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INCOME TAXES (Tables) | 12 Months Ended
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Jun. 30, 2023
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:
| 2023 |  | 2022 |  | 2021
Current |  |  |  |  |
Federal | $ | 153 |  |  | $ | 71 |  |  | $ | 146 |
State | 33 |  |  | 17 |  |  | 26 |
Foreign | 40 |  |  | 43 |  |  | 41 |
Total current | $ | 226 |  |  | $ | 131 |  |  | $ | 213 |
Deferred |  |  |  |  |
Federal | $ | (120) |  |  | $ | 6 |  |  | $ | (26) |
State | (28) |  |  | (2) |  |  | (9) |
Foreign | (1) |  |  | 1 |  |  | 3 |
Total deferred | (149) |  |  | 5 |  |  | (32) |
Total | $ | 77 |  |  | $ | 136 |  |  | $ | 181 |
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:
| 2023 |  | 2022 |  | 2021
United States | $ | 154 |  |  | $ | 483 |  |  | $ | 696 |
Foreign | 84 |  |  | 124 |  |  | 204 |
Total | $ | 238 |  |  | $ | 607 |  |  | $ | 900 |
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:
| 2023 |  | 2022 |  | 2021
Statutory federal tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes (net of federal tax benefits) | 1.6 |  |  | 1.9 |  |  | 1.5 |
Foreign tax rate differential | 8.6 |  |  | 3.1 |  |  | 0.2 |
Federal excess tax benefits | (1.8) |  |  | (0.9) |  |  | (2.7) |
Net U.S. tax on foreign income | (2.3) |  |  | (1.7) |  |  | (0.5) |
VMS goodwill impairment | 8.6 |  |  | — |  |  | — |
Federal research and development credits | (2.7) |  |  | (0.8) |  |  | (0.4) |
Other differences | (0.6) |  |  | (0.2) |  |  | 1.0 |
Effective tax rate | 32.4 | % |  | 22.4 | % |  | 20.1 | %
Components of Net Deferred Tax Assets (Liabilities) | The components of net deferred tax assets (liabilities) as of June 30 are shown below:
| 2023 |  | 2022
Deferred tax assets |  |  |
Compensation and benefit programs | $ | 123 |  |  | $ | 100 |
Net operating loss and tax credit carryforwards | 94 |  |  | 93 |
Operating and finance lease liabilities | 104 |  |  | 98 |
Accruals and reserves | 46 |  |  | 35 |
Capitalized research and development | 34 |  |  | — |
Inventory costs | 32 |  |  | 25 |
Other | 34 |  |  | 32 |
Subtotal | 467 |  |  | 383 |
Valuation allowance | (59) |  |  | (52) |
Total deferred tax assets | $ | 408 |  |  | $ | 331 |
Deferred tax liabilities |  |  |
Fixed and intangible assets | $ | (157) |  |  | $ | (242) |
Lease right-of-use assets | (96) |  |  | (91) |
Other | (36) |  |  | (29) |
Total deferred tax liabilities | (289) |  |  | (362) |
Net deferred tax assets (liabilities) | $ | 119 |  |  | $ | (31) |
The net deferred tax assets and liabilities included in the consolidated balance sheet at June 30 were as follows:
Net deferred tax assets (1) | $ | 147 |  |  | $ | 35 |
Net deferred tax liabilities | (28) |  |  | (66) |
Net deferred tax assets (liabilities) | $ | 119 |  |  | $ | (31) |
(1)Net deferred tax assets are recorded in Other assets.
Summary of Valuation Allowance | Details of the valuation allowance were as follows as of June 30:
| 2023 |  | 2022 |  | 2021
Valuation allowance at beginning of year | $ | (52) |  |  | $ | (42) |  |  | $ | (38) |
Net decrease/(increase) for other foreign deferred tax assets | (1) |  |  | (1) |  |  | (1) |
Net decrease/(increase) for foreign and U.S. net operating loss carryforwards and tax credits | (6) |  |  | (9) |  |  | (3) |
Valuation allowance at end of year | $ | (59) |  |  | $ | (52) |  |  | $ | (42) |
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:
| 2023 |  | 2022 |  | 2021
Unrecognized tax benefits at beginning of year | $ | 17 |  |  | $ | 21 |  |  | $ | 22 |
Gross increases - tax positions in prior periods | 1 |  |  | — |  |  | 1 |
Gross decreases - tax positions in prior periods | (3) |  |  | (7) |  |  | (5) |
Gross increases - current period tax positions | 2 |  |  | 4 |  |  | 3 |
Gross decreases - current period tax positions | — |  |  | — |  |  | — |
Lapse of applicable statute of limitations | — |  |  | (1) |  |  | — |
Settlements | — |  |  | — |  |  | — |
Unrecognized tax benefits at end of year | $ | 17 |  |  | $ | 17 |  |  | $ | 21 |

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