CLOROX CO /DE/, 10-Q filed on 5/1/2020
Quarterly Report
v3.20.1
Cover Page - shares
9 Months Ended
Mar. 31, 2020
Apr. 17, 2020
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2020  
Document Transition Report false  
Entity File Number 1-07151  
Entity Registrant Name THE CLOROX COMPANY  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 31-0595760  
Entity Address, Address Line One 1221 Broadway  
Entity Address, City or Town Oakland  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94612-1888  
City Area Code 510  
Local Phone Number 271-7000  
Title of 12(b) Security Common Stock - $1.00 par value  
Trading Symbol CLX  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   125,933,818
Entity Central Index Key 0000021076  
Amendment Flag false  
Current Fiscal Year End Date --06-30  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2020  
v3.20.1
Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2020
Mar. 31, 2019
Income Statement [Abstract]        
Net sales $ 1,783 $ 1,551 $ 4,738 $ 4,587
Cost of products sold 951 878 2,604 2,593
Gross profit 832 673 2,134 1,994
Selling and administrative expenses 269 216 690 639
Advertising costs 184 161 461 445
Research and development costs 39 34 103 98
Interest expense 24 24 74 72
Other (income) expense, net 19 (2) 16 8
Earnings before income taxes 297 240 790 732
Income taxes 56 53 161 153
Net earnings $ 241 $ 187 $ 629 $ 579
Net earnings per share        
Basic net earnings per share (in dollars per share) $ 1.92 $ 1.46 $ 5.01 $ 4.53
Diluted net earnings per share (in dollars per share) $ 1.89 $ 1.44 $ 4.94 $ 4.45
Weighted average shares outstanding (in thousands)        
Basic (in shares) 125,661 128,404 125,641 128,092
Diluted (in shares) 127,328 130,266 127,236 130,218
Comprehensive income $ 186 $ 200 $ 575 $ 562
v3.20.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2020
Jun. 30, 2019
Current assets    
Cash and cash equivalents $ 496 $ 111
Receivables, net 726 631
Inventories, net 457 512
Prepaid expenses and other current assets 71 51
Total current assets 1,750 1,305
Property, plant and equipment, net of accumulated depreciation and amortization of $2,203 and $2,150, respectively 1,047 1,034
Operating lease right-of-use assets 297  
Goodwill 1,568 1,591
Trademarks, net 785 791
Other intangible assets, net 111 121
Other assets 292 274
Total assets 5,850 5,116
Current liabilities    
Notes and loans payable 638 396
Current operating lease liabilities 65  
Accounts payable and accrued liabilities 1,091 1,035
Income taxes payable 0 9
Total current liabilities 1,794 1,440
Long-term debt 2,288 2,287
Long-term operating lease liabilities 277  
Other liabilities 730 780
Deferred income taxes 66 50
Total liabilities 5,155 4,557
Commitments and contingencies
Stockholders’ equity    
Preferred stock: $1.00 par value; 5,000,000 shares authorized; none issued or outstanding 0 0
Common stock: $1.00 par value; 750,000,000 shares authorized; 158,741,461 shares issued as of March 31, 2020 and June 30, 2019; and 125,923,030 and 125,686,325 shares outstanding as of March 31, 2020 and June 30, 2019, respectively 159 159
Additional paid-in capital 1,111 1,046
Retained earnings 3,398 3,150
Treasury shares, at cost: 32,818,431 and 33,055,136 shares as of March 31, 2020 and June 30, 2019, respectively (3,317) (3,194)
Accumulated other comprehensive net (loss) income (656) (602)
Stockholders’ equity 695 559
Total liabilities and stockholders’ equity $ 5,850 $ 5,116
v3.20.1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2020
Jun. 30, 2019
Statement of Financial Position [Abstract]    
Property, plant and equipment, accumulated depreciation and amortization $ 2,203 $ 2,150
Preferred stock, par value (in dollars per share) $ 1.00 $ 1.00
Preferred stock, shares authorized (in shares) 5,000,000 5,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 1.00 $ 1.00
Common stock, shares authorized (in shares) 750,000,000 750,000,000
Common stock, shares issued (in shares) 158,741,461 158,741,461
Common stock, shares outstanding (in shares) 125,923,030 125,686,325
Treasury stock, shares (in shares) 32,818,431 33,055,136
v3.20.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating activities:    
Net earnings $ 629 $ 579
Adjustments to reconcile net earnings to net cash provided by operations:    
Depreciation and amortization 133 133
Stock-based compensation 37 34
Deferred income taxes 5 (7)
Other 26 (29)
Changes in:    
Receivables, net (102) 11
Inventories, net 50 (51)
Prepaid expenses and other current assets (6) (10)
Accounts payable and accrued liabilities 53 (55)
Operating lease right-of-use assets and liabilities, net 7  
Income taxes payable / prepaid (26) (2)
Net cash provided by operations 806 603
Investing activities:    
Capital expenditures (158) (135)
Other 13 9
Net cash used for investing activities (145) (126)
Financing activities:    
Notes and loans payable, net 234 117
Treasury stock purchased (225) (315)
Cash dividends paid (399) (368)
Issuance of common stock for employee stock plans and other 129 137
Net cash used for financing activities (261) (429)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (8) (2)
Net increase (decrease) in cash, cash equivalents, and restricted cash 392 46
Cash, cash equivalents, and restricted cash:    
Beginning of period 113 134
End of period $ 505 $ 180
v3.20.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation

The unaudited interim condensed consolidated financial statements for the three and nine months ended March 31, 2020 and 2019, in the opinion of management, reflect all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the consolidated results of operations, financial position and cash flows of The Clorox Company and its subsidiaries (the Company) for the periods presented. However, the financial results for interim periods are not necessarily indicative of the results that may be expected for a full fiscal year or for any other future period.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) have been omitted or condensed pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). The information in this report should be read in conjunction with the Company’s Annual Report on Form 10-K filed with the SEC for the fiscal year ended June 30, 2019, which includes a complete set of footnote disclosures, including the Company’s significant accounting policies.

Leases

Effective July 1, 2019, the Company adopted Accounting Standards Codification 842, Leases (ASC 842). Under this guidance, the Company determines whether an arrangement contains a lease at inception by determining if the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration and other facts and circumstances. Right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are calculated based on the lease liability adjusted for any lease payments paid to the lessor at or before the commencement date and initial direct costs incurred by the Company and excludes any lease incentives received from the lessor. Lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. The lease term may include an option to extend or terminate the lease when it is reasonably certain that the Company will exercise that option as of the commencement date of the lease, and is reviewed in subsequent periods if a triggering event occurs. As the Company’s leases typically do not contain a readily determinable implicit rate, the Company determines the present value of the lease liability using its incremental borrowing rate at the lease commencement date based on the lease term and the currency of the lease on a collateralized basis. Variable lease payments are the portion of lease payments that are not fixed over the lease term. Variable lease payments are expensed as incurred, and include certain non-lease components, such as maintenance and other services provided by the lessor, and other charges included in the lease, as applicable. The Company elected to combine lease and non-lease components as a single lease component and to exclude short-term leases, defined as leases with initial terms of 12 months or less, from its condensed consolidated balance sheet.
Recently Issued Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistency of application. The standard will be effective for the Company beginning in the first quarter of fiscal year 2022, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. The new guidance is effective for the Company beginning in the first quarter of fiscal year 2021, with early adoption permitted. The Company intends to adopt the standard no later than July 1, 2020. The impact of the new standard will be dependent on the specific facts and circumstances of future individual impairments, if any.

Recently Adopted Accounting Standards

In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” which amends the hedge accounting recognition and presentation requirements to better align an entity’s risk management activities with its financial reporting. This standard also simplifies the application of hedge accounting in certain situations. The Company adopted this new guidance in the first quarter of fiscal year 2020 and the adoption did not have a material impact on the Company’s consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which requires lessees to recognize a ROU asset and a lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation will depend on the classification of a lease as either a finance or an operating lease. ASU 2016-02 also requires expanded disclosures about leasing arrangements. In July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842), Targeted Improvements,” which provides an optional transition method in applying the new lease standard. Topic 842 can be applied using either a modified retrospective approach at the beginning of the earliest period presented, or, as permitted by ASU 2018-11, at the beginning of the period in which it is adopted. The Company adopted the new standard in the first quarter of fiscal year 2020, on a modified retrospective basis using the optional transition method, and, accordingly, has not restated comparative periods; fiscal year 2019 balances and related disclosures supporting those comparative period balances continue to be presented under ASC 840, “Leases.” As allowed under the new standard, the Company elected to apply the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. Upon adoption, the Company recorded a cumulative effect adjustment to the opening balance of Retained earnings of $22 related primarily to the remaining deferred gain from the sale-leaseback of the Company’s general office building in Oakland, California. This new standard did not have a material impact on the Company’s condensed consolidated statement of earnings or the condensed consolidated statement of cash flows. Refer to Note 3 for more information.
v3.20.1
INVENTORIES, NET
9 Months Ended
Mar. 31, 2020
Inventory Disclosure [Abstract]  
INVENTORIES, NET INVENTORIES, NET
Inventories, net, consisted of the following as of:
3/31/20206/30/2019
Finished goods$362  $411  
Raw materials and packaging123  125  
Work in process  
LIFO allowances(35) (30) 
Total$457  $512  
v3.20.1
LEASES AND OTHER COMMITMENTS LEASES
9 Months Ended
Mar. 31, 2020
Leases [Abstract]  
LEASES AND OTHER COMMITMENTS LEASES AND OTHER COMMITMENTS
The Company leases various property, plant and equipment, including office, warehousing, manufacturing and research and development facilities and equipment. These leases have remaining lease terms of up to 11 years, inclusive of renewal or termination options that the Company is reasonably certain to exercise. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Supplemental balance sheet information related to the Company’s leases was as follows:
Balance sheet classification3/31/2020
Operating leases
Right-of-use assetsOperating lease right-of-use assets$297  
Current lease liabilitiesCurrent operating lease liabilities65  
Non-current lease liabilitiesLong-term operating lease liabilities277  
Total operating lease liabilities$342  
Finance leases
Right-of-use assetsOther assets$14  
Current lease liabilitiesAccounts payable and accrued liabilities 
Non-current lease liabilitiesOther liabilities12  
Total finance lease liabilities$14  

Components of lease cost were as follows:
Three Months EndedNine Months Ended
3/31/20203/31/2020
Operating lease cost$17  54  
Finance lease cost:
Amortization of right-of-use assets  
Interest on lease liabilities—  —  
Total finance lease cost$  
Variable lease cost$10  30  
Short term lease cost—   
Supplemental cash flow information and non-cash activity related to the Company’s leases were as follows:
Nine Months Ended
3/31/2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases, net$47  
Operating cash flows from finance leases—  
Financing cash flows from finance leases 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$28  
Finance leases 

