FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Jun. 30, 2024

Schedule of financial assets and liabilities measured at fair value on a recurring basis

The following table presents the Company’s hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2024:


(In millions)	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	1,507	$	—	$	—	$	1,507
Foreign currency forward contracts	—		68		—		68

Cross-currency swap contracts	—		80		—		80
Total	$	1,507	$	148	$	—	$	1,655

Liabilities:

Foreign currency forward contracts	$	—	$	21	$	—	$	21
Interest rate-related derivatives	—		145		—		145


Total	$	—	$	166	$	—	$	166

The following table presents the Company’s hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2023:


(In millions)	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	3,241	$	—	$	—	$	3,241
Foreign currency forward contracts	—		76		—		76
Cross-currency swap contracts	—		22		—		22
Total	$	3,241	$	98	$	—	$	3,339

Liabilities:
Foreign currency forward contracts	$	—	$	49	$	—	$	49
Interest rate-related derivatives	—		150		—		150
DECIEM stock options	—		—		99		99
Total	$	—	$	199	$	99	$	298

Schedule of estimated fair values of financial instruments

The estimated fair values of the Company’s financial instruments are as follows:


	June 30
	2024				2023
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Nonderivatives
Cash and cash equivalents	$	3,395	$	3,395	$	4,029	$	4,029
Current and long-term debt	7,771		7,174		8,114		7,665


DECIEM stock options	—		—		99		99
Deferred consideration payable	341		340		341		338

Derivatives
Cross-currency swap contracts - asset	80		80		22		22
Foreign currency forward contracts – asset, net	47		47		27		27
Interest rate-related derivatives – liability	(145)		(145)		(150)		(150)

Changes in DECEIM stock option liability

Changes in the DECIEM stock option liability for the year ended June 30, 2024 are included in Selling, general and administrative expenses in the accompanying consolidated statements of earnings and were as follows:


(In millions)	Fair Value
DECIEM stock option liability as of June 30, 2023	$	99
Changes in fair value, net of foreign currency remeasurements	13
DECIEM stock options exercised	(114)
Translation adjustments and other, net	2
DECIEM stock option liability as of June 30, 2024	$	—