The Clorox Company (CLX) 10-Q 2 Nov 16 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2016	Oct. 19, 2016
Document And Entity Information
Entity Registrant Name	CLOROX CO /DE/
Entity Central Index Key	21,076
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		128,743,698
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,017

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Net sales	$ 1,443	$ 1,390
Cost of products sold	803	765
Gross profit	640	625
Selling and administrative expenses	200	186
Advertising costs	128	123
Research and development costs	31	30
Interest expense	22	23
Other (income) expense, net	(5)	(1)
Earnings from continuing operations before income taxes	264	264
Income taxes on continuing operations	85	91
Earnings from continuing operations	179	173
Earnings (losses) from discontinued operations, net of tax	0	(1)
Net earnings	$ 179	$ 172
Net earnings (losses) per share, Basic
Continuing operations	$ 1.39	$ 1.34
Discontinued operations	0	(0.01)
Basic net earnings per share	1.39	1.33
Net earnings (losses) per share, Diluted
Continuing operations	1.36	1.32
Discontinued operations	0	(0.01)
Diluted net earnings per share	$ 1.36	$ 1.31
Weighted average shares outstanding (in thousands)
Basic	129,449	129,155
Diluted	132,193	131,220
Dividend declared per share	$ 0.80	$ 0.77
Comprehensive income	$ 182	$ 133

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2016	Jun. 30, 2016	[1]
Current assets
Cash and cash equivalents	$ 408	$ 401
Receivables, net	494	569
Inventories, net	465	443
Other current assets	49	72
Total current assets	1,416	1,485
Property, plant and equipment, net of accumulated depreciation and amortization of $1,944 and $1,911 respectively	917	906
Goodwill	1,196	1,197
Trademarks, net	657	657
Other intangible assets, net	76	78
Other assets	204	187
Total assets	4,466	4,510
Current liabilities
Notes and loans payable	618	523
Current maturities of long-term debt	0	0
Accounts payable and accrued liabilities	874	1,035
Income taxes payable	30	0
Total current liabilities	1,522	1,558
Long-term debt	1,789	1,789
Other liabilities	783	784
Deferred income taxes	83	82
Total liabilities	4,177	4,213
Commitments and contingencies
Stockholders' equity
Preferred stock: $1.00 par value; 5,000,000 shares authorized; none issued or outstanding	0	0
Common stock: $1.00 par value; 750,000,000 shares authorized; 158,741,461 shares issued as of both September 30, 2016 and June 30, 2016; and 128,707,796 and 129,355,263 shares outstanding as of September 30, 2016 and June 30, 2016, respectively	159	159
Additional paid-in capital	881	868
Retained earnings	2,238	2,163
Treasury shares, at cost: 30,033,665 and 29,386,198 shares as of September 30, 2016 and June 30, 2016, respectively	(2,422)	(2,323)
Accumulated other comprehensive net (losses) income	(567)	(570)
Stockholders' equity	289	297
Total liabilities and stockholders' equity	$ 4,466	$ 4,510
[1]	Condensed from audited financial statements.

Condensed Consolidated Balance4

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2016	Jun. 30, 2016
Statement of Financial Position [Abstract]
Property, plant and equipment, accumulated depreciation and amortization	$ 1,944	$ 1,911
Preferred stock, par value	$ 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	$ 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	128,707,796	129,355,263
Treasury stock, shares	30,033,665	29,386,198

