Notes to Financial Statements
NOTE 17 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The following table summarizes the changes in accumulated other comprehensive income (loss) by component:
(In millions) |
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Year Ended June 30, |
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2023 |
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2022 |
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2021 |
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Derivatives |
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Balance, beginning of period |
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$ |
(13 |
) |
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$ |
(19 |
) |
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$ |
(38 |
) |
Unrealized gains (losses), net of tax of $9, $(15), and $9 |
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34 |
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(57 |
) |
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34 |
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Reclassification adjustments for (gains) losses included in other income (expense), net |
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(61 |
) |
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79 |
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(17 |
) |
Tax expense (benefit) included in provision for income taxes |
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13 |
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(16 |
) |
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2 |
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Amounts reclassified from accumulated other comprehensive income (loss) |
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(48 |
) |
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63 |
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(15 |
) |
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Net change related to derivatives, net of tax of $(4), $1, and $7 |
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(14 |
) |
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6 |
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19 |
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Balance, end of period |
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$ |
(27 |
) |
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$ |
(13 |
) |
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$ |
(19 |
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Investments |
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Balance, beginning of period |
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$ |
(2,138 |
) |
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$ |
3,222 |
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$ |
5,478 |
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Unrealized losses, net of tax of $(393), $(1,440), and $(589) |
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(1,523 |
) |
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(5,405 |
) |
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(2,216 |
) |
Reclassification adjustments for (gains) losses included in other income (expense), net |
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99 |
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57 |
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(63 |
) |
Tax expense (benefit) included in provision for income taxes |
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(20 |
) |
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(12 |
) |
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13 |
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Amounts reclassified from accumulated other comprehensive income (loss) |
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79 |
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45 |
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(50 |
) |
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Net change related to investments, net of tax of $(373), $(1,428), and $(602) |
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(1,444 |
) |
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(5,360 |
) |
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(2,266 |
) |
Cumulative effect of accounting changes |
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0 |
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0 |
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10 |
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Balance, end of period |
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$ |
(3,582 |
) |
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$ |
(2,138 |
) |
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$ |
3,222 |
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Translation Adjustments and Other |
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Balance, beginning of period |
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$ |
(2,527 |
) |
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$ |
(1,381 |
) |
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$ |
(2,254 |
) |
Translation adjustments and other, net of tax of $0, $0, and $(9) |
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(207 |
) |
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(1,146 |
) |
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873 |
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Balance, end of period |
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$ |
(2,734 |
) |
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$ |
(2,527 |
) |
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$ |
(1,381 |
) |
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Accumulated other comprehensive income (loss), end of period |
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$ |
(6,343 |
) |
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$ |
(4,678 |
) |
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$ |
1,822 |
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