INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Earnings before income taxes consisted of the following:

Fiscal years ended June 30	2024		2023		2022
United States	$	12,246	$	12,107	$	11,698
International	6,515		6,246		6,297
TOTAL	$	18,761	$	18,353	$	17,995

Schedule of Components of Income Tax Expense (Benefit)

Income taxes consisted of the following:

Fiscal years ended June 30	2024		2023		2022
CURRENT TAX EXPENSE
U.S. federal	$	1,954	$	2,303	$	1,916
International	1,708		1,412		1,333
U.S. state and local	368		353		355
TOTAL	4,031		4,068		3,604
DEFERRED TAX EXPENSE/(BENEFIT)
U.S. federal	(133)		(224)		(320)
International and other	(111)		(229)		(82)
TOTAL	(244)		(453)		(402)
TOTAL TAX EXPENSE	$	3,787	$	3,615	$	3,202

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory income tax rate to our actual effective income tax rate is provided below:

Fiscal years ended June 30	2024		2023		2022
U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Country mix impacts of foreign operations	0.1	%	(0.5)	%	(0.3)	%
State income taxes, net of federal benefit	1.8	%	1.6	%	1.5	%
Excess tax benefits from the exercise of stock options	(1.5)	%	(1.0)	%	(2.0)	%
Foreign derived intangible income deduction (FDII)	(1.1)	%	(0.8)	%	(1.1)	%
Changes in uncertain tax positions	0.1	%	0.1	%	(0.4)	%
Other	(0.2)	%	(0.7)	%	(0.9)	%
EFFECTIVE INCOME TAX RATE	20.2	%	19.7	%	17.8	%

Summary of Income Tax Contingencies

A reconciliation of the beginning and ending liability for uncertain tax positions is as follows:

Fiscal years ended June 30	2024		2023		2022
BEGINNING OF YEAR	$	515	$	583	$	627
Increases in tax positions for prior years	157		113		102
Decreases in tax positions for prior years	(133)		(119)		(118)
Increases in tax positions for current year	160		60		53
Settlements with taxing authorities	(100)		(108)		(42)
Lapse in statute of limitations	(9)		(7)		(17)
Currency translation	(8)		(7)		(22)
END OF YEAR	$	582	$	515	$	583

Schedule of Deferred Tax Assets and Liabilities

Deferred income tax assets and liabilities were comprised of the following:

As of June 30	2024		2023
DEFERRED TAX ASSETS
Capitalized research & development	$	1,140	$	930
Loss and other carryforwards	892		1,014
Pension and other retiree benefits	592		737
Accrued marketing and promotion	460		421
Stock-based compensation	433		412
Fixed assets	206		223
Lease liabilities	199		197
Unrealized loss on financial and foreign exchange transactions	107		282
Other	843		874
Valuation allowances	(290)		(403)
TOTAL	$	4,582	$	4,687
DEFERRED TAX LIABILITIES
Goodwill and other intangible assets	$	5,459	$	5,811
Fixed assets	1,573		1,556
Other retiree benefits	1,319		1,101
Unrealized gain on financial and foreign exchange transactions	263		198
Lease right-of-use assets	196		191
Foreign withholding tax on earnings to be repatriated	104		96
Other	441		381
TOTAL	$	9,355	$	9,334