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2016		Sep. 30, 2015
Operating activities:
Net earnings	$ 179		$ 172
Deduct: Losses from discontinued operations, net of tax	0		(1)
Earnings from continuing operations	179		173
Adjustments to reconcile earnings from continuing operations to net cash provided by continuing operations:
Depreciation and amortization	41		41
Share-based compensation	12		9
Deferred income taxes	(2)		(5)
Other	(14)		(5)
Changes in:
Receivables, net	74		39
Inventories, net	(23)		(30)
Other current assets	(6)		(10)
Accounts payable and accrued liabilities	(153)		(95)
Income taxes payable	62		18
Net cash provided by continuing operations	170		135
Net cash provided by discontinued operations	0		12
Net cash provided by operations	170		147
Investing activities:
Capital expenditures	(59)		(28)
Other	1		12
Net cash used for investing activities	(58)		(16)
Financing activities:
Notes and loans payable, net	95		36
Treasury stock purchased	(110)		(103)
Cash dividends paid	(104)		(99)
Issuance of common stock for employee stock plans and other	15		46
Net cash used for financing activities	(104)		(120)
Effect of exchange rate changes on cash and cash equivalents	(1)		(10)
Net increase in cash and cash equivalents	7		1
Cash and cash equivalents:
Beginning of period	401	[1]	382
End of period	$ 408		$ 383
[1]	Condensed from audited financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited interim condensed consolidated financial statements for the three months ended September 30, 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, 2016, 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 consolidated statement of earnings. Additionally, the standard requires cash flows from excess tax benefits and deficiencies, previously classified as a financing activity, to be classified as an operating activity in the consolidated statement of cash flows. The Company adopted this guidance in the first quarter of fiscal year 2017. Excess tax benefits of $6 were recognized in the consolidated statement of earnings and classified as an operating activity in the consolidated statement of cash flows during the three months ended September 30, 2016. The prior period consolidated statement of cash flows has not been adjusted as permitted. The adoption resulted in approximately a 2 percentage point benefit to the Company’s effective tax rate for the first quarter of fiscal year 2017. The guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. The Company did not make this election and will continue to account for forfeitures on an estimated basis. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which requires lessees to recognize a right-of-use asset and a lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation will depend on the classification of the lease as either a finance or an operating lease. ASU 2016-02 also requires expanded disclosures about leasing arrangements. The new guidance is effective for the Company beginning in the first quarter of fiscal year 2020, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this guidance will have 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 Company adopted this standard in the first quarter of fiscal year 2017 and retrospectively applied the standard to the June 30, 2016 consolidated balance sheet, resulting in an $8 reduction in Other assets and Long-term debt. The adoption had no impact on the Company’s consolidated statement of earnings or consolidated statement of cash flows. 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 Company adopted this standard in the first quarter of fiscal year 2017. The adoption did not have an impact on the Company’s 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 the adoption of this guidance will have on its consolidated financial statements.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [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 had historically been part of the International reportable segment. Net sales for Clorox Venezuela were $0 for each of the three months ended September 30, 2016 and 2015. 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 9/30/2016 9/30/2015 Operating losses from Clorox Venezuela before income taxes $ - $ - Exit costs and other related expenses for Clorox Venezuela - - Total losses from Clorox Venezuela before income taxes - - Income tax benefit attributable to Clorox Venezuela - - Total losses from Clorox Venezuela, net of tax - - Gains (losses) from discontinued operations other than Clorox Venezuela, net of tax - (1 ) Losses from discontinued operations, net of tax $ - $ (1 )

BUSINESSES ACQUIRED

BUSINESSES ACQUIRED	3 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
BUSINESSES ACQUIRED	NOTE 3. BUSINESSES ACQUIRED On May 2, 2016, the Company acquired 100 percent of ReNew Life Holdings Corporation (RenewLife), a leading brand in digestive health. The amount paid was $290 funded through commercial paper. The amount paid of $290 represents the aggregate purchase price less cash acquired. The purchase of the RenewLife business reflects the Company’s strategy to acquire leading brands with attractive margins in growth categories. Results for RenewLife’s U.S. business are reflected in the Household reportable segment and results for RenewLife’s international business are reflected in the International reportable segment. The assets and liabilities of RenewLife were recorded at their respective estimated fair value as of the date of the acquisition using U.S. GAAP for business combinations. The excess of the purchase price over the fair value of the net identifiable assets acquired was allocated to goodwill. Goodwill recorded primarily reflects the value of expanding the Company’s portfolio further into the health and wellness arena. The following table summarizes the estimated fair value of RenewLife’s assets acquired and liabilities assumed and related deferred income taxes as of the acquisition date. Due to the timing of the acquisition, the fair value of the assets acquired and liabilities assumed are based on a preliminary valuation and the Company’s estimates and assumptions are subject to change within the measurement period. The primary areas of the purchase price that are not yet finalized are related to goodwill and income taxes. The weighted-average estimated useful life of intangible assets subject to amortization is 15 years. RenewLife Goodwill $ 137 Trademarks 134 Customer relationships 36 Property, plant and equipment 3 Working capital, net 41 Deferred income taxes (61 ) Purchase Price $ 290 Pro forma results reflecting the acquisition were not presented because the acquisition did not meet the threshold requirements for additional disclosure.

INVENTORIES, NET

INVENTORIES, NET	3 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
INVENTORIES, NET	NOTE 4. INVENTORIES, NET Inventories, net, consisted of the following as of: 9/30/2016 6/30/2016 Finished goods $ 374 $ 361 Raw materials and packaging 114 111 Work in process 3 3 LIFO allowances (26 ) (32 ) Total $ 465 $ 443

