ACQUISITION OF BUSINESSES (Tables)

6 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Summary of total consideration transferred

A summary of the total consideration transferred, including immaterial measurement period adjustments as of December 31, 2021, is as follows:

(In millions)	December 31, 2021
Cash paid	$	1,095
Fair value of DECIEM stock options liability	104
Fair value of net Put (Call) Option	233
Total consideration for the acquired ownership interest (approximately 47.9%)	1,432
Fair value of previously held equity method investment (approximately 30.5%)	913
Fair value of redeemable noncontrolling interest (approximately 21.6%)	648
Total consideration transferred (100%)	$	2,993

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 the stock options were calculated using the following key assumptions into the Monte Carlo Method:

	December 31, 2021	June 30, 2021	May 18, 2021
Risk-free rate	1.00%	0.50%	0.50%
Term to mid of last twelve-month period	1.92 years	2.42 years	2.54 years
Operating leverage adjustment	0.45	0.45	0.45
Net sales discount rate	3.90%	3.40%	3.30%
EBITDA discount rate	7.40%	6.90%	6.80%
EBITDA volatility	40.40%	37.70%	38.30%
Net sales volatility	18.20%	17.00%	17.20%

Rollforward of final allocation of total consideration

The preliminary allocation of the total consideration transferred, including immaterial measurement period adjustments as of December 31, 2021, has been recorded as follows:

(In millions)	December 31, 2021
Cash	$	35
Accounts receivable	64
Inventory	192
Other current assets	33
Property, plant and equipment	40
Operating lease right-of-use assets	40
Intangible assets	1,917
Goodwill	1,295
Deferred income taxes	7
Total assets acquired	3,623
Accounts payable	21
Operating lease liabilities	8
Other accrued liabilities	78
Deferred income taxes	479
Long-term operating lease liabilities	44
Total liabilities assumed	630
Total consideration transferred	$	2,993