Document and Entity Information - shares |
9 Months Ended | |
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Mar. 31, 2019 |
Apr. 17, 2019 |
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Document And Entity Information | ||
Entity Registrant Name | CLOROX CO /DE/ | |
Entity Central Index Key | 0000021076 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 127,367,814 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 |
Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Millions |
3 Months Ended | 9 Months Ended | |||||
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Mar. 31, 2019 |
Mar. 31, 2018 |
Mar. 31, 2019 |
Mar. 31, 2018 |
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Income Statement [Abstract] | |||||||
Net sales | $ 1,551 | $ 1,517 | $ 4,587 | $ 4,433 | |||
Cost of products sold | 878 | 868 | 2,593 | 2,502 | |||
Gross profit | 673 | 649 | 1,994 | 1,931 | |||
Selling and administrative expenses | 216 | 208 | 639 | 609 | |||
Advertising costs | 161 | 150 | 445 | 424 | |||
Research and development costs | 34 | 32 | 98 | 95 | |||
Interest expense | 24 | 20 | 72 | 61 | |||
Other (income) expense, net | (2) | (3) | 8 | (6) | |||
Earnings from continuing operations before income taxes | 240 | 242 | 732 | 748 | |||
Income taxes on continuing operations | 53 | 61 | 153 | 142 | |||
Earnings from continuing operations | 187 | 181 | 579 | 606 | [1] | ||
Earnings (losses) from discontinued operations, net of tax | 0 | 0 | 0 | 0 | [1] | ||
Net earnings | $ 187 | $ 181 | $ 579 | $ 606 | [1] | ||
Net earnings (losses) per share, Basic | |||||||
Continuing operations, basic (in dollars per share) | $ 1.46 | $ 1.39 | $ 4.53 | $ 4.69 | |||
Discontinued operations, basic (in dollars per share) | 0 | 0 | 0 | 0 | |||
Basic net earnings per share (in dollars per share) | 1.46 | 1.39 | 4.53 | 4.69 | |||
Net earnings (losses) per share, Diluted | |||||||
Continuing operations, diluted (in dollars per share) | 1.44 | 1.37 | 4.45 | 4.60 | |||
Discontinued operations, diluted (in dollars per share) | 0 | 0 | 0 | 0 | |||
Diluted net earnings per share (in dollars per share) | $ 1.44 | $ 1.37 | $ 4.45 | $ 4.60 | |||
Weighted average shares outstanding (in thousands) | |||||||
Basic (in shares) | 128,404 | 129,694 | 128,092 | 129,357 | |||
Diluted (in shares) | 130,266 | 131,900 | 130,218 | 131,703 | |||
Comprehensive income | $ 200 | $ 180 | $ 562 | $ 624 | |||
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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2019 |
Jun. 30, 2018 |
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Statement of Financial Position [Abstract] | ||
Property, plant and equipment, accumulated depreciation and amortization | $ 2,125 | $ 2,061 |
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) | 127,888,226 | 127,982,767 |
Treasury stock, shares (in shares) | 30,853,235 | 30,758,694 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
9 Months Ended |
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Mar. 31, 2019 | |
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, 2019 and 2018, 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). Certain prior year reclassifications were made in the condensed consolidated statements of cash flows to conform to the current year presentation. 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, 2018, which includes a complete set of footnote disclosures, including the Company’s significant accounting policies. Revenue Recognition Revenue is recognized when performance obligations under the terms of the contracts with customers are satisfied. The Company's performance obligation generally consists of the promise to sell finished products to wholesalers, distributors, retailers or consumers. Control of finished products is transferred upon shipment to, or receipt at, customers' locations, as determined by the specific terms of the contract. Once control is transferred to the customer, the Company has completed its performance obligation, and revenue is recognized. After completion of the performance obligation, there is an unconditional right to consideration as outlined in the contract. A right is unconditional if nothing other than the passage of time is required before payment of that consideration is due. The Company typically collects its customer receivables within two months. All performance obligations under the terms of contracts with customers have an original duration of one year or less. The Company routinely commits to one-time or ongoing trade-promotion programs with customers and consumer coupon programs that require the Company to estimate and accrue the expected costs of such programs, which include shelf price reductions, end-of-aisle or in-store displays of the Company’s products and graphics and other trade-promotion activities conducted by the customer. The costs of such activities, defined as variable consideration under Topic 606 of the Accounting Standards Codification, "Revenue from Contracts with Customers," are netted against sales and recorded when the related sale takes place. The accruals for trade promotion programs and consumer coupon liabilities are established based on the Company’s best estimate of the amounts necessary to settle future and existing obligations for products sold as of the balance sheet date. The Company uses forecasted appropriations, historical trend analysis, and customer and sales organization inputs in determining the accruals for promotional activities, and uses historical trend experience and coupon redemption estimates for the coupon accrual requirements. The Company provides an allowance for doubtful accounts based on its historical experience and ongoing assessment of its customers’ credit risk and aging. Receivables are presented net of the allowance for doubtful accounts. Foreign Currency Transactions and Translation Effective July 1, 2018, under the requirements of U.S. GAAP, Argentina was designated as a highly inflationary economy, since it has experienced cumulative inflation of approximately 100 percent or more over a three-year period. As a result, beginning July 1, 2018, the U.S. dollar replaced the Argentine peso as the functional currency of the Company’s subsidiaries in Argentina (collectively, "Clorox Argentina"). Consequently, gains and losses from non-U.S. dollar denominated monetary assets and liabilities for Clorox Argentina are recognized in Other (income) expense, net in the condensed consolidated statement of earnings. Recently Issued Accounting Standards Recently Issued Accounting Standards Not Yet Adopted In February 2018, the Financial Accounting Standards Board (FASB) issued ASU No. 2018-02, “Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” which amends its guidance to allow a reclassification from Accumulated Other Comprehensive Income to Retained Earnings for the stranded income tax effects resulting from The Tax Cuts and Jobs Act of 2017 (the Tax Act). If elected, this reclassification adjustment may be applied to either the period of adoption or retrospectively to the periods impacted by the Tax Act. The amendments are effective for the Company beginning in the first quarter of fiscal year 2020, with early adoption permitted. The Company expects to early adopt this guidance in, and apply it to, the fourth quarter of fiscal year 2019. The Company is evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. 