Weighted-average remaining lease term and discount rate for the Company’s leases were as follows:
3/31/2020
Weighted-average remaining lease term:
Operating leases7 years
Finance leases7 years
Weighted-average discount rate:
Operating leases2.6 %
Finance leases3.2 %

Maturities of lease liabilities by fiscal year for the Company’s leases as of March 31, 2020 were as follows:
YearOperating leasesFinance leases
2020$12  $ 
202168   
202254   
202348   
202441   
Thereafter155   
Total lease payments$378  $16  
Less: Imputed interest(36) (2) 
Total lease liabilities$342  $14  

The future minimum annual lease payments required under the Company’s existing non-cancelable operating and capital lease agreements as of June 30, 2019 prior to the adoption of ASC 842 were as follows:
YearOperating leasesCapital leases
2020$71  $ 
202165   
202250   
202342   
202437   
Thereafter124   
Total lease payments$389  $ 
LEASES AND OTHER COMMITMENTS LEASES AND OTHER COMMITMENTS
The Company leases various property, plant and equipment, including office, warehousing, manufacturing and research and development facilities and equipment. These leases have remaining lease terms of up to 11 years, inclusive of renewal or termination options that the Company is reasonably certain to exercise. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Supplemental balance sheet information related to the Company’s leases was as follows:
Balance sheet classification3/31/2020
Operating leases
Right-of-use assetsOperating lease right-of-use assets$297  
Current lease liabilitiesCurrent operating lease liabilities65  
Non-current lease liabilitiesLong-term operating lease liabilities277  
Total operating lease liabilities$342  
Finance leases
Right-of-use assetsOther assets$14  
Current lease liabilitiesAccounts payable and accrued liabilities 
Non-current lease liabilitiesOther liabilities12  
Total finance lease liabilities$14  

Components of lease cost were as follows:
Three Months EndedNine Months Ended
3/31/20203/31/2020
Operating lease cost$17  54  
Finance lease cost:
Amortization of right-of-use assets  
Interest on lease liabilities—  —  
Total finance lease cost$  
Variable lease cost$10  30  
Short term lease cost—   
Supplemental cash flow information and non-cash activity related to the Company’s leases were as follows:
Nine Months Ended
3/31/2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases, net$47  
Operating cash flows from finance leases—  
Financing cash flows from finance leases 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$28  
Finance leases 

Weighted-average remaining lease term and discount rate for the Company’s leases were as follows:
3/31/2020
Weighted-average remaining lease term:
Operating leases7 years
Finance leases7 years
Weighted-average discount rate:
Operating leases2.6 %
Finance leases3.2 %

Maturities of lease liabilities by fiscal year for the Company’s leases as of March 31, 2020 were as follows:
YearOperating leasesFinance leases
2020$12  $ 
202168   
202254   
202348   
202441   
Thereafter155   
Total lease payments$378  $16  
Less: Imputed interest(36) (2) 
Total lease liabilities$342  $14  

The future minimum annual lease payments required under the Company’s existing non-cancelable operating and capital lease agreements as of June 30, 2019 prior to the adoption of ASC 842 were as follows:
YearOperating leasesCapital leases
2020$71  $ 
202165   
202250   
202342   
202437   
Thereafter124   
Total lease payments$389  $ 
v3.20.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
9 Months Ended
Mar. 31, 2020
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Abstract]  
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Financial Risk Management and Derivative Instruments

The Company is exposed to certain commodity, foreign currency and interest rate risks related to its ongoing business operations and uses derivative instruments to mitigate its exposure to these risks.

Commodity Price Risk Management

The Company may use commodity exchange traded futures and over-the-counter swap contracts, which are generally no longer than 2 years, to fix the price of a portion of its forecasted raw material requirements. Commodity purchase contracts are measured at fair value using market quotations obtained from the Chicago Board of Trade commodity futures exchange and commodity derivative dealers.

As of March 31, 2020, the notional amount of commodity derivatives was $31, of which $18 related to soybean oil futures used for the Food products business and $13 related to jet fuel swaps used for the Grilling business. As of June 30, 2019, the notional amount of commodity derivatives was $24, of which $13 related to soybean oil futures and $11 related to jet fuel swaps.

Foreign Currency Risk Management

The Company may also enter into certain over-the-counter derivative contracts to manage a portion of the Company’s forecasted foreign currency exposure associated with the purchase of inventory. These foreign currency contracts generally have durations of no longer than 2 years. The foreign exchange contracts are measured at fair value using information quoted by foreign exchange dealers.

The notional amounts of outstanding foreign currency forward contracts used by the Company’s subsidiaries to hedge forecasted purchases of inventory were $26 and $61, respectively, as of March 31, 2020 and June 30, 2019.

Interest Rate Risk Management

The Company may enter into over-the-counter interest rate forward contracts to fix a portion of the benchmark interest rate prior to the anticipated issuance of fixed rate debt or to manage the Company’s level of fixed and floating rate debt. These interest rate forward contracts historically have had durations of less than 12 months. The interest rate contracts are measured at fair value using information quoted by U.S. government bond dealers.

As of March 31, 2020 and June 30, 2019, the Company had no outstanding interest rate forward contracts.
Commodity, Foreign Exchange and Interest Rate Derivatives

The Company designates its commodity forward and futures contracts for forecasted purchases of raw materials, foreign currency forward contracts for forecasted purchases of inventory and interest rate forward contracts for forecasted interest payments as cash flow hedges.

The effects of derivative instruments designated as hedging instruments on Other comprehensive (loss) income and Net earnings were as follows:

Gains (losses) recognized in Other comprehensive (loss) income
Three Months EndedNine Months Ended
3/31/20203/31/20193/31/20203/31/2019
Commodity purchase derivative contracts$(11) $ $(8) $(4) 
Foreign exchange derivative contracts —    
Interest rate derivative contracts—  —  —  —  
Total$(9) $ $(6) $(3) 

Location of Gains (losses) reclassified from Accumulated other comprehensive net (loss) income into Net earningsGains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings
Three Months EndedNine Months Ended
3/31/20203/31/20193/31/20203/31/2019
Commodity purchase derivative contractsCost of products sold$—  $(1) $(1) $(1) 
Foreign exchange derivative contractsCost of products sold—   —   
Interest rate derivative contractsInterest expense(2) (2) (5) (5) 
Total$(2) $(2) $(6) $(4) 

The estimated amount of the existing net gain (loss) in Accumulated other comprehensive net (loss) income as of March 31, 2020, that is expected to be reclassified into Net earnings within the next twelve months is $(11).
Counterparty Risk Management and Derivative Contract Requirements

The Company utilizes a variety of financial institutions as counterparties for over-the-counter derivative instruments. The Company enters into agreements governing the use of over-the-counter derivative instruments and sets internal limits on the aggregate over-the-counter derivative instrument positions held with each counterparty. Certain terms of these agreements require the Company or the counterparty to post collateral when the fair value of the derivative instrument exceeds contractually defined counterparty liability position limits. Of the over-the-counter derivative instruments in liability positions held as of both March 31, 2020 and June 30, 2019, $5 and $1 respectively, contained such terms. As of March 31, 2020 and June 30, 2019, neither the Company nor any counterparty was required to post any collateral as no counterparty liability position limits were exceeded.

Certain terms of the agreements governing the Company’s over-the-counter derivative instruments require the credit ratings of the Company and its counterparties, as assigned by Standard & Poor’s and Moody’s, to remain at a level equal to or better than the minimum of an investment grade credit rating. If the Company’s credit ratings were to fall below investment grade, the counterparties to the derivative instruments could request full collateralization on derivative instruments in net liability positions. As of both March 31, 2020 and June 30, 2019, the Company and each of its counterparties had been assigned investment grade credit ratings by both Standard & Poor’s and Moody’s.

Certain of the Company’s exchange-traded futures contracts used for commodity price risk management include requirements for the Company to post collateral in the form of a cash margin account held by the Company’s broker for trades conducted on that exchange. As of March 31, 2020 and June 30, 2019, the Company maintained a cash margin balance related to exchange-traded futures contracts of $2 and $1, respectively, which is classified as Prepaid expenses and other current assets in the condensed consolidated balance sheets.

Trust Assets

The Company has held interests in mutual funds and cash equivalents as part of the trust assets related to its nonqualified deferred compensation plans. The participants in the nonqualified deferred compensation plans, who are the Company’s current and former employees, may select among certain mutual funds in which to invest their compensation deferrals in accordance with the terms of the plans and within the confines of the trusts, which hold the marketable securities. The trusts represent variable interest entities for which the Company is considered the primary beneficiary, and, therefore, trust assets are consolidated and included in Other assets in the condensed consolidated balance sheets. The interests in mutual funds are measured at fair value using quoted market prices. The Company has designated these marketable securities as trading investments.

Fair Value Measurements

Financial assets and liabilities measured at fair value on a recurring basis in the condensed consolidated balance sheets are required to be classified and disclosed in one of the following three categories of the fair value hierarchy:

Level 1: Quoted market prices in active markets for identical assets or liabilities.
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions.

As of March 31, 2020 and June 30, 2019, the Company’s financial assets and liabilities that were measured at fair value on a recurring basis included derivative financial instruments, which were classified as either Level 1 or Level 2, and trust assets to fund the Company’s nonqualified deferred compensation plans, which were classified as Level 1.
All of the Company’s derivative instruments qualify for hedge accounting. The following table provides information about the balance sheet classification and the fair values of the Company’s derivative instruments:
 3/31/20206/30/2019
Balance sheet
classification
Fair value
hierarchy
level
Carrying
Amount
Estimated
Fair
Value
Carrying
Amount
Estimated
Fair
Value
Assets
Foreign exchange forward contractsPrepaid expenses and other current assets2$ $ $—  $—  
 $ $ $—  $—  
Liabilities
Commodity purchase swaps contractsAccounts payable and accrued liabilities2$ $ $ $ 
Commodity purchase futures contractsAccounts payable and accrued liabilities1    
Commodity purchase swaps contractsOther liabilities2  —  —  
$ $ $ $ 

The following table provides information about the balance sheet classification and the fair values of the Company’s other assets and liabilities for which disclosure of fair value is required:
 3/31/20206/30/2019
Balance sheet
classification
Fair value
hierarchy
level
Carrying
Amount
Estimated
Fair
Value
Carrying
Amount
Estimated
Fair
Value
Assets
Investments, including money market funds
Cash and cash
equivalents (a)
1$179  $179  $26  $26  
Time deposits
Cash and cash
equivalents (a)
2168  168    
Trust assets for nonqualified deferred compensation plansOther assets189  89  96  96  
 $436  $436  $129  $129  
Liabilities
Notes and loans payable
Notes and loans payable (b)
2$638  $638  $396  $396  
Current maturities of long-term debt and Long-term debt
Current maturities of long-
term debt and Long-term
debt (c)
22,288  2,430  2,287  2,402  
$2,926  $3,068  $2,683  $2,798  

