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REVENUE RECOGNITION
 12 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
For further information on the Company's policies relating to revenue recognition and accounts receivable see Note 2 – Summary of Significant Accounting Policies.

Accounts Receivable
Accounts receivable, net is stated net of the allowance for doubtful accounts and customer deductions totaling $30 million and $27 million as of June 30, 2023 and June 30, 2022, 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:

June 30
(In millions)20232022
Allowance for credit losses, beginning of period$10 $20 
Provision (adjustment) for expected credit losses6 (3)
Write-offs, net & other— (7)
Allowance for credit losses, end of period$16 10 
The remaining balance of the allowance for doubtful accounts and customer deductions of $14 million and $17 million, as of June 30, 2023 and June 30, 2022, respectively, relates to non-credit losses, which are primarily due to customer deductions.
Deferred Revenue
Changes in deferred revenue are as follows:
June 30
(In millions)20232022
Deferred revenue, beginning of period$362 $371 
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(343)(285)
Revenue deferred during the period538 284 
Other15 (8)
Deferred revenue, end of period$572 $362 

The increase in Revenue deferred during the period from fiscal 2022 to fiscal 2023 is driven by the Marcolin licensing arrangement, which consists of a $250 million non-refundable upfront payment which is classified as deferred revenue within Other accrued liabilities and Other noncurrent liabilities in the accompanying consolidated balance sheets. The upfront payment will be recognized on a straight-line basis over the estimated economic life of the license, which is 20 years. The Company’s deferred revenue balance related to the Marcolin licensing arrangement was $235 million at June 30, 2023.

Transaction Price Allocated to the Remaining Performance Obligations

At June 30, 2023, 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, gift card liabilities, and the Marcolin license arrangement that are unsatisfied (or partially unsatisfied) is $323 million. The remaining balance of deferred revenue at June 30, 2023 will be recognized beyond the next twelve months.
Royalty Revenue - License Arrangements

As of June 30, 2023, the remaining contractually guaranteed minimum royalty amounts due to the Company during future periods are as follows:

(In millions)Minimum Remaining Royalties
Fiscal 2024$27 
Fiscal 2025$28 
Fiscal 2026$29 
Fiscal 2027$30 
Fiscal 2028$32 
Thereafter$194 

The royalty revenue associated with the TOM FORD Acquisition will be included within the The Americas region and within the other product category.