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 new guidance is effective for the Company beginning in the first quarter of fiscal year 2020, 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 is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which requires lessees to recognize a right-of-use 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 will adopt the new standard on July 1, 2019, on a modified retrospective basis using the optional transition method, and, accordingly, will not restate comparative periods. The Company has initiated its plan for the adoption and implementation of this new accounting standard, including assessing its lease arrangements and implementing software to meet the reporting and disclosure requirements of this standard. Additionally, the Company is in the process of identifying changes to its business processes and controls to support the adoption and is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. Refer to Note 12 of the Notes to Consolidated Financial Statements in Form 10-K for the fiscal year ended June 30, 2018 for the future minimum annual lease payments required under the Company’s existing non-cancelable operating and capital lease arrangements as of June 30, 2018. Recently Adopted Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which replaces most of the existing U.S. GAAP revenue recognition guidance and is intended to improve and converge with international standards on the financial reporting requirements for revenue from contracts with customers. The core principle of ASU 2014-09 is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. ASU 2014-09 also requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from contracts with customers, including information about significant judgments and changes in judgments. The Company adopted the new guidance on a modified retrospective basis effective July 1, 2018, and does not expect the guidance to have a material impact on the Company's annual consolidated financial statements. However, there will be an impact on the Company’s financial results in the interim periods due to the timing of recognition for certain trade promotion spending. Due to a change in the timing of recognition for certain trade promotion spending, the Company recorded an immaterial cumulative effect of initially applying the new guidance as an adjustment to the fiscal year 2019 opening balance of Retained earnings. Results for periods beginning on or after July 1, 2018 are recognized and presented in accordance with Topic 606, while prior period amounts have not been adjusted and continue to be reported in accordance with the prior accounting guidance under Topic 605, "Revenue Recognition." The Company has made changes to its accounting policies, business processes, systems and controls to align with the new revenue recognition guidance and disclosure requirements. In March 2017, the FASB issued ASU No. 2017-07, “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” which requires presenting the service cost component of net periodic benefit cost in the same income statement line items as other employee compensation costs arising from services rendered during the period. This standard also requires that other components of the net periodic benefit cost be presented separately from the line item(s) that includes service costs and outside of any subtotal of operating income, if one is presented, on a retrospective basis. The Company adopted this new guidance in the first quarter of fiscal year 2019 and the adoption did not have a material impact on the Company's consolidated financial statements. Following the adoption of this guidance, the Company records the non-service cost components of net periodic benefit cost in Other (income) expense, net. |
DISCONTINUED OPERATIONS |
9 Months Ended |
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Mar. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS On September 22, 2014, the Company's Venezuela affiliate, Corporación Clorox de Venezuela S.A. (Clorox Venezuela) announced that it was discontinuing its operations, effective immediately, and seeking to sell its assets. Since fiscal year 2012, Clorox Venezuela has been required to sell more than two thirds of its products at prices frozen by the Venezuelan government. During this same period, Clorox Venezuela experienced successive years of hyperinflation resulting in significant sustained increases in its input costs, including packaging, raw materials, transportation and wages. As a result, Clorox Venezuela had been selling its products at a loss, resulting in ongoing operating losses. Clorox Venezuela repeatedly met with government authorities in an effort to help them understand the rapidly declining state of the business, including the need for immediate, significant and ongoing price increases and other critical remedial actions to address these adverse impacts. Based on the Venezuelan government’s representations, Clorox Venezuela had expected significant price increases would be forthcoming much earlier; however, the price increases subsequently approved were insufficient and would have caused Clorox Venezuela to continue operating at a significant loss into the foreseeable future. As such, Clorox Venezuela was no longer financially viable and was forced to discontinue its operations. On September 26, 2014, the Company reported that Venezuelan Vice President Jorge Arreaza announced, with endorsement by President Nicolás Maduro, that the Venezuelan government had occupied the Santa Lucía and Guacara production facilities of Clorox Venezuela. On November 6, 2014, the Company reported that the Venezuelan government had published a resolution granting a government-sponsored Special Administrative Board full authority to restart and operate the business of Clorox Venezuela, thereby reaffirming the government's expropriation of Clorox Venezuela’s assets. Further, President Nicolás Maduro announced the government's intention to facilitate the resumed production of bleach and other cleaning products at Clorox Venezuela plants. He also announced his approval of a financial credit to invest in raw materials and production at the plants. These actions by the Venezuelan government were taken without the consent or involvement of Clorox Venezuela, its parent Clorox Spain S.L. (Clorox Spain) or any of their affiliates. Clorox Venezuela, Clorox Spain and their affiliates reserved their rights under all applicable laws and treaties. With this exit, the financial results of Clorox Venezuela are reflected as discontinued operations in the Company’s condensed consolidated financial statements for all periods presented. The results of Clorox Venezuela had historically been part of the International reportable segment. There were no net sales for each of the three and nine months ended March 31, 2019 and 2018, and losses from discontinued operations, net of tax were insignificant for these same periods.