____________________

(a)Cash and cash equivalents are composed of time deposits and other interest bearing investments, including money market funds with original maturity dates of 90 days or less. Cash and cash equivalents are recorded at cost, which approximates fair value.
(b)Notes and loans payable is composed of amounts drawn on the Company’s Credit Agreement, outstanding U.S. commercial paper balances and/or other similar short-term debt issued by non-U.S. subsidiaries, all of which are recorded at cost, which approximates fair value.
(c)Current maturities of long-term debt and Long-term debt are recorded at cost. The fair value of Long-term debt, including current maturities, was determined using secondary market prices quoted by corporate bond dealers, and is classified as Level 2.
v3.20.1
DEBT
9 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
DEBT DEBT
Short-term borrowings
Notes and loans payable, which mature in less than one year, consisted of the following as of:
3/31/20206/30/2019
Draw down on revolving credit facility$450  $—  
Commercial paper188  396  
Total$638  $396  
On November 15, 2019, the Company entered into a new $1,200 revolving credit agreement (the Credit Agreement) that matures in November 2024. The Credit Agreement replaced a prior $1,100 revolving credit agreement (the Prior Agreement) in place since February 2017. No termination fees or penalties were incurred in connection with entering the new agreement, which was considered a debt modification.
There was $450 outstanding under the Credit Agreement as of March 31, 2020, and no borrowings under the Prior Agreement as of June 30, 2019. The Company borrowed under the Credit Agreement primarily to pay down maturing commercial paper balances in light of current uncertainty in short-term credit markets resulting from the COVID-19 outbreak. As of March 31, 2020, the effective interest of the revolving credit facility was 1.86%.
The Company believes that borrowings under the new Credit Agreement will continue to be available for general corporate purposes. The new Credit Agreement includes certain restrictive covenants and limitations, which are consistent with the Prior Agreement and with which the Company was in compliance as of March 31, 2020.
v3.20.1
INCOME TAXES
9 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXESIn determining its quarterly provision for income taxes, the Company uses an estimated annual effective tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective tax rates from quarter to quarter. The effective tax rate on earnings was 18.9% and 20.4% for the three and nine months ended March 31, 2020, respectively, and 21.8% and 20.8% for the three and nine months ended March 31, 2019, respectively. The decrease in the effective tax rate on earnings for the current three month period was primarily due to a higher benefit from excess tax benefits, partially offset by a lower benefit from the release of uncertain tax positions. The decrease for the current nine month period was primarily due to a higher benefit from the release of uncertain tax positions, offset by a lower benefit from excess tax benefits.
v3.20.1
NET EARNINGS PER SHARE (EPS)
9 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
NET EARNINGS PER SHARE (EPS) NET EARNINGS PER SHARE (EPS)
The following is the reconciliation of the weighted average number of shares outstanding (in thousands) used to calculate basic net EPS to those used to calculate diluted net EPS:
Three Months EndedNine Months Ended
3/31/20203/31/20193/31/20203/31/2019
Basic125,661128,404125,641128,092
Dilutive effect of stock options and other1,6671,8621,5952,126
Diluted127,328130,266127,236130,218
Antidilutive stock options and other23   807  
v3.20.1
COMPREHENSIVE INCOME
9 Months Ended
Mar. 31, 2020
Stockholders' Equity Note [Abstract]  
COMPREHENSIVE INCOME COMPREHENSIVE INCOME
The following table provides a summary of Comprehensive income for the periods indicated:
Three Months EndedNine Months Ended
3/31/20203/31/20193/31/20203/31/2019
Net earnings$241  $187  $629  $579  
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments(51)  (58) (23) 
Net unrealized gains (losses) on derivatives(5)    
Pension and postretirement benefit adjustments    
Total other comprehensive (loss) income, net of tax(55) 13  (54) (17) 
Comprehensive income$186  $200  $575  $562  
v3.20.1
STOCKHOLDERS' EQUITY
9 Months Ended
Mar. 31, 2020
Equity [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS EQUITY
Changes in the components of Stockholders’ equity were as follows for the periods indicated:
Three Months Ended March 31
Common StockAdditional Paid-in CapitalRetained EarningsTreasury StockAccumulated
Other
Comprehensive
Net (Loss) Income
Total Stockholders Equity
AmountShares
(in thousands)
AmountShares
(in thousands)
Balance as of December 31, 2018$159  158,741  $1,014  $2,940  $(2,794) (30,651) $(577) $742  
Net earnings187  187  
Other comprehensive (loss) income13  13  
Dividends ($0.96 per share declared)
(123) (123) 
Stock-based compensation16  16  
Other employee stock plan activities —  16  264  19  
Treasury stock purchased(73) (466) (73) 
Balance as of March 31, 2019$159  158,741  $1,033  $3,004  $(2,851) (30,853) $(564) $781  
Balance as of December 31, 2019$159  158,741  $1,062  $3,292  $(3,357) (33,717) $(601) $555  
Net earnings241  241  
Other comprehensive (loss) income(55) (55) 
Dividends ($1.06 per share declared)
(135) (135) 
Stock-based compensation18  18  
Other employee stock plan activities31  —  70  1,083  101  
Treasury stock purchased(30) (184) (30) 
Balance as of March 31, 2020$159  158,741  $1,111  $3,398  $(3,317) (32,818) $(656) $695  
Nine Months Ended March 31
Common StockAdditional Paid-in CapitalRetained EarningsTreasury StockAccumulated
Other
Comprehensive
Net (Loss) Income
Total Stockholders Equity
AmountShares
(in thousands)
AmountShares
(in thousands)
Balance as of June 30, 2018$159  158,741  $975  $2,797  $(2,658) (30,759) $(547) $726  
Cumulative effect of accounting changes, net of tax (1)
(3) (3) 
Net earnings579  579  
Other comprehensive (loss) income(17) (17) 
Dividends ($2.88 per share declared)
(369) (369) 
Stock-based compensation34  34  
Other employee stock plan activities24  —  116  2,048  140  
Treasury stock purchased(309) (2,142) (309) 
Balance as of March 31, 2019$159  158,741  $1,033  $3,004  $(2,851) (30,853) $(564) $781  
Balance as of June 30, 2019$159  158,741  $1,046  $3,150  $(3,194) (33,055) $(602) $559  
Cumulative effect of accounting changes, net of tax (2)
22  22  
Net earnings629  629  
Other comprehensive (loss) income(54) (54) 
Dividends ($3.18 per share declared)
(402) (402) 
Stock-based compensation37  37  
Other employee stock plan activities28  (1) 96  1,661  123  
Treasury stock purchased(219) (1,424) (219) 
Balance as of March 31, 2020$159  158,741  $1,111  $3,398  $(3,317) (32,818) $(656) $695  

(1) As a result of adopting ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” on July 1, 2018, the Company recorded a cumulative effect of initially applying the new guidance as an adjustment to the fiscal year 2019 opening balance of Retained earnings.
(2) As a result of adopting ASU No. 2016-02, “Leases (Topic 842),” on July 1, 2019, the Company recorded a cumulative effect of initially applying the new guidance as an adjustment to the fiscal year 2020 opening balance of Retained earnings. See Note 1 for more information.
The Company has two stock repurchase programs: an open-market purchase program with an authorized aggregate purchase amount of up to $2,000, which has no expiration date, and a program to offset the anticipated impact of dilution related to stock-based awards (the Evergreen Program), which has no authorization limit on the dollar amount and no expiration date.

Stock repurchases under the two stock repurchase programs were as follows for the periods indicated:
Three Months EndedNine Months Ended
3/31/20203/31/20193/31/20203/31/2019
AmountShares
(in thousands)
AmountShares
(in thousands)
AmountShares
(in thousands)
AmountShares
(in thousands)
Open-market purchase program$—  —  $—  —  $85  577  $78  591  
Evergreen Program30  184  73  466  134  847  231  1,551  
Total stock repurchases$30  184  $73  466  $219  1,424  $309  2,142  
Changes in Accumulated other comprehensive net (loss) income by component were as follows for the periods indicated:
Three Months Ended March 31
Foreign currency translation adjustmentsNet unrealized gains (losses) on derivativesPension and postretirement benefit adjustmentsAccumulated other comprehensive net (loss) income
Balance as of December 31, 2018$(415) $(26) $(136) $(577) 
Other comprehensive (loss) income before reclassifications  —  10  
Amounts reclassified from Accumulated other comprehensive net (loss) income—     
Income tax benefit (expense)—  (1) —  (1) 
Net current period other comprehensive (loss) income   13  
Balance as of March 31, 2019$(407) $(23) $(134) $(564) 
Balance as of December 31, 2019$(421) $(17) $(163) $(601) 
Other comprehensive (loss) income before reclassifications(49) (9) —  (58) 
Amounts reclassified from Accumulated other comprehensive net (loss) income—     
Income tax benefit (expense), and other(2)  (1) (1) 
Net current period other comprehensive (loss) income(51) (5)  (55) 
Balance as of March 31, 2020$(472) $(22) $(162) $(656) 
Nine Months Ended March 31
Foreign currency translation adjustmentsNet unrealized gains (losses) on derivativesPension and postretirement benefit adjustmentsAccumulated other comprehensive net (loss) income
Balance as of June 30, 2018$(384) $(25) $(138) $(547) 
Other comprehensive (loss) income before reclassifications(22) (3) —  (25) 
Amounts reclassified from Accumulated other comprehensive net (loss) income—     
Income tax benefit (expense)(1)  (1) (1) 
Net current period other comprehensive (loss) income(23)   (17) 
Balance as of March 31, 2019$(407) $(23) $(134) $(564) 
Balance as of June 30, 2019$(414) $(23) $(165) $(602) 
Other comprehensive (loss) income before reclassifications(55) (6) —  (61) 
Amounts reclassified from Accumulated other comprehensive net (loss) income—    11  
Income tax benefit (expense), and other(3)  (2) (4) 
Net current period other comprehensive (loss) income(58)   (54) 
Balance as of March 31, 2020$(472) $(22) $(162) $(656) 

