The Clorox Company (CLX) 10-Q 2 Nov 15 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2015	Oct. 19, 2015
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Entity Registrant Name	CLOROX CO /DE/
Entity Central Index Key	21,076
Current Fiscal Year End Date	--06-30
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,016
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		129,091,085

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings and Comprehensive Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Condensed Consolidated Statements of Earnings and Comprehensive Income [Abstract]
Net sales	$ 1,390	$ 1,352
Cost of products sold	765	774
Gross profit	625	578
Selling and administrative expenses	186	180
Advertising costs	123	121
Research and development costs	30	30
Interest expense	23	26
Other (income) expense, net	(1)	3
Earnings from continuing operations before income taxes	264	218
Income taxes on continuing operations	91	73
Earnings from continuing operations	173	145
Losses from discontinued operations, net of tax	(1)	(55)
Net earnings	$ 172	$ 90
Basic net earnings (losses) per share
Continuing operations	$ 1.34	$ 1.12
Discontinued operations	(0.01)	(0.42)
Basic net earnings per share	1.33	0.70
Diluted net earnings (losses) per share
Continuing operations	1.32	1.10
Discontinued operations	(0.01)	(0.42)
Diluted net earnings per share	$ 1.31	$ 0.68
Weighted average shares outstanding (in thousands)
Basic	129,155	129,312
Diluted	131,220	131,369
Dividend declared per share	$ 0.77	$ 0.74
Comprehensive income	$ 133	$ 91

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2015	Jun. 30, 2015
Current assets
Cash and cash equivalents	$ 383	$ 382
Receivables, net	472	519
Inventories, net	408	385
Other current assets	147	143
Total current assets	1,410	1,429
Property, plant and equipment, net of accumulated depreciation and amortization of $1,854 and $1,839, respectively	885	918
Goodwill	1,052	1,067
Trademarks, net	533	535
Other intangible assets, net	49	50
Other assets	166	165
Total assets	4,095	4,164
Current liabilities
Notes and loans payable	131	95
Current maturities of long-term debt	300	300
Accounts payable	419	431
Accrued liabilities	464	548
Income taxes payable	37	31
Total current liabilities	1,351	1,405
Long-term debt	1,796	1,796
Other liabilities	741	750
Deferred income taxes	88	95
Total liabilities	$ 3,976	$ 4,046
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 at both September 30, 2015 and June 30, 2015; and 128,787,685 and 128,614,310 shares outstanding at September 30, 2015 and June 30, 2015, respectively	159	159
Additional paid-in capital	790	775
Retained earnings	1,993	1,923
Treasury shares, at cost: 29,953,776 and 30,127,151 shares at September 30, 2015 and June 30, 2015, respectively	(2,282)	(2,237)
Accumulated other comprehensive net loss	(541)	(502)
Stockholders' equity	119	118
Total liabilities and stockholders' equity	$ 4,095	$ 4,164

Condensed Consolidated Balance4

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2015	Jun. 30, 2015
Condensed Consolidated Balance Sheets [Abstract]
Property, plant and equipment, accumulated depreciation	$ 1,854	$ 1,839
Preferred stock, par value per share	$ 1	$ 1
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value per share	$ 1	$ 1
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	158,741,461	158,741,461
Common stock, shares outstanding	128,787,685	128,614,310
Treasury shares, shares	29,953,776	30,127,151

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities:
Net earnings	$ 172	$ 90
Deduct: Losses from discontinued operations, net of tax	(1)	(55)
Earnings from continuing operations	173	145
Adjustments to reconcile earnings from continuing operations to net cash provided by continuing operations:
Depreciation and amortization	41	43
Share-based compensation	9	5
Deferred income taxes	(5)	(4)
Other	(5)	(9)
Changes in:
Receivables, net	39	87
Inventories, net	(30)	(26)
Other current assets	(10)	1
Accounts payable and accrued liabilities	(95)	(44)
Income taxes payable	18	36
Net cash provided by continuing operations	135	234
Net cash provided by discontinued operations	12	9
Net cash provided by operations	147	243
Investing activities:
Capital expenditures	(28)	(29)
Other	12	2
Net cash used for investing activities	(16)	(27)
Financing activities:
Notes and loans payable, net	36	(90)
Treasury stock purchased	(103)	(8)
Cash dividends paid	(99)	(95)
Issuance of common stock for employee stock plans and other	46	9
Net cash used for financing activities	(120)	(184)
Effect of exchange rate changes on cash and cash equivalents	(10)	(6)
Net increase in cash and cash equivalents	1	26
Cash and cash equivalents:
Beginning of period	382	329
End of period	$ 383	$ 355