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BUSINESS ACQUIRED |
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||
BUSINESS ACQUIRED | BUSINESS ACQUIRED On April 2, 2018, the Company acquired 100 percent of Nutranext, a health and wellness company based in Sunrise, Florida. Nutranext manufactures and markets leading dietary supplement brands in the retail and e-commerce channels as well as in its direct-to-consumer business. The purchase of the business reflects the Company's strategy to acquire leading brands in fast-growing categories with attractive gross margins and a focus on health and wellness. The total consideration paid of $681, which included post-closing working capital and other adjustments, was initially funded through commercial paper borrowings and subsequently repaid using a combination of long-term debt financing and cash repatriated from foreign subsidiaries. The assets and liabilities of Nutranext were recorded at their respective estimated fair value as of the acquisition date using U.S. GAAP for business combinations. The excess of the purchase price over the fair value of the net identifiable assets acquired has been allocated to goodwill in the Lifestyle and Household reportable segments of $310 and $102, respectively. The goodwill of $412 is primarily attributable to the synergies, including those with the digestive health business, expected to arise after the acquisition and reflects the value of further expanding the Company’s portfolio into the health and wellness arena. Of the total goodwill, $363 is expected to be deductible for tax purposes. The following table summarizes the final purchase price allocation for the fair value of Nutranext's assets acquired and liabilities assumed and the related deferred income taxes as of March 31, 2019. The fair value of the assets acquired and liabilities assumed reflects the final insignificant measurement period adjustments related to goodwill, deferred income taxes and income taxes payable. The weighted-average estimated useful life of intangible assets subject to amortization is 15 years.
Effective April 2, 2018, Nutranext was consolidated into the Company's results of operations. Results for Nutranext's global business are reflected in the Lifestyle reportable segment. Pro forma results reflecting the acquisition were not presented because the acquisition did not meet the threshold requirements for additional disclosure.
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INVENTORIES, NET |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES, NET | INVENTORIES, NETInventories, net, consisted of the following as of:
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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS |
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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, 2019, the notional amount of commodity derivatives was $29, of which $18 related to soybean oil futures used for the food business and $11 related to jet fuel swaps used for the charcoal business. As of June 30, 2018, the notional amount of commodity derivatives was $34, of which $24 related to soybean oil futures and $10 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 $50 as of both March 31, 2019 and June 30, 2018. 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 generally have 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, 2019 and June 30, 2018, 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 income and Net earnings were as follows:
The gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings during the three and nine months ended March 31, 2019 and 2018, for commodity purchase and foreign exchange contracts were included in Cost of products sold, and for interest rate contracts were included in Interest expense. The estimated amount of the existing net gain (loss) in Accumulated other comprehensive net (loss) income as of March 31, 2019, which is expected to be reclassified into Net earnings within the next twelve months, is $(6). Gains and losses on derivative instruments representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in Net earnings. During the three and nine months ended March 31, 2019 and 2018, hedge ineffectiveness was not significant. 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 March 31, 2019 and June 30, 2018, none contained such terms. As of March 31, 2019 and June 30, 2018, 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, 2019 and June 30, 2018, 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, 2019 and June 30, 2018, the Company maintained cash margin balances related to exchange-traded futures contracts of $1 and $2, respectively, which are 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, 2019 and June 30, 2018, 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. The following table summarizes the fair value of the Company’s assets and liabilities for which disclosure of fair value is required:
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(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.
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INCOME TAXES |
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES In 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 from continuing operations was 21.8% and 20.8% for the three and nine months ended March 31, 2019, respectively, and 25.5% and 19.0% for the three and nine months ended March 31, 2018, respectively. The decrease in the effective tax rate on continuing operations for the current three-month period was primarily due to the lower federal statutory tax rate for fiscal year 2019 as a result of enactment of the Tax Act, partially offset by the repeal of the domestic manufacturing deduction in fiscal year 2019. The lower effective tax rate on earnings from continuing operations for the prior nine-month period was primarily due to one-time tax benefits from the enactment of the Tax Act during the second quarter of fiscal year 2018 and the final year of domestic manufacturing deduction benefits in fiscal year 2018, partially offset by the lower federal statutory tax rate for fiscal year 2019. The Tax Act was signed into law by the President of the United States on December 22, 2017. The Tax Act made significant changes to U.S. tax law, and included a reduction of U.S. corporation statutory income tax rates from 35% to 21%, effective January 1, 2018. Under the Tax Act, the Company was subject to an average federal statutory tax rate of 28.1% for its fiscal year ended June 30, 2018. The Company’s federal statutory tax rate was 21.0% beginning in July 2018 for the fiscal year ending June 30, 2019. The Tax Act also included, among other things, a one-time transition tax on accumulated foreign earnings and the adoption of a modified territorial approach to the taxation of future foreign earnings. During the second quarter of fiscal year 2018, the Company made reasonable estimates of the impacts of the Tax Act and initially recorded total benefits of $81 as provisional, as defined in Staff Accounting Bulletin No. 118, as follows:
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NET EARNINGS PER SHARE (EPS) |
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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:
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COMPREHENSIVE INCOME |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMPREHENSIVE INCOME | COMPREHENSIVE INCOME The following table provides a summary of Comprehensive income for the periods indicated:
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STOCKHOLDERS' EQUITY |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Changes in the components of Stockholders’ equity were as follows for the periods indicated:
(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. 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:
Changes in Accumulated other comprehensive net (loss) income by component were as follows for the periods indicated:
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EMPLOYEE BENEFIT PLANS |
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Defined Benefit Plan [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:
(1) The weighted average long-term expected rate of return on plan assets used in computing the fiscal year 2019 net periodic benefit cost is 4.33%. During the three and nine months ended March 31, 2019, the Company made $57 and $61 in contributions to its domestic retirement income plans. During the three and nine months ended March 31, 2018, the Company made $15 and $19 in contributions to its domestic retirement income plans. As a result of adopting ASU No. 2017-07, “Compensation-Retirement Benefits (Topic 715),” effective July 1, 2018, net periodic benefit cost is reflected in Other (income) expense, net for fiscal year 2019, and in Cost of products sold, Selling and administrative expenses and Research and development costs prior to fiscal year 2019. Refer to Note 1 for more details.
