FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Dec. 31, 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 December 31, 2015:

(In millions)	Level 1		Level 2		Level 3		Total
Assets:
Foreign currency forward contracts	$	—	$	48.3	$	—	$	48.3
Interest rate swap contracts	—		5.6		—		5.6
Available-for-sale securities:
U.S. government and agency securities	—		400.4		—		400.4
Foreign government and agency securities	—		34.3		—		34.3
Corporate notes and bonds	—		350.9		—		350.9
Time deposits	—		446.9		—		446.9
Other securities	—		22.9		—		22.9
Total	$	—	$	1,309.3	$	—	$	1,309.3
Liabilities:
Foreign currency forward contracts	$	—	$	6.4	$	—	$	6.4
Contingent consideration	—		—		167.1		167.1
Total	$	—	$	6.4	$	167.1	$	173.5

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

Estimated fair values of financial instruments

	December 31 2015				June 30 2015
(In millions)	Carrying Amount		Fair Value		Carrying Amount			Fair Value
Nonderivatives
Cash and cash equivalents	$	868.1	$	868.1	$	1,021.4		$	1,021.4
Available-for-sale securities	1,255.4		1,255.4		917.8			917.8
Current and long-term debt	1,981.7		2,060.8		1,637.3			1,697.5
Additional purchase price payable	37.2		37.2		37.0			37.0
Contingent consideration	167.1		167.1		159.3			159.3
Derivatives
Foreign currency forward contracts – asset (liability)	41.9		41.9		34.8			34.8
Interest rate swap contracts – asset (liability)	5.6		5.6		(0.2		)	(0.2		)