Included in foreign currency translation adjustments are re-measurement losses on long-term intercompany loans where settlement is not planned or anticipated in the foreseeable future. For the three and nine months ended March 31, 2020, Other comprehensive (loss) income on these loans totaled $(3) and $(4), respectively. For the three and nine months ended March 31, 2019, Other comprehensive (loss) income on these loans totaled $1 and $(3), respectively. There were no amounts associated with these loans reclassified from Accumulated other comprehensive net (loss) income for the periods presented.
v3.20.1
EMPLOYEE BENEFIT PLANS
9 Months Ended
Mar. 31, 2020
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
The following table summarizes the components of net periodic benefit cost for the Company’s retirement income plans:
Three Months EndedNine Months Ended
3/31/20203/31/20193/31/20203/31/2019
Service cost$—  $—  $—  $—  
Interest cost  15  17  
Expected return on plan assets (1)
(5) (4) (14) (13) 
Amortization of unrecognized items    
Total$ $ $ $11  
(1) The weighted average long-term expected rate of return on plan assets used in computing the fiscal year 2020 net periodic benefit cost is 3.9%.
The net periodic benefit cost for the Company’s retirement health care plans was $0 for both the three months ended March 31, 2020 and 2019, and $(1) for both the nine months ended March 31, 2020 and 2019.
During the three months and nine months ended March 31, 2020, the Company made $7 and $10 in contributions to its domestic retirement income plans. During the three months and nine months ended March 31, 2019, the Company made $57 and $61 in contributions to its domestic retirement income plans.
Net periodic benefit costs are reflected in Other (income) expense, net.
v3.20.1
OTHER CONTINGENCIES AND GUARANTEES
9 Months Ended
Mar. 31, 2020
OTHER CONTINGENCIES AND GUARANTEES [Abstract]  
OTHER CONTINGENCIES AND GUARANTEES OTHER CONTINGENCIES AND GUARANTEES
Contingencies
The Company is involved in certain environmental matters, including response actions at various locations. The Company had recorded liabilities totaling $27 as of March 31, 2020 and June 30, 2019, for its share of aggregate future remediation costs related to these matters.
One matter, which accounted for $14 of the recorded liability as of March 31, 2020 and June 30, 2019, relates to environmental costs associated with one of the Company’s former operations at a site located in Alameda County, California. In November 2016, at the request of regulators and with the assistance of environmental consultants, the Company submitted a Feasibility Study that evaluated various options for managing the site and included estimates of the related costs. As a result, the Company recorded in Other (income) expense, net an undiscounted liability for costs estimated to be incurred over a 30-year period, based on the option recommended in the Feasibility Study. However, as a result of ongoing discussions with regulators, in June 2017, the Company increased its recorded liability to $14, which reflects anticipated costs to implement additional remediation measures at this site. While the Company believes its latest estimate is reasonable, regulators could require the Company to implement one of the other options evaluated in the Feasibility Study, with estimated undiscounted costs of up to $28 over an estimated 30-year period, or require the Company to take other actions and incur costs not included in the study.
Another matter in Dickinson County, Michigan, at the site of one of the Company’s former operations for which the Company is jointly and severally liable, accounted for $10 and $11 of the recorded liability, as of March 31, 2020 and June 30, 2019, respectively. This amount reflects the Company’s agreement to be liable for 24.3% of the aggregate remediation and associated costs for this matter pursuant to a cost-sharing arrangement with a third party. If the third party is unable to pay its share of the response and remediation obligations, the Company may be responsible for such obligations. With the assistance of environmental consultants, the Company maintains an undiscounted liability representing its current best estimate of its share of the capital expenditures, maintenance and other costs that may be incurred over an estimated 30-year remediation period. Although it is reasonably possible that the Company’s exposure may exceed the amount recorded for the Dickinson County matter, any amount of such additional exposures, or range of exposures, is not estimable at this time. The Company’s estimated losses related to these matters are sensitive to a variety of uncertain factors, including the efficacy of any remediation efforts, changes in any remediation requirements, and the future availability of alternative clean-up technologies.
The Company is subject to various legal proceedings, claims and other loss contingencies, including, without limitation, loss contingencies relating to contractual arrangements, product liability, patents and trademarks, advertising, labor and employment, environmental, health and safety and other matters. With respect to these proceedings, claims and other loss contingencies, while considerable uncertainty exists, in the opinion of management at this time, the ultimate disposition of these matters, to the extent not previously provided for, will not have a material adverse effect, either individually or in the aggregate, on the Company’s condensed consolidated financial statements taken as a whole.
Guarantees
In conjunction with divestitures and other transactions, the Company may provide typical indemnifications (e.g., indemnifications for representations and warranties and retention of previously existing environmental, tax and employee liabilities) that have terms that vary in duration and in the potential amount of the total obligation and, in many circumstances, are not explicitly defined. The Company has not made, nor does it believe that it is probable that it will make, any material payments relating to its indemnifications, and believes that any reasonably possible payments would not have a material adverse effect, either individually or in the aggregate, on the Company’s condensed consolidated financial statements taken as a whole.
The Company had not recorded any material liabilities on the aforementioned guarantees as of March 31, 2020 and June 30, 2019.
As of March 31, 2020, the Company was party to a letter of credit of $10, related to one of its insurance carriers, of which $0 had been drawn upon.
v3.20.1
SEGMENT RESULTS
9 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
SEGMENT RESULTS SEGMENT RESULTS
The Company operates through strategic business units (SBUs) that are aggregated into four reportable segments based on the economics and nature of the products sold: Cleaning, Household, Lifestyle and International.
Certain non-allocated administrative costs, interest income, interest expense and various other non-operating income and expenses are reflected in Corporate. Corporate assets include cash and cash equivalents, prepaid expenses and other current assets, property and equipment, other investments and deferred taxes.
The tables below present reportable segment information and a reconciliation of the segment information to the Company’s consolidated Net sales and Earnings before income taxes, with amounts that are not allocated to the reportable segments reflected in Corporate.
Net sales
Three Months EndedNine Months Ended
3/31/20203/31/20193/31/20203/31/2019
Cleaning$671  $508  $1,734  $1,579  
Household500  489  1,241  1,324  
Lifestyle339  309  1,008  953  
International273  245  755  731  
Corporate—  —  —  —  
Total$1,783  $1,551  $4,738  $4,587  
Earnings (losses) before income taxes
Three Months EndedNine Months Ended
3/31/20203/31/20193/31/20203/31/2019
Cleaning$231  $135  $556  $450  
Household107  93  169  198  
Lifestyle66  51  221  191  
International36  24  106  77  
Corporate(143) (63) (262) (184) 
Total$297  $240  $790  $732  

All intersegment sales are eliminated and are not included in the Company’s reportable segments’ net sales.
Net sales to the Company’s largest customer, Wal-Mart Stores, Inc. and its affiliates, as a percentage of consolidated net sales, were 25% for each of the three and nine months ended March 31, 2020 and 2019.
The following table provides Net sales as a percentage of the Company’s consolidated net sales for the Company’s SBUs and for the periods indicated:
Net sales
Three Months EndedNine Months Ended
3/31/20203/31/20193/31/20203/31/2019
Home Care23 %20 %22 %19 %
Laundry%%%%
Professional Products%%%%
Cleaning38 %33 %37 %34 %
Bags and Wraps11 %12 %12 %13 %
Cat Litter%%%%
Grilling%10 %%%
Digestive Health%%%%
Household28 %32 %26 %29 %
Food%%%%
Natural Personal Care%%%%
Water Filtration%%%%
Dietary Supplements%%%%
Lifestyle19 %19 %21 %21 %
International15 %16 %16 %16 %
Total100 %100 %100 %100 %

During the second quarter of fiscal year 2020, the Company’s Charcoal SBU within the Household reportable segment was renamed the Grilling SBU to reflect a broader strategic view of the category. There has been no change to the composition of the Grilling SBU or the Household reportable segment; therefore, no prior periods were restated.
v3.20.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The unaudited interim condensed consolidated financial statements for the three and nine months ended March 31, 2020 and 2019, in the opinion of management, reflect all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the consolidated results of operations, financial position and cash flows of The Clorox Company and its subsidiaries (the Company) for the periods presented. However, the financial results for interim periods are not necessarily indicative of the results that may be expected for a full fiscal year or for any other future period.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) have been omitted or condensed pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). The information in this report should be read in conjunction with the Company’s Annual Report on Form 10-K filed with the SEC for the fiscal year ended June 30, 2019, which includes a complete set of footnote disclosures, including the Company’s significant accounting policies.
Leases
Leases

Effective July 1, 2019, the Company adopted Accounting Standards Codification 842, Leases (ASC 842). Under this guidance, the Company determines whether an arrangement contains a lease at inception by determining if the contract conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration and other facts and circumstances. Right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are calculated based on the lease liability adjusted for any lease payments paid to the lessor at or before the commencement date and initial direct costs incurred by the Company and excludes any lease incentives received from the lessor. Lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. The lease term may include an option to extend or terminate the lease when it is reasonably certain that the Company will exercise that option as of the commencement date of the lease, and is reviewed in subsequent periods if a triggering event occurs. As the Company’s leases typically do not contain a readily determinable implicit rate, the Company determines the present value of the lease liability using its incremental borrowing rate at the lease commencement date based on the lease term and the currency of the lease on a collateralized basis. Variable lease payments are the portion of lease payments that are not fixed over the lease term. Variable lease payments are expensed as incurred, and include certain non-lease components, such as maintenance and other services provided by the lessor, and other charges included in the lease, as applicable. The Company elected to combine lease and non-lease components as a single lease component and to exclude short-term leases, defined as leases with initial terms of 12 months or less, from its condensed consolidated balance sheet.
Recently Issued Accounting Standards
Recently Issued Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistency of application. The standard will be effective for the Company beginning in the first quarter of fiscal year 2022, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. The new guidance is effective for the Company beginning in the first quarter of fiscal year 2021, with early adoption permitted. The Company intends to adopt the standard no later than July 1, 2020. The impact of the new standard will be dependent on the specific facts and circumstances of future individual impairments, if any.

Recently Adopted Accounting Standards

In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities,” which amends the hedge accounting recognition and presentation requirements to better align an entity’s risk management activities with its financial reporting. This standard also simplifies the application of hedge accounting in certain situations. The Company adopted this new guidance in the first quarter of fiscal year 2020 and the adoption did not have a material impact on the Company’s consolidated financial statements.

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which requires lessees to recognize a ROU asset and a lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation will depend on the classification of a lease as either a finance or an operating lease. ASU 2016-02 also requires expanded disclosures about leasing arrangements. In July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842), Targeted Improvements,” which provides an optional transition method in applying the new lease standard. Topic 842 can be applied using either a modified retrospective approach at the beginning of the earliest period presented, or, as permitted by ASU 2018-11, at the beginning of the period in which it is adopted. The Company adopted the new standard in the first quarter of fiscal year 2020, on a modified retrospective basis using the optional transition method, and, accordingly, has not restated comparative periods; fiscal year 2019 balances and related disclosures supporting those comparative period balances continue to be presented under ASC 840, “Leases.” As allowed under the new standard, the Company elected to apply the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. Upon adoption, the Company recorded a cumulative effect adjustment to the opening balance of Retained earnings of $22 related primarily to the remaining deferred gain from the sale-leaseback of the Company’s general office building in Oakland, California. This new standard did not have a material impact on the Company’s condensed consolidated statement of earnings or the condensed consolidated statement of cash flows. Refer to Note 3 for more information.
Fair Value Measurement
Fair Value Measurements

Financial assets and liabilities measured at fair value on a recurring basis in the condensed consolidated balance sheets are required to be classified and disclosed in one of the following three categories of the fair value hierarchy:

Level 1: Quoted market prices in active markets for identical assets or liabilities.
Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.
Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions.

