Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Jun. 30, 2019	Jul. 26, 2019	Dec. 31, 2018
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	1-07151
Entity Registrant Name	THE CLOROX COMPANY
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	31-0595760
Entity Address, Address Line One	1221 Broadway
Entity Address, City or Town	Oakland
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94612-1888
City Area Code	(510)
Local Phone Number	271-7000
Title of 12(b) Security	Common Stock–$1.00 par value
Trading Symbol	CLX
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 19.7
Entity Common Stock, Shares Outstanding		125,742,476
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0000021076
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for the 2019 Annual Meeting of Stockholders (the “Proxy Statement”), to be filed within 120 days after June 30, 2019, are incorporated by reference into Part III, Items 10 through 14 of this Annual Report on Form 10-K

CONSOLIDATED STATEMENT OF EARNINGS - USD ($) shares in Thousands, $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Net sales	$ 1,627	$ 1,551	$ 1,473	$ 1,563					$ 6,214
Net sales					$ 1,691	$ 1,517	$ 1,416	$ 1,500		$ 6,124	$ 5,973
Cost of products sold	893	878	830	885	947	868	807	827	3,486	3,449	3,302
Gross profit									2,728	2,675	2,671
Selling and administrative expenses									856	837	810
Advertising costs									612	570	599
Research and development costs									136	132	135
Interest expense									97	85	88
Other (income) expense, net									3	(3)	6
Earnings from continuing operations before income taxes									1,024	1,054	1,033
Income taxes on continuing operations									204	231	330
Earnings from continuing operations	241	187	182	210	217	181	233	192	820	823	703
Losses from discontinued operations, net of tax	0	0	0	0	0	0	0	0	0	0	(2)
Net earnings	$ 241	$ 187	$ 182	$ 210	$ 217	$ 181	$ 233	$ 192	$ 820	$ 823	$ 701
Basic
Basic continuing operations (in dollars per share)	$ 1.91	$ 1.46	$ 1.42	$ 1.65	$ 1.69	$ 1.39	$ 1.81	$ 1.49	$ 6.42	$ 6.37	$ 5.45
Basic discontinued operations (in dollars per share)	0	0	0	0	0	0	0	0	0	0	(0.02)
Basic net earnings per share (in dollars per share)	1.91	1.46	1.42	1.65	1.69	1.39	1.81	1.49	6.42	6.37	5.43
Diluted
Diluted continuing operations (in dollars per share)	1.88	1.44	1.40	1.62	1.66	1.37	1.77	1.46	6.32	6.26	5.35
Diluted discontinued operations (in dollars per share)	0	0	0	0	0	0	0	0	0	0	(0.02)
Diluted net earnings per share (in dollars per share)	$ 1.88	$ 1.44	$ 1.40	$ 1.62	$ 1.66	$ 1.37	$ 1.77	$ 1.46	$ 6.32	$ 6.26	$ 5.33
Weighted average shares outstanding (in thousands)
Weighted average shares outstanding - basic (in shares)									127,734	129,293	128,953
Weighted average shares outstanding - diluted (in shares)									129,792	131,581	131,566

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Earnings from continuing operations	$ 820	$ 823	$ 703
Losses from discontinued operations, net of tax	0	0	(2)
Net earnings	820	823	701
Other comprehensive income (loss):
Foreign currency adjustments, net of tax	(22)	(28)	(3)
Net unrealized gains (losses) on derivatives, net of tax	2	12	7
Pension and postretirement benefit adjustments, net of tax	4	12	23
Total other comprehensive income (loss), net of tax	(16)	(4)	27
Comprehensive income	$ 804	$ 819	$ 728

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018
Current assets
Cash and cash equivalents	$ 111	$ 131
Receivables, net	631	600
Inventories, net	512	506
Prepaid expenses and other current assets	51	74
Total current assets	1,305	1,311
Property, plant and equipment, net	1,034	996
Goodwill	1,591	1,602
Trademarks, net	791	795
Other intangible assets, net	121	134
Other assets	274	222
Total assets	5,116	5,060
Current liabilities
Notes and loans payable	396	199
Accounts payable and accrued liabilities	1,035	1,001
Income taxes payable	9	0
Total current liabilities	1,440	1,200
Long-term debt	2,287	2,284
Other liabilities	780	778
Deferred income taxes	50	72
Total liabilities	4,557	4,334
Commitments and contingencies
Stockholders’ equity
Preferred stock: $1.00 par value; 5,000,000 shares authorized; none issued or outstanding	0	0
Common stock: $1.00 par value; 750,000,000 shares authorized; 158,741,461 shares issued as of June 30, 2019 and 2018; and 125,686,325 and 127,982,767 shares outstanding as of June 30, 2019 and 2018, respectively	159	159
Additional paid-in capital	1,046	975
Retained earnings	3,150	2,797
Treasury shares, at cost: 33,055,136 and 30,758,694 shares as of June 30, 2019 and 2018, respectively	(3,194)	(2,658)
Accumulated other comprehensive net (loss) income	(602)	(547)
Stockholders’ equity	559	726
Total liabilities and stockholders’ equity	$ 5,116	$ 5,060

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2019	Jun. 30, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 1	$ 1
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	$ 1
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	158,741,461	158,741,461
Common stock, shares outstanding (in shares)	125,686,325	127,982,767
Treasury stock, shares (in shares)	33,055,136	30,758,694

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]
Balance, amount at Jun. 30, 2016	$ 297	$ 159	$ 868	$ 2,163	$ (2,323)	$ (570)
Balance, shares (in shares) at Jun. 30, 2016		158,741			29,386
Net earnings	701			701
Other comprehensive income (loss)	27					27
Dividends	(421)			(421)
Stock-based compensation	51		51
Other employee stock plan activities	76		9	(3)	$ 70
Other Employee Stock Plan Activities (in shares)					1,164
Treasury stock purchased	$ (189)				$ (189)
Treasury stock purchased (in shares)	(1,505)				(1,505)
Balance, shares (in shares) at Jun. 30, 2017		158,741			29,727
Balance, amount at Jun. 30, 2017	$ 542	$ 159	928	2,440	$ (2,442)	(543)
Dividends per share declared (in dollars per share)	$ 3.24
Net earnings	$ 823			823
Other comprehensive income (loss)	(4)					(4)
Dividends	(467)			(467)
Stock-based compensation	53		53
Other employee stock plan activities	51		(6)	1	$ 56
Other Employee Stock Plan Activities (in shares)					1,139
Treasury stock purchased	$ (272)				$ (272)
Treasury stock purchased (in shares)	(2,171)				(2,171)
Balance, shares (in shares) at Jun. 30, 2018		158,741			30,759
Balance, amount at Jun. 30, 2018	$ 726	$ 159	975	2,797	$ (2,658)	(547)
Dividends per share declared (in dollars per share)	$ 3.60
Net earnings	$ 820			820
Other comprehensive income (loss)	(16)					(16)
Dividends	(503)			(503)
Stock-based compensation	43		43
Other employee stock plan activities	152		28	0	$ 124
Other Employee Stock Plan Activities (in shares)					2,178
Treasury stock purchased	$ (660)				$ (660)
Treasury stock purchased (in shares)	(4,474)				(4,474)
Balance, shares (in shares) at Jun. 30, 2019		158,741			33,055
Balance, amount at Jun. 30, 2019	$ 559	$ 159	$ 1,046	$ 3,150	$ (3,194)	$ (602)
Dividends per share declared (in dollars per share)	$ 3.94

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended				12 Months Ended
	Jun. 30, 2019	Sep. 30, 2018	Jun. 30, 2018	Sep. 30, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Operating activities:
Net earnings	$ 241	$ 210	$ 217	$ 192	$ 820	$ 823	$ 701	$ 648
Deduct: Losses from discontinued operations, net of tax	0	0	0	0	0	0	(2)	0
Earnings from continuing operations	241	210	217	192	820	823	703	648
Adjustments to reconcile earnings from continuing operations to net cash provided by continuing operations:
Depreciation and amortization					180	166	163
Stock-based compensation					43	53	51
Deferred income taxes					(20)	(23)	(35)
Other					(29)	44	33
Changes in:
Receivables, net					(32)	(24)	(1)
Inventories, net					(7)	(21)	(19)
Prepaid expenses and other current assets					(6)	4	(5)
Accounts payable and accrued liabilities					17	(47)	(34)
Income taxes payable/receivable, net					26	1	12
Net cash provided by continuing operations					992	976	868
Net cash used for discontinued operations					0	0	(3)
Net cash provided by operations					992	976	865
Investing activities:
Capital expenditures					(206)	(194)	(231)
Businesses acquired, net of cash acquired					0	(681)	0
Other					10	16	26
Net cash used for investing activities					(196)	(859)	(205)
Financing activities:
Notes and loans payable, net					189	(214)	(125)
Long-term debt borrowings, net of issuance costs					0	891	0
Long-term debt repayments					0	(400)	0
Treasury stock purchased					(661)	(271)	(183)
Cash dividends paid					(490)	(450)	(412)
Issuance of common stock for employee stock plans and other					147	45	75
Net cash used for financing activities					(815)	(399)	(645)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash					(2)	(3)	(1)
Net increase (decrease) in cash, cash equivalents and restricted cash					(21)	(285)	14
Cash, cash equivalents and restricted cash:
Beginning of year		$ 134		$ 419	134	419	405
End of year	113		134		113	134	419	$ 405
Supplemental cash flow information:
Interest paid					87	75	78
Income taxes paid, net of refunds					207	245	347
Non-cash financing activities:
Cash dividends declared and accrued, but not paid	$ 133		$ 123		$ 133	$ 123	$ 108

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations and Basis of Presentation

The Company is principally engaged in the production, marketing and sales of consumer products through mass retailers, grocery outlets, warehouse clubs, dollar stores, home hardware centers, drug, pet and military stores, third-party and owned e-commerce channels, and distributors. The consolidated financial statements include the statements of the Company and its wholly owned and controlled subsidiaries. All significant intercompany transactions and accounts were eliminated in consolidation. Certain prior year reclassifications were made in the consolidated financial statements and related notes to the consolidated financial statements to conform to the current year presentation.

Effective September 22, 2014, the Company’s Venezuela affiliate, Corporación Clorox de Venezuela S.A. (Clorox Venezuela), discontinued its operations. Consequently, the Company presents the financial results of Clorox Venezuela as a discontinued operation in the consolidated financial statements for all periods presented herein.

Use of Estimates

The preparation of these consolidated financial statements in conformity with generally accepted accounting principles in the United States of America (U.S. GAAP) requires management to reach opinions as to estimates and assumptions that affect reported amounts and related disclosures. Specific areas requiring the application of management’s estimates and judgments include, among others, assumptions pertaining to accruals for consumer and trade-promotion programs, stock-based compensation, retirement income plans, future cash flows associated with impairment testing of goodwill and other long-lived assets and the valuation of the venture agreement terminal obligation, the valuation of assets acquired and liabilities assumed in connection with a business combination, the credit worthiness of customers, uncertain tax positions, tax valuation allowances and legal, environmental and insurance matters. Actual results could materially differ from estimates and assumptions made.

Cash, Cash Equivalents and Restricted Cash

Cash equivalents consist of highly liquid interest-bearing accounts, time deposits held by financial institutions and money market funds with an initial maturity at purchase of three months or less. The fair value of cash and cash equivalents approximates the carrying amount.

The Company’s cash position includes amounts held by foreign subsidiaries and, as a result, the repatriation of certain cash balances from some of the Company’s foreign subsidiaries could result in additional withholding tax costs in certain foreign jurisdictions. However, these cash balances are generally available without legal restriction to fund local business operations. In addition, a portion of the Company’s cash balance is held in U.S. dollars by foreign subsidiaries whose functional currency is their local currency. Such U.S. dollar balances are reported on the foreign subsidiaries’ books in their functional currency, and the impact on such balances from foreign currency exchange rate differences is recorded in Other (income) expense, net.

As of June 30, 2019, 2018, 2017, and 2016, the Company had $2, $3, $2 and $4 of restricted cash, respectively, which was primarily related to a cash margin deposit held for exchange-traded futures contracts. The June 30, 2017 and 2016 balances also included restricted cash related to fiscal year 2012 acquisitions. The restricted cash was included in Prepaid expenses and other current assets and Other assets as of June 30, 2019, 2018, 2017 and 2016.

Inventories

The Company values its inventories using both the First-In, First-Out (“FIFO”) and the Last-In, First-Out (“LIFO”) methods. The FIFO inventory is stated at the lower of cost or net realizable value, which includes any costs to sell or dispose. In addition, appropriate consideration is given to obsolescence, excessive inventory levels, product deterioration and other factors in evaluating net realizable value. The LIFO inventory is stated at the lower of cost or market.

Property, Plant and Equipment and Finite-Lived Intangible Assets

Property, plant and equipment and finite-lived intangible assets are stated at cost. Depreciation and amortization expense are primarily calculated by the straight-line method using the estimated useful lives or lives determined by reference to the related lease contract in the case of leasehold improvements. The table below provides estimated useful lives of property, plant and equipment by asset classification.



	Estimated Useful Lives
Buildings and leasehold improvements	7 - 40 years
Land improvements	10 - 30 years
Machinery and equipment	3 - 15 years
Computer equipment	3 - 5 years
Capitalized software costs	3 - 7 years

Property, plant and equipment and finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances occur that indicate that the carrying amount of an asset (or asset group) may not be fully recoverable. The risk of impairment is initially assessed based on an estimate of the undiscounted cash flows at the lowest level for which identifiable cash flows exist. Impairment occurs when the carrying value of the asset exceeds the estimated future undiscounted cash flows generated by the asset. When impairment is indicated, an impairment charge is recorded for the difference between the carrying value of the asset and its estimated fair market value. Depending on the asset, estimated fair market value may be determined either by use of a discounted cash flow model or by reference to estimated selling values of assets in similar condition.

Capitalization of Software Costs

The Company capitalizes certain qualifying costs incurred in the acquisition and development of software for internal use, including the costs of the software, materials, consultants, interest and payroll and payroll-related costs for employees during the application development stage. Internal and external costs incurred during the preliminary project stage and post implementation-operation stage, mainly training and maintenance costs, are expensed as incurred. Once the application is substantially complete and ready for its intended use, qualifying costs are amortized on a straight-line basis over the software’s estimated useful life.

Impairment Review of Goodwill and Indefinite-Lived Intangible Assets

The Company tests its goodwill, trademarks with indefinite lives and other indefinite-lived intangible assets annually for impairment in the fiscal fourth quarter unless there are indications during a different interim period that these assets may have become impaired.

With respect to goodwill, the Company has the option to first assess qualitative factors such as the maturity and stability of the reporting unit, the magnitude of the excess fair value over carrying value from the prior year’s impairment testing, other reporting unit specific operating results as well as new events and circumstances impacting the operations at the reporting unit level. If the result of a qualitative test indicates a potential for impairment of a reporting unit, a quantitative test is performed. The quantitative test is a two-step process. In the first step, the Company compares the estimated fair value of the reporting unit to its carrying value. In all instances, the estimated fair value exceeded the carrying value of the reporting unit. Had the estimated fair value of any reporting unit been less than its carrying value, the Company would have performed a second step to determine the implied fair value of the reporting unit’s goodwill. If the carrying amount of a reporting unit’s goodwill had exceeded its implied fair value, an impairment charge would have been recorded for the difference between the carrying amount and the implied fair value of the reporting unit’s goodwill.

To determine the fair value of a reporting unit as part of its quantitative test, the Company uses a discounted cash flow (DCF) method under the income approach, as it believes that this approach is the most reliable indicator of the fair value of its businesses and the fair value of their future earnings and cash flows. Under this approach, which requires significant judgments, the Company estimates the future cash flows of each reporting unit and discounts these cash flows at a rate of return that reflects their relative risk. The cash flows used in the DCF method are consistent with those the Company uses in its internal planning, which gives consideration to actual business trends experienced, and the broader business strategy for the long term. The other key estimates and factors used in the DCF method include, but are not limited to, future volumes, net sales and expense growth rates, commodity prices, changes in working capital, foreign exchange rates, inflation and a terminal growth rate. Changes in such estimates or the application of alternative assumptions could produce different results.

For trademarks and other intangible assets with indefinite lives, the Company performs a quantitative analysis to test for impairment. When a quantitative test is performed, the estimated fair value of an asset is compared to its carrying amount. If the carrying amount of such asset exceeds its estimated fair value, an impairment charge is recorded for the difference between the carrying amount and the estimated fair value. The Company uses the income approach to estimate the fair value of its trademarks and other intangible assets with indefinite lives. This approach requires significant judgments in determining the royalty rates and the assets’ estimated cash flows as well as the appropriate discount and foreign exchange rates applied to those cash flows to determine fair value. Changes in such estimates or the use of alternative assumptions could produce different results.

Stock-based Compensation

The Company grants various nonqualified stock-based compensation awards to eligible employees, including stock options, restricted stock and performance shares.

For stock options, the Company estimates the fair value of each award on the date of grant using the Black-Scholes valuation model, which requires management to make estimates regarding expected option life, stock price volatility and other assumptions. Groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The Company estimates stock option forfeitures based on historical data for each employee grouping. The total number of stock options expected to vest is adjusted by actual and estimated forfeitures. Changes to the actual and estimated forfeitures will result in a cumulative adjustment in the period of change. Compensation expense is recorded by amortizing the grant date fair values on a straight-line basis over the vesting period, adjusted for estimated forfeitures.

The Company’s performance shares provide for the issuance of common stock to certain managerial staff and executive management if the Company achieves specified performance targets. The number of shares issued is dependent upon the achievement of specified performance targets. The performance period is three years and the payout determination is made at the end of the three-year performance period. Performance shares receive dividends earned during the vesting period upon vesting. The fair value of each grant issued is estimated on the date of grant based on the current market price of the stock. The total amount of compensation expense recognized reflects estimated forfeiture rates and management’s assessment of the probability that performance goals will be achieved. A cumulative adjustment is recognized to compensation expense in the current period to reflect any changes in the probability of achievement of performance goals.

Cash flows resulting from tax deductions in excess of the cumulative compensation cost recognized for stock-based payment arrangements (excess tax benefits) are classified as operating cash inflows.

Employee Benefits

The Company accounts for its retirement income and retirement health care plans using actuarial methods. These methods use an attribution approach that generally spreads “plan events” over the service lives or expected lifetime (for frozen plans) of plan participants. Examples of plan events are plan amendments and changes in actuarial assumptions such as the expected return on plan assets, discount rate, rate of compensation increase and certain employee-related factors, such as retirement age and mortality. The principle underlying the attribution approach is that employees render service over their employment period on a relatively “smooth” basis and, therefore, the statement of earnings effects of retirement income and retirement health care plans are recognized in the same pattern. One of the principal assumptions used in the net periodic benefit cost calculation is the expected return on plan assets. The expected return on plan assets may result in recognized expense or income that differs from the actual returns of those plan assets in any given year. Over time, however, the goal is for the expected long-term returns to approximate the actual returns and, therefore, the expectation is that the pattern of income and expense recognition should closely match the pattern of the services provided by the participants. The Company uses a market-related value method for calculating plan assets for purposes of determining the amortization of actuarial gains and losses. The differences between actual and expected returns are recognized in the net periodic benefit cost calculation over the average remaining service period or expected lifetime (for frozen plans) of the plan participants using the corridor approach. Under this approach, only actuarial gains (losses) that exceed 5% of the greater of the projected benefit obligation or the market-related value of assets are amortized to the Company’s net periodic benefit cost. In developing its expected return on plan assets, the Company considers the long-term actual returns relative to the mix of investments that comprise its plan assets and also develops estimates of future investment returns by considering external sources.

The Company recognizes an actuarial-based obligation at the onset of disability for certain benefits provided to individuals after employment, but before retirement, that include medical, dental, vision, life and other benefits.

Environmental Costs

The Company is involved in certain environmental remediation and ongoing compliance activities. Accruals for environmental matters are recorded on a site-by-site basis when it is probable that a liability has been incurred and based upon a reasonable estimate of the liability. The Company’s accruals reflect the anticipated participation of other potentially responsible parties in those instances where it is probable that such parties are legally responsible and financially capable of paying their respective shares of the relevant costs. These accruals are adjusted periodically as assessment and remediation efforts progress or as additional technical or legal information becomes available. Actual costs to be incurred at identified sites in future periods may vary from the estimates, given the inherent uncertainties in evaluating environmental exposures. The accrual for environmental matters is included in Accounts payable and accrued liabilities and Other liabilities in the Company’s consolidated balance sheets on an undiscounted basis due to uncertainty regarding the timing of future payments.

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 customer contract. Shipping and handling activities are accounted for as contract fulfillment costs and classified as Cost of products sold. Once control is transferred to the customer, the Company has completed its performance obligation, and revenue is recognized. After the completion of the performance obligation, there is an unconditional right to consideration as outlined in the contract. A right is considered 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 sales take place. The accruals for trade promotion programs and consumer coupons are established based on the Company’s best estimate of the amounts necessary to settle existing and future 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 trade promotional activities, and uses historical trend experience and coupon redemption estimates for the coupon accruals.

The Company provides an allowance for doubtful accounts based on its historical experience and ongoing assessment of its customers’ credit risk and aging. Receivables were presented net of an allowance for doubtful accounts of $4 and $7 as of June 30, 2019 and 2018, respectively. Receivables, net, included non-customer receivables of $17 and $10 as of June 30, 2019 and 2018, respectively.

Cost of Products Sold

Cost of products sold represents the costs directly related to the manufacture and distribution of the Company’s products and primarily includes raw materials, packaging, contract manufacturing fees, shipping and handling, warehousing, package design, depreciation, amortization, direct and indirect labor and operating costs for the Company’s manufacturing and distribution facilities, including salary, benefit costs and incentive compensation, and royalties and other charges related to the Company’s Glad^® Venture Agreement (See Note 8).

Costs associated with developing and designing new packaging, including design, artwork, films and labeling, are expensed as incurred and included within Cost of products sold.

Selling and Administrative Expenses

Selling and administrative expenses represent costs incurred by the Company in generating revenues and managing the business and include market research, commissions and certain administrative expenses. Administrative expenses include salary, benefits, incentive compensation, professional fees and services and other operating costs associated with the Company’s non-manufacturing, non-research and development staff, facilities and equipment, as well as software and licensing fees.

Advertising and Research and Development Costs

The Company expenses advertising and research and development costs in the period incurred.

Income Taxes

The Company uses the asset and liability method to account for income taxes. Deferred tax assets and liabilities are recognized for the anticipated future tax consequences attributable to differences between financial statement amounts and their respective tax basis. Management reviews the Company’s deferred tax assets to determine whether their value can be realized based upon available evidence. A valuation allowance is established when management believes that it is more likely than not that some portion of its deferred tax assets will not be realized. Changes in valuation allowances from period to period are included in the Company’s income tax provision in the period of change. In addition to valuation allowances, the Company provides for uncertain tax positions when such tax positions do not meet certain recognition thresholds or measurement standards. Amounts for uncertain tax positions are adjusted in quarters when new information becomes available or when positions are effectively settled.

