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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Schedule of inventory and promotional merchandise

Inventory and promotional merchandise consists of the following:

(In millions)						March 31 2021						June 30 2020
Raw materials						$	551					$	542
Work in process						282						305
Finished goods						1,078						995
Promotional merchandise						223						220
						$	2,134					$	2,062

Schedule of property, plant and equipment

Property, plant and equipment consists of the following:

(In millions)						March 31 2021						June 30 2020
Assets (Useful Life)
Land						$	56					$	33
Buildings and improvements (10 to 40 years)						467						400
Machinery and equipment (3 to 10 years)						946						865
Computer hardware and software (4 to 10 years)						1,374						1,335
Furniture and fixtures (5 to 10 years)						121						120
Leasehold improvements						2,397						2,381
						5,361						5,134
Less accumulated depreciation and amortization						(3,255)						(3,079)
						$	2,106					$	2,055

Schedule of effective rate for income taxes

The effective rate for income taxes for the three and nine months ended March 31, 2021 and 2020 are as follows:

			Three Months Ended March 31												Nine Months Ended March 31
			2021						2020						2021						2020
Effective rate for income taxes			21.0		%				105.0		%				18.5		%				30.0		%
Basis-point change from the prior-year period			(8,400)												(1,150)

Schedule of other accrued liabilities

Other accrued liabilities consist of the following:

(In millions)						March 31 2021						June 30 2020
Advertising, merchandising and sampling						$	299					$	256
Employee compensation						534						424
Deferred revenue						310						222
Payroll and other taxes						287						250
Accrued income taxes						327						208
Sales return accrual						270						212
Other						1,050						833
						$	3,077					$	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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