Fair Value of Financial Instruments (Tables)

9 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables set forth the Company’s financial assets and liabilities at March 31, 2020 and June 30, 2019, respectively, that are recorded at fair value, segregated by level within the fair value hierarchy:

	March 31, 2020
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:
Cash and cash equivalents:
Money market funds (a)	$	69.9	$	—	$	—	$	69.9
Other current assets:
Securities	0.5		—		—		0.5
Other non-current assets:
Securities	95.3		—		—		95.3
Total assets as of March 31, 2020	$	165.8	$	—	$	—	$	165.8
Liabilities:
Contingent consideration obligations	—		—		32.7		32.7
Total liabilities as of March 31, 2020	$	—	$	—	$	32.7	$	32.7

	June 30, 2019
	Level 1		Level 2		Level 3		Total
	(In millions)
Assets:
Cash and cash equivalents:
Money market funds (a)	$	68.1	$	—	$	—	$	68.1
Other current assets:
Securities	0.4		—		—		0.4
Other non-current assets:
Securities	81.8		—		—		81.8
Total assets as of June 30, 2019	$	150.3	$	—	$	—	$	150.3
Liabilities:
Contingent consideration obligations	—		—		28.4		28.4
Total liabilities as of June 30, 2019	$	—	$	—	$	28.4	$	28.4

_________

(a)Money market funds include money market deposit account balances of $69.9 million and $30.1 million as of March 31, 2020 and June 30, 2019, respectively.

Schedule of Changes in Level 3 Financial Liabilities

The following table sets forth an analysis of changes during the three and nine months ended March 31, 2020 and 2019, respectively, in Level 3 financial liabilities of the Company:

	Three Months Ended March 31,				Nine Months Ended March 31,
	2020		2019		2020		2019
	(In millions)
Beginning balance	$	33.0	$	17.4	$	28.4	$	18.6
Additional contingent consideration incurred	—		—		7.0		—
Net increase (decrease) in contingent consideration liability	—		(0.1)		—		(0.1)
Foreign currency impact on contingent consideration liability	(0.1)		0.2		(0.4)		(0.4)
Payments	(0.2)		(0.4)		(2.3)		(1.0)
Ending balance	$	32.7	$	17.1	$	32.7	$	17.1