XML 91 R15.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

LEASES | 12 Months Ended
--- | ---
Jun. 30, 2024
Leases [Abstract] |
Leases | LEASES The Company has operating and finance leases primarily for real estate properties, including corporate offices, facilities to support the Company’s manufacturing, assembly, research and development and distribution operations and retail stores, as well as information technology equipment, automobiles and office equipment, with remaining terms of approximately 1 year to 56 years. Some of the Company’s lease contracts include options to extend the leases for up to 30 years, while others include options to terminate the leases within 25 years. A summary of total lease costs and other information for the periods relating to the Company’s finance and operating leases is as follows:
|  | June 30
(In millions) |  | 2024 |  | 2023 |  | 2022
Total lease cost |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 11 |  |  | $ | 11 |  |  | $ | 12 |
Interest on lease liabilities |  | — |  |  | — |  |  | — |
Operating lease cost |  | 458 |  |  | 444 |  |  | 465 |
Short-term lease cost |  | 45 |  |  | 41 |  |  | 24 |
Variable lease cost |  | 227 |  |  | 213 |  |  | 332 |
Total |  | $ | 741 |  |  | $ | 709 |  |  | $ | 833 |
Other information |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 489 |  |  | $ | 463 |  |  | $ | 506 |
Financing cash flows from finance leases |  | $ | 10 |  |  | $ | 15 |  |  | $ | 18 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | 466 |  |  | $ | 273 |  |  | $ | 279 |
Right-of-use assets obtained in exchange for new finance lease liabilities |  | $ | 1 |  |  | $ | 34 |  |  | $ | 10 |
Weighted-average remaining lease term – finance leases |  | 16 years |  | 14 years |  | 3 years
Weighted-average remaining lease term – operating leases |  | 9 years |  | 9 years |  | 9 years
Weighted-average discount rate – finance leases |  | 0.3 | % |  | 0.4 | % |  | 1.0 | %
Weighted-average discount rate – operating leases |  | 2.8 | % |  | 2.5 | % |  | 2.4 | %
The total future minimum lease payments, over the remaining lease term, relating to the Company’s operating and finance leases for each of the next five fiscal years and thereafter is as follows:
(In millions) |  | Operating Leases |  | Finance Leases
Fiscal 2025 |  | $ | 406 |  |  | $ | 4 |
Fiscal 2026 |  | 374 |  |  | 3 |
Fiscal 2027 |  | 303 |  |  | 2 |
Fiscal 2028 |  | 225 |  |  | 2 |
Fiscal 2029 |  | 167 |  |  | 1 |
Thereafter |  | 841 |  |  | 20 |
Total future minimum lease payments |  | 2,316 |  |  | 32 |
Less imputed interest |  | (261) |  |  | — |
Total |  | $ | 2,055 |  |  | $ | 32 |
Operating lease and finance lease liabilities included in the consolidated balance sheet are as follows:
|  | June 30
|  | 2024 |  | 2023
(In millions) |  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Total current liabilities |  | $ | 354 |  |  | $ | 4 |  |  | $ | 357 |  |  | $ | 9 |
Total noncurrent liabilities |  | 1,701 |  |  | 28 |  |  | 1,698 |  |  | 33 |
Total |  | $ | 2,055 |  |  | $ | 32 |  |  | $ | 2,055 |  |  | $ | 42 |
The ROU assets and lease liabilities related to finance leases are included in Other assets and in Current debt and Long-term debt, respectively, in the accompanying consolidated balance sheets as of June 30, 2024 and 2023.
Leases | LEASES The Company has operating and finance leases primarily for real estate properties, including corporate offices, facilities to support the Company’s manufacturing, assembly, research and development and distribution operations and retail stores, as well as information technology equipment, automobiles and office equipment, with remaining terms of approximately 1 year to 56 years. Some of the Company’s lease contracts include options to extend the leases for up to 30 years, while others include options to terminate the leases within 25 years. A summary of total lease costs and other information for the periods relating to the Company’s finance and operating leases is as follows:
|  | June 30
(In millions) |  | 2024 |  | 2023 |  | 2022
Total lease cost |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |
Amortization of right-of-use assets |  | $ | 11 |  |  | $ | 11 |  |  | $ | 12 |
Interest on lease liabilities |  | — |  |  | — |  |  | — |
Operating lease cost |  | 458 |  |  | 444 |  |  | 465 |
Short-term lease cost |  | 45 |  |  | 41 |  |  | 24 |
Variable lease cost |  | 227 |  |  | 213 |  |  | 332 |
Total |  | $ | 741 |  |  | $ | 709 |  |  | $ | 833 |
Other information |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 489 |  |  | $ | 463 |  |  | $ | 506 |
Financing cash flows from finance leases |  | $ | 10 |  |  | $ | 15 |  |  | $ | 18 |
Right-of-use assets obtained in exchange for new operating lease liabilities |  | $ | 466 |  |  | $ | 273 |  |  | $ | 279 |
Right-of-use assets obtained in exchange for new finance lease liabilities |  | $ | 1 |  |  | $ | 34 |  |  | $ | 10 |
Weighted-average remaining lease term – finance leases |  | 16 years |  | 14 years |  | 3 years
Weighted-average remaining lease term – operating leases |  | 9 years |  | 9 years |  | 9 years
Weighted-average discount rate – finance leases |  | 0.3 | % |  | 0.4 | % |  | 1.0 | %
Weighted-average discount rate – operating leases |  | 2.8 | % |  | 2.5 | % |  | 2.4 | %
The total future minimum lease payments, over the remaining lease term, relating to the Company’s operating and finance leases for each of the next five fiscal years and thereafter is as follows:
(In millions) |  | Operating Leases |  | Finance Leases
Fiscal 2025 |  | $ | 406 |  |  | $ | 4 |
Fiscal 2026 |  | 374 |  |  | 3 |
Fiscal 2027 |  | 303 |  |  | 2 |
Fiscal 2028 |  | 225 |  |  | 2 |
Fiscal 2029 |  | 167 |  |  | 1 |
Thereafter |  | 841 |  |  | 20 |
Total future minimum lease payments |  | 2,316 |  |  | 32 |
Less imputed interest |  | (261) |  |  | — |
Total |  | $ | 2,055 |  |  | $ | 32 |
Operating lease and finance lease liabilities included in the consolidated balance sheet are as follows:
|  | June 30
|  | 2024 |  | 2023
(In millions) |  | Operating Leases |  | Finance Leases |  | Operating Leases |  | Finance Leases
Total current liabilities |  | $ | 354 |  |  | $ | 4 |  |  | $ | 357 |  |  | $ | 9 |
Total noncurrent liabilities |  | 1,701 |  |  | 28 |  |  | 1,698 |  |  | 33 |
Total |  | $ | 2,055 |  |  | $ | 32 |  |  | $ | 2,055 |  |  | $ | 42 |
The ROU assets and lease liabilities related to finance leases are included in Other assets and in Current debt and Long-term debt, respectively, in the accompanying consolidated balance sheets as of June 30, 2024 and 2023.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
Name: | us-gaap_LesseeFinanceLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration