FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Jun. 30, 2015

FAIR VALUE MEASUREMENTS

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, 2015:

(In millions)	Level 1		Level 2		Level 3		Total
Assets:
Foreign currency forward contracts	$	—	$	43.1	$	—	$	43.1
Available-for-sale securities:
U.S. government and agency securities	—		265.8		—		265.8
Foreign government and agency securities	—		23.9		—		23.9
Corporate notes and bonds	—		182.4		—		182.4
Time deposits	—		410.8		—		410.8
Other securities	—		34.9		—		34.9
Total	$	—	$	960.9	$	—	$	960.9
Liabilities:
Foreign currency forward contracts	$	—	$	8.3	$	—	$	8.3
Interest rate swap contracts	—		0.2		—		0.2
Contingent consideration	—		—		159.3		159.3
Total	$	—	$	8.5	$	159.3	$	167.8

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, 2014:

(In millions)	Level 1		Level 2		Level 3		Total
Assets:
Foreign currency forward contracts	$	—	$	4.2	$	—	$	4.2
Available-for-sale securities	7.6		—		—		7.6
Total	$	7.6	$	4.2	$	—	$	11.8
Liabilities:
Foreign currency forward contracts	$	—	$	19.1	$	—	$	19.1

Estimated fair values of financial instruments

	June 30
	2015						2014
(In millions)	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Nonderivatives
Cash and cash equivalents	$	1,021.4		$	1,021.4		$	1,629.1		$	1,629.1
Available-for-sale securities	917.8			917.8			7.6			7.6
Note receivable	—			—			8.4			8.5
Current and long-term debt	1,637.3			1,697.5			1,343.1			1,428.3
Additional purchase price payable	37.0			37.0			—			—
Contingent consideration	159.3			159.3			—			—
Derivatives
Foreign currency forward contracts — asset (liability)	34.8			34.8			(14.9		)	(14.9		)
Interest rate swap contracts — asset (liability)	(0.2		)	(0.2		)	—			—

Changes in the fair value of the contingent consideration obligations

(In millions)	Fair Value
Contingent consideration at June 30, 2014	$	—
Acquisitions	152.0
Change in fair value	7.3
Contingent consideration at June 30, 2015	$	159.3