INTERIM FINANCIAL STATEMENTS

INTERIM FINANCIAL STATEMENTS	3 Months Ended
	Sep. 30, 2015
INTERIM FINANCIAL STATEMENTS [Abstract]
INTERIM FINANCIAL STATEMENTS	NOTE 1. INTERIM FINANCIAL STATEMENTS Basis of Presentation The unaudited interim condensed consolidated financial statements for the three months ended September 30, 2015 and 2014, in the opinion of management, reflect all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the consolidated results of operations, financial position and cash flows of The Clorox Company and its subsidiaries (the Company) for the periods presented. The results for the interim period ended September 30, 2015, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2016, or for any other future period. Effective September 22, 2014, the Company's Venezuela affiliate, Corporación Clorox de Venezuela S.A. (Clorox Venezuela), discontinued its operations. Consequently, the Company reclassified the financial results of Clorox Venezuela as a discontinued operation in the condensed consolidated financial statements for all periods presented herein. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) have been omitted or condensed pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). The information in this report should be read in conjunction with the Company's Annual Report on Form 10-K filed with the SEC for the fiscal year ended June 30, 2015, which includes a complete set of footnote disclosures including the Company's significant accounting policies. Recently Issued Accounting Standards In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, “Simplifying the Presentation of Debt Issuance Cost,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The new guidance is effective for the Company beginning in the first quarter of fiscal year 2017, with early adoption permitted. The Company is currently evaluating the impact that adoption of ASU 2015-03 will have on its consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, “Amendments to the Consolidation Analysis,” which changes the guidance for evaluating whether to consolidate certain legal entities. The amendments modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities. The new guidance is effective for the Company beginning in the first quarter of fiscal year 2017, with early adoption permitted. The Company is currently evaluating the impact that adoption of ASU 2015-02 will have on its consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which replaces most existing U.S. GAAP revenue recognition guidance and is intended to improve and converge with international standards 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 new guidance is effective for the Company beginning in the first quarter of fiscal year 2019, with the option to early adopt in the first quarter of fiscal year 2018. The Company is currently evaluating the impact that adoption of ASU 2014-09 will have on its consolidated financial statements.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
	Sep. 30, 2015
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS	NOTE 2. DISCONTINUED OPERATIONS On September 22, 2014, C lorox Venezuela announced that it was discontinuing its operations, effective immediately, and seeking to sell its assets. On September 26, 2014, the Company reported that Venezuelan Vice President Jorge Arreaza announced, with endorsement by President Nicolás Maduro, that the Venezuelan government had occupied the Santa Lucía and Guacara production facilities of Clorox Venezuela. With this exit, the financial results of Clorox Venezuela are reflected as discontinued operations in the Company's condensed consolidated financial statements for all periods presented. The results of Clorox Venezuela have historically been part of the International reportable segment. Net sales for Clorox Venezuela were $ 0 11 The following table provides a summary of losses from discontinued operations for Clorox Venezuela and losses from discontinued operations other than Clorox Venezuela for the periods indicated: Three Months Ended 9/30/2015 9/30/2014 Operating losses from Clorox Venezuela before income taxes - (6 ) Exit costs and other related expenses for Clorox Venezuela - (73 ) Total losses from Clorox Venezuela before income taxes - (79 ) Income tax benefit attributable to Clorox Venezuela - 24 Total losses from Clorox Venezuela, net of tax $ - $ (55 ) Losses from discontinued operations other than Clorox Venezuela, net of tax (1 ) - Losses from discontinued operations, net of tax (1 ) (55 )

INVENTORIES, NET

INVENTORIES, NET	3 Months Ended
	Sep. 30, 2015
INVENTORIES, NET [Abstract]
INVENTORIES, NET	NOTE 3. INVENTORIES, NET Inventories, net, consisted of the following as of: 9/30/2015 6/30/2015 Finished goods $ 331 $ 316 Raw materials and packaging 107 101 Work in process 2 3 LIFO allowances (32 ) (35 ) Total $ 408 $ 385

OTHER LIABILITIES

OTHER LIABILITIES	3 Months Ended
	Sep. 30, 2015
OTHER LIABILITIES [Abstract]
OTHER LIABILITIES	NOTE 4. OTHER LIABILITIES Other liabilities consisted of the following as of: 9/30/2015 6/30/2015 Venture agreement net terminal obligation $ 296 $ 294 Employee benefit obligation 293 299 Taxes 34 38 Other 118 119 Total $ 741 $ 750