FINANCIAL INSTRUMENTS AND FAIR

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	3 Months Ended
	Sep. 30, 2016
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Abstract]
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS	NOTE 5. FINANCIAL INSTRUMENTS AND 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 September 30, 2016 and June 30, 2016, 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. Financial Risk Management and Derivative Instruments The Company is exposed to certain commodity, interest rate, foreign currency and counterparty 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 September 30, 2016, the notional amount of commodity derivatives was $24, of which $14 related to jet fuel swaps and $10 related to soybean oil futures. As of June 30, 2016, the notional amount of commodity derivatives was $30, of which $16 related to jet fuel swaps and $14 related to soybean oil futures. Foreign Currency Risk Management The Company may also enter into certain over-the-counter derivative contracts to manage a portion of the Company’s forecasted foreign currency exposure associated with the purchase of inventory. These foreign currency contracts generally have durations of no longer than 2 years. The foreign exchange contracts are measured at fair value using information quoted by foreign exchange dealers. The notional amounts of outstanding foreign currency forward contracts used by the Company’s subsidiaries to hedge forecasted purchases of inventory were $57 as of September 30, 2016, and $84 as of June 30, 2016. 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, 2016 and June 30, 2016, the Company had no interest rate derivative instruments. Counterparty Risk Management and Derivative Contract Requirements The Company utilizes a variety of financial institutions as counterparties for over-the-counter 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, 2016 and June 30, 2016, 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, 2016 and June 30, 2016, the Company maintained cash margin balances related to exchange-traded futures contracts of $1, which are classified as Other 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, who are the Company’s current and former employees, may select among certain mutual funds in which their compensation deferrals are invested in accordance with the terms of the 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 of Financial Instruments The following table summarizes the fair value of the Company’s assets and liabilities for which disclosure of fair value is required: 9/30/2016 6/30/2016 Balance sheet classification Fair value hierarchy level Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Investments including money market Cash and cash funds equivalents (a) 1 $ 253 $ 253 $ 234 $ 234 Time deposits Cash and cash equivalents (a) 2 76 76 79 79 Commodity purchase derivative contracts Other current assets 1 1 1 1 1 Foreign exchange derivative contracts Other current assets 2 1 1 1 1 Commodity purchase derivative contracts Other assets 2 1 1 1 1 Trust assets for nonqualified deferred Other assets compensation plans 1 62 62 52 52 $ 394 $ 394 $ 368 $ 368 Liabilities Notes and loans payable Notes and loans payable (b) 2 $ 618 $ 618 $ 523 $ 523 Commodity purchase derivative contracts Accounts payable and accrued liabilities 2 1 1 1 1 Foreign exchange derivative contracts Accounts payable and accrued liabilities 2 2 2 4 4 Current maturities of long-term debt Current maturities of long- and Long-term debt term debt and Long-term debt (c) 2 1,789 1,911 1,789 1,922 $ 2,410 $ 2,532 $ 2,317 $ 2,450 ____________________ (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. 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: Three Months Ended Gains (losses) recognized in Other comprehensive income 9/30/2016 9/30/2015 Commodity purchase derivative contracts $ - $ (7 ) Interest rate derivative contracts - - Foreign exchange derivative contracts - 6 Total $ - $ (1 ) Three Months Ended Gains (losses) reclassified from Accumulated other comprehensive loss and recognized in Net earnings 9/30/2016 9/30/2015 Commodity purchase derivative contracts $ (1 ) $ 2 Interest rate derivative contracts (2 ) 2 Foreign exchange derivative contracts (1 ) (1 ) Total $ (4 ) $ 3 The gains (losses) reclassified from Accumulated other comprehensive losses and recognized in Net earnings during the three months ended September 30, 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 September 30, 2016, that is expected to be reclassified into Net earnings within the next twelve months is $8. Gains and losses on derivative instruments representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in Net earnings. During the three months ended September 30, 2016 and 2015, hedge ineffectiveness was not significant.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [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 32.0% for the three months ended September 30, 2016, and 34.5% for the three months ended September 30, 2015. This decrease was primarily due to the recognition of excess tax benefits from share-based compensation upon the adoption of ASU No. 2016-09 in the first quarter of fiscal year 2017. Refer to Note 1 for further details.

NET EARNINGS PER SHARE (EPS)

NET EARNINGS PER SHARE (EPS)	3 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
NET EARNINGS PER SHARE (EPS)	NOTE 7. NET EARNINGS PER SHARE (EPS) The following is a 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 9/30/2016 9/30/2015 Basic 129,449 129,155 Dilutive effect of stock options and other 2,744 2,065 Diluted 132,193 131,220 Antidilutive stock options and other - 1,271 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 September 30, 2016, and a program to offset the anticipated impact of share dilution related to share-based awards (the Evergreen Program), which has no authorization limit as to amount or timing of repurchases. Share repurchases under authorized programs were as follows during the three months ended September 30: Three Months Ended 9/30/2016 9/30/2015 Amount Shares (in 000's) Amount Shares (in 000's) Open-market purchase programs $ - - $ - - Evergreen Program 113 883 112 1,006 Total $ 113 883 $ 112 1,006