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OTHER CONTINGENCIES AND GUARANTEES |
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Mar. 31, 2019 | |
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 $28 as of March 31, 2019 and June 30, 2018, 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, 2019 and June 30, 2018, 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 $12 of the recorded liability, as of March 31, 2019 and June 30, 2018. 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. 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, 2019 and June 30, 2018. As of March 31, 2019, the Company was a party to letters of credit of $9, primarily related to one of its insurance carriers, of which $0 had been drawn upon.
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SEGMENT RESULTS |
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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 from continuing operations before income taxes, with amounts that are not allocated to the reportable segments reflected in Corporate.
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, 2019, and 25% and 26% for the three and nine months ended March 31, 2018, respectively. The following table provides Net sales as a percentage of the Company's consolidated net sales, disaggregated by SBU:
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Mar. 31, 2019 | |
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, 2019 and 2018, 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. |
Revenue Recognition | Revenue Recognition Revenue is recognized when performance obligations under the terms of the contracts with customers are satisfied. The Company's performance obligation generally consists of the promise to sell finished products to wholesalers, distributors, retailers or consumers. Control of finished products is transferred upon shipment to, or receipt at, customers' locations, as determined by the specific terms of the contract. Once control is transferred to the customer, the Company has completed its performance obligation, and revenue is recognized. After completion of the performance obligation, there is an unconditional right to consideration as outlined in the contract. A right is unconditional if nothing other than the passage of time is required before payment of that consideration is due. The Company typically collects its customer receivables within two months. All performance obligations under the terms of contracts with customers have an original duration of one year or less. The Company routinely commits to one-time or ongoing trade-promotion programs with customers and consumer coupon programs that require the Company to estimate and accrue the expected costs of such programs, which include shelf price reductions, end-of-aisle or in-store displays of the Company’s products and graphics and other trade-promotion activities conducted by the customer. The costs of such activities, defined as variable consideration under Topic 606 of the Accounting Standards Codification, "Revenue from Contracts with Customers," are netted against sales and recorded when the related sale takes place. The accruals for trade promotion programs and consumer coupon liabilities are established based on the Company’s best estimate of the amounts necessary to settle future and existing obligations for products sold as of the balance sheet date. The Company uses forecasted appropriations, historical trend analysis, and customer and sales organization inputs in determining the accruals for promotional activities, and uses historical trend experience and coupon redemption estimates for the coupon accrual requirements. The Company provides an allowance for doubtful accounts based on its historical experience and ongoing assessment of its customers’ credit risk and aging. Receivables are presented net of the allowance for doubtful accounts. |
Foreign Currency Transactions and Translation | Foreign Currency Transactions and Translation |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Recently Issued Accounting Standards Not Yet Adopted In February 2018, the Financial Accounting Standards Board (FASB) issued ASU No. 2018-02, “Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” which amends its guidance to allow a reclassification from Accumulated Other Comprehensive Income to Retained Earnings for the stranded income tax effects resulting from The Tax Cuts and Jobs Act of 2017 (the Tax Act). If elected, this reclassification adjustment may be applied to either the period of adoption or retrospectively to the periods impacted by the Tax Act. The amendments are effective for the Company beginning in the first quarter of fiscal year 2020, with early adoption permitted. The Company expects to early adopt this guidance in, and apply it to, the fourth quarter of fiscal year 2019. The Company is evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. 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 new guidance is effective for the Company beginning in the first quarter of fiscal year 2020, 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 is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which requires lessees to recognize a right-of-use 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 will adopt the new standard on July 1, 2019, on a modified retrospective basis using the optional transition method, and, accordingly, will not restate comparative periods. The Company has initiated its plan for the adoption and implementation of this new accounting standard, including assessing its lease arrangements and implementing software to meet the reporting and disclosure requirements of this standard. Additionally, the Company is in the process of identifying changes to its business processes and controls to support the adoption and is currently evaluating the impact that the adoption of this guidance will have on its consolidated financial statements. Refer to Note 12 of the Notes to Consolidated Financial Statements in Form 10-K for the fiscal year ended June 30, 2018 for the future minimum annual lease payments required under the Company’s existing non-cancelable operating and capital lease arrangements as of June 30, 2018. Recently Adopted Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which replaces most of the existing U.S. GAAP revenue recognition guidance and is intended to improve and converge with international standards on the financial reporting requirements for revenue from contracts with customers. The core principle of ASU 2014-09 is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. ASU 2014-09 also requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from contracts with customers, including information about significant judgments and changes in judgments. The Company adopted the new guidance on a modified retrospective basis effective July 1, 2018, and does not expect the guidance to have a material impact on the Company's annual consolidated financial statements. However, there will be an impact on the Company’s financial results in the interim periods due to the timing of recognition for certain trade promotion spending. Due to a change in the timing of recognition for certain trade promotion spending, the Company recorded an immaterial cumulative effect of initially applying the new guidance as an adjustment to the fiscal year 2019 opening balance of Retained earnings. Results for periods beginning on or after July 1, 2018 are recognized and presented in accordance with Topic 606, while prior period amounts have not been adjusted and continue to be reported in accordance with the prior accounting guidance under Topic 605, "Revenue Recognition." The Company has made changes to its accounting policies, business processes, systems and controls to align with the new revenue recognition guidance and disclosure requirements. In March 2017, the FASB issued ASU No. 2017-07, “Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost,” which requires presenting the service cost component of net periodic benefit cost in the same income statement line items as other employee compensation costs arising from services rendered during the period. This standard also requires that other components of the net periodic benefit cost be presented separately from the line item(s) that includes service costs and outside of any subtotal of operating income, if one is presented, on a retrospective basis. The Company adopted this new guidance in the first quarter of fiscal year 2019 and the adoption did not have a material impact on the Company's consolidated financial statements. Following the adoption of this guidance, the Company records the non-service cost components of net periodic benefit cost in Other (income) expense, net. |
Fair Value Measurements | 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. |
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. |
BUSINESS ACQUIRED (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the final purchase price allocation for the fair value of Nutranext's assets acquired and liabilities assumed and the related deferred income taxes as of March 31, 2019. The fair value of the assets acquired and liabilities assumed reflects the final insignificant measurement period adjustments related to goodwill, deferred income taxes and income taxes payable. The weighted-average estimated useful life of intangible assets subject to amortization is 15 years.
