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Income Taxes (Tables) | 12 Months Ended
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Jun. 30, 2021
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Tax, Domestic and Foreign | The following table summarizes earnings/(loss) before income taxes:
(in millions) | 2021 |  | 2020 |  | 2019
U.S. operations | $ | (47) |  |  | $ | (4,056) |  |  | $ | 1,478 |
Non-U.S. operations | 370 |  |  | 284 |  |  | 273 |
Earnings/(loss) before income taxes | $ | 323 |  |  | $ | (3,772) |  |  | $ | 1,751 |
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) | 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |
Federal | $ | (989) |  |  | $ | 659 |  |  | $ | 295 |
State and local | 92 |  |  | 154 |  |  | 89 |
Non-U.S. | 112 |  |  | 69 |  |  | 85 |
Total current | $ | (785) |  |  | $ | 882 |  |  | $ | 469 |
Deferred: |  |  |  |  |
Federal | $ | 539 |  |  | $ | (822) |  |  | $ | (28) |
State and local | (28) |  |  | (127) |  |  | (37) |
Non-U.S. | (15) |  |  | (12) |  |  | (18) |
Total deferred | 496 |  |  | (961) |  |  | (83) |
Provision for/(benefit from) income taxes | $ | (289) |  |  | $ | (79) |  |  | $ | 386 |
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:
| 2021 (1) |  | 2020 (1) |  | 2019 (1)
Provision at Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local income taxes, net of federal benefit | 3.2 |  |  | 2.5 |  |  | 0.9 |
Tax effect of foreign operations | 0.7 |  |  | — |  |  | (0.7) |
Nondeductible/nontaxable items (2) | 1.6 |  |  | 0.2 |  |  | 0.8 |
Cordis Disposition | 7.0 |  |  | — |  |  | — |
Withholding Taxes (2) | 9.0 |  |  | (0.3) |  |  | 0.7 |
Change in Valuation Allowances | (1.4) |  |  | 1.5 |  |  | 4.5 |
US Taxes on International Income (2)(3) | (6.7) |  |  | 0.2 |  |  | 0.7 |
Impact of Resolutions with IRS and other related matters (2) | (13.6) |  |  | (0.4) |  |  | (0.1) |
Legal Entity Reorganization | — |  |  | — |  |  | (3.6) |
Opioid litigation | 17.7 |  |  | (23.2) |  |  | — |
Loss Carryback Claims | (129.9) |  |  | — |  |  | — |
Other (2) | 1.7 |  |  | 0.6 |  |  | (2.1) |
Effective income tax rate | (89.7) | % |  | 2.1 | % |  | 22.1 | %
(1) The table represents the following: fiscal 2021 is pretax income with tax benefit, fiscal 2020 is pretax loss with tax benefit, and fiscal 2019 is pretax income with tax expense. (2) Certain prior year amounts have been reclassified to conform to current year presentation.
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) | 2021 |  | 2020
Deferred income tax assets: |  |  |
Receivable basis difference | $ | 40 |  |  | $ | 39 |
Accrued liabilities | 874 |  |  | 607 |
Share-based compensation | 38 |  |  | 38 |
Loss and tax credit carryforwards | 805 |  |  | 589 |
Deferred tax assets related to uncertain tax positions | 35 |  |  | 52 |
Other | 16 |  |  | 87 |
Total deferred income tax assets | 1,808 |  |  | 1,412 |
Valuation allowance for deferred income tax assets | (515) |  |  | (470) |
Net deferred income tax assets | $ | 1,293 |  |  | $ | 942 |
Deferred income tax liabilities: |  |  |
Inventory basis differences | $ | (1,119) |  |  | $ | (1,083) |
Property-related | (375) |  |  | (327) |
Goodwill and other intangibles | (733) |  |  | (751) |
Self-Insurance | (975) |  |  | — |
Other | (23) |  |  | — |
Total deferred income tax liabilities | $ | (3,225) |  |  | $ | (2,161) |
Net deferred income tax liability | $ | (1,932) |  |  | $ | (1,219) |
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) | 2021 |  | 2020
Noncurrent deferred income tax asset (1) | 52 |  |  | 39 |
Noncurrent deferred income tax liability (2) | (1,981) |  |  | (1,258) |
Noncurrent deferred income tax liability transferred to held for sale | (3) |  |  | — |
Net deferred income tax liability | $ | (1,932) |  |  | $ | (1,219) |
(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 | The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits:
(in millions) | 2021 |  | 2020 |  | 2019
Balance at beginning of fiscal year | $ | 998 |  |  | $ | 456 |  |  | $ | 423 |
Additions for tax positions of the current year | 121 |  |  | 500 |  |  | 24 |
Additions for tax positions of prior years | 223 |  |  | 78 |  |  | 39 |
Reductions for tax positions of prior years | (138) |  |  | (27) |  |  | (5) |
Settlements with tax authorities | (271) |  |  | (6) |  |  | (25) |
Expiration of the statute of limitations | (1) |  |  | (3) |  |  | — |
Balance at end of fiscal year | $ | 932 |  |  | $ | 998 |  |  | $ | 456 |

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