ACQUISITION OF BUSINESSES (Tables)

12 Months Ended

Jun. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Summary of total consideration transferred

A summary of the total consideration transferred is as follows:

(In millions)	May 18, 2021
Cash paid	$	1,092
Fair value of DECIEM stock options liability	103
Fair value of net Put (Call) Option	234
Total consideration for the acquired ownership interest (approximately 47.9%)	1,429
Fair value of previously held equity method investment (approximately 30.5%)	912
Fair value of redeemable noncontrolling interest (approximately 21.6%)	647
Total consideration transferred (100%)	$	2,988

Schedule of key assumptions used for acquisition date fair value

The acquisition-date fair values of the DECIEM stock options and the net Put (Call) Option were calculated by incorporating significant assumptions including the starting equity value, revenue growth rates and EBITDA and the following key assumptions into the Monte Carlo Method:

	May 18, 2021
Risk-free rate	0.50%
Term to mid of last twelve-month period	2.54 years
Operating leverage adjustment	0.45
Net sales discount rate	3.30%
EBITDA discount rate	6.80%
EBITDA volatility	38.30%
Net sales volatility	17.20%

The fair value of each of the Company's option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions:

	Year Ended June 30
	2021	2020	2019
Weighted-average expected stock-price volatility	26.1%	25.1%	24.5%
Weighted-average expected option life	8 years	7 years	7 years
Average risk-free interest rate	0.5%	1.5%	2.8%
Average dividend yield	1.0%	1.0%	1.1%

The fair value of the stock options were calculated using the following key assumptions into the Monte Carlo Method:

	May 18, 2021	June 30, 2021
Risk-free rate	0.50%	0.50%
Term to mid of last twelve-month period	2.54 years	2.42 years
Operating leverage adjustment	0.45	0.45
Net sales discount rate	3.30%	3.40%
EBITDA discount rate	6.80%	6.90%
EBITDA volatility	38.30%	37.70%
Net sales volatility	17.20%	17.00%

Rollforward of final allocation of total consideration

The preliminary allocation of the total consideration transferred has been recorded as follows:

(In millions)	May 18, 2021
Cash	$	35
Accounts receivable	64
Inventory	203
Other current assets	30
Property, plant and equipment	40
Operating lease right-of-use assets	40
Intangible assets	1,917
Goodwill	1,283
Total assets acquired	3,612
Accounts payable	21
Operating lease liabilities	8
Other accrued liabilities	67
Deferred income taxes	483
Long-term operating lease liabilities	45
Total liabilities assumed	624
Total consideration transferred	$	2,988