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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Mar. 31, 2019
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 Other comprehensive income and Net earnings were as follows:
| Gains (losses) recognized in Other comprehensive income
| Three Months Ended |  | Nine Months Ended
| 3/31/2019 |  | 3/31/2018 |  | 3/31/2019 |  | 3/31/2018
Commodity purchase derivative contracts | $ | 2 |  |  | $ | — |  |  | $ | (4 | ) |  | $ | 3 |
Foreign exchange derivative contracts | — |  |  | 1 |  |  | 1 |  |  | 1 |
Interest rate derivative contracts | — |  |  | — |  |  | — |  |  | 2 |
Total | $ | 2 |  |  | $ | 1 |  |  | $ | (3 | ) |  | $ | 6 |
Effects of Derivative Instruments Designated as Hedging Instruments on Net Earnings |
| Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings
| Three Months Ended |  | Nine Months Ended
| 3/31/2019 |  | 3/31/2018 |  | 3/31/2019 |  | 3/31/2018
Commodity purchase derivative contracts | $ | (1 | ) |  | $ | — |  |  | $ | (1 | ) |  | $ | — |
Foreign exchange derivative contracts | 1 |  |  | — |  |  | 2 |  |  | (1 | )
Interest rate derivative contracts | (2 | ) |  | (1 | ) |  | (5 | ) |  | (5 | )
Total | $ | (2 | ) |  | $ | (1 | ) |  | $ | (4 | ) |  | $ | (6 | )
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:
|  |  |  |  | 3/31/2019 |  | 6/30/2018
| 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 |  | $ | 40 |  |  | $ | 40 |  |  | $ | 24 |  |  | $ | 24 |
Time deposits | Cash and cash equivalents (a) |  | 2 |  | 29 |  |  | 29 |  |  | 23 |  |  | 23 |
Commodity purchase swaps contracts | Prepaid expenses and other current assets |  | 2 |  | 1 |  |  | 1 |  |  | 3 |  |  | 3 |
Foreign exchange forward contracts | Prepaid expenses and other current assets |  | 2 |  | 1 |  |  | 1 |  |  | 2 |  |  | 2 |
Trust assets for nonqualified deferred compensation plans | Other assets |  | 1 |  | 91 |  |  | 91 |  |  | 86 |  |  | 86 |
|  |  |  |  | $ | 162 |  |  | $ | 162 |  |  | $ | 138 |  |  | $ | 138 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Notes and loans payable | Notes and loans payable (b) |  | 2 |  | $ | 321 |  |  | $ | 321 |  |  | $ | 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 |  | 2,286 |  |  | 2,353 |  |  | 2,284 |  |  | 2,269 |
|  |  |  |  | $ | 2,609 |  |  | $ | 2,676 |  |  | $ | 2,484 |  |  | $ | 2,469 |
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(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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