Per U.S. GAAP, foreign withholding taxes are provided on unremitted foreign earnings that are not indefinitely reinvested at the time the earnings are generated. The Company regularly reviews and assesses whether there are any changes to its indefinite reinvestment assertion. Through the second quarter of fiscal year 2018, the Company had determined that the undistributed earnings of a number of its foreign subsidiaries were indefinitely reinvested. In December 2017, The Tax Cuts and Jobs Act (the Tax Act) was passed into law, which significantly reduced the cost of U.S. repatriation. In the third quarter of fiscal year 2018, the Company concluded an analysis wherein it determined that none of the undistributed earnings of its foreign subsidiaries were indefinitely reinvested. As a result, the Company is providing foreign withholding taxes on the undistributed earnings of all foreign subsidiaries where applicable.

Foreign Currency Transactions and Translation

Local currencies are the functional currencies for substantially all of the Company’s foreign operations. When the transactional currency is different than the functional currency, transaction gains and losses are included as a component of Other (income) expense, net. In addition, certain assets and liabilities denominated in currencies other than a foreign subsidiary’s functional currency are reported on the subsidiary’s books in its functional currency, with the impact from exchange rate differences recorded in Other (income) expense, net. Assets and liabilities of foreign operations are translated into U.S. dollars using the exchange rates in effect at the balance sheet date, while income and expenses are translated at the respective average monthly exchange rates during the year.

Gains and losses on foreign currency translations are reported as a component of Other comprehensive income (loss). The income tax effect of currency translation adjustments is recorded as a component of deferred taxes with an offset to Other comprehensive income (loss) where appropriate.

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 consolidated statement of earnings.

Derivative Instruments

The Company’s use of derivative instruments, principally swaps, futures and forward contracts, is limited to non-trading purposes and is designed to partially manage exposure to changes in commodity prices, interest rates and foreign currencies. The Company’s contracts are hedges for transactions with notional amounts and periods consistent with the related exposures and do not constitute investments independent of these exposures.

The changes in the fair value (i.e., gains or losses) of a derivative instrument are recorded as either assets or liabilities in the consolidated balance sheets with an offset to Net earnings or Other comprehensive income (loss) depending on whether, for accounting purposes, it has been designated and qualifies as an accounting hedge and, if so, on the type of hedging relationship. The criteria used to determine if hedge accounting treatment is appropriate are: (a) formal designation and documentation of the hedging relationship, the risk management objective and hedging strategy at hedge inception; (b) eligibility of hedged items, transactions and corresponding hedging instrument; and (c) effectiveness of the hedging relationship both at inception of the hedge and on an ongoing basis in achieving the hedging objectives. For those derivative instruments designated and qualifying as hedging instruments, the Company must designate the hedging instrument either as a fair value hedge or as a cash flow hedge. The Company designates its commodity forward and future contracts for forecasted purchases of raw materials, interest rate forward contracts for forecasted interest payments, and foreign currency forward contracts for forecasted purchases of inventory as cash flow hedges. During the fiscal years ended June 30, 2019, 2018 and 2017, the Company had no hedging instruments designated as fair value hedges.

For derivative instruments designated and qualifying as cash flow hedges, the effective portion of gains or losses is reported as a component of Other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. From time to time, the Company may have contracts not designated as hedges for accounting purposes, for which it recognizes changes in the fair value in the consolidated statement of earnings in the current period. Cash flows from hedging activities are classified as operating activities in the consolidated statements of cash flows.

Recently Issued Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

In August 2017, the Financial Accounting Standards Board (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 does not expect this guidance to have a material impact on its consolidated financial statements upon adoption.

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 (ROU) asset and a lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation will depend on the classification of a lease as either a finance or an operating lease. ASU 2016-02 also requires expanded disclosures about leasing arrangements. The new guidance is effective for the Company beginning in the first quarter of fiscal year 2020, with early adoption permitted. 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 in the first quarter of fiscal year 2020, on a modified retrospective basis using the optional transition method, and, accordingly, will not restate the comparative periods. The Company expects to elect certain practical expedients, including the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. The Company has substantially completed 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. The Company anticipates the adoption of this new standard will result in the recognition of ROU assets of between approximately $315 and $345 and aggregate current and non-current liabilities of between $350 and $380 on the Company’s consolidated balance sheet with the difference largely due to deferred rent that will be reclassified to the ROU asset. The Company also expects to record a cumulative-effect adjustment to the opening balance of Retained earnings of between approximately $20 and $25 related primarily to the remaining deferred gain from the sale-leaseback of the Company’s general office building in Oakland, California (see Note 8). This new standard is not expected to have a material impact on the Company’s consolidated statement of earnings or the consolidated statement of cash flows.

Recently Adopted Accounting Standards

In February 2018, the 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 Act. The Company early adopted this guidance in, and applied it to, the fourth quarter of fiscal year 2019. As a result of the adoption, the Company decreased Accumulated other comprehensive net (loss) income and increased Retained earnings by $39.

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 the adoption did not have a material impact on the Company’s annual consolidated financial statements. However, there was 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.

In March 2018, the FASB issued ASU No. 2018-05, “Income Taxes (Topic 740)-Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118,” which amends its guidance to address the initial accounting for the income tax effects of the Tax Act, which was enacted on December 22, 2017 (enactment date). This guidance allowed reasonable estimates of income tax effects to be reported as provisional amounts during the measurement period, which is one year from the enactment date, when the necessary information is not available, prepared, or analyzed in sufficient detail to complete the accounting. The amendments also added specific disclosure requirements. The Company has adopted this new guidance. The Company recorded $81 of provisional benefits in the second quarter of fiscal year 2018. Refer to Note 16 for more information.

BUSINESS ACQUIRED

12 Months Ended

Jun. 30, 2019

Business Combinations [Abstract]

BUSINESS ACQUIRED

Nutranext Acquisition

On April 2, 2018, the Company acquired 100 percent of Nutranext, a dietary supplements 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.

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 generally accepted accounting principles 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 in the amounts 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 purchase price allocation was finalized during the third quarter of fiscal year 2019. 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. 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.



	Nutranext
Goodwill ($310 in Lifestyle reportable segment and $102 in Household reportable segment)	$	412
Trademarks	143
Customer relationships	75
Property, plant and equipment	49
Working capital, net	22
Deferred income taxes	(20		)
Consideration paid	$	681

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. Included in the Company’s results for fiscal year 2019 and 2018 was $217 and $53, respectively, of Nutranext’s global net sales.

Pro forma results reflecting the acquisition were not presented because the acquisition did not meet the threshold requirements for additional disclosure.

INVENTORIES

12 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

INVENTORIES

Inventories consisted of the following as of June 30:



	2019			2018
Finished goods	$	411		$	395
Raw materials and packaging	125			129
Work in process	6			9
LIFO allowances	(30		)	(27		)
Total	$	512		$	506

The LIFO method was used to value approximately 34% and 38% of inventories as of June 30, 2019 and 2018, respectively. The carrying values for all other inventories are determined on the FIFO method. The effect on earnings of the liquidation of LIFO layers was insignificant for each of the fiscal years ended June 30, 2019, 2018 and 2017.

PROPERTY, PLANT AND EQUIPMENT, NET

12 Months Ended

Jun. 30, 2019

Property, Plant and Equipment, Net [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

The components of property, plant and equipment, net, consisted of the following as of June 30:



	2019			2018
Machinery and equipment	$	1,867		$	1,808
Buildings	596			574
Capitalized software costs	358			375
Land and improvements	138			131
Construction in progress	131			77
Computer equipment	94			92
Total	3,184			3,057
Less: Accumulated depreciation and amortization	(2,150		)	(2,061		)
Property, plant and equipment, net	$	1,034		$	996

Included in Machinery and equipment above was $21 and $13 of capital leases as of June 30, 2019 and 2018. Accumulated depreciation for assets under capital leases was $12 and $10 as of June 30, 2019 and 2018, respectively.

Included in Buildings above was $0 and $2 of asset retirement obligations as of June 30, 2019 and 2018, respectively, for leased properties. There were no asset retirement obligations recorded in fiscal year 2019 and 2018.

Depreciation and amortization expense related to property, plant and equipment, net, was $165, $156 and $153 in fiscal years 2019, 2018 and 2017, respectively, which includes depreciation of assets under capital leases. This also includes amortization of capitalized software of $8, $11 and $15 in fiscal years 2019, 2018 and 2017, respectively.

During the second quarter of fiscal year 2017, the Company recognized a $21 non-cash charge, within the Cleaning reportable segment, related to impairing certain assets of the subsequently divested Aplicare business. The asset impairment charge primarily related to writing down Property, plant and equipment to fair value in connection with an updated valuation of the Aplicare business.

Non-cash capital expenditures were $2 in each of the fiscal years ended June 30, 2019, 2018 and 2017.

GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS

12 Months Ended

Jun. 30, 2019

GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS [Abstract]

GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS

The changes in the carrying amount of goodwill by reportable segment for the fiscal years ended June 30, 2019 and 2018 were as follows:



	Goodwill
	Cleaning		Household		Lifestyle		International			Total
Balance as of June 30, 2017	$	323	$	207	$	244	$	422		$	1,196
Acquisition	—		102		309		—			411
Effect of foreign currency translation	—		—		—		(5		)	(5		)
Balance as of June 30, 2018	$	323	$	309	$	553	$	417		$	1,602
Acquisition	—		—		1		—			1
Effect of foreign currency translation	—		—		—		(12		)	(12		)
Balance as of June 30, 2019	$	323	$	309	$	554	$	405		$	1,591

The changes in the carrying amount of trademarks and other intangible assets for the fiscal years ended June 30 were as follows:



	As of June 30, 2019						As of June 30, 2018
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Trademarks with indefinite lives	$	777	$	—	$	777	$	778	$	—	$	778
Trademarks with finite lives	40		26		14		41		24		17
Other intangible assets	430		309		121		430		296		134
Total	$	1,247	$	335	$	912	$	1,249	$	320	$	929

Finite-lived intangible assets are amortized over their estimated useful lives, which range from 2 to 30 years. Amortization expense relating to the Company’s intangible assets was $15, $10 and $10 for the years ended June 30, 2019, 2018 and 2017, respectively. Estimated amortization expense for these intangible assets is $14, $12, $12, $12 and $10 for fiscal years 2020, 2021, 2022, 2023 and 2024, respectively.

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

12 Months Ended

Jun. 30, 2019

Accounts Payable and Accrued Liabilities, Current [Abstract]

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Accounts payable and accrued liabilities consisted of the following as of June 30:



	2019		2018
Accounts payable	$	507	$	507
Compensation and employee benefit costs	158		154
Trade and sales promotion costs	115		91
Dividends	139		129
Other	116		120
Total	$	1,035	$	1,001

DEBT

12 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

DEBT

Short-term borrowings

Notes and loans payable primarily consist of U.S. commercial paper issued by the Company, which mature in less than one year, and were $396 and $199 as of June 30, 2019 and 2018, respectively.

The weighted average interest rates incurred on average outstanding notes and loans payable during the fiscal years ended June 30, 2019, 2018 and 2017, including fees associated with the Company’s undrawn revolving credit facility, were 2.98%, 2.10% and 1.21%, respectively. The weighted average effective interest rates on U.S. commercial paper balances as of June 30, 2019 and 2018 were 2.65% and 2.31%, respectively.

Long-term borrowings

Long-term debt, carried at face value net of unamortized discounts, premiums and debt issuance costs, included the following as of June 30:



	2019		2018
Senior unsecured notes and debentures:
3.80%, $300 due November 2021	$	299	$	298
3.05%, $600 due September 2022	598		597
3.50%, $500 due December 2024	498		497
3.10%, $400 due October 2027	397		397
3.90%, $500 due May 2028	495		495
Total	2,287		2,284
Less: Current maturities of long-term debt	—		—
Long-term debt	$	2,287	$	2,284

The weighted average interest rates incurred on average outstanding long-term debt during the fiscal years ended June 30, 2019, 2018 and 2017, were 3.81%, 3.94% and 4.41%, respectively. The weighted average effective interest rates on long-term debt balances as of both June 30, 2019 and 2018 were 3.81%.

Long-term debt maturities as of June 30, 2019, are $0, $0, $300, $600, $0, and $1,400 in fiscal years 2020, 2021, 2022, 2023, 2024, and thereafter, respectively.

In May 2018, the Company issued $500 of senior notes with an annual fixed interest rate of 3.90% and a maturity date of May 15, 2028 and used the proceeds to repay a portion of the outstanding commercial paper, including amounts raised in connection with the Nutranext acquisition. Interest on the notes is payable semi-annually in May and November. The notes carry an effective interest rate of 4.02%, which includes the impact of amortizing debt issuance costs and the loss on the related interest rate forward contracts over the life of the notes (See Note 9). The notes rank equally with all of the Company's existing senior indebtedness.

In September 2017, the Company issued $400 of senior notes with an annual fixed interest rate of 3.10% and a maturity date of October 1, 2027, and used the proceeds to repay $400 of senior notes with an annual fixed interest rate of 5.95% that became due in October 2017. Interest on the September 2017 senior notes is payable semi-annually in April and October. The notes carry an effective interest rate of 3.13%, which includes the impact of amortizing debt issuance costs and the gain on the related interest rate forward contracts over the life of the notes (See Note 9). The notes rank equally with all of the Company’s existing senior indebtedness.

Credit arrangements

The Company’s borrowing capacity under other financing arrangements as of June 30 was as follows:



	2019		2018
Revolving credit facility	$	1,100	$	1,100
Foreign and other credit lines	39		37
Total	$	1,139	$	1,137

As of June 30, 2019 and 2018, the Company had a $1,100 revolving credit agreement (the Credit Agreement) that matures in February 2022. There were no borrowings under the Credit Agreement as of June 30, 2019 and 2018, and the Company believes that borrowings under the Credit Agreement are and will continue to be available for general business purposes. The Credit Agreement includes certain restrictive covenants and limitations, with which the Company was in compliance as of June 30, 2019 and 2018.

Of the $39 of foreign and other credit lines as of June 30, 2019, $4 was outstanding and the remainder of $35 was available for borrowing. Of the $37 of foreign and other credit lines as of June 30, 2018, $3 was outstanding and the remainder of $34 was available for borrowing.

OTHER LIABILITIES

12 Months Ended

Jun. 30, 2019

Other Liabilities Disclosure [Abstract]

OTHER LIABILITIES

Other liabilities consisted of the following as of June 30:



	2019		2018
Venture agreement terminal obligation, net	$	370	$	341
Employee benefit obligations	280		283
Taxes	34		52
Other	96		102
Total	$	780	$	778

Venture Agreement

The Company has an agreement with The Procter & Gamble Company (P&G) for the Company’s Glad^® bags, wraps and containers business. In connection with this agreement, P&G provides research and development (R&D) support to the Glad^® business. As of June 30, 2019 and 2018, P&G had a 20% interest in the venture. The Company pays a royalty to P&G for its interest in the profits, losses and cash flows, as contractually defined, of the Glad^® business, which is included in Cost of products sold. In December 2017, the Company and P&G extended the term of the agreement and the related R&D support provided by P&G. The term will now expire in January 2026, unless the parties agree, on or prior to January 31, 2025, to further extend the term of the agreement for another seven years or agree to take some other relevant action. The agreement can be terminated under certain circumstances, including at P&G’s option upon a change in control of the Company or, at either party’s option, upon the sale of the Glad^® business by the Company.

Upon termination of the agreement, the Company is required to purchase P&G’s 20% interest for cash at fair value as established by predetermined valuation procedures. As of June 30, 2019, the estimated fair value of P&G’s interest was $619, of which $370 has been recognized and is reflected in Other liabilities as noted in the table above. The difference between the estimated fair value and the amount recognized, and any future changes in the fair value of P&G’s interest, is charged to Cost of products sold in accordance with the effective interest method over the remaining life of the agreement. Following termination, the Glad^® business will retain the exclusive core intellectual property licenses contributed by P&G on a royalty-free basis for the licensed products marketed.

Deferred Gain on Sale-leaseback Transaction

In December 2012, the Company completed a sale-leaseback transaction under which it sold its general office building in Oakland, California to an unrelated third party for net proceeds of $108 and entered into a 15-year operating lease agreement with renewal options with the buyer for a portion of the building. The Company deferred recognition of the portion of the total gain on the sale that was equivalent to the present value of the lease payments and will continue to amortize such amount to earnings ratably over the lease term. As of June 30, 2019 and 2018, the long-term portion of the deferred gain of $22 and $29, respectively, was included in Other, as noted in the table above. The Company will reclassify the remaining deferred gain from the sale-leaseback of the general office building to Retained earnings upon adoption of the new lease guidance under Topic 842 effective July 1, 2019. Refer to Note 1 for more information.

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

12 Months Ended

Jun. 30, 2019

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Abstract]

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 June 30, 2019, the notional amount of commodity derivatives was $24, of which $11 related to jet fuel swaps used for the charcoal business and $13 related to soybean oil futures used for the food business. As of June 30, 2018, the notional amount of commodity derivatives was $34, of which $10 related to jet fuel swaps and $24 related to soybean oil futures.

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 $61 and $50, respectively, as of June 30, 2019 and 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.

During fiscal year 2018, the Company entered into, and subsequently terminated, interest rate forward contracts related to the September 2017 issuance of $400 in senior notes and the May 2018 issuance of $500 in senior notes (See Note 7). These contracts resulted in insignificant gains and losses to Accumulated other comprehensive net (loss) income on the consolidated balance sheets, which are being amortized into Interest expense on the consolidated statement of earnings over the 10-year term of each of the notes.

The Company had no outstanding interest rate forward contracts as of June 30, 2019 and 2018.

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 during the fiscal years ended June 30:



	Gains (losses) recognized in Other comprehensive income
	2019			2018		2017
Commodity purchase derivative contracts	$	(5	)	$	4	$	(3	)
Foreign exchange derivative contracts	—			2		(1		)
Interest rate derivative contracts	—			2		—
Total	$	(5	)	$	8	$	(4	)



	Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings
	2019			2018			2017
Commodity purchase derivative contracts	$	(2	)	$	1		$	(2	)
Foreign exchange derivative contracts	2			(1		)	(3		)
Interest rate derivative contracts	(6		)	(6		)	(6		)
Total	$	(6	)	$	(6	)	$	(11	)

The gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings during the fiscal years ended June 30, 2019, 2018 and 2017, for commodity purchase and foreign exchange derivative contracts were included in Cost of products sold, and for interest rate derivative contracts were included in Interest expense.

The estimated amount of the existing net gain (loss) in Accumulated other comprehensive net (loss) income as of June 30, 2019 that is expected to be reclassified into Net earnings within the next twelve months is $(8). 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 each of the fiscal years ended June 30, 2019, 2018 and 2017, 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 instruments exceeds contractually defined counterparty liability position limits. Of the over-the-counter derivative instruments in liability positions held as of June 30, 2019 and 2018, $1 and $0, respectively, contained such terms. As of both June 30, 2019 and 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, as assigned by Standard & Poor’s and Moody’s to the Company and its counterparties, 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 June 30, 2019 and 2018, the Company and each of its counterparties had been assigned investment grade 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 June 30, 2019 and 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 on the consolidated balance sheets.

Trust Assets

The Company has held interests in mutual funds and cash equivalents as part of 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 their compensation deferrals are invested in accordance with the terms of the plan 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 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.

As of June 30, 2019, the value of the trust assets related to the Company’s nonqualified deferred compensation plans increased by $10 as compared to June 30, 2018, primarily due to current year employees’ contributions to these plans.

Fair Value of Financial Instruments

Financial assets and liabilities measured at fair value on a recurring basis in the 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 June 30, 2019 and 2018, the Company’s financial assets and liabilities that were measured at fair value on a recurring basis during the period 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 Company’s assets and liabilities for which disclosure of fair value is required as of June 30:



			2019				2018
Assets	Balance sheet classification	Fair value hierarchy level	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Investments including money market funds	Cash and cash equivalents ^(a)	1	$	26	$	26	$	24	$	24
Time deposits	Cash and cash equivalents ^(a)	2	7		7		23		23
Commodity purchase swaps contracts	Prepaid expenses and other current assets	2	—		—		3		3
Foreign exchange forward contracts	Prepaid expenses and other current assets	2	—		—		2		2
Trust assets for nonqualified deferred compensation plans	Other assets	1	96		96		86		86
			$	129	$	129	$	138	$	138
Liabilities
Notes and loans payable	Notes and loans payable ^(b)	2	$	396	$	396	$	199	$	199
Commodity purchase futures contracts	Accounts payable and accrued liabilities	1	1		1		1		1
Commodity purchase swaps contracts	Accounts payable and accrued liabilities	2	1		1		—		—
Current maturities of long-term debt and Long-term debt	Current maturities of long- term debt and Long-term debt ^(c)	2	2,287		2,402		2,284		2,269
			$	2,685	$	2,800	$	2,484	$	2,469


(a)	Cash and cash equivalents are composed of time deposits and other interest-bearing investments, including money market funds with original maturity dates of 90 days or less. Cash and cash equivalents are recorded at cost, which approximates fair value.


(b)	Notes and loans payable is composed of U.S. commercial paper and/or other similar short-term debt issued by non-U.S. subsidiaries, all of which are recorded at cost, which approximates fair value.

(c)

Current maturities of long-term debt and Long-term debt are recorded at cost. The fair value of Long-term debt, including current maturities, was determined using secondary market prices quoted by corporate bond dealers, and is classified as Level 2.

OTHER CONTINGENCIES AND GUARANTEES	12 Months Ended
OTHER CONTINGENCIES AND GUARANTEES	Jun. 30, 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 $27 and $28 as of June 30, 2019 and 2018, respectively, for its share of aggregate future remediation costs related to these matters. One matter, which accounted for $14 of the recorded liability as of both June 30, 2019 and 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 the 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 $11 and $12 of the recorded liability as of June 30, 2019 and 2018, respectively. This amount reflects the Company’s agreement to be liable for 24.3% of the aggregate remediation and associated costs for this matter pursuant to a cost-sharing arrangement with a third party. 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 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 consolidated financial statements taken as a whole. The Company had not recorded any material liabilities on the aforementioned guarantees as of June 30, 2019 and 2018. The Company was a party to letters of credit of $9 as of both June 30, 2019 and 2018, primarily related to one of its insurance carriers, of which $0 had been drawn upon.

LEASES AND OTHER COMMITMENTS

12 Months Ended

Jun. 30, 2019

LEASES AND OTHER COMMITMENTS [Abstract]

LEASES AND OTHER COMMITMENTS

The Company leases various property, plant, and equipment, including office, warehousing, manufacturing and research and development facilities, in addition to certain manufacturing and information technology equipment. The Company expects that, in the normal course of business, existing contracts will be renewed or replaced by other leases. Rental expense for all operating leases was $72, $86 and $84 in fiscal years 2019, 2018 and 2017, respectively.

