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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Schedule of inventory and promotional merchandise | Inventory and promotional merchandise consists of the following:
(In millions) |  | December 31, 2023 |  | June 30, 2023
Raw materials |  | $ | 830 |  |  | $ | 876 |
Work in process |  | 296 |  |  | 362 |
Finished goods |  | 1,167 |  |  | 1,404 |
Promotional merchandise |  | 310 |  |  | 337 |
|  | $ | 2,603 |  |  | $ | 2,979 |
Schedule of property, plant and equipment | Property, plant and equipment consists of the following:
(In millions) |  | December 31, 2023 |  | June 30, 2023
Assets (Useful Life) |  |  |  |
Land and improvements(1) |  | $ | 74 |  |  | $ | 70 |
Buildings and improvements (10 to 40 years) |  | 909 |  |  | 843 |
Machinery and equipment (3 to 10 years) |  | 1,160 |  |  | 1,071 |
Computer hardware and software (4 to 10 years) |  | 1,810 |  |  | 1,651 |
Furniture and fixtures (5 to 10 years) |  | 140 |  |  | 136 |
Leasehold improvements |  | 2,426 |  |  | 2,310 |
Construction in progress |  | 726 |  |  | 827 |
|  | 7,245 |  |  | 6,908 |
Less accumulated depreciation and amortization |  | (4,025) |  |  | (3,729) |
|  | $ | 3,220 |  |  | $ | 3,179 |
(1)Land improvements are depreciated over a 10 year useful life.
Schedule of effective rate for income taxes | The effective rate for income taxes for the three and six months ended December 31, 2023 and 2022 are as follows:
| Three Months Ended December 31 |  | Six Months Ended December 31
| 2023 |  | 2022 |  | 2023 |  | 2022
Effective rate for income taxes | 37.6 | % |  | 25.4 | % |  | 36.3 | % |  | 23.9 | %
Basis-point change from the prior-year period | 1,220 |  |  |  |  | 1,240 |  |  |
Schedule of other accrued liabilities | Other accrued liabilities consist of the following:
(In millions) |  | December 31, 2023 |  | June 30, 2023
Employee compensation |  | $ | 475 |  |  | $ | 546 |
Accrued sales incentives |  | 447 |  |  | 321 |
Deferred revenue |  | 370 |  |  | 323 |
Payroll and other non-income taxes |  | 333 |  |  | 297 |
Sales return accrual |  | 302 |  |  | 289 |
Other |  | 1,529 |  |  | 1,440 |
|  | $ | 3,456 |  |  | $ | 3,216 |

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