The Estée Lauder Companies Inc. (EL) 10-K 24 Aug 16 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Jun. 30, 2016	Aug. 18, 2016	Dec. 31, 2015
Entity Registrant Name	ESTEE LAUDER COMPANIES INC
Entity Central Index Key	1,001,250
Document Type	10-K
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 19.6
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Common Class A
Entity Common Stock, Shares Outstanding		220,942,974
Common Class B
Entity Common Stock, Shares Outstanding		144,770,237

CONSOLIDATED STATEMENTS OF EARN

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
CONSOLIDATED STATEMENTS OF EARNINGS
Net Sales	$ 11,262.3	$ 10,780.4	$ 10,968.8
Cost of Sales	2,181.1	2,100.6	2,158.2
Gross Profit	9,081.2	8,679.8	8,810.6
Operating expenses
Selling, general and administrative	7,337.8	7,073.5	6,985.9
Restructuring and other charges	133.1		(2.9)
Total operating expenses	7,470.9	7,073.5	6,983
Operating Income	1,610.3	1,606.3	1,827.6
Interest expense	70.7	60	59.4
Interest income and investment income, net	15.6	14.3	8.6
Earnings before Income Taxes	1,555.2	1,560.6	1,776.8
Provision for income taxes	434.4	467.2	567.7
Net Earnings	1,120.8	1,093.4	1,209.1
Net earnings attributable to noncontrolling interests	(6.2)	(4.5)	(5)
Net Earnings Attributable to The Estee Lauder Companies Inc.	$ 1,114.6	$ 1,088.9	$ 1,204.1
Net earnings attributable to The Estee Lauder Companies Inc. per common share
Basic (in dollars per share)	$ 3.01	$ 2.87	$ 3.12
Diluted (in dollars per share)	$ 2.96	$ 2.82	$ 3.06
Weighted-average common shares outstanding
Basic (in shares)	370	379.3	386.2
Diluted (in shares)	376.6	385.7	393.1
Cash dividends declared per common share (in dollars per share)	$ 1.14	$ 0.92	$ 0.78

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net earnings	$ 1,120.8	$ 1,093.4	$ 1,209.1
Other comprehensive income (loss):
Net unrealized investment gain (loss)	6.7	(1.9)	0.9
Net derivative instrument gain (loss)	(18.2)	69.6	(29.7)
Amounts included in net periodic benefit cost	(87.3)	(23.8)	(13)
Translation adjustments	(100.5)	(306)	87.2
Benefit (provision) for deferred income taxes on components of other comprehensive income	35.8	(21.2)	12.5
Total other comprehensive income (loss)	(163.5)	(283.3)	57.9
Comprehensive income (loss)	957.3	810.1	1,267
Comprehensive (income) loss attributable to noncontrolling interests:
Net earnings	(6.2)	(4.5)	(5)
Translation adjustments	0.2	2.1	(0.7)
Total comprehensive (income) loss attributable to noncontrolling interests	(6)	(2.4)	(5.7)
Comprehensive income (loss) attributable to The Estee Lauder Companies Inc.	$ 951.3	$ 807.7	$ 1,261.3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
Current Assets
Cash and cash equivalents	$ 914.1	$ 1,021.4
Short-term investments	469.3	503.7
Accounts receivable, net	1,258.3	1,174.5
Inventory and promotional merchandise, net	1,263.4	1,215.8
Prepaid expenses and other current assets	320	268.2
Total current assets	4,225.1	4,183.6
Property, Plant and Equipment, net	1,583.3	1,490.2
Other Assets
Long-term investments	1,107.7	420.3
Goodwill	1,227.8	1,144.8
Other intangible assets, net	344.5	326.6
Other assets	734.9	661.4
Total other assets	3,414.9	2,553.1
Total assets	9,223.3	8,226.9
Current Liabilities
Current debt	331.5	29.8
Accounts payable	716.7	635.4
Other accrued liabilities	1,632.3	1,464.6
Total current liabilities	2,680.5	2,129.8
Noncurrent Liabilities
Long-term debt	1,910	1,595.1
Other noncurrent liabilities	1,045.5	847.7
Total noncurrent liabilities	2,955.5	2,442.8
Commitments and Contingencies
Equity
Common stock, $.01 par value; Class A shares authorized: 1,300,000,000 at June 30, 2016 and June 30, 2015; shares issued: 424,109,008 at June 30, 2016 and 418,530,857 at June 30, 2015; Class B shares authorized: 304,000,000 at June 30, 2016 and June 30, 2015; shares issued and outstanding: 144,770,237 at June 30, 2016 and 147,046,137 at June 30, 2015	5.7	5.7
Paid-in capital	3,160.7	2,871.6
Retained earnings	7,693.3	7,004.1
Accumulated other comprehensive loss	(544.8)	(381.5)
Stockholders' equity before treasury stock	10,314.9	9,499.9
Less: Treasury stock, at cost; 201,119,435 Class A shares at June 30, 2016 and 190,694,630 Class A shares at June 30, 2015	(6,743)	(5,856.7)
Total stockholders' equity - The Estee Lauder Companies Inc.	3,571.9	3,643.2
Noncontrolling interests	15.4	11.1
Total equity	3,587.3	3,654.3
Total liabilities and equity	$ 9,223.3	$ 8,226.9

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Jun. 30, 2015
Common Class A
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	1,300,000,000	1,300,000,000
Common stock, shares issued	424,109,008	418,530,857
Common stock, shares outstanding	222,989,600	227,836,200
Treasury stock, shares	201,119,435	190,694,630
Common Class B
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	304,000,000	304,000,000
Common stock, shares issued	144,770,237	147,046,137
Common stock, shares outstanding	144,770,237	147,046,137

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total stockholders' equity - The Estee Lauder Companies Inc.	Common Stock	Paid-in Capital	Retained Earnings	Accumulated other comprehensive income (loss).	Treasury Stock	Noncontrolling Interests	Total
Beginning of year at Jun. 30, 2013		$ 5.6	$ 2,289.9	$ 5,364.1	$ (157.5)	$ (4,215.2)	$ 15
Increase (Decrease) in Stockholders' Equity
Common stock dividends				(302.4)
Net earnings attributable to The Estee Lauder Companies Inc. (in dollars)				1,204.1				$ 1,204.1
Acquisition of treasury stock						(617.1)
Stock-based compensation			272.8			(46.6)
Net earnings attributable to noncontrolling interests							5
Distributions to noncontrolling interest holders							(6.2)
Other comprehensive income (loss)					57.2		0.7	57.9
End of year at Jun. 30, 2014	$ 3,854.9	5.6	2,562.7	6,265.8	(100.3)	(4,878.9)	14.5	3,869.4
Increase (Decrease) in Stockholders' Equity
Common stock dividends				(350.6)
Net earnings attributable to The Estee Lauder Companies Inc. (in dollars)				1,088.9				1,088.9
Acquisition of treasury stock						(927.7)
Stock-based compensation		0.1	308.9			(50.1)
Net earnings attributable to noncontrolling interests							4.5
Distributions to noncontrolling interest holders							(5.8)
Other comprehensive income (loss)					(281.2)		(2.1)	(283.3)
End of year at Jun. 30, 2015	3,643.2	5.7	2,871.6	7,004.1	(381.5)	(5,856.7)	11.1	3,654.3
Increase (Decrease) in Stockholders' Equity
Common stock dividends				(425.4)
Net earnings attributable to The Estee Lauder Companies Inc. (in dollars)				1,114.6				1,114.6
Acquisition of treasury stock						(835)
Stock-based compensation			289.1			(51.3)
Net earnings attributable to noncontrolling interests							6.2
Distributions to noncontrolling interest holders							(5.3)
Acquisition of noncontrolling interest							3.6
Other comprehensive income (loss)					(163.3)		(0.2)	(163.5)
End of year at Jun. 30, 2016	$ 3,571.9	$ 5.7	$ 3,160.7	$ 7,693.3	$ (544.8)	$ (6,743)	$ 15.4	$ 3,587.3

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Cash Flows from Operating Activities
Net earnings	$ 1,120.8	$ 1,093.4	$ 1,209.1
Adjustments to reconcile net earnings to net cash flows from operating activities:
Depreciation and amortization	414.7	409.3	384.6
Deferred income taxes	(94.1)	(52.6)	(56.4)
Non-cash stock-based compensation	183.5	165	152.6
Excess tax benefits from stock-based compensation arrangements	(23.1)	(47.6)	(40.2)
Loss on disposal of property, plant and equipment	17.3	14.5	13.4
Goodwill and other intangible asset impairments		0.5
Non-cash restructuring and other charges	18.6
Pension and post-retirement benefit expense	71.1	64.5	70.9
Pension and post-retirement benefit contributions	(66.6)	(59)	(41.3)
Loss on Venezuela remeasurement		5.3	38.3
Change in fair value of contingent consideration	8.2	7.3
Other non-cash items	(6.7)	(5.5)	(0.5)
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable, net	(100.9)	103.2	(196.2)
Increase in inventory and promotional merchandise, net	(69)	(26.2)	(156.8)
Decrease (increase) in other assets, net	(72)	7.8	(45.2)
Increase in accounts payable	101.4	146.5	34
Increase in other accrued and noncurrent liabilities	285.5	116.9	168.9
Net cash flows provided by operating activities	1,788.7	1,943.3	1,535.2
Cash Flows from Investing Activities
Capital expenditures	(525.3)	(473)	(510.2)
Payments for acquired businesses, net of cash acquired	(101.3)	(241)	(9.2)
Proceeds from the disposition of investments	1,373.5	305	8.4
Purchases of investments	(2,016.2)	(1,207.2)	(0.6)
Net cash flows used for investing activities	(1,269.3)	(1,616.2)	(511.6)
Cash Flows from Financing Activities
Proceeds (repayments) of current debt, net	(0.4)	13.5	5.1
Proceeds from issuance of long-term debt, net	616.2	294
Debt issuance costs	(4)	(4.5)
Repayments and redemptions of long-term debt	(7.6)	(8.3)	(11.8)
Net proceeds from stock-based compensation transactions	84.4	101.4	84.8
Excess tax benefits from stock-based compensation arrangements	23.1	47.6	40.2
Payments to acquire treasury stock	(889.9)	(982.8)	(667.2)
Dividends paid to stockholders	(422.5)	(349.9)	(301.8)
Payments to noncontrolling interest holders for dividends	(4.2)	(5.8)	(6.2)
Net cash flows used for financing activities	(604.9)	(894.8)	(856.9)
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(21.8)	(40)	(33.3)
Net Increase (Decrease) in Cash and Cash Equivalents	(107.3)	(607.7)	133.4
Cash and Cash Equivalents at Beginning of Year	1,021.4	1,629.1	1,495.7
Cash and Cash Equivalents at End of Year	$ 914.1	$ 1,021.4	$ 1,629.1

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Jun. 30, 2016
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS	NOTE 1 – DESCRIPTION OF BUSINESS The Estée Lauder Companies Inc. manufactures, markets and sells skin care, makeup, fragrance and hair care products around the world. Products are marketed under brand names, including: Estée Lauder, Aramis, Clinique, Prescriptives, Lab Series, Origins, M ž A ž C, Bobbi Brown , La Mer , Aveda, Jo Malone London, Bumble and bumble, Darphin, Ojon, Smashbox, RODIN olio lusso, Le Labo, Editions de Parfums Frédéric Malle, GLAMGLOW and By Kilian. Certain subsidiaries of The Estée Lauder Companies Inc. are also the global licensee of the Tommy Hilfiger, Kiton, Donna Karan New York, DKNY, Michael Kors, Tom Ford, Ermenegildo Zegna, Tory Burch and AERIN brand names for fragrances and/or cosmetics.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jun. 30, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The accompanying consolidated financial statements include the accounts of The Estée Lauder Companies Inc. and its subsidiaries (collectively, the “Company”). All significant intercompany balances and transactions have been eliminated. During the year ended June 30, 2016, the Company retrospectively adopted new accounting guidance issued by the Financial Accounting Standards Board (“FASB”) that requires all deferred tax assets and liabilities to be classified as non-current. As a result, the Company restated the June 30, 2015 consolidated balance sheet to reclassify $284.9 million related to deferred taxes from Prepaid expenses and other current assets to Other assets, and $5.9 million from Other accrued liabilities to Other noncurrent liabilities. The Company also retrospectively adopted new accounting guidance issued by the FASB that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. As a result, the Company restated the June 30, 2015 balance sheet to reclassify $12.4 million from Other assets to Long-term debt. Management Estimates The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses reported in those financial statements. Certain significant accounting policies that contain subjective management estimates and assumptions include those related to revenue recognition, inventory, pension and other post-retirement benefit costs, goodwill, other intangible assets and long-lived assets, and income taxes. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from those estimates and assumptions. Significant changes, if any, in those estimates and assumptions resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods. Currency Translation and Transactions All assets and liabilities of foreign subsidiaries and affiliates are translated at year-end rates of exchange, while revenue and expenses are translated at weighted-average rates of exchange for the period. Unrealized translation gains (losses) reported as cumulative translation adjustments through other comprehensive income (loss) (“OCI”) attributable to The Estée Lauder Companies Inc. amounted to $(108.2) million, $(322.5) million and $95.1 million, net of tax, in fiscal 2016, 2015 and 2014, respectively. For the Company’s Venezuelan subsidiary operating in a highly inflationary economy, the U.S. dollar is the functional currency. Remeasurement adjustments in financial statements in a highly inflationary economy and other transactional gains and losses are reflected in earnings. During the third quarter of fiscal 2014, the Venezuelan government enacted changes to the foreign exchange controls that expanded the use of its then-existing exchange mechanisms and created another exchange control mechanism (“SICAD II”), which allowed companies to apply for the purchase of foreign currency and foreign currency denominated securities for any legal use or purpose. The Company considered its specific facts and circumstances in determining the appropriate remeasurment rate and determined the SICAD II rate was the most appropriate rate that reflected the economics of its Venezuelan subsidiary’s business as of March 24, 2014, when the SICAD II mechanism became operational. As a result, the Company changed the exchange rate used to remeasure the monetary assets and liabilities of its Venezuelan subsidiary from 6.3 to the SICAD II rate, which was 49. 98 as of June 30 , 2014. Accordingly, a remeasurement charge of $38.3 million, on a before and after tax basis, was reflected in Selling, general and administrative expenses in the Company’s consolidated statement of earnings for the year ended June 30 , 2014. In February 2015, the Venezuelan government introduced an open market foreign exchange system (“SIMADI”). As a result, the Company recorded a remeasurement charge of $5.3 million, on a before and after tax basis, for the year ended June 30, 2015. In March 2016, the Venezuelan government made changes to certain of its foreign currency exchange systems. As part of these changes, a new free-floating exchange rate mechanism (“DICOM”) replaced the SIMADI foreign exchange system and is the only mechanism legally available for the Company’s highest priority transactions, which are the import of goods. This change had a de minimis impact on the Company’s consolidated statements of earnings. The Company’s Venezuelan subsidiary is not material to the Company’s consolidated financial statements or liquidity at June 30, 2016. The Company enters into foreign currency forward contracts and may enter into option contracts to hedge foreign currency transactions for periods consistent with its identified exposures. Accordingly, the Company categorizes these instruments as entered into for purposes other than trading. The accompanying consolidated statements of earnings include net exchange (gains) losses on foreign currency transactions, including the effect of the Venezuela remeasurement charges, of $(15.7) million, $(4.1) million and $46.7 million in fiscal 2016, 2015 and 2014, respectively. Cash and Cash Equivalents Cash and cash equivalents include $204.5 million and $373.4 million of short-term time deposits at June 30, 2016 and 2015, respectively. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Investments The Company’s investment objectives include capital preservation, maintaining adequate liquidity, asset diversification, and achieving appropriate returns within the guidelines set forth in the Company’s investment policy. These investments are classified as available-for-sale, with any temporary difference between the cost and fair value of an investment presented as a separate component of accumulated other comprehensive income (loss) (“AOCI”). See Note 12 – Fair Value Measurements for further information about how the fair values of investments are determined. Investments in privately-held companies in which the Company has significant influence, but less than a controlling financial interest, are generally accounted for under the equity method of accounting. These investments were not material to the Company’s consolidated financial statements as of June 30, 2016 and 2015 and are included in Long-term investments in the accompanying consolidated balance sheets. The Company evaluates investments held in unrealized loss positions for other-than-temporary impairment on a quarterly basis. Such evaluation involves a variety of considerations, including assessments of the risks and uncertainties associated with general economic conditions and distinct conditions affecting specific issuers. Factors considered by the Company include, but are not limited to (i) the length of time and extent the security has been in a material loss position; (ii) the financial condition and creditworthiness of the issuer; (iii) future economic conditions and market forecasts related to the issuer’s industry, sector, or geography; (iv) the Company’s intent and ability to retain its investment until maturity or for a period of time sufficient to allow for recovery of market value; and (v) an assessment of whether it is more likely than not that the Company will be required to sell its investment before recovery of market value. Accounts Receivable Accounts receivable is stated net of the allowance for doubtful accounts and customer deductions totaling $24.1 million and $20.6 million as of June 30, 2016 and 2015, respectively. This reserve is based upon the evaluation of accounts receivable aging, specific exposures and historical trends. Inventory and Promotional Merchandise Inventory and promotional merchandise only includes inventory considered saleable or usable in future periods, and is stated at the lower of cost or fair-market value, with cost being based on standard cost and production variances, which approximate actual cost on the first-in, first-out method. Cost components include raw materials, componentry, direct labor and overhead (e.g., indirect labor, utilities, depreciation, purchasing, receiving, inspection and warehousing) as well as inbound freight. M anufacturing overhead is allocated to the cost of inventory based on the normal production capacity . Unallocated overhead during periods of abnormally low production levels are recognized as cost of sales in the period in which they are incurred. Promotional merchandise is charged to expense at the time the merchandise is shipped to the Company’s customers. Included in inventory and promotional merchandise is an inventory obsolescence reserve, which represents the difference between the cost of the inventory and its estimated realizable value, based on various product sales projections. This reserve is calculated using an estimated obsolescence percentage applied to the inventory based on age, historical trends and requirements to support forecasted sales. In addition, and as necessary, specific reserves for future known or anticipated events may be established. Derivative Financial Instruments The Company’s derivative financial instruments are recorded as either assets or liabilities on the balance sheet and measured at fair value. All derivatives are (i) designated as a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair-value” hedge), (ii) designated as a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash-flow” hedge), or (iii) not designated as a hedging instrument. Changes in the fair value of a derivative that is designated and qualifies as a fair-value hedge that is highly effective are recorded in current-period earnings, along with the loss or gain on the hedged asset or liability that is attributable to the hedged risk (including losses or gains on unrecognized firm commitments). Changes in the fair value of a derivative that is designated and qualifies as a cash-flow hedge of a forecasted transaction that is highly effective are recorded in OCI. Gains and losses deferred in OCI are then recognized in current-period earnings when earnings are affected by the variability of cash flows of the hedged forecasted transaction (e.g., when periodic settlements on a variable-rate asset or liability are recorded in earnings). Changes in the fair value of derivative instruments not designated as hedging instruments are reported in current-period earnings. Property, Plant and Equipment Property, plant and equipment, including leasehold and other improvements that extend an asset’s useful life or productive capabilities, are carried at cost less accumulated depreciation and amortization. Costs incurred for computer software developed or obtained for internal use are capitalized during the application development stage and expensed as incurred during the preliminary project and post-implementation stages. For financial statement purposes, depreciation is provided principally on the straight-line method over the estimated useful lives of the assets ranging from 3 to 40 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the lives of the respective leases or the expected useful lives of those improvements. Goodwill and Other Indefinite-lived Intangible Assets Goodwill is calculated as the excess of the cost of purchased businesses over the fair value of their underlying net assets. Other indefinite-lived intangible assets principally consist of trademarks. Goodwill and other indefinite-lived intangible assets are not amortized. The Company assesses goodwill and other indefinite-lived intangible assets at least annually for impairment as of the beginning of the fiscal fourth quarter, or more frequently if certain events or circumstances exist. The Company tests goodwill for impairment at the reporting unit level, which is one level below the Company’s operating segments. The Company identifies its reporting units by assessing whether the components of its operating segments constitute businesses for which discrete financial information is available and management of each operating segment regularly reviews the operating results of those components. The Company makes certain judgments and assumptions in allocating assets and liabilities to determine carrying values for its reporting units. When testing goodwill for impairment, the Company has the option of first performing a qualitative assessment to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a quantitative goodwill impairment test. If necessary, the quantitative impairment test is performed in two steps: (i) the Company determines if an indication of impairment exists by comparing the fair value of a reporting unit with its carrying value, and (ii) if there is an impairment, the Company measures the amount of impairment loss by comparing the implied fair value of goodwill with the carrying amount of that goodwill. When testing other indefinite-lived intangible assets for impairment, the Company also has the option of first performing a qualitative assessment to determine whether it is more-likely-than-not that the indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform a quantitative test. The quantitative impairment test for indefinite-lived intangible assets encompasses calculating the fair value of an indefinite-lived intangible asset and comparing the fair value to its carrying value. If the carrying value exceeds the fair value, an impairment charge is recorded. For fiscal 2016 and 2015, the Company elected to perform the qualitative assessment for the majority of its reporting units and indefinite-lived intangible assets. This qualitative assessment included the review of certain macroeconomic factors and entity-specific qualitative factors to determine if it was more-likely-than-not that the fair values of its reporting units were below carrying value. The Company considered macroeconomic factors including the global economic growth, general macroeconomic trends for the markets in which the reporting units operate and the intangible assets are employed, and the growth of the global prestige beauty industry. In addition to these macroeconomic factors, among other things, the Company considered the reporting units’ current results and forecasts, any changes in the nature of the business, any significant legal, regulatory, contractual, political or other business climate factors, changes in the industry/competitive environment, changes in the composition or carrying amount of net assets and its intention to sell or dispose of a reporting unit or cease the use of a trademark. For those reporting units acquired in fiscal 2015, a quantitative assessment was performed. The Company engaged third-party valuation specialists and used industry accepted valuation models and criteria that were reviewed and approved by various levels of management. To determine the fair value of the reporting units, the Company used an equal weighting of the income and market approaches. Under the income approach, we determined fair value using a discounted cash flow method, projecting future cash flows of each reporting unit, as well as a terminal value, and discounting such cash flows at a rate of return that reflected the relative risk of the cash flows. Under the market approach, we utilized market multiples from publicly traded companies with similar operating and investment characteristics as the reporting unit. The key estimates and factors used in these two approaches include revenue growth rates and profit margins based on internal forecasts, terminal value, the weighted-average cost of capital used to discount future cash flows and comparable market multiples. Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. When such events or changes in circumstances occur, a recoverability test is performed comparing projected undiscounted cash flows from the use and eventual disposition of an asset or asset group to its carrying value. If the projected undiscounted cash flows are less than the carrying value, then an impairment charge would be recorded for the excess of the carrying value over the fair value, which is determined by discounting estimated future cash flows. Concentration of Credit Risk The Company is a worldwide manufacturer, marketer and distributor of skin care, makeup, fragrance and hair care products. The Company’s sales that are subject to credit risk are made primarily to department stores, perfumeries, specialty multi-brand retailers and retailers in its travel retail business. The Company grants credit to all qualified customers and does not believe it is exposed significantly to any undue concentration of credit risk. The Company’s largest customer sells products primarily within the United States and accounted for $1,064.5 million, or 9%, $1,060.4 million, or 10%, and $1,142.7 million, or 10%, of the Company’s consolidated net sales in fiscal 2016, 2015 and 2014, respectively. This customer accounted for $164.0 million, or 13%, and $139.1 million, or 12%, of the Company’s accounts receivable at June 30, 2016 and 2015, respectively. Revenue Recognition Revenues from product sales are recognized upon transfer of ownership, including passage of title to the customer and transfer of the risk of loss related to those goods. In the Americas region, sales are generally recognized at the time the product is shipped to the customer and in the Europe, the Middle East & Africa and Asia/Pacific regions, sales are generally recognized based upon the customer’s receipt. In certain circumstances, transfer of title takes place at the point of sale, for example, at the Company’s retail stores. The Company records revenues generated from purchase with purchase promotions in Net Sales and costs of its purchase with purchase and gift with purchase promotions in Cost of Sales. Revenues are reported on a net sales basis, which is computed by deducting from gross sales the amount of actual product returns received, discounts, incentive arrangements with retailers and an amount established for anticipated product returns. The Company’s practice is to accept product returns from retailers only if properly requested and approved. In accepting returns, the Company typically provides a credit to the retailer against accounts receivable from that retailer. As a percentage of gross sales, returns were 3.1% in fiscal 2016 and 3.4% in fiscal 2015 and 2014. Payments to Customers Certain incentive arrangements require the payment of a fee to customers based on their attainment of pre-established sales levels. These fees have been accrued and recorded as a reduction of Net Sales in the accompanying consolidated statements of earnings and were not material to the results of operations in any period presented. The Company enters into transactions related to demonstration, advertising and counter construction, some of which involve cooperative relationships with customers. These activities may be arranged either with unrelated third parties or in conjunction with the customer. To the extent the Company receives an identifiable benefit in exchange for consideration and the fair-value of the benefit can be reasonably estimated, the Company’s share of the counter depreciation and the other costs of these transactions (regardless of to whom they were paid) are reflected in Selling, general and administrative expenses in the accompanying consolidated statements of earnings and were approximately $1,387 million, $1,378 million and $1,410 million in fiscal 2016, 2015 and 2014, respectively. Advertising and Promotion Global net expenses for advertising, merchandising, sampling, promotion and product development were $2,820.7 million, $2,771.5 million and $2,840.0 million in fiscal 2016, 2015 and 2014, respectively, and are expensed as incurred. Excluding the impact of purchase with purchase and gift with purchase promotions, costs for advertising, merchandising, sampling, promotion and product development included in Selling, general and administrative expenses in the accompanying consolidated statements of earnings were $2,607.3 million, $2,558.6 million and $2,618.1 million in fiscal 2016, 2015 and 2014, respectively. Research and Development Research and development costs of $191.3 million, $178.1 million and $157.9 million in fiscal 2016, 2015 and 2014, respectively, are recorded in Selling, general and administrative expenses in the accompanying consolidated statements of earnings and are expensed as incurred. Shipping and Handling Shipping and handling expenses of $362.6 million, $363.6 million and $373.6 million in fiscal 2016, 2015 and 2014, respectively, are recorded in Selling, general and administrative expenses in the accompanying consolidated statements of earnings and include distribution center costs, third-party logistics costs and outbound freight. Operating Leases The Company recognizes rent expense from operating leases with periods of free and scheduled rent increases on a straight-line basis over the applicable lease term. The Company considers lease renewals when such renewals are reasonably assured. From time to time, the Company may receive capital improvement funding from its lessors. These amounts are recorded as deferred liabilities and amortized over the remaining lease term as a reduction of rent expense. License Arrangements The Company’s license agreements provide the Company with worldwide rights to manufacture, market and sell beauty and beauty-related products (or particular categories thereof) using the licensors’ trademarks. Our current licenses have an initial term of approximately 5 years to 10 years, and are renewable subject to the Company’s compliance with the license agreement provisions. Most of our license agreements have renewal terms in 5 year increments, with potential renewal periods ranging from approximately 5 years to 25 years. Under each license, the Company is required to pay royalties to the licensor, at least annually, based on net sales to third parties. Most of the Company’s licenses were entered into to create new business. In some cases, the Company acquired, or entered into, a license where the licensor or another licensee was operating a pre-existing beauty products business. In those cases, other intangible assets are capitalized and amortized over their useful lives. Certain license agreements may require minimum royalty payments, incremental royalties based on net sales levels and minimum spending on advertising and promotional activities. Royalty expenses are accrued in the period in which net sales are recognized while advertising and promotional expenses are accrued at the time these costs are incurred. Stock-Based Compensation The Company records stock-based compensation, measured at the fair value of the awards that are ultimately expected to vest, as an expense in the consolidated financial statements. Upon the exercise of stock options or the vesting of restricted stock units, performance share units, performance share units based on total stockholder return and long-term performance share units, the resulting excess tax benefits, if any, are credited to additional paid-in capital. Any resulting tax deficiencies will first be offset against those cumulative credits to additional paid-in capital. If the cumulative credits to additional paid-in capital are exhausted, tax deficiencies will be recorded to the provision for income taxes. Income Taxes The Company accounts for income taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in its consolidated financial statements or tax returns. The net deferred tax assets assume sufficient future earnings for their realization, as well as the continued application of currently anticipated tax rates. Included in net deferred tax assets is a valuation allowance for deferred tax assets, where management believes it is not more-likely-than-not that the deferred tax assets will be realized in the relevant jurisdiction. If the Company’s assessment of realizability of a deferred tax asset changes, an increase to a valuation allowance will result in a reduction of net earnings at that time while the reduction of a valuation allowance will result in an increase of net earnings at that time. The Company provides tax reserves for U.S. federal, state, local and foreign exposures relating to periods subject to audit. The development of reserves for these exposures requires judgments about tax issues, potential outcomes and timing, and is a subjective critical estimate. The Company assesses its tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon settlement with a tax authority that has full knowledge of all relevant information. For those tax positions where it is more-likely-than-not that a tax benefit will not be sustained, no tax benefit has been recognized in the consolidated financial statements. The Company classifies applicable interest and penalties as a component of the provision for income taxes. Although the outcome relating to these exposures is uncertain, in management’s opinion adequate provisions for income taxes have been made for estimable potential liabilities emanating from these exposures. If actual outcomes differ materially from these estimates, they could have a material impact on the Company’s consolidated results of operations. Recently Adopted Accounting Standards Debt Issuance Costs In April 2015, the FASB issued guidance that simplifies the presentation of debt issuance costs. Under the revised guidance, entities would no longer be able to recognize debt issuance costs as an asset in the balance sheet. The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. Upon adoption, the Company applied the new guidance on a retrospective basis and complied with the applicable disclosures for a change in an accounting principle, as required. Adopted date – The Company adopted this guidance retrospectively during the fiscal 2016 fourth quarter. Impact on consolidated financial statements – The Company restated the June 30, 2015 balance sheet to reclassify $12.4 million from Other assets to Long-term debt. Deferred Income Taxes As part of their simplification initiative to reduce the complexity in accounting standards, in November 2015, the FASB issued authoritative guidance that requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. Under current guidance, deferred taxes for each jurisdiction are presented on a net current and net noncurrent basis, requiring an in depth analysis by jurisdiction to make the allocation. The updated guidance simplified the Company’s analysis by eliminating the requirement to allocate between current and noncurrent deferred taxes by jurisdiction. Adopted date – The Company adopted this guidance retrospectively during the fiscal 2016 fourth quarter. Impact on consolidated financial statements – The Company restated the June 30, 2015 consolidated balance sheet to reclassify $284.9 million related to deferred taxes from Prepaid expenses and other current assets to Other assets and $5.9 million from Other accrued liabilities to Other noncurrent liabilities. Recently Issued Accounting Standards Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued authoritative guidance that requires companies to utilize an impairment model for most financial assets measured at amortized cost and certain other financial instruments, which include trade and other receivables, loans and held-to-maturity debt securities, to record an allowance for credit risk based on expected losses rather than incurred losses. In addition, this new guidance changes the recognition method for credit losses on available-for-sale debt securities, which can occur as a result of market and credit risk, as well as additional disclosures. In general, this guidance will require modified retrospective adoption for all outstanding instruments that fall under this guidance. Effective date – This guidance becomes effective for the Company’s fiscal 2021 first quarter . Impact on consolidated financial statements – The Company is currently evaluating the impact of applying this guidance on its consolidated financial statements. Compensation - Stock Compensation In March 2016, as part of its simplification initiative, the FASB issued authoritative guidance that changes the way companies account for certain aspects of share-based payments to employees. This new guidance requires that all excess tax benefits and tax deficiencies related to share-based compensation awards be recorded as income tax expense or benefit in the income statement. In addition, companies are required to treat the tax effects of exercised or vested awards as discrete items in the period that they occur. This guidance also permits an employer to withhold up to the maximum statutory withholding rates in a jurisdiction without triggering liability classification, allows companies to elect to account for forfeitures as they occur, and provides requirements for the cash flow classification of cash paid by an employer when directly withholding shares for tax-withholding purposes and for the classification of excess tax benefits. The new guidance prescribes different transition methods for the various provisions. Effective date – This guidance becomes effective for the Company’s fiscal 2018 first quarter, with early adoption permitted . Impact on consolidated financial statements – The Company is currently evaluating the impact of applying this guidance on its consolidated financial statements. Leases In February 2016, the FASB issued authoritative guidance that requires lessees to account for most leases on their balance sheets with the liability being equal to the present value of the lease payments. The right-of-use asset will be based on the lease liability adjusted for certain costs such as direct costs. Lease expense will be recognized similar to current accounting guidance with operating leases resulting in a straight-line expense, and financing leases resulting in a front-loaded expense similar to the current accounting for capital leases. This guidance must be adopted using a modified retrospective transition approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements, and provides for certain practical expedients. Effective date – This guidance becomes effective for the Company’s fiscal 2020 first quarter, with early adoption permitted . Impact on consolidated financial statements – The Company is currently evaluating the impact of applying this guidance on its consolidated financial

INVESTMENTS

INVESTMENTS	12 Months Ended
	Jun. 30, 2016
INVESTMENTS
INVESTMENTS	NOTE 3 – INVESTMENTS Gains and losses recorded in AOCI related to the Company’s available-for-sale investments as of June 30, 2016 were as follows: (In millions) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government and agency securities $ $ $ — $ Foreign government and agency securities — Corporate notes and bonds ) Time deposits — — Other securities — Total $ $ $ ) $ Gains and losses recorded in AOCI related to the Company’s available-for-sale investments as of June 30, 2015 were as follows: (In millions) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government and agency securities $ $ $ ) $ Foreign government and agency securities — — Corporate notes and bonds ) Time deposits — — Other securities — Total $ $ $ ) $ The following table presents the Company’s available-for-sale securities by contractual maturity as of June 30, 2016: (In millions) Cost Fair Value Due within one year $ $ Due after one through five years $ $ The following table presents the fair market value of the Company’s investments with gross unrealized losses that are not deemed to be other-than temporarily impaired as of June 30, 2016: In a Loss Position for Less Than 12 Months In a Loss Position for More Than 12 Months (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Available-for-sale securities $ $ — $ $ ) Gross gains and losses realized on sales of investments included in the consolidated statements of earnings were as follows: Year Ended June 30 (In millions) 2016 2015 Gross realized gains $ $ Gross realized losses ) ) Total $ ) $ The Company utilizes the first-in, first-out method to determine the cost of the security sold. Sale proceeds from investments classified as available-for-sale were $794.3 million and $280.6 million in fiscal 2016 and 2015, respectively.

