The Clorox Company (CLX) 10-Q 3 May 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Mar. 31, 2016	Apr. 19, 2016
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Entity Registrant Name	CLOROX CO /DE/
Entity Central Index Key	21,076
Current Fiscal Year End Date	--06-30
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,016
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		129,340,425

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings and Comprehensive Income - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Condensed Consolidated Statements of Earnings and Comprehensive Income [Abstract]
Net sales	$ 1,426	$ 1,401	$ 4,161	$ 4,098
Cost of products sold	780	796	2,290	2,343
Gross profit	646	605	1,871	1,755
Selling and administrative expenses	204	206	581	577
Advertising costs	146	124	395	372
Research and development costs	35	34	99	97
Interest expense	22	25	67	77
Other (income) expense, net	2	(1)	(2)	0
Earnings from continuing operations before income taxes	237	217	731	632
Income taxes on continuing operations	78	73	248	215
Earnings from continuing operations	159	144	483	417
Earnings (losses) from discontinued operations, net of tax	3	30	0	(28)
Net earnings	$ 162	$ 174	$ 483	$ 389
Basic net earnings (losses) per share
Continuing operations	$ 1.23	$ 1.09	$ 3.73	$ 3.20
Discontinued operations	0.02	0.22	0	(0.22)
Basic net earnings per share	1.25	1.31	3.73	2.98
Diluted net earnings (losses) per share
Continuing operations	1.21	1.08	3.67	3.14
Discontinued operations	0.02	0.22	0	(0.21)
Diluted net earnings per share	$ 1.23	$ 1.30	$ 3.67	$ 2.93
Weighted average shares outstanding (in thousands)
Basic	129,690	131,833	129,463	130,566
Diluted	131,647	134,115	131,652	133,090
Dividends declared per share	$ 0.77	$ 0.74	$ 2.31	$ 2.22
Comprehensive income	$ 181	$ 146	$ 443	$ 325

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2016	Jun. 30, 2015
Current assets
Cash and cash equivalents	$ 414	$ 382
Receivables, net	530	519
Inventories, net	460	385
Other current assets	186	143
Total current assets	1,590	1,429
Property, plant and equipment, net of accumulated depreciation and amortization of $1,907 and $1,839, respectively	887	918
Goodwill	1,059	1,067
Trademarks, net	528	535
Other intangible assets, net	45	50
Other assets	175	165
Total assets	4,284	4,164
Current liabilities
Notes and loans payable	432	95
Current maturities of long-term debt	0	300
Accounts payable	436	431
Accrued liabilities	519	548
Income taxes payable	0	31
Total current liabilities	1,387	1,405
Long-term debt	1,796	1,796
Other liabilities	735	750
Deferred income taxes	107	95
Total liabilities	$ 4,025	$ 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 March 31, 2016 and June 30, 2015; and 129,296,653 and 128,614,310 shares outstanding at March 31, 2016 and June 30, 2015, respectively	159	159
Additional paid-in capital	846	775
Retained earnings	2,103	1,923
Treasury shares, at cost: 29,444,808 and 30,127,151 shares at March 31, 2016 and June 30, 2015, respectively	(2,307)	(2,237)
Accumulated other comprehensive net loss	(542)	(502)
Stockholders' equity	259	118
Total liabilities and stockholders' equity	$ 4,284	$ 4,164

Condensed Consolidated Balance4

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2016	Jun. 30, 2015
Condensed Consolidated Balance Sheets [Abstract]
Property, plant and equipment, accumulated depreciation and amortization	$ 1,907	$ 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	129,296,653	128,614,310
Treasury shares, shares	29,444,808	30,127,151

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Operating activities:
Net earnings	$ 483	$ 389
Deduct: Losses from discontinued operations, net of tax	0	(28)
Earnings from continuing operations	483	417
Adjustments to reconcile earnings from continuing operations to net cash provided by continuing operations:
Depreciation and amortization	122	126
Share-based compensation	33	21
Deferred income taxes	10	(6)
Settlement of interest rate forward contracts	0	(25)
Other	(4)	(6)
Changes in:
Receivables, net	(24)	3
Inventories, net	(86)	(77)
Other current assets	(1)	1
Accounts payable and accrued liabilities	(2)	37
Income taxes payable	(95)	(10)
Net cash provided by continuing operations	436	481
Net cash provided by discontinued operations	11	14
Net cash provided by operations	447	495
Investing activities:
Capital expenditures	(113)	(83)
Other	12	3
Net cash used for investing activities	(101)	(80)
Financing activities:
Notes and loans payable, net	337	(73)
Long-term debt borrowing, net of issuance costs	0	496
Long-term debt repayments	(300)	(575)
Treasury stock purchased	(216)	(144)
Cash dividends paid	(298)	(288)
Issuance of common stock for employee stock plans and other	176	236
Net cash used for financing activities	(301)	(348)
Effect of exchange rate changes on cash and cash equivalents	(13)	(18)
Net increase in cash and cash equivalents	32	49
Cash and cash equivalents:
Beginning of period	382	329
End of period	$ 414	$ 378

