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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Jun. 30, 2019
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Abstract] |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The effects of derivative instruments designated as hedging instruments on Other comprehensive income and Net earnings were as follows during the fiscal years ended June 30:
| Gains (losses) recognized in Other comprehensive income
| 2019 |  | 2018 |  | 2017
Commodity purchase derivative contracts | $ | (5 | ) |  | $ | 4 |  |  | $ | (3 | )
Foreign exchange derivative contracts | — |  |  | 2 |  |  | (1 | )
Interest rate derivative contracts | — |  |  | 2 |  |  | — |
Total | $ | (5 | ) |  | $ | 8 |  |  | $ | (4 | )
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location |
| Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings
| 2019 |  | 2018 |  | 2017
Commodity purchase derivative contracts | $ | (2 | ) |  | $ | 1 |  |  | $ | (2 | )
Foreign exchange derivative contracts | 2 |  |  | (1 | ) |  | (3 | )
Interest rate derivative contracts | (6 | ) |  | (6 | ) |  | (6 | )
Total | $ | (6 | ) |  | $ | (6 | ) |  | $ | (11 | )
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table summarizes the fair value of Company’s assets and liabilities for which disclosure of fair value is required as of June 30:
|  |  |  |  | 2019 |  | 2018
Assets | Balance sheet classification |  | Fair value hierarchy level |  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Investments including money market funds | Cash and cash equivalents (a) |  | 1 |  | $ | 26 |  |  | $ | 26 |  |  | $ | 24 |  |  | $ | 24 |
Time deposits | Cash and cash equivalents (a) |  | 2 |  | 7 |  |  | 7 |  |  | 23 |  |  | 23 |
Commodity purchase swaps contracts | Prepaid expenses and other current assets |  | 2 |  | — |  |  | — |  |  | 3 |  |  | 3 |
Foreign exchange forward contracts | Prepaid expenses and other current assets |  | 2 |  | — |  |  | — |  |  | 2 |  |  | 2 |
Trust assets for nonqualified deferred compensation plans | Other assets |  | 1 |  | 96 |  |  | 96 |  |  | 86 |  |  | 86 |
|  |  |  |  | $ | 129 |  |  | $ | 129 |  |  | $ | 138 |  |  | $ | 138 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Notes and loans payable | Notes and loans payable (b) |  | 2 |  | $ | 396 |  |  | $ | 396 |  |  | $ | 199 |  |  | $ | 199 |
Commodity purchase futures contracts | Accounts payable and accrued liabilities |  | 1 |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |
Commodity purchase swaps contracts | Accounts payable and accrued liabilities |  | 2 |  | 1 |  |  | 1 |  |  | — |  |  | — |
Current maturities of long-term debt and Long-term debt | Current maturities of long- term debt and Long-term debt (c) |  | 2 |  | 2,287 |  |  | 2,402 |  |  | 2,284 |  |  | 2,269 |
|  |  |  |  | $ | 2,685 |  |  | $ | 2,800 |  |  | $ | 2,484 |  |  | $ | 2,469 |
(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 debt 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, was 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 + Details
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