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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2021
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:
| 2021 |  | 2020 |  | 2019
Current |  |  |  |  |
Federal | $ | 146 |  |  | $ | 171 |  |  | $ | 166 |
State | 26 |  |  | 32 |  |  | 24 |
Foreign | 41 |  |  | 45 |  |  | 34 |
Total current | $ | 213 |  |  | $ | 248 |  |  | $ | 224 |
Deferred |  |  |  |  |
Federal | $ | (26) |  |  | $ | 13 |  |  | $ | (22) |
State | (9) |  |  | (5) |  |  | (1) |
Foreign | 3 |  |  | (10) |  |  | 3 |
Total deferred | (32) |  |  | (2) |  |  | (20) |
Total | $ | 181 |  |  | $ | 246 |  |  | $ | 204 |
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:
| 2021 |  | 2020 |  | 2019
United States | $ | 696 |  |  | $ | 1,041 |  |  | $ | 912 |
Foreign | 204 |  |  | 144 |  |  | 112 |
Total | $ | 900 |  |  | $ | 1,185 |  |  | $ | 1,024 |
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:
| 2021 |  | 2020 |  | 2019
Statutory federal tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes (net of federal tax benefits) | 1.5 |  |  | 1.7 |  |  | 1.7 |
Tax differential on foreign earnings | 0.2 |  |  | 0.9 |  |  | 1.0 |
Federal excess tax benefits | (2.7) |  |  | (2.4) |  |  | (2.3) |
Other differences | 0.1 |  |  | (0.4) |  |  | (1.6) |
Effective tax rate | 20.1 | % |  | 20.8 | % |  | 19.8 | %
Components of Net Deferred Tax Assets (Liabilities) | The components of net deferred tax assets (liabilities) as of June 30 are shown below:
| 2021 |  | 2020
Deferred tax assets |  |  |
Compensation and benefit programs | $ | 104 |  |  | $ | 119 |
Net operating loss and tax credit carryforwards | 85 |  |  | 84 |
Operating and finance lease liabilities | 100 |  |  | 75 |
Accruals and reserves | 39 |  |  | 38 |
Basis difference related to the Venture Agreement | 19 |  |  | 19 |
Inventory costs | 18 |  |  | 16 |
Other | 15 |  |  | 18 |
Subtotal | 380 |  |  | 369 |
Valuation allowance | (42) |  |  | (38) |
Total deferred tax assets | $ | 338 |  |  | $ | 331 |
Deferred tax liabilities |  |  |
Fixed and intangible assets | $ | (232) |  |  | $ | (256) |
Lease right-of-use assets | (94) |  |  | (68) |
Low-income housing partnerships | — |  |  | (9) |
Other | (41) |  |  | (24) |
Total deferred tax liabilities | (367) |  |  | (357) |
Net deferred tax assets (liabilities) | $ | (29) |  |  | $ | (26) |
Summary of Changes in Deferred Tax Asset Valuation Allowance | Details of the valuation allowance were as follows as of June 30:
| 2021 |  | 2020 |  | 2019
Valuation allowance at beginning of year | $ | (38) |  |  | $ | (44) |  |  | $ | (43) |
Net decrease/(increase) for other foreign deferred tax assets | (1) |  |  | 1 |  |  | — |
Net decrease/(increase) for foreign net operating loss carryforwards and tax credits | (3) |  |  | 5 |  |  | (1) |
Valuation allowance at end of year | $ | (42) |  |  | $ | (38) |  |  | $ | (44) |
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:
| 2021 |  | 2020 |  | 2019
Unrecognized tax benefits at beginning of year | $ | 22 |  |  | $ | 31 |  |  | $ | 47 |
Gross increases - tax positions in prior periods | 1 |  |  | 1 |  |  | 2 |
Gross decreases - tax positions in prior periods | (5) |  |  | (11) |  |  | (20) |
Gross increases - current period tax positions | 3 |  |  | 4 |  |  | 6 |
Gross decreases - current period tax positions | — |  |  | — |  |  | — |
Lapse of applicable statute of limitations | — |  |  | (1) |  |  | (3) |
Settlements | — |  |  | (2) |  |  | (1) |
Unrecognized tax benefits at end of year | $ | 21 |  |  | $ | 22 |  |  | $ | 31 |

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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=121826272&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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