DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Dec. 31, 2015

Schedule of fair values of the derivative financial instruments included in the consolidated balance sheets


	Asset Derivatives					Liability Derivatives
(In millions)	Balance Sheet Location	Fair Value (1)				Balance Sheet Location	Fair Value (1)
		December 31 2015		June 30 2015			December 31 2015		June 30 2015
Derivatives Designated as Hedging Instruments:
Foreign currency forward contracts	Prepaid expenses and other current assets	$	45.8	$	41.1	Other accrued liabilities	$	2.9	$	4.2
Interest rate swap contracts	Prepaid expenses and other current assets	5.6		—		Other accrued liabilities	—		0.2


Total Derivatives Designated as Hedging Instruments		51.4		41.1			2.9		4.4


Derivatives Not Designated as Hedging Instruments:
Foreign currency forward contracts	Prepaid expenses and other current assets	2.5		2.0		Other accrued liabilities	3.5		4.1


Total Derivatives		$	53.9	$	43.1		$	6.4	$	8.5

(1)

See Note 6 – Fair Value Measurements for further information about how the fair value of derivative assets and liabilities are determined.

Schedule of gains and losses related to derivative financial instruments designated as hedging instruments


(In millions)	Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion)				Location of Gain or (Loss) Reclassified from AOCI into Earnings (Effective Portion)	Amount of Gain or (Loss) Reclassified from AOCI into Earnings (Effective Portion) (1)
	Three Months Ended December 31					Three Months Ended December 31
	2015		2014			2015		2014
Derivatives in Cash Flow Hedging Relationships:

Foreign currency forward contracts	$	10.7	$	30.4	Cost of sales	$	3.7	$	2.2
					Selling, general and administrative	13.9		6.6
Settled interest rate-related derivatives	—		—		Interest expense	0.1		—

Total derivatives	$	10.7	$	30.4		$	17.7	$	8.8

(1)

The amount of gain recognized in earnings related to the amount excluded from effectiveness testing was $1.4 million and $0.6 million for the three months ended December 31, 2015 and 2014, respectively. There was no gain (loss) recognized in earnings related to the ineffective portion of the hedging relationships for the three months ended December 31, 2015. The amount of gain recognized in earnings related to the ineffective portion of the hedging relationships was $0.6 million for the three months ended December 31, 2014.


(In millions)	Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion)				Location of Gain or (Loss) Reclassified from AOCI into Earnings (Effective Portion)	Amount of Gain or (Loss) Reclassified from AOCI into Earnings (Effective Portion) (1)
	Six Months Ended December 31					Six Months Ended December 31
	2015		2014			2015		2014
Derivatives in Cash Flow Hedging Relationships:

Foreign currency forward contracts	$	35.9	$	64.1	Cost of sales	$	7.4	$	1.8
					Selling, general and administrative	24.0		6.8
Settled interest rate-related derivatives	—		—		Interest expense	0.3		0.1

Total derivatives	$	35.9	$	64.1		$	31.7	$	8.7

(1)

The amount of gain (loss) recognized in earnings related to the amount excluded from effectiveness testing was $1.5 million and $(0.8) million for the six months ended December 31, 2015 and 2014, respectively. The amount of gain recognized in earnings related to the ineffective portion of the hedging relationships was $0.1 million and $0.6 million for the six months ended December 31, 2015 and 2014, respectively.


(In millions)	Location of Gain or (Loss) Recognized in Earnings on Derivatives	Amount of Gain or (Loss) Recognized in Earnings on Derivatives (1)
		Three Months Ended December 31					Six Months Ended December 31
		2015			2014		2015		2014
Derivatives in Fair Value Hedging Relationships:
Interest rate swap contracts	Interest expense	$	(2.4	)	$	—	$	5.8	$	—

(1)

Changes in the fair value of the interest rate swap agreements are exactly offset by the change in the fair value of the underlying long-term debt.

Schedule of gains and losses related to derivative financial instruments not designated as hedging instruments


(In millions)	Location of Gain or (Loss) Recognized in Earnings on Derivatives	Amount of Gain or (Loss) Recognized in Earnings on Derivatives
Derivatives Not Designated as Hedging Instruments:		Three Months Ended December 31					Six Months Ended December 31
		2015			2014		2015		2014

Foreign currency forward contracts	Selling, general and administrative	$	(6.0	)	$	2.8	$	1.0	$	0.1