The future minimum annual lease payments required under the Company’s existing non-cancelable operating and capital lease agreements as of June 30, 2019, were as follows:



Year	Operating leases		Capital leases
2020	$	71	$	2
2021	65		2
2022	50		1
2023	42		1
2024	37		1
Thereafter	124		2
Total	$	389	$	9

The Company is also a party to certain purchase obligations, which are defined as purchase agreements that are enforceable and legally binding and that contain specified or determinable significant terms, including quantity, price and the approximate timing of the transaction. For purchase obligations subject to variable price and/or quantity provisions, an estimate of the price and/or quantity must be made. Examples of the Company’s purchase obligations include contracts to purchase raw materials, commitments to contract manufacturers, commitments for information technology and related services, advertising contracts, capital expenditure agreements, software acquisition and license commitments and service contracts. The Company enters into purchase obligations based on expectations of future business needs. Many of these purchase obligations are flexible to allow for changes in the Company’s business and related requirements. As of June 30, 2019, the Company’s purchase obligations by purchase date were as follows:



Year	Purchase Obligations
2020	$	77
2021	36
2022	26
2023	14
2024	11
Thereafter	—
Total	$	164

STOCKHOLDERS' EQUITY

12 Months Ended

Jun. 30, 2019

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

As of June 30, 2019, the Company had 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, was authorized by the Board of Directors in May 2018 and replaced the prior open-market purchase program with an authorized aggregate purchase amount of up to $750, 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 during the fiscal years ended June 30:



	2019			2018			2017
	Amount		Shares (in thousands)	Amount		Shares (in thousands)	Amount		Shares (in thousands)
Open-market purchase program	$	328	2,266	$	95	749	$	—	—
Evergreen Program	332		2,208	177		1,422	189		1,505
Total stock repurchases	$	660	4,474	$	272	2,171	$	189	1,505

Dividends per share paid during the fiscal years ended June 30 were as follows:



	2019		2018		2017
Dividends per share paid	$	3.84	$	3.48	$	3.20

Accumulated Other Comprehensive Net (Loss) Income

Changes in Accumulated other comprehensive net (loss) income by component were as follows for the fiscal years ended June 30:



	Foreign currency translation adjustments			Net unrealized gains (losses) on derivatives			Pension and postretirement benefit adjustments			Accumulated other comprehensive (loss) income
Balance June 30, 2016	$	(353	)	$	(44	)	$	(173	)	$	(570	)
Other comprehensive income (loss) before reclassifications	(3		)	(4		)	27			20
Amounts reclassified from Accumulated other comprehensive net (loss) income	—			11			9			20
Income tax benefit (expense)	—			—			(13		)	(13		)
Net current period other comprehensive income (loss)	(3		)	7			23			27
Balance June 30, 2017	(356		)	(37		)	(150		)	(543		)
Other comprehensive income (loss) before reclassifications	(20		)	8			11			(1		)
Amounts reclassified from Accumulated other comprehensive net (loss) income	—			6			8			14
Income tax benefit (expense)	(8		)	(2		)	(7		)	(17		)
Net current period other comprehensive income (loss)	(28		)	12			12			(4		)
Balance June 30, 2018	(384		)	(25		)	(138		)	(547		)
Other comprehensive income (loss) before reclassifications	(20		)	(5		)	—			(25		)
Amounts reclassified from Accumulated other comprehensive net (loss) income	—			6			6			12
Income tax benefit (expense)	(2		)	1			(2		)	(3		)
Net current period other comprehensive income (loss)	(22		)	2			4			(16		)
Cumulative effect of accounting changes ⁽¹⁾	(8		)	—			(31		)	(39		)
Balance June 30, 2019	$	(414	)	$	(23	)	$	(165	)	$	(602	)

⁽¹⁾ The opening balance of Accumulated other comprehensive net (loss) income was adjusted as a result of adopting ASU No. 2018-02, “Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” on April 1, 2019. See Note 1 for more information.

Included in foreign currency adjustments are re-measurement losses on long-term intercompany loans where settlement is not planned or anticipated in the foreseeable future. For the fiscal years ended June 30, 2019, 2018 and 2017, Other comprehensive losses on these loans totaled $3, $9 and $2, respectively, and there were no amounts reclassified from Accumulated other comprehensive net (loss) income for the periods presented.

NET EARNINGS PER SHARE (EPS)

12 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

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 for the fiscal years ended June 30:



	2019	2018	2017
Basic	127,734	129,293	128,953
Dilutive effect of stock options and other	2,058	2,288	2,613
Diluted	129,792	131,581	131,566

Antidilutive stock options and other	800	1,192	11

STOCK-BASED COMPENSATION PLANS

12 Months Ended

Jun. 30, 2019

Share-based Compensation [Abstract]

STOCK-BASED COMPENSATION PLANS

In November 2012, the Company’s stockholders voted to approve the amended and restated 2005 Stock Incentive Plan (the Plan). The Plan permits the Company to grant various nonqualified stock-based compensation awards, including stock options, restricted stock, performance shares, deferred stock units, stock appreciation rights and other stock-based awards. The primary amendment reflected in the Plan was an increase of approximately 3 million common shares that may be issued for stock-based compensation purposes. As of June 30, 2019, the Company is authorized to grant up to approximately 7 million common shares, plus additional shares equal to shares that are potentially deliverable under an award that expire or are canceled, forfeited or settled without the delivery of shares, under the Plan. As of June 30, 2019, approximately 8 million common shares remained available for grant.

Compensation cost and the related income tax benefit recognized for stock-based compensation plans were classified as indicated below for the fiscal years ended June 30:



	2019		2018		2017
Cost of products sold	$	5	$	7	$	7
Selling and administrative expenses	35		42		40
Research and development costs	3		4		4
Total compensation costs	$	43	$	53	$	51

Related income tax benefit	$	10	$	16	$	19

Cash received during fiscal years 2019, 2018 and 2017 from stock options exercised under all stock-based payment arrangements was $166, $70 and $81, respectively. The Company issues shares for stock-based compensation plans from treasury stock. The Company may repurchase stock under its Evergreen Program to offset the estimated impact of dilution related to stock-based awards (See Note 12).

Details regarding the valuation and accounting for stock options, restricted stock awards, performance shares and deferred stock units for non-employee directors follow.

Stock Options

The fair value of each stock option award granted during fiscal years 2019, 2018 and 2017 was estimated on the date of grant using the Black-Scholes valuation model and assumptions noted in the following table:



	2019	2018	2017
Expected life	5.4 years	5.5 years	5.5 years
Weighted-average expected life	5.4 years	5.5 years	5.5 years
Expected volatility	17.3% to 20.2%	15.7% to 18.7%	16.2% to 16.9%
Weighted-average volatility	17.4%	15.7%	16.9%
Risk-free interest rate	2.5% to 3.0%	1.3% to 2.6%	1.3% to 2.2%
Weighted-average risk-free interest rate	2.9%	1.8%	1.3%
Dividend yield	2.5% to 2.6%	2.4% to 3.0%	2.4% to 2.8%
Weighted-average dividend yield	2.6%	2.5%	2.6%

The expected life of the stock options is based on historical exercise patterns. The expected volatility is based on implied volatility from publicly traded options on the Company’s stock at the date of grant, historical implied volatility of the Company’s publicly traded options and other factors. The risk-free interest rate is based on the implied yield on a U.S. Treasury zero-coupon issue with a remaining term equal to the expected term of the option. The dividend yield is based on the projected annual dividend payment per share, divided by the stock price at the date of grant.

Details of the Company’s stock option activities are summarized below:



	Number of Shares (In thousands)		Weighted- Average Exercise Price per Share		Average Remaining Contractual Life	Aggregate Intrinsic Value
Options outstanding as of June 30, 2018	7,080		$	101	6 years	$	240
Granted	863		152
Exercised	(1,951	)	88
Canceled	(248	)	132
Options outstanding as of June 30, 2019	5,744		$	112	6 years	$	235

Options vested as of June 30, 2019	3,533		$	97	5 years	$	198

The weighted-average fair value per share of each option granted during fiscal years 2019, 2018 and 2017, estimated at the grant date using the Black-Scholes option pricing model, was $22.38, $15.33 and $13.75, respectively. The total intrinsic value of options exercised in fiscal years 2019, 2018 and 2017 was $125, $51 and $65, respectively.

Stock option awards outstanding as of June 30, 2019, have been granted at prices that are equal to the market value of the stock on the date of grant. Stock option grants generally vest over 4 years and expire no later than 10 years after the grant date. The Company recognizes compensation expense on a straight-line basis over the vesting period. As of June 30, 2019, there was $11 of total unrecognized compensation cost related to non-vested options, which is expected to be recognized over a remaining weighted-average vesting period of 1 year, subject to forfeiture changes.

Restricted Stock Awards

The fair value of restricted stock awards is estimated on the date of grant based on the market price of the stock and is amortized to compensation expense on a straight-line basis over the related vesting periods, which are generally 3 to 4 years. The total number of restricted stock awards expected to vest is adjusted by actual and estimated forfeitures. Restricted stock grants receive dividend distributions earned during the vesting period upon vesting.

As of June 30, 2019, there was $23 of total unrecognized compensation cost related to non-vested restricted stock awards, which is expected to be recognized over a remaining weighted-average vesting period of 1 year. The total fair value of the shares that vested in each of the fiscal years 2019, 2018 and 2017 was $5, $1 and $1, respectively. The weighted-average grant-date fair value of awards granted was $152.12, $135.29 and $131.67 per share for fiscal years 2019, 2018 and 2017, respectively.

A summary of the status of the Company’s restricted stock awards is presented below:



	Number of Shares (In thousands)		Weighted-Average Grant Date Fair Value per Share
Restricted stock awards as of June 30, 2018	156		$	135
Granted	139		152
Vested	(36	)	135
Forfeited	(18	)	140
Restricted stock awards as of June 30, 2019	241		$	144

Performance Shares

As of June 30, 2019, there was $9 in unrecognized compensation cost related to non-vested performance shares that is expected to be recognized over a remaining weighted-average performance period of 1 year. The weighted-average grant-date fair value of awards granted was $151.95, $135.47 and $122.73 per share for fiscal years 2019, 2018 and 2017, respectively.

A summary of the status of the Company’s performance share awards is presented below:



	Number of Shares (In thousands)		Weighted-Average Grant Date Fair Value per Share
Performance share awards as of June 30, 2018	698		$	111
Granted	216		152
Distributed	(334	)	109
Forfeited	(43	)	130
Performance share awards as of June 30, 2019	537		$	120

Performance shares vested and deferred as of June 30, 2019	151		$	82

The non-vested performance shares outstanding as of June 30, 2019 and 2018 were 387,000 and 544,000, respectively, and the weighted average grant date fair value was $133.10 and $120.69 per share, respectively. During fiscal year 2019, 330,000 shares vested. Deferred shares continue to earn dividends, which are also deferred. The total fair value of shares vested was $37, $35 and $0 during fiscal years 2019, 2018 and 2017, respectively. Upon vesting, the recipients of the grants receive the distribution as shares or, if previously elected by eligible recipients, as deferred stock.

Deferred Stock Units for Nonemployee Directors

Nonemployee directors receive annual grants of deferred stock units under the Company’s director compensation program and can elect to receive all or a portion of their annual retainers and fees in the form of deferred stock units. The deferred stock units receive dividend distributions, which are reinvested as deferred stock units, and are recognized at their fair value on the date of grant. Each deferred stock unit represents the right to receive one share of the Company’s common stock following the completion of a director’s service.

During fiscal year 2019, the Company granted 13,000 deferred stock units, reinvested dividends of 5,000 units and distributed 24,000 shares, which had a weighted-average fair value on the grant date of $154.23, $153.16 and $82.74 per share, respectively. As of June 30, 2019, 200,000 units were outstanding, which had a weighted-average fair value on the grant date of $87.47 per share.

OTHER (INCOME) EXPENSE, NET

12 Months Ended

Jun. 30, 2019

Other Income and Expenses [Abstract]

OTHER (INCOME) EXPENSE, NET

The major components of Other (income) expense, net, for the fiscal years ended June 30 were:



	2019			2018			2017
Income from equity investees	$	(15	)	$	(12	)	$	(19	)
Net periodic benefit cost ⁽¹⁾	14			—			—
Loss (gain) on sale of assets and investments, net	—			4			(11		)
Interest income	(3		)	(6		)	(4		)
Asset impairment charges	—			1			23
Amortization of trademarks and other intangible assets	17			11			10
Foreign exchange transaction (gains) losses, net	7			3			(1		)
Other	(17		)	(4		)	8
Total	$	3		$	(3	)	$	6

⁽¹⁾ As a result of adopting ASU No. 2017-07, “Compensation-Retirement Benefits (Topic 715),” effective July 1, 2018, net periodic benefit cost is recorded 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.

In January 2017, the Company sold an Australian distribution facility, previously reported in the International reportable segment, which resulted in $23 in cash proceeds from investing activities and a gain of $10 included in Loss (gain) on sale of assets and investments, net in the table above for the fiscal year ended June 30, 2017.

During the second quarter of fiscal year 2017, the Company recognized a $21 non-cash charge, within the Cleaning reportable segment, related to impairing certain assets of the subsequently divested Aplicare business. The asset impairment charge is included in Asset impairment charges in the table above for the fiscal year ended June 30, 2017 and primarily related to writing down Property, plant and equipment to fair value in connection with an updated valuation of the Aplicare business.

During fiscal year 2017, the Company recognized $14 of projected environmental costs associated with its former operations at a site in Alameda County, California within Corporate. These costs are included in Other in the table above for the fiscal year ended June 30, 2017. Refer to Note 10 for further details.

INCOME TAXES

12 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

INCOME TAXES

The provision for income taxes on continuing operations, by tax jurisdiction, consisted of the following for the fiscal years ended June 30:



	2019			2018			2017
Current
Federal	$	166		$	177		$	291
State	24			34			36
Foreign	34			43			38
Total current	224			254			365
Deferred
Federal	(22		)	(24		)	(29		)
State	(1		)	3			(2		)
Foreign	3			(2		)	(4		)
Total deferred	(20		)	(23		)	(35		)
Total	$	204		$	231		$	330

The components of earnings from continuing operations before income taxes, by tax jurisdiction, consisted of the following for the fiscal years ended June 30:



	2019		2018		2017
United States	$	912	$	963	$	927
Foreign	112		91		106
Total	$	1,024	$	1,054	$	1,033

A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate on continuing operations follows for the fiscal years ended June 30:



	2019		2018		2017
Statutory federal tax rate	21.0	%	28.1	%	35.0	%
State taxes (net of federal tax benefits)	1.7		2.4		2.2
Tax differential on foreign earnings	1.0		1.2		(0.6	)
Federal domestic manufacturing deduction	—		(1.8	)	(2.6	)
Change in valuation allowance	0.1		0.3		0.2
Federal excess tax benefits	(2.3	)	(1.7	)	(2.0	)
Reversals of deferred taxes related to foreign unremitted earnings	—		(2.6	)	—
Remeasurement of deferred taxes	0.1		(3.1	)	—
Other differences	(1.8	)	(1.0	)	(0.3	)
Effective tax rate	19.8	%	21.8	%	31.9	%

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 ended 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:



	Adjustments
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

As of December 31, 2018, the Company completed its accounting for all of the enactment-date income tax effects of the Tax Act. Cumulative measurement adjustments through the second quarter of fiscal year 2019 were insignificant.

Per U.S. GAAP, foreign withholding taxes are provided on unremitted foreign earnings that are not indefinitely reinvested at the time the earnings are generated. The Company regularly reviews and assesses whether there are any changes to its indefinite reinvestment assertion. Through the second quarter of fiscal year 2018, the Company had determined that the undistributed earnings of a number of its foreign subsidiaries were indefinitely reinvested. When the Tax Act was passed into law in December 2017, it significantly reduced the cost of U.S. repatriation. In the third quarter of fiscal year 2018, the Company concluded an analysis wherein it determined that none of the undistributed earnings of its foreign subsidiaries were indefinitely reinvested. As a result, the Company is providing foreign withholding taxes on the undistributed earnings of all foreign subsidiaries where applicable. These withholding taxes had no significant impact on the Company’s consolidated results.

The components of net deferred tax assets (liabilities) as of June 30 are shown below:



	2019			2018
Deferred tax assets
Compensation and benefit programs	$	100		$	103
Net operating loss and tax credit carryforwards	87			86
Accruals and reserves	41			28
Basis difference related to Venture Agreement	19			19
Inventory costs	22			16
Other	21			25
Subtotal	290			277
Valuation allowance	(44		)	(43		)
Total deferred tax assets	246			234
Deferred tax liabilities
Fixed and intangible assets	(236		)	(232		)
Low-income housing partnerships	(13		)	(17		)
Other	(18		)	(19		)
Total deferred tax liabilities	(267		)	(268		)
Net deferred tax assets (liabilities)	$	(21	)	$	(34	)

The Company reviews its deferred tax assets for recoverability on a quarterly basis. A valuation allowance is established when the Company believes that it is more likely than not that some portion of its deferred tax assets will not be realized. Valuation allowances have been provided to reduce deferred tax assets to amounts considered recoverable. Details of the valuation allowance were as follows as of June 30:



	2019			2018			2017
Valuation allowance at beginning of year	$	(43	)	$	(40	)	$	(37	)
Net decrease/(increase) for other foreign deferred tax assets	—			—			—
Net decrease/(increase) for foreign net operating loss carryforwards and tax credits	(1		)	(3		)	(3		)
Valuation allowance at end of year	$	(44	)	$	(43	)	$	(40	)

As of June 30, 2019, the Company had foreign tax credit carryforwards of $35 for U.S. income tax purposes with expiration dates between fiscal years 2024 and 2029. Tax credit carryforwards in foreign jurisdictions of $24 can be carried forward indefinitely. Tax benefits from foreign net operating loss carryforwards of $19 have expiration dates between fiscal years 2020 and 2036. Tax benefits from foreign net operating loss carryforwards of $9 can be carried forward indefinitely.

The Company files income tax returns in the U.S. federal and various state, local and foreign jurisdictions. The federal statute of limitations has expired for all tax years through June 30, 2015. Various income tax returns in state and foreign jurisdictions are currently in the process of examination.

The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense. As of June 30, 2019 and 2018, the total balance of accrued interest and penalties related to uncertain tax positions was $4 and $5, respectively. Interest and penalties related to uncertain tax positions included in income tax expense resulted in a net benefit of $1 in fiscal year 2019, a net expense of $1 in fiscal year 2018, and a net benefit of $1 in fiscal year 2017.

The following is a reconciliation of the beginning and ending amounts of the Company’s gross unrecognized tax benefits:



	2019			2018			2017
Unrecognized tax benefits at beginning of year	$	47		$	40		$	37
Gross increases - tax positions in prior periods	2			2			1
Gross decreases - tax positions in prior periods	(20		)	(1		)	(6		)
Gross increases - current period tax positions	6			8			9
Gross decreases - current period tax positions	—			—			—
Lapse of applicable statute of limitations	(3		)	(2		)	(1		)
Settlements	(1		)	—			—
Unrecognized tax benefits at end of year	$	31		$	47		$	40

Included in the balance of unrecognized tax benefits as of June 30, 2019, 2018 and 2017, were potential benefits of $23, $33 and $28, respectively, which if recognized, would affect the effective tax rate. Unrecognized tax benefits are not expected to significantly increase or decrease within the next 12 months.

During the year ended June 30, 2019, new facts and circumstances warranted the recognition of previously unrecognized federal, state, and foreign income tax benefits from prior years. The benefits that were recognized in the current year were not material for any one jurisdiction or any one tax position.

EMPLOYEE BENEFIT PLANS

12 Months Ended

Jun. 30, 2019

Defined Benefit Plan [Abstract]

EMPLOYEE BENEFIT PLANS

Retirement Income Plans

The Company has various retirement income plans for eligible domestic and international employees. As of June 30, 2019 and 2018, the domestic retirement income plans were frozen for most participants, and the benefits of the domestic retirement income plans were generally based on either employee years of service and compensation or a stated dollar amount per year of service.

The Company contributed $63, $21 and $31 to its domestic retirement income plans during fiscal years 2019, 2018 and 2017, respectively. The Company’s funding policy is to contribute amounts sufficient to meet benefit payments and minimum funding requirements as set forth in employee benefit tax laws plus additional amounts as the Company may determine to be appropriate.

Retirement Health Care Plans

The Company provides certain health care benefits for employees who meet age, participation and length of service requirements at retirement. The plans pay stated percentages of covered expenses after annual deductibles have been met or stated reimbursements up to a specified dollar subsidy amount. Benefits paid take into consideration payments by Medicare for the domestic plan. The plans are funded as claims are paid, and the Company has the right to modify or terminate certain plans.

Benefit Obligation and Funded Status

Summarized information for the Company’s retirement income and retirement health care plans as of and for the fiscal years ended June 30 is as follows:



	Retirement Income						Retirement Health Care
	2019			2018			2019			2018
Change in benefit obligations:
Benefit obligation as of beginning of year	$	593		$	633		$	38		$	42
Service cost	1			1			—			—
Interest cost	23			23			2			2
Actuarial loss (gain)	26			(21		)	(3		)	(2		)
Plan amendments	—			1			—			—
Translation and other adjustments	—			(1		)	—			—
Benefits paid	(39		)	(43		)	(3		)	(4		)
Benefit obligation as of end of year	604			593			34			38
Change in plan assets:
Fair value of assets as of beginning of year	420			434			—			—
Actual return on plan assets	41			8			—			—
Employer contributions	63			22			3			4
Benefits paid	(39		)	(43		)	(3		)	(4		)
Translation and other adjustments	—			(1		)	—			—
Fair value of plan assets as of end of year	485			420			—			—
Accrued benefit cost, net funded status	$	(119	)	$	(173	)	$	(34	)	$	(38	)



Amount recognized in the balance sheets consists of:
Pension benefit assets	$	48		$	3		$	—		$	—
Current accrued benefit liability	(12		)	(13		)	(2		)	(2		)
Non-current accrued benefit liability	(155		)	(163		)	(32		)	(36		)
Accrued benefit cost, net	$	(119	)	$	(173	)	$	(34	)	$	(38	)

For the retirement income plans, the benefit obligation is the projected benefit obligation. For the retirement health care plan, the benefit obligation is the accumulated benefit obligation (ABO).

The ABO for all retirement income plans was $603, $592 and $632 as of June 30, 2019, 2018 and 2017, respectively.

Retirement income plans with ABO in excess of plan assets as of June 30 were as follows:



	ABO Exceeds the Fair Value of Plan Assets
	2019		2018
Projected benefit obligation	$	167	$	571
Accumulated benefit obligation	166		571
Fair value of plan assets	—		395

Net Periodic Benefit Cost

The net cost of the retirement income and health care plans for the fiscal years ended June 30 included the following components:



	Retirement Income									Retirement Health Care
	2019			2018			2017			2019			2018			2017
Service cost	$	1		$	1		$	1		$	—		$	—		$	—
Interest cost	23			23			22			2			2			2
Expected return on plan assets	(18		)	(19		)	(20		)	—			—			—
Amortization of unrecognized items	9			10			11			(3		)	(3		)	(2		)
Total	$	15		$	15		$	14		$	(1	)	$	(1	)	$	—

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.

Items not yet recognized as a component of postretirement expense as of June 30, 2019, consisted of:



	Retirement Income			Retirement Health Care
Net actuarial loss (gain)	$	236		$	(18	)
Prior service benefit	—			(2		)
Net deferred income tax (assets) liabilities	(56		)	5
Accumulated other comprehensive loss (income)	$	180		$	(15	)

Net actuarial loss (gain) recorded in Accumulated other comprehensive net (losses) income for the fiscal year ended June 30, 2019, included the following:



	Retirement Income			Retirement Health Care
Net actuarial loss (gain) as of beginning of year	$	242		$	(17	)
Amortization during the year	(9		)	2
Loss (gain) during the year	3			(3		)
Net actuarial loss (gain) as of end of year	$	236		$	(18	)

The Company uses the straight-line amortization method for unrecognized prior service costs and benefits. In fiscal year 2020, the Company expects to recognize, on a pre-tax basis, $9 of the net actuarial loss as a component of net periodic benefit cost for the retirement income plans. In addition, in fiscal year 2020, the Company expects to recognize, on a pre-tax basis, $3 of the net actuarial gain as a component of net periodic benefit cost for the retirement health care plans.

