FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Sep. 30, 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 September 30, 2019:

(In millions)	Level 1		Level 2		Level 3		Total
Assets:
Foreign currency forward contracts	$	—	$	46	$	—	$	46
Interest rate-related derivatives		—		4		—		4
Total	$	—	$	50	$	—	$	50
Liabilities:
Foreign currency forward contracts	$	—	$	9	$	—	$	9
Interest rate-related derivatives		—		39		—		39
Contingent consideration		—		—		36		36
Total	$	—	$	48	$	36	$	84

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

	September 30				June 30
	2019				2019
	Carrying		Fair		Carrying		Fair
(In millions)	Amount		Value		Amount		Value
Nonderivatives
Cash and cash equivalents	$	2,259	$	2,259	$	2,987	$	2,987
Current and long-term debt		3,415		3,841		3,412		3,706
Additional purchase price payable		3		3		3		3
Contingent consideration		36		36		36		36
Derivatives
Foreign currency forward contracts – asset (liability), net		37		37		21		21
Interest rate-related derivatives – asset (liability), net		(35)		(35)		(23)		(23)