INVENTORY AND PROMOTIONAL MERCH

INVENTORY AND PROMOTIONAL MERCHANDISE	12 Months Ended
	Jun. 30, 2016
INVENTORY AND PROMOTIONAL MERCHANDISE
INVENTORY AND PROMOTIONAL MERCHANDISE	NOTE 4 – INVENTORY AND PROMOTIONAL MERCHANDISE June 30 (In millions) 2016 2015 Inventory and promotional merchandise, net consists of: Raw materials $ $ Work in process Finished goods Promotional merchandise $ $

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Jun. 30, 2016
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	NOTE 5 – PROPERTY, PLANT AND EQUIPMENT June 30 (In millions) 2016 2015 Assets (Useful Life) Land $ $ Buildings and improvements (10 to 40 years) Machinery and equipment (3 to 10 years) Computer hardware and software (4 to 10 years) Furniture and fixtures (5 to 15 years) Leasehold improvements Less accumulated depreciation and amortization ) ) $ $ The cost of assets related to projects in progress of $186.3 million and $192.0 million as of June 30, 2016 and 2015, respectively, is included in their respective asset categories above. Depreciation and amortization of property, plant and equipment was $401.2 million, $400.0 million and $378.1 million in fiscal 2016, 2015 and 2014, respectively. Depreciation and amortization related to the Company’s manufacturing process is included in Cost of Sales and all other depreciation and amortization is included in Selling, general and administrative expenses in the accompanying consolidated statements of earnings.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Jun. 30, 2016
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	NOTE 6 – GOODWILL AND OTHER INTANGIBLE ASSETS During the year ended June 30, 2016, the Company acquired By Kilian, a prestige fragrance brand, which included the addition of goodwill of $78.2 million, amortizable intangible assets of $5.5 million (with a weighted-average amortization period of approximately 8 years) and non-amortizable intangible assets of $31.9 million related to the Company’s fragrance product category. These amounts are provisional pending final working capital adjustments. During the year ended June 30, 2016, the Company recognized $10.5 million of goodwill associated with the continuing earn-out obligations related to the acquisition of the Bobbi Brown brand. Goodwill The Company assigns goodwill of a reporting unit to the product category in which that reporting unit predominantly operates at the time of acquisition. The following table presents goodwill by product category and the related change in the carrying amount: (In millions) Skin Care Makeup Fragrance Hair Care Total Balance as of June 30, 2014 Goodwill $ $ $ $ $ Accumulated impairments ) — — ) ) Goodwill acquired during the year — Translation and other adjustments ) ) ) ) ) ) Balance as of June 30, 2015 Goodwill Accumulated impairments ) — — ) ) Goodwill acquired during the year — — Translation and other adjustments — ) ) ) ) Balance as of June 30, 2016 Goodwill Accumulated impairments ) — — ) ) $ $ $ $ $ Other Intangible Assets Other intangible assets include trademarks and patents, as well as license agreements and other intangible assets resulting from or related to businesses and assets purchased by the Company. Indefinite-lived intangible assets (e.g., trademarks) are not subject to amortization and are assessed at least annually for impairment during the fiscal fourth quarter, or more frequently if certain events or circumstances exist. Other intangible assets (e.g., non-compete agreements, customer lists) are amortized on a straight-line basis over their expected period of benefit, approximately 2 years to 20 years. Intangible assets related to license agreements were amortized on a straight-line basis over their useful lives based on the terms of the respective agreements. The costs incurred and expensed by the Company to extend or renew the term of acquired intangible assets during fiscal 2016 and 2015 were not significant to the Company’s results of operations. Other intangible assets consist of the following: June 30, 2016 June 30, 2015 (In millions) Gross Carrying Value Accumulated Amortization Total Net Book Value Gross Carrying Value Accumulated Amortization Total Net Book Value Amortizable intangible assets: Customer lists and other $ $ $ $ $ $ License agreements — — $ $ $ $ Non-amortizable intangible assets: Trademarks and other Total intangible assets $ $ The aggregate amortization expense related to amortizable intangible assets for fiscal 2016, 2015 and 2014 was $15.8 million, $13.7 million and $12.4 million, respectively. The estimated aggregate amortization expense for each of the next five fiscal years is as follows: Fiscal (In millions) 2017 2018 2019 2020 2021 Estimated aggregate amortization expense $ $ $ $ $

CHARGES ASSOCIATED WITH RESTRUC

CHARGES ASSOCIATED WITH RESTRUCTURING ACTIVITIES	12 Months Ended
	Jun. 30, 2016
CHARGES ASSOCIATED WITH RESTRUCTURING ACTIVITIES
CHARGES ASSOCIATED WITH RESTRUCTURING ACTIVITIES	NOTE 7 – CHARGES ASSOCIATED WITH RESTRUCTURING ACTIVITIES Charges associated with restructuring activities in fiscal 2016 were as follows: Operating Expenses (In millions) Sales Returns (included in Net Sales) Cost of Sales Restructuring Charges Other Charges Total Global Technology Infrastructure $ — $ — $ $ $ Leading Beauty Forward Total $ $ $ $ $ Restructuring charges are comprised of the following: Employee-Related Costs – Employee-related costs are primarily comprised of severance and other post-employment benefit costs, calculated based on salary levels, prior service and other statutory minimum benefits, if applicable. Employee-related costs are expensed when specific employees have been identified and when payment is probable and estimable, which generally occurs upon approval of the related initiative by management with authority delegated from the Company’s Board of Directors. Asset-Related Costs – Asset-related costs primarily consist of asset write-offs or accelerated depreciation related to long-lived assets that will be taken out of service prior to their existing useful life as a direct result of a restructuring initiative. The accelerated portion of depreciation expense will be expensed on a straight-line basis and be classified as restructuring charges, while the portion relating to the previous existing useful life will continue to be reported in Selling, general and administrative expenses. Contract Terminations – Costs related to contract terminations include continuing payments to a third-party after the Company has ceased benefiting from the rights conveyed in the contract, or a payment made to terminate a contract prior to its expiration. These may include continuing operating lease payments (less estimated sublease payments) to a landlord after exiting a location prior to the lease-end date as a direct result of an approved restructuring initiative. Contract terminations also include minimum payments or fees related to the early termination of license or other personal services contracts. Costs related to contract terminations are expensed upon the cease-use date of a leased property or upon the notification date to the third party in the event of a license or personal service contract termination. Other Exit Costs – Other exit costs related to restructuring activities generally include costs to relocate facilities or employees, recruiting to fill positions as a result of relocation of operations, and employee outplacement for separated employees. Other exit costs are charged to expense as incurred. Other charges associated with restructuring activities are comprised of the following: Sales Returns and Cost of Sales – Product returns (offset by the related cost of sales) and inventory write-offs or write-downs as a direct result of an approved restructuring initiative to exit certain businesses or locations will be recorded as a component of Net Sales and/or Cost of Sales when estimable and reasonably assured. Other Charges – The Company approved other charges related to the design and implementation of approved initiatives that primarily include the following: · Consulting and other professional services for organizational design of the future structures, processes and technologies, and implementation thereof · Temporary labor backfill · Costs to establish and maintain a Project Management Office (“PMO”) for the duration of Leading Beauty Forward, including internal costs for employees dedicated solely to project management activities, and other PMO-related expenses incremental to the Company’s ongoing operations (e.g., rent, utilities) · Recruitment and training costs for new and reskilled employees to acquire and apply the capabilities needed to perform responsibilities as a direct result of an approved restructuring initiative Global Technology Infrastructure In October 2015, officers authorized by the Company’s Board of Directors approved plans to transform and modernize the Company’s global technology infrastructure (“GTI”) to fundamentally change the way it delivers information technology services internally (such initiative, the “GTI Restructuring”). As part of the GTI Restructuring, the Company transitioned its GTI from Company-owned assets to a primarily vendor-owned, cloud-based model where it pays for services as they are used. This model, with a different third-party provider, is expected to provide an enhanced scalable platform to better support current and future requirements, help the Company achieve key strategic opportunities and improve the Company’s agility and flexibility to respond to the demands of the business by leveraging more advanced technologies. The implementation of the GTI Restructuring was substantially completed during fiscal 2016. The following table presents GTI Restructuring charges and the related activities under this initiative to date: (In millions) Employee- Related Costs Asset-Related Costs Contract Terminations Other Exit Costs Total Charges $ $ $ $ $ Cash payments ) — ) ) ) Non-cash asset write-offs — ) — — ) Accrued GTI Restructuring balance at June 30, 2016 $ $ — $ $ — $ Accrued GTI Restructuring charges at June 30, 2016 are expected to result in cash expenditures funded from cash provided by operations in fiscal 2017. Other charges in connection with the implementation of this initiative were $7.6 million for the year ended June 30, 2016 and primarily relate to consulting services. These charges are included in Restructuring and other charges in the accompanying consolidated statements of earnings. Leading Beauty Forward On May 3, 2016, the Company announced a multi-year initiative (“Leading Beauty Forward” or “LBF”) to build on its strengths and better leverage its cost structure to free resources for investment to continue its growth momentum. LBF is designed to enhance the Company’s go-to-market capabilities, reinforce its leadership in global prestige beauty and continue creating sustainable value. The Company plans to approve specific initiatives under LBF through fiscal 2019 and expects to complete those initiatives through fiscal 2021. The Company expects that LBF will result in related restructuring and other charges totaling between $600 million and $700 million before taxes. Restructuring actions to be taken over the duration of LBF involve the redesigning, resizing and reorganization of select corporate functions and go-to-market structures to improve effectiveness and create cost-efficiencies in support of increased investment in growth drivers. As the Company continues to grow, it is important to more efficiently support its diverse portfolio of brands, channels and geographies in the rapidly evolving prestige beauty environment. The initiatives being evaluated include the creation of a shared-services structure, either through Company-owned or third-party service providers in existing or lower-cost locations. The Company also believes that decision-making in key areas of innovation, marketing and digital communications should be moved closer to the consumer to increase speed and local relevance. In connection with LBF, at this time, the Company estimates a net reduction in the range of approximately 900 to 1,200 positions globally, which is about 2.5% of its current workforce. This reduction takes into account the elimination of some positions, retraining and redeployment of certain employees and investment in new positions in key areas. Specific actions taken since the Program inception included: · Optimize Select Corporate Functions – The Company approved initiatives to realign and optimize its organization to better leverage scale, improve productivity, reduce complexity and achieve cost savings across various functions, including research and development, global information systems and human resources. These actions will result in a net reduction of the workforce, which includes position eliminations, the re-leveling of certain positions and an investment in new capabilities. The Company also approved consulting and other professional services related to the design of the future structures, processes and technologies of certain corporate functions including finance, legal, real estate, human resources and global consumer care, as well as the initial organizational design phase of a potential shared-services support structure. To a lesser extent, also included in the approved other charges are costs to establish a Leading Beauty Forward PMO. · Optimize Supply Chain – An initiative to centralize the Company’s supply chain management, and redesign of supply chain planning and transportation management activities, was approved. This initiative includes the relocation of certain operations and positions, with some employees being separated and positions replaced in a new location. Other charges approved are primarily related to consulting fees for design and implementation, temporary labor backfill during the transition and project management costs. · Optimize Corporate and Region Market Support Structures – The Company approved initiatives to enhance its go-to-market support structures and achieve synergies across certain geographic regions, brands and channels. These initiatives are primarily intended to shift certain areas of focus from traditional to social and digital marketing strategies to provide enhanced consumer experience, as well as to support expanded omnichannel opportunities. These actions will result in a net reduction of the workforce, which includes position eliminations, the re-leveling of certain positions and an investment in new capabilities. · Exit Underperforming Businesses – To further improve profitability in certain areas of the Company’s brands and regions, the Company approved initiatives to exit certain businesses in select markets and channels of distribution. The Company has also decided to close a number of underperforming freestanding retail stores and exit mid-tier department stores for certain brands in the United States to redirect resources to other retail locations and channels with potential for greater profitability. These activities will result in product returns, inventory write-offs, reduction of workforce, accelerated depreciation and termination of contracts. The following table presents LBF restructuring charges and the related activities under this initiative to date: (In millions) Employee- Related Costs Asset- Related Costs Other Exit Costs Total Charges $ $ $ $ Cash payments ) — — ) Non-cash asset write-offs — ) — ) Translation adjustments ) — — ) Other adjustments ) — — ) Accrued Leading Beauty Forward balance at June 30, 2016 $ $ — $ $ Accrued restructuring charges at June 30, 2016 are expected to result in cash expenditures funded from cash provided by operations of approximately $30 million, $35 million and $8 million in fiscal 2017, 2018 and 2019, respectively. Other charges in connection with the implementation of this initiative were $4.1 million for the year ended June 30, 2016 and primarily relate to consulting services. These charges are included in Restructuring and other charges in the accompanying consolidated statements of earnings.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jun. 30, 2016
INCOME TAXES
INCOME TAXES	NOTE 8 – INCOME TAXES The provision for income taxes is comprised of the following: Year Ended June 30 (In millions) 2016 2015 2014 Current: Federal $ $ $ Foreign State and local Deferred: Federal ) ) ) Foreign ) ) State and local ) ) ) $ $ $ Earnings before income taxes include amounts contributed by the Company’s foreign operations of approximately $1,448 million, $1,420 million and $1,384 million for fiscal 2016, 2015 and 2014, respectively. A portion of these earnings are taxed in the United States. A reconciliation of the U.S. federal statutory income tax rate to the Company’s actual effective tax rate on earnings before income taxes is as follows: Year Ended June 30 2016 2015 2014 Provision for income taxes at statutory rate % % % Increase (decrease) due to: State and local income taxes, net of federal tax benefit Taxation of foreign operations ) ) ) Income tax reserve adjustments ) ) Other, net Effective tax rate % % % Income tax reserve adjustments represent changes in the Company’s net liability for unrecognized tax benefits related to prior-year tax positions including the impact of tax settlements and lapses of the applicable statutes of limitations. Federal income and foreign withholding taxes have not been provided on approximately $3,548 million of undistributed earnings of foreign subsidiaries at June 30, 2016. The Company intends to reinvest these earnings in its foreign operations indefinitely, except where it is able to repatriate these earnings to the United States without material incremental tax provision. The determination and estimation of the future income tax consequences in all relevant taxing jurisdictions involves the application of highly complex tax laws in the countries involved, particularly in the United States, and is based on the tax profile of the Company in the year of earnings repatriation. Accordingly, it is not practicable to determine the amount of tax associated with such undistributed earnings. Significant components of the Company’s deferred income tax assets and liabilities were as follows: June 30 (In millions) 2016 2015 Deferred tax assets: Compensation related expenses $ $ Inventory obsolescence and other inventory related reserves Retirement benefit obligations Various accruals not currently deductible Net operating loss, credit and other carryforwards Unrecognized state tax benefits and accrued interest Other differences between tax and financial statement values Valuation allowance for deferred tax assets ) Total deferred tax assets Deferred tax liabilities: Depreciation and amortization ) Other differences between tax and financial statement values ) Total deferred tax liabilities ) Total net deferred tax assets $ $ As of June 30, 2016 and 2015, the Company had net deferred tax assets of $422.3 million and $351.1 million, respectively, substantially all of which are included in Other assets in the accompanying balance sheets. As of June 30, 2016 and 2015, certain subsidiaries had net operating loss and other carryforwards for tax purposes of approximately $410 million and $430 million, respectively. With the exception of approximately $390 million of net operating loss and other carryforwards with an indefinite carryforward period as of June 30, 2016, these carryforwards expire at various dates through fiscal 2035. Deferred tax assets, net of valuation allowances, in the amount of $3.5 million and $4.6 million as of June 30, 2016 and 2015, respectively, have been recorded to reflect the tax benefits of the carryforwards not utilized to date. A full valuation allowance has been provided for those deferred tax assets for which, in the opinion of management, it is more-likely-than-not that the deferred tax assets will not be realized. As of June 30, 2016 and 2015, the Company had gross unrecognized tax benefits of $82.1 million and $77.8 million, respectively. The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $54.8 million. The Company classifies applicable interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes. The total gross accrued interest and penalty expenses during the fiscal years ended June 30, 2016 and June 30, 2015 in the accompanying consolidated statement of earnings was $0.1 million and $5.9 million, respectively. The total gross accrued interest and penalties in the accompanying consolidated balance sheets at June 30, 2016 and 2015 were $18.4 million and $16.5 million, respectively. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: June 30 (In millions) 2016 2015 Beginning of the year balance of gross unrecognized tax benefits $ $ Gross amounts of increases as a result of tax positions taken during a prior period Gross amounts of decreases as a result of tax positions taken during a prior period ) ) Gross amounts of increases as a result of tax positions taken during the current period Amounts of decreases in unrecognized tax benefits relating to settlements with taxing authorities ) ) Reductions to unrecognized tax benefits as a result of a lapse of the applicable statutes of limitations ) ) End of year balance of gross unrecognized tax benefits $ $ Earnings from the Company’s global operations are subject to tax in various jurisdictions both within and outside the United States. The Company participates in the U.S. Internal Revenue Service (the “IRS”) Compliance Assurance Program (“CAP”). The objective of CAP is to reduce taxpayer burden and uncertainty while assuring the IRS of the accuracy of income tax returns prior to filing, thereby reducing or eliminating the need for post-filing examinations. During the fourth quarter of fiscal 2016, the Company formally concluded the compliance process with respect to fiscal 2015 under the IRS CAP. The conclusion of this process did not impact the Company’s consolidated financial statements. As of June 30, 2016, the compliance process was ongoing with respect to fiscal year 2016. The Company is currently undergoing income tax examinations and controversies in several state, local and foreign jurisdictions. These matters are in various stages of completion and involve complex multi-jurisdictional issues common among multinational enterprises, including transfer pricing, which may require an extended period of time for resolution. During fiscal 2016, the Company concluded various state, local and foreign income tax audits and examinations while several other matters, including those noted above, were initiated or remained pending. On the basis of the information available in this regard as of June 30, 2016, it is reasonably possible that the total amount of unrecognized tax benefits could decrease in a range of $10 million to $15 million within 12 months as a result of projected resolutions of global tax examinations and controversies and a potential lapse of the applicable statutes of limitations. The tax years subject to examination vary depending on the tax jurisdiction. As of June 30, 2016, the following tax years remain subject to examination by the major tax jurisdictions indicated: Major Jurisdiction Open Fiscal Years Belgium 2013 – 2016 Canada 2009 – 2016 China 2012 – 2016 France 2013 – 2016 Germany 2013 – 2016 Hong Kong 2010 – 2016 Japan 2016 Korea 2014 – 2016 Russia 2015 – 2016 Spain 2012 – 2016 Switzerland 2011 – 2016 United Kingdom 2015 – 2016 United States 2016 State of California 2012 – 2016 State and City of New York 2011 – 2016 The Company is also subject to income tax examinations in numerous other state, local and foreign jurisdictions. The Company believes that its tax reserves are adequate for all years subject to examination.

OTHER ACCRUED LIABILITIES

OTHER ACCRUED LIABILITIES	12 Months Ended
	Jun. 30, 2016
OTHER ACCRUED LIABILITIES
OTHER ACCRUED LIABILITIES	NOTE 9 – OTHER ACCRUED LIABILITIES Other accrued liabilities consist of the following: June 30 (In millions) 2016 2015 Advertising, merchandising and sampling $ $ Employee compensation Payroll and other taxes Other $ $

DEBT

DEBT	12 Months Ended
	Jun. 30, 2016
DEBT
DEBT	NOTE 10 – DEBT The Company’s current and long-term debt and available financing consist of the following: Debt at June 30 Available financing at June 30, 2016 (In millions) 2016 2015 Committed Uncommitted 4.375% Senior Notes, due June 15, 2045 (“2045 Senior Notes”) $ $ $ — $ — 3.70% Senior Notes, due August 15, 2042 (“2042 Senior Notes”) — — 6.00% Senior Notes, due May 15, 2037 (“2037 Senior Notes”) — — 5.75% Senior Notes, due October 15, 2033 (“2033 Senior Notes”) — — 2.35% Senior Notes, due August 15, 2022 (“2022 Senior Notes”) — — 1.70% Senior Notes, due May 10, 2021 (“2021 Senior Notes”) — — — 5.55% Senior Notes, due May 15, 2017 (“2017 Senior Notes”) — — Commercial paper — — — Other long-term borrowings — — Other current borrowings — Revolving credit facility — — — $ $ Less current debt including current maturities ) ) $ $ As of June 30, 2016, the Company’s long-term debt consisted of the following: Notes Issue Date Price Yield Principal Unamortized Debt (Discount) Premium Interest rate swap adjustments Debt Issuance Costs Semi-annual interest payments ($ in millions) 2045 Senior Notes (1) June 2015 % % $ $ ) $ — $ ) June 15/December 15 2045 Senior Notes (1) May 2016 — ) June 15/December 15 2042 Senior Notes August 2012 ) — ) February 15/August 15 2037 Senior Notes (2) May 2007 ) — ) May 15/November 15 2033 Senior Notes (3) September 2003 ) — ) April 15/October 15 2022 Senior Notes (4) August 2012 ) ) February 15/August 15 2021 Senior Notes (5) May 2016 ) — ) May 10/November 10 (1) In April and May 2015, in anticipation of the issuance of the 2045 Senior Notes in June 2015, the Company entered into a series of forward-starting interest rate swap agreements on a notional amount totaling $300.0 million at a weighted-average all-in rate of 2.38%. The forward-starting interest rate swap agreements were settled upon the issuance of the new debt and the Company recognized a gain in OCI of $17.5 million that will be amortized against interest expense over the life of the 2045 Senior Notes. As a result of the forward-starting interest rate swap agreements, the debt discount and debt issuance costs, the effective interest rate on the 2045 Senior Notes will be 4.216% over the life of the debt. In May 2016, the Company reopened this offering with the same terms and issued an additional $150.0 million for an aggregate amount outstanding of $450.0 of 2045 Senior Notes. (2) In April 2007, in anticipation of the issuance of the 2037 Senior Notes, the Company entered into a series of forward-starting interest rate swap agreements on a notional amount totaling $210.0 million at a weighted-average all-in rate of 5.45%. The forward-starting interest rate swap agreements were settled upon the issuance of the new debt and the Company recognized a loss in OCI of $0.9 million that is being amortized to interest expense over the life of the 2037 Senior Notes. As a result of the forward-starting interest rate swap agreements, the debt discount and debt issuance costs, the effective interest rate on the 2037 Senior Notes will be 6.181% over the life of the debt. (3) In May 2003, in anticipation of the issuance of the 2033 Senior Notes, the Company entered into a series of treasury lock agreements on a notional amount totaling $195.0 million at a weighted-average all-in rate of 4.53%. The treasury lock agreements were settled upon the issuance of the new debt and the Company received a payment of $15.0 million that is being amortized against interest expense over the life of the 2033 Senior Notes. As a result of the treasury lock agreements, the debt discount and debt issuance costs, the effective interest rate on the 2033 Senior Notes will be 5.395% over the life of the debt. (4) In June 2015, the Company entered into interest rate swap agreements with a notional amount totaling $250.0 million to effectively convert the fixed rate interest on its outstanding 2022 Senior Notes to variable interest rates based on three-month LIBOR plus a margin. (5) In April 2016, in anticipation of the issuance of the 2021 Senior Notes, the Company entered into a series of treasury lock agreements on a notional amount totaling $400.0 million at a weighted-average all-in rate of 1.27%. The treasury lock agreements were settled upon the issuance of the new debt and the Company made a payment of $0.5 million that is being amortized against interest expense over the life of the 2021 Senior Notes. As a result of the treasury lock agreements, the debt discount and debt issuance costs, the effective interest rate on the 2021 Senior Notes will be 1.844% over the life of the debt. The Company has a $1.0 billion commercial paper program under which it may issue commercial paper in the United States. At June 30, 2016, the Company had no commercial paper outstanding. At August 18, 2016, the Company had $290.0 million of commercial paper outstanding, which may be refinanced on a periodic basis as it matures at the then-prevailing market interest rates. The Company has a $1.0 billion senior unsecured revolving credit facility (the “Facility”) that is currently set to expire on July 15, 2020. At June 30, 2016, no borrowings were outstanding under the Facility. The Facility may be used for general corporate purposes and up to the equivalent of $350 million of the Facility is available for multi-currency loans. The interest rate on borrowings under the Facility is based on LIBOR or on the higher of prime, which is the rate of interest publicly announced by the administrative agent, or ½% plus the Federal funds rate. The Company incurred costs of approximately $1.0 million to establish the Facility, which are being amortized over the term of the Facility. The Facility has an annual fee of $0.6 million, payable quarterly, based on the Company’s current credit ratings. The Facility also contains a cross-default provision whereby a failure to pay other material financial obligations in excess of $150.0 million (after grace periods and absent a waiver from the lenders) would result in an event of default and the acceleration of the maturity of any outstanding debt under the Facility. The Company maintains uncommitted credit facilities in various regions throughout the world. Interest rate terms for these facilities vary by region and reflect prevailing market rates for companies with strong credit ratings. During fiscal 2016 and 2015, the monthly average amount outstanding was approximately $30.5 million and $15.4 million, respectively, and the annualized monthly weighted-average interest rate incurred was approximately 12.5% and 11.3%, respectively. Refer to Note 14 – Commitments and Contingencies for the Company’s projected debt service payments, as of June 30, 2016, over the next five fiscal years.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Jun. 30, 2016
DERIVATIVE FINANCIAL INSTRUMENTS
DERIVATIVE FINANCIAL INSTRUMENTS	NOTE 11 – DERIVATIVE FINANCIAL INSTRUMENTS The Company addresses certain financial exposures through a controlled program of risk management that includes the use of derivative financial instruments. The Company enters into foreign currency forward contracts and may enter into option contracts to reduce the effects of fluctuating foreign currency exchange rates. In addition, the Company enters into interest rate derivatives to manage the effects of interest rate movements on the Company’s aggregate liability portfolio, including potential future debt issuances. The Company also enters into foreign currency forward contracts and may use option contracts, not designated as hedging instruments, to mitigate the change in fair value of specific assets and liabilities on the balance sheet. The Company does not utilize derivative financial instruments for trading or speculative purposes. Costs associated with entering into derivative financial instruments have not been material to the Company’s consolidated financial results. For each derivative contract entered into where the Company looks to obtain hedge accounting treatment, the Company formally and contemporaneously documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking the hedge transaction, the nature of the risk being hedged, how the hedging instruments’ effectiveness in offsetting the hedged risk will be assessed prospectively and retrospectively, and a description of the method of measuring ineffectiveness. This process includes linking all derivatives to specific assets and liabilities on the balance sheet or to specific firm commitments or forecasted transactions. The Company also formally assesses, both at the inception of the hedges and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. If it is determined that a derivative is not highly effective, or that it has ceased to be a highly effective hedge, the Company will be required to discontinue hedge accounting with respect to that derivative prospectively. The fair values of the Company’s derivative financial instruments included in the consolidated balance sheets are presented as follows: Asset Derivatives Liability Derivatives (In millions) Balance Sheet Location Fair Value (1) Balance Sheet Location Fair Value (1) June 30 June 30 2016 2015 2016 2015 Derivatives Designated as Hedging Instruments: Foreign currency forward contracts Prepaid expenses and other current assets $ $ Other accrued liabilities $ $ Interest rate swap contracts Prepaid expenses and other current assets — Other accrued liabilities — Total Derivatives Designated as Hedging Instruments Derivatives Not Designated as Hedging Instruments: Foreign currency forward contracts Prepaid expenses and other current assets Other accrued liabilities Total Derivatives $ $ $ $ (1) See Note 12 – Fair Value Measurements for further information about how the fair value of derivative assets and liabilities are determined. The amounts of the gains and losses related to the Company’s derivative financial instruments designated as hedging instruments are presented as follows: (In millions) Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) Location of Gain or (Loss) Reclassified from AOCI into Earnings (Effective Portion) Amount of Gain or (Loss) Reclassified from AOCI into Earnings (Effective Portion) (1) June 30 June 30 2016 2015 2016 2015 Derivatives in Cash Flow Hedging Relationships: Foreign currency forward contracts $ $ Cost of sales $ $ Selling, general and administrative Settled interest rate-related derivatives ) Interest expense Total derivatives $ $ $ $ (1) The amount of loss recognized in earnings related to the amount excluded from effectiveness testing was $(1.0) million and $(1.5) million for fiscal 2016 and 2015, respectively. There was no gain (loss) recognized in earnings related to the ineffective portion of hedging relationships for fiscal 2016. The gain (loss) recognized in earnings related to the ineffective portion of the hedging relationships was $1.8 million for fiscal 2015. (In millions) Location of Gain or (Loss) Recognized in Earnings on Derivatives Amount of Gain or (Loss) Recognized in Earnings on Derivatives (1) June 30 2016 2015 Derivatives in Fair Value Hedging Relationships: Interest rate swap contracts Interest expense $ $ ) (1) Changes in the fair value of the interest rate swap agreements are exactly offset by the change in the fair value of the underlying long-term debt. The amounts of the gains and losses related to the Company’s derivative financial instruments not designated as hedging instruments are presented as follows: (In millions) Location of Gain or (Loss) Recognized in Earnings on Derivatives Amount of Gain or (Loss) Recognized in Earnings on Derivatives June 30 2016 2015 Derivatives Not Designated as Hedging Instruments: Foreign currency forward contracts Selling, general and administrative $ $ ) Cash-Flow Hedges The Company enters into foreign currency forward contracts to hedge anticipated transactions, as well as receivables and payables denominated in foreign currencies, for periods consistent with the Company’s identified exposures. The purpose of the hedging activities is to minimize the effect of foreign exchange rate movements on costs and on the cash flows that the Company receives from foreign subsidiaries. The majority of foreign currency forward contracts are denominated in currencies of major industrial countries. The Company may also enter into foreign currency option contracts to hedge anticipated transactions where there is a high probability that anticipated exposures will materialize. The foreign currency forward contracts entered into to hedge anticipated transactions have been designated as cash-flow hedges and have varying maturities through the end of June 2018. Hedge effectiveness of foreign currency forward contracts is based on a hypothetical derivative methodology and excludes the portion of fair value attributable to the spot-forward difference which is recorded in current-period earnings. Hedge effectiveness of foreign currency option contracts is based on a dollar offset methodology. The Company enters into interest rate forward contracts to hedge anticipated issuance of debt for periods consistent with the Company’s identified exposures. The purpose of the hedging activities is to minimize the effect of interest rate movements on the cost of debt issuance. The ineffective portion of both foreign currency forward and interest rate derivatives is recorded in current-period earnings. For hedge contracts that are no longer deemed highly effective, hedge accounting is discontinued and gains and losses in AOCI are reclassified to earnings when the underlying forecasted transaction occurs. If it is probable that the forecasted transaction will no longer occur, then any gains or losses in AOCI are reclassified to current-period earnings. As of June 30, 2016, the Company’s foreign currency cash-flow hedges were highly effective. At June 30, 2016, the Company had foreign currency forward contracts in the amount of $3,265.2 million. The foreign currencies included in foreign currency forward contracts (notional value stated in U.S. dollars) are principally the Euro ($961.5 million), British pound ($497.0 million), Chinese yuan ($313.3 million), Hong Kong dollar ($273.8 million), Swiss franc ($256.1 million), Australian dollar ($157.2 million) and Taiwan dollar ($129.7 million). At June 30, 2015, the Company had foreign currency forward contracts in the amount of $2,193.2 million. The foreign currencies included in foreign currency forward contracts (notional value stated in U.S. dollars) are principally the Euro ($418.2 million), British pound ($409.3 million), Chinese yuan ($168.2 million), Swiss franc ($168.1 million), Canadian dollar ($158.4 million), Hong Kong dollar ($137.7 million) and Australian dollar ($123.0 million). In April and May 2015, in anticipation of the issuance of the 2045 Senior Notes, the Company entered into a series of forward-starting interest rate swap agreements, which were designated as cash-flow hedges. In April 2016, in anticipation of the issuance of the 2021 Senior Notes, the Company entered into a series of treasury lock agreements, which were designated as cash-flow hedges. See Note 10 – Debt for further discussion. The estimated net gain on the Company’s derivative instruments designated as cash-flow hedges as of June 30, 2016 that is expected to be reclassified from AOCI into earnings, net of tax, within the next twelve months is $14.6 million. The accumulated gain on derivative instruments in AOCI was $50.2 million and $68.4 million as of June 30, 2016 and 2015, respectively. Fair-Value Hedges The Company enters into interest rate derivative contracts to manage the exposure to interest rate fluctuations on its funded indebtedness. The Company has interest rate swap agreements, with a notional amount totaling $250.0 million to effectively convert the fixed rate interest on its 2022 Senior Notes to variable interest rates based on three-month LIBOR plus a margin. These interest rate swap agreements are designated as fair-value hedges of the related long-term debt, and the changes in the fair value of the interest rate swap agreements are exactly offset by the change in the fair value of the underlying long-term debt. Credit Risk As a matter of policy, the Company enters into derivative contracts only with counterparties that have a long-term credit rating of at least A- or higher by at least two nationally recognized rating agencies. The counterparties to these contracts are major financial institutions. Exposure to credit risk in the event of nonperformance by any of the counterparties is limited to the gross fair value of contracts in asset positions, which totaled $65.2 million at June 30, 2016. To manage this risk, the Company has strict counterparty credit guidelines that are continually monitored. Accordingly, management believes risk of loss under these hedging contracts is remote.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Jun. 30, 2016
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	NOTE 12 – FAIR VALUE MEASUREMENTS The Company records certain of its financial assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants at the measurement date. The accounting for fair value measurements must be applied to nonfinancial assets and nonfinancial liabilities that require initial measurement or remeasurement at fair value, which principally consist of assets and liabilities acquired through business combinations and goodwill, indefinite-lived intangible assets and long-lived assets for the purposes of calculating potential impairment. The Company is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are as follows: Level 1: Inputs based on quoted market prices for identical assets or liabilities in active markets at the measurement date. Level 2: Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the instrument’s valuation. 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, 2016: (In millions) Level 1 Level 2 Level 3 Total Assets: Foreign currency forward contracts $ — $ $ — $ Interest rate swap contracts — — Available-for-sale securities: U.S. government and agency securities — — Foreign government and agency securities — — Corporate notes and bonds — — Time deposits — — Other securities — — Total $ — $ $ — $ Liabilities: Foreign currency forward contracts $ — $ $ — $ Contingent consideration — — Total $ — $ $ $ 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 $ — $ $ — $ Available-for-sale securities: U.S. government and agency securities — — Foreign government and agency securities — — Corporate notes and bonds — — Time deposits — — Other securities — — Total $ — $ $ — $ Liabilities: Foreign currency forward contracts $ — $ $ — $ Interest rate swap contracts — — Contingent consideration — — Total $ — $ $ $ The estimated fair values of the Company’s financial instruments are as follows: June 30 2016 2015 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Nonderivatives Cash and cash equivalents $ $ $ $ Available-for-sale securities Current and long-term debt Additional purchase price payable Contingent consideration Derivatives Foreign currency forward contracts – asset (liability), net Interest rate swap contracts – asset (liability) ) ) The following methods and assumptions were used to estimate the fair value of the Company’s financial instruments for which it is practicable to estimate that value: Cash and cash equivalents – Cash and all highly-liquid securities with original maturities of three months or less are classified as cash and cash equivalents, primarily consisting of cash deposits in interest bearing accounts, money market funds and time deposits. The carrying amount approximates fair value, primarily because of the short maturity of cash equivalent instruments. Available-for-sale securities – Available-for-sale securities are classified within Level 2 of the valuation hierarchy and are valued using third-party pricing services, and for time deposits, the carrying amount approximates fair value . To determine fair value, the pricing services use market prices or prices derived from other observable market inputs such as benchmark curves, credit spreads, broker/dealer quotes, and other industry and economic factors . Foreign currency forward contracts – The fair values of the Company’s foreign currency forward contracts were determined using an industry-standard valuation model, which is based on an income approach. The significant observable inputs to the model, such as swap yield curves and currency spot and forward rates, were obtained from an independent pricing service. To determine the fair value of contracts under the model, the difference between the contract price and the current forward rate was discounted using LIBOR for contracts with maturities up to 12 months, and swap yield curves for contracts with maturities greater than 12 months. Interest rate swap contracts – The fair values of the Company’s interest rate swap contracts were determined using an industry-standard valuation model, which is based on the income approach. The significant observable inputs to the model, such as swap yield curves and LIBOR forward rates, were obtained from independent pricing services. Current and long-term debt – The fair value of the Company’s debt was estimated based on the current rates offered to the Company for debt with the same remaining maturities. To a lesser extent, debt also includes capital lease obligations for which the carrying amount approximates the fair value. The Company’s debt is classified within Level 2 of the valuation hierarchy. Additional purchase price payable – The Company’s additional purchase price payable represents fixed minimum additional purchase price that was discounted using the Company’s incremental borrowing rate, which was approximately 1%. The additional purchase price payable is classified within Level 2 of the valuation hierarchy. Contingent Consideration – Contingent consideration obligations consist of potential obligations related to our acquisitions. The amounts to be paid under these obligations are contingent upon the achievement of stipulated financial targets by the business subsequent to acquisition. The fair values of the contingent consideration related to certain acquisition earn-outs were estimated using a probability-weighted discount model that considers the achievement of the conditions upon which the respective contingent obligation is dependent (“Monte Carlo Method”). The Monte Carlo Method has various inputs into the valuation model that include the risk-adjusted projected future operating results of the acquired entity, a risk-adjusted discount rate ranging from 1.1% to 1.6%, a measure of revenue volatility ranging from 4.6% to 13.5%, an asset volatility ranging from 27.6% to 30.0% and a revenue/earnings before income tax, depreciation and amortization correlation factor ranging from 80% to 90%. Significant changes in the projected future operating results would result in a significantly higher or lower fair value measurement. Changes to the discount rate, volatility or correlation factors would have a lesser effect. The implied rates are deemed to be unobservable inputs and, as such, the Company’s contingent consideration is classified within Level 3 of the valuation hierarchy. Changes in the fair value of the contingent consideration obligations for the fiscal year ended June 30, 2016 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, 2015 $ Acquisitions Change in fair value Contingent consideration at June 30, 2016 $