INTERIM FINANCIAL STATEMENTS

INTERIM FINANCIAL STATEMENTS	9 Months Ended
	Mar. 31, 2016
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 and nine months ended March 31, 2016 and 2015, in the opinion of management, reflect all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the consolidated results of operations, financial position and cash flows of The Clorox Company and its subsidiaries (the Company) for the periods presented. However, the financial results for interim periods are not necessarily indicative of the results that may be expected for a full fiscal year or for any other future period. 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 March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” which simplifies several aspects of the accounting for share-based payment transactions, including requiring excess tax benefits and tax deficiencies to be recognized as income tax expense or benefit in the income statement and excess tax benefits to be classified as an operating activity. The new guidance is effective for the Company beginning in the first quarter of fiscal year 2018, with early adoption permitted. The Company is currently evaluating the impact that adoption of this guidance will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation will depend on classification as a finance or 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. The Company is currently evaluating the impact that adoption of this guidance will have on its consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes,” which requires all deferred tax liabilities and assets to be classified as noncurrent. The new guidance is effective for the Company beginning in the first quarter of fiscal year 2018, with early adoption permitted. The Company does not expect the adoption of this guidance will have a significant impact on its consolidated financial statements. In April 2015, the FASB issued 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 does not expect the adoption of this guidance will have a significant impact 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 this guidance 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 this guidance will have on its consolidated financial statements.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Mar. 31, 2016
DISCONTINUED OPERATIONS [Abstract]
DISCONTINUED OPERATIONS	NOTE 2. DISCONTINUED OPERATIONS On September 22, 2014, Clorox Venezuela announced that it was discontinuing its operations, effective immediately, and seeking to sell its assets. Since fiscal year 2012, Clorox Venezuela was required to sell more than two thirds of its products at prices frozen by the Venezuelan government. During this same period, Clorox Venezuela experienced successive years of hyperinflation resulting in significant sustained increases in its input costs, including packaging, raw materials, transportation and wages. As a result, Clorox Venezuela had been selling its products at a loss, resulting in ongoing operating losses. Clorox Venezuela repeatedly met with government authorities in an effort to help them understand the rapidly declining state of the business, including the need for immediate, significant and ongoing price increases and other critical remedial actions to address these adverse impacts. Based on the Venezuelan government's representations, Clorox Venezuela had expected significant price increases would be forthcoming much earlier; however, the price increases subsequently approved were insufficient and would have caused Clorox Venezuela to continue operating at a significant loss into the foreseeable future. As such, Clorox Venezuela was no longer financially viable and was forced to discontinue its operations. On September 26, 2014, the Company reported that Venezuelan Vice President Jorge Arreaza announced, with endorsement by President Nicolás Maduro, that the Venezuelan government had occupied the Santa Lucía and Guacara production facilities of Clorox Venezuela. On November 6, 2014, the Company reported that the Venezuelan government had published a resolution granting a government-sponsored Special Administrative Board full authority to restart and operate the business of Clorox Venezuela, thereby reaffirming the government's expropriation of Clorox Venezuela's assets. Further, President Nicolás Maduro announced the government's intention to facilitate the resumed production of bleach and other cleaning products at Clorox Venezuela plants. He also announced his approval of a financial credit to invest in raw materials and production at the plants. These actions by the Venezuelan government were taken without the consent or involvement of Clorox Venezuela, its parent Clorox Spain S.L. (Clorox Spain) or any of their affiliates. Clorox Venezuela, Clorox Spain and their affiliates reserved their rights under all applicable laws and treaties. With this exit, the financial results of Clorox Venezuela are reflected as discontinued operations in the Company's condensed consolidated financial statements for all periods presented. The results of Clorox Venezuela have historically been part of the International reportable segment. Net sales for Clorox Venezuela were $0 for both the three and nine months ended March 31, 2016, and $0 and $11 for the three and nine months ended March 31, 2015, respectively. The following table provides a summary of earnings (losses) from discontinued operations for Clorox Venezuela and earnings (losses) from discontinued operations other than Clorox Venezuela for the periods indicated: Three Months Ended Nine Months Ended 3/31/2016 3/31/2015 3/31/2016 3/31/2015 Operating losses from Clorox Venezuela before income taxes $ - $ - $ - $ (6 ) Exit costs and other related expenses for Clorox Venezuela (1 ) - (2 ) (77 ) Total losses from Clorox Venezuela before income taxes (1 ) - (2 ) (83 ) Income tax benefit attributable to Clorox Venezuela 2 - 2 25 Total earnings (losses) from Clorox Venezuela, net of tax 1 - - (58 ) Earnings from discontinued operations other than Clorox Venezuela, net of tax 2 30 - 30 Earnings (losses) from discontinued operations, net of tax $ 3 $ 30 $ - $ (28 ) Unrelated to Clorox Venezuela, in the three months ended March 31, 2015, $30 of gross unrecognized tax benefits relating to other discontinued operations for periods prior to fiscal year 2015 were recognized upon the expiration of the applicable statute of limitations. Recognition of these previously disclosed tax benefits had no impact on the Company's cash flow or earnings from continuing operations for the three or nine months ended March 31, 2015.

INVENTORIES, NET

INVENTORIES, NET	9 Months Ended
	Mar. 31, 2016
INVENTORIES [Abstract]
INVENTORIES	NOTE 3. INVENTORIES, NET Inventories, net, consisted of the following as of: 3/31/2016 6/30/2015 Finished goods $ 379 $ 316 Raw materials and packaging 110 101 Work in process 2 3 LIFO allowances (31 ) (35 ) Total $ 460 $ 385

