Zayo 10-K/A 20 Sep 18 2018 FY Annual report (amended) Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Billions	12 Months Ended
	Jun. 30, 2018	Aug. 20, 2018	Dec. 31, 2017
Document And Entity Information [Abstract]
Document Type	10-K/A
Amendment Flag	true
Amendment Description	EXPLANATORY NOTE This Amendment No. 1 to Form 10-K (this "Amendment") amends the Annual Report on Form 10-K for the fiscal year ended June 30, 2018 (the "Original 10-K") filed by Zayo Group Holdings, Inc., a Delaware corporation ("Company," "we" or "our"), on August 24, 2018 (the "Original Filing Date"). We are filing this Amendment to amend Item 8 in the Original 10-K to reflect a correction of the amount of shares of our common stock that were issued upon vesting of Part A restricted stock units during the fiscal year ended June 30, 2018. This correction resulted in a decrease of 192,758 shares of common stock issued and outstanding as of June 30, 2018 as previously reported in the Original 10-K from 246,631,241 shares to 246,438,483 shares in the Amendment. This correction also resulted in a decrease of 174,896 shares of common stock issued and outstanding as previously reported on the cover page of the Original 10-K from 246,642,680 shares to 246,467,784 shares in the Amendment. In accordance with Rule 12b-15 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), this Amendment sets forth the complete text of Item 8 of Part II of the Original 10-K, which has been amended as described above. This Amendment speaks only as of the Original Filing Date, does not reflect events that may have occurred subsequent to the Original Filing Date, and does not otherwise modify or update in any way the disclosures made in the Original 10-K. Except as described above, no changes have been made to the Original 10-K. This Amendment should be read in conjunction with the Original 10-K and our other filings made with the Securities and Exchange Commission subsequent to the Original Filing Date. Pursuant to Rule 12b-15 of the Exchange Act, the certifications required pursuant to Rule 13a-14(a) and Rule 13a-14(b) of the Exchange Act, which were included as exhibits to the Original 10-K, have been re-executed as of the date of this Amendment and are included as Exhibits 31.1, 31.2 and 32 hereto.
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Entity Registrant Name	Zayo Group Holdings, Inc.
Entity Central Index Key	1,608,249
Current Fiscal Year End Date	--06-30
Entity Filer Category	Large Accelerated Filer
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 7.7
Entity Common Stock, Shares Outstanding		246,467,784

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Current assets
Cash and cash equivalents	$ 256.7	$ 220.7
Trade receivables, net of allowance of $11.1 and $9.5 as of June 30, 2018 and June 30, 2017, respectively	235.6	191.6
Prepaid expenses	74.1	68.3
Other current assets	22.6	34
Assets held for sale	41.8
Total current assets	630.8	514.6
Property and equipment, net	5,447.2	5,016
Intangible assets, net	1,212.1	1,188.6
Goodwill	1,719.1	1,840.2
Deferred income taxes, net	37.6	38.3
Other assets	170	141.7
Total assets	9,216.8	8,739.4
Current liabilities
Accounts payable	45.9	72.4
Accrued liabilities	312.3	325.4
Accrued interest	72.6	63.5
Current portion of long-term debt	5	5
Capital lease obligations, current	11.9	8
Deferred revenue, current	164.4	146
Liabilities associated with assets held for sale	6.1
Total current liabilities	618.2	620.3
Long-term debt, non-current	5,690.1	5,532.7
Capital lease obligation, non-current	121.6	93.6
Deferred revenue, non-current	1,096.8	989.7
Deferred income taxes, net	143.2	40.2
Other long-term liabilities	57.8	52.4
Total liabilities	7,727.7	7,328.9
Commitments and contingencies (Note 14)
Stockholders' equity
Preferred stock, $0.001 par value - 50,000,000 shares authorized; no shares issued and outstanding as of June 30, 2018 and June 30, 2017, respectively
Common stock, $0.001 par value - 850,000,000 shares authorized; 246,631,241 and 246,471,551 shares issued and outstanding as of June 30, 2018 and June 30, 2017, respectively	0.2	0.2
Additional paid-in capital	1,881.6	1,884
Accumulated other comprehensive (loss)/income	(15.5)	5.4
Accumulated deficit	(377.2)	(479.1)
Total stockholders' equity	1,489.1	1,410.5
Total liabilities and stockholders' equity	$ 9,216.8	$ 8,739.4

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
CONDENSED CONSOLIDATED BALANCE SHEETS
Trade receivables allowance	$ 11.1	$ 9.5
Preferred Stock, par value	$ 0.001	$ 0.001
Preferred Stock, shares authorized	50,000,000	50,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	850,000,000	850,000,000
Common stock, shares issued	246,438,483	246,471,551
Common stock, shares outstanding	246,438,483	246,471,551

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Revenue	$ 2,604	$ 2,199.8	$ 1,721.7
Operating costs and expenses
Operating costs (excluding depreciation and amortization and including stock-based compensation—Note 11)	941.9	782.9	578.7