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	3 Months Ended
	Sep. 30, 2015
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Abstract]
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	NOTE 5. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Financial Risk Management and Derivative Instruments The Company is exposed to certain commodity, interest rate and foreign currency 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 to fix the price of a portion of its forecasted raw material requirements. Contract maturities, which are generally no longer than 2 As of September 30, 2015 , the notional amount of commodity derivatives was $ 52 26 26 June 30, 2015 , the notional amount of commodity derivatives was $ 47 27 20 Interest Rate Risk Management The Company may also enter into over-the-counter interest rate derivative instruments to fix a portion of the benchmark interest rate prior to an anticipated issuance of fixed rate debt or to manage the Company's level of fixed and floating rate debt. The interest rate derivative instruments are measured at fair value using information quoted by U.S. government bond dealers. As of both September 30, 2015 and June 30, 2015 , the Company had no interest rate derivative instruments. 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 The notional amount of outstanding foreign currency forward contracts used by the Company's subsidiaries in Canada, Australia and New Zealand were $ 50 25 5 September 30, 2015 , and $ 64 35 6 June 30, 2015 . 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 $ 12 8 September 30, 2015 and June 30, 2015 , respectively, $ 9 8 September 30, 2015 and June 30, 2015 , 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 September 30, 2015 and June 30, 2015 , the Company and each of its counterparties had been assigned investment grade credit ratings by both Standard & Poor's and Moody's. Certain of the Company's exchange-traded futures contracts used for commodity price risk management include requirements for the Company to post collateral in the form of a cash margin account held by the Company's broker for trades conducted on that exchange. As of September 30, 2015 and June 30, 2015, the Company maintained cash margin balances related to exchange-traded futures contracts of $ 4 2 Fair Value Measurements Financial assets and liabilities measured at fair value on a recurring basis in the condensed consolidated balance sheets are required to be classified and disclosed in one of the following three categories of the fair value hierarchy : Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs reflecting the reporting entity's own assumptions. As of September 30, 2015 and June 30, 2015, the Company's financial assets and liabilities that were measured at fair value on a recurring basis The following table summarizes the fair value of the Company's financial assets and liabilities for which disclosure of fair value is required: 9/30/2015 6/30/2015 Balance sheet Fair value Carrying Estimated Carrying Estimated Assets Investments including money market funds (a) Cash and cash equivalents 1 $ 223 $ 223 $ 212 $ 212 Time deposits (a) Cash and cash equivalents 2 79 79 84 84 Foreign exchange derivative contracts Other current assets 2 7 7 1 1 Interest rate contracts Other current assets 2 - - - - Commodity purchase derivative contracts Other current assets 2 - - - - Trust assets for nonqualified deferred compensation plans Other assets 1 38 38 38 38 $ 347 $ 347 $ 335 $ 335 Liabilities Commodity purchase derivative contracts Accrued liabilities 2 $ 12 $ 12 $ 8 $ 8 Interest rate derivative contracts Accrued liabilities 2 - - - - Foreign exchange derivative contracts Accrued liabilities 2 - - - - Commodity purchase derivative contracts Other liabilities 2 - - - - Notes and loans payable (b) Notes and loans payable 2 131 131 95 95 Long-term debt (c) Other liabilities 2 2,096 2,160 2,096 2,137 $ 2,239 $ 2,303 $ 2,199 $ 2,240 (a) 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 equivalents are recorded at cost, which approximates fair value. (b) Short-term debt is composed of U.S. commercial paper and/or other similar short-term debts issued by non-U.S. subsidiaries, all of which are recorded at cost, which approximates fair value. (c) Long-term debt, which is recorded at cost, includes current maturities. The fair value of long-term debt was determined using secondary market prices quoted by corporate bond dealers, and was classified as Level 2. Commodity, Interest Rate and Foreign Exchange Derivatives 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. The effects of derivative instruments designated as hedging instruments on other comprehensive net income (losses) and the condensed consolidated statements of earnings and comprehensive income were as follows: Three Months Ended Gains (losses) recognized in Other Comprehensive Income Gains (losses) reclassified from accumulated other comprehensive net income (losses) and recognized in earnings 9/30/2015 9/30/2014 9/30/2015 9/30/2014 Commodity purchase derivative $ (7 ) $ (6 ) $ 2 $ - Interest rate derivative contracts - (3 ) 2 (1 ) Foreign exchange derivative 6 4 (1 ) (1 ) Total $ (1 ) $ (5 ) $ 3 $ (2 ) The gains (losses) reclassified from accumulated other comprehensive net income (losses) and recognized in earnings during the three months ended September 30, 2015 and 2014 for commodity purchase and foreign exchange contracts were included in cost of products sold. The gains (losses) reclassified from accumulated other comprehensive net income (losses) and recognized in earnings during the three months ended September 30, 2015 and 2014, for interest rate contracts were included in interest expense. The estimated amount of the existing net gain (loss) in accumulated other comprehensive net income (losses) as of September 30, 2015, that is expected to be reclassified into earnings within the next twelve months is $ (11 Trust Assets The Company has held interests in mutual funds and cash equivalents as part of trust assets related to certain of its nonqualified deferred compensation plans. The trusts represent variable interest entities for which the Company is considered the primary beneficiary, and therefore, trust assets are consolidated and included in other assets in the condensed consolidated balance sheets. The interests in mutual funds are measured at fair value using quoted market prices. The Company has designated these marketable

OTHER CONTINGENCIES AND GUARANT

OTHER CONTINGENCIES AND GUARANTEES	3 Months Ended
	Sep. 30, 2015
OTHER CONTINGENCIES AND GUARANTEES [Abstract]
OTHER CONTINGENCIES AND GUARANTEES	NOTE 6. OTHER CONTINGENCIES AND GUARANTEES Contingencies The Company is involved in certain environmental matters, including response actions at various locations. The Company had a recorded liability of $ 12 24.3 30 In October 2012, a Brazilian appellate court issued an adverse decision in a lawsuit pending in Brazil against the Company and one of its wholly owned subsidiaries, The Glad Products Company (Glad). The lawsuit, which was initially filed in a Brazilian lower court in 2002 by two Brazilian companies and one Uruguayan company, relates to joint venture agreements for the distribution of STP auto-care products in Brazil with three companies that became subsidiaries of the Company as a result of the Company's merger with First Brands Corporation in January 1999. The Company appealed this decision to Brazil's highest court and, in August 2015, the Company received a favorable decision. As a result of this decision, the judgment has been set aside and the case will be remanded back to the appellate cour which then must re-hear the case and issue a new decision. If the judgment had not been set aside, the value of the judgment against the Company, including interest and foreign exchange fluctuations as of September 30, 2015, would have been approximately $ 24 The Company is subject to various other lawsuits, claims and loss contingencies relating to issues such as contract disputes, product liability, patents and trademarks, advertising, and employee and other matters. Based on management's analysis, it is the opinion of management that the ultimate disposition of these matters, to the extent not previously provided for, will not have a material adverse effect, either individually or in the aggregate, on the Company's condensed consolidated financial statements taken as a whole. Guarantees In conjunction with divestitures and other transactions, the Company may provide typical indemnifications (e.g., indemnifications for representations and warranties and retention of previously existing environmental, tax and employee liabilities) that have terms that vary in duration and in the potential amount of the total obligation and, in many circumstances, are not explicitly defined. The Company has not made, nor does it believe that it is probable that it will make, any payments relating to its indemnifications, and believes that any reasonably possible payments would not have a material adverse effect, either individually or in the aggregate, on the Company's condensed consolidated financial statements taken as a whole. The Company had not recorded any liabilities on the aforementioned guarantees as of September 30, 2015. As of September 30, 2015, the Company was a party to letters of credit of $ 10 0