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	9 Months Ended
	Mar. 31, 2016
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Abstract]
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	NOTE 4. 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 years, are matched to the length of the raw material purchase contracts. Commodity purchase contracts are measured at fair value using market quotations obtained from commodity futures exchanges or commodity derivative dealers. As of March 31, 2016, the notional amount of commodity derivatives was $40, of which $21 related to jet fuel swaps and $19 related to soybean oil futures. As of June 30, 2015, the notional amount of commodity derivatives was $47, of which $27 related to jet fuel swaps and $20 related to soybean oil futures. 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 March 31, 2016 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 years. The foreign exchange contracts are measured at fair value using information quoted by foreign exchange dealers. The notional amount of outstanding foreign currency forward contracts used by the Company's subsidiaries in Canada, Australia and New Zealand were $58, $40 and $8, respectively, as of March 31, 2016, and $64, $35 and $6, respectively, as of 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 instrument exceeds contractually defined counterparty liability position limits. Of the derivative instruments of $9 and $8 reflected in accrued liabilities and other liabilities as of March 31, 2016 and June 30, 2015, respectively, $8 and $8, respectively, contained such terms. As of both March 31, 2016 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 March 31, 2016 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 March 31, 2016 and June 30, 2015, the Company maintained cash margin balances related to exchange-traded futures contracts of $1 and $2, respectively, which are classified as other current assets on the condensed consolidated balance sheets. 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 participants in the deferred compensation plans may select among certain mutual funds in which their compensation deferrals are invested in accordance with the terms of the plans and within the confines of the trusts which hold the marketable securities. These 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 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. As of March 31, 2016 and June 30, 2015, the Company's financial assets and liabilities that were measured at fair value on a recurring basis during the applicable periods included derivative financial instruments, which were classified as either Level 1 or Level 2, and trust assets to fund certain of the Company's nonqualified deferred compensation plans, which were classified as Level 1. The following table summarizes the fair value of the Company's financial assets and liabilities for which disclosure of fair value is required: 3/31/2016 6/30/2015 Balance sheet Fair value Carrying Estimated Carrying Estimated Assets Investments including money market Cash and cash funds equivalents (a) 1 $ 232 $ 232 $ 212 $ 212 Cash and cash Time deposits equivalents (a) 2 86 86 84 84 Commodity purchase derivative contracts Other current assets 1 3 3 - - Foreign exchange derivative contracts Other current assets 2 - - 1 1 Trust assets for nonqualified deferred Other assets 1 50 50 38 38 compensation plans $ 371 $ 371 $ 335 $ 335 Liabilities Notes and loans Notes and loans payable payable (b) 2 $ 432 $ 432 $ 95 $ 95 Commodity purchase derivative contracts Accrued liabilities 2 5 5 8 8 Foreign exchange derivative contracts Accrued liabilities 2 3 3 - - Foreign exchange derivative contracts Other liabilities 2 1 1 - - Current maturities of Current maturities of long-term long-term debt and debt and Long-term debt Long-term debt (c) 2 1,796 1,885 2,096 2,137 $ 2,237 $ 2,326 $ 2,199 $ 2,240 ____________________ (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 debts 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, is determined using secondary market prices quoted by corporate bond dealers, and is 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 comprehensive income and net earnings were as follows: Gains (losses) recognized in comprehensive income Three Months Ended Nine Months Ended 3/31/2016 3/31/2015 3/31/2016 3/31/2015 Commodity purchase derivative contracts $ 3 $ - $ (4 ) $ (16 ) Interest rate derivative contracts - - - (12 ) Foreign exchange derivative contracts (9 ) 2 (4 ) 7 Total $ (6 ) $ 2 $ (8 ) $ (21 ) Gains (losses) reclassified from accumulated other comprehensive loss and Three Months Ended Nine Months Ended 3/31/2016 3/31/2015 3/31/2016 3/31/2015 Commodity purchase derivative contracts $ (4 ) $ (3 ) $ (9 ) $ (3 ) Interest rate derivative contracts (2 ) - (5 ) (3 ) Foreign exchange derivative contracts 1 - 1 - Total $ (5 ) $ (3 ) $ (13 ) $ (6 ) The gains (losses) reclassified from accumulated other comprehensive loss and recognized in net earnings during the three and nine months ended March 31, 2016 and 2015, for commodity purchase and foreign exchange contracts were included in cost of products sold, and for interest rate contracts were included in interest expense. The estimated amount of the existing net gain (loss) in accumulated other comprehensive losses as of March 31, 2016, that is expected to be reclassified into net earnings within the next twelve months is $(16). Gains and losses on derivative instruments representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. During the three and nine months ended March 31, 2016 and 2015, hedge ineffectiveness was not significant.

DEBT

DEBT	9 Months Ended
	Mar. 31, 2016
DEBT [Abstract]
DEBT	NOTE 5. DEBT In November 2015, $300 of the Company's senior notes with an annual fixed interest rate of 3.55% became due and were repaid using commercial paper borrowings and cash on hand.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Mar. 31, 2016
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 6. INCOME TAXES In determining its quarterly provision for income taxes, the Company uses an estimated annual effective tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective tax rates from quarter to quarter. The effective tax rate on earnings from continuing operations was 33.0% and 34.0% for the current three and nine months ended March 31, 2016, and 33.4% and 34.0% for the three and nine months ended March 31, 2015, respectively.

NET EARNINGS PER SHARE (EPS)

NET EARNINGS PER SHARE (EPS)	9 Months Ended
	Mar. 31, 2016
NET EARNINGS PER SHARE (EPS) [Abstract]
NET EARNINGS PER SHARE (EPS)	NOTE 7. 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 Nine Months Ended 3/31/2016 3/31/2015 3/31/2016 3/31/2015 Basic 129,690 131,833 129,463 130,566 Dilutive effect of stock options and other 1,957 2,282 2,189 2,524 Diluted 131,647 134,115 131,652 133,090 Antidilutive stock options and other (a) 14 13 40 269 ____________________ (a) Shares are considered antidilutive if the impact of their conversion would cause an increase in earnings per share amounts or a decrease in loss per share amounts. The Company has two share repurchase programs: an open-market purchase program with an authorized aggregate purchase amount of up to $750, all of which was available for share repurchases as of March 31, 2016, and a program to offset the anticipated impact of share dilution related to share-based awards (the Evergreen Program), which has no specified cap. During the three and nine months ended March 31, 2016, the Company repurchased approximately 0.6 million shares and 1.9 million shares, respectively, under its Evergreen Program for an aggregate cost of $74 and $218, respectively. During the three and nine months ended March 31, 2015, the Company repurchased 1.4 and 1.5 million shares, respectively, under its Evergreen Program for an aggregate amount of $150 and $158, respectively. The Company did not repurchase any shares under the open-market purchase program during the three and nine months ended March 31, 2016 and 2015.

