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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Jun. 30, 2022
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 June 30, 2022:
(In millions)Level 1Level 2Level 3Total
Assets:    
Money market funds$961 $— $— $961 
Foreign currency forward contracts— 191 — 191 
Interest rate-related derivatives— 24 — 24 
Total$961 $215 $— $1,176 
Liabilities:
Foreign currency forward contracts$— $105 $— $105 
Interest rate-related derivatives— 115 — 115 
DECIEM stock options— — 74 74 
Total$— $220 $74 $294 
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, 2021:

(In millions)Level 1Level 2Level 3Total
Assets:
Money market funds$2,079 $— $— $2,079 
Foreign currency forward contracts— 52 — 52 
Interest rate-related derivatives— 15 — 15 
Total$2,079 $67 $— $2,146 
Liabilities:
Foreign currency forward contracts$— $56 $— $56 
DECIEM stock options— — 141 141 
Total$— $56 $141 $197 
Schedule of estimated fair values of financial instruments
The estimated fair values of the Company’s financial instruments are as follows:

June 30
20222021
(In millions)Carrying
Amount		Fair
Value		Carrying
Amount		Fair
Value
Nonderivatives
Cash and cash equivalents$3,957 $3,957 $4,958 $4,958 
Current and long-term debt5,412 5,139 5,569 6,262 
DECIEM stock options74 74 141 141 
Derivatives
Foreign currency forward contracts – asset (liability), net86 86 (4)(4)
Interest rate-related derivatives – asset (liability), net(91)(91)15 15 
Impairment charges measured at fair value on a nonrecurring basis, classified as Level 3
The following table presents the Company’s impairment charges for certain of its nonfinancial assets measured at fair value on a nonrecurring basis, classified as Level 3, during fiscal 2022, 2021 and 2020:
Fiscal 2022
(In millions)Impairment chargesDate of Fair Value Measurement
Fair Value(1)
Other intangible assets, net (trademarks)
GLAMGLOW$11 March 31, 2022$— 
Dr.Jart+230 February 28, 2022
April 1, 2022		428 
Total$241 $428 
(1)See Note 6 – 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.

Fiscal 2021
(In millions)Impairment
Charges		Date of Fair Value
Measurement
Fair Value(1)
Goodwill
GLAMGLOW$54 November 30, 2020$— 
BECCA(2)
13 February 28, 2021— 
Other4 June 30, 2021— 
Total71 — 
Other intangible assets, net (trademark and customer lists)
GLAMGLOW52November 30, 2020
April 1, 2021		11 
BECCA(2)
34 February 28, 2021— 
Smashbox11April 1, 202121 
Total97 32 
Long-lived assets71 March 31, 2021
June 30, 2021		66 
Total$239 $98 
(1)See Note 6 – 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.
(2)See Note 8 – Charges Associated with Restructuring and Other Activities for further information relating to goodwill and other intangible asset impairment charges recorded in connection with the exit of the global distribution of BECCA products.
Fiscal 2020
(In millions)Impairment
Charges		Date of Fair Value
Measurement
Fair Value(1)
Goodwill
Too Faced$592 March 31, 2020$13 
Smashbox72 March 31, 2020— 
Editions de Parfums Frédéric Malle3 April 1, 20203 
BECCA85 June 30, 202013 
GLAMGLOW60 June 30, 202054 
Total812 83 
Other intangible assets, net (trademark)
Too Faced253 March 31, 2020272 
Smashbox23 March 31, 202032 
Editions de Parfums Frédéric Malle11 April 1, 202021 
BECCA71 June 30, 202027 
GLAMGLOW6 June 30, 202057 
Total364 409 
Other intangible assets, net (customer lists)
BECCA35 June 30, 20207 
Long-lived assets215 June 30, 2020200 
Total$1,426 $699 
(1)See Note 6 – Goodwill and Other Intangible Assets and Note 7 – Leases 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 DECEIM stock option liability
Changes in the DECIEM stock option liability for the year ended June 30, 2022 are included in Selling, general and administrative expenses in the accompanying consolidated statements of earnings and were as follows:

(In millions)Fair Value
DECIEM stock option liability as of June 30, 2021$141 
Changes in fair value, net of foreign currency remeasurements(1)
(55)
Translation adjustments and other, net(12)
DECIEM stock option liability as of June 30, 2022$74 
(1)Amount includes expense attributable to graded vesting of stock options which is not material for the year ended June 30, 2022.