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INCOME TAXES (Tables)
 12 Months Ended
Jun. 30, 2022
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:
202220212020
Current
Federal$71 $146 $171 
State17 26 32 
Foreign43 41 45 
Total current$131 $213 $248 
Deferred
Federal$6 $(26)$13 
State(2)(9)(5)
Foreign1 3 (10)
Total deferred5 (32)(2)
Total$136 $181 $246 
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:
202220212020
United States$483 $696 $1,041 
Foreign124 204 144 
Total$607 $900 $1,185 
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:
202220212020
Statutory federal tax rate21.0 %21.0 %21.0 %
State taxes (net of federal tax benefits)1.9 1.5 1.7 
Foreign tax rate differential3.1 0.2 0.9 
Federal excess tax benefits(0.9)(2.7)(2.4)
Net U.S. tax on foreign income(1.7)(0.5)(0.2)
Other differences(1.0)0.6 (0.2)
Effective tax rate22.4 %20.1 %20.8 %
Components of Net Deferred Tax Assets (Liabilities) The components of net deferred tax assets (liabilities) as of June 30 are shown below:
20222021
Deferred tax assets
Compensation and benefit programs$100 $104 
Net operating loss and tax credit carryforwards93 85 
Operating and finance lease liabilities98 100 
Accruals and reserves35 39 
Basis difference related to the Venture Agreement19 19 
Inventory costs25 18 
Other13 15 
Subtotal383 380 
Valuation allowance(52)(42)
Total deferred tax assets$331 $338 
Deferred tax liabilities
Fixed and intangible assets$(242)$(232)
Lease right-of-use assets(91)(94)
Other(29)(41)
Total deferred tax liabilities(362)(367)
Net deferred tax assets (liabilities)$(31)$(29)
Summary of Changes in Deferred Tax Asset Valuation Allowance Details of the valuation allowance were as follows as of June 30:
202220212020
Valuation allowance at beginning of year$(42)$(38)$(44)
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(9)(3)5 
Valuation allowance at end of year$(52)$(42)$(38)
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:
202220212020
Unrecognized tax benefits at beginning of year$21 $22 $31 
Gross increases - tax positions in prior periods— 1 1 
Gross decreases - tax positions in prior periods(7)(5)(11)
Gross increases - current period tax positions4 3 4 
Gross decreases - current period tax positions— — — 
Lapse of applicable statute of limitations(1)— (1)
Settlements— — (2)
Unrecognized tax benefits at end of year$17 $21 $22