DERIVATIVES (Tables)

12 Months Ended

Jun. 30, 2025

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)		June 30, 2025				June 30, 2024


Designated as Hedging Instruments

Foreign exchange contracts purchased		$	1,492			$	1,492
Interest rate contracts purchased			1,150				1,100

Not Designated as Hedging Instruments

Foreign exchange contracts purchased			15,214				7,167
Foreign exchange contracts sold			43,307				31,793
Equity contracts purchased			5,434				4,016
Equity contracts sold			2,189				2,165
Other contracts purchased			2,769				2,113
Other contracts sold			1,242				811

Fair Values of Derivative Instruments

The following table presents our derivative instruments:


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


		June 30, 2025							June 30, 2024

Designated as Hedging Instruments

Foreign exchange contracts		$	89			$	(44	)		$	24			$	(76	)
Interest rate contracts			15				0				19				0

Not Designated as Hedging Instruments

Foreign exchange contracts			248				(809	)			213				(230	)
Equity contracts			385				(983	)			63				(491	)
Other contracts			21				(1	)			12				(3	)


Gross amounts of derivatives			758				(1,837	)			331				(800	)
Gross amounts of derivatives offset in the balance sheets			(258	)			260				(151	)			152
Cash collateral received			0				(99	)			0				(104	)


Net amounts of derivatives		$	500			$	(1,676	)		$	180			$	(752	)


Reported as

Short-term investments		$	10			$	0			$	12			$	0
Other current assets			201				0				149				0
Equity and other investments			272				0				0				0
Other long-term assets			17				0				19				0
Other current liabilities			0				(1,639	)			0				(401	)
Other long-term liabilities			0				(37	)			0				(351	)


Total		$	500			$	(1,676	)		$	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


June 30, 2025

Derivative assets		$	1			$	474			$	283			$	758
Derivative liabilities			0				(1,832	)			(5	)			(1,837	)

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)


Year Ended June 30,		2025				2024				2023

Designated as Fair Value Hedging Instruments

Interest rate contracts
Derivatives		$	5			$	(23	)		$	(65	)
Hedged items			(45	)			(25	)			38

Designated as Cash Flow Hedging Instruments

Foreign exchange contracts
Amount reclassified from accumulated other comprehensive loss			103				(48	)			61

Not Designated as Hedging Instruments

Foreign exchange contracts			(938	)			367				(73	)
Equity contracts			(266	)			(177	)			(420	)
Other contracts			21				(15	)			(41	)

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)


Year Ended June 30,		2025				2024				2023

Designated as Cash Flow Hedging Instruments

Foreign exchange contracts
Included in effectiveness assessment		$	77			$	(14	)		$	34