COMPREHENSIVE INCOME

COMPREHENSIVE INCOME	3 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
COMPREHENSIVE INCOME	NOTE 8. COMPREHENSIVE INCOME Comprehensive income was as follows for the periods indicated: Three Months Ended 9/30/2016 9/30/2015 Earnings from continuing operations $ 179 $ 173 Earnings (losses) from discontinued operations, net of tax - (1 ) Net earnings 179 172 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (1 ) (43 ) Net unrealized gains (losses) on derivatives 3 3 Pension and postretirement benefit adjustments 1 1 Total other comprehensive income (loss), net of tax 3 (39 ) Comprehensive income $ 182 $ 133 Changes in Accumulated other comprehensive net (losses) income by component were as follows for the three months ended September 30: Foreign currency translation adjustments Net unrealized gains (losses) on derivatives Pension and postretirement benefit adjustments Accumulated other comprehensive (losses) income Balance as of June 30, 2015 $ (300 ) $ (53 ) $ (149 ) $ (502 ) Other comprehensive (loss) income before reclassifications (41 ) - - (41 ) Amounts reclassified from accumulated other comprehensive net losses - 3 1 4 Income tax benefit (expense) (2 ) - - (2 ) Net current period other comprehensive income (loss) (43 ) 3 1 (39 ) Balance as of September 30, 2015 $ (343 ) $ (50 ) $ (148 ) $ (541 ) Balance as of June 30, 2016 $ (353 ) $ (44 ) $ (173 ) $ (570 ) Other comprehensive (loss) income before reclassifications (1 ) - - (1 ) Amounts reclassified from accumulated other comprehensive net losses - 4 2 6 Income tax benefit (expense) - (1 ) (1 ) (2 ) Net current period other comprehensive income (loss) (1 ) 3 1 3 Balance as of September 30, 2016 $ (354 ) $ (41 ) $ (172 ) $ (567 ) Included in foreign currency translation 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, 2016 and 2015, Other comprehensive income (loss) on these loans totaled $0 and $(5), respectively, and there were no amounts reclassified from Accumulated other comprehensive net (losses) income.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Sep. 30, 2016
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [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 9/30/2016 9/30/2015 Service cost $ - $ - Interest cost 5 7 Expected return on plan assets (5 ) (4 ) Amortization of unrecognized items 3 2 Total $ 3 $ 5 The net periodic benefit cost for the Company’s retirement health care plans was $0 for each of the three months ended September 30, 2016 and 2015. During the three months ended September 30, 2016, the Company made $15 in discretionary contributions to the domestic qualified retirement income plan.

OTHER CONTINGENCIES AND GUARANT

OTHER CONTINGENCIES AND GUARANTEES	3 Months Ended
	Sep. 30, 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 $14 as of September 30, 2016 and June 30, 2016, 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 September 30, 2016 and June 30, 2016. 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 material payments relating to its indemnifications, and believes that any reasonably possible payments would not have a material adverse effect, either individually or in the aggregate, on the Company’s condensed consolidated financial statements taken as a whole. The Company had not recorded any liabilities on the aforementioned guarantees as of September 30, 2016. As of September 30, 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	3 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
SEGMENT RESULTS	NOTE 11. SEGMENT RESULTS The Company operates through strategic business units that are aggregated into four reportable segments based on the economics and nature of the products sold: 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, other current assets, 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 9/30/2016 9/30/2015 9/30/2016 9/30/2015 Cleaning $ 534 $ 497 $ 164 $ 149 Household 422 411 69 82 Lifestyle 236 231 62 59 International 251 251 27 32 Corporate - - (58 ) (58 ) Total $ 1,443 $ 1,390 $ 264 $ 264 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 26% and 27% for the three months ended September 30, 2016 and 2015, respectively.

SUMMARY OF SIGNIFICANT ACCOUN17

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited interim condensed consolidated financial statements for the three months ended September 30, 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, 2016, which includes a complete set of footnote disclosures including the Company’s significant accounting policies.
Recently Issued Accounting Standards	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 consolidated statement of earnings. Additionally, the standard requires cash flows from excess tax benefits and deficiencies, previously classified as a financing activity, to be classified as an operating activity in the consolidated statement of cash flows. The Company adopted this guidance in the first quarter of fiscal year 2017. Excess tax benefits of $6 were recognized in the consolidated statement of earnings and classified as an operating activity in the consolidated statement of cash flows during the three months ended September 30, 2016. The prior period consolidated statement of cash flows has not been adjusted as permitted. The adoption resulted in approximately a 2 percentage point benefit to the Company’s effective tax rate for the first quarter of fiscal year 2017. The guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. The Company did not make this election and will continue to account for forfeitures on an estimated basis. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which requires lessees to recognize a right-of-use asset and a lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation will depend on the classification of the lease as either a finance or an operating lease. ASU 2016-02 also requires expanded disclosures about leasing arrangements. The new guidance is effective for the Company beginning in the first quarter of fiscal year 2020, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this guidance will have 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 Company adopted this standard in the first quarter of fiscal year 2017 and retrospectively applied the standard to the June 30, 2016 consolidated balance sheet, resulting in an $8 reduction in Other assets and Long-term debt. The adoption had no impact on the Company’s consolidated statement of earnings or consolidated statement of cash flows. 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 Company adopted this standard in the first quarter of fiscal year 2017. The adoption did not have an impact on the Company’s 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 the adoption of this guidance will have on its consolidated financial statements.

