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FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Dec. 31, 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 December 31, 2020:
(In millions) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |
Money market funds |  | $ | 2,549 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,549 |
Foreign currency forward contracts |  | — |  |  | 73 |  |  | — |  |  | 73 |
Interest rate-related derivatives |  | — |  |  | 11 |  |  | — |  |  | 11 |
Total |  | $ | 2,549 |  |  | $ | 84 |  |  | $ | — |  |  | $ | 2,633 |
Liabilities: |  |  |  |  |  |  |  |
Foreign currency forward contracts |  | $ | — |  |  | $ | 137 |  |  | $ | — |  |  | $ | 137 |
Contingent consideration |  | — |  |  | — |  |  | 2 |  |  | 2 |
Total |  | $ | — |  |  | $ | 137 |  |  | $ | 2 |  |  | $ | 139 |
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:
|  | December 31 2020 |  | June 30 2020
(In millions) |  | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value
Nonderivatives |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 5,545 |  |  | $ | 5,545 |  |  | $ | 5,022 |  |  | $ | 5,022 |
Current and long-term debt |  | 5,383 |  |  | 6,315 |  |  | 6,136 |  |  | 6,902 |
Contingent consideration |  | 2 |  |  | 2 |  |  | 4 |  |  | 4 |
Derivatives |  |  |  |  |  |  |  |
Foreign currency forward contracts – asset (liability), net |  | (64) |  |  | (64) |  |  | 7 |  |  | 7 |
Interest rate-related derivatives – asset (liability), net |  | 11 |  |  | 11 |  |  | 12 |  |  | 12 |
Impairment charges measured at fair value on a nonrecurring basis, classified as Level 3 | The following table presents the Company’s impairment charges for the three and six months ended December 31, 2020 for certain of its nonfinancial assets measured at fair value on a nonrecurring basis, classified as Level 3, due to a change in circumstances that triggered an interim impairment test:
(In millions) |  | Impairment charges |  | Date of Fair Value Measurement |  | Fair Value
Goodwill |  | $ | 54 |  |  | November 30, 2020 |  | $ | — |
Other intangible assets, net (trademark and customer lists) |  | 27 |  |  | November 30, 2020 |  | 36 |
Total |  | $ | 81 |  |  |  |  | $ | 36 |
(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. The following table presents the Company’s impairment charges for the three and six months ended December 31, 2019 for certain of its nonfinancial assets measured at fair value on a nonrecurring basis, classified as Level 3, due to a change in circumstances that triggered an interim impairment test:
(In millions) |  | Impairment charges |  | Date of Fair Value Measurement |  | Fair Value
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.
Changes in the fair value of the contingent consideration obligations | Changes in the fair value of the contingent consideration obligations for six months ended December 31, 2020 are included in Selling, general and administrative expenses in the accompanying consolidated statements of earnings and were as follows:
(In millions) |  | Fair Value
Contingent consideration at June 30, 2020 |  | $ | 4 |
Changes in fair value |  | (2) |
Contingent consideration at December 31, 2020 |  | $ | 2 |

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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). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 3: 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 contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments. + References No definition available. + 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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