COMPREHENSIVE INCOME

COMPREHENSIVE INCOME	9 Months Ended
	Mar. 31, 2016
COMPREHENSIVE INCOME [Abstract]
COMPREHENSIVE INCOME	NOTE 8. COMPREHENSIVE INCOME Comprehensive income was as follows for the periods indicated: Three Months Ended Nine Months Ended 3/31/2016 3/31/2015 3/31/2016 3/31/2015 Earnings from continuing operations $ 159 $ 144 $ 483 $ 417 Earnings (losses) from discontinued operations, net of tax 3 30 - (28 ) Net earnings 162 174 483 389 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments 20 (32 ) (47 ) (51 ) Net unrealized gains (losses) on derivatives (1 ) 3 4 (17 ) Pension and postretirement benefit adjustments - 1 3 4 Total other comprehensive income (loss), net of tax 19 (28 ) (40 ) (64 ) Comprehensive income $ 181 $ 146 $ 443 $ 325 Changes in accumulated other comprehensive net loss by component were as follows: Three Months Ended Nine Months Ended 3/31/2016 3/31/2015 3/31/2016 3/31/2015 Foreign currency adjustments Other comprehensive gains (losses) before reclassifications $ 21 $ (33 ) $ (40 ) $ (88 ) Reclassification of (gains) losses into earnings: Recognition of deferred foreign currency translation loss - - - 30 Income tax benefit (expense) (1 ) 1 (7 ) 7 Foreign currency adjustments, net of tax $ 20 $ (32 ) $ (47 ) $ (51 ) Net unrealized gains (losses) on derivatives Other comprehensive gains (losses) before reclassifications $ (6 ) $ 2 $ (8 ) $ (21 ) Reclassification of (gains) losses into earnings 5 3 13 6 Income tax benefit (expense) - (2 ) (1 ) (2 ) Net unrealized gains (losses) on derivatives, net of tax $ (1 ) $ 3 $ 4 $ (17 ) Pension and postretirement benefit adjustments Other comprehensive gains (losses) before reclassifications $ - $ - $ - $ (2 ) Reclassification of (gains) losses into earnings 1 2 4 7 Income tax benefit (expense) (1 ) (1 ) (1 ) (1 ) Pension and postretirement benefit adjustments, net of tax $ - $ 1 $ 3 $ 4 Total other comprehensive income (loss), net of tax $ 19 $ (28 ) $ (40 ) $ (64 ) 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 and nine months ended March 31, 2016, other comprehensive net income (loss) on these loans totaled $0 and $(11), respectively. For the three and nine months ended March 31, 2015, other comprehensive net income (loss) on these loans totaled $(4) and $(8), respectively. There were no amounts reclassified from accumulated other comprehensive net loss for the periods presented related to long-term intercompany loans where settlement is not planned or anticipated in the foreseeable future.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	9 Months Ended
	Mar. 31, 2016
EMPLOYEE BENEFIT PLANS [Abstract]
EMPLOYEE BENEFIT PLANS	NOTE 9. EMPLOYEE BENEFIT PLANS The following table summarizes the components of net periodic benefit cost for the Company's retirement income plans: Three Months Ended Nine Months Ended 3/31/2016 3/31/2015 3/31/2016 3/31/2015 Service cost $ 1 $ - $ 1 $ 1 Interest cost 6 7 19 19 Expected return on plan assets (4 ) (5 ) (13 ) (15 ) Amortization of unrecognized items 2 3 7 9 Total $ 5 $ 5 $ 14 $ 14 The net periodic benefit cost for the Company's retirement health care plans was a credit of $1 for both the three and nine months ended March 31, 2016, and a credit of $1 and $2 for the three and nine months ended March 31, 2015, respectively. In the three and nine months ended March 31, 2016, the Company made $0 and $15 in discretionary contributions to the domestic qualified retirement income plan, respectively.

OTHER CONTINGENCIES AND GUARANT

OTHER CONTINGENCIES AND GUARANTEES	9 Months Ended
	Mar. 31, 2016
OTHER CONTINGENCIES AND GUARANTEES [Abstract]
OTHER CONTINGENCIES AND GUARANTEES	NOTE 10. 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 $13 and $12 as of March 31, 2016 and June 30, 2015, respectively, for its share of aggregate future remediation costs related to these matters. One matter in Dickinson County, Michigan, for which the Company is jointly and severally liable, accounted for a substantial majority of the recorded liability as of both March 31, 2016 and June 30, 2015. The Company has agreed 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. Currently, the Company cannot accurately predict the timing of future payments that may be made under this obligation. In addition, the Company's estimated loss exposure is sensitive to a variety of uncertain factors, including the efficacy of remediation efforts, changes in remediation requirements and the future availability of alternative clean-up technologies. Although it is reasonably possible that the Company's exposure may exceed the amount recorded, any amount of such additional exposures, or range of exposures, is not estimable at this time. The Company is subject to various legal proceedings, claims and other loss contingencies, including, without limitation, loss contingencies relating to contractual arrangements, product liability, patents and trademarks, advertising, labor and employment, environmental, health and safety and other matters. With respect to these proceedings, claims and other loss contingencies, while considerable uncertainty exists, in the opinion of management at this time, the ultimate disposition of these matters, to the extent not previously provided for, will not have a material adverse effect, either individually or in the aggregate, on the Company's condensed consolidated financial statements taken as a whole. Guarantees In conjunction with divestitures and other transactions, the Company may provide typical indemnifications (e.g., indemnifications for representations and warranties and retention of previously existing environmental, tax and employee liabilities) that have terms that vary in duration and in the potential amount of the total obligation and, in many circumstances, are not explicitly defined. The Company has not made, nor does it believe that it is probable that it will make, any 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 March 31, 2016. As of March 31, 2016, the Company was a party to letters of credit of $10 primarily related to one of its insurance carriers, of which $0 had been drawn upon.

SEGMENT RESULTS

SEGMENT RESULTS	9 Months Ended
	Mar. 31, 2016
SEGMENT RESULTS [Abstract]
SEGMENT RESULTS	NOTE 11. SEGMENT RESULTS The Company operates through strategic business units that are aggregated into four reportable segments: Cleaning, Household, Lifestyle and International. As a result of Clorox Venezuela being reported as discontinued operations, the results of Clorox Venezuela are no longer included in the International reportable segment. 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 Three Months Ended Nine Months Ended 3/31/2016 3/31/2015 3/31/2016 3/31/2015 Cleaning $ 465 $ 442 $ 1,419 $ 1,359 Household 467 451 1,253 1,214 Lifestyle 254 243 736 705 International 240 265 753 820 Corporate - - - - Total $ 1,426 $ 1,401 $ 4,161 $ 4,098 Earnings (losses) from continuing operations before income taxes Three Months Ended Nine Months Ended 3/31/2016 3/31/2015 3/31/2016 3/31/2015 Cleaning $ 122 $ 100 $ 394 $ 331 Household 113 102 262 205 Lifestyle 70 71 201 200 International 11 17 65 67 Corporate (79 ) (73 ) (191 ) (171 ) Total $ 237 $ 217 $ 731 $ 632 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 condensed consolidated net sales, were 27% for each of the three and nine months ended March 31, 2016, and 27% and 26% for the three and nine months ended March 31, 2015, respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events [Text Block]	NOTE 12. SUBSEQUENT EVENTS On May 2, 2016, the Company acquired 100 percent of Renew Life Holdings Corporation (Renew Life), a leading brand in dietary health, with an emphasis on digestive health. Renew Life was founded in 1997, and is based in Palm Harbor, Florida. The total purchase price was approximately $290, but may ultimately be adjusted for any cash acquired, working capital adjustments and any amounts to be paid by the Company pending final cash settlements. Results for Renew Life's domestic business will be reflected in the Household reportable segment and results for Renew Life's international business will be reflected in the International reportable segment. Purchase accounting for this acquisition will be included in the Company's fourth quarter results subject to customary closing adjustments. Pro forma results reflecting the acquisition will not be presented because the acquisition is not significant to the Company's consolidated financial results.