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Sep. 30, 2016
Discontinued Operations and Disposal Groups [Abstract]
Summary of (losses) gains from discontinued operations	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 9/30/2016 9/30/2015 Operating losses from Clorox Venezuela before income taxes $ - $ - Exit costs and other related expenses for Clorox Venezuela - - Total losses from Clorox Venezuela before income taxes - - Income tax benefit attributable to Clorox Venezuela - - Total losses from Clorox Venezuela, net of tax - - Gains (losses) from discontinued operations other than Clorox Venezuela, net of tax - (1 ) Losses from discontinued operations, net of tax $ - $ (1 )

BUSINESSES ACQUIRED (Tables)

BUSINESSES ACQUIRED (Tables)	3 Months Ended
	Sep. 30, 2016
Business Combinations [Abstract]
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed as of Acquisition Date	The following table summarizes the estimated fair value of RenewLife’s assets acquired and liabilities assumed and related deferred income taxes as of the acquisition date. Due to the timing of the acquisition, the fair value of the assets acquired and liabilities assumed are based on a preliminary valuation and the Company’s estimates and assumptions are subject to change within the measurement period. The primary areas of the purchase price that are not yet finalized are related to goodwill and income taxes. The weighted-average estimated useful life of intangible assets subject to amortization is 15 years. RenewLife Goodwill $ 137 Trademarks 134 Customer relationships 36 Property, plant and equipment 3 Working capital, net 41 Deferred income taxes (61 ) Purchase Price $ 290

INVENTORIES, NET (Tables)

INVENTORIES, NET (Tables)	3 Months Ended
	Sep. 30, 2016
Inventory Disclosure [Abstract]
Schedule of Inventories, Net	Inventories, net, consisted of the following as of: 9/30/2016 6/30/2016 Finished goods $ 374 $ 361 Raw materials and packaging 114 111 Work in process 3 3 LIFO allowances (26 ) (32 ) Total $ 465 $ 443

FINANCIAL INSTRUMENTS AND FAI21

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Sep. 30, 2016
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS [Abstract]
Schedule of Assets and Liabilities for Fair Value Disclosure	The following table summarizes the fair value of the Company’s assets and liabilities for which disclosure of fair value is required: 9/30/2016 6/30/2016 Balance sheet classification Fair value hierarchy level Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Investments including money market Cash and cash funds equivalents (a) 1 $ 253 $ 253 $ 234 $ 234 Time deposits Cash and cash equivalents (a) 2 76 76 79 79 Commodity purchase derivative contracts Other current assets 1 1 1 1 1 Foreign exchange derivative contracts Other current assets 2 1 1 1 1 Commodity purchase derivative contracts Other assets 2 1 1 1 1 Trust assets for nonqualified deferred Other assets compensation plans 1 62 62 52 52 $ 394 $ 394 $ 368 $ 368 Liabilities Notes and loans payable Notes and loans payable (b) 2 $ 618 $ 618 $ 523 $ 523 Commodity purchase derivative contracts Accounts payable and accrued liabilities 2 1 1 1 1 Foreign exchange derivative contracts Accounts payable and accrued liabilities 2 2 2 4 4 Current maturities of long-term debt Current maturities of long- and Long-term debt term debt and Long-term debt (c) 2 1,789 1,911 1,789 1,922 $ 2,410 $ 2,532 $ 2,317 $ 2,450 ____________________ (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	Three Months Ended Gains (losses) recognized in Other comprehensive income 9/30/2016 9/30/2015 Commodity purchase derivative contracts $ - $ (7 ) Interest rate derivative contracts - - Foreign exchange derivative contracts - 6 Total $ - $ (1 )
Effects of Derivative Instruments Designated as Hedging Instruments on Net Earnings	Three Months Ended Gains (losses) reclassified from Accumulated other comprehensive loss and recognized in Net earnings 9/30/2016 9/30/2015 Commodity purchase derivative contracts $ (1 ) $ 2 Interest rate derivative contracts (2 ) 2 Foreign exchange derivative contracts (1 ) (1 ) Total $ (4 ) $ 3

NET EARNINGS PER SHARE (EPS) (T

NET EARNINGS PER SHARE (EPS) (Tables)	3 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares Outstanding and Antidilutive Shares	The following is a 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 9/30/2016 9/30/2015 Basic 129,449 129,155 Dilutive effect of stock options and other 2,744 2,065 Diluted 132,193 131,220 Antidilutive stock options and other - 1,271
Schedule of Share Repurchases Under Authorized Programs	Share repurchases under authorized programs were as follows during the three months ended September 30: Three Months Ended 9/30/2016 9/30/2015 Amount Shares (in 000's) Amount Shares (in 000's) Open-market purchase programs $ - - $ - - Evergreen Program 113 883 112 1,006 Total $ 113 883 $ 112 1,006

COMPREHENSIVE INCOME (Tables)