COMPREHENSIVE INCOME

COMPREHENSIVE INCOME	3 Months Ended
	Sep. 30, 2015
COMPREHENSIVE INCOME [Abstract]
COMPREHENSIVE INCOME	NOTE 7. COMPREHENSIVE INCOME Comprehensive income was as follows for the periods indicated: Three Months Ended 9/30/2015 9/30/2014 Earnings from continuing operations $ 173 $ 145 Losses from discontinued operations, net of tax (1 ) (55 ) Net earnings 172 90 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (43 ) 1 Net unrealized gains (losses) on derivatives 3 (2 ) Pension and postretirement benefit adjustments 1 2 Total other comprehensive income (loss), net of tax (39 ) 1 Comprehensive income $ 133 $ 91 Changes in accumulated other comprehensive net income (loss) by component were as follows: Three Months Ended 9/30/2015 9/30/2014 Foreign currency adjustments Other comprehensive gains (losses) before reclassifications $ (41 ) $ (32 ) Amounts reclassified from accumulated other comprehensive net income (loss): Recognition of deferred foreign currency translation loss - 30 Income tax benefit (expense) (2 ) 3 Foreign currency adjustments, net of tax $ (43 ) $ 1 Net unrealized gains (losses) on derivatives Other comprehensive gains (losses) before reclassifications $ - $ (6 ) Amounts reclassified from accumulated other comprehensive net income (loss) 3 2 Income tax benefit (expense) - 2 Net unrealized gains (losses) on derivatives, net of tax $ 3 $ (2 ) Pension and postretirement benefit adjustments Other comprehensive gains (losses) before reclassifications $ - $ - Amounts reclassified from accumulated other comprehensive net income (loss) 1 2 Income tax benefit (expense) - - Pension and postretirement benefit adjustments, net of tax $ 1 $ 2 Total changes in other comprehensive income (loss), net of tax $ (39 ) $ 1 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 three months ended September 30, 2015 and 2014, other comprehensive net income (loss) on these loans totaled $ (5 (2 no

NET EARNINGS PER SHARE (EPS)

NET EARNINGS PER SHARE (EPS)	3 Months Ended
	Sep. 30, 2015
NET EARNINGS PER SHARE (EPS) [Abstract]
NET EARNINGS PER SHARE (EPS)	NOTE 8. NET EARNINGS PER SHARE (EPS) The following is the reconciliation of the weighted average number of shares outstanding (in thousands) used to calculate basic net EPS to those used to calculate diluted net EPS: Three Months Ended 9/30/2015 9/30/2014 Basic 129,155 129,312 Dilutive effect of stock options and other 2,065 2,057 Diluted 131,220 131,369 During the three months ended September 30, 2015 and 2014, there were 1.3 zero The Company has two share repurchase programs: an open-market purchase program with an authorized aggregate purchase amount of up to $ 750 During the three months ended September 30, 2015 and 2014, the Company repurchased approximately 1.0 0.1 112 8

INCOME TAXES

INCOME TAXES	3 Months Ended
	Sep. 30, 2015
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 9 In determining its quarterly provision for income taxes, the Company uses an estimated annual effective tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective tax rates from quarter to quarter. The effective tax rate on earnings from continuing operations 34.5 33.7 The Company files income tax returns in U.S. federal and various state, local and foreign jurisdictions. The federal statute of limitations has expired for all tax years through June 30, 2011. Various income tax returns in state and foreign jurisdictions are currently in the process of examination.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Sep. 30, 2015
RETIREMENT INCOME AND HEALTH CARE BENEFIT PLANS [Abstract]
RETIREMENT INCOME AND HEALTH CARE BENEFIT PLANS	NOTE 10. EMPLOYEE BENEFIT PLANS The following table summarizes the components of net periodic benefit cost for the Company's retirement income plans: Three Months Ended 9/30/2015 9/30/2014 Service cost $ - $ - Interest cost 7 6 Expected return on plan assets (4 ) (5 ) Amortization of unrecognized items 2 3 Total $ 5 $ 4 The net periodic benefit cost for the Company's retirement health care plans was $ 0 In July 2015, the Company made a $ 15