PENSION, DEFERRED COMPENSATION

PENSION, DEFERRED COMPENSATION AND POST-RETIREMENT BENEFIT PLANS	12 Months Ended
	Jun. 30, 2016
PENSION, DEFERRED COMPENSATION AND POST-RETIREMENT BENEFIT PLANS
PENSION, DEFERRED COMPENSATION AND POST-RETIREMENT BENEFIT PLANS	NOTE 13 – PENSION, DEFERRED COMPENSATION AND POST-RETIREMENT BENEFIT PLANS The Company maintains pension plans covering substantially all of its full-time employees for its U.S. operations and a majority of its international operations. Several plans provide pension benefits based primarily on years of service and employees’ earnings. In certain instances, the Company adjusts benefits in connection with international employee transfers. Retirement Growth Account Plan (U.S.) The Retirement Growth Account Plan is a trust-based, noncontributory qualified defined benefit pension plan. The Company seeks to maintain appropriate funded percentages. For contributions, the Company would seek to contribute an amount or amounts that would not be less than the minimum required by the Employee Retirement Income Security Act of 1974 (“ERISA”), as amended, and subsequent pension legislation, and would not be more than the maximum amount deductible for income tax purposes. Restoration Plan (U.S.) The Company also has an unfunded, non-qualified domestic noncontributory pension Restoration Plan to provide benefits in excess of Internal Revenue Code limitations. International Pension Plans The Company maintains international pension plans, the most significant of which are defined benefit pension plans. The Company’s funding policies for these plans are determined by local laws and regulations. The Company’s most significant defined benefit pension obligations are included in the plan summaries below. Post-retirement Benefit Plans The Company maintains a domestic post-retirement benefit plan which provides certain medical and dental benefits to eligible employees. Employees hired after January 1, 2002 are not eligible for retiree medical benefits when they retire. Certain retired employees who are receiving monthly pension benefits are eligible for participation in the plan. Contributions required and benefits received by retirees and eligible family members are dependent on the age of the retiree. It is the Company’s practice to fund these benefits as incurred and to provide discretionary funding for the future liability up to the maximum amount deductible for income tax purposes. Certain of the Company’s international subsidiaries and affiliates have post-retirement plans, although most participants are covered by government-sponsored or administered programs. Plan Summaries The significant components of the above mentioned plans as of and for the years ended June 30 are summarized as follows: Pension Plans Other than Pension Plans U.S. International Post-retirement (In millions) 2016 2015 2016 2015 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ $ $ $ $ $ Service cost Interest cost Plan participant contributions — — Actuarial loss (gain) ) Foreign currency exchange rate impact — — ) ) ) ) Benefits, expenses, taxes and premiums paid ) ) ) ) ) ) Plan amendments — — — — — Settlements and curtailments — — ) ) — — Special termination benefits — — — — Benefit obligation at end of year $ $ $ $ $ $ Change in plan assets: Fair value of plan assets at beginning of year $ $ $ $ $ $ Actual return on plan assets Foreign currency exchange rate impact — — ) ) — — Employer contributions Plan participant contributions — — Settlements — — ) ) — — Benefits, expenses, taxes and premiums paid from plan assets ) ) ) ) ) ) Fair value of plan assets at end of year $ $ $ $ $ $ Funded status $ ) $ ) $ ) $ ) $ ) $ ) Amounts recognized in the Balance Sheet consist of: Other assets $ — $ $ $ $ — $ — Other accrued liabilities ) ) ) ) ) ) Other noncurrent liabilities ) ) ) ) ) ) Funded status ) ) ) ) ) ) Accumulated other comprehensive loss Net amount recognized $ $ $ $ $ ) $ ) Pension Plans Other than Pension Plans U.S. International Post-retirement ($ in millions) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Components of net periodic benefit cost: Service cost $ $ $ $ $ $ $ $ $ Interest cost Expected return on assets ) ) ) ) ) ) ) ) ) Amortization of: Actuarial loss Prior service cost Settlements — — — ) — — — Curtailments — — — — ) — — — — Special termination benefits — — — — — — — Net periodic benefit cost $ $ $ $ $ $ $ $ $ Weighted-average assumptions used to determine benefit obligations at June 30: Discount rate 3.00 – 3.70 % 3.70 – 4.40 % 3.60 – 4.30 % .25 – 6.00 % .75 – 7.00 % .50 – 6.75 % 3.50 – 9.50 % 4.25 – 9.00 % 4.10 – 9.00 % Rate of compensation 3.00 – 3.00 – 3.00 – 0 – 0 – 1.00 – N/A N/A N/A increase % % % % % % Weighted-average assumptions used to determine net periodic benefit cost for the year ended June 30: Discount rate 3.70 – 3.60 – 4.30 – .75 – .50 – 1.00 – 4.25 – 4.10 – 4.75 – % % % % % % % % % Expected return on assets % % % 2.00 – 2.00 – 2.25 – % % % % % % Rate of compensation 3.00 – 3.00 – 4.00 – 0 – 1.00 – 1.00 – N/A N/A N/A increase % % % % % % The discount rate for each plan used for determining future net periodic benefit cost is based on a review of highly rated long-term bonds. The discount rate for the Company’s Domestic Plans is based on a bond portfolio that includes only long-term bonds with an Aa rating, or equivalent, from a major rating agency. The Company used an above-mean yield curve which represents an estimate of the effective settlement rate of the obligation, and the timing and amount of cash flows related to the bonds included in this portfolio are expected to match the estimated defined benefit payment streams of the Company’s Domestic Plans. For the Company’s international plans, the discount rate in a particular country was principally determined based on a yield curve constructed from high quality corporate bonds in each country, with the resulting portfolio having a duration matching that particular plan. In determining the long-term rate of return for a plan, the Company considers the historical rates of return, the nature of the plan’s investments and an expectation for the plan’s investment strategies. Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. The assumed weighted-average health care cost trend rate for the coming year is 7.67% while the weighted-average ultimate trend rate of 4.53% is expected to be reached in approximately 21 years. A 100 basis-point change in assumed health care cost trend rates for fiscal 2016 would have had the following effects: (In millions) 100 Basis-Point Increase 100 Basis-Point Decrease Effect on total service and interest costs $ $ ) Effect on post-retirement benefit obligations $ $ ) Amounts recognized in AOCI (before tax) as of June 30, 2016 are as follows: Pension Plans Other than Pension Plans (In millions) U.S. International Post-retirement Total Net actuarial losses, beginning of year $ $ $ $ Actuarial losses recognized Amortization and settlements included in net periodic benefit cost ) ) ) ) Translation adjustments — ) — ) Net actuarial losses, end of year Net prior service cost, beginning of year Prior service cost recognized — — Amortization included in net periodic benefit cost ) ) ) ) Translation adjustments — ) — ) Net prior service cost, end of year Total amounts recognized in AOCI $ $ $ $ Amounts in AOCI expected to be amortized as components of net periodic benefit cost during fiscal 2017 are as follows: Pension Plans Other than Pension Plans (In millions) U.S. International Post-retirement Net prior service cost $ $ $ Net actuarial losses $ $ $ The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company’s pension plans at June 30 are as follows: Pension Plans Retirement Growth Account Restoration International (In millions) 2016 2015 2016 2015 2016 2015 Projected benefit obligation $ $ $ $ $ $ Accumulated benefit obligation $ $ $ $ $ $ Fair value of plan assets $ $ $ — $ — $ $ International pension plans with projected benefit obligations in excess of the plans’ assets had aggregate projected benefit obligations of $330.4 million and $256.8 million and aggregate fair value of plan assets of $164.8 million and $121.1 million at June 30, 2016 and 2015, respectively. International pension plans with accumulated benefit obligations in excess of the plans’ assets had aggregate accumulated benefit obligations of $226.1 million and $201.9 million and aggregate fair value of plan assets of $93.1 million and $94.6 million at June 30, 2016 and 2015, respectively. The expected cash flows for the Company’s pension and post-retirement plans are as follows: Pension Plans Other than Pension Plans (In millions) U.S. International Post-retirement Expected employer contributions for year ending June 30, 2017 $ — $ $ — Expected benefit payments for year ending June 30, 2017 2018 2019 2020 2021 Years 2022 – 2026 Plan Assets The Company’s investment strategy for its pension and post-retirement plan assets is to maintain a diversified portfolio of asset classes with the primary goal of meeting long-term cash requirements as they become due. Assets are primarily invested in diversified funds that hold equity or debt securities to maintain the security of the funds while maximizing the returns within each plan’s investment policy. The investment policy for each plan specifies the type of investment vehicles appropriate for the plan, asset allocation guidelines, criteria for selection of investment managers, procedures to monitor overall investment performance, as well as investment manager performance. The Company’s target asset allocation at June 30, 2016 is as follows: Pension Plans Other than Pension Plans U.S. International Post-retirement Equity % % % Debt securities % % % Other % % % % % % The following is a description of the valuation methodologies used for plan assets measured at fair value: Cash and Cash Equivalents – Cash and all highly-liquid securities with original maturities of three months or less are classified as cash and cash equivalents, primarily consisting of cash and time deposits. The carrying amount approximates fair value, primarily because of the short maturity of cash equivalent instruments. Short-term investment funds – The fair values are determined using the Net Asset Value (“NAV”) provided by the administrator of the fund. These assets are classified within Level 2 of the valuation hierarchy and the Company has the ability to redeem at the measurement date or within the near term without redemption restrictions. Government and agency securities – The fair values are determined using third-party pricing services using market prices or prices derived from observable market inputs such as benchmark curves, broker/dealer quotes, and other industry and economic factors. These investments are classified within Level 2 of the valuation hierarchy. Debt instruments – The fair values are determined using third-party pricing services using market prices or prices derived from observable market inputs such as credit spreads, broker/dealer quotes, benchmark curves and other industry and economic factors. These investments are classified within Level 2 of the valuation hierarchy. Equity securities – The fair values are determined using the closing price reported on a major market where the individual securities are traded. These investments are classified within Level 1 of the valuation hierarchy. Commingled funds – The fair values of publicly traded funds are based upon market quotes and are classified within Level 1 of the valuation hierarchy. The fair values for non-publicly traded funds are determined using the NAV provided by the administrator of the fund. Those investments where the Company has the ability to redeem at the measurement date or within the near term are classified within Level 2 of the valuation hierarchy. When the Company is unable to redeem in the near term, these investments are classified within Level 3. Insurance contracts – The fair values are based on negotiated value and the underlying investments held in separate account portfolios as well as considering the creditworthiness of the issuer. The underlying investments are primarily government, asset-backed and fixed income securities. Insurance contracts are generally classified as Level 3 as there are no quoted prices or other observable inputs for pricing. Interests in limited partnerships and hedge fund investments – The fair values are determined using the NAV provided by the administrator of the partnership/fund. Those investments where the Company has the ability to redeem at the measurement date or within the near term without redemption restrictions are classified within Level 2 of the valuation hierarchy. When the Company is unable to redeem in the near term, these investments are classified within Level 3. The following table presents the fair values of the Company’s pension and post-retirement plan assets by asset category as of June 30, 2016: (In millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ $ — $ — $ Short-term investment funds — — Government and agency securities — — Equity securities — — Debt instruments — — Commingled funds Insurance contracts — — Limited partnerships and hedge fund investments — Total $ $ $ $ The following table presents the fair values of the Company’s pension and post-retirement plan assets by asset category as of June 30, 2015: (In millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ $ — $ — $ Short-term investment funds — — Government and agency securities — — Equity securities — — Debt instruments — — Commingled funds Insurance contracts — — Limited partnerships and hedge fund investments — Total $ $ $ $ The following table presents the changes in Level 3 plan assets for fiscal 2016: (In millions) Commingled Funds Insurance Contracts Limited Partnerships and Hedge Fund Investments Total Balance as of June 30, 2015 $ $ $ $ Actual return on plan assets: Relating to assets still held at the reporting date ) Relating to assets sold during the year — ) ) Purchases, sales, issuances and settlements, net ) ) Foreign exchange impact ) ) — ) Balance as of June 30, 2016 $ $ $ $ 401(k) Savings Plan (U.S.) The Company’s 401(k) Savings Plan (“Savings Plan”) is a contributory defined contribution plan covering substantially all regular U.S. employees who have completed the hours and service requirements, as defined by the plan document. Regular full-time employees are eligible to participate in the Savings Plan thirty days following their date of hire. The Savings Plan is subject to the applicable provisions of ERISA. The Company matches a portion of the participant’s contributions after one year of service under a predetermined formula based on the participant’s contribution level. The Company’s contributions were $37.4 million, $35.1 million and $33.3 million for fiscal 2016, 2015 and 2014, respectively. Shares of the Company’s Class A Common Stock are not an investment option in the Savings Plan and the Company does not use such shares to match participants’ contributions. Deferred Compensation The Company accrues for deferred compensation and interest thereon, and for the change in the value of cash units pursuant to agreements with certain key executives and outside directors. The amounts included in the accompanying consolidated balance sheets under these plans were $70.5 million and $74.7 million as of June 30, 2016 and 2015, respectively. The expense for fiscal 2016, 2015 and 2014 was $6.3 million, $8.6 million and $10.6 million, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Jun. 30, 2016
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 14 – COMMITMENTS AND CONTINGENCIES Contractual Obligations The following table summarizes scheduled maturities of the Company’s contractual obligations for which cash flows are fixed and determinable as of June 30, 2016: Payments Due in Fiscal (In millions) Total 2017 2018 2019 2020 2021 Thereafter Debt service (1) $ $ $ $ $ $ $ Operating lease commitments (2) Unconditional purchase obligations (3) Gross unrecognized tax benefits and interest – current (4) — — — — — Total contractual obligations $ $ $ $ $ $ $ (1) Includes long-term and current debt and the related projected interest costs, and to a lesser extent, capital lease commitments. Interest costs on long-term and current debt are projected to be $88.6 million in fiscal 2017, $72.0 million in each of the years from fiscal 2018 through fiscal 2021 and $1,111.9 million thereafter. Projected interest costs on variable rate instruments were calculated using market rates at June 30, 2016. Refer to Note 10 – Debt. (2) Minimum operating lease commitments only include base rent. Certain leases provide for contingent rents that are not measurable at inception and primarily include rents based on a percentage of sales in excess of stipulated levels, as well as common area maintenance. These amounts are excluded from minimum operating lease commitments and are included in the determination of total rent expense when it is probable that the expense has been incurred and the amount is reasonably measurable. Such amounts have not been material to total rent expense. Total rental expense included in the accompanying consolidated statements of earnings was $441.8 million, $402.2 million and $356.1 million in fiscal 2016, 2015 and 2014, respectively. (3) Unconditional purchase obligations primarily include: inventory commitments, additional purchase price payable and contingent consideration which resulted from the fiscal 2016 and 2015 acquisitions, earn-out payments related to the acquisition of Bobbi Brown, royalty payments pursuant to license agreements, advertising commitments, capital improvement commitments, non-discretionary planned funding of pension and other post-retirement benefit obligations and commitments pursuant to executive compensation arrangements. Future contingent consideration, earn-out payments and royalty and advertising commitments were estimated based on planned future sales for the term that was in effect at June 30, 2016, without consideration for potential renewal periods. (4) Refer to Note 8 – Income Taxes for information regarding unrecognized tax benefits. As of June 30, 2016, the noncurrent portion of the Company’s unrecognized tax benefits, including related accrued interest and penalties was $96.6 million. At this time, the settlement period for the noncurrent portion of the unrecognized tax benefits, including related accrued interest and penalties, cannot be determined and therefore was not included. Legal Proceedings The Company is involved, from time to time, in litigation and other legal proceedings incidental to its business. Management believes that the outcome of current litigation and legal proceedings will not have a material adverse effect upon the Company’s results of operations, financial condition or cash flows. However, management’s assessment of the Company’s current litigation and other legal proceedings could change in light of the discovery of facts with respect to legal actions or other proceedings pending against the Company, not presently known to the Company or determinations by judges, juries or other finders of fact which are not in accord with management’s evaluation of the possible liability or outcome of such litigation or proceedings. Reasonably possible losses in addition to the amounts accrued for litigation and other legal proceedings are not material to the Company’s consolidated financial statements.

COMMON STOCK

COMMON STOCK	12 Months Ended
	Jun. 30, 2016
COMMON STOCK
COMMON STOCK	NOTE 15 – COMMON STOCK As of June 30, 2016, the Company’s authorized common stock consists of 1,300 million shares of Class A Common Stock, par value $.01 per share, and 304 million shares of Class B Common Stock, par value $.01 per share. Class B Common Stock is convertible into Class A Common Stock, in whole or in part, at any time and from time to time at the option of the holder, on the basis of one share of Class A Common Stock for each share of Class B Common Stock converted. Holders of the Company’s Class A Common Stock are entitled to one vote per share and holders of the Company’s Class B Common Stock are entitled to ten votes per share. Information about the Company’s common stock outstanding is as follows: (Shares in thousands) Class A Class B Balance at June 30, 2013 Acquisition of treasury stock ) — Conversion of Class B to Class A ) Stock-based compensation — Balance at June 30, 2014 Acquisition of treasury stock ) — Conversion of Class B to Class A ) Stock-based compensation — Balance at June 30, 2015 Acquisition of treasury stock ) — Conversion of Class B to Class A ) Stock-based compensation — Balance at June 30, 2016 The Company is authorized by the Board of Directors to repurchase up to 216.0 million shares of Class A Common Stock in the open market or in privately negotiated transactions, depending on market conditions and other factors. As of June 30, 2016, the cumulative total of acquired shares pursuant to the authorization was 197.5 million, reducing the remaining authorized share repurchase balance to 18.5 million. Subsequent to June 30, 2016 and as of August 18, 2016, the Company purchased approximately 2.2 million additional shares of its Class A Common Stock for $200.0 million pursuant to its share repurchase program. The following is a summary of cash dividends declared per share on the Company’s Class A and Class B Common Stock during the year ended June 30, 2016: Date Declared Record Date Payable Date Amount per Share August 14, 2015 August 31, 2015 September 15, 2015 $.24 October 30, 2015 November 30, 2015 December 15, 2015 $.30 February 4, 2016 February 29, 2016 March 15, 2016 $.30 May 2, 2016 May 31, 2016 June 15, 2016 $.30 On August 18, 2016, a dividend was declared in the amount of $.30 per share on the Company’s Class A and Class B Common Stock. The dividend is payable in cash on September 15, 2016 to stockholders of record at the close of business on August 31, 2016.

STOCK PROGRAMS

STOCK PROGRAMS	12 Months Ended
	Jun. 30, 2016
STOCK PROGRAMS
STOCK PROGRAMS	NOTE 16 – STOCK PROGRAMS As of June 30, 2016, the Company has two active equity compensation plans which include the Amended and Restated Fiscal 2002 Share Incentive Plan (the “Fiscal 2002 Plan”) and the Amended and Restated Non-Employee Director Share Incentive Plan (collectively, the “Plans”). These Plans currently provide for the issuance of 76,806,200 shares of Class A Common Stock, which consist of shares originally provided for and shares transferred to the Fiscal 2002 Plan from other inactive plans and employment agreements, to be granted in the form of stock-based awards to key employees, consultants and non-employee directors of the Company. As of June 30, 2016, approximately 17,121,800 shares of Class A Common Stock were reserved and available to be granted pursuant to these Plans. The Company may satisfy the obligation of its stock-based compensation awards with either new or treasury shares. The Company’s equity compensation awards include stock options, performance share units (“PSU”), restricted stock units (“RSU”), PSUs based on total stockholder return, long-term PSUs and share units. Total net stock-based compensation expense is attributable to the granting of, and the remaining requisite service periods of stock options, RSUs, PSUs, PSUs based on total stockholder return, long-term PSUs and share units. Compensation expense attributable to net stock-based compensation is as follows: Year Ended June 30 (In millions) 2016 2015 2014 Compensation expense $ $ $ Income tax benefit As of June 30, 2016, the total unrecognized compensation cost related to unvested stock-based awards was $143.5 million and the related weighted-average period over which it is expected to be recognized is approximately two years. Stock Options The following is a summary of the Company’s stock option programs as of June 30, 2016 and changes during the fiscal year then ended: (Shares in thousands) Shares Weighted- Average Exercise Price Per Share Aggregate Intrinsic Value (1) (in millions) Weighted-Average Contractual Life Remaining in Years Outstanding at June 30, 2015 $ Granted at fair value Exercised ) Expired ) Forfeited ) Outstanding at June 30, 2016 $ Vested and expected to vest at June 30, 2016 $ Exercisable at June 30, 2016 $ (1) The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option. The exercise period for all stock options generally may not exceed ten years from the date of grant. Stock option grants to individuals generally become exercisable in three substantively equal tranches over a service period of up to four years. The Company attributes the value of option awards on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in substance, multiple awards. The following is a summary of the per-share weighted-average grant date fair value of stock options granted and total intrinsic value of stock options exercised: Year Ended June 30 (In millions, except per share data) 2016 2015 2014 Per-share weighted-average grant date fair value of stock options granted $ $ $ Intrinsic value of stock options exercised $ $ $ The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following assumptions: Year Ended June 30 2016 2015 2014 Weighted-average expected stock-price volatility 27% 28% 33% Weighted-average expected option life 7 years 7 years 7 years Average risk-free interest rate 1.9% 2.2% 2.5% Average dividend yield 1.2% 1.1% 1.1% The Company uses a weighted-average expected stock-price volatility assumption that is a combination of both current and historical implied volatilities of the underlying stock. The implied volatilities were obtained from publicly available data sources. For the weighted-average expected option life assumption, the Company considers the exercise behavior for past grants and models the pattern of aggregate exercises. The average risk-free interest rate is based on the U.S. Treasury strip rate for the expected term of the options and the average dividend yield is based on historical experience. Restricted Stock Units The Company granted approximately 1,610,300 RSUs during fiscal 2016 which, at the time of grant, were scheduled to vest as follows: 546,000 in fiscal 2017, 566,800 in fiscal 2018 and 497,500 in fiscal 2019. All RSUs are subject to the continued employment or retirement of the grantees. Beginning in fiscal 2015, the RSUs granted are accompanied by dividend equivalent rights, payable upon settlement of the RSU either in cash or shares (based on the terms of the particular award) upon settlement of the RSU and, as such, were valued at the closing market price of the Company’s Class A Common Stock on the date of grant. The following is a summary of the status of the Company’s RSUs as of June 30, 2016 and activity during the fiscal year then ended: Weighted-Average Grant Date (Shares in thousands) Shares Fair Value Per Share Nonvested at June 30, 2015 $ Granted Dividend equivalents Vested ) Forfeited ) Nonvested at June 30, 2016 Performance Share Units During fiscal 2016, the Company granted approximately 277,400 PSUs, which will be settled in stock subject to the achievement of the Company’s net sales, diluted net earnings per common share and return on invested capital goals for the three fiscal years ending June 30, 2018, all subject to the continued employment or retirement of the grantees. Settlement will be made pursuant to a range of opportunities relative to the net sales, diluted net earnings per common share and return on invested capital targets of the Company and, as such, the compensation cost of the PSU is subject to adjustment based upon the attainability of these target goals. No settlement will occur for results below the applicable minimum threshold of a target and additional shares shall be issued if performance exceeds the targeted performance goals. PSUs are accompanied by dividend equivalent rights that will be payable in cash upon settlement of the PSU and, as such, were valued at the closing market value of the Company’s Class A Common Stock on the date of grant. These awards are subject to the provisions of the agreement under which the PSUs are granted. The PSUs generally vest at the end of the performance period. Approximately 274,300 shares of Class A Common Stock are anticipated to be issued, relative to the target goals set at the time of issuance, in settlement of the 284,100 PSUs that vested as of June 30, 2016. In September 2015, approximately 276,200 shares of the Company’s Class A Common Stock were issued and related accrued dividends were paid, relative to the target goals set at the time of issuance, in settlement of 249,900 PSUs which vested as of June 30, 2015. The following is a summary of the status of the Company’s PSUs as of June 30, 2016 and activity during the fiscal year then ended: Weighted-Average Grant Date (Shares in thousands) Shares Fair Value Per Share Nonvested at June 30, 2015 $ Granted Vested ) Forfeited ) Nonvested at June 30, 2016 Performance Share Units Based on Total Stockholder Return During fiscal 2013, the Company granted PSUs to an executive of the Company with an aggregate target payout of 162,760 shares of the Company’s Class A Common Stock, subject to continued employment through the end of the relative performance periods. The first two performance periods ended June 30, 2015 and June 30, 2016, and the remaining performance period ends June 30, 2017. The remaining PSUs will be settled based upon the Company’s relative total stockholder return (“TSR”) over the relevant performance period as compared to companies in the S&P 500 on July 1, 2012. No settlement will occur on the remaining PSUs if the Company’s TSR falls below a minimum threshold, and up to an aggregate of 86,806 shares of the Company’s Class A Common Stock will be issued depending on the extent to which the Company’s TSR equals or exceeds the minimum threshold. The remaining PSUs are accompanied by dividend equivalent rights that will be payable in cash upon settlement. The grant date fair value of the PSUs of $11.0 million was estimated using a lattice model with a Monte Carlo simulation and the following assumptions for each performance period, respectively: contractual life of 33, 45 and 57 months, average risk-free interest rate of 0.3%, 0.5% and 0.7% and a dividend yield of 1.0%. Using the historical stock prices and dividends from public sources, the Company estimated the covariance structure of the returns on S&P 500 stocks. The volatility for the Company’s stock produced by this estimation was 32%. The average risk-free interest rate is based on the U.S. Treasury strip rates over the contractual term of the grant, and the dividend yield is based on historical experience. In September 2015, 42,549 shares of the Company’s Class A Common Stock were issued and related dividends were paid, in accordance with the terms of the grant, related to the performance period ended June 30, 2015. In September 2016, an additional 49,882 shares of the Company’s Class A Common Stock are anticipated to be issued, and related dividends to be paid, in accordance with the terms of the grant, related to the performance period ended June 30, 2016. The remaining PSUs have an aggregate target payout of 54,254 shares as of June 30, 2016. Long-term Performance Share Units During September 2015, the Company granted PSUs to an executive of the Company with an aggregate target payout of 387,848 shares (in three tranches of approximately 129,283 each) of the Company’s Class A Common Stock, generally subject to continued employment through the end of relative performance periods, which end June 30, 2018, 2019 and 2020. Since the Company achieved positive Net Earnings, as defined in the PSU award agreement, for the fiscal year ended June 30, 2016, performance and vesting of each tranche will be based on the Company achieving positive Cumulative Operating Income, as defined in the PSU award agreement, during the relative performance period. Payment with respect to a tranche will be made on the third anniversary of the last day of the respective performance period. The PSUs are accompanied by dividend equivalent rights that will be payable in cash at the same time as the payment of shares of Class A Common Stock. The grant date fair value of these PSUs of $30.0 million was estimated using the closing stock price of the Company’s Class A Common Stock as of September 4, 2015, the date of grant. During January 2016, the Company granted PSUs to an executive of the Company with an aggregate target payout of 71,694 shares (in three tranches of 23,898 each) of the Company’s Class A Common Stock, generally subject to continued employment through the end of relative service periods that end on January 29, 2018, 2019 and 2020. No portion of the award will generally vest unless the Company has achieved positive Net Earnings, as defined in the PSU award agreement, for the fiscal year ending June 30, 2017. Payment with respect to a tranche will be made within 30 business days of the date on which the PSUs vest. The PSUs are accompanied by dividend equivalent rights that will be payable in cash at the same time as the payment of shares of the Company’s Class A Common Stock. The grant date fair value of these PSUs of $6.0 million was estimated using the closing stock price of the Company’s Class A Common Stock as of January 28, 2016, the date of grant. Share Units The Company grants share units to certain non-employee directors under the Amended and Restated Non-Employee Director Share Incentive Plan. The share units are convertible into shares of the Company’s Class A Common Stock as provided for in that plan. Share units are accompanied by dividend equivalent rights that are converted to additional share units when such dividends are declared. The following is a summary of the status of the Company’s share units as of June 30, 2016 and activity during the fiscal year then ended: Weighted-Average Grant Date (Shares in thousands) Shares Fair Value Per Share Outstanding at June 30, 2015 $ Granted Dividend equivalents Converted — — Outstanding at June 30, 2016 Cash Units Certain non-employee directors defer cash compensation in the form of cash payout share units, which are not subject to the Plans. These share units are classified as liabilities and, as such, their fair value is adjusted to reflect the current market value of the Company’s Class A Common Stock. The Company recorded $1.7 million, $3.4 million and $2.4 million as compensation expense to reflect additional deferrals and the change in the market value for fiscal 2016, 2015 and 2014, respectively.