COMPREHENSIVE INCOME (Tables)	3 Months Ended
	Sep. 30, 2016
Stockholders' Equity Note [Abstract]
Schedule of Comprehensive Income	Comprehensive income was as follows for the periods indicated: Three Months Ended 9/30/2016 9/30/2015 Earnings from continuing operations $ 179 $ 173 Earnings (losses) from discontinued operations, net of tax - (1 ) Net earnings 179 172 Other comprehensive income (loss), net of tax: Foreign currency translation adjustments (1 ) (43 ) Net unrealized gains (losses) on derivatives 3 3 Pension and postretirement benefit adjustments 1 1 Total other comprehensive income (loss), net of tax 3 (39 ) Comprehensive income $ 182 $ 133
Schedule of Changes in Accumulated Other Comprehensive Net (Losses) Income	Changes in Accumulated other comprehensive net (losses) income by component were as follows for the three months ended September 30: Foreign currency translation adjustments Net unrealized gains (losses) on derivatives Pension and postretirement benefit adjustments Accumulated other comprehensive (losses) income Balance as of June 30, 2015 $ (300 ) $ (53 ) $ (149 ) $ (502 ) Other comprehensive (loss) income before reclassifications (41 ) - - (41 ) Amounts reclassified from accumulated other comprehensive net losses - 3 1 4 Income tax benefit (expense) (2 ) - - (2 ) Net current period other comprehensive income (loss) (43 ) 3 1 (39 ) Balance as of September 30, 2015 $ (343 ) $ (50 ) $ (148 ) $ (541 ) Balance as of June 30, 2016 $ (353 ) $ (44 ) $ (173 ) $ (570 ) Other comprehensive (loss) income before reclassifications (1 ) - - (1 ) Amounts reclassified from accumulated other comprehensive net losses - 4 2 6 Income tax benefit (expense) - (1 ) (1 ) (2 ) Net current period other comprehensive income (loss) (1 ) 3 1 3 Balance as of September 30, 2016 $ (354 ) $ (41 ) $ (172 ) $ (567 )

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Sep. 30, 2016
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]
Schedule of Components of Net Periodic Benefit Cost	The following table summarizes the components of net periodic benefit cost for the Company’s retirement income plans: Three Months Ended 9/30/2016 9/30/2015 Service cost $ - $ - Interest cost 5 7 Expected return on plan assets (5 ) (4 ) Amortization of unrecognized items 3 2 Total $ 3 $ 5

SEGMENT RESULTS (Tables)

SEGMENT RESULTS (Tables)	3 Months Ended
	Sep. 30, 2016
Segment Reporting [Abstract]
Selected Financial Information Relating to the Company's Segments	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 9/30/2016 9/30/2015 9/30/2016 9/30/2015 Cleaning $ 534 $ 497 $ 164 $ 149 Household 422 411 69 82 Lifestyle 236 231 62 59 International 251 251 27 32 Corporate - - (58 ) (58 ) Total $ 1,443 $ 1,390 $ 264 $ 264

SUMMARY OF SIGNIFICANT ACCOUN26

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2016	Jun. 30, 2016
Accounting Policies [Abstract]
Excess tax benefits impact from adoption of ASU No. 2016-09	$ 6
Reduction in effective tax rate from adoption of ASU No. 2016-09	2.00%
Reclassification of debt issuance costs from adoption of ASU No. 2015-03		$ 8

DISCONTINUED OPERATIONS (Summar

DISCONTINUED OPERATIONS (Summary of (Losses) Gains from Discontinued Operations) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total gain (losses) from discontinued operations, net of tax	$ 0	$ (1)
Clorox Venezuela [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	0	0
Operating losses from discontinued operations before income taxes	0	0
Exit costs and other related expense	0	0
Total losses from discontinued operations before income taxes	0	0
Income tax benefit attributable to discontinued operations	0	0
Total gain (losses) from discontinued operations, net of tax	0	0
Other Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total gain (losses) from discontinued operations, net of tax	$ 0	$ (1)

BUSINESSES ACQUIRED (Details)

BUSINESSES ACQUIRED (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2016	Jun. 30, 2016	[1]	May 02, 2016
Estimated fair values of assets acquired and liabilities assumed and related deferred income taxes as of the acquisition date:
Goodwill	$ 1,196	$ 1,197
RenewLife [Member]
Business Acquisition [Line Items]
Business acquisition date	May 2, 2016
Percentage of business acquired				100.00%
Amount paid for acquisition	$ 290
The weighted-average estimated useful life of intangible assets subject to amortization	15 years
Estimated fair values of assets acquired and liabilities assumed and related deferred income taxes as of the acquisition date:
Goodwill				$ 137
Property, plant and equipment				3
Working capital, net				41
Deferred income taxes				(61)
Purchase price				290
RenewLife [Member] | Customer Relationships [Member]
Estimated fair values of assets acquired and liabilities assumed and related deferred income taxes as of the acquisition date:
Other intangible assets				36
RenewLife [Member] | Trademarks [Member]
Estimated fair values of assets acquired and liabilities assumed and related deferred income taxes as of the acquisition date:
Other intangible assets				$ 134
[1]	Condensed from audited financial statements.

INVENTORIES, NET (Details)

INVENTORIES, NET (Details) - USD ($) $ in Millions	Sep. 30, 2016	Jun. 30, 2016
Inventory Disclosure [Abstract]
Finished goods	$ 374	$ 361
Raw materials and packaging	114	111
Work in process	3	3
LIFO allowances	(26)	(32)
Total	$ 465	$ 443	[1]
[1]	Condensed from audited financial statements.