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INVENTORIES, NET (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventories, Net | Inventories, net, consisted of the following as of:
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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables) |
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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 income and Net earnings were as follows:
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Effects of Derivative Instruments Designated as Hedging Instruments on Net Earnings |
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Schedule of Assets and Liabilities for Fair Value Disclosure | The following table summarizes the fair value of the Company’s assets and liabilities for which disclosure of fair value is required:
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(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.
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INCOME TAXES (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule Of Impact From Change In Tax Rate | During the second quarter of fiscal year 2018, the Company made reasonable estimates of the impacts of the Tax Act and initially recorded total benefits of $81 as provisional, as defined in Staff Accounting Bulletin No. 118, as follows:
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NET EARNINGS PER SHARE (EPS) (Tables) |
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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:
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COMPREHENSIVE INCOME (Tables) |
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Schedule of Comprehensive Income | The following table provides a summary of Comprehensive income for the periods indicated:
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STOCKHOLDERS' EQUITY (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stockholders Equity | Changes in the components of Stockholders’ equity were as follows for the periods indicated:
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Schedule of Share Repurchases Under Authorized Programs | Stock repurchases under the two stock repurchase programs were as follows for the periods indicated:
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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:
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EMPLOYEE BENEFIT PLANS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Defined Benefit Plan [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:
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SEGMENT RESULTS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 from continuing operations before income taxes, with amounts that are not allocated to the reportable segments reflected in Corporate.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Dec. 31, 2017 |
Mar. 31, 2019 |
|
Accounting Policies [Abstract] | ||
Contract term | one year or less | |
Tax Cuts and Jobs Act of 2017, provisional income tax benefit | $ 81 |
DISCONTINUED OPERATIONS (Summary of (Losses) Gains from Discontinued Operations) (Details) - Clorox Venezuela [Member] - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 39 Months Ended | ||
---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Mar. 31, 2019 |
Mar. 31, 2018 |
Sep. 30, 2014 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Minimum percentage of products required to be sold at frozen price | 66.67% | ||||
Net sales | $ 0 | $ 0 | $ 0 | $ 0 |
BUSINESS ACQUIRED (Narrative) (Details) - USD ($) $ in Millions |
Apr. 02, 2018 |
Mar. 31, 2019 |
Jun. 30, 2018 |
---|---|---|---|
Business Acquisition [Line Items] | |||
Goodwill | $ 1,589 | $ 1,602 | |
Nutranext [Member] | |||
Business Acquisition [Line Items] | |||
Percentage of business acquired | 100.00% | ||
Amount paid for acquisition | $ 681 | ||
Goodwill | 412 | ||
Goodwill expected to be tax deductible | $ 363 | ||
The weighted-average estimated useful life of intangible assets subject to amortization | 15 years | ||
Lifestyle [Member] | Nutranext [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill | 310 | ||
Household [Member] | Nutranext [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill | $ 102 |
BUSINESS ACQUIRED (Fair Value Of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Jun. 30, 2018 |
---|---|---|
Business Acquisition [Line Items] | ||
Goodwill | $ 1,589 | $ 1,602 |
Nutranext [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill | 412 | |
Property, plant and equipment | 49 | |
Working capital, net | 22 | |
Deferred income taxes | (20) | |
Consideration paid | 681 | |
Customer Relationships [Member] | Nutranext [Member] | ||
Business Acquisition [Line Items] | ||
Other intangible assets | 75 | |
Trademarks [Member] | Nutranext [Member] | ||
Business Acquisition [Line Items] | ||
Other intangible assets | 143 | |
Lifestyle [Member] | Nutranext [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill | 310 | |
Household [Member] | Nutranext [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill | $ 102 |
INVENTORIES, NET (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Jun. 30, 2018 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 445 | $ 395 |
Raw materials and packaging | 136 | 129 |
Work in process | 6 | 9 |
LIFO allowances | (31) | (27) |
Total | $ 556 | $ 506 |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Narrative) (Details) |
9 Months Ended | |
---|---|---|
Mar. 31, 2019
USD ($)
instrument
|
Jun. 30, 2018
USD ($)
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 | $ (6,000,000) | |
Derivative instruments subject to contractually defined counterparty liability position limits | $ 0 | $ 0 |
Total Commodity Purchase Derivative Contracts [Member] | ||
Derivative [Line Items] | ||
Maximum duration, commodity contracts | 2 years | |
Notional amounts | $ 29,000,000 | 34,000,000 |
Jet Fuel Swaps [Member] | ||
Derivative [Line Items] | ||
Notional amounts | 11,000,000 | 10,000,000 |
Soybean Oil Futures [Member] | ||
Derivative [Line Items] | ||
Notional amounts | 18,000,000 | 24,000,000 |
