INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2014

INCOME TAXES [Abstract]

Provision for Income Taxes on Continuing Operations by Tax Jurisdiction

	2014			2013			2012
Current
Federal	$	231		$	247		$	200
State		33			23			12
Foreign		45			20			48
Total current		309			290			260
Deferred
Federal		(10	)		(10	)		-
State		2			(2	)		1
Foreign		(2	)		1			(13	)
Total deferred		(10	)		(11	)		(12	)
Total	$	299		$	279		$	248

Earnings from Continuing Operations before Income Taxes, by Tax Jurisdiction

	2014		2013		2012
United States	$	756	$	731	$	655
Foreign		105		122		136
Total	$	861	$	853	$	791

Effective Income Tax Rate Reconciliation

	2014		2013		2012
Statutory federal tax rate	35.0	%	35.0	%	35.0	%
State taxes (net of federal tax benefits)	2.7		1.7		1.1
Tax differential on foreign earnings	(1.3	)	(3.3	)	(2.5	)
Domestic manufacturing deduction	(2.4	)	(2.3	)	(2.2	)
Change in Valuation Allowance	2.8		2.0		0.8
Other differences	(2.1	)	(0.4	)	(0.8	)
Effective tax rate	34.7	%	32.7	%	31.4	%

Current and Noncurrent Deferred Tax Assets and Liabilities

	2014			2013
Deferred tax assets
Compensation and benefit programs	$	171		$	176
Basis difference related to Venture Agreement		30			30
Accruals and reserves		53			55
Inventory costs		20			20
Net operating loss and tax credit carryforwards		37			33
Other		63			51
Subtotal		374			365
Valuation allowance		(51	)		(36	)
Total deferred tax assets		323			329
Deferred tax liabilities
Fixed and intangible assets		(269	)		(273	)
Low-income housing partnerships		(24	)		(23	)
Unremitted foreign earnings		(8	)		(18	)
Other		(26	)		(24	)
Total deferred tax liabilities		(327	)		(338	)
Net deferred tax liabilities	$	(4	)	$	(9	)

Summary of Deferred Tax Asset Valuation Allowance

	2014			2013
Valuation allowance at beginning of year	$	(36	)	$	(20	)
Net decrease in realizability of foreign deferred tax assets		(12	)		(9	)
Net increase in foreign net operating loss carryforward and other		(3	)		(7	)
Valuation allowance at end of year	$	(51	)	$	(36	)

Reconciliation of Gross Unrecognized Tax Benefits

	2014			2013			2012
Unrecognized tax benefits - July 1	$	69		$	80		$	97
Gross increases - tax positions in prior periods		3			3			4
Gross decreases - tax positions in prior periods		(5	)		(19	)		(17	)
Gross increases - current period tax positions		7			7			5
Gross decreases - current period tax positions		-			-			(1	)
Lapse of applicable statute of limitations		(1	)		(2	)		(2	)
Settlements		(2	)		-			(6	)
Unrecognized tax benefits - June 30	$	71		$	69		$	80