Selling, general and administrative expenses (including stock-based compensation—Note 11)	489.8	436.2	386.4
Depreciation and amortization	747.4	606.9	516.3
Total operating costs and expenses	2,179.1	1,826	1,481.4
Operating income	424.9	373.8	240.3
Other expenses
Interest expense	(299.8)	(241.5)	(220.1)
Loss on extinguishment of debt	(4.9)	(18.2)	(33.8)
Foreign currency gain/(loss) on intercompany loans	5.4	(10.3)	(53.8)
Other income/(expense), net	2.4	0.3	(0.3)
Total other expenses, net	(296.9)	(269.7)	(308)
Income/(loss) from operations before income taxes	128	104.1	(67.7)
Provision for income taxes	26.1	18.4	8.5
Net income/(loss)	$ 101.9	$ 85.7	$ (76.2)
Weighted-average shares used to compute net income/(loss) per share:
Basic	247.3	243.9	243.3
Diluted	248.5	246.8	243.3
Net income/(loss) per share:
Basic and diluted	$ 0.41	$ 0.35	$ (0.31)

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income/(loss)	$ 101.9	$ 85.7	$ (76.2)
Foreign currency translation adjustment, net of tax	(7.4)	2.1	12.4
Defined benefit pension plan adjustments, net of tax	(13.5)	(1.2)
Comprehensive income/(loss)	$ 81	$ 86.6	$ (63.8)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY - USD ($) $ in Millions	Common Stock	Additional paid-in Capital	Accumulated Other Comprehensive Income/(loss)	Accumulated Deficit	Total
Balance at Jun. 30, 2015	$ 0.2	$ 1,705.8	$ (7.9)	$ (486.9)	$ 1,211.2
Balance, shares at Jun. 30, 2015	243,008,679
Stock-based compensation		152.9			152.9
Stock-based compensation, shares	3,114,939
Foreign currency translation adjustment, net of tax			12.4		12.4
Repurchase and retirement of common shares		(81.1)			(81.1)
Repurchase and retirement of common shares (in shares)	(3,474,120)
Net income/(loss)				(76.2)	(76.2)
Balance at Jun. 30, 2016	$ 0.2	1,777.6	4.5	(563.1)	1,219.2
Balance, shares at Jun. 30, 2016	242,649,498
Stock-based compensation		104.7			104.7
Stock-based compensation, shares	3,822,053
Cumulative effect adjustment resulting from adoption of ASU 2016-09 (Note 2)		1.7		(1.7)
Foreign currency translation adjustment, net of tax			2.1		2.1
Defined benefit pension plan adjustments, net of tax			(1.2)		(1.2)
Net income/(loss)				85.7	85.7
Balance at Jun. 30, 2017	$ 0.2	1,884	5.4	(479.1)	$ 1,410.5
Balance, shares at Jun. 30, 2017	246,471,551				246,471,551
Stock-based compensation		91.1			$ 91.1
Stock-based compensation, shares	2,716,011
Cumulative effect adjustment resulting from adoption of ASU 2016-09 (Note 2)					1.7
Foreign currency translation adjustment, net of tax			(7.4)		(7.4)
Repurchase and retirement of common shares		(93.5)			(93.5)
Repurchase and retirement of common shares (in shares)	(2,749,079)
Defined benefit pension plan adjustments, net of tax			(13.5)		(13.5)
Net income/(loss)				101.9	101.9
Balance at Jun. 30, 2018	$ 0.2	$ 1,881.6	$ (15.5)	$ (377.2)	$ 1,489.1
Balance, shares at Jun. 30, 2018	246,438,483				246,438,483

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities
Net income/(loss)	$ 101.9	$ 85.7	$ (76.2)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities
Depreciation and amortization	747.4	606.9	516.3
Loss on extinguishment of debt	4.9	18.2	33.8
Non-cash interest expense	9.8	9.6	11.9
Stock-based compensation	96.7	114.1	155.9
Amortization of deferred revenue	(137.8)	(117.6)	(111.5)
Foreign currency (gain)/loss on intercompany loans	(5.4)	10.3	53.8
Excess tax benefit from stock-based compensation		(15.6)	(7.9)
Deferred income taxes	25	12.6	(2.8)
Provision for bad debts	5.1	3.7	3.9
Non-cash loss on investments	1	1.2	1.2
Changes in operating assets and liabilities, net of acquisitions
Trade receivables	(48.1)	(7.2)	1.9
Accounts payable and accrued liabilities	7.3	5.2	(36)
Additions to deferred revenue	212.8	200.5	184
Other assets and liabilities	(49.5)	(33.4)	(14.3)
Net cash provided by operating activities	971.1	909.8	714
Cash flows from investing activities
Purchases of property and equipment	(789.9)	(835.5)	(704.1)
Cash paid for acquisitions, net of cash acquired	(176.9)	(1,434.8)	(437.5)
Net cash used in investing activities	(966.8)	(2,270.3)	(1,141.6)
Cash flows from financing activities
Proceeds from debt	462.8	3,865.8	929.3
Principal payments on long-term debt	(315.7)	(2,408.8)	(535)
Payment of early redemption fees on debt extinguished			(20.3)
Principal payments on capital lease obligations	(8.4)	(6.6)	(4.9)
Payment of debt issuance costs	(4.3)	(35.4)	(4.2)
Common stock repurchases	(93.5)		(81.1)
Excess tax benefit from stock-based compensation			7.9
Cash paid for Santa Clara acquisition financing arrangement and other	(5.3)	(3.7)
Net cash provided by financing activities	35.6	1,411.3	291.7
Net cash flows	39.9	50.8	(135.9)
Effect of changes in foreign exchange rates on cash	(3.9)	(0.8)	(2)
Net increase/(decrease) in cash and cash equivalents	36	50	(137.9)
Cash and cash equivalents, beginning of year	220.7	170.7	308.6
Cash and cash equivalents, end of period	256.7	220.7	170.7
Supplemental disclosure of non-cash investing and financing activities:
Cash paid for interest, net of capitalized interest	280.2	195.6	228.5
Cash paid for income taxes	20.3	13.1	14
Non-cash purchases of equipment through capital leasing	22.1	12	7.6
Non-cash purchases of equipment through nonmonetary exchange	17.1	12.8	50.6
(Decrease)/increase in accounts payable and accrued expenses for purchases of property and equipment	$ (32.2)	$ 16.9	$ 25.7

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	12 Months Ended
	Jun. 30, 2018
ORGANIZATION AND DESCRIPTION OF BUSINESS
ORGANIZATION AND DESCRIPTION OF BUSINESS	(1) ORGANIZATION AND DESCRIPTION OF BUSINESS Business Zayo Group Holdings, Inc., a Delaware corporation, was formed on November 13, 2007, and is the parent company of a number of subsidiaries engaged in providing access to bandwidth infrastructure. Zayo Group Holdings, Inc. and its subsidiaries are collectively referred to as “Zayo Group Holdings” or the “Company.” The Company’s primary operating subsidiary is Zayo Group, LLC (“ZGL”). Headquartered in Boulder, Colorado, the Company provides communication infrastructure solutions, including fiber and bandwidth connectivity, colocation and cloud infrastructure to businesses primarily in the United States (“U.S.”), Canada and Europe. The Company provides its products and offerings through six segments: · Fiber Solutions, including dark fiber and mobile infrastructure solutions. · Transport, including Ethernet, wavelength, wholesale IP, and SONET solutions. · Enterprise Networks, including private lines, dedicated Internet and cloud-based computing and storage products. · Colocation, including provision of colocation space and power and interconnection offerings. · Allstream, including Cloud VoIP and Data Solutions. · Other offerings, including Zayo Professional Services (“ZPS”). The Company’s shares are listed on the New York Stock Exchange (NYSE) under the ticker symbol “ZAYO”.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jun. 30, 2018
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	(2) BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES a. Basis of Presentation The accompanying consolidated financial statements include all the accounts of the Company and its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for annual reports on Form 10-K. In the opinion of management, all adjustments considered necessary for the fair presentation of financial position, results of operations and cash flows of the Company have been included herein. Unless otherwise noted, dollar amounts and disclosures throughout the Notes to the consolidated financial statements are presented in millions of dollars. The Company’s fiscal year ends June 30 each year, and we refer to the fiscal year ending June 30, 2019 as “Fiscal 2019”, the fiscal year ended June 30, 2018 as “Fiscal 2018” and the fiscal year ended June 30, 2017 as “Fiscal 2017.” b. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Significant estimates are used when establishing allowances for doubtful accounts and accruals for billing disputes, determining useful lives for depreciation and amortization and accruals for exit activities associated with real estate leases, assessing the need for impairment charges (including those related to intangible assets and goodwill), determining the fair values of assets acquired and liabilities assumed in business combinations, accounting for income taxes and related valuation allowances against deferred tax assets, determining the defined benefit costs and defined benefit obligations related to post-employment benefits, determining the fair value of plan assets related to post-employment benefits and estimating certain restricted stock unit grant fair values used to compute the stock-based compensation liability and expense. Management evaluates these estimates and judgments on an ongoing basis and makes estimates based on historical experience, current conditions, and various other assumptions that are believed to be reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ from these estimates under different assumptions or conditions. c. Net Income or Loss per Share Basic income or loss per share attributable to the Company’s common shareholders is computed by dividing net income or loss attributable to common shareholders by the weighted average number of common shares outstanding for the period. Diluted income or loss per share attributable to common shareholders presents the dilutive effect, if any, on a per share basis of potential common shares (such as restricted stock units) as if they had been vested or converted during the periods presented. No such items were included in the computation of diluted loss per share for Fiscal 2016 because the Company incurred a net loss in the period and the effect of inclusion would have been anti-dilutive. The Company’s computation of diluted income per share for Fiscal 2018 and 2017 included adjustments of 1.2 million and 2.9 million shares, respectively, to the weighted-average shares for the dilutive effect of the Part A and Part B units and related issuance of common shares upon vesting (calculated using the treasury method). d. Foreign Currency Translation For operations outside the U.S. that have functional currencies other than the U.S. dollar, assets and liabilities are translated to U.S. dollars at period-end exchange rates, and revenue, expenses and cash flows are translated using monthly average exchange rates during the year. Gains or losses resulting from currency translation are recorded as a component of accumulated other comprehensive income/(loss) in stockholders’ equity and in the consolidated statements of comprehensive income/(loss). e. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with original maturities of three months or less to be cash and cash equivalents. Cash equivalents are stated at cost, which approximates fair value. Restricted cash consists of cash balances held by various financial institutions as collateral for letters of credit and surety bonds. These balances are reclassified to cash and cash equivalents when the underlying obligation is satisfied, or in accordance with the governing agreement. Restricted cash balances expected to become unrestricted during the next twelve months are recorded as current assets. The Company had a non-current restricted cash balance of $4.6 million and $4.5 million as of June 30, 2018 and 2017, respectively. f. Trade Receivables Trade receivables are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its trade receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the customer’s financial condition, and the age of receivables and current payment patterns. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. g. Property and Equipment The Company’s property and equipment includes assets in service and under construction or development. Property and equipment is recorded at historical cost or acquisition date fair value. Costs associated directly with network construction, network installations for customer access, and development of business support systems, including employee-related costs, are capitalized. Depreciation is calculated on a straight-line basis over the asset’s estimated useful life from the date placed into service or acquired. Management performs reviews to depreciable lives of its property and equipment on a periodic basis, which includes reviewing historical usage, with consideration given to technological changes, trends in the industry, and other economic factors that could impact the network architecture and asset utilization. In March 2018 management completed a review and revised its estimated useful lives for fiber optic network assets from its previous estimate of a range of fifteen years to twenty years to a revised estimate of thirty-three years and revised its estimated useful lives for owned buildings from its historical estimate of thirty-nine years to a revised estimate of forty-five years. In determining the change in estimated useful lives, the Company, with input from its engineering team, utilized quantitative and qualitative analysis, including historical usage patterns and retirements, industry benchmarks and review of published data sources. The change in estimated useful lives of the fiber optic network assets and owned buildings was accounted for as a change in accounting estimate on a prospective basis effective March 1, 2018. The effect of this change in estimate resulted in a reduction to depreciation expense for the year ended June 30, 2018 of $69.6 million, an increase to net income for the year ended June 30, 2018 of $55.4 million, and an increase to basic and diluted earnings per share for the year ended June 30, 2018 of $0.22. Property and equipment acquired under capital leases is recorded at the lower of the fair value of the asset or the net present value of the minimum lease payments at the inception of the lease. Depreciation of property and equipment held under capital leases is included in depreciation and amortization expense, and is calculated on a straight-line basis over the estimated useful lives of the assets, or the related lease term, whichever is shorter. Management reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of its property and equipment may not be recoverable. An impairment loss is recognized when the assets’ carrying value exceeds both the assets’ estimated undiscounted future cash flows and the assets’ estimated fair value. Measurement of the impairment loss is then based on the estimated fair value of the assets. Considerable judgment is required to project such future cash flows and, if required, to estimate the fair value of the property and equipment and the resulting amount of the impairment. No impairment charges were recorded for property and equipment during the years ended June 30, 2018, 2017 or 2016, respectively. The Company capitalizes interest for assets that require a period of time to get them ready for their intended use. The amount of interest capitalized is based on the Company’s weighted average effective interest rate for outstanding debt obligations during the respective accounting period. h. Goodwill and Acquired Intangibles Intangible assets arising from business combinations, such as acquired customer contracts and relationships, (collectively “customer relationships”), are initially recorded at fair value. The Company amortizes customer relationships primarily over an estimated life of 10 to 20 years using an amortization method that approximates the timing in which the Company expects to receive the benefit from the acquired customer relationship assets. Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. Goodwill is reviewed for impairment at least annually in April, or more frequently if a triggering event occurs between impairment testing dates. The Company’s impairment assessment begins with 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 value. The qualitative assessment includes comparing the overall financial performance of the reporting units against the planned results used in the last quantitative goodwill impairment test. Additionally, each reporting unit’s fair value is assessed in light of certain events and circumstances, including macroeconomic conditions, industry and market considerations, cost factors, and other relevant entity- and reporting unit-specific events. The selection and assessment of qualitative factors used to determine whether it is more likely than not that the fair value of a reporting unit exceeds the carrying value involves significant judgments and estimates. If it is determined under the qualitative assessment that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then a single step test is performed to identify and measure impairment and if a reporting unit’s fair value is lower than its carrying value, the Company recognizes an impairment charge for the amount by which the reporting unit’s carrying amount exceeds its fair value, up to but not exceeding the reporting unit’s goodwill. The Company performed a qualitative assessment for the years ended June 30, 2018, 2017 and 2016, as well as upon the changes in reportable segments during Fiscal 2018 and 2017 (see Note 16- Segment Reporting ), and determined it was more likely than not that the fair values of our reporting units are greater than their carrying amounts. The Company reviews its indefinite-lived intangible assets for impairment at least annually in April. To the extent the carrying value of indefinite-lived intangible assets exceeds the fair value, the Company will recognize an impairment loss for the difference. The Company performed a qualitative assessment to determine whether it was more likely than not that the Company’s indefinite-lived intangible assets were impaired and concluded there was no indication of impairment for the years ended June 30, 2018, 2017 and 2016. Intangible assets with finite useful lives are amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. No impairment charges were recorded for goodwill or intangible assets during the years ended June 30, 2018, 2017 or 2016, respectively. i. Derivative Financial Instruments Derivative instruments are recorded in the balance sheet as either assets or liabilities, measured at fair value. The Company has historically entered into interest rate swaps to convert a portion of its floating-rate debt to fixed-rate debt and has not applied hedge accounting; therefore, the changes in the fair value of the interest rate swaps are recognized in earnings as adjustments to interest expense. The principal objectives of the derivative instruments are to minimize the cash flow interest rate risks associated with financing activities. The Company does not use financial instruments for trading purposes. The Company utilized interest rate swap contracts in connection with debt instruments entered into during the July 2012 financing transactions. As of June 30, 2017, the Company’s interest rate swap contract had expired and was not replaced. j. Revenue Recognition The Company recognizes revenues derived from leasing fiber optic telecommunications infrastructure and the provision of telecommunications and colocation offerings when the offering has been provided and there is persuasive evidence of an arrangement, the fee is fixed or determinable, customer acceptance has been obtained with relevant contract terms, and collection of the receivable is reasonably assured. Taxes collected from customers and remitted to a governmental authority are reported on a net basis and are excluded from revenue. Most revenue is billed in advance on a fixed-rate basis and the remainder is billed in arrears on a transactional basis determined by customer usage. The Company often bills customers for upfront charges, which are non-refundable. These charges relate to activation fees, installation charges or prepayments for future