INTERIM FINANCIAL STATEMENTS (P

INTERIM FINANCIAL STATEMENTS (Policy)	9 Months Ended
	Mar. 31, 2016
INTERIM FINANCIAL STATEMENTS [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim condensed consolidated financial statements for the three and nine months ended March 31, 2016 and 2015, in the opinion of management, reflect all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of the consolidated results of operations, financial position and cash flows of The Clorox Company and its subsidiaries (the Company) for the periods presented. However, the financial results for interim periods are not necessarily indicative of the results that may be expected for a full fiscal year or for any other future period. 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 March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” which simplifies several aspects of the accounting for share-based payment transactions, including requiring excess tax benefits and tax deficiencies to be recognized as income tax expense or benefit in the income statement and excess tax benefits to be classified as an operating activity. The new guidance is effective for the Company beginning in the first quarter of fiscal year 2018, with early adoption permitted. The Company is currently evaluating the impact that adoption of this guidance will have on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which requires lessees to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation will depend on classification as a finance or 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. The Company is currently evaluating the impact that adoption of this guidance will have on its consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes,” which requires all deferred tax liabilities and assets to be classified as noncurrent. The new guidance is effective for the Company beginning in the first quarter of fiscal year 2018, with early adoption permitted. The Company does not expect the adoption of this guidance will have a significant impact on its consolidated financial statements. In April 2015, the FASB issued 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 does not expect the adoption of this guidance will have a significant impact 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 this guidance 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 this guidance will have on its consolidated financial statements.

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Mar. 31, 2016
DISCONTINUED OPERATIONS [Abstract]
Summary of Earnings (Losses) from Discontinued Operations	Three Months Ended Nine Months Ended 3/31/2016 3/31/2015 3/31/2016 3/31/2015 Operating losses from Clorox Venezuela before income taxes $ - $ - $ - $ (6 ) Exit costs and other related expenses for Clorox Venezuela (1 ) - (2 ) (77 ) Total losses from Clorox Venezuela before income taxes (1 ) - (2 ) (83 ) Income tax benefit attributable to Clorox Venezuela 2 - 2 25 Total earnings (losses) from Clorox Venezuela, net of tax 1 - - (58 ) Earnings from discontinued operations other than Clorox Venezuela, net of tax 2 30 - 30 Earnings (losses) from discontinued operations, net of tax $ 3 $ 30 $ - $ (28 )

INVENTORIES, NET (Tables)

INVENTORIES, NET (Tables)	9 Months Ended
	Mar. 31, 2016
INVENTORIES [Abstract]
Schedule of Inventories	3/31/2016 6/30/2015 Finished goods $ 379 $ 316 Raw materials and packaging 110 101 Work in process 2 3 LIFO allowances (31 ) (35 ) Total $ 460 $ 385

FINANCIAL INSTRUMENTS AND FAI21

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Mar. 31, 2016
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Abstract]
Schedule of Financial Instruments Measured at Fair Value	3/31/2016 6/30/2015 Balance sheet Fair value Carrying Estimated Carrying Estimated Assets Investments including money market Cash and cash funds equivalents (a) 1 $ 232 $ 232 $ 212 $ 212 Cash and cash Time deposits equivalents (a) 2 86 86 84 84 Commodity purchase derivative contracts Other current assets 1 3 3 - - Foreign exchange derivative contracts Other current assets 2 - - 1 1 Trust assets for nonqualified deferred Other assets 1 50 50 38 38 compensation plans $ 371 $ 371 $ 335 $ 335 Liabilities Notes and loans Notes and loans payable payable (b) 2 $ 432 $ 432 $ 95 $ 95 Commodity purchase derivative contracts Accrued liabilities 2 5 5 8 8 Foreign exchange derivative contracts Accrued liabilities 2 3 3 - - Foreign exchange derivative contracts Other liabilities 2 1 1 - - Current maturities of Current maturities of long-term long-term debt and debt and Long-term debt Long-term debt (c) 2 1,796 1,885 2,096 2,137 $ 2,237 $ 2,326 $ 2,199 $ 2,240 ____________________ (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 debts 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, is determined using secondary market prices quoted by corporate bond dealers, and is classified as Level 2.
Effects of Derivative Instruments Designated as Hedging Instruments on OCI and Net Earnings	Gains (losses) recognized in comprehensive income Three Months Ended Nine Months Ended 3/31/2016 3/31/2015 3/31/2016 3/31/2015 Commodity purchase derivative contracts $ 3 $ - $ (4 ) $ (16 ) Interest rate derivative contracts - - - (12 ) Foreign exchange derivative contracts (9 ) 2 (4 ) 7 Total $ (6 ) $ 2 $ (8 ) $ (21 ) Gains (losses) reclassified from accumulated other comprehensive loss and Three Months Ended Nine Months Ended 3/31/2016 3/31/2015 3/31/2016 3/31/2015 Commodity purchase derivative contracts $ (4 ) $ (3 ) $ (9 ) $ (3 ) Interest rate derivative contracts (2 ) - (5 ) (3 ) Foreign exchange derivative contracts 1 - 1 - Total $ (5 ) $ (3 ) $ (13 ) $ (6 )

NET EARNINGS PER SHARE (EPS) (T

NET EARNINGS PER SHARE (EPS) (Tables)	9 Months Ended
	Mar. 31, 2016
NET EARNINGS PER SHARE (EPS) [Abstract]
Schedule of Weighted Average Number of Shares	Three Months Ended Nine Months Ended 3/31/2016 3/31/2015 3/31/2016 3/31/2015 Basic 129,690 131,833 129,463 130,566 Dilutive effect of stock options and other 1,957 2,282 2,189 2,524 Diluted 131,647 134,115 131,652 133,090 Antidilutive stock options and other (a) 14 13 40 269 ____________________ (a) Shares are considered antidilutive if the impact of their conversion would cause an increase in earnings per share amounts or a decrease in loss per share amounts.

