity purchase swaps contracts | Accounts payable and accrued liabilities |  | 2 |  | — |  |  | — |  |  | 1 |  |  | 1 |
Foreign exchange forward contracts | Accounts payable and accrued liabilities |  | 2 |  | 1 |  |  | 1 |  |  | 4 |  |  | 4 |
Current maturities of long-term debt and Long-term debt | Current maturities of long- term debt and Long-term debt (c) |  | 2 |  | 1,790 |  |  | 1,854 |  |  | 1,789 |  |  | 1,922 |
|  |  |  |  | $ | 2,442 |  |  | $ | 2,506 |  |  | $ | 2,317 |  |  | $ | 2,450 |
____________________
(a) | Cash and 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 and cash equivalents are recorded at cost, which approximates fair value.
(b) | Notes and loans payable 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) | Current maturities of long-term debt and Long-term debt are recorded at cost. The fair value of Long-term debt, including current maturities, is determined using secondary market prices quoted by corporate bond dealers, and is classified as Level 2.

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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=64837297&loc=SL5624171-113959 + Details
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