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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2016
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Tax, Domestic and Foreign | The following table summarizes earnings from continuing operations before income taxes:
(in millions) | 2016 |  | 2015 |  | 2014
U.S. Operations | $ | 2,050 |  |  | $ | 1,733 |  |  | $ | 1,665 |
Non-U.S. Operations | 226 |  |  | 234 |  |  | 133 |
Earnings from continuing operations before income taxes | $ | 2,276 |  |  | $ | 1,967 |  |  | $ | 1,798 |
Schedule of Components of Income Tax Expense (Benefit), Current and Deferred | The following table summarizes the components of provision for income taxes from continuing operations:
(in millions) | 2016 |  | 2015 |  | 2014
Current: |  |  |  |  |
Federal | $ | 611 |  |  | $ | 424 |  |  | $ | 521 |
State and local | 74 |  |  | 83 |  |  | 51 |
Non-U.S. | 73 |  |  | 29 |  |  | 37 |
Total current | $ | 758 |  |  | $ | 536 |  |  | $ | 609 |
Deferred: |  |  |  |  |
Federal | $ | 96 |  |  | $ | 196 |  |  | $ | 24 |
State and local | 12 |  |  | 24 |  |  | 3 |
Non-U.S. | (21 | ) |  | (1 | ) |  | (1 | )
Total deferred | 87 |  |  | 219 |  |  | 26 |
Provision for income taxes | $ | 845 |  |  | $ | 755 |  |  | $ | 635 |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation of the provision based on the federal statutory income tax rate to our effective income tax rate from continuing operations:
| 2016 |  | 2015 |  | 2014
Provision at Federal statutory rate | 35.0 | % |  | 35.0 | % |  | 35.0 | %
State and local income taxes, net of federal benefit | 1.5 |  |  | 4.1 |  |  | 2.2 |
Foreign tax rate differential | (0.6 | ) |  | (2.4 | ) |  | (1.2 | )
Nondeductible/nontaxable items | 1.0 |  |  | 0.7 |  |  | (0.2 | )
Other | 0.2 |  |  | 1.0 |  |  | (0.5 | )
Effective income tax rate | 37.1 | % |  | 38.4 | % |  | 35.3 | %
Schedule of Deferred Tax Assets and Liabilities | The following table presents the components of the deferred income tax assets and liabilities at June 30:
(in millions) | 2016 |  | 2015
Deferred income tax assets: |  |  |
Receivable basis difference | $ | 44 |  |  | $ | 47 |
Accrued liabilities | 133 |  |  | 138 |
Share-based compensation | 56 |  |  | 53 |
Loss and tax credit carryforwards | 193 |  |  | 197 |
Deferred tax assets related to uncertain tax positions | 95 |  |  | 100 |
Other | 46 |  |  | 50 |
Total deferred income tax assets | 567 |  |  | 585 |
Valuation allowance for deferred income tax assets | (93 | ) |  | (87 | )
Net deferred income tax assets | $ | 474 |  |  | $ | 498 |
Deferred income tax liabilities: |  |  |
Inventory basis differences | $ | (1,351 | ) |  | $ | (1,344 | )
Property-related | (172 | ) |  | (155 | )
Goodwill and other intangibles | (607 | ) |  | (352 | )
Other | — |  |  | (2 | )
Total deferred income tax liabilities | $ | (2,130 | ) |  | $ | (1,853 | )
Net deferred income tax liability | $ | (1,656 | ) |  | $ | (1,355 | )
Schedule of Deferred Tax Assets and Liabilities after Netting by Tax Jurisdiction | Deferred income tax assets and liabilities in the preceding table, after netting by taxing jurisdiction, are in the following captions in the consolidated balance sheets at June 30:
(in millions) | 2016 (5) |  | 2015
Current deferred income tax asset (1) | $ | — |  |  | $ | 22 |
Noncurrent deferred income tax asset (2) | 42 |  |  | 17 |
Current deferred income tax liability (3) | — |  |  | (1,066 | )
Noncurrent deferred income tax liability (4) | (1,698 | ) |  | (328 | )
Net deferred income tax liability | $ | (1,656 | ) |  | $ | (1,355 | )
(1) | Included in prepaid expenses and other in the consolidated balance sheets.
(2) | Included in other assets in the consolidated balance sheets.
(3) | Included in other accrued liabilities in the consolidated balance sheets.
(4) | Included in deferred income taxes and other liabilities in the consolidated balance sheets.
(5) | In the second quarter of fiscal 2016, we adopted amended accounting guidance that deferred tax assets and liabilities should be classified as noncurrent on the consolidated balance sheet. See Note 1 for further discussion.
Schedule of Unrecognized Tax Benefits Roll Forward | The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits:
(in millions) | 2016 |  | 2015 |  | 2014
Balance at beginning of fiscal year | $ | 542 |  |  | $ | 510 |  |  | $ | 650 |
Additions for tax positions of the current year | 22 |  |  | 15 |  |  | 16 |
Additions for tax positions of prior years | 42 |  |  | 69 |  |  | 94 |
Reductions for tax positions of prior years | (48 | ) |  | (42 | ) |  | (40 | )
Settlements with tax authorities | (30 | ) |  | (10 | ) |  | (210 | )
Expiration of the statute of limitations | (1 | ) |  | — |  |  | — |
Balance at end of fiscal year | $ | 527 |  |  | $ | 542 |  |  | $ | 510 |

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