Cash margin balances amount | 1,000,000 | 2,000,000 |
Purchases of Inventory [Member] | Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Notional amounts | $ 50,000,000 | $ 50,000,000 |
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, 2019 |
Mar. 31, 2018 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in Other comprehensive income | $ 2 | $ 1 | $ (3) | $ 6 |
Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings | (2) | (1) | (4) | (6) |
Commodity Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in Other comprehensive income | 2 | 0 | (4) | 3 |
Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings | (1) | 0 | (1) | 0 |
Foreign Exchange Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in Other comprehensive income | 0 | 1 | 1 | 1 |
Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings | 1 | 0 | 2 | (1) |
Interest Rate Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gains (losses) recognized in Other comprehensive income | 0 | 0 | 0 | 2 |
Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings | $ (2) | $ (1) | $ (5) | $ (5) |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Schedule of Assets and Liabilities for Fair Value Disclosure) (Details) - USD ($) $ in Millions |
Mar. 31, 2019 |
Jun. 30, 2018 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 178 | $ 131 |
Prepaid expenses and other current assets | 72 | 74 |
Total assets | 5,162 | 5,060 |
Notes and loans payable | 321 | 199 |
Accounts payable and accrued liabilities | 940 | 1,001 |
Total liabilities | 4,381 | 4,334 |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 162 | 138 |
Total liabilities | 2,609 | 2,484 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 162 | 138 |
Total liabilities | 2,676 | 2,469 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 40 | 24 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 40 | 24 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Bank Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 29 | 23 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Bank Time Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 29 | 23 |
Prepaid Expenses and Other Current Assets [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] | ||
Prepaid expenses and other current assets | 1 | 3 |
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] | ||
Prepaid expenses and other current assets | 1 | 2 |
Prepaid Expenses and Other Current Assets [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 assets | 1 | 3 |
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 | 1 | 2 |
Other Assets [Member] | Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | Trust Assets for nonqualified deferred compensation plans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trust assets for nonqualified deferred compensation plans | 91 | 86 |
Other Assets [Member] | Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | Trust Assets for nonqualified deferred compensation plans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trust assets for nonqualified deferred compensation plans | 91 | 86 |
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] | ||
Notes and loans payable | 321 | 199 |
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 | 321 | 199 |
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] | ||
Accounts payable and accrued 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] | ||
Accounts payable and accrued liabilities | 1 | 0 |
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 | 1 | 0 |
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 | 2,286 | 2,284 |
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 | $ 2,353 | $ 2,269 |
INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2017 |
Mar. 31, 2019 |
Mar. 31, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Income Tax Contingency [Line Items] | |||||||
Effective tax rate on earnings from continuing operations | 21.80% | 25.50% | 20.80% | 19.00% | |||
Federal statutory tax rate | 28.10% | ||||||
Total Tax Cuts and Jobs Act of 2017, provisional income tax benefit | $ 81 | ||||||
Scenario, Forecast [Member] | |||||||
Income Tax Contingency [Line Items] | |||||||
Federal statutory tax rate | 21.00% |
INCOME TAXES (Schedule of Impact from Change in Tax Rate) (Details) $ in Millions |
3 Months Ended |
---|---|
Dec. 31, 2017
USD ($)
| |
Income Tax Disclosure [Abstract] | |
One-time net deferred tax liability reduction | $ 60 |
One-time transition tax | (7) |
Net total one-time tax benefit | 53 |
Beneficial year-to-date current taxable income impact | 28 |
Total tax benefits | $ 81 |
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, 2019 |
Mar. 31, 2018 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Earnings Per Share [Abstract] | ||||
Basic (in shares) | 128,404 | 129,694 | 128,092 | 129,357 |
Dilutive effect of stock options and other (in shares) | 1,862 | 2,206 | 2,126 | 2,346 |
Diluted (in shares) | 130,266 | 131,900 | 130,218 | 131,703 |
Antidilutive stock options and other (in shares) | 23 | 1,136 | 807 | 1,136 |
COMPREHENSIVE INCOME (Schedule of Comprehensive Income) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Mar. 31, 2019 |
Mar. 31, 2018 |
||||
Stockholders' Equity Note [Abstract] | |||||||
Earnings from continuing operations | $ 187 | $ 181 | $ 579 | $ 606 | [1] | ||
Earnings (losses) from discontinued operations, net of tax | 0 | 0 | 0 | 0 | [1] | ||
Net earnings | 187 | 181 | 579 | 606 | [1] | ||
Other comprehensive income (loss), net of tax: | |||||||
Foreign currency translation adjustments | 8 | (4) | (23) | 6 | |||
Net unrealized gains (losses) on derivatives | 3 | 2 | 2 | 10 | |||
Pension and postretirement benefit adjustments | 2 | 1 | 4 | 2 | |||
Total other comprehensive income (loss), net of tax | 13 | (1) | (17) | 18 | |||
Comprehensive income | $ 200 | $ 180 | $ 562 | $ 624 | |||
|
STOCKHOLDERS' EQUITY (Schedule of Equity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Mar. 31, 2019 |
Mar. 31, 2018 |
Jul. 01, 2018 |
||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Balance, beginning | $ 742 | $ 760 | $ 726 | $ 542 | ||||
