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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
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Mar. 31, 2022
Accounting Policies [Abstract] |
Schedule of inventory and promotional merchandise | Inventory and promotional merchandise consists of the following:
(In millions) |  | March 31, 2022 |  | June 30, 2021
Raw materials |  | $ | 778 |  |  | $ | 674 |
Work in process |  | 336 |  |  | 330 |
Finished goods |  | 1,454 |  |  | 1,213 |
Promotional merchandise |  | 262 |  |  | 288 |
|  | $ | 2,830 |  |  | $ | 2,505 |
Schedule of property, plant and equipment | Property, plant and equipment consists of the following:
(In millions) |  | March 31, 2022 |  | June 30, 2021
Assets (Useful Life) |  |  |  |
Land |  | $ | 56 |  |  | $ | 55 |
Buildings and improvements (10 to 40 years) |  | 496 |  |  | 256 |
Machinery and equipment (3 to 10 years) |  | 992 |  |  | 920 |
Computer hardware and software (4 to 10 years) |  | 1,428 |  |  | 1,303 |
Furniture and fixtures (5 to 10 years) |  | 129 |  |  | 125 |
Leasehold improvements |  | 2,307 |  |  | 2,312 |
Construction in progress |  | 589 |  |  | 647 |
|  | 5,997 |  |  | 5,618 |
Less accumulated depreciation and amortization |  | (3,504) |  |  | (3,338) |
|  | $ | 2,493 |  |  | $ | 2,280 |
Schedule of effective rate for income taxes | The effective rate for income taxes for the three and nine months ended March 31, 2022 and 2021 are as follows:
| Three Months Ended March 31 |  | Nine Months Ended March 31
| 2022 |  | 2021 |  | 2022 |  | 2021
Effective rate for income taxes | 18.5 | % |  | 21.0 | % |  | 21.1 | % |  | 18.5 | %
Basis-point change from the prior-year period | (250) |  |  |  |  | 260 |  |  |
Schedule of other accrued liabilities | Other accrued liabilities consist of the following:
(In millions) |  | March 31, 2022 |  | June 30, 2021
Advertising, merchandising and sampling |  | $ | 322 |  |  | $ | 294 |
Employee compensation |  | 582 |  |  | 670 |
Deferred revenue |  | 313 |  |  | 322 |
Payroll and other non-income taxes |  | 321 |  |  | 359 |
Accrued income taxes |  | 299 |  |  | 237 |
Other |  | 1,450 |  |  | 1,313 |
|  | $ | 3,287 |  |  | $ | 3,195 |

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