COMPREHENSIVE INCOME (Tables)

COMPREHENSIVE INCOME (Tables)	9 Months Ended
	Mar. 31, 2016
COMPREHENSIVE INCOME [Abstract]
Schedule of Comprehensive Income	Three Months Ended Nine Months Ended 3/31/2016 3/31/2015 3/31/2016 3/31/2015 Earnings from continuing operations $ 159 $ 144 $ 483 $ 417 Earnings (losses) from discontinued operations, net of tax 3 30 - (28 ) Net earnings 162 174 483 389 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments 20 (32 ) (47 ) (51 ) Net unrealized gains (losses) on derivatives (1 ) 3 4 (17 ) Pension and postretirement benefit adjustments - 1 3 4 Total other comprehensive income (loss), net of tax 19 (28 ) (40 ) (64 ) Comprehensive income $ 181 $ 146 $ 443 $ 325
Schedule of Changes in Accumulated Other Comprehensive Net Losses	Three Months Ended Nine Months Ended 3/31/2016 3/31/2015 3/31/2016 3/31/2015 Foreign currency adjustments Other comprehensive gains (losses) before reclassifications $ 21 $ (33 ) $ (40 ) $ (88 ) Reclassification of (gains) losses into earnings: Recognition of deferred foreign currency translation loss - - - 30 Income tax benefit (expense) (1 ) 1 (7 ) 7 Foreign currency adjustments, net of tax $ 20 $ (32 ) $ (47 ) $ (51 ) Net unrealized gains (losses) on derivatives Other comprehensive gains (losses) before reclassifications $ (6 ) $ 2 $ (8 ) $ (21 ) Reclassification of (gains) losses into earnings 5 3 13 6 Income tax benefit (expense) - (2 ) (1 ) (2 ) Net unrealized gains (losses) on derivatives, net of tax $ (1 ) $ 3 $ 4 $ (17 ) Pension and postretirement benefit adjustments Other comprehensive gains (losses) before reclassifications $ - $ - $ - $ (2 ) Reclassification of (gains) losses into earnings 1 2 4 7 Income tax benefit (expense) (1 ) (1 ) (1 ) (1 ) Pension and postretirement benefit adjustments, net of tax $ - $ 1 $ 3 $ 4 Total other comprehensive income (loss), net of tax $ 19 $ (28 ) $ (40 ) $ (64 )

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	9 Months Ended
	Mar. 31, 2016
EMPLOYEE BENEFIT PLANS [Abstract]
Schedule of Components of Net Periodic Benefit Cost	Three Months Ended Nine Months Ended 3/31/2016 3/31/2015 3/31/2016 3/31/2015 Service cost $ 1 $ - $ 1 $ 1 Interest cost 6 7 19 19 Expected return on plan assets (4 ) (5 ) (13 ) (15 ) Amortization of unrecognized items 2 3 7 9 Total $ 5 $ 5 $ 14 $ 14

SEGMENT RESULTS (Tables)

SEGMENT RESULTS (Tables)	9 Months Ended
	Mar. 31, 2016
SEGMENT RESULTS [Abstract]
Schedule of Segment Reporting Information	Net sales Three Months Ended Nine Months Ended 3/31/2016 3/31/2015 3/31/2016 3/31/2015 Cleaning $ 465 $ 442 $ 1,419 $ 1,359 Household 467 451 1,253 1,214 Lifestyle 254 243 736 705 International 240 265 753 820 Corporate - - - - Total $ 1,426 $ 1,401 $ 4,161 $ 4,098 Earnings (losses) from continuing operations before income taxes Three Months Ended Nine Months Ended 3/31/2016 3/31/2015 3/31/2016 3/31/2015 Cleaning $ 122 $ 100 $ 394 $ 331 Household 113 102 262 205 Lifestyle 70 71 201 200 International 11 17 65 67 Corporate (79 ) (73 ) (191 ) (171 ) Total $ 237 $ 217 $ 731 $ 632

DISCONTINUED OPERATIONS (Summar

DISCONTINUED OPERATIONS (Summary of Losses from Discontinued Operations) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Earnings (losses) from discontinued operations, net of tax	$ 3	$ 30	$ 0	$ (28)
Clorox Venezuela [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	0	0	0	11
Operating losses from discontinued operations before income taxes	0	0	0	(6)
Exit costs and other related expenses	(1)	0	(2)	(77)
Total losses from discontinued operations before income taxes	(1)	0	(2)	(83)
Income tax benefit	2	0	2	25
Earnings (losses) from discontinued operations, net of tax	1	0	0	(58)
Other Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Earnings (losses) from discontinued operations, net of tax	$ 2	30	$ 0	$ 30
Gross unrecognized tax benefits recognized upon the expiration of the applicable statute of limitations		$ 30

INVENTORIES, NET (Details)

INVENTORIES, NET (Details) - USD ($) $ in Millions	Mar. 31, 2016	Jun. 30, 2015
INVENTORIES [Abstract]
Finished goods	$ 379	$ 316
Raw materials and packaging	110	101
Work in process	2	3
LIFO allowances	(31)	(35)
Total	$ 460	$ 385

