DERIVATIVES (Tables)

3 Months Ended

Sep. 30, 2022

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

(In millions)	September 30, 2022		June 30, 2022


Designated as Hedging Instruments

Foreign exchange contracts purchased	$	1,492	$	635
Interest rate contracts purchased		1,088		1,139

Not Designated as Hedging Instruments

Foreign exchange contracts purchased		6,933		10,322
Foreign exchange contracts sold		11,580		21,606
Other contracts purchased		2,568		2,773
Other contracts sold		848		544

The following table presents our derivative instruments:

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


	September 30, 2022						June 30, 2022

Designated as Hedging Instruments

Foreign exchange contracts	$	0		$	(127	)	$	0		$	(77	)
Interest rate contracts		2			0			3			0

Not Designated as Hedging Instruments

Foreign exchange contracts		406			(482	)		333			(362	)
Other contracts		36			(153	)		20			(112	)


Gross amounts of derivatives		444			(762	)		356			(551	)
Gross amounts of derivatives offset in the balance sheet		(158	)		163			(130	)		133
Cash collateral received		0			(67	)		0			(75	)


Net amounts of derivatives	$	286		$	(666	)	$	226		$	(493	)


Reported as

Short-term investments	$	18		$	0		$	8		$	0
Other current assets		271			0			218			0
Other long-term assets		(3	)		0			0			0
Other current liabilities		0			(396	)		0			(298	)
Other long-term liabilities		0			(270	)		0			(195	)


Total	$	286		$	(666	)	$	226		$	(493	)

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

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

(In millions)


Three Months Ended September 30,		2022			2021

Designated as Fair Value Hedging Instruments

Foreign exchange contracts
Derivatives	$	0		$	3
Hedged items		0			(5	)
Excluded from effectiveness assessment		0			4

Interest rate contracts
Derivatives		(43	)		(3	)
Hedged items		43			7

Designated as Cash Flow Hedging Instruments

Foreign exchange contracts
Amount reclassified from accumulated other comprehensive income (loss)		(59	)		(15	)

Not Designated as Hedging Instruments

Foreign exchange contracts		240			177
Other contracts		2			(18	)

Losses, net of tax, on derivative instruments recognized in our consolidated comprehensive income statements were as follows:

(In millions)


Three Months Ended September 30,	2022			2021

Designated as Cash Flow Hedging Instruments

Foreign exchange contracts
Included in effectiveness assessment	$	(40	)	$	(10	)