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STOCK-BASED COMPENSATION PLANS (Tables) | 12 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Schedule of Compensation Cost and Related Income Tax Benefit | Compensation cost and the related income tax benefit recognized for stock-based compensation plans were classified as indicated below for the fiscal years ended June 30:
| 2023 |  | 2022 |  | 2021
Cost of products sold | $ | 7 |  |  | $ | 6 |  |  | $ | 6 |
Selling and administrative expenses | 61 |  |  | 42 |  |  | 40 |
Research and development costs | 5 |  |  | 4 |  |  | 4 |
Total compensation costs | $ | 73 |  |  | $ | 52 |  |  | $ | 50 |
Related income tax benefit | $ | 17 |  |  | $ | 12 |  |  | $ | 12 |
Assumptions Utilized in the Valuation in Calculating the Compensation Expense for Stock Options Granted | The fair value of each stock option award granted during fiscal years 2023, 2022 and 2021 was estimated on the date of grant using the Black-Scholes valuation model and assumptions noted in the following table:
| 2023 |  | 2022 |  | 2021
Expected life | 5.3 years |  | 5.4 years |  | 5.3 years to 5.4 years
Weighted-average expected life | 5.3 years |  | 5.4 years |  | 5.4 years
Expected volatility | 24.2% |  | 21.7% to 25.0% |  | 21.4% to 23.2%
Weighted-average volatility | 24.2% |  | 21.8% |  | 21.9%
Risk-free interest rate | 3.7% |  | 0.9% to 2.1% |  | 0.3% to 0.5%
Weighted-average risk-free interest rate | 3.7% |  | 0.9% |  | 0.3%
Dividend yield | 3.4% |  | 2.9% to 3.7% |  | 2.1% to 2.3%
Weighted-average dividend yield | 3.4% |  | 2.9% |  | 2.1%
Summary of Stock Option Activity | Details of the Company’s stock option activities are summarized below:
| Number of Shares (In thousands) |  | Weighted- Average Exercise Price per Share |  | Average Remaining Contractual Life |  | Aggregate Intrinsic Value
Options outstanding as of June 30, 2022 | 4,198 |  |  | $ | 144 |  |  | 5 years |  | $ | 49 |
Granted | 564 |  |  | 141 |  |  |  |  |
Exercised | (515) |  |  | 105 |  |  |  |  |
Canceled | (172) |  |  | 164 |  |  |  |  |
Options outstanding as of June 30, 2023 | 4,075 |  |  | $ | 147 |  |  | 5 years |  | $ | 69 |
Options vested as of June 30, 2023 | 2,817 |  |  | $ | 142 |  |  | 4 years |  | $ | 59 |
Summary of Restricted Stock Award Activity | A summary of the status of the Company’s restricted stock awards is presented below:
| Number of Shares (In thousands) |  | Weighted-Average Grant Date Fair Value per Share
Restricted stock awards as of June 30, 2022 | 412 |  |  | $ | 168 |
Granted | 312 |  |  | 143 |
Vested | (128) |  |  | 171 |
Forfeited | (52) |  |  | 160 |
Restricted stock awards as of June 30, 2023 | 544 |  |  | $ | 155 |
Summary of Performance Stock Award Activity | A summary of the status of the Company’s performance share awards is presented below:
| Number of Shares (In thousands) |  | Weighted-Average Grant Date Fair Value per Share
Performance share awards as of June 30, 2022 | 313 |  |  | $ | 162 |
Granted | 156 |  |  | $ | 142 |
Distributed | (76) |  |  | $ | 137 |
Forfeited | (25) |  |  | $ | 167 |
Performance share awards as of June 30, 2023 | 368 |  |  | $ | 158 |
Performance shares vested and deferred as of June 30, 2023 | 48 |  |  | $ | 128 |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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