Cumulative effect of accounting changes | $ (3) | |||||||
Net earnings | 187 | 181 | 579 | 606 | [1] | |||
Other comprehensive income (loss) | 13 | (1) | (17) | 18 | ||||
Dividends | (123) | (125) | (369) | (343) | ||||
Stock-based compensation | 16 | 14 | 34 | 37 | ||||
Other employee stock plan activities | 19 | 8 | 140 | 40 | ||||
Treasury stock purchased | $ (73) | $ 0 | $ (309) | $ (63) | ||||
Treasury stock purchased (in shares) | (466) | 0 | (2,142) | (476) | ||||
Balance, ending | $ 781 | $ 837 | $ 781 | $ 837 | ||||
Dividends declared per share (in dollars per share) | $ 0.96 | $ 0.96 | $ 2.88 | $ 2.64 | ||||
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) | ||||
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 | $ 1,014 | $ 941 | $ 975 | $ 928 | ||||
Stock-based compensation | 16 | 14 | 34 | 37 | ||||
Other employee stock plan activities | 3 | 1 | 24 | (9) | ||||
Balance, ending | 1,033 | 956 | 1,033 | 956 | ||||
Retained Earnings [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Balance, beginning | 2,940 | 2,649 | 2,797 | 2,440 | ||||
Cumulative effect of accounting changes | $ (3) | |||||||
Net earnings | 187 | 181 | 579 | 606 | ||||
Dividends | (123) | (125) | (369) | (343) | ||||
Other employee stock plan activities | 0 | (1) | 0 | 1 | ||||
Balance, ending | 3,004 | 2,704 | 3,004 | 2,704 | ||||
Treasury Stock [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Balance, beginning | $ (2,794) | $ (2,465) | $ (2,658) | $ (2,442) | ||||
Balance, beginning (in shares) | (30,651) | (29,393) | (30,759) | (29,727) | ||||
Other employee stock plan activities | $ 16 | $ 8 | $ 116 | $ 48 | ||||
Other employee stock plan activities (in shares) | 264 | 141 | 2,048 | 951 | ||||
Treasury stock purchased | $ (73) | $ 0 | $ (309) | $ (63) | ||||
Treasury stock purchased (in shares) | (466) | 0 | (2,142) | (476) | ||||
Balance, ending | $ (2,851) | $ (2,457) | $ (2,851) | $ (2,457) | ||||
Balance, ending (in shares) | (30,853) | (29,252) | (30,853) | (29,252) | ||||
AOCI Attributable to Parent [Member] | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Balance, beginning | $ (577) | $ (524) | $ (547) | $ (543) | ||||
Other comprehensive income (loss) | 13 | (1) | (17) | 18 | ||||
Balance, ending | $ (564) | $ (525) | $ (564) | $ (525) | ||||
|
COMPREHENSIVE INCOME (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Long-Term Inter-Company Loans [Member] | ||||
Intercompany Foreign Currency Balance [Line Items] | ||||
Re-measurement gains (losses) on long-term intercompany loans | $ 1 | $ 0 | $ (3) | $ (3) |
Amounts reclassified from Accumulated other comprehensive net (loss) income | 0 | 0 | 0 | 0 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Intercompany Foreign Currency Balance [Line Items] | ||||
Amounts reclassified from Accumulated other comprehensive net (loss) income | $ 0 | $ 0 | $ 0 | $ 0 |
STOCKHOLDERS' EQUITY (Narrative) (Details) - Long-Term Inter-Company Loans [Member] - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax | $ 0 | $ 0 | $ 0 | $ 0 |
Re-measurement gains (losses) on long-term intercompany loans | $ 1 | $ 0 | $ (3) | $ (3) |
STOCKHOLDERS' EQUITY (Share Repurchase Programs) (Details) shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2019
USD ($)
repurchase_program
shares
|
Mar. 31, 2018
USD ($)
shares
|
Mar. 31, 2019
USD ($)
repurchase_program
shares
|
Mar. 31, 2018
USD ($)
shares
|
|
Share Repurchase Programs [Line Items] | ||||
Number of repurchase programs | repurchase_program | 2 | 2 | ||
Value of shares repurchased | $ 73,000,000 | $ 0 | $ 309,000,000 | $ 63,000,000 |
Shares repurchased (in shares) | shares | 466 | 0 | 2,142 | 476 |
$2 Billion Open-Market Purchase Program [Member] | ||||
Share Repurchase Programs [Line Items] | ||||
Authorized repurchase amount | $ 2,000,000,000 | $ 2,000,000,000 | ||
Value of shares repurchased | $ 0 | $ 78,000,000 | ||
Shares repurchased (in shares) | shares | 0 | 591 | ||
$750 Million Open-Market Purchase Program [Member] | ||||
Share Repurchase Programs [Line Items] | ||||
Value of shares repurchased | $ 0 | $ 0 | ||
Shares repurchased (in shares) | shares | 0 | 0 | ||
Evergreen Program [Member] | ||||
Share Repurchase Programs [Line Items] | ||||
Value of shares repurchased | $ 73,000,000 | $ 0 | $ 231,000,000 | $ 63,000,000 |
Shares repurchased (in shares) | shares | 466 | 0 | 1,551 | 476 |
STOCKHOLDERS' EQUITY (Schedule of Changes in Accumulated Other Comprehensive Net (Losses) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning | $ 742 | $ 760 | $ 726 | $ 542 |
Balance, ending | 781 | 837 | 781 | 837 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning | (415) | (346) | (384) | (356) |
Other comprehensive income (loss) before reclassifications | 8 | (4) | (22) | 9 |
Amounts reclassified from Accumulated other comprehensive net (loss) income | 0 | 0 | 0 | 0 |
Income tax benefit (expense) | 0 | 0 | (1) | (3) |
Net current period other comprehensive income (loss) | 8 | (4) | (23) | 6 |
Balance, ending | (407) | (350) | (407) | (350) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning | (26) | (29) | (25) | (37) |
Other comprehensive income (loss) before reclassifications | 2 | 1 | (3) | 6 |
Amounts reclassified from Accumulated other comprehensive net (loss) income | 2 | 1 | 4 | 6 |
Income tax benefit (expense) | (1) | 0 | 1 | (2) |
Net current period other comprehensive income (loss) | 3 | 2 | 2 | 10 |
Balance, ending | (23) | (27) | (23) | (27) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning | (136) | (149) | (138) | (150) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from Accumulated other comprehensive net (loss) income | 2 | 1 | 5 | 4 |
Income tax benefit (expense) | 0 | 0 | (1) | (2) |
Net current period other comprehensive income (loss) | 2 | 1 | 4 | 2 |
Balance, ending | (134) | (148) | (134) | (148) |
AOCI Attributable to Parent [Member] | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance, beginning | (577) | (524) | (547) | (543) |
Other comprehensive income (loss) before reclassifications | 10 | (3) | (25) | 15 |