Assumptions

Weighted-average assumptions used to estimate the actuarial present value of benefit obligations were as follows as of June 30:



	Retirement Income				Retirement Health Care
	2019		2018		2019		2018
Discount rate	3.41	%	4.10	%	3.35	%	4.01	%
Rate of compensation increase	2.86	%	2.87	%	n/a		n/a

Weighted-average assumptions used to estimate the retirement income and retirement health care costs were as follows as of June 30:



	Retirement Income
	2019		2018		2017
Discount rate	4.10	%	3.70	%	3.42	%
Rate of compensation increase	2.87	%	2.83	%	2.92	%
Expected return on plan assets	4.33	%	4.43	%	4.73	%

	Retirement Health Care
	2019		2018		2017
Discount rate	4.01	%	3.66	%	3.42	%

The expected long-term rate of return assumption is based on an analysis of historical experience of the portfolio and the summation of prospective returns for each asset class in proportion to the fund’s current asset allocation.

Expected Benefit Payments

Expected benefit payments for the Company’s retirement income and retirement health care plans as of June 30, 2019, were as follows:



	Retirement Income		Retirement Health Care
2020	$	38	$	2
2021	51		2
2022	36		2
2023	36		2
2024	37		2
Fiscal years 2025 through 2029	186		10

Expected benefit payments are based on the same assumptions used to measure the benefit obligations and include estimated future employee service.

Plan Assets

The target allocations and weighted average asset allocations by asset category of the investment portfolio for the Company’s domestic retirement income plans as of June 30 were:



	% Target Allocation				% of Plan Assets
	2019		2018		2019		2018
U.S. equity	9	%	11	%	9	%	11	%
International equity	8	%	12	%	8	%	12	%
Fixed income	83	%	74	%	83	%	74	%
Other	—	%	3	%	—	%	3	%
Total	100	%	100	%	100	%	100	%

The target asset allocation is determined based on the optimal balance between risk and return and, at times, may be adjusted to achieve the plan’s overall investment objective to generate sufficient resources to pay current and projected plan obligations over the life of the domestic retirement income plan.

The following table sets forth by level within the fair value hierarchy, the retirement income plans’ assets carried at fair value as of June 30:



	2019
	Level 1		Level 2		Total
Cash equivalents	$	2	$	—	$	2
Total assets in the fair value hierarchy	$	2	$	—	$	2

Common collective trusts measured at net asset value
Bond funds					$	393
International equity funds					50
Domestic equity funds					39
Real estate fund					1
Total common collective trusts measured at net asset value					483
Total assets at fair value					$	485



	2018
	Level 1		Level 2		Total
Cash equivalents	$	3	$	—	$	3
Total assets in the fair value hierarchy	$	3	$	—	$	3

Common collective trusts measured at net asset value
Bond funds					$	299
International equity funds					60
Domestic equity funds					44
Real estate fund					14
Total common collective trusts measured at net asset value					417
Total assets at fair value					$	420

The carrying value of cash equivalents approximated their aggregate fair value as of June 30, 2019 and 2018.

Common collective trust funds are not publicly traded and were valued at a net asset value unit price determined by the portfolio’s sponsor based on the fair value of underlying assets held by the common collective trust fund on June 30, 2019 and 2018.

The common collective trusts are invested in various trusts that attempt to achieve their investment objectives by investing primarily in other collective investment funds that have characteristics consistent with each trust’s overall investment objective and strategy.

Defined Contribution Plans

The Company has various defined contribution plans for eligible domestic and international employees. The aggregate cost of the domestic defined contribution plans was $49, $47 and $47 in fiscal years 2019, 2018 and 2017, respectively. The aggregate cost of the international defined contribution plans was $4, $3 and $3 for the fiscal years ended June 30, 2019, 2018 and 2017, respectively.

SEGMENT REPORTING

12 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

SEGMENT REPORTING

The Company operates through strategic business units (SBU) that are aggregated into the following four reportable segments based on the economics and nature of the products sold:

•

Cleaning consists of laundry, home care and professional products marketed and sold in the United States. Products within this segment include laundry additives, such as bleach products under the Clorox^®brand and Clorox 2^®stain fighter and color booster; home care products, primarily under the Clorox^®, Formula 409^®, Liquid-Plumr^®, Pine-Sol^®, S.O.S^®and Tilex^® brands; naturally derived products under the Green Works^® brand; and professional cleaning, disinfecting and food service products under the CloroxPro^™, Dispatch^®, Clorox Healthcare^®, Hidden Valley^® and KC Masterpiece^® brands.

•

Household consists of charcoal, bags, wraps and containers, cat litter, and digestive health products marketed and sold in the United States. Products within this segment include charcoal products under the Kingsford^®and Match Light^®brands; bags, wraps and containers under the Glad^®brand; cat litter products under the Fresh Step^®, Scoop Away^®and Ever Clean^®brands; and digestive health products under the RenewLife^®brand.

•

Lifestyle consists of food products, water-filtration systems and filters, natural personal care products, and dietary supplements mainly marketed and sold in the United States. Products within this segment include dressings and sauces, primarily under the Hidden Valley^®, KC Masterpiece^®,Kingsford^®and Soy Vay^®brands; water-filtration systems and filters under the Brita^®brand; natural personal care products under the Burt’s Bees^®brand; and dietary supplements under the Rainbow Light^®, Natural Vitality^™, and NeoCell^® brands.

•

International consists of products sold outside the United States. Products within this segment include laundry; home care; water-filtration systems and filters; digestive health products; charcoal; cat litter products; food products; bags, wraps and containers; natural personal care products; and professional cleaning and disinfecting products, primarily under the Clorox^®, Glad^®, PinoLuz^®, Ayudin^®, Limpido^®, Clorinda^®, Poett^®, Mistolin^®, Lestoil^®, Bon Bril^®, Brita^®, Green Works^®, Pine-Sol^®, Agua Jane^®, Chux^®, RenewLife^®, Kingsford^®, Fresh Step^®, Scoop Away^®, Ever Clean^®, KC Masterpiece^®, Hidden Valley^®, Burt’s Bees^®, CloroxPro^™, and Clorox Healthcare^® brands.

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.



	Fiscal Year	Cleaning		Household		Lifestyle		International		Corporate			Total Company
Net sales	2019	$	2,109	$	1,870	$	1,265	$	970	$	—		$	6,214
	2018	2,060		1,959		1,077		1,028		—			6,124
	2017	2,002		1,961		1,000		1,010		—			5,973
Earnings (losses) from continuing operations before income taxes	2019	600		316		255		96		(243		)	1,024
	2018	574		370		243		84		(217		)	1,054
	2017	523		419		244		81		(234		)	1,033
Income from equity investees	2019	—		—		—		15		—			15
	2018	—		—		—		12		—			12
	2017	—		—		—		19		—			19
Total assets	2019	903		1,223		1,581		1,027		382			5,116
	2018	902		1,223		1,533		1,045		357			5,060
Capital expenditures	2019	49		81		39		26		11			206
	2018	60		73		22		33		6			194
	2017	76		82		30		37		6			231
Depreciation and amortization	2019	52		67		31		25		5			180
	2018	49		65		23		24		5			166
	2017	51		64		20		22		6			163
Significant non-cash charges included in earnings (losses) from continuing operations before income taxes:
Stock-based compensation	2019	14		12		7		1		9			43
	2018	13		12		7		1		20			53
	2017	16		15		9		2		9			51

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, Walmart Stores, Inc. and its affiliates, were 25%, 26% and 26% of consolidated net sales for each of the fiscal years ended June 30, 2019, 2018 and 2017, respectively, and occurred across all of the Company’s reportable segments. No other customers accounted for 10% or more of the Company’s consolidated net sales in any of these fiscal years.

The following table provides Net sales as a percentage of the Company’s consolidated net sales, disaggregated by SBU, for the fiscal years ended June 30:



	2019		2018		2017
Home care	19	%	19	%	19	%
Laundry	9	%	9	%	9	%
Professional products	6	%	6	%	6	%
Cleaning	34	%	34	%	34	%
Bags, wraps, and containers	13	%	14	%	14	%
Charcoal	8	%	9	%	10	%
Cat litter	7	%	7	%	7	%
Digestive health	2	%	2	%	2	%
Household	30	%	32	%	33	%
Food products	9	%	9	%	9	%
Natural personal care	5	%	4	%	4	%
Water filtration	3	%	3	%	3	%
Dietary supplements ⁽¹⁾	3	%	1	%	—	%
Lifestyle	20	%	17	%	16	%
International	16	%	17	%	17	%
Total	100	%	100	%	100	%

(1) The dietary supplements business was acquired in April 2018. See Note 2 for details.

The Company’s products are marketed and sold globally. The following table provides the Company’s global product lines, which were sold in the U.S. (including Professional products SBU) and International, that accounted for 10% or more of consolidated net sales for the fiscal years ended June 30:



	2019		2018		2017
Home Care products	26	%	26	%	25	%
Bags, wraps and containers	16	%	18	%	18	%
Laundry additives	14	%	15	%	15	%
Food products	10	%	10	%	10	%
Charcoal products	9	%	10	%	11	%

Net sales and property, plant and equipment, net, by geographic area as of and for the fiscal years ended June 30 were as follows:



	Fiscal Year	United States		Foreign		Total Company
Net sales	2019	$	5,281	$	933	$	6,214
	2018	5,135		989		6,124
	2017	5,001		972		5,973
Property, plant and equipment, net	2019	929		105		1,034
	2018	887		109		996

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2019
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company holds various equity investments with ownership percentages of up to 50% in a number of consumer products businesses, most of which operate outside the United States. The equity investments, presented in Other assets accounted for under the equity method, were $57 and $55 as of the fiscal years ended June 30, 2019 and 2018, respectively. The Company has no ongoing capital commitments, loan requirements, guarantees or any other types of arrangements under the terms of its agreements that would require any future cash contributions or disbursements arising out of an equity investment. Transactions with the Company’s equity investees typically represent payments for contract manufacturing and purchases of raw materials. Payments to related parties, including equity investees, for such transactions during the fiscal years ended June 30, 2019, 2018 and 2017 were $56, $55 and $62, respectively. Receipts from and ending accounts receivable and payable balances related to the Company’s related parties were not significant during or as of the end of each of the fiscal years presented.

UNAUDITED QUARTERLY DATA

12 Months Ended

Jun. 30, 2019

Quarterly Financial Data [Abstract]

UNAUDITED QUARTERLY DATA



Dollars in millions, except per share data	Quarters Ended
	September 30		December 31		March 31		June 30		Full Year
Fiscal year ended June 30, 2019
Net sales	$	1,563	$	1,473	$	1,551	$	1,627	$	6,214
Cost of products sold	$	885	$	830	$	878	$	893	$	3,486
Earnings from continuing operations	$	210	$	182	$	187	$	241	$	820
Earnings (losses) from discontinued operations, net of tax	—		—		—		—		—
Net earnings	$	210	$	182	$	187	$	241	$	820
Net earnings (losses) per share:
Basic
Continuing operations	$	1.65	$	1.42	$	1.46	$	1.91	$	6.42
Discontinued operations	—		—		—		—		—
Basic net earnings per share	$	1.65	$	1.42	$	1.46	$	1.91	$	6.42
Diluted
Continuing operations	$	1.62	$	1.40	$	1.44	$	1.88	$	6.32
Discontinued operations	—		—		—		—		—
Diluted net earnings per share	$	1.62	$	1.40	$	1.44	$	1.88	$	6.32
Dividends declared per share	$	0.96	$	0.96	$	0.96	$	1.06	$	3.94

Fiscal year ended June 30, 2018
Net sales	$	1,500	$	1,416	$	1,517	$	1,691	$	6,124
Cost of products sold	$	827	$	807	$	868	$	947	$	3,449
Earnings from continuing operations	$	192	$	233	$	181	$	217	$	823
Earnings (losses) from discontinued operations, net of tax	—		—		—		—		—
Net earnings	$	192	$	233	$	181	$	217	$	823
Net earnings (losses) per share:
Basic
Continuing operations	$	1.49	$	1.81	$	1.39	$	1.69	$	6.37
Discontinued operations	—		—		—		—		—
Basic net earnings per share	$	1.49	$	1.81	$	1.39	$	1.69	$	6.37
Diluted
Continuing operations	$	1.46	$	1.77	$	1.37	$	1.66	$	6.26
Discontinued operations	—		—		—		—		—
Diluted net earnings per share	$	1.46	$	1.77	$	1.37	$	1.66	$	6.26
Dividends declared per share	$	0.84	$	0.84	$	0.96	$	0.96	$	3.60

FIVE-YEAR FINANCIAL SUMMARY

The Clorox Company



	Years ended June 30
Dollars in millions, except per share data	2019		2018		2017			2016		2015
OPERATIONS
Net sales	$	6,214	$	6,124	$	5,973		$	5,761	$	5,655
Gross profit	2,728		$	2,675	$	2,671		$	2,598	$	2,465
Earnings from continuing operations	$	820	$	823	$	703		$	648	$	606
(Losses) earnings from discontinued operations, net of tax	—		—		(2		)	—		(26		)
Net earnings	$	820	$	823	$	701		$	648	$	580
COMMON STOCK
Earnings per share
Continuing operations
Basic	$	6.42	$	6.37	$	5.45		$	5.01	$	4.65
Diluted	6.32		6.26		5.35			4.92		4.57
Dividends declared per share	3.94		3.60		3.24			3.11		2.99
	As of June 30
Dollars in millions	2019		2018		2017			2016		2015
OTHER DATA
Total assets ⁽¹⁾	$	5,116	$	5,060	$	4,573		$	4,510	$	4,154
Long-term debt ⁽¹⁾	2,287		2,284		1,391			1,789		1,786

(1) Amounts for the fiscal years ended June 30, 2016 and 2015 have been retrospectively adjusted to conform to the presentation of debt issuance costs required by ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.”

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Business Description and Basis of Presentation

Nature of Operations and Basis of Presentation

The Company is principally engaged in the production, marketing and sales of consumer products through mass retailers, grocery outlets, warehouse clubs, dollar stores, home hardware centers, drug, pet and military stores, third-party and owned e-commerce channels, and distributors. The consolidated financial statements include the statements of the Company and its wholly owned and controlled subsidiaries. All significant intercompany transactions and accounts were eliminated in consolidation. Certain prior year reclassifications were made in the consolidated financial statements and related notes to the consolidated financial statements to conform to the current year presentation.

Effective September 22, 2014, the Company’s Venezuela affiliate, Corporación Clorox de Venezuela S.A. (Clorox Venezuela), discontinued its operations. Consequently, the Company presents the financial results of Clorox Venezuela as a discontinued operation in the consolidated financial statements for all periods presented herein.

Use of Estimates

The preparation of these consolidated financial statements in conformity with generally accepted accounting principles in the United States of America (U.S. GAAP) requires management to reach opinions as to estimates and assumptions that affect reported amounts and related disclosures. Specific areas requiring the application of management’s estimates and judgments include, among others, assumptions pertaining to accruals for consumer and trade-promotion programs, stock-based compensation, retirement income plans, future cash flows associated with impairment testing of goodwill and other long-lived assets and the valuation of the venture agreement terminal obligation, the valuation of assets acquired and liabilities assumed in connection with a business combination, the credit worthiness of customers, uncertain tax positions, tax valuation allowances and legal, environmental and insurance matters. Actual results could materially differ from estimates and assumptions made.

Cash, Cash Equivalents and Restricted Cash

Cash equivalents consist of highly liquid interest-bearing accounts, time deposits held by financial institutions and money market funds with an initial maturity at purchase of three months or less. The fair value of cash and cash equivalents approximates the carrying amount.

The Company’s cash position includes amounts held by foreign subsidiaries and, as a result, the repatriation of certain cash balances from some of the Company’s foreign subsidiaries could result in additional withholding tax costs in certain foreign jurisdictions. However, these cash balances are generally available without legal restriction to fund local business operations. In addition, a portion of the Company’s cash balance is held in U.S. dollars by foreign subsidiaries whose functional currency is their local currency. Such U.S. dollar balances are reported on the foreign subsidiaries’ books in their functional currency, and the impact on such balances from foreign currency exchange rate differences is recorded in Other (income) expense, net.

Inventories

The Company values its inventories using both the First-In, First-Out (“FIFO”) and the Last-In, First-Out (“LIFO”) methods. The FIFO inventory is stated at the lower of cost or net realizable value, which includes any costs to sell or dispose. In addition, appropriate consideration is given to obsolescence, excessive inventory levels, product deterioration and other factors in evaluating net realizable value. The LIFO inventory is stated at the lower of cost or market.

Property, Plant and Equipment and Finite-Lived Intangible Assets

Property, plant and equipment and finite-lived intangible assets are stated at cost. Depreciation and amortization expense are primarily calculated by the straight-line method using the estimated useful lives or lives determined by reference to the related lease contract in the case of leasehold improvements. The table below provides estimated useful lives of property, plant and equipment by asset classification.



	Estimated Useful Lives
Buildings and leasehold improvements	7 - 40 years
Land improvements	10 - 30 years
Machinery and equipment	3 - 15 years
Computer equipment	3 - 5 years
Capitalized software costs	3 - 7 years

Property, plant and equipment and finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances occur that indicate that the carrying amount of an asset (or asset group) may not be fully recoverable. The risk of impairment is initially assessed based on an estimate of the undiscounted cash flows at the lowest level for which identifiable cash flows exist. Impairment occurs when the carrying value of the asset exceeds the estimated future undiscounted cash flows generated by the asset. When impairment is indicated, an impairment charge is recorded for the difference between the carrying value of the asset and its estimated fair market value. Depending on the asset, estimated fair market value may be determined either by use of a discounted cash flow model or by reference to estimated selling values of assets in similar condition.

Capitalization of Software Costs

The Company capitalizes certain qualifying costs incurred in the acquisition and development of software for internal use, including the costs of the software, materials, consultants, interest and payroll and payroll-related costs for employees during the application development stage. Internal and external costs incurred during the preliminary project stage and post implementation-operation stage, mainly training and maintenance costs, are expensed as incurred. Once the application is substantially complete and ready for its intended use, qualifying costs are amortized on a straight-line basis over the software’s estimated useful life.

Impairment Review of Goodwill and Indefinite-Lived Intangible Assets

The Company tests its goodwill, trademarks with indefinite lives and other indefinite-lived intangible assets annually for impairment in the fiscal fourth quarter unless there are indications during a different interim period that these assets may have become impaired.

With respect to goodwill, the Company has the option to first assess qualitative factors such as the maturity and stability of the reporting unit, the magnitude of the excess fair value over carrying value from the prior year’s impairment testing, other reporting unit specific operating results as well as new events and circumstances impacting the operations at the reporting unit level. If the result of a qualitative test indicates a potential for impairment of a reporting unit, a quantitative test is performed. The quantitative test is a two-step process. In the first step, the Company compares the estimated fair value of the reporting unit to its carrying value. In all instances, the estimated fair value exceeded the carrying value of the reporting unit. Had the estimated fair value of any reporting unit been less than its carrying value, the Company would have performed a second step to determine the implied fair value of the reporting unit’s goodwill. If the carrying amount of a reporting unit’s goodwill had exceeded its implied fair value, an impairment charge would have been recorded for the difference between the carrying amount and the implied fair value of the reporting unit’s goodwill.

To determine the fair value of a reporting unit as part of its quantitative test, the Company uses a discounted cash flow (DCF) method under the income approach, as it believes that this approach is the most reliable indicator of the fair value of its businesses and the fair value of their future earnings and cash flows. Under this approach, which requires significant judgments, the Company estimates the future cash flows of each reporting unit and discounts these cash flows at a rate of return that reflects their relative risk. The cash flows used in the DCF method are consistent with those the Company uses in its internal planning, which gives consideration to actual business trends experienced, and the broader business strategy for the long term. The other key estimates and factors used in the DCF method include, but are not limited to, future volumes, net sales and expense growth rates, commodity prices, changes in working capital, foreign exchange rates, inflation and a terminal growth rate. Changes in such estimates or the application of alternative assumptions could produce different results.

For trademarks and other intangible assets with indefinite lives, the Company performs a quantitative analysis to test for impairment. When a quantitative test is performed, the estimated fair value of an asset is compared to its carrying amount. If the carrying amount of such asset exceeds its estimated fair value, an impairment charge is recorded for the difference between the carrying amount and the estimated fair value. The Company uses the income approach to estimate the fair value of its trademarks and other intangible assets with indefinite lives. This approach requires significant judgments in determining the royalty rates and the assets’ estimated cash flows as well as the appropriate discount and foreign exchange rates applied to those cash flows to determine fair value. Changes in such estimates or the use of alternative assumptions could produce different results.

Stock-based Compensation

The Company grants various nonqualified stock-based compensation awards to eligible employees, including stock options, restricted stock and performance shares.

For stock options, the Company estimates the fair value of each award on the date of grant using the Black-Scholes valuation model, which requires management to make estimates regarding expected option life, stock price volatility and other assumptions. Groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The Company estimates stock option forfeitures based on historical data for each employee grouping. The total number of stock options expected to vest is adjusted by actual and estimated forfeitures. Changes to the actual and estimated forfeitures will result in a cumulative adjustment in the period of change. Compensation expense is recorded by amortizing the grant date fair values on a straight-line basis over the vesting period, adjusted for estimated forfeitures.

The Company’s performance shares provide for the issuance of common stock to certain managerial staff and executive management if the Company achieves specified performance targets. The number of shares issued is dependent upon the achievement of specified performance targets. The performance period is three years and the payout determination is made at the end of the three-year performance period. Performance shares receive dividends earned during the vesting period upon vesting. The fair value of each grant issued is estimated on the date of grant based on the current market price of the stock. The total amount of compensation expense recognized reflects estimated forfeiture rates and management’s assessment of the probability that performance goals will be achieved. A cumulative adjustment is recognized to compensation expense in the current period to reflect any changes in the probability of achievement of performance goals.

Cash flows resulting from tax deductions in excess of the cumulative compensation cost recognized for stock-based payment arrangements (excess tax benefits) are classified as operating cash inflows.

Employee Benefits

The Company accounts for its retirement income and retirement health care plans using actuarial methods. These methods use an attribution approach that generally spreads “plan events” over the service lives or expected lifetime (for frozen plans) of plan participants. Examples of plan events are plan amendments and changes in actuarial assumptions such as the expected return on plan assets, discount rate, rate of compensation increase and certain employee-related factors, such as retirement age and mortality. The principle underlying the attribution approach is that employees render service over their employment period on a relatively “smooth” basis and, therefore, the statement of earnings effects of retirement income and retirement health care plans are recognized in the same pattern. One of the principal assumptions used in the net periodic benefit cost calculation is the expected return on plan assets. The expected return on plan assets may result in recognized expense or income that differs from the actual returns of those plan assets in any given year. Over time, however, the goal is for the expected long-term returns to approximate the actual returns and, therefore, the expectation is that the pattern of income and expense recognition should closely match the pattern of the services provided by the participants. The Company uses a market-related value method for calculating plan assets for purposes of determining the amortization of actuarial gains and losses. The differences between actual and expected returns are recognized in the net periodic benefit cost calculation over the average remaining service period or expected lifetime (for frozen plans) of the plan participants using the corridor approach. Under this approach, only actuarial gains (losses) that exceed 5% of the greater of the projected benefit obligation or the market-related value of assets are amortized to the Company’s net periodic benefit cost. In developing its expected return on plan assets, the Company considers the long-term actual returns relative to the mix of investments that comprise its plan assets and also develops estimates of future investment returns by considering external sources.

