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REVENUE RECOGNITION
 12 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
For further information on the Company's policies relating to revenue recognition and accounts receivable see Note 2 – Summary of Significant Accounting Policies.

Accounts Receivable
Accounts receivable, net is stated net of the allowance for doubtful accounts, including credit losses, and customer deductions totaling $26 million and $30 million as of June 30, 2024 and June 30, 2023, respectively. Payment terms are short-term in nature and are generally less than one year.

Changes in the allowance for credit losses are as follows:

June 30
(In millions)20242023
Allowance for credit losses, beginning of period$16 $10 
Provision (adjustment) for expected credit losses
(4)6 
Write-offs, net & other2 — 
Allowance for credit losses, end of period$14 $16 
The remaining balance of the allowance for doubtful accounts and customer deductions of $12 million and $14 million, as of June 30, 2024 and June 30, 2023, respectively, relates to non-credit losses, which are primarily due to customer deductions.
Deferred Revenue
Changes in deferred revenue are as follows:
June 30
(In millions)20242023
Deferred revenue, beginning of period$572 $362 
Revenue recognized that was included in the deferred revenue balance at the beginning of the period(316)(343)
Revenue deferred during the period316 538 
Other(12)15 
Deferred revenue, end of period$560 $572 

The decrease in Revenue deferred during the period from fiscal 2023 to fiscal 2024 is driven by the deferral of revenue during fiscal 2023 for the Marcolin licensing arrangement relating to the acquisition of the TOM FORD brand, which consisted of a $250 million non-refundable upfront payment, classified as deferred revenue within Other accrued liabilities and Other noncurrent liabilities in the accompanying consolidated balance sheets.

Transaction Price Allocated to the Remaining Performance Obligations

At June 30, 2024, the combined estimated revenue expected to be recognized in the next twelve months related to performance obligations for customer loyalty programs, gift with purchase promotions, purchase with purchase promotions, gift card liabilities, and the Marcolin license arrangement related to TOM FORD that are unsatisfied (or partially unsatisfied) is $327 million. The remaining balance of deferred revenue at June 30, 2024 will be recognized beyond the next twelve months, of which, $223 million relates to the non-refundable upfront payment received as part of the Marcolin licensing arrangement that is being recognized on a straight-line basis over the estimated economic life of the license, which is 20 years.

Royalty Revenue - License Arrangements

As of June 30, 2024, the remaining contractually guaranteed minimum royalty amounts due to the Company during future periods are as follows:

(In millions)Minimum Remaining Royalties
Fiscal 2025$28 
Fiscal 2026$29 
Fiscal 2027$30 
Fiscal 2028$32 
Fiscal 2029$33 
Thereafter$160 

The royalty revenue associated with the TOM FORD Acquisition is included within the The Americas region and within the other product category.