FINANCIAL INSTRUMENTS AND FAI28

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2016	Jun. 30, 2015
Derivative [Line Items]
Derivatives	$ 9	$ 8
Derivative instruments subject to contractually defined counterparty liability position limits	8	8
Estimated amount of the existing net gain (loss) to be reclassified into earnings in the next 12 months	(16)
Cash margin balances	$ 1	2
Commodity Purchase Derivative Contracts [Member]
Derivative [Line Items]
Maximum contract duration	2 years
Notional amount	$ 40	47
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	$ 19	20
Jet Fuel [Member] | Commodity Purchase Derivative Contracts [Member]
Derivative [Line Items]
Notional amount	21	27
Australia [Member] | Foreign Exchange Derivative Contracts [Member]
Derivative [Line Items]
Notional amount	40	35
Canada [Member] | Foreign Exchange Derivative Contracts [Member]
Derivative [Line Items]
Notional amount	58	64
New Zealand [Member] | Foreign Exchange Derivative Contracts [Member]
Derivative [Line Items]
Notional amount	$ 8	$ 6

FINANCIAL INSTRUMENTS AND FAI29

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Schedule of Financial Instruments Measured at Fair Value) (Details) - USD ($) $ in Millions		Mar. 31, 2016	Jun. 30, 2015
Carrying Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets		$ 371	$ 335
Liabilities		2,237	2,199
Estimated Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Assets		371	335
Liabilities		2,326	2,240
Cash and cash Equivalents [Member] | Level 1 [Member] | Carrying Value [Member] | Investments including money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	[1]	232	212
Cash and cash Equivalents [Member] | Level 1 [Member] | Estimated Fair Value [Member] | Investments including money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	[1]	232	212
Cash and cash Equivalents [Member] | Level 2 [Member] | Carrying Value [Member] | Time deposits [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	[1]	86	84
Cash and cash Equivalents [Member] | Level 2 [Member] | Estimated Fair Value [Member] | Time deposits [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments	[1]	86	84
Other Current Assets [Member] | Level 1 [Member] | Carrying Value [Member] | Commodity purchase derivative contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative assets designated as hedging instruments		3	0
Other Current Assets [Member] | Level 1 [Member] | Estimated Fair Value [Member] | Commodity purchase derivative contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative assets designated as hedging instruments		3	0
Other Current Assets [Member] | Level 2 [Member] | Carrying Value [Member] | Foreign exchange derivative contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative assets designated as hedging instruments		0	1
Other Current Assets [Member] | Level 2 [Member] | Estimated Fair Value [Member] | Foreign exchange derivative contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative assets designated as hedging instruments		0	1
Other assets [Member] | Level 1 [Member] | Carrying Value [Member] | Trust assets for nonqualified deferred compensation plans [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments		50	38
Other assets [Member] | Level 1 [Member] | Estimated Fair Value [Member] | Trust assets for nonqualified deferred compensation plans [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Investments		50	38
Notes and loans payable [Member] | Level 2 [Member] | Carrying Value [Member] | Notes and loans payable [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Debt	[2]	432	95
Notes and loans payable [Member] | Level 2 [Member] | Estimated Fair Value [Member] | Notes and loans payable [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Debt	[2]	432	95
Accrued Liabilities [Member] | Level 2 [Member] | Carrying Value [Member] | Commodity purchase derivative contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative liabilities designated as hedging instruments		5	8
Accrued Liabilities [Member] | Level 2 [Member] | Carrying Value [Member] | Foreign exchange derivative contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative liabilities designated as hedging instruments		3	0
Accrued Liabilities [Member] | Level 2 [Member] | Estimated Fair Value [Member] | Commodity purchase derivative contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative liabilities designated as hedging instruments		5	8
Accrued Liabilities [Member] | Level 2 [Member] | Estimated Fair Value [Member] | Foreign exchange derivative contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative liabilities designated as hedging instruments		3	0
Other liabilities [Member] | Level 2 [Member] | Carrying Value [Member] | Foreign exchange derivative contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative liabilities designated as hedging instruments		1	0
Other liabilities [Member] | Level 2 [Member] | Estimated Fair Value [Member] | Foreign exchange derivative contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Derivative liabilities designated as hedging instruments		1	0
Current maturities of long-term debt and Long-term debt [Member] | Level 2 [Member] | Carrying Value [Member] | Current maturities of long-term debt and Long-term debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Debt	[3]	1,796	2,096
Current maturities of long-term debt and Long-term debt [Member] | Level 2 [Member] | Estimated Fair Value [Member] | Current maturities of long-term debt and Long-term debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Debt	[3]	$ 1,885	$ 2,137
[1]	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.
[2]	Notes and loans payable 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.
[3]	Current maturities of long-term debt and Long-term debt are recorded at cost. The fair value of long-term debt, including current maturities, is determined using secondary market prices quoted by corporate bond dealers, and is classified as Level 2.

FINANCIAL INSTRUMENTS AND FAI30

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Schedule of the Effects of Derivative Instruments Designated as Hedging Instruments) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in comprehensive income	$ (6)	$ 2	$ (8)	$ (21)
Gains (losses) reclassified from accumulated other comprehensive loss and recognized in net earnings	(5)	(3)	(13)	(6)
Commodity Purchase Derivative Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in comprehensive income	3	0	(4)	(16)
Gains (losses) reclassified from accumulated other comprehensive loss and recognized in net earnings	(4)	(3)	(9)	(3)
Interest Rate Derivative Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in comprehensive income	0	0	0	(12)
Gains (losses) reclassified from accumulated other comprehensive loss and recognized in net earnings	(2)	0	(5)	(3)
Foreign Exchange Derivative Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in comprehensive income	(9)	2	(4)	7
Gains (losses) reclassified from accumulated other comprehensive loss and recognized in net earnings	$ 1	$ 0	$ 1	$ 0

DEBT (Details)

DEBT (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Nov. 30, 2015	Mar. 31, 2016	Mar. 31, 2015
DEBT [Line Items]
Repayments of Long-term Debt		$ 300	$ 575
Senior Notes [Member]
DEBT [Line Items]
Repayments of Long-term Debt	$ 300
Annual fixed interest rate (as a percent)	3.55%

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
INCOME TAXES [Abstract]
Effective tax rate on earnings from continuing operations	33.00%	33.40%	34.00%	34.00%

NET EARNINGS PER SHARE (EPS) (S

NET EARNINGS PER SHARE (EPS) (Schedule of Weighted Average Number of Shares) (Details) - shares shares in Thousands		3 Months Ended		9 Months Ended
		Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
NET EARNINGS PER SHARE (EPS) [Abstract]
Basic		129,690	131,833	129,463	130,566
Dilutive effect of stock options and other		1,957	2,282	2,189	2,524
Diluted		131,647	134,115	131,652	133,090
Antidilutive stock options and other	[1]	14	13	40	269
[1]	Shares are considered antidilutive if the impact of their conversion would cause an increase in earnings per share amounts or a decrease in loss per share amounts.