SEGMENT RESULTS

SEGMENT RESULTS	3 Months Ended
	Sep. 30, 2015
SEGMENT RESULTS [Abstract]
SEGMENT RESULTS	NOTE 11. SEGMENT RESULTS The Company operates through strategic business units that are aggregated into four Cleaning ® 2 ® ® ® ® ® ® ® ® ® ® ® ® ® Household ® ® ® ® ® ® Lifestyle ® ® ® ® ® International ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® ® Certain non-allocated administrative costs, interest income, interest expense and various other non-operating income and expenses are reflected in Corporate. Corporate assets include cash and cash equivalents, property and equipment, other investments and deferred taxes. The table below presents reportable segment information and a reconciliation of the segment information to the Company's consolidated net sales and earnings from continuing operations before income taxes, with amounts that are not allocated to the reportable segments reflected in Corporate. Net sales Earnings (losses) from continuing operations before income taxes Three Months Ended Three Months Ended 9/30/2015 9/30/2014 9/30/2015 9/30/2014 Cleaning $ 497 $ 470 $ 149 $ 124 Household 411 392 82 52 Lifestyle 231 216 59 56 International 251 274 32 26 Corporate - - (58 ) (40 ) Total $ 1,390 $ 1,352 $ 264 $ 218 All intersegment sales are eliminated and are not included in the Company's reportable segments' net sales. Net sales to the Company's largest customer, Wal-Mart Stores, Inc. and its affiliates, as a percentage of consolidated net sales, were 27% and 26

INTERIM FINANCIAL STATEMENTS (P

INTERIM FINANCIAL STATEMENTS (Policy)	3 Months Ended
	Sep. 30, 2015
INTERIM FINANCIAL STATEMENTS [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim condensed consolidated financial statements for the three months ended September 30, 2015 and 2014, in the opinion of management, reflect all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the consolidated results of operations, financial position and cash flows of The Clorox Company and its subsidiaries (the Company) for the periods presented. The results for the interim period ended September 30, 2015, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2016, or for any other future period. Effective September 22, 2014, the Company's Venezuela affiliate, Corporación Clorox de Venezuela S.A. (Clorox Venezuela), discontinued its operations. Consequently, the Company reclassified the financial results of Clorox Venezuela as a discontinued operation in the condensed consolidated financial statements for all periods presented herein. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) have been omitted or condensed pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). The information in this report should be read in conjunction with the Company's Annual Report on Form 10-K filed with the SEC for the fiscal year ended June 30, 2015, which includes a complete set of footnote disclosures including the Company's significant accounting policies.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Standards In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, “Simplifying the Presentation of Debt Issuance Cost,” which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The new guidance is effective for the Company beginning in the first quarter of fiscal year 2017, with early adoption permitted. The Company is currently evaluating the impact that adoption of ASU 2015-03 will have on its consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, “Amendments to the Consolidation Analysis,” which changes the guidance for evaluating whether to consolidate certain legal entities. The amendments modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities. The new guidance is effective for the Company beginning in the first quarter of fiscal year 2017, with early adoption permitted. The Company is currently evaluating the impact that adoption of ASU 2015-02 will have on its consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which replaces most existing U.S. GAAP revenue recognition guidance and is intended to improve and converge with international standards 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 new guidance is effective for the Company beginning in the first quarter of fiscal year 2019, with the option to early adopt in the first quarter of fiscal year 2018. The Company is currently evaluating the impact that adoption of ASU 2014-09 will have on its consolidated financial statements.

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Sep. 30, 2015
DISCONTINUED OPERATIONS
Summary of net sales and breakdown of losses from discontinued operations	Three Months Ended 9/30/2015 9/30/2014 Operating losses from Clorox Venezuela before income taxes - (6 ) Exit costs and other related expenses for Clorox Venezuela - (73 ) Total losses from Clorox Venezuela before income taxes - (79 ) Income tax benefit attributable to Clorox Venezuela - 24 Total losses from Clorox Venezuela, net of tax $ - $ (55 ) Losses from discontinued operations other than Clorox Venezuela, net of tax (1 ) - Losses from discontinued operations, net of tax (1 ) (55 )

INVENTORIES, NET (Tables)

INVENTORIES, NET (Tables)	3 Months Ended
	Sep. 30, 2015
INVENTORIES, NET [Abstract]
Schedule of Inventories	9/30/2015 6/30/2015 Finished goods $ 331 $ 316 Raw materials and packaging 107 101 Work in process 2 3 LIFO allowances (32 ) (35 ) Total $ 408 $ 385