FINANCIAL INSTRUMENTS AND FAI30

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2016	Jun. 30, 2016
Derivative [Line Items]
Derivatives	$ 3	$ 5
Derivative instruments subject to contractually defined counterparty liability position limits	2	4
Estimated amount of the existing net gain (loss) to be reclassified into earnings in the next 12 months	$ 8
Commodity purchase derivative contracts [Member]
Derivative [Line Items]
Maximum contract duration	2 years
Notional amounts	$ 24	30
Cash margin balances amount	1	1
Commodity purchase derivative contracts [Member] | Jet Fuel [Member]
Derivative [Line Items]
Notional amounts	14	16
Commodity purchase derivative contracts [Member] | Soybean Oil [Member]
Derivative [Line Items]
Notional amounts	$ 10	14
Foreign exchange derivative contracts [Member]
Derivative [Line Items]
Maximum contract duration	2 years
Notional amounts	$ 57	$ 84

FINANCIAL INSTRUMENTS AND FAI31

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Schedule of Assets and Liabilities for Fair Value Disclosure) (Details) - USD ($) $ in Millions		Sep. 30, 2016	Jun. 30, 2016		Sep. 30, 2015	Jun. 30, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents		$ 408	$ 401	[1]	$ 383	$ 382
Other current assets		49	72	[1]
Other assets		204	187	[1]
Total assets		4,466	4,510	[1]
Notes and loans payable		618	523	[1]
Accounts payable and accrued liabilities		874	1,035	[1]
Current maturities of long-term debt		0	0	[1]
Total liabilities		4,177	4,213	[1]
Carrying Amount [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		394	368
Total liabilities		2,410	2,317
Estimated Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		394	368
Total liabilities		2,532	2,450
Cash and Cash Equivalents [Member] | Level 1 [Member] | Carrying Amount [Member] | Investments including money market funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	[2]	253	234
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 and Nonrecurring Basis [Line Items]
Cash and cash equivalents	[2]	253	234
Cash and Cash Equivalents [Member] | Level 2 [Member] | Carrying Amount [Member] | Time deposits [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	[2]	76	79
Cash and Cash Equivalents [Member] | Level 2 [Member] | Estimated Fair Value [Member] | Time deposits [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	[2]	76	79
Other current assets [Member] | Level 1 [Member] | Carrying Amount [Member] | Commodity purchase derivative contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets		1	1
Other current assets [Member] | Level 1 [Member] | Estimated Fair Value [Member] | Commodity purchase derivative contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		1	1
Other current assets [Member] | Level 2 [Member] | Carrying Amount [Member] | Foreign exchange derivative contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other current assets		1	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 and Nonrecurring Basis [Line Items]
Derivative assets		1	1
Other assets [Member] | Level 1 [Member] | Carrying Amount [Member] | Trust Assets for nonqualified deferred compensation plans [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trust assets for nonqualified deferred compensation plans		62	52
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 and Nonrecurring Basis [Line Items]
Trust assets for nonqualified deferred compensation plans		62	52
Other assets [Member] | Level 2 [Member] | Carrying Amount [Member] | Commodity purchase derivative contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other assets		1	1
Other assets [Member] | Level 2 [Member] | Estimated Fair Value [Member] | Commodity purchase derivative contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		1	1
Notes and loans payable [Member] | Level 2 [Member] | Carrying Amount [Member] | Notes and loans payable [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes and loans payable	[3]	618	523
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 and Nonrecurring Basis [Line Items]
Notes and loans payable	[3]	618	523
Accounts payable and accrued liabilities [Member] | Level 2 [Member] | Carrying Amount [Member] | Commodity purchase derivative contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable and accrued liabilities		1	1
Accounts payable and accrued liabilities [Member] | Level 2 [Member] | Carrying Amount [Member] | Foreign exchange derivative contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Accounts payable and accrued liabilities		2	4
Accounts payable and accrued liabilities [Member] | Level 2 [Member] | Estimated Fair Value [Member] | Commodity purchase derivative contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities		1	1
Accounts payable and accrued liabilities [Member] | Level 2 [Member] | Estimated Fair Value [Member] | Foreign exchange derivative contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities		2	4
Current maturities of long-term debt and Long-term debt [Member] | Level 2 [Member] | Carrying Amount [Member] | Current maturities of long-term debt and Long-term debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Current maturities of long-term debt and Long-term debt	[4]	1,789	1,789
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 and Nonrecurring Basis [Line Items]
Current maturities of long-term debt and Long-term debt	[4]	$ 1,911	$ 1,922
[1]	Condensed from audited financial statements.
[2]	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.
[3]	Notes and loan 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.
[4]	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 FAI32

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, 2016	Sep. 30, 2015
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Other comprehensive income	$ 0	$ (1)
Gains (losses) reclassified from Accumulated other comprehensive loss and recognized in Net earnings	(4)	3
Commodity purchase derivative contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Other comprehensive income	0	(7)
Gains (losses) reclassified from Accumulated other comprehensive loss and recognized in Net earnings	(1)	2
Interest rate derivative contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Other comprehensive income	0	0
Gains (losses) reclassified from Accumulated other comprehensive loss and recognized in Net earnings	(2)	2
Foreign exchange derivative contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gains (losses) recognized in Other comprehensive income	0	6
Gains (losses) reclassified from Accumulated other comprehensive loss and recognized in Net earnings	$ (1)	$ (1)

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Effective tax rate on earnings from continuing operations	32.00%	34.50%