The Company recognizes an actuarial-based obligation at the onset of disability for certain benefits provided to individuals after employment, but before retirement, that include medical, dental, vision, life and other benefits.

Environmental Costs

The Company is involved in certain environmental remediation and ongoing compliance activities. Accruals for environmental matters are recorded on a site-by-site basis when it is probable that a liability has been incurred and based upon a reasonable estimate of the liability. The Company’s accruals reflect the anticipated participation of other potentially responsible parties in those instances where it is probable that such parties are legally responsible and financially capable of paying their respective shares of the relevant costs. These accruals are adjusted periodically as assessment and remediation efforts progress or as additional technical or legal information becomes available. Actual costs to be incurred at identified sites in future periods may vary from the estimates, given the inherent uncertainties in evaluating environmental exposures. The accrual for environmental matters is included in Accounts payable and accrued liabilities and Other liabilities in the Company’s consolidated balance sheets on an undiscounted basis due to uncertainty regarding the timing of future payments.

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 customer contract. Shipping and handling activities are accounted for as contract fulfillment costs and classified as Cost of products sold. Once control is transferred to the customer, the Company has completed its performance obligation, and revenue is recognized. After the completion of the performance obligation, there is an unconditional right to consideration as outlined in the contract. A right is considered 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 sales take place. The accruals for trade promotion programs and consumer coupons are established based on the Company’s best estimate of the amounts necessary to settle existing and future 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 trade promotional activities, and uses historical trend experience and coupon redemption estimates for the coupon accruals.

The Company provides an allowance for doubtful accounts based on its historical experience and ongoing assessment of its customers’ credit risk and aging. Receivables were presented net of an allowance for doubtful accounts of $4 and $7 as of June 30, 2019 and 2018, respectively. Receivables, net, included non-customer receivables of $17 and $10 as of June 30, 2019 and 2018, respectively.

Cost of Products Sold

Cost of products sold represents the costs directly related to the manufacture and distribution of the Company’s products and primarily includes raw materials, packaging, contract manufacturing fees, shipping and handling, warehousing, package design, depreciation, amortization, direct and indirect labor and operating costs for the Company’s manufacturing and distribution facilities, including salary, benefit costs and incentive compensation, and royalties and other charges related to the Company’s Glad^® Venture Agreement (See Note 8).

Costs associated with developing and designing new packaging, including design, artwork, films and labeling, are expensed as incurred and included within Cost of products sold.

Selling and Administrative Expenses

Selling and administrative expenses represent costs incurred by the Company in generating revenues and managing the business and include market research, commissions and certain administrative expenses. Administrative expenses include salary, benefits, incentive compensation, professional fees and services and other operating costs associated with the Company’s non-manufacturing, non-research and development staff, facilities and equipment, as well as software and licensing fees.

Advertising and Research and Development Costs

The Company expenses advertising and research and development costs in the period incurred.

Income Taxes

The Company uses the asset and liability method to account for income taxes. Deferred tax assets and liabilities are recognized for the anticipated future tax consequences attributable to differences between financial statement amounts and their respective tax basis. Management reviews the Company’s deferred tax assets to determine whether their value can be realized based upon available evidence. A valuation allowance is established when management believes that it is more likely than not that some portion of its deferred tax assets will not be realized. Changes in valuation allowances from period to period are included in the Company’s income tax provision in the period of change. In addition to valuation allowances, the Company provides for uncertain tax positions when such tax positions do not meet certain recognition thresholds or measurement standards. Amounts for uncertain tax positions are adjusted in quarters when new information becomes available or when positions are effectively settled.

Per U.S. GAAP, foreign withholding taxes are provided on unremitted foreign earnings that are not indefinitely reinvested at the time the earnings are generated. The Company regularly reviews and assesses whether there are any changes to its indefinite reinvestment assertion. Through the second quarter of fiscal year 2018, the Company had determined that the undistributed earnings of a number of its foreign subsidiaries were indefinitely reinvested. In December 2017, The Tax Cuts and Jobs Act (the Tax Act) was passed into law, which significantly reduced the cost of U.S. repatriation. In the third quarter of fiscal year 2018, the Company concluded an analysis wherein it determined that none of the undistributed earnings of its foreign subsidiaries were indefinitely reinvested. As a result, the Company is providing foreign withholding taxes on the undistributed earnings of all foreign subsidiaries where applicable.

Foreign Currency Transactions and Translations

Foreign Currency Transactions and Translation

Local currencies are the functional currencies for substantially all of the Company’s foreign operations. When the transactional currency is different than the functional currency, transaction gains and losses are included as a component of Other (income) expense, net. In addition, certain assets and liabilities denominated in currencies other than a foreign subsidiary’s functional currency are reported on the subsidiary’s books in its functional currency, with the impact from exchange rate differences recorded in Other (income) expense, net. Assets and liabilities of foreign operations are translated into U.S. dollars using the exchange rates in effect at the balance sheet date, while income and expenses are translated at the respective average monthly exchange rates during the year.

Gains and losses on foreign currency translations are reported as a component of Other comprehensive income (loss). The income tax effect of currency translation adjustments is recorded as a component of deferred taxes with an offset to Other comprehensive income (loss) where appropriate.

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 consolidated statement of earnings.

Derivative Instruments

The Company’s use of derivative instruments, principally swaps, futures and forward contracts, is limited to non-trading purposes and is designed to partially manage exposure to changes in commodity prices, interest rates and foreign currencies. The Company’s contracts are hedges for transactions with notional amounts and periods consistent with the related exposures and do not constitute investments independent of these exposures.

The changes in the fair value (i.e., gains or losses) of a derivative instrument are recorded as either assets or liabilities in the consolidated balance sheets with an offset to Net earnings or Other comprehensive income (loss) depending on whether, for accounting purposes, it has been designated and qualifies as an accounting hedge and, if so, on the type of hedging relationship. The criteria used to determine if hedge accounting treatment is appropriate are: (a) formal designation and documentation of the hedging relationship, the risk management objective and hedging strategy at hedge inception; (b) eligibility of hedged items, transactions and corresponding hedging instrument; and (c) effectiveness of the hedging relationship both at inception of the hedge and on an ongoing basis in achieving the hedging objectives. For those derivative instruments designated and qualifying as hedging instruments, the Company must designate the hedging instrument either as a fair value hedge or as a cash flow hedge. The Company designates its commodity forward and future contracts for forecasted purchases of raw materials, interest rate forward contracts for forecasted interest payments, and foreign currency forward contracts for forecasted purchases of inventory as cash flow hedges. During the fiscal years ended June 30, 2019, 2018 and 2017, the Company had no hedging instruments designated as fair value hedges.

For derivative instruments designated and qualifying as cash flow hedges, the effective portion of gains or losses is reported as a component of Other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. From time to time, the Company may have contracts not designated as hedges for accounting purposes, for which it recognizes changes in the fair value in the consolidated statement of earnings in the current period. Cash flows from hedging activities are classified as operating activities in the consolidated statements of cash flows.

Recently Issued Accounting Standards

Recently Issued Accounting Standards Not Yet Adopted

In August 2017, the Financial Accounting Standards Board (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 does not expect this guidance to have a material impact on its consolidated financial statements upon adoption.

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 (ROU) asset and a lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation will depend on the classification of a lease as either a finance or an operating lease. ASU 2016-02 also requires expanded disclosures about leasing arrangements. The new guidance is effective for the Company beginning in the first quarter of fiscal year 2020, with early adoption permitted. 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 in the first quarter of fiscal year 2020, on a modified retrospective basis using the optional transition method, and, accordingly, will not restate the comparative periods. The Company expects to elect certain practical expedients, including the package of practical expedients to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. The Company has substantially completed 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. The Company anticipates the adoption of this new standard will result in the recognition of ROU assets of between approximately $315 and $345 and aggregate current and non-current liabilities of between $350 and $380 on the Company’s consolidated balance sheet with the difference largely due to deferred rent that will be reclassified to the ROU asset. The Company also expects to record a cumulative-effect adjustment to the opening balance of Retained earnings of between approximately $20 and $25 related primarily to the remaining deferred gain from the sale-leaseback of the Company’s general office building in Oakland, California (see Note 8). This new standard is not expected to have a material impact on the Company’s consolidated statement of earnings or the consolidated statement of cash flows.

Recently Adopted Accounting Standards

In February 2018, the 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 Act. The Company early adopted this guidance in, and applied it to, the fourth quarter of fiscal year 2019. As a result of the adoption, the Company decreased Accumulated other comprehensive net (loss) income and increased Retained earnings by $39.

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 the adoption did not have a material impact on the Company’s annual consolidated financial statements. However, there was 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.

In March 2018, the FASB issued ASU No. 2018-05, “Income Taxes (Topic 740)-Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118,” which amends its guidance to address the initial accounting for the income tax effects of the Tax Act, which was enacted on December 22, 2017 (enactment date). This guidance allowed reasonable estimates of income tax effects to be reported as provisional amounts during the measurement period, which is one year from the enactment date, when the necessary information is not available, prepared, or analyzed in sufficient detail to complete the accounting. The amendments also added specific disclosure requirements. The Company has adopted this new guidance. The Company recorded $81 of provisional benefits in the second quarter of fiscal year 2018. Refer to Note 16 for more information.

Segment Reporting

The Company operates through strategic business units (SBU) that are aggregated into the following four reportable segments based on the economics and nature of the products sold:

•

Cleaning consists of laundry, home care and professional products marketed and sold in the United States. Products within this segment include laundry additives, such as bleach products under the Clorox^®brand and Clorox 2^®stain fighter and color booster; home care products, primarily under the Clorox^®, Formula 409^®, Liquid-Plumr^®, Pine-Sol^®, S.O.S^®and Tilex^® brands; naturally derived products under the Green Works^® brand; and professional cleaning, disinfecting and food service products under the CloroxPro^™, Dispatch^®, Clorox Healthcare^®, Hidden Valley^® and KC Masterpiece^® brands.

•

Household consists of charcoal, bags, wraps and containers, cat litter, and digestive health products marketed and sold in the United States. Products within this segment include charcoal products under the Kingsford^®and Match Light^®brands; bags, wraps and containers under the Glad^®brand; cat litter products under the Fresh Step^®, Scoop Away^®and Ever Clean^®brands; and digestive health products under the RenewLife^®brand.

•

Lifestyle consists of food products, water-filtration systems and filters, natural personal care products, and dietary supplements mainly marketed and sold in the United States. Products within this segment include dressings and sauces, primarily under the Hidden Valley^®, KC Masterpiece^®,Kingsford^®and Soy Vay^®brands; water-filtration systems and filters under the Brita^®brand; natural personal care products under the Burt’s Bees^®brand; and dietary supplements under the Rainbow Light^®, Natural Vitality^™, and NeoCell^® brands.

•

International consists of products sold outside the United States. Products within this segment include laundry; home care; water-filtration systems and filters; digestive health products; charcoal; cat litter products; food products; bags, wraps and containers; natural personal care products; and professional cleaning and disinfecting products, primarily under the Clorox^®, Glad^®, PinoLuz^®, Ayudin^®, Limpido^®, Clorinda^®, Poett^®, Mistolin^®, Lestoil^®, Bon Bril^®, Brita^®, Green Works^®, Pine-Sol^®, Agua Jane^®, Chux^®, RenewLife^®, Kingsford^®, Fresh Step^®, Scoop Away^®, Ever Clean^®, KC Masterpiece^®, Hidden Valley^®, Burt’s Bees^®, CloroxPro^™, and Clorox Healthcare^® brands.

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.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Useful Lives of Property, Plant and Equipment and Finite-lived Intangible Assets

The table below provides estimated useful lives of property, plant and equipment by asset classification.



	Estimated Useful Lives
Buildings and leasehold improvements	7 - 40 years
Land improvements	10 - 30 years
Machinery and equipment	3 - 15 years
Computer equipment	3 - 5 years
Capitalized software costs	3 - 7 years

BUSINESS ACQUIRED (Tables)

12 Months Ended

Jun. 30, 2019

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. 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.



	Nutranext
Goodwill ($310 in Lifestyle reportable segment and $102 in Household reportable segment)	$	412
Trademarks	143
Customer relationships	75
Property, plant and equipment	49
Working capital, net	22
Deferred income taxes	(20		)
Consideration paid	$	681

INVENTORIES (Tables)

12 Months Ended

Jun. 30, 2019

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following as of June 30:



	2019			2018
Finished goods	$	411		$	395
Raw materials and packaging	125			129
Work in process	6			9
LIFO allowances	(30		)	(27		)
Total	$	512		$	506

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

12 Months Ended

Jun. 30, 2019

Property, Plant and Equipment, Net [Abstract]

Property, Plant and Equipment

The components of property, plant and equipment, net, consisted of the following as of June 30:



	2019			2018
Machinery and equipment	$	1,867		$	1,808
Buildings	596			574
Capitalized software costs	358			375
Land and improvements	138			131
Construction in progress	131			77
Computer equipment	94			92
Total	3,184			3,057
Less: Accumulated depreciation and amortization	(2,150		)	(2,061		)
Property, plant and equipment, net	$	1,034		$	996

GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Jun. 30, 2019

GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS [Abstract]

Schedule of Goodwill

The changes in the carrying amount of goodwill by reportable segment for the fiscal years ended June 30, 2019 and 2018 were as follows:



	Goodwill
	Cleaning		Household		Lifestyle		International			Total
Balance as of June 30, 2017	$	323	$	207	$	244	$	422		$	1,196
Acquisition	—		102		309		—			411
Effect of foreign currency translation	—		—		—		(5		)	(5		)
Balance as of June 30, 2018	$	323	$	309	$	553	$	417		$	1,602
Acquisition	—		—		1		—			1
Effect of foreign currency translation	—		—		—		(12		)	(12		)
Balance as of June 30, 2019	$	323	$	309	$	554	$	405		$	1,591

Schedule of Intangible Assets

The changes in the carrying amount of trademarks and other intangible assets for the fiscal years ended June 30 were as follows:



	As of June 30, 2019						As of June 30, 2018
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Trademarks with indefinite lives	$	777	$	—	$	777	$	778	$	—	$	778
Trademarks with finite lives	40		26		14		41		24		17
Other intangible assets	430		309		121		430		296		134
Total	$	1,247	$	335	$	912	$	1,249	$	320	$	929

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)

12 Months Ended

Jun. 30, 2019

Accounts Payable and Accrued Liabilities, Current [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following as of June 30:



	2019		2018
Accounts payable	$	507	$	507
Compensation and employee benefit costs	158		154
Trade and sales promotion costs	115		91
Dividends	139		129
Other	116		120
Total	$	1,035	$	1,001

DEBT (Tables)

12 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Long-term debt, carried at face value net of unamortized discounts, premiums and debt issuance costs, included the following as of June 30:



	2019		2018
Senior unsecured notes and debentures:
3.80%, $300 due November 2021	$	299	$	298
3.05%, $600 due September 2022	598		597
3.50%, $500 due December 2024	498		497
3.10%, $400 due October 2027	397		397
3.90%, $500 due May 2028	495		495
Total	2,287		2,284
Less: Current maturities of long-term debt	—		—
Long-term debt	$	2,287	$	2,284

Schedule of Line of Credit Facilities

The Company’s borrowing capacity under other financing arrangements as of June 30 was as follows:



	2019		2018
Revolving credit facility	$	1,100	$	1,100
Foreign and other credit lines	39		37
Total	$	1,139	$	1,137

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

OTHER LIABILITIES (Tables)

12 Months Ended

Jun. 30, 2019

Other Liabilities Disclosure [Abstract]

Other Noncurrent Liabilities

Other liabilities consisted of the following as of June 30:



	2019		2018
Venture agreement terminal obligation, net	$	370	$	341
Employee benefit obligations	280		283
Taxes	34		52
Other	96		102
Total	$	780	$	778

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Jun. 30, 2019

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Abstract]

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The effects of derivative instruments designated as hedging instruments on Other comprehensive income and Net earnings were as follows during the fiscal years ended June 30:



	Gains (losses) recognized in Other comprehensive income
	2019			2018		2017
Commodity purchase derivative contracts	$	(5	)	$	4	$	(3	)
Foreign exchange derivative contracts	—			2		(1		)
Interest rate derivative contracts	—			2		—
Total	$	(5	)	$	8	$	(4	)

Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location



	Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings
	2019			2018			2017
Commodity purchase derivative contracts	$	(2	)	$	1		$	(2	)
Foreign exchange derivative contracts	2			(1		)	(3		)
Interest rate derivative contracts	(6		)	(6		)	(6		)
Total	$	(6	)	$	(6	)	$	(11	)

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table summarizes the fair value of Company’s assets and liabilities for which disclosure of fair value is required as of June 30:



			2019				2018
Assets	Balance sheet classification	Fair value hierarchy level	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Investments including money market funds	Cash and cash equivalents ^(a)	1	$	26	$	26	$	24	$	24
Time deposits	Cash and cash equivalents ^(a)	2	7		7		23		23
Commodity purchase swaps contracts	Prepaid expenses and other current assets	2	—		—		3		3
Foreign exchange forward contracts	Prepaid expenses and other current assets	2	—		—		2		2
Trust assets for nonqualified deferred compensation plans	Other assets	1	96		96		86		86
			$	129	$	129	$	138	$	138
Liabilities
Notes and loans payable	Notes and loans payable ^(b)	2	$	396	$	396	$	199	$	199
Commodity purchase futures contracts	Accounts payable and accrued liabilities	1	1		1		1		1
Commodity purchase swaps contracts	Accounts payable and accrued liabilities	2	1		1		—		—
Current maturities of long-term debt and Long-term debt	Current maturities of long- term debt and Long-term debt ^(c)	2	2,287		2,402		2,284		2,269
			$	2,685	$	2,800	$	2,484	$	2,469


(a)	Cash and cash equivalents are composed of time deposits and other interest-bearing investments, including money market funds with original maturity dates of 90 days or less. Cash and cash equivalents are recorded at cost, which approximates fair value.


(b)	Notes and loans payable is composed of U.S. commercial paper and/or other similar short-term debt issued by non-U.S. subsidiaries, all of which are recorded at cost, which approximates fair value.

(c)

Current maturities of long-term debt and Long-term debt are recorded at cost. The fair value of Long-term debt, including current maturities, was determined using secondary market prices quoted by corporate bond dealers, and is classified as Level 2.

LEASES AND OTHER COMMITMENTS (Tables)

12 Months Ended

Jun. 30, 2019

LEASES AND OTHER COMMITMENTS [Abstract]

Schedule of future minimum annual lease commitments required under existing non-cancelable operating and capital lease agreements

The future minimum annual lease payments required under the Company’s existing non-cancelable operating and capital lease agreements as of June 30, 2019, were as follows:



Year	Operating leases		Capital leases
2020	$	71	$	2
2021	65		2
2022	50		1
2023	42		1
2024	37		1
Thereafter	124		2
Total	$	389	$	9

Unrecorded Unconditional Purchase Obligations Disclosure

As of June 30, 2019, the Company’s purchase obligations by purchase date were as follows:



Year	Purchase Obligations
2020	$	77
2021	36
2022	26
2023	14
2024	11
Thereafter	—
Total	$	164

STOCKHOLDERS' EQUITY (Tables)

12 Months Ended

Jun. 30, 2019

Stockholders' Equity Note [Abstract]

Schedule of Share Repurchases under Authorized Programs

Stock repurchases under the two stock repurchase programs were as follows during the fiscal years ended June 30:



	2019			2018			2017
	Amount		Shares (in thousands)	Amount		Shares (in thousands)	Amount		Shares (in thousands)
Open-market purchase program	$	328	2,266	$	95	749	$	—	—
Evergreen Program	332		2,208	177		1,422	189		1,505
Total stock repurchases	$	660	4,474	$	272	2,171	$	189	1,505

Dividends Declared

Dividends per share paid during the fiscal years ended June 30 were as follows:



	2019		2018		2017
Dividends per share paid	$	3.84	$	3.48	$	3.20

Schedule of Accumulated Other Comprehensive Income (Loss)

Changes in Accumulated other comprehensive net (loss) income by component were as follows for the fiscal years ended June 30:



	Foreign currency translation adjustments			Net unrealized gains (losses) on derivatives			Pension and postretirement benefit adjustments			Accumulated other comprehensive (loss) income
Balance June 30, 2016	$	(353	)	$	(44	)	$	(173	)	$	(570	)
Other comprehensive income (loss) before reclassifications	(3		)	(4		)	27			20
Amounts reclassified from Accumulated other comprehensive net (loss) income	—			11			9			20
Income tax benefit (expense)	—			—			(13		)	(13		)
Net current period other comprehensive income (loss)	(3		)	7			23			27
Balance June 30, 2017	(356		)	(37		)	(150		)	(543		)
Other comprehensive income (loss) before reclassifications	(20		)	8			11			(1		)
Amounts reclassified from Accumulated other comprehensive net (loss) income	—			6			8			14
Income tax benefit (expense)	(8		)	(2		)	(7		)	(17		)
Net current period other comprehensive income (loss)	(28		)	12			12			(4		)
Balance June 30, 2018	(384		)	(25		)	(138		)	(547		)
Other comprehensive income (loss) before reclassifications	(20		)	(5		)	—			(25		)
Amounts reclassified from Accumulated other comprehensive net (loss) income	—			6			6			12
Income tax benefit (expense)	(2		)	1			(2		)	(3		)
Net current period other comprehensive income (loss)	(22		)	2			4			(16		)
Cumulative effect of accounting changes ⁽¹⁾	(8		)	—			(31		)	(39		)
Balance June 30, 2019	$	(414	)	$	(23	)	$	(165	)	$	(602	)

⁽¹⁾ The opening balance of Accumulated other comprehensive net (loss) income was adjusted as a result of adopting ASU No. 2018-02, “Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” on April 1, 2019. See Note 1 for more information.