FINANCIAL INSTRUMENTS AND FAI20

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Sep. 30, 2015
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Abstract]
Schedule of Financial Instruments Measured at Fair Value	9/30/2015 6/30/2015 Balance sheet Fair value Carrying Estimated Carrying Estimated Assets Investments including money market funds (a) Cash and cash equivalents 1 $ 223 $ 223 $ 212 $ 212 Time deposits (a) Cash and cash equivalents 2 79 79 84 84 Foreign exchange derivative contracts Other current assets 2 7 7 1 1 Interest rate contracts Other current assets 2 - - - - Commodity purchase derivative contracts Other current assets 2 - - - - Trust assets for nonqualified deferred compensation plans Other assets 1 38 38 38 38 $ 347 $ 347 $ 335 $ 335 Liabilities Commodity purchase derivative contracts Accrued liabilities 2 $ 12 $ 12 $ 8 $ 8 Interest rate derivative contracts Accrued liabilities 2 - - - - Foreign exchange derivative contracts Accrued liabilities 2 - - - - Commodity purchase derivative contracts Other liabilities 2 - - - - Notes and loans payable (b) Notes and loans payable 2 131 131 95 95 Long-term debt (c) Other liabilities 2 2,096 2,160 2,096 2,137 $ 2,239 $ 2,303 $ 2,199 $ 2,240 (a) 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 equivalents are recorded at cost, which approximates fair value. (b) Short-term debt is composed of U.S. commercial paper and/or other similar short-term debts issued by non-U.S. subsidiaries, all of which are recorded at cost, which approximates fair value. (c) Long-term debt, which is recorded at cost, includes current maturities. The fair value of long-term debt was determined using secondary market prices quoted by corporate bond dealers, and was classified as Level 2.
Effects of Derivative Instruments Designated as Hedging Instruments on OCI	Three Months Ended Gains (losses) recognized in Other Comprehensive Income Gains (losses) reclassified from accumulated other comprehensive net income (losses) and recognized in earnings 9/30/2015 9/30/2014 9/30/2015 9/30/2014 Commodity purchase derivative $ (7 ) $ (6 ) $ 2 $ - Interest rate derivative contracts - (3 ) 2 (1 ) Foreign exchange derivative 6 4 (1 ) (1 ) Total $ (1 ) $ (5 ) $ 3 $ (2 )

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	3 Months Ended
	Sep. 30, 2015
OTHER LIABILITIES [Abstract]
Schedule of Other Liabilities	9/30/2015 6/30/2015 Venture agreement net terminal obligation $ 296 $ 294 Employee benefit obligation 293 299 Taxes 34 38 Other 118 119 Total $ 741 $ 750

COMPREHENSIVE INCOME (Tables)

COMPREHENSIVE INCOME (Tables)	3 Months Ended
	Sep. 30, 2015
COMPREHENSIVE INCOME [Abstract]
Schedule of Comprehensive Income	Three Months Ended 9/30/2015 9/30/2014 Earnings from continuing operations $ 173 $ 145 Losses from discontinued operations, net of tax (1 ) (55 ) Net earnings 172 90 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (43 ) 1 Net unrealized gains (losses) on derivatives 3 (2 ) Pension and postretirement benefit adjustments 1 2 Total other comprehensive income (loss), net of tax (39 ) 1 Comprehensive income $ 133 $ 91
Schedule of Changes in Accumulated Other Comprehensive Net Losses	Three Months Ended 9/30/2015 9/30/2014 Foreign currency adjustments Other comprehensive gains (losses) before reclassifications $ (41 ) $ (32 ) Amounts reclassified from accumulated other comprehensive net income (loss): Recognition of deferred foreign currency translation loss - 30 Income tax benefit (expense) (2 ) 3 Foreign currency adjustments, net of tax $ (43 ) $ 1 Net unrealized gains (losses) on derivatives Other comprehensive gains (losses) before reclassifications $ - $ (6 ) Amounts reclassified from accumulated other comprehensive net income (loss) 3 2 Income tax benefit (expense) - 2 Net unrealized gains (losses) on derivatives, net of tax $ 3 $ (2 ) Pension and postretirement benefit adjustments Other comprehensive gains (losses) before reclassifications $ - $ - Amounts reclassified from accumulated other comprehensive net income (loss) 1 2 Income tax benefit (expense) - - Pension and postretirement benefit adjustments, net of tax $ 1 $ 2 Total changes in other comprehensive income (loss), net of tax $ (39 ) $ 1

NET EARNINGS PER SHARE (Tables)

NET EARNINGS PER SHARE (Tables)	3 Months Ended
	Sep. 30, 2015
NET EARNINGS PER SHARE (EPS) [Abstract]
Schedule of Weighted Average Number of Shares	Three Months Ended 9/30/2015 9/30/2014 Basic 129,155 129,312 Dilutive effect of stock options and other 2,065 2,057 Diluted 131,220 131,369

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Sep. 30, 2015
RETIREMENT INCOME AND HEALTH CARE BENEFIT PLANS [Abstract]
Schedule of Components of Net Periodic Benefit Cost	Three Months Ended 9/30/2015 9/30/2014 Service cost $ - $ - Interest cost 7 6 Expected return on plan assets (4 ) (5 ) Amortization of unrecognized items 2 3 Total $ 5 $ 4

SEGMENT RESULTS (Tables)

SEGMENT RESULTS (Tables)	3 Months Ended
	Sep. 30, 2015
SEGMENT RESULTS [Abstract]
Schedule of Segment Reporting Information	Net sales Earnings (losses) from continuing operations before income taxes Three Months Ended Three Months Ended 9/30/2015 9/30/2014 9/30/2015 9/30/2014 Cleaning $ 497 $ 470 $ 149 $ 124 Household 411 392 82 52 Lifestyle 231 216 59 56 International 251 274 32 26 Corporate - - (58 ) (40 ) Total $ 1,390 $ 1,352 $ 264 $ 218

DISCONTINUED OPERATIONS (Summar

DISCONTINUED OPERATIONS (Summary of Losses from Discontinued Operations) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Losses from discontinued operations, net of tax	$ (1)	$ (55)
Clorox Venezuela [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	0	11
Operating losses from discontinued operations before income taxes	0	(6)
Exit costs and other related expenses	0	(73)
Total losses from discontinued operations before income taxes	0	(79)
Income tax benefit	0	24
Losses from discontinued operations, net of tax	0	(55)
Other Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Losses from discontinued operations, net of tax	$ (1)	$ 0