NET EARNINGS PER SHARE (EPS) 34

NET EARNINGS PER SHARE (EPS) (Share Repurchase Programs) (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Open-market [Member]
Share Repurchase Programs [Line Items]
Authorized repurchase amount	$ 750		$ 750
Remaining authorized repurchase amount	$ 750		$ 750
Shares repurchased	0	0	0	0
Value of shares repurchased	$ 0	$ 0	$ 0	$ 0
Evergreen Program [Member]
Share Repurchase Programs [Line Items]
Shares repurchased	0.6	1.4	1.9	1.5
Value of shares repurchased	$ 74	$ 150	$ 218	$ 158

COMPREHENSIVE INCOME (Schedule

COMPREHENSIVE INCOME (Schedule of Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
COMPREHENSIVE INCOME [Abstract]
Earnings from continuing operations	$ 159	$ 144	$ 483	$ 417
Earnings (losses) from discontinued operations, net of tax	3	30	0	(28)
Net earnings	162	174	483	389
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	20	(32)	(47)	(51)
Net unrealized gains (losses) on derivatives	(1)	3	4	(17)
Pension and postretirement benefit adjustments	0	1	3	4
Total other comprehensive income (loss), net of tax	19	(28)	(40)	(64)
Comprehensive income	$ 181	$ 146	$ 443	$ 325

COMPREHENSIVE INCOME (Schedul36

COMPREHENSIVE INCOME (Schedule of Changes in Accumulated Other Comprehensive Net Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Foreign currency adjustments
Other comprehensive gains (losses) before reclassifications	$ 21	$ (33)	$ (40)	$ (88)
Reclassification of (gains) losses into earnings:
Recognition of deferred foreign currency translation loss	0	0	0	30
Income tax benefit (expense)	(1)	1	(7)	7
Foreign currency adjustments, net of tax	20	(32)	(47)	(51)
Net unrealized gains (losses) on derivatives
Other comprehensive gains (losses) before reclassifications	(6)	2	(8)	(21)
Reclassification of (gains) losses into earnings	5	3	13	6
Income tax benefit (expense)	0	(2)	(1)	(2)
Net unrealized gains (losses) on derivatives, net of tax	(1)	3	4	(17)
Pension and postretirement benefit adjustments
Other comprehensive gains (losses) before reclassifications	0	0	0	(2)
Reclassification of (gains) losses into earnings	1	2	4	7
Income tax benefit (expense)	(1)	(1)	(1)	(1)
Pension and postretirement benefit adjustments, net of tax	0	1	3	4
Total other comprehensive income (loss), net of tax	19	(28)	(40)	(64)
Long term intercompany loans [Member]
Intercompany Foreign Currency Balance [Line Items]
Other comprehensive gains (losses) before reclassifications	0	(4)	(11)	(8)
Amounts reclassified from accumulated other comprehensive net loss	$ 0	$ 0	$ 0	$ 0

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Retirement Income Plans [Member]
Defined Benefit Plans [Line Items]
Service cost	$ 1	$ 0	$ 1	$ 1
Interest cost	6	7	19	19
Expected return on plan assets	(4)	(5)	(13)	(15)
Amortization of unrecognized items	2	3	7	9
Net periodic benefit cost	5	5	14	14
Discretionary contributions	0		15
Retirement Health Care Plans [Member]
Defined Benefit Plans [Line Items]
Net periodic benefit cost	$ (1)	$ (1)	$ (1)	$ (2)

OTHER CONTINGENCIES AND GUARA38

OTHER CONTINGENCIES AND GUARANTEES (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2016	Jun. 30, 2015
OTHER CONTINGENCIES AND GUARANTEES [Abstract]
Liability for future remediation costs	$ 13	$ 12
Percentage of liability for aggregate remediation and associated costs, other than legal fees	24.30%
Remediation period	30 years
Letter of credit	$ 10
Letter of credit, amount outstanding	$ 0

SEGMENT RESULTS (Schedule of Se

SEGMENT RESULTS (Schedule of Segment Reporting Information) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Net sales	$ 1,426	$ 1,401	$ 4,161	$ 4,098
Earnings (losses) from continuing operations before income taxes	237	217	731	632
Cleaning [Member]
Segment Reporting Information [Line Items]
Net sales	465	442	1,419	1,359
Earnings (losses) from continuing operations before income taxes	122	100	394	331
Household [Member]
Segment Reporting Information [Line Items]
Net sales	467	451	1,253	1,214
Earnings (losses) from continuing operations before income taxes	113	102	262	205
Lifestyle [Member]
Segment Reporting Information [Line Items]
Net sales	254	243	736	705
Earnings (losses) from continuing operations before income taxes	70	71	201	200
International [Member]
Segment Reporting Information [Line Items]
Net sales	240	265	753	820
Earnings (losses) from continuing operations before income taxes	11	17	65	67
Corporate [Member]
Segment Reporting Information [Line Items]
Net sales	0	0	0	0
Earnings (losses) from continuing operations before income taxes	$ (79)	$ (73)	$ (191)	$ (171)

SEGMENT RESULTS (Narrative) (De

SEGMENT RESULTS (Narrative) (Details)	3 Months Ended		9 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Net sales [Member] | Wal-Mart Stores, Inc. [Member]
Segment Reporting Information [Line Items]
Concentration percentage	27.00%	27.00%	27.00%	26.00%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent event [Member] - Renew Life [Member] $ in Millions	May. 02, 2016USD ($)
Subsequent Event [Line Items]
Percent acquired	100.00%
Purchase price	$ 290