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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

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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Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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