As of March 31, 2020 and June 30, 2019, the Company’s financial assets and liabilities that were measured at fair value on a recurring basis included derivative financial instruments, which were classified as either Level 1 or Level 2, and trust assets to fund the Company’s nonqualified deferred compensation plans, which were classified as Level 1.
Segment Results
The Company operates through strategic business units (SBUs) that are aggregated into four reportable segments based on the economics and nature of the products sold: Cleaning, Household, Lifestyle and International.
Certain non-allocated administrative costs, interest income, interest expense and various other non-operating income and expenses are reflected in Corporate. Corporate assets include cash and cash equivalents, prepaid expenses and other current assets, property and equipment, other investments and deferred taxes.
v3.20.1
INVENTORIES, NET (Tables)
9 Months Ended
Mar. 31, 2020
Inventory Disclosure [Abstract]  
Schedule of Inventories, Net
Inventories, net, consisted of the following as of:
3/31/20206/30/2019
Finished goods$362  $411  
Raw materials and packaging123  125  
Work in process  
LIFO allowances(35) (30) 
Total$457  $512  
v3.20.1
LEASES AND OTHER COMMITMENTS (Tables)
9 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Supplemental Balance Sheet Information Schedule
Supplemental balance sheet information related to the Company’s leases was as follows:
Balance sheet classification3/31/2020
Operating leases
Right-of-use assetsOperating lease right-of-use assets$297  
Current lease liabilitiesCurrent operating lease liabilities65  
Non-current lease liabilitiesLong-term operating lease liabilities277  
Total operating lease liabilities$342  
Finance leases
Right-of-use assetsOther assets$14  
Current lease liabilitiesAccounts payable and accrued liabilities 
Non-current lease liabilitiesOther liabilities12  
Total finance lease liabilities$14  
Lease Cost Components, Supplemental Cash Flow Information and Non-Cash Activity, Weighted-Average Remaining Lease Term and Discount Rate For Company's Leases Schedules
Components of lease cost were as follows:
Three Months EndedNine Months Ended
3/31/20203/31/2020
Operating lease cost$17  54  
Finance lease cost:
Amortization of right-of-use assets  
Interest on lease liabilities—  —  
Total finance lease cost$  
Variable lease cost$10  30  
Short term lease cost—   
Supplemental cash flow information and non-cash activity related to the Company’s leases were as follows:
Nine Months Ended
3/31/2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases, net$47  
Operating cash flows from finance leases—  
Financing cash flows from finance leases 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$28  
Finance leases 

Weighted-average remaining lease term and discount rate for the Company’s leases were as follows:
3/31/2020
Weighted-average remaining lease term:
Operating leases7 years
Finance leases7 years
Weighted-average discount rate:
Operating leases2.6 %
Finance leases3.2 %
Maturities of Operating Lease Liabilities by Fiscal Year Schedule
Maturities of lease liabilities by fiscal year for the Company’s leases as of March 31, 2020 were as follows:
YearOperating leasesFinance leases
2020$12  $ 
202168   
202254   
202348   
202441   
Thereafter155   
Total lease payments$378  $16  
Less: Imputed interest(36) (2) 
Total lease liabilities$342  $14  
Maturities of Finance Lease Liabilities by Fiscal Year Schedule
Maturities of lease liabilities by fiscal year for the Company’s leases as of March 31, 2020 were as follows:
YearOperating leasesFinance leases
2020$12  $ 
202168   
202254   
202348   
202441   
Thereafter155   
Total lease payments$378  $16  
Less: Imputed interest(36) (2) 
Total lease liabilities$342  $14  
Future Minimum Annual Operating Lease Payments Required before Adoption of ASC 842 Schedule
The future minimum annual lease payments required under the Company’s existing non-cancelable operating and capital lease agreements as of June 30, 2019 prior to the adoption of ASC 842 were as follows:
YearOperating leasesCapital leases
2020$71  $ 
202165   
202250   
202342   
202437   
Thereafter124   
Total lease payments$389  $ 
Future Minimum Annual Capital Lease Payments Required before Adoption of ASC 842 Schedule
The future minimum annual lease payments required under the Company’s existing non-cancelable operating and capital lease agreements as of June 30, 2019 prior to the adoption of ASC 842 were as follows:
YearOperating leasesCapital leases
2020$71  $ 
202165   
202250   
202342   
202437   
Thereafter124   
Total lease payments$389  $ 
v3.20.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
9 Months Ended
Mar. 31, 2020
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Abstract]  
Effects of Derivative Instruments Designated as Hedging Instruments on OCI
The effects of derivative instruments designated as hedging instruments on Other comprehensive (loss) income and Net earnings were as follows:

Gains (losses) recognized in Other comprehensive (loss) income
Three Months EndedNine Months Ended
3/31/20203/31/20193/31/20203/31/2019
Commodity purchase derivative contracts$(11) $ $(8) $(4) 
Foreign exchange derivative contracts —    
Interest rate derivative contracts—  —  —  —  
Total$(9) $ $(6) $(3) 
Effects of Derivative Instruments Designated as Hedging Instruments on Net Earnings
Location of Gains (losses) reclassified from Accumulated other comprehensive net (loss) income into Net earningsGains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings
Three Months EndedNine Months Ended
3/31/20203/31/20193/31/20203/31/2019
Commodity purchase derivative contractsCost of products sold$—  $(1) $(1) $(1) 
Foreign exchange derivative contractsCost of products sold—   —   
Interest rate derivative contractsInterest expense(2) (2) (5) (5) 
Total$(2) $(2) $(6) $(4) 
Schedule of Assets and Liabilities for Fair Value Disclosure The following table provides information about the balance sheet classification and the fair values of the Company’s derivative instruments:
 3/31/20206/30/2019
Balance sheet
classification
Fair value
hierarchy
level
Carrying
Amount
Estimated
Fair
Value
Carrying
Amount
Estimated
Fair
Value
Assets
Foreign exchange forward contractsPrepaid expenses and other current assets2$ $ $—  $—  
 $ $ $—  $—  
Liabilities
Commodity purchase swaps contractsAccounts payable and accrued liabilities2$ $ $ $ 
Commodity purchase futures contractsAccounts payable and accrued liabilities1    
Commodity purchase swaps contractsOther liabilities2  —  —  
$ $ $ $ 

The following table provides information about the balance sheet classification and the fair values of the Company’s other assets and liabilities for which disclosure of fair value is required:
 3/31/20206/30/2019
Balance sheet
classification
Fair value
hierarchy
level
Carrying
Amount
Estimated
Fair
Value
Carrying
Amount
Estimated
Fair
Value
Assets
Investments, including money market funds
Cash and cash
equivalents (a)
1$179  $179  $26  $26  
Time deposits
Cash and cash
equivalents (a)
2168  168    
Trust assets for nonqualified deferred compensation plansOther assets189  89  96  96  
 $436  $436  $129  $129  
Liabilities
Notes and loans payable
Notes and loans payable (b)
2$638  $638  $396  $396  
Current maturities of long-term debt and Long-term debt
Current maturities of long-
term debt and Long-term
debt (c)
22,288  2,430  2,287  2,402  
$2,926  $3,068  $2,683  $2,798  

____________________

(a)Cash and cash equivalents are composed of time deposits and other interest bearing investments, including money market funds with original maturity dates of 90 days or less. Cash and cash equivalents are recorded at cost, which approximates fair value.
(b)Notes and loans payable is composed of amounts drawn on the Company’s Credit Agreement, outstanding U.S. commercial paper balances and/or other similar short-term debt issued by non-U.S. subsidiaries, all of which are recorded at cost, which approximates fair value.
(c)Current maturities of long-term debt and Long-term debt are recorded at cost. The fair value of Long-term debt, including current maturities, was determined using secondary market prices quoted by corporate bond dealers, and is classified as Level 2.
v3.20.1
Debt (Tables)
9 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Short-term Debt
Notes and loans payable, which mature in less than one year, consisted of the following as of:
3/31/20206/30/2019
Draw down on revolving credit facility$450  $—  
Commercial paper188  396  
Total$638  $396  
v3.20.1
NET EARNINGS PER SHARE (EPS) (Tables)
9 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
Schedule of Weighted Average Number of Shares Outstanding and Antidilutive Shares
The following is the reconciliation of the weighted average number of shares outstanding (in thousands) used to calculate basic net EPS to those used to calculate diluted net EPS:
Three Months EndedNine Months Ended
3/31/20203/31/20193/31/20203/31/2019
Basic125,661128,404125,641128,092
Dilutive effect of stock options and other1,6671,8621,5952,126
Diluted127,328130,266127,236130,218
Antidilutive stock options and other23   807  
v3.20.1
COMPREHENSIVE INCOME (Tables)
9 Months Ended
Mar. 31, 2020
Stockholders' Equity Note [Abstract]  
Schedule of Comprehensive Income
The following table provides a summary of Comprehensive income for the periods indicated:
Three Months EndedNine Months Ended
3/31/20203/31/20193/31/20203/31/2019
Net earnings$241  $187  $629  $579  
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments(51)  (58) (23) 
Net unrealized gains (losses) on derivatives(5)    
Pension and postretirement benefit adjustments    
Total other comprehensive (loss) income, net of tax(55) 13  (54) (17) 
Comprehensive income$186  $200  $575  $562  
v3.20.1
STOCKHOLDERS' EQUITY (Tables)
9 Months Ended
Mar. 31, 2020
Equity [Abstract]  
Schedule of Stockholders Equity
Changes in the components of Stockholders’ equity were as follows for the periods indicated:
Three Months Ended March 31
Common StockAdditional Paid-in CapitalRetained EarningsTreasury StockAccumulated
Other
Comprehensive
Net (Loss) Income
Total Stockholders Equity
AmountShares
(in thousands)
AmountShares
(in thousands)
Balance as of December 31, 2018$159  158,741  $1,014  $2,940  $(2,794) (30,651) $(577) $742  
Net earnings187  187  
Other comprehensive (loss) income13  13  
Dividends ($0.96 per share declared)
(123) (123) 
Stock-based compensation16  16  
Other employee stock plan activities —  16  264  19  
Treasury stock purchased(73) (466) (73) 
Balance as of March 31, 2019$159  158,741  $1,033  $3,004  $(2,851) (30,853) $(564) $781  
Balance as of December 31, 2019$159  158,741  $1,062  $3,292  $(3,357) (33,717) $(601) $555  
Net earnings241  241  
Other comprehensive (loss) income(55) (55) 
Dividends ($1.06 per share declared)
(135) (135) 
Stock-based compensation18  18  
Other employee stock plan activities31  —  70  1,083  101  
Treasury stock purchased(30) (184) (30) 
Balance as of March 31, 2020$159  158,741  $1,111  $3,398  $(3,317) (32,818) $(656) $695  
Nine Months Ended March 31
Common StockAdditional Paid-in CapitalRetained EarningsTreasury StockAccumulated
Other
Comprehensive
Net (Loss) Income
Total Stockholders Equity
AmountShares
(in thousands)
AmountShares
(in thousands)
Balance as of June 30, 2018$159  158,741  $975  $2,797  $(2,658) (30,759) $(547) $726  
Cumulative effect of accounting changes, net of tax (1)
(3) (3) 
Net earnings579  579  
Other comprehensive (loss) income(17) (17) 
Dividends ($2.88 per share declared)
(369) (369) 
Stock-based compensation34  34  
Other employee stock plan activities24  —  116  2,048  140  
Treasury stock purchased(309) (2,142) (309) 
Balance as of March 31, 2019$159  158,741  $1,033  $3,004  $(2,851) (30,853) $(564) $781  
Balance as of June 30, 2019$159  158,741  $1,046  $3,150  $(3,194) (33,055) $(602) $559  
Cumulative effect of accounting changes, net of tax (2)
22  22  
Net earnings629  629  
Other comprehensive (loss) income(54) (54) 
Dividends ($3.18 per share declared)
(402) (402) 
Stock-based compensation37  37  
Other employee stock plan activities28  (1) 96  1,661  123  
Treasury stock purchased(219) (1,424) (219) 
Balance as of March 31, 2020$159  158,741  $1,111  $3,398  $(3,317) (32,818) $(656) $695  

