FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Jun. 30, 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 June 30, 2020:

(In millions)	Level 1		Level 2		Level 3		Total
Assets:
Foreign currency forward contracts	$	—	$	87	$	—	$	87
Interest rate-related derivatives	—		15		—		15
Total	$	—	$	102	$	—	$	102
Liabilities:
Foreign currency forward contracts	$	—	$	80	$	—	$	80
Interest rate-related derivatives	—		3		—		3
Contingent consideration	—		—		4		4
Total	$	—	$	83	$	4	$	87

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:

	June 30
	2020				2019
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Nonderivatives
Cash and cash equivalents	$	5,022	$	5,022	$	2,987	$	2,987
Current and long-term debt	6,136		6,902		3,412		3,706
Additional purchase price payable	—		—		3		3
Contingent consideration	4		4		36		36
Derivatives
Foreign currency forward contracts – asset (liability), net	7		7		21		21
Interest rate-related derivatives – asset (liability), net	12		12		(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 certain of its nonfinancial assets measured at fair value on a nonrecurring basis, classified as Level 3, during fiscal 2020 and 2019:

Fiscal 2020

(In millions)	Impairment Charges		Date of Fair Value Measurement	Fair Value(1)
Goodwill
Too Faced	$	592	March 31, 2020	$	13
Smashbox	72		March 31, 2020	—
Editions de Parfums Frédéric Malle	3		April 1, 2020	3
BECCA	85		June 30, 2020	13
GLAMGLOW	60		June 30, 2020	54
Total	812			83
Other intangible assets, net (trademark)
Too Faced	253		March 31, 2020	272
Smashbox	23		March 31, 2020	32
Editions de Parfums Frédéric Malle	11		April 1, 2020	21
BECCA	71		June 30, 2020	27
GLAMGLOW	6		June 30, 2020	57
Total	364			409
Other intangible assets, net (customer lists)
BECCA	35		June 30, 2020	7
Long-lived assets	215		June 30, 2020	200
Total impairments	$	1,426		$	699

⁽¹⁾See Note 6 – Goodwill and Other Intangible Assets and Note 7 – Leases for discussion of the valuation techniques used to measure fair value, the description of the inputs and information used to develop those inputs.

Fiscal 2019

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

⁽¹⁾See Note 6 – 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 year ended June 30, 2020 are included in Selling, general and administrative expenses in the accompanying consolidated statements of earnings and were as follows:

(In millions)	Fair Value
Contingent consideration at June 30, 2019	$	36
Payments	(15)
Changes in fair value	(17)
Contingent consideration at June 30, 2020	$	4