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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
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Mar. 31, 2024
Accounting Policies [Abstract] |
Schedule of inventory and promotional merchandise | Inventory and promotional merchandise consists of the following:
(In millions) |  | March 31, 2024 |  | June 30, 2023
Raw materials |  | $ | 776 |  |  | $ | 876 |
Work in process |  | 312 |  |  | 362 |
Finished goods |  | 960 |  |  | 1,404 |
Promotional merchandise |  | 259 |  |  | 337 |
|  | $ | 2,307 |  |  | $ | 2,979 |
Schedule of property, plant and equipment | Property, plant and equipment consists of the following:
(In millions) |  | March 31, 2024 |  | June 30, 2023
Assets (Useful Life) |  |  |  |
Land and improvements(1) |  | $ | 70 |  |  | $ | 70 |
Buildings and improvements (10 to 40 years) |  | 884 |  |  | 843 |
Machinery and equipment (3 to 10 years) |  | 1,187 |  |  | 1,071 |
Computer hardware and software (4 to 10 years) |  | 1,727 |  |  | 1,651 |
Furniture and fixtures (5 to 10 years) |  | 136 |  |  | 136 |
Leasehold improvements |  | 2,408 |  |  | 2,310 |
Construction in progress |  | 677 |  |  | 827 |
|  | 7,089 |  |  | 6,908 |
Less accumulated depreciation and amortization |  | (3,956) |  |  | (3,729) |
|  | $ | 3,133 |  |  | $ | 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 nine months ended March 31, 2024 and 2023 are as follows:
| Three Months Ended March 31 |  | Nine Months Ended March 31
| 2024 |  | 2023 |  | 2024 |  | 2023
Effective rate for income taxes | 31.1 | % |  | 44.6 | % |  | 33.9 | % |  | 27.9 | %
Basis-point change from the prior-year period | (1,350) |  |  |  |  | 600 |  |  |
Schedule of other accrued liabilities | Other accrued liabilities consist of the following:
(In millions) |  | March 31, 2024 |  | June 30, 2023
Advertising, merchandising and sampling |  | $ | 283 |  |  | $ | 235 |
Employee compensation |  | 507 |  |  | 546 |
Accrued sales incentives |  | 400 |  |  | 321 |
Deferred revenue |  | 306 |  |  | 323 |
Payroll and other non-income taxes |  | 307 |  |  | 297 |
Accrued income taxes |  | 315 |  |  | 222 |
Sales return accrual |  | 289 |  |  | 289 |
Other |  | 944 |  |  | 983 |
|  | $ | 3,351 |  |  | $ | 3,216 |

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