FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of financial assets and liabilities measured at fair value on a recurring basis

The following table presents the Company’s hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2020:

(In millions)	Level 1		Level 2		Level 3		Total
Assets:
Foreign currency forward contracts	$	—	$	72	$	—	$	72
Interest rate-related derivatives	—		14		—		14
Total	$	—	$	86	$	—	$	86
Liabilities:
Foreign currency forward contracts	$	—	$	44	$	—	$	44
Interest rate-related derivatives	—		1		—		1
Contingent consideration	—		—		27		27
Total	$	—	$	45	$	27	$	72

The following table presents the Company’s hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2019:

(In millions)	Level 1		Level 2		Level 3		Total
Assets:
Foreign currency forward contracts	$	—	$	27	$	—	$	27
Interest rate-related derivatives	—		3		—		3
Total	$	—	$	30	$	—	$	30
Liabilities:
Foreign currency forward contracts	$	—	$	6	$	—	$	6
Interest rate-related derivatives	—		26		—		26
Contingent consideration	—		—		36		36
Total	$	—	$	32	$	36	$	68

Schedule of estimated fair values of financial instruments

The estimated fair values of the Company’s financial instruments are as follows:

	March 31 2020				June 30 2019
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Nonderivatives
Cash and cash equivalents	$	4,876	$	4,876	$	2,987	$	2,987
Current and long-term debt	6,201		6,454		3,412		3,706
Additional purchase price payable	—		—		3		3
Contingent consideration	27		27		36		36
Derivatives
Foreign currency forward contracts – asset (liability), net	28		28		21		21
Interest rate-related derivatives – asset (liability), net	13		13		(23)		(23)

Impairment charges measured at fair value on a nonrecurring basis, classified as Level 3

The following table presents the Company’s impairment charges for the nine months ended March 31, 2020 for certain of its nonfinancial assets measured at fair value on a nonrecurring basis, classified as Level 3, due to a change in circumstances that triggered an interim impairment test:

(In millions)	Impairment charges		Date of Fair Value Measurement	Fair Value(1)
Goodwill	$	786	March 31, 2020	$	103
Other intangible assets, net (trademark)	324		March 31, 2020	417
Long-lived assets	13		March 31, 2020	11
Total	$	1,123		$	531

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⁽¹⁾See Note 3 – Goodwill and Other Intangible Assets for discussion of the valuation techniques used to measure fair value, the description of the inputs and information used to develop those inputs.

The following table presents the Company’s impairment charges for the nine months ended March 31, 2019 for certain of its nonfinancial assets measured at fair value on a nonrecurring basis, classified as Level 3, due to a change in circumstances that triggered an interim impairment test:

(In millions)	Impairment charges		Date of Fair Value Measurement	Fair Value(1)
Goodwill	$	68	March 31, 2019	$	72
Other intangible assets, net (trademark)	22		March 31, 2019	55
Total	$	90		$	127

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⁽¹⁾See Note 3 – Goodwill and Other Intangible Assets for discussion of the valuation techniques used to measure fair value, the description of the inputs and information used to develop those inputs.

Changes in the fair value of the contingent consideration obligations

Changes in the fair value of the contingent consideration obligations for the nine months ended March 31, 2020 are included in Selling, general and administrative expenses in the accompanying consolidated statements of earnings (loss) and were as follows:

(In millions)	Fair Value
Contingent consideration at June 30, 2019	$	36
Changes in fair value	(9)
Contingent consideration at March 31, 2020	$	27