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INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Provision for Income Taxes on Continuing Operations by Tax Jurisdiction

The provision for income taxes on continuing operations, by tax jurisdiction, consisted of the following for the fiscal years ended June 30:

	2018				2017				2016
Current
Federal	$	177			$	291			$	254
State	34				36				31
Foreign	43				38				45
Total current	254				365				330
Deferred
Federal	(24		)		(29		)		11
State	3				(2		)		1
Foreign	(2		)		(4		)		(7		)
Total deferred	(23		)		(35		)		5
Total	$	231			$	330			$	335

Earnings from Continuing Operations before Income Taxes, by Tax Jurisdiction

The components of earnings from continuing operations before income taxes, by tax jurisdiction, consisted of the following for the fiscal years ended June 30:

	2018				2017				2016
United States	$	963			$	927			$	900
Foreign	91				106				83
Total	$	1,054			$	1,033			$	983

Tax Rate Reconciliation

A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate on continuing operations follows for the fiscal years ended June 30:

	2018			2017			2016
Statutory federal tax rate	28.1	%		35.0	%		35.0	%
State taxes (net of federal tax benefits)	2.4			2.2			2.1
Tax differential on foreign earnings	1.2			(0.6	)		0.5
Federal domestic manufacturing deduction	(1.8	)		(2.6	)		(2.4	)
Change in valuation allowance	0.3			0.2			0.5
Federal excess tax benefits	(1.7	)		(2.0	)		—
Reversals of deferred taxes related to foreign unremitted earnings	(2.6	)		—			—
Remeasurement of deferred taxes	(3.1	)		—			—
Other differences	(1.0	)		(0.3	)		(1.6	)
Effective tax rate	21.8	%		31.9	%		34.1	%

Components of Net Deferred Tax Assets (Liabilities)

The components of net deferred tax assets (liabilities) as of June 30 are shown below:

	2018				2017
Deferred tax assets
Compensation and benefit programs	$	103			$	182
Net operating loss and tax credit carryforwards	86				52
Accruals and reserves	28				41
Basis difference related to Venture Agreement	19				30
Inventory costs	16				25
Other	25				54
Subtotal	277				384
Valuation allowance	(43		)		(40		)
Total deferred tax assets	234				344
Deferred tax liabilities
Fixed and intangible assets	(232		)		(311		)
Low-income housing partnerships	(17		)		(25		)
Unremitted foreign earnings	—				(7		)
Other	(19		)		(24		)
Total deferred tax liabilities	(268		)		(367		)
Net deferred tax assets (liabilities)	$	(34	)		$	(23	)

Summary of Changes in Deferred Tax Asset Valuation Allowance

Details of the valuation allowance were as follows as of June 30:

	2018				2017
Valuation allowance at beginning of year	$	(40	)		$	(37	)
Net decrease/(increase) for other foreign deferred tax assets	—				—
Net decrease/(increase) for foreign net operating loss carryforwards and tax credits	(3		)		(3		)
Valuation allowance at end of year	$	(43	)		$	(40	)

Reconciliation of Gross Unrecognized Tax Benefits

The following is a reconciliation of the beginning and ending amounts of the Company’s gross unrecognized tax benefits:

	2018				2017				2016
Unrecognized tax benefits at beginning of year	$	40			$	37			$	38
Gross increases - tax positions in prior periods	2				1				3
Gross decreases - tax positions in prior periods	(1		)		(6		)		(3		)
Gross increases - current period tax positions	8				9				8
Gross decreases - current period tax positions	—				—				—
Lapse of applicable statute of limitations	(2		)		(1		)		(4		)
Settlements	—				—				(5		)
Unrecognized tax benefits at end of year	$	47			$	40			$	37

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