NET EARNINGS ATTRIBUTABLE TO TH

NET EARNINGS ATTRIBUTABLE TO THE ESTEE LAUDER COMPANIES INC. PER COMMON SHARE	12 Months Ended
	Jun. 30, 2016
NET EARNINGS ATTRIBUTABLE TO THE ESTEE LAUDER COMPANIES INC. PER COMMON SHARE
NET EARNINGS ATTRIBUTABLE TO THE ESTEE LAUDER COMPANIES INC. PER COMMON SHARE	NOTE 17 – NET EARNINGS ATTRIBUTABLE TO THE ESTÉE LAUDER COMPANIES INC. PER COMMON SHARE Net earnings attributable to The Estée Lauder Companies Inc. per common share (“basic EPS”) is computed by dividing net earnings attributable to The Estée Lauder Companies Inc. by the weighted-average number of common shares outstanding and contingently issuable shares (which satisfy certain conditions). Net earnings attributable to The Estée Lauder Companies Inc. per common share assuming dilution (“diluted EPS”) is computed by reflecting potential dilution from stock-based awards. A reconciliation between the numerators and denominators of the basic and diluted EPS computations is as follows: Year Ended June 30 (In millions, except per share data) 2016 2015 2014 Numerator: Net earnings attributable to The Estée Lauder Companies Inc. $ $ $ Denominator: Weighted-average common shares outstanding – Basic Effect of dilutive stock options Effect of PSUs Effect of RSUs Effect of performance share units based on TSR Effect of market share unit — — Weighted-average common shares outstanding – Diluted Net earnings attributable to The Estée Lauder Companies Inc. per common share: Basic $ $ $ Diluted As of June 30, 2016, there were 0.2 million stock options excluded from the computation of diluted EPS because their inclusion would be anti-dilutive. As of June 30, 2015, there were no anti-dilutive stock options to be excluded from the computation of diluted EPS. As of June 30, 2014, there were 0.1 million anti-dilutive stock options excluded from the computation of diluted EPS. As of June 30, 2016, 2015 and 2014, 0.5 million, 0.6 million and 0.5 million, respectively, of PSUs have been excluded from the calculation of diluted EPS because the number of shares ultimately issued is contingent on the achievement of certain performance targets of the Company, as discussed in Note 16 – Stock Programs.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	12 Months Ended
	Jun. 30, 2016
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	NOTE 18 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The components of AOCI included in the accompanying consolidated balance sheets consist of the following: Year Ended June 30 (In millions) 2016 2015 2014 Net unrealized investment gains (losses), beginning of year $ ) $ $ Unrealized investment gains (losses) Benefit (provision) for deferred income taxes — ) ) Reclassification to earnings during the year (1) — ) — Benefit (provision) for deferred income taxes on reclassification (2) — — Translation adjustments — ) — Net unrealized investment gains (losses), end of year ) Net derivative instruments, beginning of year ) Gain (loss) on derivative instruments ) Benefit (provision) for deferred income taxes ) ) Reclassification to earnings during the year: Foreign currency forward contracts (3) ) ) ) Settled interest rate-related derivatives (4) ) ) ) Benefit (provision) for deferred income taxes on reclassification (2) Net derivative instruments, end of year ) Net pension and post-retirement adjustments, beginning of year ) ) ) Changes in plan assets and benefit obligations: Net actuarial gains (losses) recognized ) ) ) Net prior service credit (cost) recognized ) — Translation adjustments ) Benefit (provision) for deferred income taxes Amortization, settlements and curtailments included in net periodic benefit cost (5) : Net actuarial (gains) losses Net prior service cost (credit) Benefit (provision) for deferred income taxes on reclassification (2) ) ) ) Net pension and post-retirement adjustments, end of year ) ) ) Cumulative translation adjustments, beginning of year ) Translation adjustments ) ) Benefit (provision) for deferred income taxes ) ) ) Cumulative translation adjustments, end of year ) ) Accumulated other comprehensive income (loss) $ ) $ ) $ ) (1) Amounts recorded in Interest income and investment income, net in the accompanying consolidated statements of earnings. (2) Amounts recorded in Provision for income taxes in the accompanying consolidated statements of earnings. (3) For the year ended June 30, 2016, $17.2 million and $48.0 million were recorded in Cost of Sales and Selling, general and administrative expenses, respectively, in the accompanying consolidated statements of earnings. For the year ended June 30, 2015, $9.1 million and $28.7 million were recorded in Cost of Sales and Selling, general and administrative expenses, respectively, in the accompanying consolidated statements of earnings. For the year ended June 30, 2014, $4.5 million and $2.7 million were recorded in Cost of Sales and Selling, general and administrative expenses, respectively, in the accompanying consolidated statements of earnings. (4) Amounts recorded in Interest expense in the accompanying consolidated statements of earnings. (5) See Note 13 – Pension, Deferred Compensation and Post-Retirement Benefit Plans for additional information.

STATEMENT OF CASH FLOWS

STATEMENT OF CASH FLOWS	12 Months Ended
	Jun. 30, 2016
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS	NOTE 19 – STATEMENT OF CASH FLOWS Supplemental cash flow information is as follows: Year Ended June 30 (In millions) 2016 2015 2014 Cash: Cash paid during the year for interest $ $ $ Cash paid during the year for income taxes $ $ $ Non-cash investing and financing activities: Incremental tax benefit from the exercise of stock options $ ) $ ) $ ) Capital lease and asset retirement obligations incurred $ $ $ Pending purchase price true-up payment $ — $ $ — Non-cash purchases (sales) of short- and long-term investments, net $ ) $ $ — Property, plant and equipment accrued but unpaid $ $ $ Accrued dividend equivalents $ $ $ Accrued dividend distribution to noncontrolling interest $ $ — $ —

SEGMENT DATA AND RELATED INFORM

SEGMENT DATA AND RELATED INFORMATION	12 Months Ended
	Jun. 30, 2016
SEGMENT DATA AND RELATED INFORMATION
SEGMENT DATA AND RELATED INFORMATION	NOTE 20 – SEGMENT DATA AND RELATED INFORMATION Reportable operating segments include components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (the “Chief Executive”) in deciding how to allocate resources and in assessing performance. As a result of the similarities in the manufacturing, marketing and distribution processes for all of the Company’s products, much of the information provided in the consolidated financial statements is similar to, or the same as, that reviewed on a regular basis by the Chief Executive. Although the Company operates in one business segment, beauty products, management also evaluates performance on a product category basis. While the Company’s results of operations are also reviewed on a consolidated basis, the Chief Executive reviews data segmented on a basis that facilitates comparison to industry statistics. Accordingly, net sales, depreciation and amortization, and operating income are available with respect to the manufacture and distribution of skin care, makeup, fragrance, hair care and other products. These product categories meet the definition of operating segments and, accordingly, additional financial data are provided below. The “other” segment includes the sales and related results of ancillary products and services that do not fit the definition of skin care, makeup, fragrance and hair care. Product category performance is measured based upon net sales before returns associated with restructuring activities, and earnings before income taxes, other income, interest expense, interest income and investment income, net, and charges associated with restructuring activities. Returns and charges associated with restructuring activities are not allocated to the product categories because they result from activities that are deemed a company-wide initiative to redesign, resize and reorganize select corporate functions and go-to-market structures, and to transform and modernize the Company’s GTI. The accounting policies for the Company’s reportable segments are the same as those described in the summary of significant accounting policies, except for depreciation and amortization charges, which are allocated, primarily, based upon net sales. The assets and liabilities of the Company are managed centrally and are reported internally in the same manner as the consolidated financial statements; thus, no additional information is produced for the Chief Executive or included herein. Year Ended June 30 (In millions) 2016 2015 2014 PRODUCT CATEGORY DATA Net Sales: Skin Care $ $ $ Makeup Fragrance Hair Care Other (Returns) adjustments associated with restructuring activities ) — $ $ $ Depreciation and Amortization: Skin Care $ $ $ Makeup Fragrance Hair Care Other $ $ $ Operating Income (Loss) before (charges) adjustments associated with restructuring activities: Skin Care $ $ $ Makeup Fragrance Hair Care Other ) ) Reconciliation: (Charges) adjustments associated with restructuring activities ) — Interest expense ) ) ) Interest income and investment income, net Earnings before income taxes $ $ $ Year Ended or at June 30 (In millions) 2016 2015 2014 GEOGRAPHIC DATA Net Sales: The Americas $ $ $ Europe, the Middle East & Africa Asia/Pacific (Returns) adjustments associated with restructuring activities ) — $ $ $ Operating Income (Loss): The Americas $ $ $ Europe, the Middle East & Africa Asia/Pacific (Charges) adjustments associated with restructuring activities ) — $ $ $ Total Assets: The Americas $ $ $ Europe, the Middle East & Africa Asia/Pacific $ $ $ Long-Lived Assets (property, plant and equipment, net): The Americas $ $ $ Europe, the Middle East & Africa Asia/Pacific $ $ $ Net sales are predominantly attributed to a country within a geographic segment based on the location of the customer. The net sales from the Company’s travel retail business are included in the Europe, the Middle East & Africa region. The Company is domiciled in the United States. Net sales in the United States in fiscal 2016, 2015 and 2014 were $4,150.9 million, $3,972.1 million and $3,999.5 million, respectively. The Company’s long-lived assets in the United States at June 30, 2016, 2015 and 2014 were $862.2 million, $855.9 million and $849.9 million, respectively.

UNAUDITED QUARTERLY FINANCIAL D

UNAUDITED QUARTERLY FINANCIAL DATA	12 Months Ended
	Jun. 30, 2016
UNAUDITED QUARTERLY FINANCIAL DATA
UNAUDITED QUARTERLY FINANCIAL DATA	NOTE 21 – UNAUDITED QUARTERLY FINANCIAL DATA The following summarizes the unaudited quarterly operating results of the Company for fiscal 2016 and 2015: Quarter Ended (In millions, except per share data) September 30 (1) December 31 (2) March 31 (3) June 30 (4) Total Year Fiscal 2016 Net Sales $ $ $ $ $ Gross Profit Operating Income Net Earnings Attributable to The Estée Lauder Companies Inc. Net earnings attributable to The Estée Lauder Companies Inc. per common share: Basic .83 .72 .25 Diluted .82 .71 .25 Fiscal 2015 Net Sales $ $ $ $ $ Gross Profit Operating Income Net Earnings Attributable to The Estée Lauder Companies Inc. Net earnings attributable to The Estée Lauder Companies Inc. per common share: Basic .60 .72 .41 Diluted .59 .71 .40 (1) As a result of the Company’s July 2014 SMI rollout, approximately $178 million of accelerated orders were recorded as net sales (approximately $127 million as operating income or $.21 per diluted common share) in the fiscal 2014 fourth quarter that would have occurred in the fiscal 2015 first quarter. (2) Fiscal 2016 second quarter results include charges associated with restructuring activities of $(18.5) million ($(12.4) million after tax, or $(.03) per diluted common share). (3) Fiscal 2016 third quarter results include charges associated with restructuring activities of $(15.2) million ($(9.3) million after tax, or $(.02) per diluted common share). Fiscal 2015 third quarter results include a charge related to the remeasurement of net monetary assets in Venezuela of $(5.3) million, before and after tax, or $(.01) per diluted common share. (4) Fiscal 2016 fourth quarter results include charges associated with restructuring activities of $(101.0) million ($(69.6) million after tax, or $(.18) per diluted common share).

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Jun. 30, 2016
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	THE ESTÉE LAUDER COMPANIES INC. SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS Three Years Ended June 30, 2016 (In millions) Additions Description Balance at Beginning of Period (1) Charged to Costs and Expenses (2) Charged to Other Accounts Deductions Balance at End of Period Reserves deducted in the balance sheet from the assets to which they apply: Allowance for doubtful accounts and customer deductions: Year ended June 30, 2016 $ $ $ — $ (a) $ Year ended June 30, 2015 $ $ $ — $ (a) $ Year ended June 30, 2014 $ $ $ — $ (a) $ Sales return accrual: Year ended June 30, 2016 $ $ $ — $ (b) $ Year ended June 30, 2015 $ $ $ — $ (b) $ Year ended June 30, 2014 $ $ $ — $ (b) $ Deferred tax valuation allowance: Year ended June 30, 2016 $ $ $ — $ $ Year ended June 30, 2015 $ $ $ — $ $ Year ended June 30, 2014 $ $ $ — $ $ Accrued restructuring for fiscal 2016 initiatives: Year ended June 30, 2016 $ — $ $ — $ $ Year ended June 30, 2015 $ — $ — $ — $ — $ — Year ended June 30, 2014 $ — $ — $ — $ — $ — (a) Includes amounts written-off, net of recoveries. (b) Represents actual returns.

SUMMARY OF SIGNIFICANT ACCOUN30

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jun. 30, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of The Estée Lauder Companies Inc. and its subsidiaries (collectively, the “Company”). All significant intercompany balances and transactions have been eliminated. During the year ended June 30, 2016, the Company retrospectively adopted new accounting guidance issued by the Financial Accounting Standards Board (“FASB”) that requires all deferred tax assets and liabilities to be classified as non-current. As a result, the Company restated the June 30, 2015 consolidated balance sheet to reclassify $284.9 million related to deferred taxes from Prepaid expenses and other current assets to Other assets, and $5.9 million from Other accrued liabilities to Other noncurrent liabilities. The Company also retrospectively adopted new accounting guidance issued by the FASB that requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. As a result, the Company restated the June 30, 2015 balance sheet to reclassify $12.4 million from Other assets to Long-term debt.
Management Estimates	Management Estimates The preparation of financial statements and related disclosures in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses reported in those financial statements. Certain significant accounting policies that contain subjective management estimates and assumptions include those related to revenue recognition, inventory, pension and other post-retirement benefit costs, goodwill, other intangible assets and long-lived assets, and income taxes. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from those estimates and assumptions. Significant changes, if any, in those estimates and assumptions resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods.
Currency Translation and Transactions	Currency Translation and Transactions All assets and liabilities of foreign subsidiaries and affiliates are translated at year-end rates of exchange, while revenue and expenses are translated at weighted-average rates of exchange for the period. Unrealized translation gains (losses) reported as cumulative translation adjustments through other comprehensive income (loss) (“OCI”) attributable to The Estée Lauder Companies Inc. amounted to $(108.2) million, $(322.5) million and $95.1 million, net of tax, in fiscal 2016, 2015 and 2014, respectively. For the Company’s Venezuelan subsidiary operating in a highly inflationary economy, the U.S. dollar is the functional currency. Remeasurement adjustments in financial statements in a highly inflationary economy and other transactional gains and losses are reflected in earnings. During the third quarter of fiscal 2014, the Venezuelan government enacted changes to the foreign exchange controls that expanded the use of its then-existing exchange mechanisms and created another exchange control mechanism (“SICAD II”), which allowed companies to apply for the purchase of foreign currency and foreign currency denominated securities for any legal use or purpose. The Company considered its specific facts and circumstances in determining the appropriate remeasurment rate and determined the SICAD II rate was the most appropriate rate that reflected the economics of its Venezuelan subsidiary’s business as of March 24, 2014, when the SICAD II mechanism became operational. As a result, the Company changed the exchange rate used to remeasure the monetary assets and liabilities of its Venezuelan subsidiary from 6.3 to the SICAD II rate, which was 49. 98 as of June 30 , 2014. Accordingly, a remeasurement charge of $38.3 million, on a before and after tax basis, was reflected in Selling, general and administrative expenses in the Company’s consolidated statement of earnings for the year ended June 30 , 2014. In February 2015, the Venezuelan government introduced an open market foreign exchange system (“SIMADI”). As a result, the Company recorded a remeasurement charge of $5.3 million, on a before and after tax basis, for the year ended June 30, 2015. In March 2016, the Venezuelan government made changes to certain of its foreign currency exchange systems. As part of these changes, a new free-floating exchange rate mechanism (“DICOM”) replaced the SIMADI foreign exchange system and is the only mechanism legally available for the Company’s highest priority transactions, which are the import of goods. This change had a de minimis impact on the Company’s consolidated statements of earnings. The Company’s Venezuelan subsidiary is not material to the Company’s consolidated financial statements or liquidity at June 30, 2016. The Company enters into foreign currency forward contracts and may enter into option contracts to hedge foreign currency transactions for periods consistent with its identified exposures. Accordingly, the Company categorizes these instruments as entered into for purposes other than trading. The accompanying consolidated statements of earnings include net exchange (gains) losses on foreign currency transactions, including the effect of the Venezuela remeasurement charges, of $(15.7) million, $(4.1) million and $46.7 million in fiscal 2016, 2015 and 2014, respectively.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include $204.5 million and $373.4 million of short-term time deposits at June 30, 2016 and 2015, respectively. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.
Investments	Investments The Company’s investment objectives include capital preservation, maintaining adequate liquidity, asset diversification, and achieving appropriate returns within the guidelines set forth in the Company’s investment policy. These investments are classified as available-for-sale, with any temporary difference between the cost and fair value of an investment presented as a separate component of accumulated other comprehensive income (loss) (“AOCI”). See Note 12 – Fair Value Measurements for further information about how the fair values of investments are determined. Investments in privately-held companies in which the Company has significant influence, but less than a controlling financial interest, are generally accounted for under the equity method of accounting. These investments were not material to the Company’s consolidated financial statements as of June 30, 2016 and 2015 and are included in Long-term investments in the accompanying consolidated balance sheets. The Company evaluates investments held in unrealized loss positions for other-than-temporary impairment on a quarterly basis. Such evaluation involves a variety of considerations, including assessments of the risks and uncertainties associated with general economic conditions and distinct conditions affecting specific issuers. Factors considered by the Company include, but are not limited to (i) the length of time and extent the security has been in a material loss position; (ii) the financial condition and creditworthiness of the issuer; (iii) future economic conditions and market forecasts related to the issuer’s industry, sector, or geography; (iv) the Company’s intent and ability to retain its investment until maturity or for a period of time sufficient to allow for recovery of market value; and (v) an assessment of whether it is more likely than not that the Company will be required to sell its investment before recovery of market value.
Accounts Receivable	Accounts Receivable Accounts receivable is stated net of the allowance for doubtful accounts and customer deductions totaling $24.1 million and $20.6 million as of June 30, 2016 and 2015, respectively. This reserve is based upon the evaluation of accounts receivable aging, specific exposures and historical trends.
Inventory and Promotional Merchandise	Inventory and Promotional Merchandise Inventory and promotional merchandise only includes inventory considered saleable or usable in future periods, and is stated at the lower of cost or fair-market value, with cost being based on standard cost and production variances, which approximate actual cost on the first-in, first-out method. Cost components include raw materials, componentry, direct labor and overhead (e.g., indirect labor, utilities, depreciation, purchasing, receiving, inspection and warehousing) as well as inbound freight. M anufacturing overhead is allocated to the cost of inventory based on the normal production capacity . Unallocated overhead during periods of abnormally low production levels are recognized as cost of sales in the period in which they are incurred. Promotional merchandise is charged to expense at the time the merchandise is shipped to the Company’s customers. Included in inventory and promotional merchandise is an inventory obsolescence reserve, which represents the difference between the cost of the inventory and its estimated realizable value, based on various product sales projections. This reserve is calculated using an estimated obsolescence percentage applied to the inventory based on age, historical trends and requirements to support forecasted sales. In addition, and as necessary, specific reserves for future known or anticipated events may be established.
Derivative Financial Instruments	Derivative Financial Instruments The Company’s derivative financial instruments are recorded as either assets or liabilities on the balance sheet and measured at fair value. All derivatives are (i) designated as a hedge of the fair value of a recognized asset or liability or of an unrecognized firm commitment (“fair-value” hedge), (ii) designated as a hedge of a forecasted transaction or of the variability of cash flows to be received or paid related to a recognized asset or liability (“cash-flow” hedge), or (iii) not designated as a hedging instrument. Changes in the fair value of a derivative that is designated and qualifies as a fair-value hedge that is highly effective are recorded in current-period earnings, along with the loss or gain on the hedged asset or liability that is attributable to the hedged risk (including losses or gains on unrecognized firm commitments). Changes in the fair value of a derivative that is designated and qualifies as a cash-flow hedge of a forecasted transaction that is highly effective are recorded in OCI. Gains and losses deferred in OCI are then recognized in current-period earnings when earnings are affected by the variability of cash flows of the hedged forecasted transaction (e.g., when periodic settlements on a variable-rate asset or liability are recorded in earnings). Changes in the fair value of derivative instruments not designated as hedging instruments are reported in current-period earnings.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment, including leasehold and other improvements that extend an asset’s useful life or productive capabilities, are carried at cost less accumulated depreciation and amortization. Costs incurred for computer software developed or obtained for internal use are capitalized during the application development stage and expensed as incurred during the preliminary project and post-implementation stages. For financial statement purposes, depreciation is provided principally on the straight-line method over the estimated useful lives of the assets ranging from 3 to 40 years. Leasehold improvements are amortized on a straight-line basis over the shorter of the lives of the respective leases or the expected useful lives of those improvements.
Goodwill and Other Indefinite-lived Intangible Assets	Goodwill and Other Indefinite-lived Intangible Assets Goodwill is calculated as the excess of the cost of purchased businesses over the fair value of their underlying net assets. Other indefinite-lived intangible assets principally consist of trademarks. Goodwill and other indefinite-lived intangible assets are not amortized. The Company assesses goodwill and other indefinite-lived intangible assets at least annually for impairment as of the beginning of the fiscal fourth quarter, or more frequently if certain events or circumstances exist. The Company tests goodwill for impairment at the reporting unit level, which is one level below the Company’s operating segments. The Company identifies its reporting units by assessing whether the components of its operating segments constitute businesses for which discrete financial information is available and management of each operating segment regularly reviews the operating results of those components. The Company makes certain judgments and assumptions in allocating assets and liabilities to determine carrying values for its reporting units. When testing goodwill for impairment, the Company has the option of first performing a qualitative assessment to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a quantitative goodwill impairment test. If necessary, the quantitative impairment test is performed in two steps: (i) the Company determines if an indication of impairment exists by comparing the fair value of a reporting unit with its carrying value, and (ii) if there is an impairment, the Company measures the amount of impairment loss by comparing the implied fair value of goodwill with the carrying amount of that goodwill. When testing other indefinite-lived intangible assets for impairment, the Company also has the option of first performing a qualitative assessment to determine whether it is more-likely-than-not that the indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform a quantitative test. The quantitative impairment test for indefinite-lived intangible assets encompasses calculating the fair value of an indefinite-lived intangible asset and comparing the fair value to its carrying value. If the carrying value exceeds the fair value, an impairment charge is recorded. For fiscal 2016 and 2015, the Company elected to perform the qualitative assessment for the majority of its reporting units and indefinite-lived intangible assets. This qualitative assessment included the review of certain macroeconomic factors and entity-specific qualitative factors to determine if it was more-likely-than-not that the fair values of its reporting units were below carrying value. The Company considered macroeconomic factors including the global economic growth, general macroeconomic trends for the markets in which the reporting units operate and the intangible assets are employed, and the growth of the global prestige beauty industry. In addition to these macroeconomic factors, among other things, the Company considered the reporting units’ current results and forecasts, any changes in the nature of the business, any significant legal, regulatory, contractual, political or other business climate factors, changes in the industry/competitive environment, changes in the composition or carrying amount of net assets and its intention to sell or dispose of a reporting unit or cease the use of a trademark. For those reporting units acquired in fiscal 2015, a quantitative assessment was performed. The Company engaged third-party valuation specialists and used industry accepted valuation models and criteria that were reviewed and approved by various levels of management. To determine the fair value of the reporting units, the Company used an equal weighting of the income and market approaches. Under the income approach, we determined fair value using a discounted cash flow method, projecting future cash flows of each reporting unit, as well as a terminal value, and discounting such cash flows at a rate of return that reflected the relative risk of the cash flows. Under the market approach, we utilized market multiples from publicly traded companies with similar operating and investment characteristics as the reporting unit. The key estimates and factors used in these two approaches include revenue growth rates and profit margins based on internal forecasts, terminal value, the weighted-average cost of capital used to discount future cash flows and comparable market multiples.
Long-Lived Assets	Long-Lived Assets The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. When such events or changes in circumstances occur, a recoverability test is performed comparing projected undiscounted cash flows from the use and eventual disposition of an asset or asset group to its carrying value. If the projected undiscounted cash flows are less than the carrying value, then an impairment charge would be recorded for the excess of the carrying value over the fair value, which is determined by discounting estimated future cash flows.
Concentration of Credit Risk	Concentration of Credit Risk The Company is a worldwide manufacturer, marketer and distributor of skin care, makeup, fragrance and hair care products. The Company’s sales that are subject to credit risk are made primarily to department stores, perfumeries, specialty multi-brand retailers and retailers in its travel retail business. The Company grants credit to all qualified customers and does not believe it is exposed significantly to any undue concentration of credit risk. The Company’s largest customer sells products primarily within the United States and accounted for $1,064.5 million, or 9%, $1,060.4 million, or 10%, and $1,142.7 million, or 10%, of the Company’s consolidated net sales in fiscal 2016, 2015 and 2014, respectively. This customer accounted for $164.0 million, or 13%, and $139.1 million, or 12%, of the Company’s accounts receivable at June 30, 2016 and 2015, respectively.
Revenue Recognition	Revenue Recognition Revenues from product sales are recognized upon transfer of ownership, including passage of title to the customer and transfer of the risk of loss related to those goods. In the Americas region, sales are generally recognized at the time the product is shipped to the customer and in the Europe, the Middle East & Africa and Asia/Pacific regions, sales are generally recognized based upon the customer’s receipt. In certain circumstances, transfer of title takes place at the point of sale, for example, at the Company’s retail stores. The Company records revenues generated from purchase with purchase promotions in Net Sales and costs of its purchase with purchase and gift with purchase promotions in Cost of Sales. Revenues are reported on a net sales basis, which is computed by deducting from gross sales the amount of actual product returns received, discounts, incentive arrangements with retailers and an amount established for anticipated product returns. The Company’s practice is to accept product returns from retailers only if properly requested and approved. In accepting returns, the Company typically provides a credit to the retailer against accounts receivable from that retailer. As a percentage of gross sales, returns were 3.1% in fiscal 2016 and 3.4% in fiscal 2015 and 2014.
Payments to Customers	Payments to Customers Certain incentive arrangements require the payment of a fee to customers based on their attainment of pre-established sales levels. These fees have been accrued and recorded as a reduction of Net Sales in the accompanying consolidated statements of earnings and were not material to the results of operations in any period presented. The Company enters into transactions related to demonstration, advertising and counter construction, some of which involve cooperative relationships with customers. These activities may be arranged either with unrelated third parties or in conjunction with the customer. To the extent the Company receives an identifiable benefit in exchange for consideration and the fair-value of the benefit can be reasonably estimated, the Company’s share of the counter depreciation and the other costs of these transactions (regardless of to whom they were paid) are reflected in Selling, general and administrative expenses in the accompanying consolidated statements of earnings and were approximately $1,387 million, $1,378 million and $1,410 million in fiscal 2016, 2015 and 2014, respectively.
Advertising and Promotion	Advertising and Promotion Global net expenses for advertising, merchandising, sampling, promotion and product development were $2,820.7 million, $2,771.5 million and $2,840.0 million in fiscal 2016, 2015 and 2014, respectively, and are expensed as incurred. Excluding the impact of purchase with purchase and gift with purchase promotions, costs for advertising, merchandising, sampling, promotion and product development included in Selling, general and administrative expenses in the accompanying consolidated statements of earnings were $2,607.3 million, $2,558.6 million and $2,618.1 million in fiscal 2016, 2015 and 2014, respectively.
Research and Development	Research and Development Research and development costs of $191.3 million, $178.1 million and $157.9 million in fiscal 2016, 2015 and 2014, respectively, are recorded in Selling, general and administrative expenses in the accompanying consolidated statements of earnings and are expensed as incurred.
Shipping and Handling	Shipping and Handling Shipping and handling expenses of $362.6 million, $363.6 million and $373.6 million in fiscal 2016, 2015 and 2014, respectively, are recorded in Selling, general and administrative expenses in the accompanying consolidated statements of earnings and include distribution center costs, third-party logistics costs and outbound freight.
Operating Leases	Operating Leases The Company recognizes rent expense from operating leases with periods of free and scheduled rent increases on a straight-line basis over the applicable lease term. The Company considers lease renewals when such renewals are reasonably assured. From time to time, the Company may receive capital improvement funding from its lessors. These amounts are recorded as deferred liabilities and amortized over the remaining lease term as a reduction of rent expense.
License Arrangements	License Arrangements The Company’s license agreements provide the Company with worldwide rights to manufacture, market and sell beauty and beauty-related products (or particular categories thereof) using the licensors’ trademarks. Our current licenses have an initial term of approximately 5 years to 10 years, and are renewable subject to the Company’s compliance with the license agreement provisions. Most of our license agreements have renewal terms in 5 year increments, with potential renewal periods ranging from approximately 5 years to 25 years. Under each license, the Company is required to pay royalties to the licensor, at least annually, based on net sales to third parties. Most of the Company’s licenses were entered into to create new business. In some cases, the Company acquired, or entered into, a license where the licensor or another licensee was operating a pre-existing beauty products business. In those cases, other intangible assets are capitalized and amortized over their useful lives. Certain license agreements may require minimum royalty payments, incremental royalties based on net sales levels and minimum spending on advertising and promotional activities. Royalty expenses are accrued in the period in which net sales are recognized while advertising and promotional expenses are accrued at the time these costs are incurred.
Stock-Based Compensation	Stock-Based Compensation The Company records stock-based compensation, measured at the fair value of the awards that are ultimately expected to vest, as an expense in the consolidated financial statements. Upon the exercise of stock options or the vesting of restricted stock units, performance share units, performance share units based on total stockholder return and long-term performance share units, the resulting excess tax benefits, if any, are credited to additional paid-in capital. Any resulting tax deficiencies will first be offset against those cumulative credits to additional paid-in capital. If the cumulative credits to additional paid-in capital are exhausted, tax deficiencies will be recorded to the provision for income taxes.
Income Taxes	Income Taxes The Company accounts for income taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in its consolidated financial statements or tax returns. The net deferred tax assets assume sufficient future earnings for their realization, as well as the continued application of currently anticipated tax rates. Included in net deferred tax assets is a valuation allowance for deferred tax assets, where management believes it is not more-likely-than-not that the deferred tax assets will be realized in the relevant jurisdiction. If the Company’s assessment of realizability of a deferred tax asset changes, an increase to a valuation allowance will result in a reduction of net earnings at that time while the reduction of a valuation allowance will result in an increase of net earnings at that time. The Company provides tax reserves for U.S. federal, state, local and foreign exposures relating to periods subject to audit. The development of reserves for these exposures requires judgments about tax issues, potential outcomes and timing, and is a subjective critical estimate. The Company assesses its tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more-likely-than-not that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon settlement with a tax authority that has full knowledge of all relevant information. For those tax positions where it is more-likely-than-not that a tax benefit will not be sustained, no tax benefit has been recognized in the consolidated financial statements. The Company classifies applicable interest and penalties as a component of the provision for income taxes. Although the outcome relating to these exposures is uncertain, in management’s opinion adequate provisions for income taxes have been made for estimable potential liabilities emanating from these exposures. If actual outcomes differ materially from these estimates, they could have a material impact on the Company’s consolidated results of operations.
Recently Adopted Accounting Standards And Recently Issued Accounting Standards	Recently Adopted Accounting Standards Debt Issuance Costs In April 2015, the FASB issued guidance that simplifies the presentation of debt issuance costs. Under the revised guidance, entities would no longer be able to recognize debt issuance costs as an asset in the balance sheet. The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. Upon adoption, the Company applied the new guidance on a retrospective basis and complied with the applicable disclosures for a change in an accounting principle, as required. Adopted date – The Company adopted this guidance retrospectively during the fiscal 2016 fourth quarter. Impact on consolidated financial statements – The Company restated the June 30, 2015 balance sheet to reclassify $12.4 million from Other assets to Long-term debt. Deferred Income Taxes As part of their simplification initiative to reduce the complexity in accounting standards, in November 2015, the FASB issued authoritative guidance that requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. Under current guidance, deferred taxes for each jurisdiction are presented on a net current and net noncurrent basis, requiring an in depth analysis by jurisdiction to make the allocation. The updated guidance simplified the Company’s analysis by eliminating the requirement to allocate between current and noncurrent deferred taxes by jurisdiction. Adopted date – The Company adopted this guidance retrospectively during the fiscal 2016 fourth quarter. Impact on consolidated financial statements – The Company restated the June 30, 2015 consolidated balance sheet to reclassify $284.9 million related to deferred taxes from Prepaid expenses and other current assets to Other assets and $5.9 million from Other accrued liabilities to Other noncurrent liabilities. Recently Issued Accounting Standards Measurement of Credit Losses on Financial Instruments In June 2016, the FASB issued authoritative guidance that requires companies to utilize an impairment model for most financial assets measured at amortized cost and certain other financial instruments, which include trade and other receivables, loans and held-to-maturity debt securities, to record an allowance for credit risk based on expected losses rather than incurred losses. In addition, this new guidance changes the recognition method for credit losses on available-for-sale debt securities, which can occur as a result of market and credit risk, as well as additional disclosures. In general, this guidance will require modified retrospective adoption for all outstanding instruments that fall under this guidance. Effective date – This guidance becomes effective for the Company’s fiscal 2021 first quarter . Impact on consolidated financial statements – The Company is currently evaluating the impact of applying this guidance on its consolidated financial statements. Compensation - Stock Compensation In March 2016, as part of its simplification initiative, the FASB issued authoritative guidance that changes the way companies account for certain aspects of share-based payments to employees. This new guidance requires that all excess tax benefits and tax deficiencies related to share-based compensation awards be recorded as income tax expense or benefit in the income statement. In addition, companies are required to treat the tax effects of exercised or vested awards as discrete items in the period that they occur. This guidance also permits an employer to withhold up to the maximum statutory withholding rates in a jurisdiction without triggering liability classification, allows companies to elect to account for forfeitures as they occur, and provides requirements for the cash flow classification of cash paid by an employer when directly withholding shares for tax-withholding purposes and for the classification of excess tax benefits. The new guidance prescribes different transition methods for the various provisions. Effective date – This guidance becomes effective for the Company’s fiscal 2018 first quarter, with early adoption permitted . Impact on consolidated financial statements – The Company is currently evaluating the impact of applying this guidance on its consolidated financial statements. Leases In February 2016, the FASB issued authoritative guidance that requires lessees to account for most leases on their balance sheets with the liability being equal to the present value of the lease payments. The right-of-use asset will be based on the lease liability adjusted for certain costs such as direct costs. Lease expense will be recognized similar to current accounting guidance with operating leases resulting in a straight-line expense, and financing leases resulting in a front-loaded expense similar to the current accounting for capital leases. This guidance must be adopted using a modified retrospective transition approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements, and provides for certain practical expedients. Effective date – This guidance becomes effective for the Company’s fiscal 2020 first quarter, with early adoption permitted . Impact on consolidated financial statements – The Company is currently evaluating the impact of applying this guidance on its consolidated financial statements. Revenue from Contracts with Customers In May 2014, the FASB issued authoritative guidance that defines how companies should report revenues from contracts with customers. The standard requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It provides companies with a single comprehensive five-step principles-based model to use in accounting for revenue and supersedes current revenue recognition requirements, including most industry-specific and transaction-specific revenue guidance. In March 2016, the FASB issued authoritative guidance that amended the principal versus agent guidance in its new revenue recognition standard. These amendments do not change the key aspects of the principal versus agent guidance, including the definition that an entity is a principal if it controls the good or service prior to it being transferred to a customer, but the amendments clarify the implementation guidance related to the considerations that must be made during the contract evaluation process. In April 2016, the FASB issued authoritative guidance that amended the new standard to clarify the guidance on identifying performance obligations and accounting for licenses of intellectual property. In May 2016, the FASB issued authoritative guidance that clarified certain terms, guidance and disclosure requirements during the transition period related to completed contracts and contract modifications. In addition, the FASB provided clarification on the concept of collectability, the calculation of the fair value of noncash consideration and the presentation of sales and other similar taxes. In May 2016, the FASB issued authoritative guidance to reflect the Securities and Exchange Commission Staff’s rescission of their prior comments that covered, among other things, accounting for shipping and handling costs and accounting for consideration given by a vendor to a customer. Effective date – In August 2015, the FASB deferred the effective date of the new revenue standard by one year. As a result, the new standard is not effective for the Company until fiscal 2019, with early adoption permitted. An entity is permitted to apply the foregoing guidance retrospectively to all prior periods presented, with certain practical expedients, or apply the requirements in the year of adoption, through a cumulative adjustment. Impact on consolidated financial statements – The Company will apply all of this new guidance when it becomes effective in fiscal 2019 and has not yet selected a transition method. The Company currently has an implementation team in place that is performing a comprehensive evaluation of the impact of adoption on its consolidated financial statements. No other recently issued accounting pronouncements are expected to have a material impact on the Company’s consolidated financial statements.

