DEBT	6 Months Ended
Dec. 31, 2016
DEBT
DEBT	NOTE 6 — DEBT As of December 31, 2016, the Company had $1.8 billion of commercial paper outstanding, maturing through March 2017, which the Company intends to refinance or repay as it matures. Proceeds from the issuance of commercial paper were used to finance a portion of the purchase price related to the acquisition of Too Faced and for other general corporate purposes. In November 2016, the Company increased the size of its commercial paper program to $3 billion (from $1.5 billion) under which it may issue commercial paper in the United States. In November 2016, the Company entered into a senior unsecured credit agreement that provides for a 364 day revolving credit facility (the “364 Day Facility”) in the amount of $1.5 billion. The Facility expires on November 13, 2017. Interest rates on borrowings under the 364 Day Facility will be based on prevailing market interest rates in accordance with the agreement. Costs incurred to establish the 364 Day Facility were de minimis and are being amortized over the term of the facility. The 364 Day Facility has an annual fee of less than $1 million, payable quarterly, based on the Company’s current credit ratings. The 364 Day Facility contains a cross-default provision whereby a failure to pay other material financial obligations in excess of $175 million (after grace periods and absent a waiver from the lenders) would result in an event of default and the acceleration of the maturity of any outstanding debt under this facility. The Company intends to use the 364 Day Facility, together with its New Facility (as defined below), for credit support for the Company’s commercial paper program and for general corporate purposes. At December 31, 2016, no borrowings were outstanding under the 364 Day Facility. In October 2016, the Company replaced its undrawn $1.0 billion unsecured revolving credit facility that was set to expire on July 15, 2020 (the “Prior Facility”) with a new $1.5 billion senior unsecured revolving credit facility that expires on October 3, 2021, unless extended for up to two additional years in accordance with the terms set forth in the agreement (the “New Facility”). The New Facility may be used for general corporate purposes. Up to the equivalent of $500 million of the New Facility is available for multi-currency loans. Interest rates on borrowings under the New Facility will be based on prevailing market interest rates in accordance with the agreement. The Company incurred costs of approximately $1 million to establish the New Facility, which will be amortized over the term of the facility. The New Facility has an annual fee of approximately $1 million, payable quarterly, based on the Company’s current credit ratings. The New Facility contains a cross-default provision whereby a failure to pay other material financial obligations in excess of $175 million (after grace periods and absent a waiver from the lenders) would result in an event of default and the acceleration of the maturity of any outstanding debt under this facility. At December 31, 2016, no borrowings were outstanding under the New Facility.

NOTE 6 — DEBT

As of December 31, 2016, the Company had $1.8 billion of commercial paper outstanding, maturing through March 2017, which the Company intends to refinance or repay as it matures. Proceeds from the issuance of commercial paper were used to finance a portion of the purchase price related to the acquisition of Too Faced and for other general corporate purposes. In November 2016, the Company increased the size of its commercial paper program to $3 billion (from $1.5 billion) under which it may issue commercial paper in the United States.

In November 2016, the Company entered into a senior unsecured credit agreement that provides for a 364 day revolving credit facility (the “364 Day Facility”) in the amount of $1.5 billion. The Facility expires on November 13, 2017. Interest rates on borrowings under the 364 Day Facility will be based on prevailing market interest rates in accordance with the agreement. Costs incurred to establish the 364 Day Facility were de minimis and are being amortized over the term of the facility. The 364 Day Facility has an annual fee of less than $1 million, payable quarterly, based on the Company’s current credit ratings. The 364 Day Facility contains a cross-default provision whereby a failure to pay other material financial obligations in excess of $175 million (after grace periods and absent a waiver from the lenders) would result in an event of default and the acceleration of the maturity of any outstanding debt under this facility. The Company intends to use the 364 Day Facility, together with its New Facility (as defined below), for credit support for the Company’s commercial paper program and for general corporate purposes. At December 31, 2016, no borrowings were outstanding under the 364 Day Facility.

In October 2016, the Company replaced its undrawn $1.0 billion unsecured revolving credit facility that was set to expire on July 15, 2020 (the “Prior Facility”) with a new $1.5 billion senior unsecured revolving credit facility that expires on October 3, 2021, unless extended for up to two additional years in accordance with the terms set forth in the agreement (the “New Facility”). The New Facility may be used for general corporate purposes. Up to the equivalent of $500 million of the New Facility is available for multi-currency loans. Interest rates on borrowings under the New Facility will be based on prevailing market interest rates in accordance with the agreement. The Company incurred costs of approximately $1 million to establish the New Facility, which will be amortized over the term of the facility. The New Facility has an annual fee of approximately $1 million, payable quarterly, based on the Company’s current credit ratings. The New Facility contains a cross-default provision whereby a failure to pay other material financial obligations in excess of $175 million (after grace periods and absent a waiver from the lenders) would result in an event of default and the acceleration of the maturity of any outstanding debt under this facility. At December 31, 2016, no borrowings were outstanding under the New Facility.