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REVENUE RECOGNITION
 6 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Accounts Receivable

Accounts receivable, net is stated net of the allowance for doubtful accounts, including credit losses, and customer deductions totaling $30 million and $26 million as of December 31, 2024 and June 30, 2024, respectively. Payment terms are short-term in nature and are generally less than one year.

Changes in the allowance for credit losses are as follows:

(In millions)December 31, 2024
Balance at June 30, 2024$14 
Provision for expected credit losses5 
Write-offs, net & other(1)
Balance at December 31, 2024$18 
The remaining balance of the allowance for doubtful accounts and customer deductions of $12 million as of December 31, 2024 and June 30, 2024, relates to non-credit losses, which are primarily due to customer deductions.

Deferred Revenue

Changes in deferred revenue during the period are as follows:
Three Months Ended
December 31,		Six Months Ended
December 31,
(In millions)2024202320242023
Deferred revenue, beginning of period$567 $581 $560 $572 
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(107)(96)(255)(249)
Revenue deferred during the period104 124 258 293 
Other(2)1 (1)(6)
Deferred revenue, end of period$562 $610 $562 $610 

Transaction Price Allocated to the Remaining Performance Obligations

At December 31, 2024, the combined estimated revenue expected to be recognized in the next twelve months related to performance obligations for customer loyalty programs, gift with purchase promotions, purchase with purchase promotions, gift card liabilities and the Marcolin license arrangement related to TOM FORD that are unsatisfied (or partially unsatisfied) is $338 million. The remaining balance of deferred revenue at December 31, 2024 will be recognized beyond the next twelve months, of which $217 million relates to the non-refundable upfront payment received as part of the Marcolin licensing arrangement that is being recognized on a straight-line basis over the estimated economic life of the license, which is 20 years.

Royalty Revenue – License Arrangements

The Company’s contractually guaranteed minimum royalty amounts due during future periods under its existing license arrangements is disclosed in the notes to consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024.