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Jun. 30, 2016
INVESTMENTS
Schedule of gains and losses recorded in AOCI related to the Company's available-for-sale investments	Gains and losses recorded in AOCI related to the Company’s available-for-sale investments as of June 30, 2016 were as follows: (In millions) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government and agency securities $ $ $ — $ Foreign government and agency securities — Corporate notes and bonds ) Time deposits — — Other securities — Total $ $ $ ) $ Gains and losses recorded in AOCI related to the Company’s available-for-sale investments as of June 30, 2015 were as follows: (In millions) Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value U.S. government and agency securities $ $ $ ) $ Foreign government and agency securities — — Corporate notes and bonds ) Time deposits — — Other securities — Total $ $ $ ) $
Schedule of available-for-sale securities by contractual maturity	The following table presents the Company’s available-for-sale securities by contractual maturity as of June 30, 2016: (In millions) Cost Fair Value Due within one year $ $ Due after one through five years $ $
Schedule of gross unrealized losses that are not deemed to be other-than-temporarily impaired	The following table presents the fair market value of the Company’s investments with gross unrealized losses that are not deemed to be other-than temporarily impaired as of June 30, 2016: In a Loss Position for Less Than 12 Months In a Loss Position for More Than 12 Months (In millions) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Available-for-sale securities $ $ — $ $ )
Schedule of gross gains and losses realized on sales of investments	Year Ended June 30 (In millions) 2016 2015 Gross realized gains $ $ Gross realized losses ) ) Total $ ) $

INVENTORY AND PROMOTIONAL MER32

INVENTORY AND PROMOTIONAL MERCHANDISE (Tables)	12 Months Ended
	Jun. 30, 2016
INVENTORY AND PROMOTIONAL MERCHANDISE
Inventory and Promotional Merchandise	June 30 (In millions) 2016 2015 Inventory and promotional merchandise, net consists of: Raw materials $ $ Work in process Finished goods Promotional merchandise $ $

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Jun. 30, 2016
PROPERTY, PLANT AND EQUIPMENT
Property, Plant and Equipment	June 30 (In millions) 2016 2015 Assets (Useful Life) Land $ $ Buildings and improvements (10 to 40 years) Machinery and equipment (3 to 10 years) Computer hardware and software (4 to 10 years) Furniture and fixtures (5 to 15 years) Leasehold improvements Less accumulated depreciation and amortization ) ) $ $

GOODWILL AND OTHER INTANGIBLE34

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Jun. 30, 2016
GOODWILL AND OTHER INTANGIBLE ASSETS
Schedule of goodwill by product category and related change in the carrying amount	(In millions) Skin Care Makeup Fragrance Hair Care Total Balance as of June 30, 2014 Goodwill $ $ $ $ $ Accumulated impairments ) — — ) ) Goodwill acquired during the year — Translation and other adjustments ) ) ) ) ) ) Balance as of June 30, 2015 Goodwill Accumulated impairments ) — — ) ) Goodwill acquired during the year — — Translation and other adjustments — ) ) ) ) Balance as of June 30, 2016 Goodwill Accumulated impairments ) — — ) ) $ $ $ $ $
Other intangible assets, by type	June 30, 2016 June 30, 2015 (In millions) Gross Carrying Value Accumulated Amortization Total Net Book Value Gross Carrying Value Accumulated Amortization Total Net Book Value Amortizable intangible assets: Customer lists and other $ $ $ $ $ $ License agreements — — $ $ $ $ Non-amortizable intangible assets: Trademarks and other Total intangible assets $ $
Estimated aggregate amortization expense for next five years	Fiscal (In millions) 2017 2018 2019 2020 2021 Estimated aggregate amortization expense $ $ $ $ $

CHARGES ASSOCIATED WITH RESTR35

CHARGES ASSOCIATED WITH RESTRUCTURING ACTIVITIES (Tables)	12 Months Ended
	Jun. 30, 2016
Schedule of aggregate restructuring charges and other	Charges associated with restructuring activities in fiscal 2016 were as follows: Operating Expenses (In millions) Sales Returns (included in Net Sales) Cost of Sales Restructuring Charges Other Charges Total Global Technology Infrastructure $ — $ — $ $ $ Leading Beauty Forward Total $ $ $ $ $
Global Technology Infrastructure
Schedule of accrued restructuring charges and the related activities	(In millions) Employee- Related Costs Asset-Related Costs Contract Terminations Other Exit Costs Total Charges $ $ $ $ $ Cash payments ) — ) ) ) Non-cash asset write-offs — ) — — ) Accrued GTI Restructuring balance at June 30, 2016 $ $ — $ $ — $
Leading Beauty Forward
Schedule of accrued restructuring charges and the related activities	(In millions) Employee- Related Costs Asset- Related Costs Other Exit Costs Total Charges $ $ $ $ Cash payments ) — — ) Non-cash asset write-offs — ) — ) Translation adjustments ) — — ) Other adjustments ) — — ) Accrued Leading Beauty Forward balance at June 30, 2016 $ $ — $ $

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jun. 30, 2016
INCOME TAXES
Provision for income taxes	Year Ended June 30 (In millions) 2016 2015 2014 Current: Federal $ $ $ Foreign State and local Deferred: Federal ) ) ) Foreign ) ) State and local ) ) ) $ $ $
Reconciliation of the U.S. federal statutory income tax rate and actual effective tax rate on earnings before income taxes	Year Ended June 30 2016 2015 2014 Provision for income taxes at statutory rate % % % Increase (decrease) due to: State and local income taxes, net of federal tax benefit Taxation of foreign operations ) ) ) Income tax reserve adjustments ) ) Other, net Effective tax rate % % %
Significant components of deferred income tax assets and liabilities	June 30 (In millions) 2016 2015 Deferred tax assets: Compensation related expenses $ $ Inventory obsolescence and other inventory related reserves Retirement benefit obligations Various accruals not currently deductible Net operating loss, credit and other carryforwards Unrecognized state tax benefits and accrued interest Other differences between tax and financial statement values Valuation allowance for deferred tax assets ) Total deferred tax assets Deferred tax liabilities: Depreciation and amortization ) Other differences between tax and financial statement values ) Total deferred tax liabilities ) Total net deferred tax assets $ $
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits	June 30 (In millions) 2016 2015 Beginning of the year balance of gross unrecognized tax benefits $ $ Gross amounts of increases as a result of tax positions taken during a prior period Gross amounts of decreases as a result of tax positions taken during a prior period ) ) Gross amounts of increases as a result of tax positions taken during the current period Amounts of decreases in unrecognized tax benefits relating to settlements with taxing authorities ) ) Reductions to unrecognized tax benefits as a result of a lapse of the applicable statutes of limitations ) ) End of year balance of gross unrecognized tax benefits $ $
Tax years that remain subject to examination vary by the major tax jurisdictions	Major Jurisdiction Open Fiscal Years Belgium 2013 – 2016 Canada 2009 – 2016 China 2012 – 2016 France 2013 – 2016 Germany 2013 – 2016 Hong Kong 2010 – 2016 Japan 2016 Korea 2014 – 2016 Russia 2015 – 2016 Spain 2012 – 2016 Switzerland 2011 – 2016 United Kingdom 2015 – 2016 United States 2016 State of California 2012 – 2016 State and City of New York 2011 – 2016

OTHER ACCRUED LIABILITIES (Tabl

OTHER ACCRUED LIABILITIES (Tables)	12 Months Ended
	Jun. 30, 2016
OTHER ACCRUED LIABILITIES
Other Accrued Liabilities	June 30 (In millions) 2016 2015 Advertising, merchandising and sampling $ $ Employee compensation Payroll and other taxes Other $ $

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Jun. 30, 2016
DEBT
Schedule of current and long-term debt and available financing	Debt at June 30 Available financing at June 30, 2016 (In millions) 2016 2015 Committed Uncommitted 4.375% Senior Notes, due June 15, 2045 (“2045 Senior Notes”) $ $ $ — $ — 3.70% Senior Notes, due August 15, 2042 (“2042 Senior Notes”) — — 6.00% Senior Notes, due May 15, 2037 (“2037 Senior Notes”) — — 5.75% Senior Notes, due October 15, 2033 (“2033 Senior Notes”) — — 2.35% Senior Notes, due August 15, 2022 (“2022 Senior Notes”) — — 1.70% Senior Notes, due May 10, 2021 (“2021 Senior Notes”) — — — 5.55% Senior Notes, due May 15, 2017 (“2017 Senior Notes”) — — Commercial paper — — — Other long-term borrowings — — Other current borrowings — Revolving credit facility — — — $ $ Less current debt including current maturities ) ) $ $
Schedule of long-term debt	As of June 30, 2016, the Company’s long-term debt consisted of the following: Notes Issue Date Price Yield Principal Unamortized Debt (Discount) Premium Interest rate swap adjustments Debt Issuance Costs Semi-annual interest payments ($ in millions) 2045 Senior Notes (1) June 2015 % % $ $ ) $ — $ ) June 15/December 15 2045 Senior Notes (1) May 2016 — ) June 15/December 15 2042 Senior Notes August 2012 ) — ) February 15/August 15 2037 Senior Notes (2) May 2007 ) — ) May 15/November 15 2033 Senior Notes (3) September 2003 ) — ) April 15/October 15 2022 Senior Notes (4) August 2012 ) ) February 15/August 15 2021 Senior Notes (5) May 2016 ) — ) May 10/November 10 (1) In April and May 2015, in anticipation of the issuance of the 2045 Senior Notes in June 2015, the Company entered into a series of forward-starting interest rate swap agreements on a notional amount totaling $300.0 million at a weighted-average all-in rate of 2.38%. The forward-starting interest rate swap agreements were settled upon the issuance of the new debt and the Company recognized a gain in OCI of $17.5 million that will be amortized against interest expense over the life of the 2045 Senior Notes. As a result of the forward-starting interest rate swap agreements, the debt discount and debt issuance costs, the effective interest rate on the 2045 Senior Notes will be 4.216% over the life of the debt. In May 2016, the Company reopened this offering with the same terms and issued an additional $150.0 million for an aggregate amount outstanding of $450.0 of 2045 Senior Notes. (2) In April 2007, in anticipation of the issuance of the 2037 Senior Notes, the Company entered into a series of forward-starting interest rate swap agreements on a notional amount totaling $210.0 million at a weighted-average all-in rate of 5.45%. The forward-starting interest rate swap agreements were settled upon the issuance of the new debt and the Company recognized a loss in OCI of $0.9 million that is being amortized to interest expense over the life of the 2037 Senior Notes. As a result of the forward-starting interest rate swap agreements, the debt discount and debt issuance costs, the effective interest rate on the 2037 Senior Notes will be 6.181% over the life of the debt. (3) In May 2003, in anticipation of the issuance of the 2033 Senior Notes, the Company entered into a series of treasury lock agreements on a notional amount totaling $195.0 million at a weighted-average all-in rate of 4.53%. The treasury lock agreements were settled upon the issuance of the new debt and the Company received a payment of $15.0 million that is being amortized against interest expense over the life of the 2033 Senior Notes. As a result of the treasury lock agreements, the debt discount and debt issuance costs, the effective interest rate on the 2033 Senior Notes will be 5.395% over the life of the debt. (4) In June 2015, the Company entered into interest rate swap agreements with a notional amount totaling $250.0 million to effectively convert the fixed rate interest on its outstanding 2022 Senior Notes to variable interest rates based on three-month LIBOR plus a margin. (5) In April 2016, in anticipation of the issuance of the 2021 Senior Notes, the Company entered into a series of treasury lock agreements on a notional amount totaling $400.0 million at a weighted-average all-in rate of 1.27%. The treasury lock agreements were settled upon the issuance of the new debt and the Company made a payment of $0.5 million that is being amortized against interest expense over the life of the 2021 Senior Notes. As a result of the treasury lock agreements, the debt discount and debt issuance costs, the effective interest rate on the 2021 Senior Notes will be 1.844% over the life of the debt.

DERIVATIVE FINANCIAL INSTRUME39

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Jun. 30, 2016
DERIVATIVE FINANCIAL INSTRUMENTS
Schedule of fair values of the derivative financial instruments included in the consolidated balance sheets	Asset Derivatives Liability Derivatives (In millions) Balance Sheet Location Fair Value (1) Balance Sheet Location Fair Value (1) June 30 June 30 2016 2015 2016 2015 Derivatives Designated as Hedging Instruments: Foreign currency forward contracts Prepaid expenses and other current assets $ $ Other accrued liabilities $ $ Interest rate swap contracts Prepaid expenses and other current assets — Other accrued liabilities — Total Derivatives Designated as Hedging Instruments Derivatives Not Designated as Hedging Instruments: Foreign currency forward contracts Prepaid expenses and other current assets Other accrued liabilities Total Derivatives $ $ $ $ (1) See Note 12 – Fair Value Measurements for further information about how the fair value of derivative assets and liabilities are determined.
Schedule of gains and losses related to derivative financial instruments designated as hedging instruments	(In millions) Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) Location of Gain or (Loss) Reclassified from AOCI into Earnings (Effective Portion) Amount of Gain or (Loss) Reclassified from AOCI into Earnings (Effective Portion) (1) June 30 June 30 2016 2015 2016 2015 Derivatives in Cash Flow Hedging Relationships: Foreign currency forward contracts $ $ Cost of sales $ $ Selling, general and administrative Settled interest rate-related derivatives ) Interest expense Total derivatives $ $ $ $ (1) The amount of loss recognized in earnings related to the amount excluded from effectiveness testing was $(1.0) million and $(1.5) million for fiscal 2016 and 2015, respectively. There was no gain (loss) recognized in earnings related to the ineffective portion of hedging relationships for fiscal 2016. The gain (loss) recognized in earnings related to the ineffective portion of the hedging relationships was $1.8 million for fiscal 2015. (In millions) Location of Gain or (Loss) Recognized in Earnings on Derivatives Amount of Gain or (Loss) Recognized in Earnings on Derivatives (1) June 30 2016 2015 Derivatives in Fair Value Hedging Relationships: Interest rate swap contracts Interest expense $ $ ) (1) Changes in the fair value of the interest rate swap agreements are exactly offset by the change in the fair value of the underlying long-term debt.
Schedule of gains and losses related to derivative financial instruments not designated as hedging instruments	(In millions) Location of Gain or (Loss) Recognized in Earnings on Derivatives Amount of Gain or (Loss) Recognized in Earnings on Derivatives June 30 2016 2015 Derivatives Not Designated as Hedging Instruments: Foreign currency forward contracts Selling, general and administrative $ $ )

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Jun. 30, 2016
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 June 30, 2016: (In millions) Level 1 Level 2 Level 3 Total Assets: Foreign currency forward contracts $ — $ $ — $ Interest rate swap contracts — — Available-for-sale securities: U.S. government and agency securities — — Foreign government and agency securities — — Corporate notes and bonds — — Time deposits — — Other securities — — Total $ — $ $ — $ Liabilities: Foreign currency forward contracts $ — $ $ — $ Contingent consideration — — Total $ — $ $ $ 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 $ — $ $ — $ Available-for-sale securities: U.S. government and agency securities — — Foreign government and agency securities — — Corporate notes and bonds — — Time deposits — — Other securities — — Total $ — $ $ — $ Liabilities: Foreign currency forward contracts $ — $ $ — $ Interest rate swap contracts — — Contingent consideration — — Total $ — $ $ $
Estimated fair values of financial instruments	June 30 2016 2015 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Nonderivatives Cash and cash equivalents $ $ $ $ Available-for-sale securities Current and long-term debt Additional purchase price payable Contingent consideration Derivatives Foreign currency forward contracts – asset (liability), net Interest rate swap contracts – asset (liability) ) )
Changes in the fair value of the contingent consideration obligations	(In millions) Fair Value Contingent consideration at June 30, 2015 $ Acquisitions Change in fair value Contingent consideration at June 30, 2016 $

PENSION, DEFERRED COMPENSATIO41

PENSION, DEFERRED COMPENSATION AND POST-RETIREMENT BENEFIT PLANS (Tables)	12 Months Ended
	Jun. 30, 2016
PENSION, DEFERRED COMPENSATION AND POST-RETIREMENT BENEFIT PLANS
Significant components of pension and other retirement benefit plans	Pension Plans Other than Pension Plans U.S. International Post-retirement (In millions) 2016 2015 2016 2015 2016 2015 Change in benefit obligation: Benefit obligation at beginning of year $ $ $ $ $ $ Service cost Interest cost Plan participant contributions — — Actuarial loss (gain) ) Foreign currency exchange rate impact — — ) ) ) ) Benefits, expenses, taxes and premiums paid ) ) ) ) ) ) Plan amendments — — — — — Settlements and curtailments — — ) ) — — Special termination benefits — — — — Benefit obligation at end of year $ $ $ $ $ $ Change in plan assets: Fair value of plan assets at beginning of year $ $ $ $ $ $ Actual return on plan assets Foreign currency exchange rate impact — — ) ) — — Employer contributions Plan participant contributions — — Settlements — — ) ) — — Benefits, expenses, taxes and premiums paid from plan assets ) ) ) ) ) ) Fair value of plan assets at end of year $ $ $ $ $ $ Funded status $ ) $ ) $ ) $ ) $ ) $ ) Amounts recognized in the Balance Sheet consist of: Other assets $ — $ $ $ $ — $ — Other accrued liabilities ) ) ) ) ) ) Other noncurrent liabilities ) ) ) ) ) ) Funded status ) ) ) ) ) ) Accumulated other comprehensive loss Net amount recognized $ $ $ $ $ ) $ )
Net periodic benefit costs and weighted-average assumptions	Pension Plans Other than Pension Plans U.S. International Post-retirement ($ in millions) 2016 2015 2014 2016 2015 2014 2016 2015 2014 Components of net periodic benefit cost: Service cost $ $ $ $ $ $ $ $ $ Interest cost Expected return on assets ) ) ) ) ) ) ) ) ) Amortization of: Actuarial loss Prior service cost Settlements — — — ) — — — Curtailments — — — — ) — — — — Special termination benefits — — — — — — — Net periodic benefit cost $ $ $ $ $ $ $ $ $ Weighted-average assumptions used to determine benefit obligations at June 30: Discount rate 3.00 – 3.70 % 3.70 – 4.40 % 3.60 – 4.30 % .25 – 6.00 % .75 – 7.00 % .50 – 6.75 % 3.50 – 9.50 % 4.25 – 9.00 % 4.10 – 9.00 % Rate of compensation 3.00 – 3.00 – 3.00 – 0 – 0 – 1.00 – N/A N/A N/A increase % % % % % % Weighted-average assumptions used to determine net periodic benefit cost for the year ended June 30: Discount rate 3.70 – 3.60 – 4.30 – .75 – .50 – 1.00 – 4.25 – 4.10 – 4.75 – % % % % % % % % % Expected return on assets % % % 2.00 – 2.00 – 2.25 – % % % % % % Rate of compensation 3.00 – 3.00 – 4.00 – 0 – 1.00 – 1.00 – N/A N/A N/A increase % % % % % %
Impact of one-percentage-point change in assumed health care cost trend rates	A 100 basis-point change in assumed health care cost trend rates for fiscal 2016 would have had the following effects: (In millions) 100 Basis-Point Increase 100 Basis-Point Decrease Effect on total service and interest costs $ $ ) Effect on post-retirement benefit obligations $ $ )
Amounts recognized in AOCI (before tax)	Amounts recognized in AOCI (before tax) as of June 30, 2016 are as follows: Pension Plans Other than Pension Plans (In millions) U.S. International Post-retirement Total Net actuarial losses, beginning of year $ $ $ $ Actuarial losses recognized Amortization and settlements included in net periodic benefit cost ) ) ) ) Translation adjustments — ) — ) Net actuarial losses, end of year Net prior service cost, beginning of year Prior service cost recognized — — Amortization included in net periodic benefit cost ) ) ) ) Translation adjustments — ) — ) Net prior service cost, end of year Total amounts recognized in AOCI $ $ $ $
Amounts in AOCI expected to be amortized as components of net periodic benefit cost during next fiscal year	Pension Plans Other than Pension Plans (In millions) U.S. International Post-retirement Net prior service cost $ $ $ Net actuarial losses $ $ $
Projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company's pension plans	Pension Plans Retirement Growth Account Restoration International (In millions) 2016 2015 2016 2015 2016 2015 Projected benefit obligation $ $ $ $ $ $ Accumulated benefit obligation $ $ $ $ $ $ Fair value of plan assets $ $ $ — $ — $ $
Expected Cash Flows	Pension Plans Other than Pension Plans (In millions) U.S. International Post-retirement Expected employer contributions for year ending June 30, 2017 $ — $ $ — Expected benefit payments for year ending June 30, 2017 2018 2019 2020 2021 Years 2022 – 2026
Target Asset Allocation	The Company’s target asset allocation at June 30, 2016 is as follows: Pension Plans Other than Pension Plans U.S. International Post-retirement Equity % % % Debt securities % % % Other % % % % % %
Fair values of the Company's pension and post-retirement plan assets by asset category	The following table presents the fair values of the Company’s pension and post-retirement plan assets by asset category as of June 30, 2016: (In millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ $ — $ — $ Short-term investment funds — — Government and agency securities — — Equity securities — — Debt instruments — — Commingled funds Insurance contracts — — Limited partnerships and hedge fund investments — Total $ $ $ $ The following table presents the fair values of the Company’s pension and post-retirement plan assets by asset category as of June 30, 2015: (In millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents $ $ — $ — $ Short-term investment funds — — Government and agency securities — — Equity securities — — Debt instruments — — Commingled funds Insurance contracts — — Limited partnerships and hedge fund investments — Total $ $ $ $
Changes in Level 3 plan assets	(In millions) Commingled Funds Insurance Contracts Limited Partnerships and Hedge Fund Investments Total Balance as of June 30, 2015 $ $ $ $ Actual return on plan assets: Relating to assets still held at the reporting date ) Relating to assets sold during the year — ) ) Purchases, sales, issuances and settlements, net ) ) Foreign exchange impact ) ) — ) Balance as of June 30, 2016 $ $ $ $

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Jun. 30, 2016
COMMITMENTS AND CONTINGENCIES
Summary of scheduled maturities of contractual obligations for which cash flows are fixed and determinable	The following table summarizes scheduled maturities of the Company’s contractual obligations for which cash flows are fixed and determinable as of June 30, 2016: Payments Due in Fiscal (In millions) Total 2017 2018 2019 2020 2021 Thereafter Debt service (1) $ $ $ $ $ $ $ Operating lease commitments (2) Unconditional purchase obligations (3) Gross unrecognized tax benefits and interest – current (4) — — — — — Total contractual obligations $ $ $ $ $ $ $ (1) Includes long-term and current debt and the related projected interest costs, and to a lesser extent, capital lease commitments. Interest costs on long-term and current debt are projected to be $88.6 million in fiscal 2017, $72.0 million in each of the years from fiscal 2018 through fiscal 2021 and $1,111.9 million thereafter. Projected interest costs on variable rate instruments were calculated using market rates at June 30, 2016. Refer to Note 10 – Debt. (2) Minimum operating lease commitments only include base rent. Certain leases provide for contingent rents that are not measurable at inception and primarily include rents based on a percentage of sales in excess of stipulated levels, as well as common area maintenance. These amounts are excluded from minimum operating lease commitments and are included in the determination of total rent expense when it is probable that the expense has been incurred and the amount is reasonably measurable. Such amounts have not been material to total rent expense. Total rental expense included in the accompanying consolidated statements of earnings was $441.8 million, $402.2 million and $356.1 million in fiscal 2016, 2015 and 2014, respectively. (3) Unconditional purchase obligations primarily include: inventory commitments, additional purchase price payable and contingent consideration which resulted from the fiscal 2016 and 2015 acquisitions, earn-out payments related to the acquisition of Bobbi Brown, royalty payments pursuant to license agreements, advertising commitments, capital improvement commitments, non-discretionary planned funding of pension and other post-retirement benefit obligations and commitments pursuant to executive compensation arrangements. Future contingent consideration, earn-out payments and royalty and advertising commitments were estimated based on planned future sales for the term that was in effect at June 30, 2016, without consideration for potential renewal periods. (4) Refer to Note 8 – Income Taxes for information regarding unrecognized tax benefits. As of June 30, 2016, the noncurrent portion of the Company’s unrecognized tax benefits, including related accrued interest and penalties was $96.6 million. At this time, the settlement period for the noncurrent portion of the unrecognized tax benefits, including related accrued interest and penalties, cannot be determined and therefore was not included.

COMMON STOCK (Tables)

COMMON STOCK (Tables)	12 Months Ended
	Jun. 30, 2016
COMMON STOCK
Information about the entity's common stock outstanding	(Shares in thousands) Class A Class B Balance at June 30, 2013 Acquisition of treasury stock ) — Conversion of Class B to Class A ) Stock-based compensation — Balance at June 30, 2014 Acquisition of treasury stock ) — Conversion of Class B to Class A ) Stock-based compensation — Balance at June 30, 2015 Acquisition of treasury stock ) — Conversion of Class B to Class A ) Stock-based compensation — Balance at June 30, 2016
Summary of cash dividends declared per share on the Company's Class A and Class B Common Stock	The following is a summary of cash dividends declared per share on the Company’s Class A and Class B Common Stock during the year ended June 30, 2016: Date Declared Record Date Payable Date Amount per Share August 14, 2015 August 31, 2015 September 15, 2015 $.24 October 30, 2015 November 30, 2015 December 15, 2015 $.30 February 4, 2016 February 29, 2016 March 15, 2016 $.30 May 2, 2016 May 31, 2016 June 15, 2016 $.30

STOCK PROGRAMS (Tables)

STOCK PROGRAMS (Tables)	12 Months Ended
	Jun. 30, 2016
STOCK PROGRAMS
Schedule of stock-based compensation expense and related income tax benefits	Year Ended June 30 (In millions) 2016 2015 2014 Compensation expense $ $ $ Income tax benefit
Summary of stock option programs and changes during the period	(Shares in thousands) Shares Weighted- Average Exercise Price Per Share Aggregate Intrinsic Value (1) (in millions) Weighted-Average Contractual Life Remaining in Years Outstanding at June 30, 2015 $ Granted at fair value Exercised ) Expired ) Forfeited ) Outstanding at June 30, 2016 $ Vested and expected to vest at June 30, 2016 $ Exercisable at June 30, 2016 $ (1) The intrinsic value of a stock option is the amount by which the market value of the underlying stock exceeds the exercise price of the option.
Summary of the per-share weighted-average grant date fair value of stock options granted and total intrinsic value of stock options exercised	Year Ended June 30 (In millions, except per share data) 2016 2015 2014 Per-share weighted-average grant date fair value of stock options granted $ $ $ Intrinsic value of stock options exercised $ $ $
Schedule of fair value option-pricing assumptions	Year Ended June 30 2016 2015 2014 Weighted-average expected stock-price volatility 27% 28% 33% Weighted-average expected option life 7 years 7 years 7 years Average risk-free interest rate 1.9% 2.2% 2.5% Average dividend yield 1.2% 1.1% 1.1%
Summary of the status of Restricted Stock Units (RSUs) and activity	Weighted-Average Grant Date (Shares in thousands) Shares Fair Value Per Share Nonvested at June 30, 2015 $ Granted Dividend equivalents Vested ) Forfeited ) Nonvested at June 30, 2016
Summary of the status of Performance Share Units, (PSUs) and activity	Weighted-Average Grant Date (Shares in thousands) Shares Fair Value Per Share Nonvested at June 30, 2015 $ Granted Vested ) Forfeited ) Nonvested at June 30, 2016
Summary of the status of share units and activity under the Non-Employee Director Share Incentive Plan	Weighted-Average Grant Date (Shares in thousands) Shares Fair Value Per Share Outstanding at June 30, 2015 $ Granted Dividend equivalents Converted — — Outstanding at June 30, 2016

NET EARNINGS ATTRIBUTABLE TO 45

NET EARNINGS ATTRIBUTABLE TO THE ESTEE LAUDER COMPANIES INC. PER COMMON SHARE (Tables)	12 Months Ended
	Jun. 30, 2016
NET EARNINGS ATTRIBUTABLE TO THE ESTEE LAUDER COMPANIES INC. PER COMMON SHARE
Schedule of reconciliation between the numerator and denominator of the basic and diluted EPS computations	Year Ended June 30 (In millions, except per share data) 2016 2015 2014 Numerator: Net earnings attributable to The Estée Lauder Companies Inc. $ $ $ Denominator: Weighted-average common shares outstanding – Basic Effect of dilutive stock options Effect of PSUs Effect of RSUs Effect of performance share units based on TSR Effect of market share unit — — Weighted-average common shares outstanding – Diluted Net earnings attributable to The Estée Lauder Companies Inc. per common share: Basic $ $ $ Diluted

ACCUMULATED OTHER COMPREHENSI46

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
	Jun. 30, 2016
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Schedule of components of AOCI	Year Ended June 30 (In millions) 2016 2015 2014 Net unrealized investment gains (losses), beginning of year $ ) $ $ Unrealized investment gains (losses) Benefit (provision) for deferred income taxes — ) ) Reclassification to earnings during the year (1) — ) — Benefit (provision) for deferred income taxes on reclassification (2) — — Translation adjustments — ) — Net unrealized investment gains (losses), end of year ) Net derivative instruments, beginning of year ) Gain (loss) on derivative instruments ) Benefit (provision) for deferred income taxes ) ) Reclassification to earnings during the year: Foreign currency forward contracts (3) ) ) ) Settled interest rate-related derivatives (4) ) ) ) Benefit (provision) for deferred income taxes on reclassification (2) Net derivative instruments, end of year ) Net pension and post-retirement adjustments, beginning of year ) ) ) Changes in plan assets and benefit obligations: Net actuarial gains (losses) recognized ) ) ) Net prior service credit (cost) recognized ) — Translation adjustments ) Benefit (provision) for deferred income taxes Amortization, settlements and curtailments included in net periodic benefit cost (5) : Net actuarial (gains) losses Net prior service cost (credit) Benefit (provision) for deferred income taxes on reclassification (2) ) ) ) Net pension and post-retirement adjustments, end of year ) ) ) Cumulative translation adjustments, beginning of year ) Translation adjustments ) ) Benefit (provision) for deferred income taxes ) ) ) Cumulative translation adjustments, end of year ) ) Accumulated other comprehensive income (loss) $ ) $ ) $ ) (1) Amounts recorded in Interest income and investment income, net in the accompanying consolidated statements of earnings. (2) Amounts recorded in Provision for income taxes in the accompanying consolidated statements of earnings. (3) For the year ended June 30, 2016, $17.2 million and $48.0 million were recorded in Cost of Sales and Selling, general and administrative expenses, respectively, in the accompanying consolidated statements of earnings. For the year ended June 30, 2015, $9.1 million and $28.7 million were recorded in Cost of Sales and Selling, general and administrative expenses, respectively, in the accompanying consolidated statements of earnings. For the year ended June 30, 2014, $4.5 million and $2.7 million were recorded in Cost of Sales and Selling, general and administrative expenses, respectively, in the accompanying consolidated statements of earnings. (4) Amounts recorded in Interest expense in the accompanying consolidated statements of earnings. (5) See Note 13 – Pension, Deferred Compensation and Post-Retirement Benefit Plans for additional information.

STATEMENT OF CASH FLOWS (Tables

STATEMENT OF CASH FLOWS (Tables)	12 Months Ended
	Jun. 30, 2016
STATEMENT OF CASH FLOWS
Supplemental cash flow information	Year Ended June 30 (In millions) 2016 2015 2014 Cash: Cash paid during the year for interest $ $ $ Cash paid during the year for income taxes $ $ $ Non-cash investing and financing activities: Incremental tax benefit from the exercise of stock options $ ) $ ) $ ) Capital lease and asset retirement obligations incurred $ $ $ Pending purchase price true-up payment $ — $ $ — Non-cash purchases (sales) of short- and long-term investments, net $ ) $ $ — Property, plant and equipment accrued but unpaid $ $ $ Accrued dividend equivalents $ $ $ Accrued dividend distribution to noncontrolling interest $ $ — $ —

SEGMENT DATA AND RELATED INFO48

SEGMENT DATA AND RELATED INFORMATION (Tables)	12 Months Ended
	Jun. 30, 2016
SEGMENT DATA AND RELATED INFORMATION
Schedule of segment data and related information	Year Ended June 30 (In millions) 2016 2015 2014 PRODUCT CATEGORY DATA Net Sales: Skin Care $ $ $ Makeup Fragrance Hair Care Other (Returns) adjustments associated with restructuring activities ) — $ $ $ Depreciation and Amortization: Skin Care $ $ $ Makeup Fragrance Hair Care Other $ $ $ Operating Income (Loss) before (charges) adjustments associated with restructuring activities: Skin Care $ $ $ Makeup Fragrance Hair Care Other ) ) Reconciliation: (Charges) adjustments associated with restructuring activities ) — Interest expense ) ) ) Interest income and investment income, net Earnings before income taxes $ $ $ Year Ended or at June 30 (In millions) 2016 2015 2014 GEOGRAPHIC DATA Net Sales: The Americas $ $ $ Europe, the Middle East & Africa Asia/Pacific (Returns) adjustments associated with restructuring activities ) — $ $ $ Operating Income (Loss): The Americas $ $ $ Europe, the Middle East & Africa Asia/Pacific (Charges) adjustments associated with restructuring activities ) — $ $ $ Total Assets: The Americas $ $ $ Europe, the Middle East & Africa Asia/Pacific $ $ $ Long-Lived Assets (property, plant and equipment, net): The Americas $ $ $ Europe, the Middle East & Africa Asia/Pacific $ $ $

UNAUDITED QUARTERLY FINANCIAL49

UNAUDITED QUARTERLY FINANCIAL DATA (Tables)	12 Months Ended
	Jun. 30, 2016
UNAUDITED QUARTERLY FINANCIAL DATA
Summary of unaudited quarterly operating results	Quarter Ended (In millions, except per share data) September 30 (1) December 31 (2) March 31 (3) June 30 (4) Total Year Fiscal 2016 Net Sales $ $ $ $ $ Gross Profit Operating Income Net Earnings Attributable to The Estée Lauder Companies Inc. Net earnings attributable to The Estée Lauder Companies Inc. per common share: Basic .83 .72 .25 Diluted .82 .71 .25 Fiscal 2015 Net Sales $ $ $ $ $ Gross Profit Operating Income Net Earnings Attributable to The Estée Lauder Companies Inc. Net earnings attributable to The Estée Lauder Companies Inc. per common share: Basic .60 .72 .41 Diluted .59 .71 .40 (1) As a result of the Company’s July 2014 SMI rollout, approximately $178 million of accelerated orders were recorded as net sales (approximately $127 million as operating income or $.21 per diluted common share) in the fiscal 2014 fourth quarter that would have occurred in the fiscal 2015 first quarter. (2) Fiscal 2016 second quarter results include charges associated with restructuring activities of $(18.5) million ($(12.4) million after tax, or $(.03) per diluted common share). (3) Fiscal 2016 third quarter results include charges associated with restructuring activities of $(15.2) million ($(9.3) million after tax, or $(.02) per diluted common share). Fiscal 2015 third quarter results include a charge related to the remeasurement of net monetary assets in Venezuela of $(5.3) million, before and after tax, or $(.01) per diluted common share. (4) Fiscal 2016 fourth quarter results include charges associated with restructuring activities of $(101.0) million ($(69.6) million after tax, or $(.18) per diluted common share).

SUMMARY OF SIGNIFICANT ACCOUN50

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Details) - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
New Accounting Pronouncements or Change in Accounting Principle
Other assets	$ 734.9	$ 661.4
Long-term debt	1,910	1,595.1
Prepaid expenses and other current assets	320	268.2
Other accrued liabilities	1,632.3	1,464.6
Other noncurrent liabilities	$ 1,045.5	847.7
Accounting Standards Update 2015-03 - Debt Issuance Costs | Adjustment
New Accounting Pronouncements or Change in Accounting Principle
Other assets		(12.4)
Long-term debt		12.4
Accounting Standards Update 2015-17 - Deferred Income Taxes | Adjustment
New Accounting Pronouncements or Change in Accounting Principle
Other assets		284.9
Prepaid expenses and other current assets		(284.9)
Other accrued liabilities		(5.9)
Other noncurrent liabilities		$ 5.9

SUMMARY OF SIGNIFICANT ACCOUN51

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Currency Translation and Transactions (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Mar. 24, 2014
Currency Translation and Transactions
Unrealized translation gains (losses), net of tax		$ (108.2)	$ (322.5)	$ 95.1
Loss on Venezuela remeasurement	$ 5.3		5.3	38.3
Net exchange (gains) losses on foreign currency transactions		$ (15.7)	$ (4.1)	46.7
Selling, general and administrative expenses
Currency Translation and Transactions
Loss on Venezuela remeasurement				$ 38.3
Venezuelan bolivar fuerte
Currency Translation and Transactions
Exchange rate used to remeasure the monetary assets and liabilities of the Venezuelan subsidiary					6.3
Venezuelan bolivar fuerte | SICAD II
Currency Translation and Transactions
Exchange rate used to remeasure the monetary assets and liabilities of the Venezuelan subsidiary				49.98

SUMMARY OF SIGNIFICANT ACCOUN52

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Accounts Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
Cash and Cash Equivalents
Short-term time deposits	$ 204.5	$ 373.4
Accounts Receivable
Allowance for doubtful accounts and customer deductions	$ 24.1	$ 20.6

SUMMARY OF SIGNIFICANT ACCOUN53

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property, Plant and Equipment (Details)	12 Months Ended
	Jun. 30, 2016
Minimum
Property, Plant and Equipment
Property, Plant and Equipment, Useful Life	3 years
Maximum
Property, Plant and Equipment
Property, Plant and Equipment, Useful Life	40 years

SUMMARY OF SIGNIFICANT ACCOUN54

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Credit Risk (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Concentration of Credit Risk
Net Sales	$ 2,646.3	$ 2,656.5	$ 3,124.8	$ 2,834.7	$ 2,524.4	$ 2,580.5	$ 3,044.5	$ 2,631	$ 11,262.3	$ 10,780.4	$ 10,968.8
Accounts receivable, net	1,258.3				1,174.5				1,258.3	1,174.5
Net Sales | Largest Customer
Concentration of Credit Risk
Net Sales									$ 1,064.5	$ 1,060.4	$ 1,142.7
Concentration of credit risk (as a percent)									9.00%	10.00%	10.00%
Accounts Receivable | Largest Customer
Concentration of Credit Risk
Accounts receivable, net	$ 164				$ 139.1				$ 164	$ 139.1
Concentration of credit risk (as a percent)									13.00%	12.00%

SUMMARY OF SIGNIFICANT ACCOUN55

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition, Payments to Customers, Advertising and Promotion (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Revenue Recognition
Product return by customers (as a percent)	3.10%	3.40%	3.40%
Payments to Customers
Payments to customers	$ 1,387	$ 1,378	$ 1,410
Advertising and Promotion
Global net expenses for advertising, merchandising, sampling, promotion and product development	2,820.7	2,771.5	2,840
Global net expenses excluding purchase with purchase, gift with purchase, for advertising, merchandising, sampling, promotion and product development costs	$ 2,607.3	$ 2,558.6	$ 2,618.1

SUMMARY OF SIGNIFICANT ACCOUN56

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Research and Development, Shipping and Handling (Details) - Selling, general and administrative expenses - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Research and Development
Research and development costs	$ 191.3	$ 178.1	$ 157.9
Shipping and Handling
Shipping and handling expenses	$ 362.6	$ 363.6	$ 373.6

SUMMARY OF SIGNIFICANT ACCOUN57

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Licensing Arrangements (Details) - License agreements	12 Months Ended
	Jun. 30, 2016
Licensing Arrangements
License agreement, remaining or renewal term	5 years
Minimum
Licensing Arrangements
License initial term	5 years
License agreement, remaining or renewal term	5 years
Maximum
Licensing Arrangements
License initial term	10 years
License agreement, remaining or renewal term	25 years

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
Gains and losses recorded in AOCI
Cost	$ 1,497.8	$ 918
Gross Unrealized Gains	6.8	0.3
Gross Unrealized Losses	(0.1)	(0.5)
Fair Value	1,504.5	917.8
U.S. government and agency securities
Gains and losses recorded in AOCI
Cost	560.6	265.8
Gross Unrealized Gains	2.9	0.1
Gross Unrealized Losses		(0.1)
Fair Value	563.5	265.8
Foreign government and agency securities
Gains and losses recorded in AOCI
Cost	60.5	23.9
Gross Unrealized Gains	0.3
Fair Value	60.8	23.9
Corporate notes and bonds
Gains and losses recorded in AOCI
Cost	454.6	182.7
Gross Unrealized Gains	3.2	0.1
Gross Unrealized Losses	(0.1)	(0.4)
Fair Value	457.7	182.4
Time deposits
Gains and losses recorded in AOCI
Cost	390	410.8
Fair Value	390	410.8
Other securities
Gains and losses recorded in AOCI
Cost	32.1	34.8
Gross Unrealized Gains	0.4	0.1
Fair Value	$ 32.5	$ 34.9

INVESTMENTS - Available-For-Sal

INVESTMENTS - Available-For-Sale Securities by Contractual Maturity (Details) $ in Millions	Jun. 30, 2016USD ($)
Available-for-sale securities by contractual maturity
Due within one year, Cost	$ 469.3
Due after one through five years, Cost	1,028.5
Cost, Total	1,497.8
Due within one year, Fair Value	469.3
Due after one through five years, Fair Value	1,035.2
Fair Value, Total	$ 1,504.5

INVESTMENTS - Fair Market Value

INVESTMENTS - Fair Market Value of Investments With Unrealized Losses Not Deemed to be Other-Than Temporarily Impaired (Details) - Available-for-sale securities $ in Millions	12 Months Ended
	Jun. 30, 2016USD ($)
Fair market value of investments with unrealized losses not deemed to be other-than temporarily impaired
In a Loss Position for Less Than 12 Months, Fair Value	$ 41.3
In a Loss Position for More Than 12 Months, Fair Value	26
In a Loss Position for More Than 12 Months, Gross Unrealized Losses	$ (0.1)

INVESTMENTS - Gross Gains and L

INVESTMENTS - Gross Gains and Losses Realized on Sales of Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Gross gains and losses realized on sales of investments
Gross realized gains	$ 0.7	$ 2.5
Gross realized losses	(0.8)	(0.1)
Total	$ (0.1)	$ 2.4

INVESTMENTS - Sales proceeds fr

INVESTMENTS - Sales proceeds from investments classified as available-for-sale (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Proceeds from Sale of Available-for-sale Securities [Abstract]
Sales proceeds from investments classified as available-for-sale	$ 794.3	$ 280.6

INVENTORY AND PROMOTIONAL MER63

INVENTORY AND PROMOTIONAL MERCHANDISE (Details) - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
INVENTORY AND PROMOTIONAL MERCHANDISE
Raw materials	$ 305.7	$ 306.9
Work in process	176.4	168.7
Finished goods	622.4	581.3
Promotional merchandise	158.9	158.9
Inventory and promotional merchandise, net	$ 1,263.4	$ 1,215.8

PROPERTY, PLANT AND EQUIPMENT64

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Property, Plant and Equipment
Property, Plant and Equipment	$ 3,796.1	$ 3,579.6
Less accumulated depreciation and amortization	2,212.8	2,089.4
Property, Plant and Equipment, net	1,583.3	1,490.2	$ 1,502.6
Cost of assets related to projects in progress	186.3	192
Depreciation and amortization of property, plant and equipment	$ 401.2	400	$ 378.1
Minimum
Property, Plant and Equipment
Property, Plant and Equipment, Useful Life	3 years
Maximum
Property, Plant and Equipment
Property, Plant and Equipment, Useful Life	40 years
Land
Property, Plant and Equipment
Property, Plant and Equipment	$ 15.2	15.4
Buildings and improvements
Property, Plant and Equipment
Property, Plant and Equipment	$ 186.9	184.9
Buildings and improvements | Minimum
Property, Plant and Equipment
Property, Plant and Equipment, Useful Life	10 years
Buildings and improvements | Maximum
Property, Plant and Equipment
Property, Plant and Equipment, Useful Life	40 years
Machinery and equipment
Property, Plant and Equipment
Property, Plant and Equipment	$ 679.8	671.3
Machinery and equipment | Minimum
Property, Plant and Equipment
Property, Plant and Equipment, Useful Life	3 years
Machinery and equipment | Maximum
Property, Plant and Equipment
Property, Plant and Equipment, Useful Life	10 years
Computer hardware and software
Property, Plant and Equipment
Property, Plant and Equipment	$ 1,041.1	1,012.4
Computer hardware and software | Minimum
Property, Plant and Equipment
Property, Plant and Equipment, Useful Life	4 years
Computer hardware and software | Maximum
Property, Plant and Equipment
Property, Plant and Equipment, Useful Life	10 years
Furniture and fixtures
Property, Plant and Equipment
Property, Plant and Equipment	$ 83.6	73.7
Furniture and fixtures | Minimum
Property, Plant and Equipment
Property, Plant and Equipment, Useful Life	5 years
Furniture and fixtures | Maximum
Property, Plant and Equipment
Property, Plant and Equipment, Useful Life	15 years
Leasehold improvements
Property, Plant and Equipment
Property, Plant and Equipment	$ 1,789.5	$ 1,621.9

GOODWILL AND OTHER INTANGIBLE65

GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Goodwill and Other Intangible Assets
Goodwill	$ 1,291.5	$ 1,209.6	$ 966.7
Accumulated impairments	(63.7)	(64.8)	(73.5)
Changes in goodwill
Goodwill, Beginning Balance	1,144.8	893.2
Goodwill acquired during the period	88.7	256.3
Translation adjustments	(5.7)	(4.7)
Goodwill, Period Increase (Decrease)	83	251.6
Goodwill, Ending Balance	1,227.8	1,144.8
Skin Care
Goodwill and Other Intangible Assets
Goodwill	184.1	183.9	68.9
Accumulated impairments	(29.1)	(29.1)	(33.6)
Changes in goodwill
Goodwill, Beginning Balance	154.8	35.3
Goodwill acquired during the period		120.1
Translation adjustments	0.2	(0.6)
Goodwill, Period Increase (Decrease)	0.2	119.5
Goodwill, Ending Balance	155	154.8
Makeup
Goodwill and Other Intangible Assets
Goodwill	460.2	449.7	440.7
Changes in goodwill
Goodwill, Beginning Balance	449.7	440.7
Goodwill acquired during the period	10.5	9.4
Translation adjustments		(0.4)
Goodwill, Period Increase (Decrease)	10.5	9
Goodwill, Ending Balance	460.2	449.7
Fragrance
Goodwill and Other Intangible Assets
Goodwill	255.1	181.3	54.8
Changes in goodwill
Goodwill, Beginning Balance	181.3	54.8
Goodwill acquired during the period	78.2	126.8
Translation adjustments	(4.4)	(0.3)
Goodwill, Period Increase (Decrease)	73.8	126.5
Goodwill, Ending Balance	255.1	181.3
Hair Care
Goodwill and Other Intangible Assets
Goodwill	392.1	394.7	402.3
Accumulated impairments	(34.6)	(35.7)	$ (39.9)
Changes in goodwill
Goodwill, Beginning Balance	359	362.4
Translation adjustments	(1.5)	(3.4)
Goodwill, Period Increase (Decrease)	(1.5)	(3.4)
Goodwill, Ending Balance	357.5	$ 359
By Kilian
Changes in goodwill
Amortizable intangible assets	$ 5.5
Weighted-average amortization period	8 years
Non-amortizable assets	$ 31.9
Goodwill acquired during the period	78.2
Bobbi Brown brand
Changes in goodwill
Goodwill acquired during the period	$ 10.5

GOODWILL AND OTHER INTANGIBLE66

GOODWILL AND OTHER INTANGIBLE ASSETS - Other Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Amortizable intangible assets:
Gross Carrying Value	$ 341.9	$ 337.4
Accumulated Amortization	287.1	271.7
Total Net Book Value	54.8	65.7
Aggregate amortization expense for amortizable intangible assets	15.8	13.7	$ 12.4
Non-amortizable intangible assets:
Trademarks and other	289.7	260.9
Total intangible assets	344.5	326.6
Estimated aggregate amortization expense
Estimated aggregate amortization expense for fiscal year 2017	13.5
Estimated aggregate amortization expense for fiscal year 2018	12.6
Estimated aggregate amortization expense for fiscal year 2019	11.9
Estimated aggregate amortization expense for fiscal year 2020	5
Estimated aggregate amortization expense for fiscal year 2021	3.8
Customer lists and other
Amortizable intangible assets:
Gross Carrying Value	298.9	294.4
Accumulated Amortization	244.1	228.7
Total Net Book Value	$ 54.8	65.7
Customer lists and other | Minimum
Amortizable intangible assets:
Finite-Lived Intangible Asset, Useful Life	2 years
Customer lists and other | Maximum
Amortizable intangible assets:
Finite-Lived Intangible Asset, Useful Life	20 years
License agreements
Amortizable intangible assets:
Gross Carrying Value	$ 43	43
Accumulated Amortization	$ 43	$ 43
License agreements | Minimum
Amortizable intangible assets:
Finite-Lived Intangible Asset, Useful Life	5 years
License agreements | Maximum
Amortizable intangible assets:
Finite-Lived Intangible Asset, Useful Life	10 years

CHARGES ASSOCIATED WITH RESTR67

CHARGES ASSOCIATED WITH RESTRUCTURING ACTIVITIES - (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2014
Charges associated with restructuring activities
Restructuring and other charges	$ 133.1	$ (2.9)
Returns associated with restructuring activities
Charges associated with restructuring activities
Restructuring and other charges	1.4
Cost of sales
Charges associated with restructuring activities
Restructuring and other charges	0.2
Restructuring Charges.
Charges associated with restructuring activities
Restructuring and other charges	121.4
Other Charges
Charges associated with restructuring activities
Restructuring and other charges	11.7
Leading Beauty Forward
Charges associated with restructuring activities
Restructuring and other charges	81.1
Leading Beauty Forward | Returns associated with restructuring activities
Charges associated with restructuring activities
Restructuring and other charges	1.4
Leading Beauty Forward | Cost of sales
Charges associated with restructuring activities
Restructuring and other charges	0.2
Leading Beauty Forward | Restructuring Charges.
Charges associated with restructuring activities
Restructuring and other charges	75.4
Leading Beauty Forward | Other Charges
Charges associated with restructuring activities
Restructuring and other charges	4.1
Global Technology Infrastructure
Charges associated with restructuring activities
Restructuring and other charges	53.6
Global Technology Infrastructure | Restructuring Charges.
Charges associated with restructuring activities
Restructuring and other charges	46
Global Technology Infrastructure | Other Charges
Charges associated with restructuring activities
Restructuring and other charges	$ 7.6

CHARGES ASSOCIATED WITH RESTR68

CHARGES ASSOCIATED WITH RESTRUCTURING ACTIVITIES - GTI Restructuring charges and the related activities (Details) - Global Technology Infrastructure $ in Millions	12 Months Ended
	Jun. 30, 2016USD ($)
Charges associated with restructuring activities
Charges	$ 46
Cash payments	(25.1)
Non-cash asset write-offs	(17.4)
Accrued restructuring balance	3.5
Other charges associated with the initiative
Charges associated with restructuring activities
Other charges	7.6
Employee-Related Costs
Charges associated with restructuring activities
Charges	4.3
Cash payments	(1.2)
Accrued restructuring balance	3.1
Asset-Related Costs
Charges associated with restructuring activities
Charges	17.4
Non-cash asset write-offs	(17.4)
Contract Terminations
Charges associated with restructuring activities
Charges	24
Cash payments	(23.6)
Accrued restructuring balance	0.4
Other Exit Costs
Charges associated with restructuring activities
Charges	0.3
Cash payments	$ (0.3)

CHARGES ASSOCIATED WITH RESTR69

CHARGES ASSOCIATED WITH RESTRUCTURING ACTIVITIES - Leading Beauty Forward (Details) - Leading Beauty Forward $ in Millions	12 Months Ended
	Jun. 30, 2016USD ($)employee
Total Restructuring Charges
Estimated net reduction in global positions (as a percentage)	2.50%
Minimum
Total Restructuring Charges
Restructuring and other charges | $	$ 600
Estimated net reduction in global positions | employee	900
Maximum
Total Restructuring Charges
Restructuring and other charges | $	$ 700
Estimated net reduction in global positions | employee	1,200

CHARGES ASSOCIATED WITH RESTR70

CHARGES ASSOCIATED WITH RESTRUCTURING ACTIVITIES - Leading Beauty Forward, restructuring charges incurred by major cost type (Details) - Leading Beauty Forward $ in Millions	12 Months Ended
	Jun. 30, 2016USD ($)
Restructuring charges
Charges	$ 75.4
Cash payments	(0.5)
Non-cash asset write-offs	(0.7)
Translation adjustments	(0.6)
Other adjustments	(0.5)
Accrued restructuring balance	73.1
Employee-Related Costs
Restructuring charges
Charges	74.5
Cash payments	(0.5)
Translation adjustments	(0.6)
Other adjustments	(0.5)
Accrued restructuring balance	72.9
Asset-Related Costs
Restructuring charges
Charges	0.7
Non-cash asset write-offs	(0.7)
Other Exit Costs
Restructuring charges
Charges	0.2
Accrued restructuring balance	$ 0.2

CHARGES ASSOCIATED WITH RESTR71

CHARGES ASSOCIATED WITH RESTRUCTURING ACTIVITIES - Leading Beauty Forward, accrued restructuring (Details) - Leading Beauty Forward - USD ($)	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Restructuring charges and the related activities
Other charges				$ 4,100,000
Forecast
Restructuring charges and the related activities
Accrued restructuring charges expected to result in cash expenditures funded from cash provided by operations	$ 8,000,000	$ 35,000,000	$ 30,000,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2016	Jun. 30, 2015
Current:
Federal	$ 224.4	$ 236.8	$ 338.2
Foreign	293	251.2	265.4
State and local	11.1	31.8	20.5
Total	528.5	519.8	624.1
Deferred:
Federal	(72.7)	(55.5)	(41.7)
Foreign	(21.9)	2.1	(18.6)
State and local	0.5	0.8	3.9
Total	(94.1)	(52.6)	(56.4)
Provision for income taxes	434.4	467.2	567.7
Amounts contributed by the Company's foreign operations included in earnings before income taxes	$ 1,448	$ 1,420	$ 1,384
Reconciliation of the U.S. federal statutory income tax rate and entity's actual effective tax rate on earnings before income taxes
Provision for income taxes at statutory rate (as a percent)	35.00%	35.00%	35.00%
Increase (decrease) due to:
State and local income taxes, net of federal tax benefit (as a percent)	0.90%	1.10%	1.40%
Taxation of foreign operations (as a percent)	(8.00%)	(6.80%)	(4.00%)
Income tax reserve adjustments (as a percent)	(0.30%)	0.50%	(0.50%)
Other, net (as a percent)	0.30%	0.10%	0.10%
Effective tax rate (as a percent)	27.90%	29.90%	32.00%
Undistributed earnings of foreign subsidiaries on which Federal income and foreign withholding taxes have not been provided				$ 3,548
Deferred tax assets:
Compensation related expenses				239.9	$ 218.5
Inventory obsolescence and other inventory related reserves				86.4	82.2
Retirement benefit obligations				129	97.4
Various accruals not currently deductible				197.4	167.1
Net operating loss, credit and other carryforwards				111.2	117.5
Unrecognized state tax benefits and accrued interest				24.8	25.8
Other differences between tax and financial statement values				87.4	87
Deferred tax assets, gross				876.1	795.5
Valuation allowance for deferred tax assets				(118.4)	(120.9)
Total deferred tax assets				757.7	674.6
Deferred tax liabilities:
Depreciation and amortization				(293.4)	(279.6)
Other differences between tax and financial statement values				(42)	(43.9)
Total deferred tax liabilities				(335.4)	(323.5)
Total net deferred tax assets				422.3	351.1
Net operating loss and other carryforwards				410	430
Portion of net operating loss and other carryforwards with indefinite carryforward period				390
Deferred tax assets, net of valuation allowances recorded to reflect the tax benefits of the carryforwards not utilized to date				3.5	4.6
Gross unrecognized tax benefits	$ 77.8	$ 58.1	$ 58.1	82.1	77.8
Total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate				54.8
Gross interest and penalty (expense) benefit	(0.1)	5.9
Gross accrued interest and penalties related to unrecognized tax benefits				18.4	$ 16.5
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits
Beginning of the year balance of gross unrecognized tax benefits	77.8	58.1
Gross amounts of increases as a result of tax positions taken during a prior period	16.1	21.9
Gross amounts of decreases as a result of tax positions taken during a prior period	(14.1)	(8.1)
Gross amounts of increases as a result of tax positions taken during the current period	11.8	11.2
Amounts of decreases in unrecognized tax benefits relating to settlements with taxing authorities	(7.5)	(3.1)
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statutes of limitations	(2)	(2.2)
End of year balance of gross unrecognized tax benefits	$ 82.1	$ 77.8	$ 58.1
Minimum | Settlement With Taxing Authority And Potential Lapse Of Applicable Statutes Of Limitations
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits
Decrease in unrecognized tax benefits				10
Maximum | Settlement With Taxing Authority And Potential Lapse Of Applicable Statutes Of Limitations
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits
Decrease in unrecognized tax benefits				$ 15

OTHER ACCRUED LIABILITIES (Deta

OTHER ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
OTHER ACCRUED LIABILITIES
Advertising, merchandising and sampling	$ 282.7	$ 293.8
Employee compensation	504.2	463.3
Payroll and other taxes	163.3	142
Other	682.1	565.5
Total	$ 1,632.3	$ 1,464.6

DEBT (Details)

DEBT (Details) - USD ($) $ in Millions	1 Months Ended				2 Months Ended	12 Months Ended
	Apr. 30, 2016	Jun. 30, 2015	Apr. 30, 2007	May 31, 2003	May 31, 2015	Jun. 30, 2016	Jun. 30, 2015	Aug. 18, 2016	May 31, 2016
Current and long-term debt and available financing
Current and long-term debt		$ 1,624.9				$ 2,241.5	$ 1,624.9
Less current debt including current maturities		(29.8)				(331.5)	(29.8)
Long-term debt, excluding current maturities		1,595.1				1,910	1,595.1
Available financing, committed						1,000
Available financing, uncommitted						1,132.7
4.375% Senior Notes, due June 15, 2045 ("2045 Senior Notes")
Current and long-term debt and available financing
Current and long-term debt		290.6				$ 455.4	290.6
Interest rate, stated percentage						4.375%
Debt issuance price (as a percent)						97.999%
Yield or effective interest rate (as a percent)						4.497%
Principal amount						$ 300			$ 150
Aggregate amount outstanding of senior notes									$ 450
Unamortized debt discount						(5.9)
Bond Issuance Fees						$ (3.3)
4.375% Senior Notes, due June 15, 2045 ("2045 Senior Notes") | Interest rate swap contracts
Current and long-term debt and available financing
Yield or effective interest rate (as a percent)					4.216%
Notional amount					$ 300
Weighted-average all-in rate (as a percent)					2.38%
Gain (loss) on derivative instruments recognized in other comprehensive income					$ 17.5
4.375% Senior Notes, due June 15, 2045 ("2045 Senior Notes - Addendum")
Current and long-term debt and available financing
Debt issuance price (as a percent)						110.847%
Yield or effective interest rate (as a percent)						3.753%
Principal amount						$ 150
Unamortized debt discount						16.2
Bond Issuance Fees						(1.6)
3.70% Senior Notes due August 15, 2042 (2042 Senior Notes)
Current and long-term debt and available financing
Current and long-term debt		246.6				$ 246.6	246.6
Interest rate, stated percentage						3.70%
Debt issuance price (as a percent)						99.567%
Yield or effective interest rate (as a percent)						3.724%
Principal amount						$ 250
Unamortized debt discount						(1)
Bond Issuance Fees						(2.4)
6.00% Senior Notes, due May 15, 2037 ("2037 Senior Notes")
Current and long-term debt and available financing
Current and long-term debt		293.1				$ 293.3	293.1
Interest rate, stated percentage						6.00%
Debt issuance price (as a percent)						98.722%
Yield or effective interest rate (as a percent)						6.093%
Principal amount						$ 300
Unamortized debt discount						(3.3)
Bond Issuance Fees						(3.4)
6.00% Senior Notes, due May 15, 2037 ("2037 Senior Notes") | Interest rate swap contracts
Current and long-term debt and available financing
Yield or effective interest rate (as a percent)			6.181%
Notional amount			$ 210
Weighted-average all-in rate (as a percent)			5.45%
Gain (loss) on derivative instruments recognized in other comprehensive income			$ (0.9)
5.75% Senior Notes, due October 15, 2033 ("2033 Senior Notes")
Current and long-term debt and available financing
Current and long-term debt		197.2				$ 197.3	197.2
Interest rate, stated percentage						5.75%
Debt issuance price (as a percent)						98.645%
Yield or effective interest rate (as a percent)						5.846%
Principal amount						$ 200
Unamortized debt discount						(2)
Bond Issuance Fees						(0.7)
5.75% Senior Notes, due October 15, 2033 ("2033 Senior Notes") | Treasury lock agreements
Current and long-term debt and available financing
Yield or effective interest rate (as a percent)				5.395%
Notional amount				$ 195
Weighted-average all-in rate (as a percent)				4.53%
Cash received on settlement of derivative				$ 15
2.35% Senior Notes due August 15, 2022 (2022 Senior Notes)
Current and long-term debt and available financing
Current and long-term debt		$ 248.5				$ 266.5	248.5
Interest rate, stated percentage						2.35%
Debt issuance price (as a percent)						99.911%
Yield or effective interest rate (as a percent)						2.36%
Principal amount						$ 250
Unamortized debt discount						(0.2)
Interest rate swap adjustments						17.6
Bond Issuance Fees						(0.9)
2.35% Senior Notes due August 15, 2022 (2022 Senior Notes) | LIBOR
Current and long-term debt and available financing
Number of months for LIBOR calculation		3 months
2.35% Senior Notes due August 15, 2022 (2022 Senior Notes) | Interest rate swap contracts
Current and long-term debt and available financing
Notional amount		$ 250					250
1.70% Senior Notes, due May 10, 2021 ("2021 Senior Notes")
Current and long-term debt and available financing
Current and long-term debt						$ 447.5
Interest rate, stated percentage						1.70%
Debt issuance price (as a percent)						99.976%
Yield or effective interest rate (as a percent)						1.705%
Principal amount						$ 450
Unamortized debt discount						(0.1)
Bond Issuance Fees						(2.4)
1.70% Senior Notes, due May 10, 2021 ("2021 Senior Notes") | Treasury lock agreements
Current and long-term debt and available financing
Yield or effective interest rate (as a percent)	1.844%
Notional amount	$ 400
Weighted-average all-in rate (as a percent)	1.27%
Gain (loss) on derivative instruments recognized in other comprehensive income	$ 0.5
5.55% Senior Notes, due May 15, 2017 ("2017 Senior Notes")
Current and long-term debt and available financing
Current and long-term debt		313.4				$ 306.3	313.4
Interest rate, stated percentage						5.55%
Commercial paper
Current and long-term debt and available financing
Available financing, uncommitted						$ 1,000
Maximum borrowing capacity						1,000
Commercial paper, outstanding amount						0		$ 290
Other long-term borrowings
Current and long-term debt and available financing
Current and long-term debt		5.7				3.4	5.7
Other current borrowings
Current and long-term debt and available financing
Current and long-term debt		$ 29.8				25.2	29.8
Available financing, uncommitted						132.7
Monthly average amount outstanding						$ 30.5	$ 15.4
Weighted-average interest rate (as a percent)		11.30%				12.50%	11.30%
Revolving credit facility
Current and long-term debt and available financing
Available financing, committed						$ 1,000
Revolving Credit Facility, due July 2020
Current and long-term debt and available financing
Maximum borrowing capacity						1,000
Amount of borrowings outstanding						0
Maximum borrowing capacity for multi-currency loans						350
Incurred costs to establish facility						1
Annual fee						0.6
Amount of financial obligation due, which if exceeded and which there is a failure to pay, would result in an event of default and acceleration of the maturity date						$ 150
Revolving Credit Facility, due July 2020 | Federal funds rate
Current and long-term debt and available financing
Variable interest rate spread						0.50%

