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Income Taxes (Tables)

12 Months Ended

Jun. 30, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Tax, Domestic and Foreign

The following table summarizes earnings/(loss) before income taxes:

(in millions)	2020				2019				2018
U.S. operations	$	(4,056	)		$	1,478			$	391
Non-U.S. operations	284				273				(619		)
Earnings/(loss) before income taxes	$	(3,772	)		$	1,751			$	(228	)

Schedule of Components of Income Tax Expense (Benefit), Current and Deferred

The following table summarizes the components of provision for/(benefit from) income taxes:

(in millions)	2020				2019				2018
Current:
Federal	$	659			$	295			$	341
State and local	154				89				41
Non-U.S.	69				85				143
Total current	$	882			$	469			$	525
Deferred:
Federal	$	(822	)		$	(28	)		$	(1,003	)
State and local	(127		)		(37		)		16
Non-U.S.	(12		)		(18		)		(25		)
Total deferred	(961		)		(83		)		(1,012		)
Provision for/(benefit from) income taxes	$	(79	)		$	386			$	(487	)

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:

	2020 (1)			2019 (2)			2018 (1)
Provision at Federal statutory rate	21.0	%		21.0	%		28.1	%
State and local income taxes, net of federal benefit	2.5			0.9			(16.0	)
Tax effect of foreign operations	—			(0.7	)		(48.4	)
Nondeductible/nontaxable items	(0.1	)		2.5			(10.2	)
Goodwill impairment	—			—			(124.7	)
Tax Act	0.1			(0.8	)		410.9
Change in valuation allowances	1.5			4.5			(76.9	)
Foreign tax credits	0.5			(1.0	)		27.3
China tax related to divestiture	—			—			(25.8	)
Legal entity reorganization	—			(3.6	)		71.4
Opioid litigation	(23.2	)		—			—
Other	(0.2	)		(0.7	)		(21.9	)
Effective income tax rate	2.1	%		22.1	%		213.8	%

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)	2020				2019
Deferred income tax assets:
Receivable basis difference	$	39			$	35
Accrued liabilities	607				133
Share-based compensation	38				39
Loss and tax credit carryforwards	589				621
Deferred tax assets related to uncertain tax positions	52				30
Other	87				6
Total deferred income tax assets	1,412				864
Valuation allowance for deferred income tax assets	(470		)		(542		)
Net deferred income tax assets	$	942			$	322
Deferred income tax liabilities:
Inventory basis differences	$	(1,083	)		$	(1,056	)
Property-related	(327		)		(171		)
Goodwill and other intangibles	(751		)		(808		)
Total deferred income tax liabilities	$	(2,161	)		$	(2,035	)
Net deferred income tax liability	$	(1,219	)		$	(1,713	)

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 and for uncertain tax positions, are in the following captions in the consolidated balance sheets at June 30:

(in millions)	2020				2019
Noncurrent deferred income tax asset (1)	$	39			$	36
Noncurrent deferred income tax liability (2)	(1,258		)		(1,749		)
Net deferred income tax liability	$	(1,219	)		$	(1,713	)

(1) Included in other assets in the consolidated balance sheets.

(2)

Included in deferred income taxes and other liabilities in the consolidated balance sheets.

Schedule of Unrecognized Tax Benefits Roll Forward

sheets. The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits:

(in millions)	2020				2019				2018
Balance at beginning of fiscal year	$	456			$	423			$	417
Additions for tax positions of the current year	500				24				15
Additions for tax positions of prior years (1)	78				39				141
Reductions for tax positions of prior years	(27		)		(5		)		(40		)
Settlements with tax authorities (1)	(6		)		(25		)		(99		)
Expiration of the statute of limitations (1)	(3		)		—				(11		)
Balance at end of fiscal year	$	998			$	456			$	423

(1)

Included in fiscal 2018 additions for tax positions of prior years is $110 million related to exposures acquired as part of the Patient Recovery Business for which we are fully indemnified. Also for fiscal 2018 are settlements of $81 million related to the Patient Recovery Business as well as $11 million of statute expirations.

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