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REVENUE RECOGNITION
 6 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
The Company’s revenue recognition accounting policies are described in the notes to consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2021.

Accounts Receivable
Accounts receivable, net is stated net of the allowance for doubtful accounts and customer deductions totaling $36 million and $40 million as of December 31, 2021 and June 30, 2021, respectively. Payment terms are short-term in nature and are generally less than one year.

Changes in the allowance for credit losses are as follows:
(In millions)December 31
2021
Balance at June 30, 2021$20 
Adjustment for expected credit losses(2)
Write-offs, net & other(1)
Balance at December 31, 2021$17 

The remaining balance of the allowance for doubtful accounts of $19 million, as of December 31, 2021, relates to non-credit losses, which are primarily due to customer deductions.
Deferred Revenue
Changes in deferred revenue during the period are as follows:
Three Months Ended
December 31		Six Months Ended
December 31
(In millions)2021202020212020
Deferred revenue, beginning of period$426 $409 $371 $279 
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(78)(83)(248)(173)
Revenue deferred during the period75 92 298 308 
Other(2)2 — 6 
Deferred revenue, end of period$421 $420 $421 $420 

Transaction Price Allocated to the Remaining Performance Obligations
At December 31, 2021, the combined estimated revenue expected to be recognized in the next twelve months related to performance obligations for customer loyalty programs, gift with purchase promotions, purchase with purchase promotions and gift card liabilities that are unsatisfied (or partially unsatisfied) is $377 million. The remaining balance of deferred revenue at December 31, 2021 will be recognized beyond the next twelve months.