DERIVATIVE FINANCIAL INSTRUME75

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
Derivatives, Fair Value
Derivative Asset, Total	$ 65.2	$ 43.1
Derivative Liability, Total	25.6	8.5
Derivatives designated as hedging instruments
Derivatives, Fair Value
Derivative Asset, Total	54.4	41.1
Derivative Liability, Total	18	4.4
Derivatives designated as hedging instruments | Foreign currency forward contracts | Prepaid expenses and other current assets
Derivatives, Fair Value
Derivative asset, fair value	36.8	41.1
Derivatives designated as hedging instruments | Foreign currency forward contracts | Other accrued liabilities
Derivatives, Fair Value
Derivative liability, fair value	18	4.2
Derivatives designated as hedging instruments | Interest rate swap contracts | Prepaid expenses and other current assets
Derivatives, Fair Value
Derivative asset, fair value	17.6
Derivatives designated as hedging instruments | Interest rate swap contracts | Other accrued liabilities
Derivatives, Fair Value
Derivative liability, fair value		0.2
Derivatives not designated as hedging instruments | Foreign currency forward contracts | Prepaid expenses and other current assets
Derivatives, Fair Value
Derivative asset, fair value	10.8	2
Derivatives not designated as hedging instruments | Foreign currency forward contracts | Other accrued liabilities
Derivatives, Fair Value
Derivative liability, fair value	$ 7.6	$ 4.1

DERIVATIVE FINANCIAL INSTRUME76

DERIVATIVE FINANCIAL INSTRUMENTS - Gain (Loss) on Derivative Financial Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Foreign currency forward contracts | Selling, general and administrative | Derivatives not designated as hedging instruments
Gain (loss) on derivative financial instruments
Amount of Gain or (Loss) Recognized in Earnings on Derivatives	$ 5.2	$ (2)
Derivatives in cash flow hedging relationships
Gain (loss) on derivative financial instruments
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion)	47.6	107.8
Amount of Gain or (Loss) Reclassified from AOCI into Earnings (Effective Portion)	65.8	38.2
Loss recognized in earnings related to the amount excluded from effectiveness testing	(1)	(1.5)
Gain (loss) recognized in earnings related to the ineffective portion of the hedging relationships	0	1.8
Derivatives in cash flow hedging relationships | Foreign currency forward contracts
Gain (loss) on derivative financial instruments
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion)	48.1	90.3
Derivatives in cash flow hedging relationships | Foreign currency forward contracts | Cost of sales
Gain (loss) on derivative financial instruments
Amount of Gain or (Loss) Reclassified from AOCI into Earnings (Effective Portion)	17.2	9.1
Derivatives in cash flow hedging relationships | Foreign currency forward contracts | Selling, general and administrative
Gain (loss) on derivative financial instruments
Amount of Gain or (Loss) Reclassified from AOCI into Earnings (Effective Portion)	48	28.7
Derivatives in cash flow hedging relationships | Settled interest rate-related derivatives
Gain (loss) on derivative financial instruments
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion)	(0.5)	17.5
Derivatives in cash flow hedging relationships | Settled interest rate-related derivatives | Interest expense
Gain (loss) on derivative financial instruments
Amount of Gain or (Loss) Reclassified from AOCI into Earnings (Effective Portion)	0.6	0.4
Derivatives in Fair Value Hedging Relationships | Interest rate swap contracts | Interest expense
Gain (loss) on derivative financial instruments
Amount of Gain or (Loss) Recognized in Earnings on Derivatives	$ 17.8	$ (0.2)

DERIVATIVE FINANCIAL INSTRUME77

DERIVATIVE FINANCIAL INSTRUMENTS - Foreign Currency Cash-Flow Hedges (Details) $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)Agency
2.35% Senior Notes due August 15, 2022 (2022 Senior Notes) | LIBOR
Fair Value Hedges
Number of months for LIBOR calculation	3 months
Derivatives in cash flow hedging relationships
Foreign Currency Cash-Flow Hedges
Amount expected to be reclassified from AOCI into earnings, net of tax, within the next twelve months		$ 14.6
Accumulated gain on derivative instruments in AOCI, before tax	$ 68.4	$ 50.2
Derivative
Credit Risk
Minimum number of nationally recognized rating agencies | Agency		2
Maximum exposure to credit risk in the event of nonperformance by counterparties, gross fair value of contracts in asset positions		$ 65.2
Foreign currency forward contracts | Derivatives in cash flow hedging relationships
Foreign Currency Cash-Flow Hedges
Notional amount of foreign currency forward contracts	2,193.2	3,265.2
Foreign currency forward contracts | Euro | Derivatives in cash flow hedging relationships
Foreign Currency Cash-Flow Hedges
Notional amount of foreign currency forward contracts	418.2	961.5
Foreign currency forward contracts | British pound | Derivatives in cash flow hedging relationships
Foreign Currency Cash-Flow Hedges
Notional amount of foreign currency forward contracts	409.3	497
Foreign currency forward contracts | Chinese yuan | Derivatives in cash flow hedging relationships
Foreign Currency Cash-Flow Hedges
Notional amount of foreign currency forward contracts	168.2	313.3
Foreign currency forward contracts | Swiss franc | Derivatives in cash flow hedging relationships
Foreign Currency Cash-Flow Hedges
Notional amount of foreign currency forward contracts	168.1	256.1
Foreign currency forward contracts | Canadian dollar | Derivatives in cash flow hedging relationships
Foreign Currency Cash-Flow Hedges
Notional amount of foreign currency forward contracts	158.4
Foreign currency forward contracts | Hong Kong dollar | Derivatives in cash flow hedging relationships
Foreign Currency Cash-Flow Hedges
Notional amount of foreign currency forward contracts	137.7	273.8
Foreign currency forward contracts | Australian dollar | Derivatives in cash flow hedging relationships
Foreign Currency Cash-Flow Hedges
Notional amount of foreign currency forward contracts	123	157.2
Foreign currency forward contracts | Taiwan dollar | Derivatives in cash flow hedging relationships
Foreign Currency Cash-Flow Hedges
Notional amount of foreign currency forward contracts		$ 129.7
Interest rate swap contracts | 2.35% Senior Notes due August 15, 2022 (2022 Senior Notes)
Fair Value Hedges
Notional amount	250
Interest rate swap contracts | Derivatives in Fair Value Hedging Relationships | 2.35% Senior Notes due August 15, 2022 (2022 Senior Notes)
Fair Value Hedges
Notional amount	$ 250
Interest rate swap contracts | Derivatives in Fair Value Hedging Relationships | 2.35% Senior Notes due August 15, 2022 (2022 Senior Notes) | LIBOR
Fair Value Hedges
Number of months for LIBOR calculation		3 months

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
Assets:
Available-for-sale securities	$ 1,504.5	$ 917.8
Liabilities:
Contingent consideration	196.1	159.3
Fair Value
Assets:
Available-for-sale securities	1,504.5	917.8
Liabilities:
Contingent consideration	196.1	159.3
U.S. government and agency securities
Assets:
Available-for-sale securities	563.5	265.8
Foreign government and agency securities
Assets:
Available-for-sale securities	60.8	23.9
Corporate notes and bonds
Assets:
Available-for-sale securities	457.7	182.4
Time deposits
Assets:
Available-for-sale securities	390	410.8
Other securities
Assets:
Available-for-sale securities	32.5	34.9
Recurring basis | Fair Value
Assets:
Foreign currency forward contracts	47.6	43.1
Interest rate swap contracts	17.6
Total	1,569.7	960.9
Liabilities:
Foreign currency forward contracts	25.6	8.3
Interest rate swap contracts		0.2
Contingent consideration	196.1	159.3
Total	221.7	167.8
Recurring basis | Level 2
Assets:
Foreign currency forward contracts	47.6	43.1
Interest rate swap contracts	17.6
Total	1,569.7	960.9
Liabilities:
Foreign currency forward contracts	25.6	8.3
Interest rate swap contracts		0.2
Total	25.6	8.5
Recurring basis | Level 3
Liabilities:
Contingent consideration	196.1	159.3
Total	196.1	159.3
Recurring basis | U.S. government and agency securities | Fair Value
Assets:
Available-for-sale securities	563.5	265.8
Recurring basis | U.S. government and agency securities | Level 2
Assets:
Available-for-sale securities	563.5	265.8
Recurring basis | Foreign government and agency securities | Fair Value
Assets:
Available-for-sale securities	60.8	23.9
Recurring basis | Foreign government and agency securities | Level 2
Assets:
Available-for-sale securities	60.8	23.9
Recurring basis | Corporate notes and bonds | Fair Value
Assets:
Available-for-sale securities	457.7	182.4
Recurring basis | Corporate notes and bonds | Level 2
Assets:
Available-for-sale securities	457.7	182.4
Recurring basis | Time deposits | Fair Value
Assets:
Available-for-sale securities	390	410.8
Recurring basis | Time deposits | Level 2
Assets:
Available-for-sale securities	390	410.8
Recurring basis | Other securities | Fair Value
Assets:
Available-for-sale securities	32.5	34.9
Recurring basis | Other securities | Level 2
Assets:
Available-for-sale securities	$ 32.5	$ 34.9

FAIR VALUE MEASUREMENTS - Estim

FAIR VALUE MEASUREMENTS - Estimated Fair Values of Financial Instruments (Details) $ in Millions	12 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)
Nonderivatives
Available-for-sale securities			$ 1,504.5	$ 917.8
Contingent consideration	$ 159.3	$ 159.3	196.1	159.3
Derivatives
Derivative asset			65.2	43.1
Derivative liability			(25.6)	(8.5)
Changes in the fair value of the contingent consideration obligations
Contingent consideration at the beginning of the period	159.3
Acquisitions			28.6
Change in fair value	8.2	7.3
Contingent consideration at the end of the period	196.1	159.3
Carrying Value
Nonderivatives
Cash and cash equivalents			914.1	1,021.4
Available-for-sale securities			1,504.5	917.8
Current and long-term debt			2,241.5	1,624.9
Additional purchase price payable			37.4	37
Contingent consideration	159.3	159.3	196.1	159.3
Changes in the fair value of the contingent consideration obligations
Contingent consideration at the beginning of the period	159.3
Contingent consideration at the end of the period	196.1	159.3
Fair Value
Nonderivatives
Cash and cash equivalents			914.1	1,021.4
Available-for-sale securities			1,504.5	917.8
Current and long-term debt			2,482	1,688.7
Additional purchase price payable			37.4	37
Contingent consideration	159.3	159.3	196.1	159.3
Changes in the fair value of the contingent consideration obligations
Contingent consideration at the beginning of the period	159.3
Contingent consideration at the end of the period	$ 196.1	$ 159.3
Foreign currency forward contracts | Carrying Value
Derivatives
Derivative asset			22	(34.8)
Foreign currency forward contracts | Fair Value
Derivatives
Derivative asset			22	(34.8)
Interest rate swap contracts | Carrying Value
Derivatives
Derivative liability			17.6	(0.2)
Interest rate swap contracts | Fair Value
Derivatives
Derivative liability			$ 17.6	$ (0.2)
Maximum | LIBOR | Foreign currency forward contracts
Foreign currency forward contracts
Contract maturities	12 months
Maximum | Swap yield curve | Foreign currency forward contracts
Foreign currency forward contracts
Contract maturities	12 months
Level 2 | Additional Purchase Price Payable
Nonderivatives
Incremental borrowing rate (as a percent)	1.00%
Level 3 | Minimum | Contingent Consideration
Nonderivatives
Incremental borrowing rate (as a percent)	1.10%
Revenue volatility (as a percent)	4.6
Asset volatility (as a percent)	27.6
Revenue/EBITDA correlation factor (as a percent)	80
Level 3 | Maximum | Contingent Consideration
Nonderivatives
Incremental borrowing rate (as a percent)	1.60%
Revenue volatility (as a percent)	13.5
Asset volatility (as a percent)	30
Revenue/EBITDA correlation factor (as a percent)	90

PENSION, DEFERRED COMPENSATIO80

PENSION, DEFERRED COMPENSATION AND POST-RETIREMENT BENEFIT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Change in plan assets:
Fair value of plan assets at beginning of year	$ 1,272.2
Fair value of plan assets at end of year	1,305.6	$ 1,272.2
Amounts recognized in the Balance Sheet consist of:
Accumulated other comprehensive loss	427.5
Pension Plans U.S.
Change in benefit obligation:
Benefit obligation at beginning of year	794.4	755.2
Service cost	32.3	31.7	$ 31.6
Interest cost	32.8	30.4	31.2
Actuarial loss (gain)	61.5	10
Benefits, expenses, taxes and premiums paid	(43.7)	(32.9)
Benefit obligation at end of year	877.3	794.4	755.2
Change in plan assets:
Fair value of plan assets at beginning of year	721	723
Actual return on plan assets	27.4	1
Employer contributions	38.6	29.9
Benefits, expenses, taxes and premiums paid	(43.7)	(32.9)
Fair value of plan assets at end of year	743.3	721	723
Funded status	(134)	(73.4)
Amounts recognized in the Balance Sheet consist of:
Other assets		44.3
Other accrued liabilities	(16.9)	(14.4)
Other noncurrent liabilities	(117.1)	(103.3)
Funded status	(134)	(73.4)
Accumulated other comprehensive loss	269.6	198.6
Net amount recognized	135.6	125.2
Pension Plans International
Change in benefit obligation:
Benefit obligation at beginning of year	586.2	598.7
Service cost	25	23.8	24.8
Interest cost	14.9	17.3	19.1
Plan participant contributions	3.6	3.2
Actuarial loss (gain)	53.3	38.6
Foreign currency exchange rate impact	(38)	(65.1)
Benefits, expenses, taxes and premiums paid	(28.8)	(24.9)
Plan amendments	0.3
Settlements and curtailments	(1.5)	(5.9)
Special termination benefits	0.9	0.5
Benefit obligation at end of year	615.9	586.2	598.7
Change in plan assets:
Fair value of plan assets at beginning of year	519.3	513.7
Actual return on plan assets	56.5	59.5
Foreign currency exchange rate impact	(41.8)	(51.6)
Employer contributions	21.8	22.8
Plan participant contributions	3.6	3.2
Settlements	(1.5)	(3.4)
Benefits, expenses, taxes and premiums paid	(28.8)	(24.9)
Fair value of plan assets at end of year	529.1	519.3	513.7
Funded status	(86.8)	(66.9)
Amounts recognized in the Balance Sheet consist of:
Other assets	78.8	68.8
Other accrued liabilities	(4.3)	(3.3)
Other noncurrent liabilities	(161.3)	(132.4)
Funded status	(86.8)	(66.9)
Accumulated other comprehensive loss	123.1	125.1
Net amount recognized	36.3	58.2
Other than Pension Plans Post-Retirement
Change in benefit obligation:
Benefit obligation at beginning of year	175.3	186.7
Service cost	2.8	3.3	3.4
Interest cost	7.4	7.6	8
Plan participant contributions	0.9	0.8
Actuarial loss (gain)	12.5	(11.9)
Foreign currency exchange rate impact	(1.2)	(4.1)
Benefits, expenses, taxes and premiums paid	(7.1)	(7.1)
Benefit obligation at end of year	190.6	175.3	186.7
Change in plan assets:
Fair value of plan assets at beginning of year	31.9	31.7
Actual return on plan assets	1.3	0.2
Employer contributions	6.2	6.3
Plan participant contributions	0.9	0.8
Benefits, expenses, taxes and premiums paid	(7.1)	(7.1)
Fair value of plan assets at end of year	33.2	31.9	$ 31.7
Funded status	(157.4)	(143.4)
Amounts recognized in the Balance Sheet consist of:
Other accrued liabilities	(6.5)	(6.1)
Other noncurrent liabilities	(150.9)	(137.3)
Funded status	(157.4)	(143.4)
Accumulated other comprehensive loss	34.8	22.5
Net amount recognized	$ (122.6)	$ (120.9)

PENSION, DEFERRED COMPENSATIO81

PENSION, DEFERRED COMPENSATION AND POST-RETIREMENT BENEFIT PLANS - Components of net periodic benefit cost (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Pension Plans U.S.
Components of net periodic benefit cost:
Service cost	$ 32.3	$ 31.7	$ 31.6
Interest cost	32.8	30.4	31.2
Expected return on assets	(48.7)	(50.1)	(46.8)
Amortization of:
Actuarial loss	11.2	9.8	7.4
Prior service cost	0.6	0.6	0.7
Net periodic benefit cost	$ 28.2	$ 22.4	$ 24.1
Weighted-average assumptions used to determine net periodic benefit cost for the year ended June 30:
Expected return on assets (as a percent)	7.00%	7.50%	7.50%
Pension Plans U.S. | Minimum
Weighted-average assumptions used to determine benefit obligations at June 30:
Discount rate (as a percent)	3.00%	3.70%	3.60%
Rate of compensation increase (as a percent)	3.00%	3.00%	3.00%
Weighted-average assumptions used to determine net periodic benefit cost for the year ended June 30:
Discount rate (as a percent)	3.70%	3.60%	4.30%
Rate of compensation increase (as a percent)	3.00%	3.00%	4.00%
Pension Plans U.S. | Maximum
Weighted-average assumptions used to determine benefit obligations at June 30:
Discount rate (as a percent)	3.70%	4.40%	4.30%
Rate of compensation increase (as a percent)	7.00%	7.00%	7.00%
Weighted-average assumptions used to determine net periodic benefit cost for the year ended June 30:
Discount rate (as a percent)	4.40%	4.30%	4.90%
Rate of compensation increase (as a percent)	7.00%	7.00%	12.00%
Pension Plans International
Components of net periodic benefit cost:
Service cost	$ 25	$ 23.8	$ 24.8
Interest cost	14.9	17.3	19.1
Expected return on assets	(19.6)	(21.5)	(20.8)
Amortization of:
Actuarial loss	10.4	10.4	9.2
Prior service cost	1.9	2.1	2.9
Settlement	0.3	(0.5)	0.6
Curtailments		(0.9)
Special termination benefits	0.9	0.5
Net periodic benefit cost	$ 33.8	$ 31.2	$ 35.8
Pension Plans International | Minimum
Weighted-average assumptions used to determine benefit obligations at June 30:
Discount rate (as a percent)	0.25%	0.75%	0.50%
Rate of compensation increase (as a percent)	0.00%	0.00%	1.00%
Weighted-average assumptions used to determine net periodic benefit cost for the year ended June 30:
Discount rate (as a percent)	0.75%	0.50%	1.00%
Expected return on assets (as a percent)	2.00%	2.00%	2.25%
Rate of compensation increase (as a percent)	0.00%	1.00%	1.00%
Pension Plans International | Maximum
Weighted-average assumptions used to determine benefit obligations at June 30:
Discount rate (as a percent)	6.00%	7.00%	6.75%
Rate of compensation increase (as a percent)	5.50%	5.50%	5.50%
Weighted-average assumptions used to determine net periodic benefit cost for the year ended June 30:
Discount rate (as a percent)	7.00%	6.75%	7.25%
Expected return on assets (as a percent)	7.00%	6.75%	7.25%
Rate of compensation increase (as a percent)	5.50%	5.50%	5.50%
Other than Pension Plans Post-Retirement
Components of net periodic benefit cost:
Service cost	$ 2.8	$ 3.3	$ 3.4
Interest cost	7.4	7.6	8
Expected return on assets	(2.2)	(2.3)	(2)
Amortization of:
Actuarial loss	0.3	1.5	0.8
Prior service cost	0.8	0.8	0.8
Net periodic benefit cost	$ 9.1	$ 10.9	$ 11
Weighted-average assumptions used to determine net periodic benefit cost for the year ended June 30:
Expected return on assets (as a percent)	7.00%	7.50%	7.50%
Other than Pension Plans Post-Retirement | Minimum
Weighted-average assumptions used to determine benefit obligations at June 30:
Discount rate (as a percent)	3.50%	4.25%	4.10%
Weighted-average assumptions used to determine net periodic benefit cost for the year ended June 30:
Discount rate (as a percent)	4.25%	4.10%	4.75%
Other than Pension Plans Post-Retirement | Maximum
Weighted-average assumptions used to determine benefit obligations at June 30:
Discount rate (as a percent)	9.50%	9.00%	9.00%
Weighted-average assumptions used to determine net periodic benefit cost for the year ended June 30:
Discount rate (as a percent)	9.00%	9.00%	8.75%

PENSION, DEFERRED COMPENSATIO82

PENSION, DEFERRED COMPENSATION AND POST-RETIREMENT BENEFIT PLANS - Assumed health care cost trend rates (Details) - Other than Pension Plans Post-Retirement	12 Months Ended
	Jun. 30, 2016
Assumed health care cost trend rates
Assumed weighted-average health care cost trend rate for the coming year (as a percent)	7.67%
Weighted-average ultimate trend rate (as a percent)	4.53%
Period after which ultimate trend rate is expected to be reached	21 years

PENSION, DEFERRED COMPENSATIO83

PENSION, DEFERRED COMPENSATION AND POST-RETIREMENT BENEFIT PLANS - Impact of one-percentage-point change in assumed health care cost trend rates (Details) - Other than Pension Plans Post-Retirement $ in Millions	12 Months Ended
	Jun. 30, 2016USD ($)
Effects of one-percentage-point change in assumed health care cost trend rates for fiscal 2016
Effect of one-percentage-point increase on total service and interest costs	$ 1.2
Effect of one-percentage-point decrease on total service and interest costs	(0.9)
Effect of one-percentage-point increase on post-retirement benefit obligations	14.8
Effect of one-percentage-point decrease on post-retirement benefit obligations	$ (12.7)

PENSION, DEFERRED COMPENSATIO84

PENSION, DEFERRED COMPENSATION AND POST-RETIREMENT BENEFIT PLANS - Amounts recognized in AOCI (before tax) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Defined Benefit Plan Disclosure
Balance, beginning of year	$ (3,643.2)
Translation adjustments	100.5	$ 306	$ (87.2)
Balance, end of year	(3,571.9)	(3,643.2)
Total amounts recognized in AOCI	427.5
Net actuarial (gains) losses recognized
Defined Benefit Plan Disclosure
Balance, beginning of year	337.3
Amounts before reclassification	112.5	48.3	42.1
Amounts reclassified out	(22.2)	(21.2)	(18)
Translation adjustments	(4.8)
Balance, end of year	422.8	337.3
Net prior service cost (credit) recognized
Defined Benefit Plan Disclosure
Balance, beginning of year	8.9
Amounts before reclassification	0.3		(6.7)
Amounts reclassified out	(3.3)	(3.3)	$ (4.4)
Prior service cost recognized	0.3
Translation adjustments	(1.2)
Balance, end of year	4.7	8.9
Pension Plans U.S.
Defined Benefit Plan Disclosure
Total amounts recognized in AOCI	269.6	198.6
Pension Plans U.S. | Net actuarial (gains) losses recognized
Defined Benefit Plan Disclosure
Balance, beginning of year	195.1
Amounts before reclassification	82.8
Amounts reclassified out	(11.2)
Balance, end of year	266.7	195.1
Pension Plans U.S. | Net prior service cost (credit) recognized
Defined Benefit Plan Disclosure
Balance, beginning of year	3.5
Amounts reclassified out	(0.6)
Balance, end of year	2.9	3.5
Pension Plans International
Defined Benefit Plan Disclosure
Total amounts recognized in AOCI	123.1	125.1
Pension Plans International | Net actuarial (gains) losses recognized
Defined Benefit Plan Disclosure
Balance, beginning of year	122.2
Amounts before reclassification	16.3
Amounts reclassified out	(10.7)
Translation adjustments	(4.8)
Balance, end of year	123	122.2
Pension Plans International | Net prior service cost (credit) recognized
Defined Benefit Plan Disclosure
Balance, beginning of year	2.9
Amounts reclassified out	(1.9)
Prior service cost recognized	0.3
Translation adjustments	(1.2)
Balance, end of year	0.1	2.9
Other than Pension Plans Post-Retirement
Defined Benefit Plan Disclosure
Total amounts recognized in AOCI	34.8	22.5
Other than Pension Plans Post-Retirement | Net actuarial (gains) losses recognized
Defined Benefit Plan Disclosure
Balance, beginning of year	20
Amounts before reclassification	13.4
Amounts reclassified out	(0.3)
Balance, end of year	33.1	20
Other than Pension Plans Post-Retirement | Net prior service cost (credit) recognized
Defined Benefit Plan Disclosure
Balance, beginning of year	2.5
Amounts reclassified out	(0.8)
Balance, end of year	$ 1.7	$ 2.5

PENSION, DEFERRED COMPENSATIO85

PENSION, DEFERRED COMPENSATION AND POST-RETIREMENT BENEFIT PLANS - Amounts in AOCI expected to be amortized as components of net periodic benefit cost during fiscal 2017 (Details) $ in Millions	12 Months Ended
	Jun. 30, 2016USD ($)
Pension Plans U.S.
Amounts in accumulated other comprehensive (income) loss expected to be amortized as components of net periodic benefit cost during fiscal 2017
Prior service cost	$ 0.5
Net actuarial loss	16
Pension Plans International
Amounts in accumulated other comprehensive (income) loss expected to be amortized as components of net periodic benefit cost during fiscal 2017
Prior service cost	1.7
Net actuarial loss	10.9
Other than Pension Plans Post-Retirement
Amounts in accumulated other comprehensive (income) loss expected to be amortized as components of net periodic benefit cost during fiscal 2017
Prior service cost	0.8
Net actuarial loss	$ 1.6

PENSION, DEFERRED COMPENSATIO86

PENSION, DEFERRED COMPENSATION AND POST-RETIREMENT BENEFIT PLANS - Amounts recognized in AOCI (before tax) (Details) - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Defined Benefit Plan Disclosure
Fair value of plan assets	$ 1,305.6	$ 1,272.2
Pension Plans U.S.
Defined Benefit Plan Disclosure
Projected benefit obligation	877.3	794.4	$ 755.2
Fair value of plan assets	743.3	721	723
Pension Plans Retirement Growth Account
Defined Benefit Plan Disclosure
Projected benefit obligation	754.1	676.7
Accumulated benefit obligation	709.6	632.9
Fair value of plan assets	743.3	721
Pension Plans Restoration
Defined Benefit Plan Disclosure
Projected benefit obligation	123.2	117.7
Accumulated benefit obligation	108.7	103.9
Pension Plans International
Defined Benefit Plan Disclosure
Projected benefit obligation	615.9	586.2	598.7
Accumulated benefit obligation	548.9	524.1
Fair value of plan assets	529.1	519.3	$ 513.7
Defined benefit plans with obligations in excess of plan assets:
Pension plans with projected benefit obligations in excess of the plans' assets, aggregate projected benefit obligations	330.4	256.8
Pension plans with projected benefit obligations in excess of the plans' assets, aggregate fair value of plan assets	164.8	121.1
Defined benefit plans with accumulated benefit obligations in excess of plan assets:
Pension plans with accumulated benefit obligations in excess of the plans' assets, aggregate accumulated benefit obligations	226.1	201.9
Pension plans with accumulated benefit obligations in excess of the plans' assets, aggregate fair value of plan assets	$ 93.1	$ 94.6

PENSION, DEFERRED COMPENSATIO87

PENSION, DEFERRED COMPENSATION AND POST-RETIREMENT BENEFIT PLANS - Expected cash flows for the Company's pension and post-retirement plans (Details) $ in Millions	12 Months Ended
	Jun. 30, 2016USD ($)
Pension Plans U.S.
Expected cash flows for the Company's pension and post-retirement plans
Expected benefit payments for year ending June 30, 2017	$ 73.3
Expected benefit payments for year ending June 30, 2018	69.2
Expected benefit payments for year ending June 30, 2019	63
Expected benefit payments for year ending June 30, 2020	58.9
Expected benefit payments for year ending June 30, 2021	60.4
Expected benefit payments for year ending June 30, Years 2022-2026	314.7
Pension Plans International
Expected cash flows for the Company's pension and post-retirement plans
Expected employer contributions for year ending June 30, 2017	22.4
Expected benefit payments for year ending June 30, 2017	21.8
Expected benefit payments for year ending June 30, 2018	20.6
Expected benefit payments for year ending June 30, 2019	19.5
Expected benefit payments for year ending June 30, 2020	20.3
Expected benefit payments for year ending June 30, 2021	22
Expected benefit payments for year ending June 30, Years 2022-2026	130.5
Other than Pension Plans Post-Retirement
Expected cash flows for the Company's pension and post-retirement plans
Expected benefit payments for year ending June 30, 2017	6.6
Expected benefit payments for year ending June 30, 2018	7.3
Expected benefit payments for year ending June 30, 2019	8
Expected benefit payments for year ending June 30, 2020	8.8
Expected benefit payments for year ending June 30, 2021	9.5
Expected benefit payments for year ending June 30, Years 2022-2026	$ 57.7

PENSION, DEFERRED COMPENSATIO88

PENSION, DEFERRED COMPENSATION AND POST-RETIREMENT BENEFIT PLANS - Company's target asset allocation at June 30, 2016 (Details)	12 Months Ended
	Jun. 30, 2016
Pension Plans U.S.
Company's target asset allocation at June 30, 2016
Target asset allocation (as a percent)	100.00%
Pension Plans U.S. | Equity securities
Company's target asset allocation at June 30, 2016
Target asset allocation (as a percent)	30.00%
Pension Plans U.S. | Debt instruments
Company's target asset allocation at June 30, 2016
Target asset allocation (as a percent)	39.00%
Pension Plans U.S. | Other
Company's target asset allocation at June 30, 2016
Target asset allocation (as a percent)	31.00%
Pension Plans International
Company's target asset allocation at June 30, 2016
Target asset allocation (as a percent)	100.00%
Pension Plans International | Equity securities
Company's target asset allocation at June 30, 2016
Target asset allocation (as a percent)	18.00%
Pension Plans International | Debt instruments
Company's target asset allocation at June 30, 2016
Target asset allocation (as a percent)	53.00%
Pension Plans International | Other
Company's target asset allocation at June 30, 2016
Target asset allocation (as a percent)	29.00%
Other than Pension Plans Post-Retirement
Company's target asset allocation at June 30, 2016
Target asset allocation (as a percent)	100.00%
Other than Pension Plans Post-Retirement | Equity securities
Company's target asset allocation at June 30, 2016
Target asset allocation (as a percent)	30.00%
Other than Pension Plans Post-Retirement | Debt instruments
Company's target asset allocation at June 30, 2016
Target asset allocation (as a percent)	39.00%
Other than Pension Plans Post-Retirement | Other
Company's target asset allocation at June 30, 2016
Target asset allocation (as a percent)	31.00%

PENSION, DEFERRED COMPENSATIO89

PENSION, DEFERRED COMPENSATION AND POST-RETIREMENT BENEFIT PLANS - Fair values of the Company's pension and post-retirement plan assets by asset category (Details) - USD ($) $ in Millions	Jun. 30, 2016	Jun. 30, 2015
Defined Benefit Plan Disclosure
Fair value of plan assets	$ 1,305.6	$ 1,272.2
Level 1
Defined Benefit Plan Disclosure
Fair value of plan assets	269.9	273.1
Level 2
Defined Benefit Plan Disclosure
Fair value of plan assets	965.5	909.7
Level 3
Defined Benefit Plan Disclosure
Fair value of plan assets	70.2	89.4
Cash and cash equivalents
Defined Benefit Plan Disclosure
Fair value of plan assets	13.8	2.8
Cash and cash equivalents | Level 1
Defined Benefit Plan Disclosure
Fair value of plan assets	13.8	2.8
Short-term investment funds
Defined Benefit Plan Disclosure
Fair value of plan assets	48.6	53.1
Short-term investment funds | Level 2
Defined Benefit Plan Disclosure
Fair value of plan assets	48.6	53.1
Government and agency securities
Defined Benefit Plan Disclosure
Fair value of plan assets	29.2	30.5
Government and agency securities | Level 2
Defined Benefit Plan Disclosure
Fair value of plan assets	29.2	30.5
Equity securities
Defined Benefit Plan Disclosure
Fair value of plan assets	17.2	22.8
Equity securities | Level 1
Defined Benefit Plan Disclosure
Fair value of plan assets	17.2	22.8
Debt instruments
Defined Benefit Plan Disclosure
Fair value of plan assets	145.1	168.9
Debt instruments | Level 2
Defined Benefit Plan Disclosure
Fair value of plan assets	145.1	168.9
Commingled funds
Defined Benefit Plan Disclosure
Fair value of plan assets	889	832.9
Commingled funds | Level 1
Defined Benefit Plan Disclosure
Fair value of plan assets	238.9	247.5
Commingled funds | Level 2
Defined Benefit Plan Disclosure
Fair value of plan assets	640.9	550.4
Commingled funds | Level 3
Defined Benefit Plan Disclosure
Fair value of plan assets	9.2	35
Insurance contracts
Defined Benefit Plan Disclosure
Fair value of plan assets	44.9	40.4
Insurance contracts | Level 3
Defined Benefit Plan Disclosure
Fair value of plan assets	44.9	40.4
Limited partnerships and hedge fund investments
Defined Benefit Plan Disclosure
Fair value of plan assets	117.8	120.8
Limited partnerships and hedge fund investments | Level 2
Defined Benefit Plan Disclosure
Fair value of plan assets	101.7	106.8
Limited partnerships and hedge fund investments | Level 3
Defined Benefit Plan Disclosure
Fair value of plan assets	$ 16.1	$ 14

