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STOCK PROGRAMS (Tables) | 12 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of stock-based compensation expense | Total net stock-based compensation expense is attributable to the granting of and the remaining requisite service periods of stock options, RSUs, PSUs, long-term PSUs and share units. Compensation expense attributable to net stock-based compensation is as follows:
|  | Year Ended June 30
(In millions) |  | 2024 |  | 2023 |  | 2022
Compensation expense(1) |  | $ | 325 |  |  | $ | 267 |  |  | $ | 331 |
Income tax benefit |  | $ | 58 |  |  | $ | 52 |  |  | $ | 51 |
(1)Excludes compensation expense relating to liability-classified awards, including DECIEM stock options discussed below.
Summary of stock option programs | The following is a summary of the status of the Company’s stock options as of June 30, 2024 and activity during the fiscal year then ended:
(Shares in thousands) |  | Shares |  | Weighted- Average Exercise Price Per Share |  | Aggregate Intrinsic Value(1) (in millions) |  | Weighted-Average Contractual Life Remaining in Years
Outstanding at June 30, 2023 |  | 7,497.1 |  |  | $ | 184.41 |  |  |  |  |
Granted at fair value |  | 1,780.6 |  |  | 155.92 |  |  |  |  |
Exercised |  | (480.7) |  |  | 81.57 |  |  |  |  |
Expired |  | (161.3) |  |  | 240.00 |  |  |  |  |
Forfeited |  | (140.0) |  |  | 199.73 |  |  |  |  |
Outstanding at June 30, 2024 |  | 8,495.7 |  |  | 182.95 |  |  | $ | 32 |  |  | 6.0
Vested and expected to vest at June 30, 2024 |  | 8,415.7 |  |  | 182.95 |  |  | $ | 32 |  |  | 6.0
Exercisable at June 30, 2024 |  | 5,842.7 |  |  | 175.76 |  |  | $ | 32 |  |  | 5.0
(1)The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The following is a summary of the DECIEM stock option program as of June 30, 2024 and changes during the fiscal year then ended:
(Shares in thousands) |  | Shares |  | Weighted- Average Exercise Price Per Share
Outstanding at June 30, 2023 |  | 94.1 |  |  | $ | 58.48 |
Granted at fair value |  | — |  |  | — |
Exercised |  | 94.1 |  |  | 56.65 |
Expired |  | — |  |  | — |
Forfeited |  | — |  |  | — |
Outstanding at June 30, 2024 |  | — |  |  | — |
Summary of weighted-average grant date fair value and intrinsic value of stock options exercised | The following is a summary of the per-share weighted-average grant date fair value of stock options granted and total intrinsic value of stock options exercised:
|  | Year Ended June 30
(In millions, except per share data) |  | 2024 |  | 2023 |  | 2022
Per-share weighted-average grant date fair value of stock options granted |  | $ | 52.83 |  |  | $ | 79.09 |  |  | $ | 85.56 |
Intrinsic value of stock options exercised |  | $ | 31 |  |  | $ | 93 |  |  | $ | 276 |
Schedule of fair value option-pricing assumptions | 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
|  | 2024 |  | 2023 |  | 2022
Weighted-average expected stock-price volatility |  | 33.8% |  | 30.8% |  | 27.3%
Weighted-average expected option life |  | 6 years |  | 6 years |  | 6 years
Average risk-free interest rate |  | 4.3% |  | 3.4% |  | 0.9%
Average dividend yield |  | 1.5% |  | 0.8% |  | 0.7%
The following key assumptions were also used in the Monte Carlo Method:
|  | June 30, 2023 |  | June 30, 2022 |  |  |  |  |  |  |
Risk-free rate |  | 4.90% |  | 3.20% |  |  |  |  |  |  |
Term to mid of last twelve-month period |  | 0.46 years |  | 1.42 years |  |  |  |  |  |  |
Operating leverage adjustment |  | 0.45 |  | 0.45 |  |  |  |  |  |  |
Net sales discount rate |  | 7.80% |  | 6.00% |  |  |  |  |  |  |
EBITDA discount rate |  | 11.30% |  | 9.40% |  |  |  |  |  |  |
EBITDA volatility |  | 32.00% |  | 33.90% |  |  |  |  |  |  |
Net sales volatility |  | 14.40% |  | 15.30% |  |  |  |  |  |  |
Summary of restricted stock units (RSUs) | The following is a summary of the status of the Company’s RSUs as of June 30, 2024 and activity during the fiscal year then ended:
(Shares in thousands) |  | Shares |  | Weighted-Average Grant Date Fair Value Per Share
Nonvested at June 30, 2023 |  | 1,789.9 |  |  | $ | 265.04 |
Granted |  | 1,606.1 |  |  | 155.82 |
Dividend equivalents |  | 45.0 |  |  | 200.19 |
Vested(1) |  | (849.7) |  |  | 262.76 |
Forfeited |  | (148.8) |  |  | 201.52 |
Nonvested at June 30, 2024 |  | 2,442.5 |  |  | 196.69 |
1) The total fair value of RSUs vested during fiscal 2024, 2023 and 2022 was $91.6 million, $155.5 million, and $307.4 million, respectively.