NET EARNINGS PER SHARE (EPS) (Tables)

12 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of 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 for the fiscal years ended June 30:



	2019	2018	2017
Basic	127,734	129,293	128,953
Dilutive effect of stock options and other	2,058	2,288	2,613
Diluted	129,792	131,581	131,566

Antidilutive stock options and other	800	1,192	11

STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Jun. 30, 2019

Share-based Compensation [Abstract]

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

Compensation cost and the related income tax benefit recognized for stock-based compensation plans were classified as indicated below for the fiscal years ended June 30:



	2019		2018		2017
Cost of products sold	$	5	$	7	$	7
Selling and administrative expenses	35		42		40
Research and development costs	3		4		4
Total compensation costs	$	43	$	53	$	51

Related income tax benefit	$	10	$	16	$	19

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of each stock option award granted during fiscal years 2019, 2018 and 2017 was estimated on the date of grant using the Black-Scholes valuation model and assumptions noted in the following table:



	2019	2018	2017
Expected life	5.4 years	5.5 years	5.5 years
Weighted-average expected life	5.4 years	5.5 years	5.5 years
Expected volatility	17.3% to 20.2%	15.7% to 18.7%	16.2% to 16.9%
Weighted-average volatility	17.4%	15.7%	16.9%
Risk-free interest rate	2.5% to 3.0%	1.3% to 2.6%	1.3% to 2.2%
Weighted-average risk-free interest rate	2.9%	1.8%	1.3%
Dividend yield	2.5% to 2.6%	2.4% to 3.0%	2.4% to 2.8%
Weighted-average dividend yield	2.6%	2.5%	2.6%

Schedule of Share-based Compensation, Stock Options, Activity

Details of the Company’s stock option activities are summarized below:



	Number of Shares (In thousands)		Weighted- Average Exercise Price per Share		Average Remaining Contractual Life	Aggregate Intrinsic Value
Options outstanding as of June 30, 2018	7,080		$	101	6 years	$	240
Granted	863		152
Exercised	(1,951	)	88
Canceled	(248	)	132
Options outstanding as of June 30, 2019	5,744		$	112	6 years	$	235

Options vested as of June 30, 2019	3,533		$	97	5 years	$	198

Schedule of Share-based Compensation, Restricted Stock Units Award Activity

A summary of the status of the Company’s restricted stock awards is presented below:



	Number of Shares (In thousands)		Weighted-Average Grant Date Fair Value per Share
Restricted stock awards as of June 30, 2018	156		$	135
Granted	139		152
Vested	(36	)	135
Forfeited	(18	)	140
Restricted stock awards as of June 30, 2019	241		$	144

Share-based Compensation, Performance Shares Award Outstanding Activity

A summary of the status of the Company’s performance share awards is presented below:



	Number of Shares (In thousands)		Weighted-Average Grant Date Fair Value per Share
Performance share awards as of June 30, 2018	698		$	111
Granted	216		152
Distributed	(334	)	109
Forfeited	(43	)	130
Performance share awards as of June 30, 2019	537		$	120

Performance shares vested and deferred as of June 30, 2019	151		$	82

OTHER (INCOME) EXPENSE, NET (Tables)

12 Months Ended

Jun. 30, 2019

Other Income and Expenses [Abstract]

Major Components of Other (Income) Expense, Net

The major components of Other (income) expense, net, for the fiscal years ended June 30 were:



	2019			2018			2017
Income from equity investees	$	(15	)	$	(12	)	$	(19	)
Net periodic benefit cost ⁽¹⁾	14			—			—
Loss (gain) on sale of assets and investments, net	—			4			(11		)
Interest income	(3		)	(6		)	(4		)
Asset impairment charges	—			1			23
Amortization of trademarks and other intangible assets	17			11			10
Foreign exchange transaction (gains) losses, net	7			3			(1		)
Other	(17		)	(4		)	8
Total	$	3		$	(3	)	$	6

⁽¹⁾ As a result of adopting ASU No. 2017-07, “Compensation-Retirement Benefits (Topic 715),” effective July 1, 2018, net periodic benefit cost is recorded 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.

INCOME TAXES (Tables)

12 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Provision for Income Taxes on Continuing Operations by Tax Jurisdiction

The provision for income taxes on continuing operations, by tax jurisdiction, consisted of the following for the fiscal years ended June 30:



	2019			2018			2017
Current
Federal	$	166		$	177		$	291
State	24			34			36
Foreign	34			43			38
Total current	224			254			365
Deferred
Federal	(22		)	(24		)	(29		)
State	(1		)	3			(2		)
Foreign	3			(2		)	(4		)
Total deferred	(20		)	(23		)	(35		)
Total	$	204		$	231		$	330

Earnings from Continuing Operations before Income Taxes, by Tax Jurisdiction

The components of earnings from continuing operations before income taxes, by tax jurisdiction, consisted of the following for the fiscal years ended June 30:



	2019		2018		2017
United States	$	912	$	963	$	927
Foreign	112		91		106
Total	$	1,024	$	1,054	$	1,033

Tax Rate Reconciliation

A reconciliation of the statutory federal income tax rate to the Company’s effective tax rate on continuing operations follows for the fiscal years ended June 30:



	2019		2018		2017
Statutory federal tax rate	21.0	%	28.1	%	35.0	%
State taxes (net of federal tax benefits)	1.7		2.4		2.2
Tax differential on foreign earnings	1.0		1.2		(0.6	)
Federal domestic manufacturing deduction	—		(1.8	)	(2.6	)
Change in valuation allowance	0.1		0.3		0.2
Federal excess tax benefits	(2.3	)	(1.7	)	(2.0	)
Reversals of deferred taxes related to foreign unremitted earnings	—		(2.6	)	—
Remeasurement of deferred taxes	0.1		(3.1	)	—
Other differences	(1.8	)	(1.0	)	(0.3	)
Effective tax rate	19.8	%	21.8	%	31.9	%

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:



	Adjustments
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

Components of Net Deferred Tax Assets (Liabilities)

The components of net deferred tax assets (liabilities) as of June 30 are shown below:



	2019			2018
Deferred tax assets
Compensation and benefit programs	$	100		$	103
Net operating loss and tax credit carryforwards	87			86
Accruals and reserves	41			28
Basis difference related to Venture Agreement	19			19
Inventory costs	22			16
Other	21			25
Subtotal	290			277
Valuation allowance	(44		)	(43		)
Total deferred tax assets	246			234
Deferred tax liabilities
Fixed and intangible assets	(236		)	(232		)
Low-income housing partnerships	(13		)	(17		)
Other	(18		)	(19		)
Total deferred tax liabilities	(267		)	(268		)
Net deferred tax assets (liabilities)	$	(21	)	$	(34	)

Summary of Changes in Deferred Tax Asset Valuation Allowance

Details of the valuation allowance were as follows as of June 30:



	2019			2018			2017
Valuation allowance at beginning of year	$	(43	)	$	(40	)	$	(37	)
Net decrease/(increase) for other foreign deferred tax assets	—			—			—
Net decrease/(increase) for foreign net operating loss carryforwards and tax credits	(1		)	(3		)	(3		)
Valuation allowance at end of year	$	(44	)	$	(43	)	$	(40	)

Reconciliation of Gross Unrecognized Tax Benefits

The following is a reconciliation of the beginning and ending amounts of the Company’s gross unrecognized tax benefits:



	2019			2018			2017
Unrecognized tax benefits at beginning of year	$	47		$	40		$	37
Gross increases - tax positions in prior periods	2			2			1
Gross decreases - tax positions in prior periods	(20		)	(1		)	(6		)
Gross increases - current period tax positions	6			8			9
Gross decreases - current period tax positions	—			—			—
Lapse of applicable statute of limitations	(3		)	(2		)	(1		)
Settlements	(1		)	—			—
Unrecognized tax benefits at end of year	$	31		$	47		$	40

EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Jun. 30, 2019

Defined Benefit Plan [Abstract]

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

Summarized information for the Company’s retirement income and retirement health care plans as of and for the fiscal years ended June 30 is as follows:



	Retirement Income						Retirement Health Care
	2019			2018			2019			2018
Change in benefit obligations:
Benefit obligation as of beginning of year	$	593		$	633		$	38		$	42
Service cost	1			1			—			—
Interest cost	23			23			2			2
Actuarial loss (gain)	26			(21		)	(3		)	(2		)
Plan amendments	—			1			—			—
Translation and other adjustments	—			(1		)	—			—
Benefits paid	(39		)	(43		)	(3		)	(4		)
Benefit obligation as of end of year	604			593			34			38
Change in plan assets:
Fair value of assets as of beginning of year	420			434			—			—
Actual return on plan assets	41			8			—			—
Employer contributions	63			22			3			4
Benefits paid	(39		)	(43		)	(3		)	(4		)
Translation and other adjustments	—			(1		)	—			—
Fair value of plan assets as of end of year	485			420			—			—
Accrued benefit cost, net funded status	$	(119	)	$	(173	)	$	(34	)	$	(38	)

Schedule of Amounts Recognized in the Balance Sheets



Amount recognized in the balance sheets consists of:
Pension benefit assets	$	48		$	3		$	—		$	—
Current accrued benefit liability	(12		)	(13		)	(2		)	(2		)
Non-current accrued benefit liability	(155		)	(163		)	(32		)	(36		)
Accrued benefit cost, net	$	(119	)	$	(173	)	$	(34	)	$	(38	)

Schedule of Accumulated Benefit Obligations in Excess of Plan Assets

Retirement income plans with ABO in excess of plan assets as of June 30 were as follows:



	ABO Exceeds the Fair Value of Plan Assets
	2019		2018
Projected benefit obligation	$	167	$	571
Accumulated benefit obligation	166		571
Fair value of plan assets	—		395

Schedule of Components of Net Periodic Benefit Cost

The net cost of the retirement income and health care plans for the fiscal years ended June 30 included the following components:



	Retirement Income									Retirement Health Care
	2019			2018			2017			2019			2018			2017
Service cost	$	1		$	1		$	1		$	—		$	—		$	—
Interest cost	23			23			22			2			2			2
Expected return on plan assets	(18		)	(19		)	(20		)	—			—			—
Amortization of unrecognized items	9			10			11			(3		)	(3		)	(2		)
Total	$	15		$	15		$	14		$	(1	)	$	(1	)	$	—

Schedule of Items Not Yet Recognized as a Component of Postretirement Expense

Items not yet recognized as a component of postretirement expense as of June 30, 2019, consisted of:



	Retirement Income			Retirement Health Care
Net actuarial loss (gain)	$	236		$	(18	)
Prior service benefit	—			(2		)
Net deferred income tax (assets) liabilities	(56		)	5
Accumulated other comprehensive loss (income)	$	180		$	(15	)

Summary of Amounts Recognized in Accumulated Other Comprehensive Net Losses

Net actuarial loss (gain) recorded in Accumulated other comprehensive net (losses) income for the fiscal year ended June 30, 2019, included the following:



	Retirement Income			Retirement Health Care
Net actuarial loss (gain) as of beginning of year	$	242		$	(17	)
Amortization during the year	(9		)	2
Loss (gain) during the year	3			(3		)
Net actuarial loss (gain) as of end of year	$	236		$	(18	)

Schedule of Weighted Average Assumptions Used

Weighted-average assumptions used to estimate the actuarial present value of benefit obligations were as follows as of June 30:



	Retirement Income				Retirement Health Care
	2019		2018		2019		2018
Discount rate	3.41	%	4.10	%	3.35	%	4.01	%
Rate of compensation increase	2.86	%	2.87	%	n/a		n/a

Weighted-average assumptions used to estimate the retirement income and retirement health care costs were as follows as of June 30:



	Retirement Income
	2019		2018		2017
Discount rate	4.10	%	3.70	%	3.42	%
Rate of compensation increase	2.87	%	2.83	%	2.92	%
Expected return on plan assets	4.33	%	4.43	%	4.73	%

	Retirement Health Care
	2019		2018		2017
Discount rate	4.01	%	3.66	%	3.42	%

Schedule of Expected Benefit Payments

Expected benefit payments for the Company’s retirement income and retirement health care plans as of June 30, 2019, were as follows:



	Retirement Income		Retirement Health Care
2020	$	38	$	2
2021	51		2
2022	36		2
2023	36		2
2024	37		2
Fiscal years 2025 through 2029	186		10

Schedule of Target Allocation and Weighted Average Allocation of Plan Assets

The following table sets forth by level within the fair value hierarchy, the retirement income plans’ assets carried at fair value as of June 30:



	2019
	Level 1		Level 2		Total
Cash equivalents	$	2	$	—	$	2
Total assets in the fair value hierarchy	$	2	$	—	$	2

Common collective trusts measured at net asset value
Bond funds					$	393
International equity funds					50
Domestic equity funds					39
Real estate fund					1
Total common collective trusts measured at net asset value					483
Total assets at fair value					$	485



	2018
	Level 1		Level 2		Total
Cash equivalents	$	3	$	—	$	3
Total assets in the fair value hierarchy	$	3	$	—	$	3

Common collective trusts measured at net asset value
Bond funds					$	299
International equity funds					60
Domestic equity funds					44
Real estate fund					14
Total common collective trusts measured at net asset value					417
Total assets at fair value					$	420

The target allocations and weighted average asset allocations by asset category of the investment portfolio for the Company’s domestic retirement income plans as of June 30 were:



	% Target Allocation				% of Plan Assets
	2019		2018		2019		2018
U.S. equity	9	%	11	%	9	%	11	%
International equity	8	%	12	%	8	%	12	%
Fixed income	83	%	74	%	83	%	74	%
Other	—	%	3	%	—	%	3	%
Total	100	%	100	%	100	%	100	%

SEGMENT REPORTING (Tables)

12 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Selected Financial Information Relating to the Company's Segments

The following table provides Net sales as a percentage of the Company’s consolidated net sales, disaggregated by SBU, for the fiscal years ended June 30:



	2019		2018		2017
Home care	19	%	19	%	19	%
Laundry	9	%	9	%	9	%
Professional products	6	%	6	%	6	%
Cleaning	34	%	34	%	34	%
Bags, wraps, and containers	13	%	14	%	14	%
Charcoal	8	%	9	%	10	%
Cat litter	7	%	7	%	7	%
Digestive health	2	%	2	%	2	%
Household	30	%	32	%	33	%
Food products	9	%	9	%	9	%
Natural personal care	5	%	4	%	4	%
Water filtration	3	%	3	%	3	%
Dietary supplements ⁽¹⁾	3	%	1	%	—	%
Lifestyle	20	%	17	%	16	%
International	16	%	17	%	17	%
Total	100	%	100	%	100	%

(1) The dietary supplements business was acquired in April 2018. See Note 2 for details.

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.



	Fiscal Year	Cleaning		Household		Lifestyle		International		Corporate			Total Company
Net sales	2019	$	2,109	$	1,870	$	1,265	$	970	$	—		$	6,214
	2018	2,060		1,959		1,077		1,028		—			6,124
	2017	2,002		1,961		1,000		1,010		—			5,973
Earnings (losses) from continuing operations before income taxes	2019	600		316		255		96		(243		)	1,024
	2018	574		370		243		84		(217		)	1,054
	2017	523		419		244		81		(234		)	1,033
Income from equity investees	2019	—		—		—		15		—			15
	2018	—		—		—		12		—			12
	2017	—		—		—		19		—			19
Total assets	2019	903		1,223		1,581		1,027		382			5,116
	2018	902		1,223		1,533		1,045		357			5,060
Capital expenditures	2019	49		81		39		26		11			206
	2018	60		73		22		33		6			194
	2017	76		82		30		37		6			231
Depreciation and amortization	2019	52		67		31		25		5			180
	2018	49		65		23		24		5			166
	2017	51		64		20		22		6			163
Significant non-cash charges included in earnings (losses) from continuing operations before income taxes:
Stock-based compensation	2019	14		12		7		1		9			43
	2018	13		12		7		1		20			53
	2017	16		15		9		2		9			51

Schedules of Concentration of Risk, by Risk Factor

The following table provides the Company’s global product lines, which were sold in the U.S. (including Professional products SBU) and International, that accounted for 10% or more of consolidated net sales for the fiscal years ended June 30:



	2019		2018		2017
Home Care products	26	%	26	%	25	%
Bags, wraps and containers	16	%	18	%	18	%
Laundry additives	14	%	15	%	15	%
Food products	10	%	10	%	10	%
Charcoal products	9	%	10	%	11	%

Net Sales and Long-Lived Assets By Geographic Area

Net sales and property, plant and equipment, net, by geographic area as of and for the fiscal years ended June 30 were as follows:



	Fiscal Year	United States		Foreign		Total Company
Net sales	2019	$	5,281	$	933	$	6,214
	2018	5,135		989		6,124
	2017	5,001		972		5,973
Property, plant and equipment, net	2019	929		105		1,034
	2018	887		109		996

UNAUDITED QUARTERLY DATA (Tables)

12 Months Ended

Jun. 30, 2019

Quarterly Financial Data [Abstract]

Unaudited Quarterly Data



Dollars in millions, except per share data	Quarters Ended
	September 30		December 31		March 31		June 30		Full Year
Fiscal year ended June 30, 2019
Net sales	$	1,563	$	1,473	$	1,551	$	1,627	$	6,214
Cost of products sold	$	885	$	830	$	878	$	893	$	3,486
Earnings from continuing operations	$	210	$	182	$	187	$	241	$	820
Earnings (losses) from discontinued operations, net of tax	—		—		—		—		—
Net earnings	$	210	$	182	$	187	$	241	$	820
Net earnings (losses) per share:
Basic
Continuing operations	$	1.65	$	1.42	$	1.46	$	1.91	$	6.42
Discontinued operations	—		—		—		—		—
Basic net earnings per share	$	1.65	$	1.42	$	1.46	$	1.91	$	6.42
Diluted
Continuing operations	$	1.62	$	1.40	$	1.44	$	1.88	$	6.32
Discontinued operations	—		—		—		—		—
Diluted net earnings per share	$	1.62	$	1.40	$	1.44	$	1.88	$	6.32
Dividends declared per share	$	0.96	$	0.96	$	0.96	$	1.06	$	3.94

Fiscal year ended June 30, 2018
Net sales	$	1,500	$	1,416	$	1,517	$	1,691	$	6,124
Cost of products sold	$	827	$	807	$	868	$	947	$	3,449
Earnings from continuing operations	$	192	$	233	$	181	$	217	$	823
Earnings (losses) from discontinued operations, net of tax	—		—		—		—		—
Net earnings	$	192	$	233	$	181	$	217	$	823
Net earnings (losses) per share:
Basic
Continuing operations	$	1.49	$	1.81	$	1.39	$	1.69	$	6.37
Discontinued operations	—		—		—		—		—
Basic net earnings per share	$	1.49	$	1.81	$	1.39	$	1.69	$	6.37
Diluted
Continuing operations	$	1.46	$	1.77	$	1.37	$	1.66	$	6.26
Discontinued operations	—		—		—		—		—
Diluted net earnings per share	$	1.46	$	1.77	$	1.37	$	1.66	$	6.26
Dividends declared per share	$	0.84	$	0.84	$	0.96	$	0.96	$	3.60

FIVE-YEAR FINANCIAL SUMMARY

The Clorox Company



	Years ended June 30
Dollars in millions, except per share data	2019		2018		2017			2016		2015
OPERATIONS
Net sales	$	6,214	$	6,124	$	5,973		$	5,761	$	5,655
Gross profit	2,728		$	2,675	$	2,671		$	2,598	$	2,465
Earnings from continuing operations	$	820	$	823	$	703		$	648	$	606
(Losses) earnings from discontinued operations, net of tax	—		—		(2		)	—		(26		)
Net earnings	$	820	$	823	$	701		$	648	$	580
COMMON STOCK
Earnings per share
Continuing operations
Basic	$	6.42	$	6.37	$	5.45		$	5.01	$	4.65
Diluted	6.32		6.26		5.35			4.92		4.57
Dividends declared per share	3.94		3.60		3.24			3.11		2.99
	As of June 30
Dollars in millions	2019		2018		2017			2016		2015
OTHER DATA
Total assets ⁽¹⁾	$	5,116	$	5,060	$	4,573		$	4,510	$	4,154
Long-term debt ⁽¹⁾	2,287		2,284		1,391			1,789		1,786

(1) Amounts for the fiscal years ended June 30, 2016 and 2015 have been retrospectively adjusted to conform to the presentation of debt issuance costs required by ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.”

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Cash and Cash Equivalents) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Accounting Policies [Abstract]
Restricted cash and cash equivalents	$ 2	$ 3	$ 2	$ 4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Estimated Useful Lives of Property, Plant and Equipment) (Details)	12 Months Ended
	Jun. 30, 2019
Building and Building Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Building and Building Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years
Land Improvements [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	10 years
Land Improvements [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	30 years
Machinery and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Machinery and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	15 years
Computer Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Computer Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	5 years
Capitalized Software Costs [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	3 years
Capitalized Software Costs [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Additional Information) (Details) $ in Millions	3 Months Ended			12 Months Ended
	Jun. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jun. 30, 2019 USD ($) instrument	Jun. 30, 2018 USD ($) instrument	Jun. 30, 2017 instrument	Jul. 01, 2019 USD ($)	Jul. 01, 2018 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Performance period for performance awards				3 years
Minimum percentage for calculating the amortization of actuarial gains and losses under the corridor approach				5.00%
Contract term				one year or less
Allowance for doubtful accounts	$ 4			$ 4	$ 7
Nontrade receivables, current	17			$ 17	$ 10
Number of hedging instruments designated as fair value hedges \| instrument				0	0	0
Cumulative effect of accounting changes								$ (3)
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit)		$ 81	$ 81
Accounting Standards Update 2018-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax Cuts And Jobs Act Of 2017 Reclassification From Aoci To Retained Earnings Tax Effect	$ 39
Subsequent Event \| Scenario, Forecast [Member] \| Accounting Standards Update 2016-02 [Member] \| Minimum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finance and operating lease right-of-use asset							$ 315
Finance and operating lease liability							350
Cumulative effect of accounting changes							20
Subsequent Event \| Scenario, Forecast [Member] \| Accounting Standards Update 2016-02 [Member] \| Maximum [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finance and operating lease right-of-use asset							345
Finance and operating lease liability							380
Cumulative effect of accounting changes							$ 25

BUSINESS ACQUIRED (Narrative) (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	Apr. 02, 2018	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Business Acquisition [Line Items]
Amount paid for acquisition			$ 0	$ 681	$ 0
Goodwill		$ 1,602	1,591	1,602	1,196
Lifestyle [Member]
Business Acquisition [Line Items]
Goodwill		553	554	553	244
Household [Member]
Business Acquisition [Line Items]
Goodwill		309	309	$ 309	$ 207
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
Net sales		$ 53	217
Nutranext [Member] \| Lifestyle [Member]
Business Acquisition [Line Items]
Goodwill			310
Nutranext [Member] \| Household [Member]
Business Acquisition [Line Items]
Goodwill			$ 102

BUSINESS ACQUIRED (Fair Value Of Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2017
Business Acquisition [Line Items]
Goodwill	$ 1,602	$ 1,591	$ 1,196
Lifestyle [Member]
Business Acquisition [Line Items]
Goodwill	553	554	244
Household [Member]
Business Acquisition [Line Items]
Goodwill	309	309	$ 207
Nutranext [Member]
Business Acquisition [Line Items]
Net sales	$ 53	217
Goodwill		412
Property, plant and equipment		49
Working capital, net		22
Deferred income taxes		(20)
Consideration paid		681
Nutranext [Member] \| Lifestyle [Member]
Business Acquisition [Line Items]
Goodwill		310
Nutranext [Member] \| Household [Member]
Business Acquisition [Line Items]
Goodwill		102
Nutranext [Member] \| Customer Relationships [Member]
Business Acquisition [Line Items]
Other intangible assets		75
Nutranext [Member] \| Trademarks [Member]
Business Acquisition [Line Items]
Other intangible assets		$ 143

INVENTORIES (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018
Inventory Disclosure [Abstract]
Finished goods	$ 411	$ 395
Raw materials and packaging	125	129
Work in process	6	9
LIFO allowances	(30)	(27)
Total	$ 512	$ 506
Percentage of LIFO inventory	34.00%	38.00%

PROPERTY, PLANT AND EQUIPMENT, NET (Components of Property, Plant and Equipment, Net) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 3,184	$ 3,057
Less: Accumulated depreciation and amortization	(2,150)	(2,061)
Property, plant and equipment, net	1,034	996
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	1,867	1,808
Building [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	596	574
Capitalized Software Costs [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	358	375
Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	138	131
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	131	77
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment	$ 94	$ 92