(1) As a result of adopting ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” on July 1, 2018, the Company recorded a cumulative effect of initially applying the new guidance as an adjustment to the fiscal year 2019 opening balance of Retained earnings.
(2) As a result of adopting ASU No. 2016-02, “Leases (Topic 842),” on July 1, 2019, the Company recorded a cumulative effect of initially applying the new guidance as an adjustment to the fiscal year 2020 opening balance of Retained earnings. See Note 1 for more information.
Schedule of Share Repurchases Under Authorized Programs
Stock repurchases under the two stock repurchase programs were as follows for the periods indicated:
Three Months EndedNine Months Ended
3/31/20203/31/20193/31/20203/31/2019
AmountShares
(in thousands)
AmountShares
(in thousands)
AmountShares
(in thousands)
AmountShares
(in thousands)
Open-market purchase program$—  —  $—  —  $85  577  $78  591  
Evergreen Program30  184  73  466  134  847  231  1,551  
Total stock repurchases$30  184  $73  466  $219  1,424  $309  2,142  
Schedule of Changes in Accumulated Other Comprehensive Net (Losses) Income
Changes in Accumulated other comprehensive net (loss) income by component were as follows for the periods indicated:
Three Months Ended March 31
Foreign currency translation adjustmentsNet unrealized gains (losses) on derivativesPension and postretirement benefit adjustmentsAccumulated other comprehensive net (loss) income
Balance as of December 31, 2018$(415) $(26) $(136) $(577) 
Other comprehensive (loss) income before reclassifications  —  10  
Amounts reclassified from Accumulated other comprehensive net (loss) income—     
Income tax benefit (expense)—  (1) —  (1) 
Net current period other comprehensive (loss) income   13  
Balance as of March 31, 2019$(407) $(23) $(134) $(564) 
Balance as of December 31, 2019$(421) $(17) $(163) $(601) 
Other comprehensive (loss) income before reclassifications(49) (9) —  (58) 
Amounts reclassified from Accumulated other comprehensive net (loss) income—     
Income tax benefit (expense), and other(2)  (1) (1) 
Net current period other comprehensive (loss) income(51) (5)  (55) 
Balance as of March 31, 2020$(472) $(22) $(162) $(656) 
Nine Months Ended March 31
Foreign currency translation adjustmentsNet unrealized gains (losses) on derivativesPension and postretirement benefit adjustmentsAccumulated other comprehensive net (loss) income
Balance as of June 30, 2018$(384) $(25) $(138) $(547) 
Other comprehensive (loss) income before reclassifications(22) (3) —  (25) 
Amounts reclassified from Accumulated other comprehensive net (loss) income—     
Income tax benefit (expense)(1)  (1) (1) 
Net current period other comprehensive (loss) income(23)   (17) 
Balance as of March 31, 2019$(407) $(23) $(134) $(564) 
Balance as of June 30, 2019$(414) $(23) $(165) $(602) 
Other comprehensive (loss) income before reclassifications(55) (6) —  (61) 
Amounts reclassified from Accumulated other comprehensive net (loss) income—    11  
Income tax benefit (expense), and other(3)  (2) (4) 
Net current period other comprehensive (loss) income(58)   (54) 
Balance as of March 31, 2020$(472) $(22) $(162) $(656) 
v3.20.1
EMPLOYEE BENEFIT PLANS (Tables)
9 Months Ended
Mar. 31, 2020
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Benefit Cost
The following table summarizes the components of net periodic benefit cost for the Company’s retirement income plans:
Three Months EndedNine Months Ended
3/31/20203/31/20193/31/20203/31/2019
Service cost$—  $—  $—  $—  
Interest cost  15  17  
Expected return on plan assets (1)
(5) (4) (14) (13) 
Amortization of unrecognized items    
Total$ $ $ $11  
(1) The weighted average long-term expected rate of return on plan assets used in computing the fiscal year 2020 net periodic benefit cost is 3.9%.
v3.20.1
SEGMENT RESULTS (Tables)
9 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Selected Financial Information Relating to the Company's Segments
The tables below present reportable segment information and a reconciliation of the segment information to the Company’s consolidated Net sales and Earnings before income taxes, with amounts that are not allocated to the reportable segments reflected in Corporate.
Net sales
Three Months EndedNine Months Ended
3/31/20203/31/20193/31/20203/31/2019
Cleaning$671  $508  $1,734  $1,579  
Household500  489  1,241  1,324  
Lifestyle339  309  1,008  953  
International273  245  755  731  
Corporate—  —  —  —  
Total$1,783  $1,551  $4,738  $4,587  
Earnings (losses) before income taxes
Three Months EndedNine Months Ended
3/31/20203/31/20193/31/20203/31/2019
Cleaning$231  $135  $556  $450  
Household107  93  169  198  
Lifestyle66  51  221  191  
International36  24  106  77  
Corporate(143) (63) (262) (184) 
Total$297  $240  $790  $732  
The following table provides Net sales as a percentage of the Company’s consolidated net sales for the Company’s SBUs and for the periods indicated:
Net sales
Three Months EndedNine Months Ended
3/31/20203/31/20193/31/20203/31/2019
Home Care23 %20 %22 %19 %
Laundry%%%%
Professional Products%%%%
Cleaning38 %33 %37 %34 %
Bags and Wraps11 %12 %12 %13 %
Cat Litter%%%%
Grilling%10 %%%
Digestive Health%%%%
Household28 %32 %26 %29 %
Food%%%%
Natural Personal Care%%%%
Water Filtration%%%%
Dietary Supplements%%%%
Lifestyle19 %19 %21 %21 %
International15 %16 %16 %16 %
Total100 %100 %100 %100 %
v3.20.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($)
$ in Millions
Mar. 31, 2020
Dec. 31, 2019
Jul. 01, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Jul. 01, 2018
Jun. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Cumulative effect of accounting changes, net of tax $ 695 $ 555   $ 559 $ 781 $ 742   $ 726
Retained Earnings [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Cumulative effect of accounting changes, net of tax $ 3,398 $ 3,292   $ 3,150 $ 3,004 $ 2,940   $ 2,797
Cumulative Effect of Accounting Changes, Net of Tax [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Cumulative effect of accounting changes, net of tax     $ 22       $ (3)  
Cumulative Effect of Accounting Changes, Net of Tax [Member] | Retained Earnings [Member]                
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                
Cumulative effect of accounting changes, net of tax     $ 22       $ (3)  
v3.20.1
INVENTORIES, NET (Details) - USD ($)
$ in Millions
Mar. 31, 2020
Jun. 30, 2019
Inventory Disclosure [Abstract]    
Finished goods $ 362 $ 411
Raw materials and packaging 123 125
Work in process 7 6
LIFO allowances (35) (30)
Total $ 457 $ 512
v3.20.1
LEASES AND OTHER COMMITMENTS (Narrative) (Details)
9 Months Ended
Mar. 31, 2020
Leases [Abstract]  
Remaining lease terms 11 years
v3.20.1
LEASES AND OTHER COMMITMENTS (Supplemental Balance Sheet Information Schedule) (Details)
$ in Millions
Mar. 31, 2020
USD ($)
Operating leases  
Operating lease - right-of-use assets $ 297
Operating lease - current lease liabilities 65
Operating lease - non-current lease liabilities 277
Total operating lease liabilities 342
Finance leases  
Finance lease - right-of-use assets 14
Finance lease - current lease liabilities 2
Finance lease - non-current lease liabilities 12
Total finance lease liabilities $ 14
v3.20.1
LEASES AND OTHER COMMITMENTS (Components of Lease Cost Schedule) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Mar. 31, 2020
Mar. 31, 2020
Leases [Abstract]    
Operating lease cost $ 17 $ 54
Finance lease cost:    
Amortization of right-of-use assets 1 3
Interest on lease liabilities 0 0
Total finance lease cost 1 3
Variable lease cost 10 30
Short term lease cost $ 0 $ 1
v3.20.1
LEASES AND OTHER COMMITMENTS (Supplemental Cash Flow Information and Non-Cash Activity Schedule) (Details)
$ in Millions
9 Months Ended
Mar. 31, 2020
USD ($)
Cash paid for amounts included in the measurement of lease liabilities:  
Operating cash flows from operating leases, net $ 47
Operating cash flows from finance leases 0
Financing cash flows from finance leases 2
Right-of-use assets obtained in exchange for lease obligations:  
Operating leases 28
Finance leases $ 7
v3.20.1
LEASES AND OTHER COMMITMENTS (Weighted-Average Remaining Lease Term and Discount Rate Schedule) (Details)
Mar. 31, 2020
Weighted-average remaining lease term:  
Operating leases 7 years
Finance leases 7 years
Weighted-average discount rate:  
Operating leases 2.60%
Finance leases 3.20%
v3.20.1
LEASES AND OTHER COMMITMENTS (Maturities of Lease Liabilities by Fiscal Year Schedule) (Details)
$ in Millions
Mar. 31, 2020
USD ($)
Operating Leases, After Adoption of 842  
2020 $ 12
2021 68
2022 54
2023 48
2024 41
Thereafter 155
Total lease payments 378
Less: Imputed interest (36)
Total lease liabilities 342
Finance Leases, After Adoption of 842  
2020 1
2021 3
2022 2
2023 2
2024 2
Thereafter 6
Total lease payments 16
Less: Imputed interest (2)
Total lease liabilities $ 14
v3.20.1
LEASES AND OTHER COMMITMENTS (Future Minimum Annual Operating and Capital Lease Payments Required before Adoption of ASC 842 Schedule) (Details)
$ in Millions
Jun. 30, 2019
USD ($)
Operating Leases, Before Adoption of 842  
2020 $ 71
2021 65
2022 50
2023 42
2024 37
Thereafter 124
Total lease payments 389
Capital Leases, Before Adoption of 842  
2020 2
2021 2
2022 1
2023 1
2024 1
Thereafter 2
Total lease payments $ 9
v3.20.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Narrative) (Details)
$ in Millions
9 Months Ended
Mar. 31, 2020
USD ($)
instrument
Jun. 30, 2019
USD ($)
instrument
Derivative [Line Items]    
Maximum duration, foreign exchange contracts 2 years  
Maximum duration, interest rate contracts 12 months  
Number of interest rate derivatives held | instrument 0 0
Estimated amount of the existing net gain (loss) to be reclassified into earnings in the next 12 months $ (11)  
Derivative instruments subject to contractually defined counterparty liability position limits $ 5 $ 1
Total Commodity Purchase Derivative Contracts [Member]    
Derivative [Line Items]    
Maximum duration, commodity contracts 2 years  
Notional amount $ 31 24
Jet Fuel Swaps [Member]    
Derivative [Line Items]    
Notional amount 13 11
Soybean Oil Futures [Member]    
Derivative [Line Items]    
Notional amount 18 13
Soybean Oil Futures [Member] | Commodity Contract [Member]    
Derivative [Line Items]    
Cash margin balances amount 2 1
Purchases of Inventory [Member] | Foreign Exchange Contract [Member]    
Derivative [Line Items]    
Notional amount $ 26 $ 61
v3.20.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Schedule of the Effects of Derivative Instruments Designated as Hedging Instruments) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2020
Mar. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in Other comprehensive (loss) income $ (9)   $ (6)  
Gains (losses) recognized in Other comprehensive (loss) income   $ 2   $ (3)
Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings (2)   (6)  
Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings   (2)   (4)
Commodity Contract [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in Other comprehensive (loss) income (11)   (8)  
Gains (losses) recognized in Other comprehensive (loss) income   2   (4)