PENSION, DEFERRED COMPENSATIO90

PENSION, DEFERRED COMPENSATION AND POST-RETIREMENT BENEFIT PLANS - Changes in Level 3 plan assets (Details) $ in Millions	12 Months Ended
	Jun. 30, 2016USD ($)
Changes in Level 3 plan assets
Fair value of plan assets at beginning of year	$ 1,272.2
Actual return on plan assets:
Fair value of plan assets at end of year	1,305.6
Level 3
Changes in Level 3 plan assets
Fair value of plan assets at beginning of year	89.4
Actual return on plan assets:
Relating to assets still held at the reporting date	5.7
Relating to assets sold during the year	(1.4)
Purchases, sales, issuances and settlements, net	(20.6)
Foreign exchange impact	(2.9)
Fair value of plan assets at end of year	70.2
Commingled funds
Changes in Level 3 plan assets
Fair value of plan assets at beginning of year	832.9
Actual return on plan assets:
Fair value of plan assets at end of year	889
Commingled funds | Level 3
Changes in Level 3 plan assets
Fair value of plan assets at beginning of year	35
Actual return on plan assets:
Relating to assets still held at the reporting date	(0.1)
Relating to assets sold during the year	0.2
Purchases, sales, issuances and settlements, net	(23.1)
Foreign exchange impact	(2.8)
Fair value of plan assets at end of year	9.2
Insurance contracts
Changes in Level 3 plan assets
Fair value of plan assets at beginning of year	40.4
Actual return on plan assets:
Fair value of plan assets at end of year	44.9
Insurance contracts | Level 3
Changes in Level 3 plan assets
Fair value of plan assets at beginning of year	40.4
Actual return on plan assets:
Relating to assets still held at the reporting date	3.7
Purchases, sales, issuances and settlements, net	0.9
Foreign exchange impact	(0.1)
Fair value of plan assets at end of year	44.9
Limited partnerships and hedge fund investments
Changes in Level 3 plan assets
Fair value of plan assets at beginning of year	120.8
Actual return on plan assets:
Fair value of plan assets at end of year	117.8
Limited partnerships and hedge fund investments | Level 3
Changes in Level 3 plan assets
Fair value of plan assets at beginning of year	14
Actual return on plan assets:
Relating to assets still held at the reporting date	2.1
Relating to assets sold during the year	(1.6)
Purchases, sales, issuances and settlements, net	1.6
Fair value of plan assets at end of year	$ 16.1

PENSION, DEFERRED COMPENSATIO91

PENSION, DEFERRED COMPENSATION AND POST-RETIREMENT BENEFIT PLANS - 401(k) Savings Plan (U.S.) and Deferred Compensation (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
401(k) Savings Plan (U.S.)
Minimum period following date of hire after which full-time employees become eligible to participate in the savings plan	30 days
Minimum service period after which the Company matches a portion of the participant's contributions	1 year
Company's contribution to contributory defined contribution plan	$ 37.4	$ 35.1	$ 33.3
Deferred Compensation
Accrued amount of deferred compensation and interest thereon	70.5	74.7
Deferred compensation expense (income) to reflect additional deferrals and change in market value (in dollars)	$ 6.3	$ 8.6	$ 10.6

COMMITMENTS AND CONTINGENCIES92

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Debt service, Payments Due in Fiscal
Debt service	$ 3,717
Debt service, Payments Due in Fiscal 2017	414
Debt service, Payments Due in Fiscal 2018	74
Debt service, Payments Due in Fiscal 2019	73
Debt service, Payments Due in Fiscal 2020	72.1
Debt service, Payments Due in Fiscal 2021	522
Debt service, Payments Due in Fiscal Thereafter	2,561.9
Operating lease commitments, Payments Due in Fiscal
Operating lease commitments	2,111.1
Operating lease commitments, Payments Due in Fiscal 2017	340
Operating lease commitments, Payments Due in Fiscal 2018	327.7
Operating lease commitments, Payments Due in Fiscal 2019	278.8
Operating lease commitments, Payments Due in Fiscal 2020	229.3
Operating lease commitments, Payments Due in Fiscal 2021	178.1
Operating lease commitments, Payments Due in Fiscal Thereafter	757.2
Unconditional purchase obligations, Payments Due in Fiscal
Unconditional purchase obligations	2,542.8
Unconditional purchase obligations, Payments Due in Fiscal 2017	1,155.5
Unconditional purchase obligations, Payments Due in Fiscal 2018	473.4
Unconditional purchase obligations, Payments Due in Fiscal 2019	372.3
Unconditional purchase obligations, Payments Due in Fiscal 2020	398.4
Unconditional purchase obligations, Payments Due in Fiscal 2021	70.7
Unconditional purchase obligations, Payments Due in Fiscal Thereafter	72.5
Gross unrecognized tax benefits and interest - current, Payments Due in Fiscal
Gross unrecognized tax benefits and interest - current	3.9
Gross unrecognized tax benefits and interest - current, Payments Due in Fiscal 2017	3.9
Total contractual obligations, Payments Due in Fiscal
Total contractual obligations	8,374.8
Total contractual obligations, Payments Due in Fiscal 2017	1,913.4
Total contractual obligations, Payments Due in Fiscal 2018	875.1
Total contractual obligations, Payments Due in Fiscal 2019	724.1
Total contractual obligations, Payments Due in Fiscal 2020	699.8
Total contractual obligations, Payments Due in Fiscal 2021	770.8
Total contractual obligations, Payments Due in Fiscal Thereafter	3,391.6
Projected interest costs on long-term and current debt, payments Due in fiscal
Projected interest costs on long-term and current debt Due in fiscal 2017	88.6
Projected interest costs on long-term and current debt Due in fiscal 2018	72
Projected interest costs on long-term and current debt Due in fiscal 2019	72
Projected interest costs on long-term and current debt Due in fiscal 2020	72
Projected interest costs on long-term and current debt Due in fiscal 2021	72
Projected interest costs on long-term and current debt Due in fiscal Thereafter	1,111.9
Rental expense	441.8	$ 402.2	$ 356.1
Noncurrent unrecognized tax benefits, accrued interest and penalties	$ 96.6

COMMON STOCK (Details)

COMMON STOCK (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 15, 2016	Aug. 18, 2016	Jun. 15, 2016	May 02, 2016	Mar. 15, 2016	Feb. 04, 2016	Dec. 15, 2015	Oct. 30, 2015	Sep. 15, 2015	Aug. 14, 2015	Aug. 18, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Stock disclosures
Additional purchase of Class A Common Stock (in dollars)												$ 889.9	$ 982.8	$ 667.2
Cash dividends declared per common share (in dollars per share)												$ 1.14	$ 0.92	$ 0.78
Common Class A
Class of Stock
Common stock, shares authorized												1,300,000,000	1,300,000,000
Common stock, par value (in dollars per share)												$ 0.01	$ 0.01
Exchange basis for conversion of Class B Common Stock into shares of Class A Common Stock												One-for-one basis
Common stock holder voting rights												one vote per share
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period (in shares)											222,989,600	227,836,200	234,156,400	239,016,200
Acquisition of treasury stock (in shares)												(10,534,400)	(12,397,100)	(9,602,200)
Conversion of Class B to Class A (in shares)												2,275,900	1,682,000	250,000
Stock-based compensation (in shares)												3,411,900	4,394,900	4,492,400
Balance at the end of the period (in shares)												222,989,600	227,836,200	234,156,400
Stock disclosures
Shares authorized by the Board of Directors to be repurchased (in shares)												216,000,000
Cumulative total acquired shares pursuant to the authorization (in shares)												197,500,000
Remaining authorized share repurchase balance (in shares)												18,500,000
Additional purchase of Class A Common Stock (in shares)											200,000,000
Additional purchase of Class A Common Stock (in dollars)											$ 2.2
Cash dividends declared per common share (in dollars per share)		$ 0.30		$ 0.30		$ 0.30		$ 0.30		$ 0.24
Dividends paid (in dollars per share)			$ 0.30		$ 0.30		$ 0.30		$ 0.24
Common Class A | Forecast
Stock disclosures
Dividends paid (in dollars per share)	$ 0.30
Common Class B
Class of Stock
Common stock, shares authorized												304,000,000	304,000,000
Common stock, par value (in dollars per share)												$ 0.01	$ 0.01
Common stock holder voting rights												ten votes per share
Increase (Decrease) in Stockholders' Equity
Balance at the beginning of the period (in shares)											144,770,237	147,046,137	148,728,100	148,978,100
Conversion of Class B to Class A (in shares)												(2,275,900)	(1,682,000)	(250,000)
Balance at the end of the period (in shares)												144,770,237	147,046,137	148,728,100
Stock disclosures
Cash dividends declared per common share (in dollars per share)		$ 0.30		$ 0.30		$ 0.30		$ 0.30		$ 0.24
Dividends paid (in dollars per share)			$ 0.30		$ 0.30		$ 0.30		$ 0.24
Common Class B | Forecast
Stock disclosures
Dividends paid (in dollars per share)	$ 0.30

STOCK PROGRAMS (Details)

STOCK PROGRAMS (Details) $ in Millions	12 Months Ended
	Jun. 30, 2016USD ($)itemshares	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Share-based Compensation Arrangement by Share-based Payment Award
Number of active equity compensation plans | item	2
Compensation expense
Compensation expense	$ 183.5	$ 165	$ 152.6
Income tax benefit	60.4	$ 54.1	$ 50.2
Total unrecognized compensation cost related to unvested stock-based awards	$ 143.5
Weighted-average period over which compensation cost related to unvested stock-based awards is expected to be recognized	2 years
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Number of Class A Common Stock shares authorized under active equity compensation plans | shares	76,806,200
Number of Class A Common Stock shares reserved and available to be granted pursuant to equity compensation plans | shares	17,121,800

STOCK PROGRAMS - Stock Options

STOCK PROGRAMS - Stock Options (Details) - Stock options $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2016USD ($)item$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2014USD ($)$ / shares
Shares
Outstanding at the beginning of the year (in shares) | shares	13,437,100
Granted at fair value (in shares) | shares	2,506,900
Exercised (in shares) | shares	(1,795,600)
Expired (in shares) | shares	(12,200)
Forfeited (in shares) | shares	(128,700)
Outstanding at the end of the period (in shares) | shares	14,007,500	13,437,100
Vested and expected to vest (in shares) | shares	13,897,800
Exercisable (in shares) | shares	9,659,900
Weighted-Average Exercise Price Per Share
Outstanding at the beginning of the year (in dollars per share)	$ 47.73
Granted at fair value (in dollars per share)	77.48
Exercised (in dollars per share)	47.04
Expired (in dollars per share)	49.05
Forfeited (in dollars per share)	71.63
Outstanding at the end of the period (in dollars per share)	52.92	$ 47.73
Vested and expected to vest Weighted-Average Exercise Price (in dollars per share)	52.73
Exercisable Weighted-Average Exercise Price (in dollars per share)	$ 42.75
Additional General Disclosures
Outstanding Aggregate Intrinsic Value (in dollars) | $	$ 533.7
Weighted-Average Contractual Life Remaining	5 years 10 months 24 days
Vested and expected to vest Aggregate Intrinsic Value (in dollars) | $	$ 532.2
Vested and expected to vest Exercisable Weighted-Average Contractual Life Remaining	5 years 10 months 24 days
Exercisable Aggregate Intrinsic Value (in dollars) | $	$ 466.3
Exercisable Weighted-Average Contractual Life Remaining	4 years 9 months 18 days
Maximum exercise period for all stock options from the date of grant	10 years
Number of substantively equal tranches in which stock options grants become exercisable | item	3
Service period over which stock option grants generally become exercisable in substantively equal tranches	4 years
Per-share weighted-average grant date fair value of stock options granted
Per-share weighted-average grant date fair value of stock options granted (in dollars per share)	$ 21.51	$ 22.44	$ 23.13
Intrinsic value of stock options exercised (in dollars) | $	$ 75.3	$ 114.2	$ 104.7
Fair Value Of Option Grants, Assumptions and Methodology
Method used for estimating fair value of option grant	Black-Scholes
Weighted-average expected stock-price volatility (as a percent)	27.00%	28.00%	33.00%
Weighted-average expected option life	7 years	7 years	7 years
Average risk-free interest rate (as a percent)	1.90%	2.20%	2.50%
Average dividend yield (as a percent)	1.20%	1.10%	1.10%

STOCK PROGRAMS - Restricted Sto

STOCK PROGRAMS - Restricted Stock Units (Details) - Restricted Stock Units	12 Months Ended
	Jun. 30, 2016$ / sharesshares
Shares
Nonvested at the beginning of the period (in shares)	2,592,100
Granted (in shares)	1,610,300
Dividend equivalents (in shares)	24,200
Vested (in shares)	(1,297,500)
Forfeited (in shares)	(133,700)
Nonvested at the end of the period (in shares)	2,795,400
Weighted-Average Grant Date Fair Value
Nonvested at the beginning of the period (in dollars per share) | $ / shares	$ 70.31
Granted (in dollars per share) | $ / shares	77.62
Dividend equivalents (in dollars per share) | $ / shares	63.31
Vested (in dollars per share) | $ / shares	67.59
Forfeited (in dollars per share) | $ / shares	73.88
Nonvested at the end of the period (in dollars per share) | $ / shares	$ 75.55
RSU grants scheduled to vest in fiscal 2017
Shares
RSU grants scheduled to vest (in shares)	546,000
RSU grants scheduled to vest in fiscal 2018
Shares
RSU grants scheduled to vest (in shares)	566,800
RSU grants scheduled to vest in fiscal 2019
Shares
RSU grants scheduled to vest (in shares)	497,500

STOCK PROGRAMS - Performance Sh

STOCK PROGRAMS - Performance Share Units (Details) - $ / shares	1 Months Ended	12 Months Ended
	Sep. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Common Stock issued (in shares)		3,411,900	4,394,900	4,492,400
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award
Vesting period		3 years
Other Equity Compensation Plans
Nonvested at the beginning of the period (in shares)		550,400
Granted (in shares)		277,400
Vested (in shares)		(284,100)	(249,900)
Forfeited (in shares)		(4,600)
Nonvested at the end of the period (in shares)		539,100	550,400
Weighted-Average Grant Date Fair Value
Nonvested at the beginning of the period (in dollars per share)		$ 71.59
Granted (in dollars per share)		77.35
Vested (in dollars per share)		67.38
Forfeited (in dollars per share)		67.31
Nonvested at the end of the period (in dollars per share)		$ 76.81	$ 71.59
Performance Share Units | Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Target payout for performance share units in Class A Common Stock (in shares)		274,300
Common Stock issued (in shares)	276,200

STOCK PROGRAMS - Performance 98

STOCK PROGRAMS - Performance Share Units Based on Total Stockholder Return (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2013
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award
Common Stock issued (in shares)			3,411,900	4,394,900	4,492,400
Performance share units based on total stockholder return
Share-based Compensation Arrangement by Share-based Payment Award
Grant date fair value (in USD)			$ 11
Method used for estimating fair value of option grant			lattice model with a Monte Carlo
Dividend yield (as a percent)			1.00%
Weighted-average expected stock-price volatility (as a percent)			32.00%
Performance share units based on total stockholder return | Performance share units based on total stockholders return vesting (contractual term 33 months)
Share-based Compensation Arrangement by Share-based Payment Award
Weighted-average expected option life			33 months
Weighted-average risk-free interest rate (as a percent)			0.30%
Performance share units based on total stockholder return | Performance share units based on total stockholders return vesting (contractual term 45 months)
Share-based Compensation Arrangement by Share-based Payment Award
Weighted-average expected option life			45 months
Weighted-average risk-free interest rate (as a percent)			0.50%
Performance share units based on total stockholder return | Performance share units based on total stockholders return vesting (contractual term 57 months)
Share-based Compensation Arrangement by Share-based Payment Award
Weighted-average expected option life			57 months
Weighted-average risk-free interest rate (as a percent)			0.70%
Performance share units based on total stockholder return | Common Class A | Executive
Share-based Compensation Arrangement by Share-based Payment Award
Target payout for performance share units in Class A Common Stock (in shares)			54,254			162,760
Common Stock issued (in shares)		42,549
Performance share units based on total stockholder return | Common Class A | Maximum | Executive
Share-based Compensation Arrangement by Share-based Payment Award
Target payout for performance share units in Class A Common Stock (in shares)			86,806
Forecast | Performance share units based on total stockholder return | Common Class A | Executive
Share-based Compensation Arrangement by Share-based Payment Award
Common Stock issued (in shares)	49,882

STOCK-PROGRAMS - Long-term Perf

STOCK-PROGRAMS - Long-term Performance Share Units(Details) - Long-term Performance Share Units - Common Class A - Executive $ in Millions	1 Months Ended
	Jan. 31, 2016itemshares	Sep. 30, 2015itemshares	Jan. 28, 2016USD ($)	Sep. 04, 2015USD ($)
Share-based Compensation Arrangement by Share-based Payment Award
Target payout for performance share units in Class A Common Stock (in shares)	71,694	387,848
Number of tranches | item	3	3
Business days to make tranche payment	30 days
Grant date fair value (in USD) | $			$ 6	$ 30
Performance period ending June 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award
Target payout for performance share units in Class A Common Stock (in shares)		129,283
Performance period ending June 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Target payout for performance share units in Class A Common Stock (in shares)		129,283
Performance period ending June 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Target payout for performance share units in Class A Common Stock (in shares)		129,283
Performance period ending January 29, 2018
Share-based Compensation Arrangement by Share-based Payment Award
Target payout for performance share units in Class A Common Stock (in shares)	23,898
Performance period ending January 29, 2019
Share-based Compensation Arrangement by Share-based Payment Award
Target payout for performance share units in Class A Common Stock (in shares)	23,898
Performance period ending January 29, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Target payout for performance share units in Class A Common Stock (in shares)	23,898

STOCK PROGRAMS - Share Units, C

STOCK PROGRAMS - Share Units, Cash Units (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Non-employee Director Deferred Cash Compensation, Cash Payout Shares
Deferred compensation expense (income) to reflect additional deferrals and change in market value (in dollars)	$ 6.3	$ 8.6	$ 10.6
Share Units
Shares
Outstanding at the beginning of the period (in shares)	110,300
Granted (in shares)	8,900
Dividend equivalents (in shares)	1,500
Outstanding at the end of the period (in shares)	120,700	110,300
Weighted-Average Grant Date Fair Value Per Share
Outstanding at the beginning of the period (in dollars per share)	$ 41.24
Granted (in dollars per share)	84.35
Dividend equivalents (in dollars per share)	87.73
Outstanding at the end of the period (in dollars per share)	$ 45	$ 41.24
Cash Units
Non-employee Director Deferred Cash Compensation, Cash Payout Shares
Deferred compensation expense (income) to reflect additional deferrals and change in market value (in dollars)	$ 1.7	$ 3.4	$ 2.4

NET EARNINGS ATTRIBUTABLE TO101

NET EARNINGS ATTRIBUTABLE TO THE ESTEE LAUDER COMPANIES INC. PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Numerator:
Net earnings attributable to The Estee Lauder Companies Inc. (in dollars)									$ 1,114.6	$ 1,088.9	$ 1,204.1
Denominator:
Weighted-average common shares outstanding - Basic									370	379.3	386.2
Weighted-average common shares outstanding - Diluted									376.6	385.7	393.1
Net earnings attributable to The Estee Lauder Companies Inc. per common share:
Basic (in dollars per share)	$ 0.25	$ 0.72	$ 1.21	$ 0.83	$ 0.41	$ 0.72	$ 1.15	$ 0.60	$ 3.01	$ 2.87	$ 3.12
Diluted (in dollars per share)	$ 0.25	$ 0.71	$ 1.19	$ 0.82	$ 0.40	$ 0.71	$ 1.13	$ 0.59	$ 2.96	$ 2.82	$ 3.06
Stock options
Denominator:
Incremental common shares attributable to share-based payment arrangements									4.6	4.6	5
PSUs
Denominator:
Incremental common shares attributable to share-based payment arrangements									0.1	0.1	0.1
Restricted Stock Units
Denominator:
Incremental common shares attributable to share-based payment arrangements									1.8	1.6	1.4
Performance share units based on total stockholder return
Denominator:
Incremental common shares attributable to share-based payment arrangements									0.1	0.1	0.1
Market Share Unit
Denominator:
Incremental common shares attributable to share-based payment arrangements											0.3

NET EARNINGS ATTRIBUTABLE TO102

NET EARNINGS ATTRIBUTABLE TO THE ESTEE LAUDER COMPANIES INC. PER COMMON SHARE - Antidilutive Securities Excluded from Computation of Earnings, Per Share (Details) - shares shares in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Stock options
Antidilutive Securities Excluded from Computation of Earnings, Per Share
Antidilutive shares excluded from the calculation of diluted earnings per share	0.2	0	0.1
Contingently Issuable Shares
Antidilutive Securities Excluded from Computation of Earnings, Per Share
Antidilutive shares excluded from the calculation of diluted earnings per share	0.5	0.6	0.5

ACCUMULATED OTHER COMPREHENS103

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Changes in AOCI, net of tax by component
Balance, beginning of year	$ 3,643.2
Translation adjustments	(100.5)	$ (306)	$ 87.2
Balance, end of year	3,571.9	3,643.2
Accumulated other comprehensive loss	(544.8)	(381.5)
Accumulated other comprehensive income (loss).
Changes in AOCI, net of tax by component
Accumulated other comprehensive loss	(544.8)	(381.5)	(100.3)
Net Unrealized Investment gains (losses)
Changes in AOCI, net of tax by component
Balance, beginning of year	(0.1)	1.4	0.8
Amounts before reclassification	6.7	0.5	0.9
Benefit (provision) for deferred income taxes		(0.2)	(0.3)
Amounts reclassified out		(2.4)
Benefit (provision) for deferred income taxes on reclassification		0.8
Translation adjustments		(0.2)
Balance, end of year	6.6	(0.1)	1.4
Accumulated other comprehensive income (loss) from foreign currency cash-flow hedges
Changes in AOCI, net of tax by component
Balance, beginning of year	43.9	(0.9)	18.3
Amounts before reclassification	47.6	107.8	(22.2)
Benefit (provision) for deferred income taxes before reclassification	(16.7)	(38.3)	7.9
Benefit (provision) for deferred income taxes on reclassification	23.2	13.5	2.6
Balance, end of year	32.2	43.9	(0.9)
Accumulated other comprehensive income (loss) from foreign currency cash-flow hedges | Foreign currency forward contracts
Changes in AOCI, net of tax by component
Amounts reclassified out	(65.2)	(37.8)	(7.2)
Accumulated other comprehensive income (loss) from foreign currency cash-flow hedges | Settled interest rate-related derivatives
Changes in AOCI, net of tax by component
Amounts reclassified out	(0.6)	(0.4)	(0.3)
Amounts Included in Net Periodic Benefit Cost
Changes in AOCI, net of tax by component
Balance, beginning of year	(235)	(233)	(213.7)
Benefit (provision) for deferred income taxes before reclassification	38.5	13.2	10.4
Benefit (provision) for deferred income taxes on reclassification	(7.3)	(7.2)	(6.5)
Translation adjustments	6	15.8	(10.2)
Balance, end of year	(285.1)	(235)	(233)
Net actuarial (gains) losses recognized
Changes in AOCI, net of tax by component
Balance, beginning of year	(337.3)
Amounts before reclassification	(112.5)	(48.3)	(42.1)
Amounts reclassified out	22.2	21.2	18
Translation adjustments	4.8
Balance, end of year	(422.8)	(337.3)
Net prior service cost (credit) recognized
Changes in AOCI, net of tax by component
Balance, beginning of year	(8.9)
Amounts before reclassification	(0.3)		6.7
Amounts reclassified out	3.3	3.3	4.4
Translation adjustments	1.2
Balance, end of year	(4.7)	(8.9)
Translation Adjustments
Changes in AOCI, net of tax by component
Balance, beginning of year	(190.3)	132.2	37.1
Amounts before tax	(106.3)	(319.5)	96.7
Benefit (provision) for deferred income taxes	(1.9)	(3)	(1.6)
Balance, end of year	$ (298.5)	$ (190.3)	$ 132.2

ACCUMULATED OTHER COMPREHENS104

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Components of AOCI - Footnotes (Detail) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Reclassification adjustments from accumulated other comprehensive income (loss)
Cost of sales	$ (2,181.1)	$ (2,100.6)	$ (2,158.2)
Selling, general and administrative	(7,337.8)	(7,073.5)	(6,985.9)
Accumulated other comprehensive income (loss) from foreign currency cash-flow hedges | Foreign currency forward contracts | Amount Reclassified from AOCI
Reclassification adjustments from accumulated other comprehensive income (loss)
Cost of sales	17.2	9.1	4.5
Selling, general and administrative	$ 48	$ 28.7	$ 2.7

STATEMENT OF CASH FLOWS (Detail

STATEMENT OF CASH FLOWS (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Cash:
Cash paid during the period for interest	$ 78.8	$ 65.5	$ 66
Cash paid during the period for income taxes	450.9	417.4	534.7
Non-cash investing and financing activities:
Incremental tax benefit from the exercise of stock options	(8)	(10.1)	(8.1)
Capital lease and asset retirement obligations incurred	27.1	8.7	12.9
Pending purchase price true-up payment		10.6
Non-cash purchases (sales) of short- and long-term investments, net	(2.2)	1.8
Property, plant and equipment accrued but unpaid	28.5	28.6	30.5
Accrued dividend equivalents	5.3	$ 3.4	$ 2.7
Accrued dividend distribution to noncontrolling interest	$ (1.1)

SEGMENT DATA AND RELATED INF106

SEGMENT DATA AND RELATED INFORMATION (Details) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2016USD ($)segment	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Segment Reporting Information
Number of operating segments | segment									1
Net Sales:
Net Sales before (returns) adjustments associated with restructuring activities									$ 11,263.7	$ 10,780.4	$ 10,968.7
Net Sales	$ 2,646.3	$ 2,656.5	$ 3,124.8	$ 2,834.7	$ 2,524.4	$ 2,580.5	$ 3,044.5	$ 2,631	11,262.3	10,780.4	10,968.8
Depreciation and Amortization:
Depreciation and amortization									414.7	409.3	384.6
Operating Income (Loss) before charges associated with restructuring activities
Operating Income (Loss) before charges associated with restructuring activities									1,745	1,606.3	1,824.7
Operating Income	143.7	384	629.4	$ 453.2	228.3	$ 397.2	$ 632.8	$ 348	1,610.3	1,606.3	1,827.6
Reconciliation:
(Returns and/or Charges) adjustments associated with restructuring activities	(101)	$ (15.2)	$ (18.5)						(134.7)		2.9
Interest expense									(70.7)	(60)	(59.4)
Interest income and investment income, net									15.6	14.3	8.6
Earnings before Income Taxes									1,555.2	1,560.6	1,776.8
Total Assets:
Assets	9,223.3				8,226.9				9,223.3	8,226.9	7,860
Long-Lived Assets (property, plant and equipment, net):
Long-Lived Assets	1,583.3				1,490.2				1,583.3	1,490.2	1,502.6
Returns associated with restructuring activities
Reconciliation:
(Returns and/or Charges) adjustments associated with restructuring activities									(1.4)		0.1
The Americas
Net Sales:
Net Sales before (returns) adjustments associated with restructuring activities									4,710.3	4,513.8	4,572.3
Operating Income (Loss) before charges associated with restructuring activities
Operating Income (Loss) before charges associated with restructuring activities									346.1	302.3	537.3
Total Assets:
Assets	5,423.7				4,897.6				5,423.7	4,897.6	4,337.4
Long-Lived Assets (property, plant and equipment, net):
Long-Lived Assets	978.6				956.8				978.6	956.8	954.4
Europe, the Middle East and Africa
Net Sales:
Net Sales before (returns) adjustments associated with restructuring activities									4,380.7	4,086.4	4,163.7
Operating Income (Loss) before charges associated with restructuring activities
Operating Income (Loss) before charges associated with restructuring activities									1,027.1	943.3	938.3
Total Assets:
Assets	3,016				2,614.2				3,016	2,614.2	2,657
Long-Lived Assets (property, plant and equipment, net):
Long-Lived Assets	463.8				399.9				463.8	399.9	410.2
Asia/Pacific
Net Sales:
Net Sales before (returns) adjustments associated with restructuring activities									2,172.7	2,180.2	2,232.7
Operating Income (Loss) before charges associated with restructuring activities
Operating Income (Loss) before charges associated with restructuring activities									371.8	360.7	349.1
Total Assets:
Assets	783.6				715.1				783.6	715.1	865.6
Long-Lived Assets (property, plant and equipment, net):
Long-Lived Assets	140.9				133.5				140.9	133.5	138
United States
Net Sales:
Net Sales									4,150.9	3,972.1	3,999.5
Long-Lived Assets (property, plant and equipment, net):
Long-Lived Assets	$ 862.2				$ 855.9				862.2	855.9	849.9
Skin Care
Net Sales:
Net Sales before (returns) adjustments associated with restructuring activities									4,446.2	4,478.7	4,769.8
Depreciation and Amortization:
Depreciation and amortization									150.5	158.1	157.1
Operating Income (Loss) before charges associated with restructuring activities
Operating Income (Loss) before charges associated with restructuring activities									842.1	832.2	975.8
Makeup
Net Sales:
Net Sales before (returns) adjustments associated with restructuring activities									4,702.6	4,304.6	4,210.2
Depreciation and Amortization:
Depreciation and amortization									184.2	168.4	166.1
Operating Income (Loss) before charges associated with restructuring activities
Operating Income (Loss) before charges associated with restructuring activities									758.3	659.3	715.9
Fragrance
Net Sales:
Net Sales before (returns) adjustments associated with restructuring activities									1,486.7	1,416.4	1,425
Depreciation and Amortization:
Depreciation and amortization									52.1	54.3	49.4
Operating Income (Loss) before charges associated with restructuring activities
Operating Income (Loss) before charges associated with restructuring activities									87.4	82.8	104.1
Hair Care
Net Sales:
Net Sales before (returns) adjustments associated with restructuring activities									554.2	530.6	515.6
Depreciation and Amortization:
Depreciation and amortization									24.2	25.9	11.1
Operating Income (Loss) before charges associated with restructuring activities
Operating Income (Loss) before charges associated with restructuring activities									51.8	37.9	33.7
Other
Net Sales:
Net Sales before (returns) adjustments associated with restructuring activities									74	50.1	48.1
Depreciation and Amortization:
Depreciation and amortization									3.7	2.6	0.9
Operating Income (Loss) before charges associated with restructuring activities
Operating Income (Loss) before charges associated with restructuring activities									$ 5.4	$ (5.9)	$ (4.8)

UNAUDITED QUARTERLY FINANCIA107

UNAUDITED QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Charges associated with restructuring activities, asset impairment
Charges associated with restructuring activities	$ (101)	$ (15.2)	$ (18.5)						$ (134.7)		$ 2.9
Charges associated with restructuring activities, net of tax	$ (69.6)	$ (9.3)	$ (12.4)
Charges associated with restructuring activities net of tax, per diluted common share (in dollars per share)	$ (0.18)	$ (0.02)	$ (0.03)
UNAUDITED QUARTERLY FINANCIAL DATA
Net Sales	$ 2,646.3	$ 2,656.5	$ 3,124.8	$ 2,834.7	$ 2,524.4	$ 2,580.5	$ 3,044.5	$ 2,631	11,262.3	$ 10,780.4	10,968.8
Gross Profit	2,135.6	2,152.3	2,535.8	2,257.5	2,036.4	2,077.6	2,471.4	2,094.4	9,081.2	8,679.8	8,810.6
Operating Income	143.7	384	629.4	453.2	228.3	397.2	632.8	348	1,610.3	1,606.3	1,827.6
Net Earnings Attributable to The Estee Lauder Companies Inc.	$ 93.5	$ 265.6	$ 446.2	$ 309.3	153	272.1	$ 435.7	$ 228.1	$ 1,114.6	1,088.9
SMI Rollout Accelerated Orders Recorded In Net Sales					178
SMI Rollout Accelerated Orders Operating Income					$ 127
SMI Rollout Accelerated Orders Per Share Diluted					$ 0.21
Remeasurement charge						$ (5.3)				$ (5.3)	$ (38.3)
Remeasurement of net monetary assets in Venezuela before and after tax per share diluted						$ (0.01)
Net earnings attributable to The Estee Lauder Companies Inc. per common share:
Basic (in dollars per share)	$ 0.25	$ 0.72	$ 1.21	$ 0.83	0.41	0.72	$ 1.15	$ 0.60	$ 3.01	$ 2.87	$ 3.12
Diluted (in dollars per share)	$ 0.25	$ 0.71	$ 1.19	$ 0.82	$ 0.40	$ 0.71	$ 1.13	$ 0.59	$ 2.96	$ 2.82	$ 3.06

SCHEDULE II - VALUATION AND 108

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions		12 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Allowance for doubtful accounts and customer deductions:
Reserves deducted in the balance sheet from the assets to which they apply:
Balance at Beginning of Period		$ 20.6	$ 23.9	$ 22.7
Charged to Costs and Expenses		13.5	7.2	9.5
Deductions	[1]	10	10.5	8.3
Balance at End of Period		24.1	20.6	23.9
Sales return accrual:
Reserves deducted in the balance sheet from the assets to which they apply:
Balance at Beginning of Period		97.3	93.7	74.6
Charged to Costs and Expenses		373.1	399.7	410.2
Deductions	[2]	374.6	396.1	391.1
Balance at End of Period		95.8	97.3	93.7
Deferred tax valuation allowance:
Reserves deducted in the balance sheet from the assets to which they apply:
Balance at Beginning of Period		120.9	115.2	92.9
Charged to Costs and Expenses		6.5	9.8	22.9
Deductions		9	4.1	0.6
Balance at End of Period		118.4	$ 120.9	$ 115.2
Accrued restructuring:
Reserves deducted in the balance sheet from the assets to which they apply:
Charged to Costs and Expenses		121.4
Deductions		44.8
Balance at End of Period		$ 76.6
[1]	Includes amounts written-off, net of recoveries.
[2]	Represents actual returns