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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Sep. 30, 2022

Accounting Policies [Abstract]

Schedule of inventory and promotional merchandise

Inventory and promotional merchandise consists of the following:

(In millions)						September 30, 2022						June 30, 2022
Raw materials						$	853					$	791
Work in process						343						366
Finished goods						1,499						1,449
Promotional merchandise						323						314
						$	3,018					$	2,920

Schedule of property, plant and equipment

Property, plant and equipment consists of the following:

(In millions)						September 30, 2022						June 30, 2022
Assets (Useful Life)
Land						$	51					$	53
Buildings and improvements (10 to 40 years)						478						491
Machinery and equipment (3 to 10 years)						975						994
Computer hardware and software (4 to 10 years)						1,545						1,468
Furniture and fixtures (5 to 10 years)						127						129
Leasehold improvements						2,174						2,246
Construction in progress						806						759
						6,156						6,140
Less accumulated depreciation and amortization						(3,502)						(3,490)
						$	2,654					$	2,650

Schedule of effective rate for income taxes

The effective rate for income taxes was 22.6% and 22.5% for the three months ended September 30, 2022 and 2021, respectively. The increase in the effective tax rate of 10 basis points was primarily attributable to a higher effective tax rate on the Company's foreign operations and a decrease in excess tax benefits associated with stock-based compensation arrangements, partially offset by a reduction in income tax reserve adjustments.

On August 16, 2022, the U.S. federal government enacted the Inflation Reduction Act, with tax provisions primarily focused on implementing a 1% excise tax on share repurchases and a 15% corporate alternative minimum tax based on global adjusted financial statement income. The excise tax is effective beginning with the Company’s third quarter of fiscal 2023, while the corporate alternative minimum tax will be effective beginning with the Company’s first quarter of fiscal 2024. The Company is currently evaluating the effect of the new law on its consolidated financial statements.

Schedule of other accrued liabilities

Other accrued liabilities consist of the following:

(In millions)						September 30, 2022						June 30, 2022
Employee compensation						$	430					$	693
Deferred revenue						313						312
Payroll and other non-income taxes						325						345
Accrued income taxes						332						267
Sales return accrual						307						252
Other						1,566						1,491
						$	3,273					$	3,360

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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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