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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Jun. 30, 2021
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 (loss) income and Net earnings were as follows during the fiscal years ended June 30:
| Gains (losses) recognized in Other comprehensive (loss) income
| 2021 |  | 2020 |  | 2019
Commodity purchase derivative contracts | $ | 21 |  |  | $ | (7) |  |  | $ | (5) |
Foreign exchange derivative contracts | — |  |  | — |  |  | — |
Interest rate derivative contracts | 23 |  |  | 2 |  |  | — |
Total | $ | 44 |  |  | $ | (5) |  |  | $ | (5) |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location |
| Location of Gains (losses) reclassified from Accumulated other comprehensive net (loss) income into Net earnings | Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings
|  | 2021 |  | 2020 |  | 2019
Commodity purchase derivative contracts | Cost of products sold | $ | 1 |  |  | $ | (4) |  |  | $ | (2) |
Foreign exchange derivative contracts | Cost of products sold | — |  |  | — |  |  | 2 |
Interest rate derivative contracts | Interest expense | (6) |  |  | (6) |  |  | (6) |
Total |  | $ | (5) |  |  | $ | (10) |  |  | $ | (6) |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table provides information about the balance sheet classification and the fair values of the Company's derivative instruments:
|  |  |  |  | 2021 |  | 2020
| Balance sheet classification |  | Fair value hierarchy level |  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Assets |  |  |  |  |  |  |  |  |  |  |
Commodity purchase futures contracts | Prepaid expenses and other current assets |  | 1 |  | $ | 5 |  |  | $ | 5 |  |  | $ | — |  |  | $ | — |
Commodity purchase swaps contracts | Prepaid expenses and other current assets |  | 2 |  | 4 |  |  | 4 |  |  | — |  |  | — |
Interest rate contracts | Other assets |  | 2 |  | 24 |  |  | 24 |  |  | 1 |  |  | 1 |
|  |  |  |  | $ | 33 |  |  | $ | 33 |  |  | $ | 1 |  |  | $ | 1 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Commodity purchase futures contracts | Accounts payable and accrued liabilities |  | 1 |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | 1 |
Commodity purchase swaps contracts | Accounts payable and accrued liabilities |  | 2 |  | — |  |  | — |  |  | 3 |  |  | 3 |
Foreign exchange forward contracts | Accounts payable and accrued liabilities |  | 2 |  | $ | — |  |  | — |  |  | 1 |  |  | 1 |
|  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 5 |  |  | $ | 5 |
The following table provides information about the balance sheet classification and the fair values of the Company's other assets and liabilities for which disclosure of fair value is required:
|  |  |  |  | 2021 |  | 2020
| Balance sheet classification |  | Fair value hierarchy level |  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Assets |  |  |  |  |  |  |  |  |  |  |
Interest-bearing investments, including money market funds | Cash and cash equivalents (1) |  | 1 |  | $ | 196 |  |  | $ | 196 |  |  | $ | 584 |  |  | $ | 584 |
Time deposits | Cash and cash equivalents (1) |  | 2 |  | 11 |  |  | 11 |  |  | 165 |  |  | 165 |
Trust assets for nonqualified deferred compensation plans | Other assets |  | 1 |  | 136 |  |  | 136 |  |  | 100 |  |  | 100 |
|  |  |  |  | $ | 343 |  |  | $ | 343 |  |  | $ | 849 |  |  | $ | 849 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Notes and loans payable | Notes and loans payable (2) |  | 2 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Current maturities of long-term debt and Long-term debt | Current maturities of long- term debt and Long-term debt (3) |  | 2 |  | 2,784 |  |  | 2,963 |  |  | 2,780 |  |  | 3,051 |
|  |  |  |  | $ | 2,784 |  |  | $ | 2,963 |  |  | $ | 2,780 |  |  | $ | 3,051 |
____________________ (1)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. (2)Notes and loans payable is composed of outstanding U.S. commercial paper balances and/or amounts drawn on the Company’s credit agreements, all of which are recorded at cost, which approximates fair value. (3)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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