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LEASES (Tables)

12 Months Ended

Jun. 30, 2021

Leases [Abstract]

Lease, cost

A summary of total lease costs and other information for the periods relating to the Company’s finance and operating leases is as follows:

						June 30
(In millions)						2021						2020
Total lease cost
Finance lease cost:
Amortization of right-of-use assets						$	9					$	11
Interest on lease liabilities						—						1
Operating lease cost						470						625
Short-term lease cost						19						24
Variable lease cost						301						158
Total						$	799					$	819
Other information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases						$	451					$	426
Financing cash flows from finance leases						$	12					$	12
Right-of-use assets obtained in exchange for new operating lease liabilities						$	267					$	266
Right-of-use assets obtained in exchange for new finance lease liabilities						$	44					$	1
Weighted-average remaining lease term – finance leases						3 years						2 years
Weighted-average remaining lease term – operating leases						10 years						11 years
Weighted-average discount rate – finance leases						1.1		%				2.7		%
Weighted-average discount rate – operating leases						2.3		%				2.5		%

Operating lease liability, maturity schedule

The total future minimum lease payments, over the remaining lease term, relating to the Company’s operating and finance leases for each of the next five fiscal years and thereafter is as follows:

(In millions)						Operating Leases						Finance Leases
Fiscal 2022						$	431					$	18
Fiscal 2023						394						14
Fiscal 2024						345						12
Fiscal 2025						288						1
Fiscal 2026						246						1
Thereafter						1,155						—
Total future minimum lease payments						2,859						46
Less imputed interest						(329)						(1)
Total						$	2,530					$	45

Finance lease liability, maturity schedule

The total future minimum lease payments, over the remaining lease term, relating to the Company’s operating and finance leases for each of the next five fiscal years and thereafter is as follows:

(In millions)						Operating Leases						Finance Leases
Fiscal 2022						$	431					$	18
Fiscal 2023						394						14
Fiscal 2024						345						12
Fiscal 2025						288						1
Fiscal 2026						246						1
Thereafter						1,155						—
Total future minimum lease payments						2,859						46
Less imputed interest						(329)						(1)
Total						$	2,530					$	45

Schedule of operating lease and finance lease liabilities included in the consolidated balance sheet

Operating lease and finance lease liabilities included in the consolidated balance sheet are as follows:

						June 30
						2021												2020
(In millions)						Operating Leases						Finance Leases						Operating Leases						Finance Leases
Total current liabilities						$	379					$	18					$	375					$	8
Total noncurrent liabilities						2,151						27						2,278						5
Total						$	2,530					$	45					$	2,653					$	13

Details of impairment of lease assets by type and by region

A summary of impairment charges is as follows:

						June 30
(In millions)						2021						2020
Product Category						Impairment Charge						Impairment Charge
Skin care						$	1					$	22
Makeup						52						160
Fragrance						14						18
Hair care						4						14
Other						—						1
Total						$	71					$	215
Region
The Americas						$	23					$	103
Europe, the Middle East & Africa						48						104
Asia/Pacific						—						8
Total						$	71					$	215

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- Definition

Tabular disclosure of operating and finance lease liabilities in balance sheet.

+ References

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- Definition

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+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2921-110230

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-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 2
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- Definition

Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980

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- Definition

Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918686-209980

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- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980

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