Amounts reclassified from Accumulated other comprehensive net (loss) income | 4 | 2 | 9 | 10 |
Income tax benefit (expense) | (1) | 0 | (1) | (7) |
Net current period other comprehensive income (loss) | 13 | (1) | (17) | 18 |
Balance, ending | (564) | (525) | (564) | (525) |
Long-Term Inter-Company Loans [Member] | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Amounts reclassified from Accumulated other comprehensive net (loss) income | $ 0 | $ 0 | $ 0 | $ 0 |
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Weighted average long-term expected rate or return on plan assets | 4.33% | |||
Other Postretirement Benefits Plan [Member] | Retirement Income Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 0 | $ 1 | $ 0 | $ 1 |
Interest cost | 5 | 6 | 17 | 17 |
Expected return on plan assets | (4) | (5) | (13) | (14) |
Amortization of unrecognized items | 2 | 2 | 7 | 7 |
Total | 3 | 4 | 11 | 11 |
UNITED STATES | Retirement Income Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Discretionary contributions | $ 57 | $ 15 | $ 61 | $ 19 |
OTHER CONTINGENCIES AND GUARANTEES (Details) - USD ($) $ in Millions |
9 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2019 |
Jun. 30, 2018 |
Jun. 30, 2017 |
Nov. 30, 2016 |
|
Loss Contingencies [Line Items] | ||||
Liability for aggregate future remediation costs | $ 28 | $ 28 | ||
Letter of credit | 9 | |||
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 | $ 12 | $ 12 | ||
Remediation period | 30 years | |||
Percentage of liability for aggregate remediation and associated costs, other than legal fees | 24.30% |
SEGMENT RESULTS (Narrative) (Details) - reportable_segment |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
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% | 26.00% |
SEGMENT RESULTS (Selected Financial Information Relating To Company's Segments ) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Segment Reporting Information [Line Items] | ||||
Net sales | $ 1,551 | $ 1,517 | $ 4,587 | $ 4,433 |
Earnings from continuing operations before income taxes | 240 | 242 | 732 | 748 |
Operating Segments [Member] | Cleaning [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 508 | 513 | 1,579 | 1,544 |
Earnings from continuing operations before income taxes | 135 | 135 | 450 | 428 |
Operating Segments [Member] | Household [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 489 | 493 | 1,324 | 1,344 |
Earnings from continuing operations before income taxes | 93 | 88 | 198 | 215 |
Operating Segments [Member] | Lifestyle [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 309 | 252 | 953 | 766 |
Earnings from continuing operations before income taxes | 51 | 55 | 191 | 188 |
Operating Segments [Member] | International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 245 | 259 | 731 | 779 |
Earnings from continuing operations before income taxes | 24 | 23 | 77 | 69 |
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 0 | 0 | 0 | 0 |
Earnings from continuing operations before income taxes | $ (63) | $ (59) | $ (184) | $ (152) |
Product Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Cleaning [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration percentage | 33.00% | 34.00% | 34.00% | 35.00% |
Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Household [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration percentage | 32.00% | 33.00% | 29.00% | 30.00% |
Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Lifestyle [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration percentage | 19.00% | 16.00% | 21.00% | 17.00% |
Product Concentration Risk [Member] | Sales Revenue, Net [Member] | International [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration percentage | 16.00% | 17.00% | 16.00% | 18.00% |
Home Care [Member] | Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Cleaning [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration percentage | 20.00% | 20.00% | 19.00% | 20.00% |
Laundry [Member] | Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Cleaning [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration percentage | 8.00% | 8.00% | 9.00% | 9.00% |
Professional Products [Member] | Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Cleaning [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration percentage | 5.00% | 6.00% | 6.00% | 6.00% |
Bags, Wraps, And Containers [Member] | Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Household [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration percentage | 12.00% | 14.00% | 13.00% | 14.00% |
Cat Litter [Member] | Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Household [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration percentage | 8.00% | 7.00% | 8.00% | 7.00% |
Charcoal [Member] | Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Household [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration percentage | 10.00% | 10.00% | 6.00% | 7.00% |
Digestive Health [Member] | Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Household [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration percentage | 2.00% | 2.00% | 2.00% | 2.00% |
Food Products [Member] | Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Lifestyle [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration percentage | 9.00% | 9.00% | 9.00% | 9.00% |
Natural Personal Care [Member] | Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Lifestyle [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration percentage | 4.00% | 4.00% | 5.00% | 5.00% |
Water Filtration [Member] | Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Lifestyle [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration percentage | 3.00% | 3.00% | 3.00% | 3.00% |
Dietary Supplements [Member] | Product Concentration Risk [Member] | Sales Revenue, Net [Member] | Lifestyle [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Concentration percentage | 3.00% | 0.00% | 4.00% | 0.00% |
Label | Element | Value |
---|---|---|
Accounting Standards Update 2016-18 [Member] | ||
Restricted Cash | us-gaap_RestrictedCash | $ 2,000,000 |
Restricted Cash | us-gaap_RestrictedCash | $ 3,000,000 |