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
	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Weighted Average Shares Outstanding - Basic	129,449	129,155
Dilutive effect of stock options and other	2,744	2,065
Weighted Average Shares Outstanding - Diluted	132,193	131,220
Antidilutive stock options and other	0	1,271

NET EARNINGS PER SHARE (EPS) 35

NET EARNINGS PER SHARE (EPS) (Share Repurchase Programs) (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Share Repurchase Programs [Line Items]
Value of shares repurchased	$ 113	$ 112
Shares repurchased	883	1,006
Open-market purchase programs [Member]
Share Repurchase Programs [Line Items]
Authorized repurchase amount	$ 750	$ 750
Remaining authorized repurchase amount	750
Value of shares repurchased	$ 0	$ 0
Shares repurchased	0	0
Evergreen Program [Member]
Share Repurchase Programs [Line Items]
Value of shares repurchased	$ 113	$ 112
Shares repurchased	883	1,006

COMPREHENSIVE INCOME (Narrative

COMPREHENSIVE INCOME (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Long term intercompany loans [Member]
Intercompany Foreign Currency Balance [Line Items]
Other comprehensive net income (loss) before reclassifications	$ 0	$ (5)

COMPREHENSIVE INCOME (Schedule

COMPREHENSIVE INCOME (Schedule of Comprehensive Income) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Earnings from continuing operations	$ 179	$ 173
Earnings (losses) from discontinued operations, net of tax	0	(1)
Net earnings	179	172
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(1)	(43)
Net unrealized gains (losses) on derivatives	3	3
Pension and postretirement benefit adjustments	1	1
Total other comprehensive income (loss), net of tax	3	(39)
Comprehensive income	$ 182	$ 133

COMPREHENSIVE INCOME (Schedul38

COMPREHENSIVE INCOME (Schedule of Changes in Accumulated Other Comprehensive Net (Losses) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2016		Sep. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning	$ (570)	[1]	$ (502)
Other comprehensive (loss) income before reclassifications	(1)		(41)
Amounts reclassified from accumulated other comprehensive net losses	6		4
Income tax benefit (expense)	(2)		(2)
Total other comprehensive income (loss), net of tax	3		(39)
Balance, ending	(567)		(541)
Foreign currency translation adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning	(353)		(300)
Other comprehensive (loss) income before reclassifications	(1)		(41)
Amounts reclassified from accumulated other comprehensive net losses	0		0
Income tax benefit (expense)	0		(2)
Total other comprehensive income (loss), net of tax	(1)		(43)
Balance, ending	(354)		(343)
Net unrealized gain (losses) on derivatives [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning	(44)		(53)
Other comprehensive (loss) income before reclassifications	0		0
Amounts reclassified from accumulated other comprehensive net losses	4		3
Income tax benefit (expense)	(1)		0
Total other comprehensive income (loss), net of tax	3		3
Balance, ending	(41)		(50)
Pension and postretirement benefit adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance, beginning	(173)		(149)
Other comprehensive (loss) income before reclassifications	0		0
Amounts reclassified from accumulated other comprehensive net losses	2		1
Income tax benefit (expense)	(1)		0
Total other comprehensive income (loss), net of tax	1		1
Balance, ending	$ (172)		$ (148)
[1]	Condensed from audited financial statements.

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Retirement Income Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0
Interest cost	5	7
Expected return on plan assets	(5)	(4)
Amortization of unrecognized items	3	2
Total	3	5
Retirement Health Care Plans [Member]
Defined Benefit Plan Disclosure [Line Items]
Total	0	$ 0
Domestic Qualified Retirement Income Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Discretionary contributions	$ 15

OTHER CONTINGENCIES AND GUARA40

OTHER CONTINGENCIES AND GUARANTEES (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
OTHER CONTINGENCIES AND GUARANTEES [Abstract]
Liability for aggregate future remediation costs	$ 13	$ 14
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 (Narrative) (De

SEGMENT RESULTS (Narrative) (Details)	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Net sales [Member] | Customer Concentration [Member] | Walmart Stores, Inc. [Member]
Concentration Risk [Line Items]
Concentration percentage	26.00%	27.00%

SEGMENT RESULTS (Selected Finan

SEGMENT RESULTS (Selected Financial Information Relating To Company's Segments ) (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Segment Reporting Information [Line Items]
Net sales	$ 1,443	$ 1,390
Earnings (losses) from continuing operations before income taxes	264	264
Cleaning [Member]
Segment Reporting Information [Line Items]
Net sales	534	497
Earnings (losses) from continuing operations before income taxes	164	149
Household [Member]
Segment Reporting Information [Line Items]
Net sales	422	411
Earnings (losses) from continuing operations before income taxes	69	82
Lifestyle [Member]
Segment Reporting Information [Line Items]
Net sales	236	231
Earnings (losses) from continuing operations before income taxes	62	59
International [Member]
Segment Reporting Information [Line Items]
Net sales	251	251
Earnings (losses) from continuing operations before income taxes	27	32
Corporate [Member]
Segment Reporting Information [Line Items]
Net sales	0	0
Earnings (losses) from continuing operations before income taxes	$ (58)	$ (58)