INVENTORIES, NET (Details)

INVENTORIES, NET (Details) - USD ($) $ in Millions	Sep. 30, 2015	Jun. 30, 2015
INVENTORIES, NET [Abstract]
Finished goods	$ 331	$ 316
Raw materials and packaging	107	101
Work in process	2	3
LIFO allowances	(32)	(35)
Total	$ 408	$ 385

OTHER LIABILITIES (Details)

OTHER LIABILITIES (Details) - USD ($) $ in Millions	Sep. 30, 2015	Jun. 30, 2015
OTHER LIABILITIES [Abstract]
Venture agreement net terminal obligation	$ 296	$ 294
Employee benefit obligations	293	299
Taxes	34	38
Other	118	119
Total	$ 741	$ 750

FINANCIAL INSTRUMENTS AND FAI29

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Jun. 30, 2015
Derivative [Line Items]
Derivatives	$ 12	$ 8
Derivative instruments subject to contractually defined counterparty liability position limits	9	8
Estimated amount of the existing net gain (loss) to be reclassified into earnings in the next 12 months	$ (11)
Commodity Purchase Derivative Contracts [Member]
Derivative [Line Items]
Maximum contract duration	2 years
Notional amount	$ 52	47
Cash margin balances	$ 4	2
Foreign Exchange Derivative Contracts [Member]
Derivative [Line Items]
Maximum contract duration	2 years
Soybean Oil [Member] | Commodity Purchase Derivative Contracts [Member]
Derivative [Line Items]
Notional amount	$ 26	20
Jet Fuel [Member] | Commodity Purchase Derivative Contracts [Member]
Derivative [Line Items]
Notional amount	26	27
Australia [Member] | Foreign Exchange Derivative Contracts [Member]
Derivative [Line Items]
Notional amount	25	35
Canada [Member] | Foreign Exchange Derivative Contracts [Member]
Derivative [Line Items]
Notional amount	50	64
New Zealand [Member] | Foreign Exchange Derivative Contracts [Member]
Derivative [Line Items]
Notional amount	$ 5	$ 6

FINANCIAL INSTRUMENTS AND FAI30

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Schedule of Financial Instruments Measured at Fair Value) (Details) - USD ($) $ in Millions		Sep. 30, 2015	Jun. 30, 2015
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets		$ 347	$ 335
Liabilities		2,239	2,199
Estimated Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets		347	335
Liabilities		2,303	2,240
Other assets [Member] | Level 1 [Member] | Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Trust assets for nonqualified deferred compensation plans		38	38
Other assets [Member] | Level 1 [Member] | Estimated Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Trust assets for nonqualified deferred compensation plans		38	38
Notes and loans payable [Member] | Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Liabilities	[1]	131	95
Notes and loans payable [Member] | Estimated Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Liabilities	[1]	131	95
Other liabilities [Member] | Long-term debt (c) | Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Liabilities	[2]	2,096	2,096
Other liabilities [Member] | Long-term debt (c) | Estimated Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Liabilities	[2]	2,160	2,137
Cash and cash Equivalents [Member] | Level 1 [Member] | Carrying Value [Member] | Investments including money market funds (a) [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets	[3]	223	212
Cash and cash Equivalents [Member] | Level 1 [Member] | Estimated Fair Value [Member] | Investments including money market funds (a) [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets	[3]	223	212
Cash and cash Equivalents [Member] | Level 2 [Member] | Carrying Value [Member] | Time deposits (a) [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets	[3]	79	84
Cash and cash Equivalents [Member] | Level 2 [Member] | Estimated Fair Value [Member] | Time deposits (a) [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets	[3]	79	84
Commodity purchase derivative contracts [Member] | Accrued Liabilities [Member] | Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative liabilities designated as hedging instruments		12	8
Commodity purchase derivative contracts [Member] | Accrued Liabilities [Member] | Estimated Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative liabilities designated as hedging instruments		12	8
Foreign exchange derivative contracts [Member] | Other Current Assets [Member] | Level 2 [Member] | Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative assets designated as hedging instruments		7	1
Foreign exchange derivative contracts [Member] | Other Current Assets [Member] | Level 2 [Member] | Estimated Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative assets designated as hedging instruments		$ 7	$ 1
[1]	Short-term debt is composed of U.S. commercial paper and/or other similar short-term debts issued by non-U.S. subsidiaries, all of which are recorded at cost, which approximates fair value.
[2]	Long-term debt, which is recorded at cost, includes current maturities. The fair value of long-term debt was determined using secondary market prices quoted by corporate bond dealers, and was classified as Level 2.
[3]	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 equivalents are recorded at cost, which approximates fair value.

