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BUSINESS AND ASSET ACQUISITION (Tables)

12 Months Ended

Jun. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Summary of total consideration transferred

A summary of the total consideration transferred, including immaterial measurement period adjustments was finalized during the fiscal 2022 third quarter and recorded as follows:

(In millions)						March 31, 2022
Cash paid						$	1,095
Fair value of DECIEM stock options liability						104
Fair value of net Put (Call) Option						233
Total consideration for the acquired ownership interest (approximately 47.9%)						1,432
Fair value of previously held equity method investment (approximately 30.5%)						913
Fair value of redeemable noncontrolling interest (approximately 21.6%)						647
Total consideration transferred (100%)						$	2,992

Schedule of key assumptions used for acquisition date fair value

The acquisition-date fair values of the DECIEM stock options and the net Put (Call) Option were calculated by incorporating significant assumptions including the starting equity value, revenue growth rates and EBITDA and the following key assumptions into the Monte Carlo Method:

						May 18, 2021
Risk-free rate						0.50%
Term to mid of last twelve-month period						2.54 years
Operating leverage adjustment						0.45
Net sales discount rate						3.30%
EBITDA discount rate						6.80%
EBITDA volatility						38.30%
Net sales volatility						17.20%

The fair value of each of the Company's option grants were estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions:

						Year Ended June 30
						2023						2022						2021
Weighted-average expected stock-price volatility						30.8%						27.3%						26.1%
Weighted-average expected option life						6 years						6 years						8 years
Average risk-free interest rate						3.4%						0.9%						0.5%
Average dividend yield						0.8%						0.7%						1.0%

The fair value of the stock options were calculated by incorporating significant assumptions including the starting equity value, revenue growth rates and EBITDA and the following key assumptions into the Monte Carlo Method:

						June 30, 2023						June 30, 2022			June 30, 2021
Risk-free rate						4.90%						3.20%			0.50%
Term to mid of last twelve-month period						0.46 years						1.42 years			2.42 years
Operating leverage adjustment						0.45						0.45			0.45
Net sales discount rate						7.80%						6.00%			3.40%
EBITDA discount rate						11.30%						9.40%			6.90%
EBITDA volatility						32.00%						33.90%			37.70%
Net sales volatility						14.40%						15.30%			17.00%

Rollforward of final allocation of total consideration

The allocation of the total consideration transferred, including immaterial measurement period adjustments was finalized during the fiscal 2022 third quarter and recorded as follows:

(In millions)						March 31, 2022
Cash						$	35
Accounts receivable						64
Inventory						190
Other current assets						33
Property, plant and equipment						40
Operating lease right-of-use assets						40
Intangible assets						1,917
Goodwill						1,296
Deferred income taxes						8
Total assets acquired						3,623
Accounts payable						21
Operating lease liabilities						8
Other accrued liabilities						78
Deferred income taxes						479
Long-term operating lease liabilities						45
Total liabilities assumed						631
Total consideration transferred						$	2,992

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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

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Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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