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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2020
Income Tax Disclosure [Abstract] |
Provision for Income Taxes on Continuing Operations by Tax Jurisdiction | The provision for income taxes, by tax jurisdiction, consisted of the following for the fiscal years ended June 30:
| 2020 |  | 2019 |  | 2018
Current |  |  |  |  |
Federal | $ | 171 |  |  | $ | 166 |  |  | $ | 177 |
State | 32 |  |  | 24 |  |  | 34 |
Foreign | 45 |  |  | 34 |  |  | 43 |
Total current | 248 |  |  | 224 |  |  | 254 |
Deferred |  |  |  |  |
Federal | 13 |  |  | (22) |  |  | (24) |
State | (5) |  |  | (1) |  |  | 3 |
Foreign | (10) |  |  | 3 |  |  | (2) |
Total deferred | (2) |  |  | (20) |  |  | (23) |
Total | $ | 246 |  |  | $ | 204 |  |  | $ | 231 |
Earnings from Continuing Operations before Income Taxes, by Tax Jurisdiction | The components of Earnings before income taxes, by tax jurisdiction, consisted of the following for the fiscal years ended June 30:
| 2020 |  | 2019 |  | 2018
United States | $ | 1,041 |  |  | $ | 912 |  |  | $ | 963 |
Foreign | 144 |  |  | 112 |  |  | 91 |
Total | $ | 1,185 |  |  | $ | 1,024 |  |  | $ | 1,054 |
Tax Rate Reconciliation | A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate on operations follows for the fiscal years ended June 30:
| 2020 |  | 2019 |  | 2018
Statutory federal tax rate | 21.0 | % |  | 21.0 | % |  | 28.1 | %
State taxes (net of federal tax benefits) | 1.7 |  |  | 1.7 |  |  | 2.4 |
Tax differential on foreign earnings | 0.9 |  |  | 1.0 |  |  | 1.2 |
Federal domestic manufacturing deduction | — |  |  | — |  |  | (1.8) |
Federal excess tax benefits | (2.4) |  |  | (2.3) |  |  | (1.7) |
Reversals of deferred taxes related to foreign unremitted earnings | — |  |  | — |  |  | (2.6) |
Remeasurement of deferred taxes | — |  |  | 0.1 |  |  | (3.1) |
Other differences | (0.4) |  |  | (1.7) |  |  | (0.7) |
Effective tax rate | 20.8 | % |  | 19.8 | % |  | 21.8 | %
Schedule Of Impact From Change In Tax Rate | During the second quarter of fiscal year 2018, the Company made reasonable estimates of the impacts of the Tax Act and initially recorded total benefits of $81 as provisional, as defined in Staff Accounting Bulletin No. 118, as follows:
|  | Adjustments
One-time net deferred tax liability reduction |  | $ | 60 |
One-time transition tax |  | (7) |
Net total one-time tax benefit |  | 53 |
Beneficial year-to-date current taxable income impact |  | 28 |
Total tax benefits |  | $ | 81 |
Components of Net Deferred Tax Assets (Liabilities) | The components of net deferred tax assets (liabilities) as of June 30 are shown below:
| 2020 |  | 2019
Deferred tax assets |  |  |
Compensation and benefit programs | $ | 119 |  |  | $ | 100 |
Net operating loss and tax credit carryforwards | 84 |  |  | 87 |
Operating and finance lease liabilities | 75 |  |  | — |
Accruals and reserves | 38 |  |  | 41 |
Basis difference related to the Venture Agreement | 19 |  |  | 19 |
Inventory costs | 16 |  |  | 22 |
Other | 18 |  |  | 21 |
Subtotal | 369 |  |  | 290 |
Valuation allowance | (38) |  |  | (44) |
Total deferred tax assets | 331 |  |  | 246 |
Deferred tax liabilities |  |  |
Fixed and intangible assets | (256) |  |  | (236) |
Lease right-of-use assets | (68) |  |  | — |
Low-income housing partnerships | (9) |  |  | (13) |
Other | (24) |  |  | (18) |
Total deferred tax liabilities | (357) |  |  | (267) |
Net deferred tax assets (liabilities) | $ | (26) |  |  | $ | (21) |
Summary of Changes in Deferred Tax Asset Valuation Allowance | Details of the valuation allowance were as follows as of June 30:
| 2020 |  | 2019 |  | 2018
Valuation allowance at beginning of year | $ | (44) |  |  | $ | (43) |  |  | $ | (40) |
Net decrease/(increase) for other foreign deferred tax assets | 1 |  |  | — |  |  | — |
Net decrease/(increase) for foreign net operating loss carryforwards and tax credits | 5 |  |  | (1) |  |  | (3) |
Valuation allowance at end of year | $ | (38) |  |  | $ | (44) |  |  | $ | (43) |
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:
| 2020 |  | 2019 |  | 2018
Unrecognized tax benefits at beginning of year | $ | 31 |  |  | $ | 47 |  |  | $ | 40 |
Gross increases - tax positions in prior periods | 1 |  |  | 2 |  |  | 2 |
Gross decreases - tax positions in prior periods | (11) |  |  | (20) |  |  | (1) |
Gross increases - current period tax positions | 4 |  |  | 6 |  |  | 8 |
Gross decreases - current period tax positions | — |  |  | — |  |  | — |
Lapse of applicable statute of limitations | (1) |  |  | (3) |  |  | (2) |
Settlements | (2) |  |  | (1) |  |  | — |
Unrecognized tax benefits at end of year | $ | 22 |  |  | $ | 31 |  |  | $ | 47 |

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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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