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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Mar. 31, 2021
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 (loss) income and Net earnings were as follows:
| Gains (losses) recognized in Other comprehensive (loss) income
| Three Months Ended |  | Nine Months Ended
| 3/31/2021 |  | 3/31/2020 |  | 3/31/2021 |  | 3/31/2020
Commodity purchase derivative contracts | $ | 5 |  |  | $ | (11) |  |  | $ | 12 |  |  | $ | (8) |
Foreign exchange derivative contracts | 2 |  |  | 2 |  |  | (1) |  |  | 2 |
Interest rate derivative contracts | 26 |  |  | — |  |  | 36 |  |  | — |
Total | $ | 33 |  |  | $ | (9) |  |  | $ | 47 |  |  | $ | (6) |
Effects of Derivative Instruments Designated as Hedging Instruments on Net Earnings |
| 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
|  | Three Months Ended |  | Nine Months Ended
|  | 3/31/2021 |  | 3/31/2020 |  | 3/31/2021 |  | 3/31/2020
Commodity purchase derivative contracts | Cost of products sold | $ | — |  |  | $ | — |  |  | $ | (2) |  |  | $ | (1) |
Foreign exchange derivative contracts | Cost of products sold | — |  |  | — |  |  | — |  |  | — |
Interest rate derivative contracts | Interest expense | (2) |  |  | (2) |  |  | (5) |  |  | (5) |
Total |  | $ | (2) |  |  | $ | (2) |  |  | $ | (7) |  |  | $ | (6) |
Schedule of Assets and Liabilities for Fair Value Disclosure | The following table provides information about the balance sheet classification and the fair values of the Company’s derivative instruments:
|  |  |  |  | 3/31/2021 |  | 6/30/2020
| Balance Sheet Classification |  | Fair Value Hierarchy Level |  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Assets |  |  |  |  |  |  |  |  |  |  |
Commodity purchase futures contracts | Other current assets |  | 1 |  | $ | 3 |  |  | $ | 3 |  |  | $ | — |  |  | $ | — |
Commodity purchase swaps contracts | Other current assets |  | 2 |  | 2 |  |  | 2 |  |  | — |  |  | — |
Commodity purchase swaps contracts | Other assets |  | 2 |  | — |  |  | — |  |  | — |  |  | — |
Interest rate forward contracts | Other assets |  | 2 |  | 37 |  |  | 37 |  |  | 1 |  |  | 1 |
|  |  |  |  | $ | 42 |  |  | $ | 42 |  |  | $ | 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 contract | Accounts payable and accrued liabilities |  | 2 |  | 1 |  |  | 1 |  |  | 1 |  |  | 1 |
|  |  |  |  | $ | 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:
|  |  |  |  | 3/31/2021 |  | 6/30/2020
| 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 (1) |  | 1 |  | $ | 213 |  |  | $ | 213 |  |  | $ | 584 |  |  | $ | 584 |
Time deposits | Cash and cash equivalents (1) |  | 2 |  | 146 |  |  | 146 |  |  | 165 |  |  | 165 |
Trust assets for nonqualified deferred compensation plans | Other assets |  | 1 |  | 131 |  |  | 131 |  |  | 100 |  |  | 100 |
|  |  |  |  | $ | 490 |  |  | $ | 490 |  |  | $ | 849 |  |  | $ | 849 |
Liabilities |  |  |  |  |  |  |  |  |  |  |
Current maturities of long-term debt and Long-term debt | Current maturities of long- term debt and Long-term debt (2) |  | 2 |  | 2,783 |  |  | 2,944 |  |  | 2,780 |  |  | 3,051 |
|  |  |  |  | $ | 2,783 |  |  | $ | 2,944 |  |  | $ | 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)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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