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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Dec. 31, 2019

FAIR VALUE MEASUREMENTS

Schedule of 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, 2019:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(In millions)

Level 1

Level 2

Level 3

Total

​

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

Foreign currency forward contracts

$

—

$

47

$

—

$

47

​

Interest rate-related derivatives

​

​

—

​

​

3

​

​

—

​

​

3

​

Total

$

—

$

50

$

—

$

50

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

Foreign currency forward contracts

​

$

—

​

$

31

​

$

—

​

$

31

​

Interest rate-related derivatives

​

​

—

​

​

1

​

​

—

​

​

1

​

Contingent consideration

​

​

—

​

​

—

​

​

29

​

​

29

​

Total

$

—

​

$

32

​

$

29

$

61

​

​

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, 2019:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(In millions)

Level 1

Level 2

Level 3

Total

​

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

​

Foreign currency forward contracts

$

—

$

27

$

—

$

27

​

Interest rate-related derivatives

​

​

—

​

​

3

​

​

—

​

​

3

​

Total

$

—

$

30

$

—

$

30

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

Foreign currency forward contracts

$

—

$

6

$

—

$

6

​

Interest rate-related derivatives

​

​

—

​

​

26

​

​

—

​

​

26

​

Contingent consideration

​

​

—

​

​

—

​

​

36

​

​

36

​

Total

​

$

—

​

$

32

​

$

36

​

$

68

​

Schedule of estimated fair values of financial instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31

​

June 30

​

​

2019

​

2019

​

​

Carrying

​

Fair

​

Carrying

​

Fair

(In millions)

Amount

Value

Amount

Value

Nonderivatives

​

​

​

​

​

​

​

​

​

​

​

​

Cash and cash equivalents

$

3,596

​

$

3,596

$

2,987

$

2,987

Current and long-term debt

​

5,184

​

​

5,696

​

3,412

​

​

3,706

Additional purchase price payable

​

​

—

​

​

—

​

​

3

​

​

3

Contingent consideration

​

​

29

​

​

29

​

​

36

​

​

36

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivatives

​

​

​

​

​

​

​

​

​

​

​

​

Foreign currency forward contracts – asset (liability), net

​

16

​

​

16

​

21

​

​

21

Interest rate-related derivatives – asset (liability), net

​

​

2

​

​

2

​

​

(23)

​

​

(23)

Impairment charges measured at fair value on a nonrecurring basis, classified as Level 3

​

​	​	​	​	​	​	​	​	​
​		​	​		Date of Fair Value		​	​
(In millions)		Impairment charges			Measurement		Fair Value(1)
Goodwill	​	$	511	​	December 31, 2019	​	$	264
Other intangible assets, net (trademark)	​		266	​	December 31, 2019	​		412
Total	​	$	777	​	​	​	$	676

(1) See Note 3 – Goodwill and Other Intangible Assets for discussion of the valuation techniques used to measure fair value, the description of the inputs and information used to develop those inputs.

​

​	​	​	​	​	​	​	​	​
​		​	​		Date of Fair Value		​	​
(In millions)	​	Impairment charges		​	Measurement	​	Fair Value(1)
Goodwill	​	$	20	​	December 31, 2018	​	$	120
Other intangible assets, net (trademark)	​		18	​	December 31, 2018	​		59
Total	​	$	38	​	​	​	$	179

(1) See Note 3 – Goodwill and Other Intangible Assets for discussion of the valuation techniques used to measure fair value, the description of the inputs and information used to develop those inputs.

Changes in the fair value of the contingent consideration obligations

​

​	​	​	​
(In millions)		Fair Value
Contingent consideration at June 30, 2019	​	$	36
Changes in fair value	​		(7)
Contingent consideration at December 31, 2019	​	$	29

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- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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+ References

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