Foreign Exchange Contract [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in Other comprehensive (loss) income 2   2  
Gains (losses) recognized in Other comprehensive (loss) income   0   1
Interest Rate Contract [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) recognized in Other comprehensive (loss) income 0   0  
Gains (losses) recognized in Other comprehensive (loss) income   0   0
Cost of Sales [Member] | Commodity Contract [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings 0   (1)  
Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings   (1)   (1)
Cost of Sales [Member] | Foreign Exchange Contract [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings 0   0  
Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings   1   2
Interest Expense [Member] | Interest Rate Contract [Member]        
Derivative Instruments, Gain (Loss) [Line Items]        
Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings $ (2)   $ (5)  
Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings   $ (2)   $ (5)
v3.20.1
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Schedule of Assets and Liabilities for Fair Value Disclosure) (Details) - USD ($)
$ in Millions
Mar. 31, 2020
Jun. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents $ 496 $ 111
Total assets 5,850 5,116
Commercial Paper 188 396
Total liabilities 5,155 4,557
Reported Value Measurement [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 2 0
Derivative liabilities 7 2
Total assets 436 129
Total liabilities 2,926 2,683
Estimate of Fair Value Measurement [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 2 0
Derivative liabilities 7 2
Total other assets in the fair value hierarchy 436 129
Total other liabilities in the fair value hierarchy 3,068 2,798
Prepaid Expenses and Other Current Assets [Member] | Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Foreign Exchange Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 2 0
Prepaid Expenses and Other Current Assets [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Foreign Exchange Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative assets 2 0
Accounts Payable and Accrued Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | Commodity Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities 1 1
Accounts Payable and Accrued Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | Commodity Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities 1 1
Accounts Payable and Accrued Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Commodity Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities 5 1
Accounts Payable and Accrued Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Commodity Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities 5 1
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | Investments, including money market funds [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 179 26
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | Investments, including money market funds [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 179 26
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Time deposits [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 168 7
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Time deposits [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents 168 7
Other Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Commodity Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities 1 0
Other Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Commodity Contract [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative liabilities 1 0
Notes and Loans Payable [Member] | Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Notes and loans payable [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Commercial Paper 638 396
Notes and Loans Payable [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Notes and loans payable [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Notes and loans payable 638 396
Current maturities of long-term debt and Long-term debt [Member] | Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Long-term Debt [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Current maturities of long-term debt and Long-term debt 2,288 2,287
Current maturities of long-term debt and Long-term debt [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Long-term Debt [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Current maturities of long-term debt and Long-term debt 2,430 2,402
Trust Assets for nonqualified deferred compensation plans [Member] | Other Assets [Member] | Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trust assets for nonqualified deferred compensation plans 89 96
Trust Assets for nonqualified deferred compensation plans [Member] | Other Assets [Member] | Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member]    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Trust assets for nonqualified deferred compensation plans $ 89 $ 96
v3.20.1
Debt (Short-term Debt) (Details) - USD ($)
$ in Millions
Mar. 31, 2020
Jun. 30, 2019
Debt Disclosure [Abstract]    
Draw down on revolving credit facility $ 450 $ 0
Commercial paper 188 396
Total $ 638 $ 396
v3.20.1
DEBT (Narrative) (Details) - USD ($)
Mar. 31, 2020
Nov. 15, 2019
Jun. 30, 2019
Feb. 08, 2017
Line of Credit Facility [Line Items]        
Draw down on revolving credit facility $ 450,000,000   $ 0  
Revolving Credit Facility [Member] | Revolving Credit Agreement, Matures November 2024 [Member] | Line of Credit [Member]        
Line of Credit Facility [Line Items]        
Draw down on revolving credit facility $ 450,000,000      
Effective interest rate 1.86%      
Revolving Credit Facility [Member] | Revolving Credit Agreement, Matures November 2024 [Member] | Line of Credit [Member]        
Line of Credit Facility [Line Items]        
Line of credit facility, borrowing capacity   $ 1,200,000,000    
Termination fees/penalties   $ 0    
Line of credit facility, amount outstanding     $ 0  
Revolving Credit Facility [Member] | Revolving Credit Agreement, Matures February 2022 [Member] | Line of Credit [Member]        
Line of Credit Facility [Line Items]        
Line of credit facility, borrowing capacity       $ 1,100,000,000
v3.20.1
INCOME TAXES (Narrative) (Details)
3 Months Ended 9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2020
Mar. 31, 2019
Income Tax Disclosure [Abstract]        
Effective tax rate on earnings from continuing operations 18.90% 21.80% 20.40% 20.80%
v3.20.1
NET EARNINGS PER SHARE (EPS) (Schedule of Weighted Average Number of Shares) (Details) - shares
shares in Thousands
3 Months Ended 9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2020
Mar. 31, 2019
Earnings Per Share [Abstract]        
Basic (in shares) 125,661 128,404 125,641 128,092
Dilutive effect of stock options and other (in shares) 1,667 1,862 1,595 2,126
Diluted (in shares) 127,328 130,266 127,236 130,218
Antidilutive stock options and other (in shares) 0 23 2 807
v3.20.1
COMPREHENSIVE INCOME (Schedule of Comprehensive Income) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2020
Mar. 31, 2019
Stockholders' Equity Note [Abstract]        
Net earnings $ 241 $ 187 $ 629 $ 579
Other comprehensive (loss) income, net of tax:        
Foreign currency translation adjustments (51) 8 (58) (23)
Net unrealized gains (losses) on derivatives (5)   1  
Net unrealized gains (losses) on derivatives   3   2
Pension and postretirement benefit adjustments 1 2 3 4
Total other comprehensive (loss) income, net of tax (55) 13 (54) (17)
Comprehensive income $ 186 $ 200 $ 575 $ 562
v3.20.1
STOCKHOLDERS' EQUITY (Schedule of Equity) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2020
Mar. 31, 2019
Jul. 01, 2019
Jul. 01, 2018
Class of Stock [Line Items]            
Dividends declared per share (in dollars per share) $ 1.06 $ 0.96 $ 3.18 $ 2.88    
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Balance, beginning $ 555 $ 742 $ 559 $ 726    
Cumulative effect of accounting changes, net of tax 695 781 695 781    
Net earnings 241 187 629 579    
Other comprehensive (loss) income (55) 13 (54) (17)    
Dividends (135) (123) (402) (369)    
Stock-based compensation 18 16 37 34    
Other employee stock plan activities 101 19 123 140    
Treasury stock purchased $ (30) $ (73) $ (219) $ (309)    
Treasury stock purchased (in shares) (184) (466) (1,424) (2,142)    
Balance, ending $ 695 $ 781 $ 695 $ 781    
Cumulative Effect of Accounting Changes, Net of Tax [Member]            
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Cumulative effect of accounting changes, net of tax         $ 22 $ (3)
Common Stock [Member]            
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Balance, beginning $ 159 $ 159 $ 159 $ 159    
Balance, beginning (in shares) 158,741 158,741 158,741 158,741    
Cumulative effect of accounting changes, net of tax $ 159 $ 159 $ 159 $ 159    
Balance, ending $ 159 $ 159 $ 159 $ 159    
Balance, ending (in shares) 158,741 158,741 158,741 158,741    
Additional Paid-in Capital [Member]            
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Balance, beginning $ 1,062 $ 1,014 $ 1,046 $ 975    
Cumulative effect of accounting changes, net of tax 1,111 1,033 1,111 1,033    
Stock-based compensation 18 16 37 34    
Other employee stock plan activities 31 3 28 24    
Balance, ending 1,111 1,033 1,111 1,033    
Retained Earnings [Member]            
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Balance, beginning 3,292 2,940 3,150 2,797    
Cumulative effect of accounting changes, net of tax 3,398 3,004 3,398 2,797    
Net earnings 241 187 629 579    
Dividends (135) (123) (402) (369)    
Other employee stock plan activities     (1)      
Balance, ending 3,398 3,004 3,398 3,004    
Retained Earnings [Member] | Cumulative Effect of Accounting Changes, Net of Tax [Member]            
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Cumulative effect of accounting changes, net of tax         $ 22 $ (3)
Treasury Stock [Member]            
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Balance, beginning $ (3,357) $ (2,794) $ (3,194) $ (2,658)    
Balance, beginning (in shares) 33,717 30,651 33,055 30,759    
Cumulative effect of accounting changes, net of tax $ (3,317) $ (2,851) $ (3,317) $ (2,658)    
Other employee stock plan activities $ 70 $ 16 $ 96 $ 116    
Other employee stock plan activities (in shares) 1,083 264 1,661 2,048    
Treasury stock purchased $ (30) $ (73) $ (219) $ (309)    
Treasury stock purchased (in shares) (184) (466) (1,424) (2,142)    
Balance, ending $ (3,317) $ (2,851) $ (3,317) $ (2,851)    
Balance, ending (in shares) 32,818 30,853 32,818 30,853    
Accumulated other comprehensive net (loss) income [Member]            
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Balance, beginning $ (601) $ (577) $ (602) $ (547)    
Cumulative effect of accounting changes, net of tax (601) (564) (602) (547)    
Other comprehensive (loss) income (55) 13 (54) (17)    
Balance, ending $ (656) $ (564) $ (656) $ (564)    
v3.20.1
STOCKHOLDERS' EQUITY (Narrative) (Details)
3 Months Ended 9 Months Ended
Mar. 31, 2020
USD ($)
repurchase_program
Mar. 31, 2019
USD ($)