PROPERTY, PLANT AND EQUIPMENT, NET (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Property, Plant and Equipment [Line Items]
Property, plant and equipment			$ 3,184,000,000	$ 3,057,000,000
Accumulated depreciation and amortization			2,150,000,000	2,061,000,000
Asset retirement obligation, liabilities incurred			0	0
Depreciation and amortization			180,000,000	166,000,000	$ 163,000,000
Asset impairment charges			0	1,000,000	23,000,000
Non-cash capital expenditures			2,000,000	2,000,000	2,000,000
Assets Held under Capital Leases [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment			21,000,000	13,000,000
Accumulated depreciation and amortization			12,000,000	10,000,000
Building [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment			596,000,000	574,000,000
Asset retirement obligation			0	2,000,000
Capitalized Software Costs [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment			358,000,000	375,000,000
Amortization			8,000,000	11,000,000	15,000,000
Property, Plant and Equipment [Member]
Property, Plant and Equipment [Line Items]
Depreciation and amortization			$ 165,000,000	$ 156,000,000	$ 153,000,000
Aplicare Business [Member]
Property, Plant and Equipment [Line Items]
Asset impairment charges	$ 21,000,000
Cleaning [Member] \| Aplicare Business [Member]
Property, Plant and Equipment [Line Items]
Asset impairment charges		$ 21,000,000

GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS (Schedule of Goodwill) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,602	$ 1,196
Acquisition		411
Acquisition	1
Effect of foreign currency translation	(12)	(5)
Goodwill, ending balance	1,591	1,602
Cleaning [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	323	323
Acquisition		0
Acquisition	0
Effect of foreign currency translation	0	0
Goodwill, ending balance	323	323
Household [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	309	207
Acquisition		102
Acquisition	0
Effect of foreign currency translation	0	0
Goodwill, ending balance	309	309
Lifestyle [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	553	244
Acquisition		309
Acquisition	1
Effect of foreign currency translation	0	0
Goodwill, ending balance	554	553
International [Member]
Goodwill [Roll Forward]
Goodwill, beginning balance	417	422
Acquisition		0
Acquisition	0
Effect of foreign currency translation	(12)	(5)
Goodwill, ending balance	$ 405	$ 417

GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS (Schedule of Intangible Assets, Excluding Goodwill) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ 335	$ 320
Indefinite-lived Intangible Assets [Line Items]
Total gross carrying amount	1,247	1,249
Total net carrying amount	912	929
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	430	430
Accumulated amortization	309	296
Net carrying amount	121	134
Trademarks [Member]
Indefinite-lived Intangible Assets [Line Items]
Trademarks with indefinite lives	777	778
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	40	41
Accumulated amortization	26	24
Net carrying amount	$ 14	$ 17

GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 15	$ 10	$ 10
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2020	14
2021	12
2022	12
2023	12
2024	$ 10
Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	2 years
Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Estimated useful life	30 years

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018
Accounts Payable and Accrued Liabilities, Current [Abstract]
Accounts payable	$ 507	$ 507
Compensation and employee benefit costs	158	154
Trade and sales promotion costs	115	91
Dividends	139	129
Other	116	120
Total	$ 1,035	$ 1,001

DEBT (Narrative) (Details) - USD ($)	1 Months Ended	12 Months Ended
DEBT (Narrative) (Details) - USD ($)	Oct. 31, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017	May 31, 2018	Sep. 30, 2017
Long-term and Short-term Debt [Line Items]
Notes and loans payable		$ 396,000,000	$ 199,000,000
Weighted average interest rate on notes and loans payable		2.98%	2.10%	1.21%
Weighted average interest rates on long-term debt, including the effect of interest rate swaps		3.81%	3.94%	4.41%
Weighted average interest rate on long-term debt		3.81%	3.81%
Long-term Debt, Fiscal Year Maturity [Abstract]
2020		$ 0
2021		0
2022		300,000,000
2023		600,000,000
2024		0
Thereafter		1,400,000,000
Repayments on senior notes		0	$ 400,000,000	$ 0
Line of credit facility, borrowing capacity		$ 1,139,000,000	$ 1,137,000,000
Commercial Paper [Member]
Long-term and Short-term Debt [Line Items]
Weighted average interest rate on commercial paper		2.65%	2.31%
Foreign and Other Credit Lines [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Line of credit facility, borrowing capacity		$ 39,000,000	$ 37,000,000
Line of credit facility, amount outstanding		4,000,000	3,000,000
Line of credit facility, remaining borrowing capacity		35,000,000	34,000,000
Revolving Credit Facility [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Line of credit facility, borrowing capacity		1,100,000,000	1,100,000,000
Senior Long-Term Notes And Debentures; 3.90%, $500 Due May 2028 [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Face value		$ 500,000,000			$ 500,000,000
Annual fixed interest rate		3.90%			3.90%
Effective interest rate					4.02%
Senior Long-Term Notes And Debentures; 3.10%, $400 Due October 2027 [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Face value		$ 400,000,000				$ 400,000,000
Annual fixed interest rate		3.10%				3.10%
Effective interest rate						3.13%
Senior Long-Term Notes And Debentures; 5.95%, $400 Due October 2017 [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Annual fixed interest rate	5.95%
Repayments on senior notes	$ 400,000,000
Revolving Credit Agreement, Matures February 2022 [Member] \| Revolving Credit Facility [Member]
Long-term Debt, Fiscal Year Maturity [Abstract]
Line of credit facility, borrowing capacity		$ 1,100,000,000	1,100,000,000
Line of credit facility, amount outstanding		$ 0	$ 0

DEBT (Long-term Debt, Net of Unamortized Discounts or Premiums) (Details) - USD ($)	Jun. 30, 2019	Jun. 30, 2018	May 31, 2018	Sep. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Debt Instrument [Line Items]
Long-term debt	$ 2,287,000,000	$ 2,284,000,000
Less: Current maturities of long-term debt	0	0
Long-term debt, noncurrent	2,287,000,000	2,284,000,000			$ 1,391,000,000	$ 1,789,000,000	$ 1,786,000,000
Senior Long-Term Notes and Debentures; 3.80%, $300 Due November 2021 [Member]
Debt Instrument [Line Items]
Face value	$ 300,000,000
Annual fixed interest rate	3.80%
Long-term debt	$ 299,000,000	298,000,000
Senior Long-Term Notes and Debentures; 3.05%, $600 Due September 2022 [Member]
Debt Instrument [Line Items]
Face value	$ 600,000,000
Annual fixed interest rate	3.05%
Long-term debt	$ 598,000,000	597,000,000
Senior Long-Term Notes and Debentures; 3.50%, $500 Due December 2024 [Member]
Debt Instrument [Line Items]
Face value	$ 500,000,000
Annual fixed interest rate	3.50%
Long-term debt	$ 498,000,000	497,000,000
Senior Long-Term Notes And Debentures; 3.10%, $400 Due October 2027 [Member]
Debt Instrument [Line Items]
Face value	$ 400,000,000			$ 400,000,000
Annual fixed interest rate	3.10%			3.10%
Long-term debt	$ 397,000,000	397,000,000
Senior Long-Term Notes And Debentures; 3.90%, $500 Due May 2028 [Member]
Debt Instrument [Line Items]
Face value	$ 500,000,000		$ 500,000,000
Annual fixed interest rate	3.90%		3.90%
Long-term debt	$ 495,000,000	$ 495,000,000

DEBT (Borrowing Capacity Under Other Financing Arrangements) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018
Line of Credit Facility [Line Items]
Line of credit facility, borrowing capacity	$ 1,139	$ 1,137
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, borrowing capacity	1,100	1,100
Foreign And Other Credit Line [Member]
Line of Credit Facility [Line Items]
Line of credit facility, borrowing capacity	$ 39	$ 37

OTHER LIABILITIES (Schedule of Other Liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018
Other Liabilities Disclosure [Abstract]
Venture agreement terminal obligation, net	$ 370	$ 341
Employee benefit obligations	280	283
Taxes	34	52
Other	96	102
Total	$ 780	$ 778

OTHER LIABILITIES (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2012	Jun. 30, 2019	Jun. 30, 2018
Class of Warrant or Right [Line Items]
Option to extend agreement		7 years
Terminal obligation		$ 619
Venture agreement terminal obligation, net		370	$ 341
Sale leaseback transaction, net proceeds, investing activities	$ 108
Lease term	15 years
Deferred gain on sale-lease back, noncurrent portion		$ 22	$ 29
Glad Business [Member]
Class of Warrant or Right [Line Items]
Percentage of ownership by venture partner		20.00%	20.00%

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Narrative) (Details)	12 Months Ended
	Jun. 30, 2019 USD ($) instrument	Jun. 30, 2018 USD ($) instrument	May 31, 2018 USD ($)	Sep. 30, 2017 USD ($)
Derivative [Line Items]
Maximum contract duration	2 years
Maximum duration, interest rate contracts	12 months
Settlement of interest rate forward contracts \| instrument	0	0
Cash flow hedge gain (loss) to be reclassified within twelve months	$ (8,000,000)
Derivative Instruments Subject To Contractually Defined Counterparty Liability Position Limits	$ 1,000,000	$ 0
Interest Rate Contract [Member]
Derivative [Line Items]
Amortization period of settlement payment	10 years
Total Commodity Purchase Derivative Contracts [Member]
Derivative [Line Items]
Maximum duration, commodity contracts	2 years
Notional amounts	$ 24,000,000	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	13,000,000	24,000,000
Soybean Oil Futures [Member] \| Commodity Contract [Member]
Derivative [Line Items]
Cash margin balances amount	1,000,000	2,000,000
Purchases of Inventory [Member] \| Foreign Exchange Contract [Member]
Derivative [Line Items]
Notional amounts	61,000,000	$ 50,000,000
Other Assets [Member] \| Reported Value Measurement [Member] \| Fair Value, Inputs, Level 1 [Member] \| Trust Assets for nonqualified deferred compensation plans [Member]
Derivative [Line Items]
Increase in deferred compensation plan	10,000,000
Senior Long-Term Notes And Debentures; 3.10%, $400 Due October 2027 [Member]
Derivative [Line Items]
Face value	400,000,000			$ 400,000,000
Senior Long-Term Notes And Debentures; 3.90%, $500 Due May 2028 [Member]
Derivative [Line Items]
Face value	$ 500,000,000		$ 500,000,000

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Schedule of the Effects of Derivative Instruments Designated as Hedging Instruments) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Other comprehensive income	$ (5)	$ 8	$ (4)
Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings	(6)	(6)	(11)
Commodity Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Other comprehensive income	(5)	4	(3)
Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings	(2)	1	(2)
Foreign Exchange Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Other comprehensive income	0	2	(1)
Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings	2	(1)	(3)
Interest Rate Contract [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Other comprehensive income	0	2	0
Gains (losses) reclassified from Accumulated other comprehensive net (loss) income and recognized in Net earnings	$ (6)	$ (6)	$ (6)

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Schedule of Financial Instruments Measured at Fair Value) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Cash and cash equivalents	$ 111	$ 131
Prepaid expenses and other current assets	51	74
Total assets	5,116	5,060	$ 4,573	$ 4,510	$ 4,154
Notes and loans payable	396	199
Derivative liabilities	1,035	1,001
Current maturities of long-term debt and Long-term debt	2,287	2,284
Total liabilities	4,557	4,334
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets	129	138
Total liabilities	2,685	2,484
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets in the fair value hierarchy	129	138
Total liabilities	2,800	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 Basis [Line Items]
Cash and cash equivalents	26	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 Basis [Line Items]
Cash and cash equivalents	26	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 Basis [Line Items]
Cash and cash equivalents	7	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 Basis [Line Items]
Cash and cash equivalents	7	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 Basis [Line Items]
Prepaid expenses and other current assets	0	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 Basis [Line Items]
Prepaid expenses and other current assets	0	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 Basis [Line Items]
Prepaid expenses and other current assets	0	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 Basis [Line Items]
Prepaid expenses and other current assets	0	2
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 Basis [Line Items]
Derivative liabilities	1	1
Accounts Payable and Accrued Liabilities [Member] \| Fair Value, Inputs, Level 1 [Member] \| Estimate of Fair Value Measurement [Member] \| Commodity Contract [Member]
Fair Value, Assets and Liabilities Measured on Recurring 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 Basis [Line Items]
Derivative 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 Basis [Line Items]
Derivative liabilities	1	0
CurrentMaturitiesOfLongTermDebtAndLongTermDebtMember \| Fair Value, Inputs, Level 2 [Member] \| Reported Value Measurement [Member] \| Long-term Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Current maturities of long-term debt and Long-term debt	2,287	2,284
CurrentMaturitiesOfLongTermDebtAndLongTermDebtMember \| Fair Value, Inputs, Level 2 [Member] \| Estimate of Fair Value Measurement [Member] \| Long-term Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Current maturities of long-term debt and Long-term debt	2,402	2,269
Trust Assets for nonqualified deferred compensation plans [Member] \| Other Assets [Member] \| Fair Value, Inputs, Level 1 [Member] \| Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Trust assets for nonqualified deferred compensation plans	96	86
Trust Assets for nonqualified deferred compensation plans [Member] \| Other Assets [Member] \| Fair Value, Inputs, Level 1 [Member] \| Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Trust assets for nonqualified deferred compensation plans	96	86
Notes And Loans Payable [Member] \| Notes Payable, Other Payables [Member] \| Fair Value, Inputs, Level 2 [Member] \| Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Notes and loans payable	396	199
Notes And Loans Payable [Member] \| Notes Payable, Other Payables [Member] \| Fair Value, Inputs, Level 2 [Member] \| Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Notes and loans payable	$ 396	$ 199

OTHER CONTINGENCIES AND GUARANTEES (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017	Nov. 30, 2016
Loss Contingencies [Line Items]
Liability for aggregate future remediation costs	$ 27	$ 28
Letter of credit	9	9
Letter of credit, amount outstanding	0	0
Alameda County, California Matter [Member]
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 [Member]
Loss Contingencies [Line Items]
Liability for aggregate future remediation costs	$ 11	$ 12
Remediation period	30 years
Percentage of liability for aggregate remediation and associated costs, other than legal fees	24.30%

LEASES AND OTHER COMMITMENTS (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
LEASES AND OTHER COMMITMENTS [Abstract]
Operating lease, rent expense	$ 72	$ 86	$ 84
Operating leases
2020	71
2021	65
2022	50
2023	42
2024	37
Thereafter	124
Total	389
Capital leases
2020	2
2021	2
2022	1
2023	1
2024	1
Thereafter	2
Total	9
Purchase Obligations
2020	77
2021	36
2022	26
2023	14
2024	11
Thereafter	0
Total	$ 164

STOCKHOLDERS' EQUITY (Narrative) (Details)	12 Months Ended
STOCKHOLDERS' EQUITY (Narrative) (Details)	Jun. 30, 2019 USD ($) repurchase_program	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	May 31, 2018 USD ($)
Intercompany Foreign Currency Balance [Line Items]
Number of repurchase programs \| repurchase_program	2
Long term intercompany loans [Member]
Intercompany Foreign Currency Balance [Line Items]
Adjustment for long-term intercompany transactions, gross of tax	$ 3,000,000	$ 9,000,000	$ 2,000,000
Amounts reclassified from Accumulated other comprehensive net (loss) income	0	$ 0	$ 0
$2 Billion Open-Market Purchase Program [Member]
Intercompany Foreign Currency Balance [Line Items]
Authorized repurchase amount	2,000,000,000
$750 Million Open-Market Purchase Program [Member]
Intercompany Foreign Currency Balance [Line Items]
Authorized repurchase amount				$ 750,000,000
Evergreen Program [Member]
Intercompany Foreign Currency Balance [Line Items]
Authorization limit	$ 0

STOCKHOLDERS' EQUITY (Share Repurchase Programs) (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Share Repurchase Programs [Line Items]
Stock repurchased during period, value	$ 660	$ 272	$ 189
Stock repurchased during period, shares (in shares)	4,474	2,171	1,505
$2 Billion Open-Market Purchase Program [Member]
Share Repurchase Programs [Line Items]
Stock repurchased during period, value	$ 328	$ 95
Stock repurchased during period, shares (in shares)	2,266	749
$750 Million Open-Market Purchase Program [Member]
Share Repurchase Programs [Line Items]
Stock repurchased during period, value			$ 0
Stock repurchased during period, shares (in shares)			0
Evergreen Program [Member]
Share Repurchase Programs [Line Items]
Stock repurchased during period, value	$ 332	$ 177	$ 189
Stock repurchased during period, shares (in shares)	2,208	1,422	1,505

STOCKHOLDERS' EQUITY (Common Stock Dividends) (Details) - $ / shares	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Stockholders' Equity Note [Abstract]
Dividends per share paid (in dollars per share)	$ 3.84	$ 3.48	$ 3.20

STOCKHOLDERS' EQUITY (Schedule of Changes in Accumulated Other Comprehensive Net (Losses) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, amount	$ 726	$ 542	$ 297
Balance, amount	559	726	542
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, amount	(384)	(356)	(353)
Other comprehensive income (loss) before reclassifications	(20)	(20)	(3)
Amounts reclassified from Accumulated other comprehensive net (loss) income	0	0	0
Income tax benefit (expense)	(2)	(8)	0
Net current period other comprehensive income (loss)	(22)	(28)	(3)
Cumulative effect of accounting changes	(8)
Balance, amount	(414)	(384)	(356)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, amount	(25)	(37)	(44)
Other comprehensive income (loss) before reclassifications	(5)	8	(4)
Amounts reclassified from Accumulated other comprehensive net (loss) income	6	6	11
Income tax benefit (expense)	1	(2)	0
Net current period other comprehensive income (loss)	2	12	7
Cumulative effect of accounting changes	0
Balance, amount	(23)	(25)	(37)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, amount	(138)	(150)	(173)
Other comprehensive income (loss) before reclassifications	0	11	27
Amounts reclassified from Accumulated other comprehensive net (loss) income	6	8	9
Income tax benefit (expense)	(2)	(7)	(13)
Net current period other comprehensive income (loss)	4	12	23
Cumulative effect of accounting changes	(31)
Balance, amount	(165)	(138)	(150)
AOCI Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance, amount	(547)	(543)	(570)
Other comprehensive income (loss) before reclassifications	(25)	(1)	20
Amounts reclassified from Accumulated other comprehensive net (loss) income	12	14	20
Income tax benefit (expense)	(3)	(17)	(13)
Net current period other comprehensive income (loss)	(16)	(4)	27
Cumulative effect of accounting changes	(39)
Balance, amount	$ (602)	$ (547)	$ (543)

NET EARNINGS PER SHARE (EPS) (Details) - shares shares in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Weighted average shares outstanding - basic (in shares)	127,734	129,293	128,953
Dilutive effect of stock options and other (in shares)	2,058	2,288	2,613
Weighted average shares outstanding - diluted (in shares)	129,792	131,581	131,566
Antidilutive stock options and other (in shares)	800	1,192	11

STOCK-BASED COMPENSATION PLANS (Narrative) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2012	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of additional shares authorized (in shares)	3,000
Number of shares authorized (in shares)		7,000
Number of shares available for grant (in shares)		8,000
Issuance of common stock for employee stock plans and other		$ 166	$ 70	$ 81
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value per share (in dollars per share)		$ 22.38	$ 15.33	$ 13.75
Total intrinsic value of options exercised		$ 125	$ 51	$ 65
Award vesting period		4 years
Expiration period		10 years
Compensation cost not yet recognized		$ 11
Compensation costs not yet recognized, period for recognition		1 year
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized		$ 23
Compensation costs not yet recognized, period for recognition		1 year
Fair value of shares vested		$ 5	$ 1	$ 1
Granted (in dollars per share)		$ 152.12	$ 135.29	$ 131.67
Nonvested awards outstanding (in shares)		241	156
Weighted-average grant date fair value per share of nonvested awards (in dollars per share)		$ 144	$ 135
Awards vested (in shares)		36
Restricted Stock [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Restricted Stock [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		4 years
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost not yet recognized		$ 9
Compensation costs not yet recognized, period for recognition		1 year
Fair value of shares vested		$ 37	$ 35	$ 0
Granted (in dollars per share)		$ 151.95	$ 135.47	$ 122.73
Nonvested awards outstanding (in shares)		387	544
Weighted-average grant date fair value per share of nonvested awards (in dollars per share)		$ 133.10	$ 120.69
Awards vested (in shares)		330
Deferred Stock Units for Nonemployee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred stock units for nonemployee directors granted (in shares)		13
Deferred stock units for nonemployee directors reinvested dividends (in shares)		5
Deferred stock units for nonemployee directors distributed (in shares)		24
Deferred stock units for nonemployee directors granted weighted average fair value on grant date (in dollars per share)		$ 154.23
Deferred stock units for nonemployee directors reinvested weighted average fair value on grant date (in dollars per share)		153.16
Deferred stock units for nonemployee directors distributed weighted average fair value on grant date (in dollars per share)		$ 82.74
Deferred stock units for nonemployee directors outstanding (in shares)		200
Deferred stock units for nonemployee directors outstanding weighted average fair value on grant date (in dollars per share)		$ 87.47

STOCK-BASED COMPENSATION PLANS (Compensation Cost and Related Income Tax Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	$ 43	$ 53	$ 51
Related income tax benefit	10	16	19
Cost of Sales [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	5	7	7
Selling and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	35	42	40
Research and Development Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	$ 3	$ 4	$ 4

STOCK-BASED COMPENSATION PLANS (Assumptions Utilized in the Valuation in Calculating the Compensation Expense for Stock Options Granted) (Details)	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation [Abstract]
Expected life	5 years 4 months 24 days	5 years 6 months	5 years 6 months
Weighted average expected life	5 years 4 months 24 days	5 years 6 months	5 years 6 months
Expected volatility, minimum	17.30%	15.70%	16.20%
Expected volatility, maximum	20.20%	18.70%	16.90%
Weighted-average volatility	17.40%	15.70%	16.90%
Risk-free interest rate, minimum	2.50%	1.30%	1.30%
Risk-free interest rate, maximum	3.00%	2.60%	2.20%
Weighted-average risk-free interest rate	2.90%	1.80%	1.30%
Dividend yield, minimum	2.50%	2.40%	2.40%
Dividend yield, maximum	2.60%	3.00%	2.80%
Weighted-average dividend yield	2.60%	2.50%	2.60%

STOCK-BASED COMPENSATION PLANS (Summary of Stock Option Activity) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, beginning balance (in shares)	7,080
Granted (in shares)	863
Exercised (in shares)	(1,951)
Canceled (in shares)	(248)
Outstanding, ending balance (in shares)	5,744	7,080
Options vested (in shares)	3,533
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding, beginning balance (in dollars per share)	$ 101
Granted (in dollars per share)	152
Exercised (in dollars per share)	88
Canceled (in dollars per share)	132
Outstanding, ending balance (in dollars per share)	112	$ 101
Options vested (in dollars per share)	$ 97
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Average remaining contractual life, options outstanding	6 years	6 years
Average remaining contractual life, options vested	5 years
Options outstanding	$ 235	$ 240
Options vested	$ 198

STOCK-BASED COMPENSATION PLANS (Summary of Restricted Stock Award Activity) (Details) - Restricted Stock [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares vested	$ 5	$ 1	$ 1
Number of Shares
Outstanding, beginning balance (in shares)	156
Granted (in shares)	139
Vested (in shares)	(36)
Forfeited (in shares)	(18)
Outstanding, ending balance (in shares)	241	156
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, beginning balance (in dollars per share)	$ 135
Granted (in dollars per share)	152.12	$ 135.29	$ 131.67
Vested (in dollars per share)	135
Forfeited (in dollars per share)	140
Outstanding, ending balance (in dollars per share)	$ 144	$ 135

