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FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended
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Sep. 30, 2020
Fair Value Disclosures [Abstract] |
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 September 30, 2020:
(In millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |
Money market funds |  | $ | 1,971 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,971 |
Foreign currency forward contracts |  | — |  |  | 22 |  |  | — |  |  | 22 |
Interest rate-related derivatives |  | — |  |  | 13 |  |  | — |  |  | 13 |
Total |  | $ | 1,971 |  |  | $ | 35 |  |  | $ | — |  |  | $ | 2,006 |
Liabilities: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | — |  |  | $ | 26 |  |  | $ | — |  |  | $ | 26 |
Interest rate-related derivatives |  | — |  |  | 3 |  |  | — |  |  | 3 |
Contingent consideration |  | — |  |  | — |  |  | 4 |  |  | 4 |
Total |  | $ | — |  |  | $ | 29 |  |  | $ | 4 |  |  | $ | 33 |
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, 2020:
(In millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |
Money market funds |  | $ | 2,810 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,810 |
Foreign currency forward contracts |  | — |  |  | 87 |  |  | — |  |  | 87 |
Interest rate-related derivatives |  | — |  |  | 15 |  |  | — |  |  | 15 |
Total |  | $ | 2,810 |  |  | $ | 102 |  |  | $ | — |  |  | $ | 2,912 |
Liabilities: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | — |  |  | $ | 80 |  |  | $ | — |  |  | $ | 80 |
Interest rate-related derivatives |  | — |  |  | 3 |  |  | — |  |  | 3 |
Contingent consideration |  | — |  |  | — |  |  | 4 |  |  | 4 |
Total |  | $ | — |  |  | $ | 83 |  |  | $ | 4 |  |  | $ | 87 |
Schedule of estimated fair values of financial instruments | The estimated fair values of the Company’s financial instruments are as follows:
|  | September 30 2020 |  | June 30 2020
(In millions) |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Nonderivatives |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 4,267 |  |  | $ | 4,267 |  |  | $ | 5,022 |  |  | $ | 5,022 |
Current and long-term debt |  | 5,386 |  |  | 6,180 |  |  | 6,136 |  |  | 6,902 |
Contingent consideration |  | 4 |  |  | 4 |  |  | 4 |  |  | 4 |
Derivatives |  |  |  |  |  |  |  |
Foreign currency forward contracts – asset (liability), net |  | (4) |  |  | (4) |  |  | 7 |  |  | 7 |
Interest rate-related derivatives – asset (liability), net |  | 10 |  |  | 10 |  |  | 12 |  |  | 12 |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=118260190&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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