Summary of performance share units (PSUs) | The following is a summary of the status of the Company’s PSUs as of June 30, 2024 and activity during the fiscal year then ended:
(Shares in thousands) |  | Shares |  | Weighted-Average Grant Date Fair Value Per Share
Nonvested at June 30, 2023 |  | 365.2 |  |  | $ | 260.90 |
Granted |  | 164.5 |  |  | 156.39 |
Vested and issued(1) |  | (44.8) |  |  | 218.12 |
Forfeited |  | (111.0) |  |  | 217.85 |
Nonvested at June 30, 2024 |  | 373.9 |  |  | 232.83 |
(1) The total fair value of PSUs vested and issued during fiscal 2024, 2023 and 2022 was $7.3 million, $66.6 million, and $108.9 million, respectively.
Schedule of long-term price vested units | The number of shares subject to each tranche of the price-vested unit award, as well as the stock price goals, service periods, performance periods and share delivery dates for each tranche are as follows:
|  | Number of Shares per Tranche |  | Stock Price Goal (per Share) |  | Service Period |  | Performance Period for Stock Price Goal |  | Performance Period for Cumulative Operating Income Goal |  | Share Delivery Date
First tranche |  | 27,457 |  |  | $ | 323.03 |  |  | March 11, 2021 - June 30, 2024 |  | March 11, 2021 - June 30, 2024 |  | July 1, 2021 - June 30, 2025 |  | September 2, 2025
Second tranche |  | 28,598 |  |  | $ | 333.21 |  |  | March 11, 2021 - June 30, 2024 |  | March 11, 2021 - June 30, 2024 |  | July 1, 2021 - June 30, 2025 |  | September 2, 2025
Third tranche |  | 29,872 |  |  | $ | 343.61 |  |  | March 11, 2021 - June 30, 2024 |  | March 11, 2021 - June 30, 2024 |  | July 1, 2021 - June 30, 2025 |  | September 2, 2025
Total shares |  | 85,927 |  |  |  |  |  |  |  |  |  |  |
Schedule of assumptions used for award | The significant assumptions used for this award were as follows:
Expected volatility |  | 31.8 | %
Dividend yield |  | 0.8 | %
Risk-free interest rate |  | 0.4 | %
Expected term |  | 3.3 years
Summary of status of share units | The following is a summary of the status of the Company’s share units as of June 30, 2024 and activity during the fiscal year then ended:
(Shares in thousands) |  | Shares |  | Weighted-Average Grant Date Fair Value Per Share
Outstanding at June 30, 2023 |  | 112.7 |  |  | $ | 87.84 |
Granted |  | 8.7 |  |  | 123.81 |
Dividend equivalents |  | 2.2 |  |  | 139.11 |
Converted (1) |  | (10.0) |  |  | 105.78 |
Outstanding at June 30, 2024 |  | 113.6 |  |  | 90.02 |
(1) The total intrinsic value of share units converted during fiscal 2024, 2023 and 2022 was $1.5 million, $4.1 million, and $8.5 million, respectively.

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