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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Dec. 31, 2020
Accounting Policies [Abstract] |
Schedule of inventory and promotional merchandise | Inventory and promotional merchandise consists of the following:
(In millions) |  | December 31 2020 |  | June 30 2020
Raw materials |  | $ | 550 |  |  | $ | 542 |
Work in process |  | 258 |  |  | 305 |
Finished goods |  | 1,072 |  |  | 995 |
Promotional merchandise |  | 236 |  |  | 220 |
|  | $ | 2,116 |  |  | $ | 2,062 |
Schedule of property, plant and equipment | Property, plant and equipment consists of the following:
(In millions) |  | December 31 2020 |  | June 30 2020
Assets (Useful Life) |  |  |  |
Land |  | $ | 57 |  |  | $ | 33 |
Buildings and improvements (10 to 40 years) |  | 457 |  |  | 400 |
Machinery and equipment (3 to 10 years) |  | 969 |  |  | 865 |
Computer hardware and software (4 to 10 years) |  | 1,417 |  |  | 1,335 |
Furniture and fixtures (5 to 10 years) |  | 126 |  |  | 120 |
Leasehold improvements |  | 2,471 |  |  | 2,381 |
|  | 5,497 |  |  | 5,134 |
Less accumulated depreciation and amortization |  | (3,355) |  |  | (3,079) |
|  | $ | 2,142 |  |  | $ | 2,055 |
Schedule of effective rate for income taxes | The effective rate for income taxes for the three and six months ended December 31, 2020 and 2019 are as follows:
| Three Months Ended December 31 |  | Six Months Ended December 31
| 2020 |  | 2019 |  | 2020 |  | 2019
Effective rate for income taxes | 14.9 | % |  | 30.8 | % |  | 17.6 | % |  | 26.2 | %
Basis-point change from the prior-year period | (1,590) |  |  |  |  | (860) |  |  |
Schedule of other accrued liabilities | Other accrued liabilities consist of the following:
(In millions) |  | December 31 2020 |  | June 30 2020
Advertising, merchandising and sampling |  | $ | 353 |  |  | $ | 256 |
Employee compensation |  | 494 |  |  | 424 |
Deferred revenue |  | 365 |  |  | 222 |
Payroll and other taxes |  | 392 |  |  | 250 |
Accrued income taxes |  | 319 |  |  | 208 |
Sales return accrual |  | 285 |  |  | 212 |
Accrued general and administrative expenses |  | 295 |  |  | 233 |
Other |  | 761 |  |  | 600 |
|  | $ | 3,264 |  |  | $ | 2,405 |

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