DERIVATIVES (Tables)

3 Months Ended

Sep. 30, 2024

Notional Amounts of Outstanding Derivative Instruments Measured in U.S. Dollar Equivalents

The following table presents the notional amounts of our outstanding derivative instruments measured in U.S. dollar equivalents:


(In millions)		September 30, 2024				June 30, 2024


Designated as Hedging Instruments

Foreign exchange contracts purchased		$	1,492			$	1,492
Interest rate contracts purchased			1,144				1,100

Not Designated as Hedging Instruments

Foreign exchange contracts purchased			8,438				7,167
Foreign exchange contracts sold			22,559				31,793
Equity contracts purchased			4,290				4,016
Equity contracts sold			2,165				2,165
Other contracts purchased			2,829				2,113
Other contracts sold			1,121				811

Fair Values of Derivative Instruments

The following table presents our derivative instruments:


(In millions)		Derivative Assets					Derivative Liabilities			Derivative Assets				Derivative Liabilities


		September 30, 2024								June 30, 2024

Designated as Hedging Instruments

Foreign exchange contracts		$	50			$	(65	)		$	24			$	(76	)
Interest rate contracts			5				0				19				0

Not Designated as Hedging Instruments

Foreign exchange contracts			189				(615	)			213				(230	)
Equity contracts			68				(804	)			63				(491	)
Other contracts			6				(6	)			12				(3	)


Gross amounts of derivatives			318				(1,490	)			331				(800	)
Gross amounts of derivatives offset in the balance sheets			(196	)			198				(151	)			152
Cash collateral received			0				(18	)			0				(104	)


Net amounts of derivatives		$	122			$	(1,310	)		$	180			$	(752	)


Reported as

Short-term investments		$	(1	)		$	0			$	12			$	0
Other current assets			118				0				149				0
Other long-term assets			5				0				19				0
Other current liabilities			0				(900	)			0				(401	)
Other long-term liabilities			0				(410	)			0				(351	)


Total		$	122			$	(1,310	)		$	180			$	(752	)

The following table presents the fair value of our derivatives instruments on a gross basis:


(In millions)		Level 1					Level 2			Level 3				Total


September 30, 2024

Derivative assets		$	0			$	313			$	5			$	318
Derivative liabilities			(1	)			(1,489	)			0				(1,490	)

June 30, 2024

Derivative assets			0				327				4				331
Derivative liabilities			(1	)			(799	)			0				(800	)

Gains (Losses) on Derivative Instruments

Gains (losses) on derivative instruments recognized in other income (expense), net were as follows:


(In millions)


Three Months Ended September 30,			2024				2023

Designated as Fair Value Hedging Instruments

Interest rate contracts
Derivatives		$	20			$	(16	)
Hedged items			(32	)			3

Designated as Cash Flow Hedging Instruments

Foreign exchange contracts
Amount reclassified from accumulated other comprehensive loss			49				(46	)

Not Designated as Hedging Instruments

Foreign exchange contracts			(383	)			206
Equity contracts			(348	)			113
Other contracts			24				(33	)

Cash Flow Hedges | Other Comprehensive Income (Loss)

Gains (Losses) on Derivative Instruments

Gains (losses), net of tax, on derivative instruments recognized in our consolidated comprehensive income statements were as follows:


(In millions)


Three Months Ended September 30,		2024				2023

Designated as Cash Flow Hedging Instruments

Foreign exchange contracts
Included in effectiveness assessment		$	29			$	(15	)