FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Jun. 30, 2022

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
	2022		2021		2020
Commodity purchase derivative contracts	$	17	$	21	$	(7)
Foreign exchange derivative contracts	1		—		—
Interest rate derivative contracts	89		23		2
Total	$	107	$	44	$	(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
		2022		2021		2020
Commodity purchase derivative contracts	Cost of products sold	$	23	$	1	$	(4)
Foreign exchange derivative contracts	Cost of products sold	—		—		—
Interest rate derivative contracts	Interest expense	(9)		(6)		(6)
Total		$	14	$	(5)	$	(10)

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:


			2022				2021
	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	6		6		4		4
Foreign exchange forward contracts	Accounts payable and accrued liabilities	2	1		1		—		—
Interest rate contracts	Other assets	2	—		—		24		24
			$	7	$	7	$	33	$	33
Liabilities
Commodity purchase futures contracts	Accounts payable and accrued liabilities	1	$	1	$	1	$	—	$	—


			$	1	$	1	$	—	$	—

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:


			2022				2021
	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	$	86	$	86	$	196	$	196
Time deposits	Cash and cash equivalents (1)	2	4		4		11		11
Trust assets for nonqualified deferred compensation plans	Other assets	1	119		119		136		136
			$	209	$	209	$	343	$	343
Liabilities
Notes and loans payable	Notes and loans payable (2)	2	$	237	$	237	$	—	$	—
Current maturities of long-term debt and Long-term debt	Current maturities of long- term debt and Long-term debt (3)	2	2,474		2,386		2,784		2,963
			$	2,711	$	2,623	$	2,784	$	2,963

(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 are 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.