FINANCIAL INSTRUMENTS AND FAI31

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Schedule of the Effects of Derivative Instruments Designated as Hedging Instruments) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Other Comprehensive Income	$ (1)	$ (5)
Gains (losses) reclassified from accumulated other comprehensive net income (losses) and recognized in earnings	3	(2)
Commodity Purchase Derivative Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Other Comprehensive Income	(7)	(6)
Gains (losses) reclassified from accumulated other comprehensive net income (losses) and recognized in earnings	2	0
Interest Rate Derivative Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Other Comprehensive Income	0	(3)
Gains (losses) reclassified from accumulated other comprehensive net income (losses) and recognized in earnings	2	(1)
Foreign Exchange Derivative Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Other Comprehensive Income	6	4
Gains (losses) reclassified from accumulated other comprehensive net income (losses) and recognized in earnings	$ (1)	$ (1)

OTHER CONTINGENCIES AND GUARA32

OTHER CONTINGENCIES AND GUARANTEES (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Jun. 30, 2015
OTHER CONTINGENCIES AND GUARANTEES [Abstract]
Liability for future remediation costs	$ 12	$ 12
Percentage of liability for aggregate remediation and associated costs, other than legal fees	24.30%
Remediation period	30 years
Current value of judgment	$ 24
Letter of credit	10
Letter of credit, amount outstanding	$ 0

COMPREHENSIVE INCOME (Schedule

COMPREHENSIVE INCOME (Schedule of Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
COMPREHENSIVE INCOME [Abstract]
Earnings from continuing operations	$ 173	$ 145
Losses from discontinued operations, net of tax	(1)	(55)
Net earnings	172	90
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(43)	1
Net unrealized gains (losses) on derivatives	3	(2)
Pension and postretirement benefit adjustments	1	2
Total other comprehensive income (loss), net of tax	(39)	1
Comprehensive income	$ 133	$ 91

COMPREHENSIVE INCOME (Schedul34

COMPREHENSIVE INCOME (Schedule of Changes in Accumulated Other Comprehensive Net Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Foreign currency adjustments
Other comprehensive gains (losses) before reclassifications	$ (41)	$ (32)
Amounts reclassified from accumulated other comprehensive net income (loss)
Recognition of deferred foreign currency translation loss	0	30
Income tax benefit (expense)	(2)	3
Foreign currency adjustments, net of tax	(43)	1
Net unrealized gains (losses) on derivatives
Other comprehensive gains (losses) before reclassifications	0	(6)
Amounts reclassified from accumulated other comprehensive net income (loss)	3	2
Income tax benefit (expense)	0	2
Net unrealized gains (losses) on derivatives, net of tax	3	(2)
Pension and postretirement benefit adjustments
Other comprehensive gains (losses) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive net income (loss)	1	2
Income tax benefit (expense)	0	0
Pension and postretirement benefit adjustments, net of tax	1	2
Total other comprehensive income (loss), net of tax	(39)	1
Long term intercompany loans [Member]
Intercompany Foreign Currency Balance [Line Items]
Other comprehensive gains (losses) before reclassifications	(5)	(2)
Amounts reclassified from accumulated other comprehensive net income (loss)	$ 0	$ 0

NET EARNINGS PER SHARE (Schedul

NET EARNINGS PER SHARE (Schedule of Weighted Average Number of Shares) (Details) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
NET EARNINGS PER SHARE (EPS) [Abstract]
Basic	129,155	129,312
Dilutive effect of stock options and other	2,065	2,057
Diluted	131,220	131,369
Stock options excluded from calculation of diluted net EPS	1,300	0

NET EARNINGS PER SHARE (Share R

NET EARNINGS PER SHARE (Share Repurchase Programs) (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Open-market [Member]
Share Repurchase Programs [Line Items]
Authorized repurchase amount	$ 750
Remaining authorized repurchase amount	$ 750
Shares repurchased	0	0
Value of shares repurchased	$ 0	$ 0
Evergreen Program [Member]
Share Repurchase Programs [Line Items]
Shares repurchased	1	0.1
Value of shares repurchased	$ 112	$ 8

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
INCOME TAXES [Abstract]
Effective tax rate on earnings	34.50%	33.70%

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jul. 31, 2015	Sep. 30, 2015	Sep. 30, 2014
Retirement Income Plans [Member]
Defined Benefit Plans [Line Items]
Service cost		$ 0	$ 0
Interest cost		7	6
Expected return on plan assets		(4)	(5)
Amortization of unrecognized items		2	3
Net periodic benefit cost		5	4
Discretionary contribution	$ 15
Retirement Health Care Plans [Member]
Defined Benefit Plans [Line Items]
Net periodic benefit cost		$ 0	$ 0

SEGMENT RESULTS (Schedule of Se

SEGMENT RESULTS (Schedule of Segment Reporting Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Net sales	$ 1,390	$ 1,352
Earnings (losses) from continuing operations before income taxes	264	218
Cleaning [Member]
Segment Reporting Information [Line Items]
Net sales	497	470
Earnings (losses) from continuing operations before income taxes	149	124
Household [Member]
Segment Reporting Information [Line Items]
Net sales	411	392
Earnings (losses) from continuing operations before income taxes	82	52
Lifestyle [Member]
Segment Reporting Information [Line Items]
Net sales	231	216
Earnings (losses) from continuing operations before income taxes	59	56
International [Member]
Segment Reporting Information [Line Items]
Net sales	251	274
Earnings (losses) from continuing operations before income taxes	32	26
Corporate [Member]
Segment Reporting Information [Line Items]
Net sales	0	0
Earnings (losses) from continuing operations before income taxes	$ (58)	$ (40)

SEGMENT RESULTS (Narrative) (De

SEGMENT RESULTS (Narrative) (Details)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Net sales [Member] | Wal-Mart Stores, Inc. [Member]
Segment Reporting Information [Line Items]
Concentration percentage	27.00%	26.00%