STOCK-BASED COMPENSATION PLANS (Summary of Performance Stock Award Activity) (Details) - Performance Shares [Member] - $ / shares shares in Thousands	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Number of Shares
Outstanding, beginning balance (in shares)	698
Granted (in shares)	216
Distributed (in shares)	(334)
Forfeited (in shares)	(43)
Outstanding, ending balance (in shares)	537	698
Vested and deferred (in shares)	151
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, beginning balance (in dollars per share)	$ 111
Granted (in dollars per share)	151.95	$ 135.47	$ 122.73
Distributed (in dollars per share)	109
Forfeited (in dollars per share)	130
Outstanding, ending balance (in dollars per share)	120	$ 111
Vested and deferred (in dollars per share)	$ 82

OTHER (INCOME) EXPENSE, NET (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2017	Dec. 31, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Other Income and Expenses [Abstract]
Income from equity investees			$ (15)	$ (12)	$ (19)
Net periodic benefit cost			14
Loss (gain) on sale of assets and investments, net			0	4	(11)
Interest income			(3)	(6)	(4)
Asset impairment charges			0	1	23
Amortization of trademarks and other intangible assets			17	11	10
Foreign exchange transaction (gains) losses, net			7	3	(1)
Other			(17)	(4)	8
Other (income) expense, net			3	(3)	6
Cash proceeds from sale of property, plant, and equipment	$ 23
Gain on sale of assets and investments	$ 10
Indefinite-lived Intangible Assets [Line Items]
Asset impairment charges			$ 0	$ 1	23
Alameda County, California Matter [Member]
Indefinite-lived Intangible Assets [Line Items]
Environmental costs recognized					$ 14
Aplicare Business [Member]
Other Income and Expenses [Abstract]
Asset impairment charges		$ 21
Indefinite-lived Intangible Assets [Line Items]
Asset impairment charges		$ 21

INCOME TAXES (Provision for Income Taxes by Tax Jurisdiction and Domestic and Foreign Earnings before Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Current
Federal	$ 166	$ 177	$ 291
State	24	34	36
Foreign	34	43	38
Total current	224	254	365
Deferred
Federal	(22)	(24)	(29)
State	(1)	3	(2)
Foreign	3	(2)	(4)
Total deferred	(20)	(23)	(35)
Total	204	231	330
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
United States	912	963	927
Foreign	112	91	106
Earnings from continuing operations before income taxes	$ 1,024	$ 1,054	$ 1,033

INCOME TAXES (Effective Income Tax Rate Reconciliation) (Details)	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Statutory federal tax rate	21.00%	28.10%	35.00%
State taxes (net of federal tax benefits)	1.70%	2.40%	2.20%
Tax differential on foreign earnings	1.00%	1.20%	(0.60%)
Federal domestic manufacturing deduction	0.00%	(1.80%)	(2.60%)
Change in valuation allowance	0.10%	0.30%	0.20%
Federal excess tax benefits	(2.30%)	(1.70%)	(2.00%)
Reversals of deferred taxes related to foreign unremitted earnings	0.00%	(2.60%)	0.00%
Remeasurement of deferred taxes	0.10%	(3.10%)	0.00%
Other differences	(1.80%)	(1.00%)	(0.30%)
Effective tax rate	19.80%	21.80%	31.90%

INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Tax Credit and Operating Loss Carryforwards [Line Items]
Statutory federal tax rate			21.00%	28.10%	35.00%
Tax Cuts And Jobs Act Of 2017, provisional income tax benefit	$ (81)	$ (81)
Unrecognized tax benefits, income tax penalties and interest accrued			$ 4	$ 5
Unrecognized tax expense (benefit), income tax penalties and interest expense			(1)	1	$ (1)
Unrecognized tax benefits that would impact effective tax rate			23	33	28
Gross unrecognized tax benefits recognized upon the expiration of the applicable statute of limitations			3	$ 2	$ 1
Domestic Tax Authority [Member] \| Foreign Tax Credit Carryforward [Member]
Tax Credit and Operating Loss Carryforwards [Line Items]
Tax credit carryforward, amount			35
Foreign Tax Authority [Member] \| Not Subject to Expiration [Member]
Tax Credit and Operating Loss Carryforwards [Line Items]
Operating loss carryforwards			9
Foreign Tax Authority [Member] \| Not Subject to Expiration [Member] \| Foreign Tax Credit Carryforward [Member]
Tax Credit and Operating Loss Carryforwards [Line Items]
Tax credit carryforward, amount			24
Foreign Tax Authority [Member] \| Subject to Expiration [Member]
Tax Credit and Operating Loss Carryforwards [Line Items]
Operating loss carryforwards			$ 19

INCOME TAXES INCOME TAXES (Schedule of Impact from Change in Tax Rate) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Deferred Tax Liability, Provisional Income Tax Expense (Benefit)		$ 60
Tax Cuts And Jobs Act Of 2017, Transition Tax For Accumulated Foreign Earnings, Income Tax Expense (Benefit), Incomplete Accounting, Provisional Amount		(7)
Tax Cuts And Jobs Act, Incomplete Accounting, Net One-Time Impact, Provisional Income Tax Expense (Benefit)		53
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit), Current Taxable Year		28
Tax Cuts And Jobs Act Of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit)	$ 81	$ 81

INCOME TAXES (Components of Net Deferred Tax Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Deferred tax assets
Compensation and benefit programs	$ 100	$ 103
Net operating loss and tax credit carryforwards	87	86
Accruals and reserves	41	28
Basis difference related to Venture Agreement	19	19
Inventory costs	22	16
Other	21	25
Subtotal	290	277
Valuation allowance	(44)	(43)	$ (40)	$ (37)
Total deferred tax assets	246	234
Deferred tax liabilities
Fixed and intangible assets	(236)	(232)
Low-income housing partnerships	(13)	(17)
Other	(18)	(19)
Total deferred tax liabilities	(267)	(268)
Net deferred tax assets (liabilities)	$ (21)	$ (34)

INCOME TAXES (Valuation Allowance) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Valuation allowance at beginning of year	$ (43)	$ (40)	$ (37)
Net decrease/(increase) for other foreign deferred tax assets	0	0	0
Net decrease/(increase) for foreign net operating loss carryforwards and tax credits	(1)	(3)	(3)
Valuation allowance at end of year	$ (44)	$ (43)	$ (40)

INCOME TAXES (Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits at beginning of year	$ 47	$ 40	$ 37
Gross increases - tax positions in prior periods	2	2	1
Gross decreases - tax positions in prior periods	(20)	(1)	(6)
Gross increases - current period tax positions	6	8	9
Gross decreases - current period tax positions	0	0	0
Lapse of applicable statute of limitations	(3)	(2)	(1)
Settlements	(1)	0	0
Unrecognized tax benefits at end of year	$ 31	$ 47	$ 40

EMPLOYEE BENEFIT PLANS (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Domestic Defined Contribution Plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Aggregate cost of the defined contribution plans	$ 49	$ 47	$ 47
International Defined Contribution Plan [Member]
Defined Contribution Plan Disclosure [Line Items]
Aggregate cost of the defined contribution plans	4	3	3
Retirement Income Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Discretionary contributions	63	21	31
Retirement Income Plans [Member] \| Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Discretionary contributions	63	22
Future amortization of gain (loss)	(9)
Accumulated benefit obligation	603	592	$ 632
Retirement Health Care [Member] \| Retirement Health Care Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Discretionary contributions	3	$ 4
Future amortization of gain (loss)	$ 3

EMPLOYEE BENEFIT PLANS (Summarized Information for Defined Benefit Retirement Income and Healthcare Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Retirement Income Plans [Member]
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Employer contributions	$ 63	$ 21	$ 31
Retirement Health Care Plans [Member] \| Retirement Health Care [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation as of beginning of year	38	42
Service cost	0	0	0
Interest cost	2	2	2
Actuarial loss (gain)	(3)	(2)
Plan amendments	0	0
Translation and other adjustments	0	0
Benefits paid	(3)	(4)
Benefit obligation as of end of year	34	38	42
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of assets as of beginning of year	0	0
Actual return on plan assets	0	0
Employer contributions	3	4
Benefits paid	(3)	(4)
Translation and other adjustments	0	0
Fair value of plan assets as of end of year	0	0	0
Accrued benefit cost, net funded status	(34)	(38)
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Pension benefit assets	0	0
Current accrued benefit liability	(2)	(2)
Non-current accrued benefit liability	(32)	(36)
Accrued benefit cost, net	(34)	(38)
Other Postretirement Benefits Plan [Member] \| Retirement Income Plans [Member]
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Benefit obligation as of beginning of year	593	633
Service cost	1	1	1
Interest cost	23	23	22
Actuarial loss (gain)	26	(21)
Plan amendments	0	1
Translation and other adjustments	0	(1)
Benefits paid	(39)	(43)
Benefit obligation as of end of year	604	593	633
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of assets as of beginning of year	420	434
Actual return on plan assets	41	8
Employer contributions	63	22
Benefits paid	(39)	(43)
Translation and other adjustments	0	(1)
Fair value of plan assets as of end of year	485	420	$ 434
Accrued benefit cost, net funded status	(119)	(173)
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]
Pension benefit assets	48	3
Current accrued benefit liability	(12)	(13)
Non-current accrued benefit liability	(155)	(163)
Accrued benefit cost, net	$ (119)	$ (173)

EMPLOYEE BENEFIT PLANS (Information for Retirement Income Plans with Accumulated Benefit Obligation in Excess of Plan Assets) (Details) - Retirement Income Plans [Member] - Other Postretirement Benefits Plan [Member] - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation	$ 167	$ 571
Accumulated benefit obligation	166	571
Fair value of plan assets	$ 0	$ 395

EMPLOYEE BENEFIT PLANS (Components of the Net Cost of Retirement Income and Health Care Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Defined Benefit Plan Disclosure [Line Items]
Total	$ 14
Retirement Health Care [Member] \| Retirement Health Care Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	0	$ 0	$ 0
Interest cost	2	2	2
Expected return on plan assets	0	0	0
Amortization of unrecognized items	(3)	(3)	(2)
Total	(1)	(1)	0
Retirement Income Plans [Member] \| Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	1	1	1
Interest cost	23	23	22
Expected return on plan assets	(18)	(19)	(20)
Amortization of unrecognized items	9	10	11
Total	$ 15	$ 15	$ 14

EMPLOYEE BENEFIT PLANS (Items Not Yet Recognized as a Component of Postretirement Expense) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018
Retirement Income Plans [Member] \| Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss (gain)	$ 236	$ 242
Prior service benefit	0
Net deferred income tax (assets) liabilities	(56)
Accumulated other comprehensive loss (income)	180
Retirement Health Care [Member] \| Retirement Health Care Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Net actuarial loss (gain)	(18)	$ (17)
Prior service benefit	(2)
Net deferred income tax (assets) liabilities	5
Accumulated other comprehensive loss (income)	$ (15)

EMPLOYEE BENEFIT PLANS (Net Actuarial Loss (Gain) and Prior Service Cost (Benefit) Activity Recorded in Accumulated Other Comprehensive Loss (Income)) (Details) $ in Millions	12 Months Ended
	Jun. 30, 2019 USD ($)
Retirement Income Plans [Member] \| Other Postretirement Benefits Plan [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net actuarial loss (gain) as of beginning of year	$ 242
Amortization during the year	(9)
Loss (gain) during the year	3
Net actuarial loss (gain) as of end of year	236
Retirement Health Care [Member] \| Retirement Health Care Plans [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net actuarial loss (gain) as of beginning of year	(17)
Amortization during the year	2
Loss (gain) during the year	(3)
Net actuarial loss (gain) as of end of year	$ (18)

EMPLOYEE BENEFIT PLANS (Weighted-Average Assumptions Used to Estimate the Net Periodic Pension and Other Postretirement Benefit Costs) (Details)	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Retirement Health Care [Member] \| Retirement Health Care Plans [Member]
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	3.35%	4.01%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	4.01%	3.66%	3.42%
Retirement Income Plans [Member] \| Other Postretirement Benefits Plan [Member]
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	3.41%	4.10%
Rate of compensation increase	2.86%	2.87%
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	4.10%	3.70%	3.42%
Rate of compensation increase	2.87%	2.83%	2.92%
Expected return on plan assets	4.33%	4.43%	4.73%

EMPLOYEE BENEFIT PLANS (Expected Benefit Payments) (Details) $ in Millions	Jun. 30, 2019 USD ($)
Retirement Income Plans [Member] \| Other Postretirement Benefits Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
2018	$ 38
2019	51
2020	36
2021	36
2022	37
Fiscal years 2025 through 2029	186
Retirement Health Care [Member] \| Retirement Health Care Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
2018	2
2019	2
2020	2
2021	2
2022	2
Fiscal years 2025 through 2029	$ 10

EMPLOYEE BENEFIT PLANS (Target Allocations and Weighted Average Asset Allocations) (Details) - Retirement Income Plans [Member]	Jun. 30, 2019	Jun. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	100.00%	100.00%
Actual plan asset allocations	100.00%	100.00%
US Equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	9.00%	11.00%
Actual plan asset allocations	9.00%	11.00%
International equity [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	8.00%	12.00%
Actual plan asset allocations	8.00%	12.00%
Fixed Income Funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	83.00%	74.00%
Actual plan asset allocations	83.00%	74.00%
Defined Benefit Plan, Real Estate [Member]
Defined Benefit Plan Disclosure [Line Items]
Target plan asset allocations	0.00%	3.00%
Actual plan asset allocations	0.00%	3.00%

EMPLOYEE BENEFIT PLANS (Retirement Income Plan's Assets Carried at Fair Value) (Details) - Retirement Income Plans [Member] - Other Postretirement Benefits Plan [Member] - USD ($) $ in Millions	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	$ 485	$ 420	$ 434
Fair Value, Inputs, Level 1 and 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	2	3
Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	2	3
Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0	0
Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	483	417
Cash Equivalents [Member] \| Fair Value, Inputs, Level 1 and 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	2	3
Cash Equivalents [Member] \| Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	2	3
Cash Equivalents [Member] \| Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	0	0
Bond Funds [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	393	299
International Equity Funds [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	50	60
Domestic Equity Funds [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	39	44
Defined Benefit Plan, Real Estate [Member] \| Fair Value Measured at Net Asset Value Per Share [Member]
Defined Benefit Plan Disclosure [Line Items]
Total assets at fair value	$ 1	$ 14

SEGMENT REPORTING (Selected Financial Information Relating To Company's Segments ) (Details) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2019 USD ($) reportable_segment	Jun. 30, 2018 USD ($)	Jun. 30, 2017 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| reportable_segment									4
Segment Reporting Information [Line Items]
Net sales	$ 1,627	$ 1,551	$ 1,473	$ 1,563					$ 6,214
Net sales					$ 1,691	$ 1,517	$ 1,416	$ 1,500		$ 6,124	$ 5,973	$ 5,761	$ 5,655
Earnings (losses) from continuing operations before income taxes									1,024	1,054	1,033
Income from equity investees									15	12	19
Total assets	5,116				5,060				5,116	5,060	4,573	$ 4,510	$ 4,154
Capital expenditures									206	194	231
Depreciation and amortization									180	166	163
Stock-based compensation									$ 43	$ 53	$ 51
Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage									100.00%
Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage										100.00%	100.00%
Cleaning [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage									34.00%
Cleaning [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage										34.00%	34.00%
Cleaning [Member] \| Home Care [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage									19.00%
Cleaning [Member] \| Home Care [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage										19.00%	19.00%
Cleaning [Member] \| Laundry [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage									9.00%
Cleaning [Member] \| Laundry [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage										9.00%	9.00%
Cleaning [Member] \| Professional Products [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage									6.00%
Cleaning [Member] \| Professional Products [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage										6.00%	6.00%
Household [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage									30.00%
Household [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage										32.00%	33.00%
Household [Member] \| Bags, Wraps, And Containers [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage									13.00%
Household [Member] \| Bags, Wraps, And Containers [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage										14.00%	14.00%
Household [Member] \| Charcoal [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage									8.00%
Household [Member] \| Charcoal [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage										9.00%	10.00%
Household [Member] \| Cat Litter [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage									7.00%
Household [Member] \| Cat Litter [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage										7.00%	7.00%
Household [Member] \| Digestive Health [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage									2.00%
Household [Member] \| Digestive Health [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage										2.00%	2.00%
Lifestyle [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage									20.00%
Lifestyle [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage										17.00%	16.00%
Lifestyle [Member] \| Food Products [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage									9.00%
Lifestyle [Member] \| Food Products [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage										9.00%	9.00%
Lifestyle [Member] \| Natural Personal Care [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage									5.00%
Lifestyle [Member] \| Natural Personal Care [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage										4.00%	4.00%
Lifestyle [Member] \| Water Filtration [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage									3.00%
Lifestyle [Member] \| Water Filtration [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage										3.00%	3.00%
Lifestyle [Member] \| Dietary Supplements [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage									3.00%
Lifestyle [Member] \| Dietary Supplements [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage										1.00%	0.00%
International [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage									16.00%
International [Member] \| Net Sales [Member] \| Product Concentration Risk [Member]
Segment Reporting Information [Line Items]
Concentration percentage										17.00%	17.00%
Operating Segments [Member] \| Cleaning [Member]
Segment Reporting Information [Line Items]
Net sales									$ 2,109
Net sales										$ 2,060	$ 2,002
Earnings (losses) from continuing operations before income taxes									600	574	523
Income from equity investees									0	0	0
Total assets	903				902				903	902
Capital expenditures									49	60	76
Depreciation and amortization									52	49	51
Stock-based compensation									14	13	16
Operating Segments [Member] \| Household [Member]
Segment Reporting Information [Line Items]
Net sales									1,870
Net sales										1,959	1,961
Earnings (losses) from continuing operations before income taxes									316	370	419
Income from equity investees									0	0	0
Total assets	1,223				1,223				1,223	1,223
Capital expenditures									81	73	82
Depreciation and amortization									67	65	64
Stock-based compensation									12	12	15
Operating Segments [Member] \| Lifestyle [Member]
Segment Reporting Information [Line Items]
Net sales									1,265
Net sales										1,077	1,000
Earnings (losses) from continuing operations before income taxes									255	243	244
Income from equity investees									0	0	0
Total assets	1,581				1,533				1,581	1,533
Capital expenditures									39	22	30
Depreciation and amortization									31	23	20
Stock-based compensation									7	7	9
Operating Segments [Member] \| International [Member]
Segment Reporting Information [Line Items]
Net sales									970
Net sales										1,028	1,010
Earnings (losses) from continuing operations before income taxes									96	84	81
Income from equity investees									15	12	19
Total assets	1,027				1,045				1,027	1,045
Capital expenditures									26	33	37
Depreciation and amortization									25	24	22
Stock-based compensation									1	1	2
Corporate, Non-Segment [Member]
Segment Reporting Information [Line Items]
Net sales									0
Net sales										0	0
Earnings (losses) from continuing operations before income taxes									(243)	(217)	(234)
Income from equity investees									0	0	0
Total assets	$ 382				$ 357				382	357
Capital expenditures									11	6	6
Depreciation and amortization									5	5	6
Stock-based compensation									$ 9	$ 20	$ 9

SEGMENT REPORTING (Concentration Percentages) (Details) - Net Sales [Member]	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Home Care [Member]
Concentration Risk [Line Items]
Concentration percentage	26.00%
Bags, Wraps and Container Products [Member]
Concentration Risk [Line Items]
Concentration percentage	16.00%
Laundry Additive Products [Member]
Concentration Risk [Line Items]
Concentration percentage	14.00%
Food Products [Member]
Concentration Risk [Line Items]
Concentration percentage	10.00%
Charcoal [Member]
Concentration Risk [Line Items]
Concentration percentage	9.00%
Walmart Stores, Inc. [Member]
Concentration Risk [Line Items]
Concentration percentage	25.00%
Home Care [Member]
Concentration Risk [Line Items]
Concentration percentage		26.00%	25.00%
Bags, Wraps and Container Products [Member]
Concentration Risk [Line Items]
Concentration percentage		18.00%	18.00%
Laundry Additive Products [Member]
Concentration Risk [Line Items]
Concentration percentage		15.00%	15.00%
Food Products [Member]
Concentration Risk [Line Items]
Concentration percentage		10.00%	10.00%
Charcoal [Member]
Concentration Risk [Line Items]
Concentration percentage		10.00%	11.00%
Walmart Stores, Inc. [Member]
Concentration Risk [Line Items]
Concentration percentage		26.00%	26.00%

SEGMENT REPORTING (Net Sales and Long-Lived Assets by Geographic Area) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 1,627	$ 1,551	$ 1,473	$ 1,563					$ 6,214
Net sales					$ 1,691	$ 1,517	$ 1,416	$ 1,500		$ 6,124	$ 5,973	$ 5,761	$ 5,655
Property, plant and equipment, net	1,034				996				1,034	996
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									5,281
Net sales										5,135	5,001
Property, plant and equipment, net	929				887				929	887
Foreign [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									933
Net sales										989	$ 972
Property, plant and equipment, net	$ 105				$ 109				$ 105	$ 109

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Related Party Transactions [Abstract]
Percentage ownership of equity investments, maximum	50.00%
Equity method investments	$ 57	$ 55
Payments to related parties	$ 56	$ 55	$ 62

UNAUDITED QUARTERLY DATA (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Quarterly Financial Data [Abstract]
Net sales	$ 1,627	$ 1,551	$ 1,473	$ 1,563					$ 6,214
Net sales					$ 1,691	$ 1,517	$ 1,416	$ 1,500		$ 6,124	$ 5,973	$ 5,761	$ 5,655
Gross profit									2,728	2,675	2,671	2,598	2,465
Earnings from continuing operations	241	187	182	210	217	181	233	192	820	823	703	648	606
Losses from discontinued operations, net of tax	0	0	0	0	0	0	0	0	0	0	(2)	0	(26)
Net earnings	$ 241	$ 187	$ 182	$ 210	$ 217	$ 181	$ 233	$ 192	$ 820	$ 823	$ 701	$ 648	$ 580
Basic
Basic continuing operations (in dollars per share)	$ 1.91	$ 1.46	$ 1.42	$ 1.65	$ 1.69	$ 1.39	$ 1.81	$ 1.49	$ 6.42	$ 6.37	$ 5.45	$ 5.01	$ 4.65
Basic discontinued operations (in dollars per share)	0	0	0	0	0	0	0	0	0	0	(0.02)
Basic net earnings per share (in dollars per share)	1.91	1.46	1.42	1.65	1.69	1.39	1.81	1.49	6.42	6.37	5.43
Diluted
Diluted continuing operations (in dollars per share)	1.88	1.44	1.40	1.62	1.66	1.37	1.77	1.46	6.32	6.26	5.35	4.92	4.57
Diluted discontinued operations (in dollars per share)	0	0	0	0	0	0	0	0	0	0	(0.02)
Diluted net earnings per share (in dollars per share)	1.88	1.44	1.40	1.62	1.66	1.37	1.77	1.46	6.32	6.26	5.33
Dividends per share declared (in dollars per share)	$ 1.06	$ 0.96	$ 0.96	$ 0.96	$ 0.96	$ 0.96	$ 0.84	$ 0.84	$ 3.94	$ 3.60	$ 3.24	$ 3.11	$ 2.99
Total assets	$ 5,116				$ 5,060				$ 5,116	$ 5,060	$ 4,573	$ 4,510	$ 4,154
Long-term debt	$ 2,287				$ 2,284				$ 2,287	$ 2,284	$ 1,391	$ 1,789	$ 1,786

Label	Element	Value
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 36,000,000
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (39,000,000)