FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Sep. 30, 2015

FAIR VALUE MEASUREMENTS

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, 2015:

(In millions)	Level 1		Level 2		Level 3		Total
Assets:
Foreign currency forward contracts	$	—	$	56.9	$	—	$	56.9
Interest rate swap contracts	—		8.0		—		8.0
Available-for-sale securities:
U.S. government and agency securities	—		460.9		—		460.9
Foreign government and agency securities	—		35.2		—		35.2
Corporate notes and bonds	—		278.9		—		278.9
Time deposits	—		566.9		—		566.9
Other securities	—		25.1		—		25.1
Total	$	—	$	1,431.9	$	—	$	1,431.9
Liabilities:
Foreign currency forward contracts	$	—	$	3.6	$	—	$	3.6
Contingent consideration	—		—		164.0		164.0
Total	$	—	$	3.6	$	164.0	$	167.6

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, 2015:

(In millions)	Level 1		Level 2		Level 3		Total
Assets:
Foreign currency forward contracts	$	—	$	43.1	$	—	$	43.1
Available-for-sale securities:
U.S. government and agency securities	—		265.8		—		265.8
Foreign government and agency securities	—		23.9		—		23.9
Corporate notes and bonds	—		182.4		—		182.4
Time deposits	—		410.8		—		410.8
Other securities	—		34.9		—		34.9
Total	$	—	$	960.9	$	—	$	960.9
Liabilities:
Foreign currency forward contracts	$	—	$	8.3	$	—	$	8.3
Interest rate swap contracts	—		0.2		—		0.2
Contingent consideration	—		—		159.3		159.3
Total	$	—	$	8.5	$	159.3	$	167.8

Estimated fair values of financial instruments

	September 30 2015				June 30 2015
(In millions)	Carrying Amount		Fair Value		Carrying Amount			Fair Value
Nonderivatives
Cash and cash equivalents	$	408.5	$	408.5	$	1,021.4		$	1,021.4
Available-for-sale securities	1,367.0		1,367.0		917.8			917.8
Current and long-term debt	2,066.2		2,166.7		1,637.3			1,697.5
Additional purchase price payable	37.1		37.1		37.0			37.0
Contingent consideration	164.0		164.0		159.3			159.3
Derivatives
Foreign currency forward contracts — asset (liability)	53.2		53.2		34.8			34.8
Interest rate swap contracts — asset (liability)	8.1		8.1		(0.2		)	(0.2		)

Changes in the fair value of the contingent consideration obligations

(In millions)	Fair Value
Contingent consideration at June 30, 2015	$	159.3
Change in fair value	4.7
Contingent consideration at September 30, 2015	$	164.0