repurchase_program
Mar. 31, 2020
USD ($)
repurchase_program
Mar. 31, 2019
USD ($)
repurchase_program
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Number of repurchase programs | repurchase_program 2 2 2 2
Long-Term Inter-Company Loans [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Re-measurement gains (losses) on long-term intercompany loans $ (3,000,000) $ 1,000,000 $ (4,000,000) $ (3,000,000)
Amounts reclassified from Accumulated other comprehensive net (loss) income 0 $ 0 0 $ 0
$2 Billion Open-Market Purchase Program [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Stock repurchase program, authorized amount 2,000,000,000   2,000,000,000  
Evergreen Program [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Authorization limit $ 0   $ 0  
v3.20.1
STOCKHOLDERS' EQUITY (Schedule of Changes in Accumulated Other Comprehensive Net (Losses) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2020
Mar. 31, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Balance, beginning $ 555 $ 742 $ 559 $ 726
Balance, ending 695 781 695 781
Foreign currency translation adjustments [Member]        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Balance, beginning (421) (415) (414) (384)
Other comprehensive (loss) income before reclassifications (49) 8 (55) (22)
Amounts reclassified from Accumulated other comprehensive net (loss) income 0 0 0 0
Income tax benefit (expense) (2) 0 (3) (1)
Net current period other comprehensive (loss) income (51) 8 (58) (23)
Balance, ending (472) (407) (472) (407)
Net unrealized gains (losses) on derivatives [Member]        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Balance, beginning   (26)   (25)
Other comprehensive (loss) income before reclassifications   2   (3)
Amounts reclassified from Accumulated other comprehensive net (loss) income   2   4
Income tax benefit (expense)   (1)   1
Net current period other comprehensive (loss) income   3   2
Balance, ending   (23)   (23)
Net unrealized gains (losses) on derivatives [Member]        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Balance, beginning (17)   (23)  
Other comprehensive (loss) income before reclassifications (9)   (6)  
Amounts reclassified from Accumulated other comprehensive net (loss) income 2   6  
Income tax benefit (expense) 2   1  
Net current period other comprehensive (loss) income (5)   1  
Balance, ending (22)   (22)  
Pension and postretirement benefit adjustments [Member]        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Balance, beginning (163) (136) (165) (138)
Other comprehensive (loss) income before reclassifications 0 0 0 0
Amounts reclassified from Accumulated other comprehensive net (loss) income 2 2 5 5
Income tax benefit (expense) (1) 0 (2) (1)
Net current period other comprehensive (loss) income 1 2 3 4
Balance, ending (162) (134) (162) (134)
Accumulated other comprehensive net (loss) income [Member]        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Balance, beginning (601) (577) (602) (547)
Other comprehensive (loss) income before reclassifications (58) 10 (61) (25)
Amounts reclassified from Accumulated other comprehensive net (loss) income 4 4 11 9
Income tax benefit (expense) (1) (1) (4) (1)
Net current period other comprehensive (loss) income (55) 13 (54) (17)
Balance, ending $ (656) $ (564) $ (656) $ (564)
v3.20.1
STOCKHOLDERS' EQUITY (Share Repurchase Programs) (Details) - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2020
Mar. 31, 2019
Share Repurchase Programs [Line Items]        
Value of shares repurchased $ 30 $ 73 $ 219 $ 309
Shares repurchased (in shares) 184 466 1,424 2,142
$2 Billion Open-Market Purchase Program [Member]        
Share Repurchase Programs [Line Items]        
Value of shares repurchased $ 0 $ 0 $ 85 $ 78
Shares repurchased (in shares) 0 0 577 591
Evergreen Program [Member]        
Share Repurchase Programs [Line Items]        
Value of shares repurchased $ 30 $ 73 $ 134 $ 231
Shares repurchased (in shares) 184 466 847 1,551
v3.20.1
EMPLOYEE BENEFIT PLANS (Components of the Net Cost of Retirement Income (Details) - USD ($)
3 Months Ended 9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2020
Mar. 31, 2019
Defined Benefit Plan Disclosure [Line Items]        
Total $ 0 $ 0 $ 1,000,000 $ 1,000,000
Weighted average long-term expected rate or return on plan assets     3.90%  
Other Postretirement Benefits Plan [Member] | Retirement Income Plans [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 0 0 $ 0 0
Interest cost 5,000,000 5,000,000 15,000,000 17,000,000
Expected return on plan assets (5,000,000) (4,000,000) (14,000,000) (13,000,000)
Amortization of unrecognized items 3,000,000 2,000,000 7,000,000 7,000,000
Total $ 3,000,000 $ 3,000,000 $ 8,000,000 $ 11,000,000
v3.20.1
EMPLOYEE BENEFIT PLANS (Narrative) (Details) - USD ($)
3 Months Ended 9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2020
Mar. 31, 2019
Defined Benefit Plan Disclosure [Line Items]        
Net periodic benefit $ 0 $ 0 $ (1,000,000) $ (1,000,000)
Other Postretirement Benefits Plan [Member] | Retirement Income Plans [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Net periodic benefit (3,000,000) (3,000,000) (8,000,000) (11,000,000)
UNITED STATES | Retirement Income Plans [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Discretionary contributions $ 7,000,000 $ 57,000,000 $ 10,000,000 $ 61,000,000
v3.20.1
OTHER CONTINGENCIES AND GUARANTEES (Details) - USD ($)
$ in Millions
9 Months Ended
Mar. 31, 2020
Jun. 30, 2019
Jun. 30, 2017
Loss Contingencies [Line Items]      
Liability for aggregate future remediation costs $ 27 $ 27  
Letter of credit 10    
Letter of credit, amount outstanding 0    
Alameda County, California Matter      
Loss Contingencies [Line Items]      
Liability for aggregate future remediation costs $ 14 14 $ 14
Remediation period 30 years    
Maximum undiscounted costs $ 28    
Dickinson County, Michigan Matter      
Loss Contingencies [Line Items]      
Liability for aggregate future remediation costs $ 10 $ 11  
Remediation period 30 years    
Percentage of liability for aggregate remediation and associated costs, other than legal fees 24.30%    
v3.20.1
SEGMENT RESULTS (Narrative) (Details) - reportable_segment
3 Months Ended 9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2020
Mar. 31, 2019
Concentration Risk [Line Items]        
Number of reportable segments     4  
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Walmart Stores, Inc. [Member]        
Concentration Risk [Line Items]        
Concentration percentage 25.00% 25.00% 25.00% 25.00%
v3.20.1
SEGMENT RESULTS (Selected Financial Information Relating To Company's Segments ) (Details) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Mar. 31, 2020
Mar. 31, 2019
Segment Reporting Information [Line Items]        
Net sales $ 1,783 $ 1,551 $ 4,738 $ 4,587
Earnings (losses) before income taxes $ 297 $ 240 $ 790 $ 732
Product Concentration Risk [Member] | Revenue from Contract with Customer [Member]        
Segment Reporting Information [Line Items]        
Concentration percentage 100.00% 100.00% 100.00% 100.00%
Cleaning [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customer [Member]        
Segment Reporting Information [Line Items]        
Concentration percentage 38.00% 33.00% 37.00% 34.00%
Cleaning [Member] | Home Care [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customer [Member]        
Segment Reporting Information [Line Items]        
Concentration percentage 23.00% 20.00% 22.00% 19.00%
Cleaning [Member] | Laundry [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customer [Member]        
Segment Reporting Information [Line Items]        
Concentration percentage 9.00% 8.00% 9.00% 9.00%
Cleaning [Member] | Professional Products [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customer [Member]        
Segment Reporting Information [Line Items]        
Concentration percentage 6.00% 5.00% 6.00% 6.00%
Household [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customer [Member]        
Segment Reporting Information [Line Items]        
Concentration percentage 28.00% 32.00% 26.00% 29.00%
Household [Member] | Bags and Wraps [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customer [Member]        
Segment Reporting Information [Line Items]        
Concentration percentage 11.00% 12.00% 12.00% 13.00%
Household [Member] | Cat Litter [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customer [Member]        
Segment Reporting Information [Line Items]        
Concentration percentage 7.00% 8.00% 7.00% 8.00%
Household [Member] | Grilling [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customer [Member]        
Segment Reporting Information [Line Items]        
Concentration percentage 9.00% 10.00% 6.00% 6.00%
Household [Member] | Digestive Health [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customer [Member]        
Segment Reporting Information [Line Items]        
Concentration percentage 1.00% 2.00% 1.00% 2.00%
Lifestyle [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customer [Member]        
Segment Reporting Information [Line Items]        
Concentration percentage 19.00% 19.00% 21.00% 21.00%
Lifestyle [Member] | Food [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customer [Member]        
Segment Reporting Information [Line Items]        
Concentration percentage 8.00% 9.00% 9.00% 9.00%
Lifestyle [Member] | Natural Personal Care [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customer [Member]        
Segment Reporting Information [Line Items]        
Concentration percentage 4.00% 4.00% 5.00% 5.00%
Lifestyle [Member] | Water Filtration [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customer [Member]        
Segment Reporting Information [Line Items]        
Concentration percentage 4.00% 3.00% 4.00% 3.00%
Lifestyle [Member] | Dietary Supplements [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customer [Member]        
Segment Reporting Information [Line Items]        
Concentration percentage 3.00% 3.00% 3.00% 4.00%
International [Member] | Product Concentration Risk [Member] | Revenue from Contract with Customer [Member]        
Segment Reporting Information [Line Items]        
Concentration percentage 15.00% 16.00% 16.00% 16.00%
Operating Segments [Member] | Cleaning [Member]        
Segment Reporting Information [Line Items]        
Net sales $ 671 $ 508 $ 1,734 $ 1,579
Earnings (losses) before income taxes 231 135 556 450
Operating Segments [Member] | Household [Member]        
Segment Reporting Information [Line Items]        
Net sales 500 489 1,241 1,324
Earnings (losses) before income taxes 107 93 169 198
Operating Segments [Member] | Lifestyle [Member]        
Segment Reporting Information [Line Items]        
Net sales 339 309 1,008 953
Earnings (losses) before income taxes 66 51 221 191
Operating Segments [Member] | International [Member]        
Segment Reporting Information [Line Items]        
Net sales 273 245 755 731
Earnings (losses) before income taxes 36 24 106 77
Corporate, Non-Segment [Member]        
Segment Reporting Information [Line Items]        
Net sales 0 0 0 0
Earnings (losses) before income taxes $ (143) $ (63) $ (262) $ (184)