access and services and are influenced by various business factors including how the Company and customer agree to structure the payment terms. These upfront charges are deferred and recognized over the underlying contractual term. The Company also defers costs associated with customer activation and installation to the extent of upfront amounts received from customers, which are recognized as expense over the same period for which the associated revenue is recognized. The Company typically records revenues from leases of dark fiber, including indefeasible rights-of-use (“IRU”) agreements, over the term that the customer is given exclusive access to the assets. Dark fiber IRU agreements generally require the customer to make a down payment upon the execution of the agreement with monthly IRU fees paid over the contract term; however, in some cases, the Company receives up to the entire lease payment at the inception of the lease and recognizes the revenue ratably over the lease term. Revenue related to professional services to provide network management and technical support is recognized as services are provided. In determining the appropriate amount of revenue and related reserves to reflect in its consolidated financial statements, management evaluates payment history, credit ratings, customer financial performance, and historical or potential billing disputes and related estimates are based on these factors and assumptions. k. Operating Costs and Expenses The Company’s operating costs and expenses consist primarily of network expense (“Netex”), compensation and benefits, network operations expense (“Netops”), stock-based compensation, other expenses, and depreciation and amortization. Netex consists of third-party network provider costs resulting from the leasing of certain network facilities, primarily leases of circuits and dark fiber, from carriers and other providers to augment the Company’s owned infrastructure, for which it is generally billed a fixed monthly fee. Netex also includes colocation facility costs for rent and license fees paid to the landlords of the buildings in which the Company’s colocation business operates, along with the utility costs to power those facilities. Compensation and benefits expenses include salaries, wages, incentive compensation and benefits. Employee-related costs that are directly associated with network construction, network installations for customer access and development of business support systems are capitalized and amortized to operating costs and expenses over the customer life. Compensation and benefits expenses related to the departments attributed to generating revenue are included in “Operating costs” while compensation and benefits expenses related to the sales, product, and corporate departments are included in “Selling, general and administrative expenses” in the consolidated statements of operations. Netops expense include all of the non-personnel related expenses of operating and maintaining the network infrastructure, including contracted maintenance fees, right-of-way costs, rent for cellular towers and other places where fiber is located, pole attachment fees, and relocation expenses. Netops expense is included in “Operating costs” in the consolidated statements of operations. Stock-based compensation expense consists of the fair value of equity based awards granted to employees and independent directors recognized over their applicable vesting period. Stock-based compensation expense is included, based on the responsibilities of the awarded recipient, in either “Operating costs” or “Selling, general and administrative expenses” in the consolidated statements of operations. For additional information regarding our stock-based compensation expense, see (l.) – Stock-Based Compensation below and Note 11 – Stock-Based Compensation. Other expenses include expenses such as property tax, franchise fees, and colocation facility maintenance, which relate to operating our network and are therefore included in “Operating costs” as well as travel, office expense and other administrative costs that are included in “Selling, general and administrative expenses”. Other expenses are included in either “Operating costs” or “Selling, general and administrative expenses” in the consolidated statement of operations depending on their relationship to generating revenue or association with sales and administration. Transaction costs include expenses associated with professional services (i.e. legal, accounting, regulatory, etc.) rendered in connection with acquisitions or disposals (including spin-offs), travel expense and severance expense incurred that are associated with acquisitions or disposals, and other direct expenses incurred that are associated with signed and/or closed acquisitions or disposals and unsuccessful acquisitions. Transaction costs are included in “Selling, general and administrative expenses” in the consolidated statements of operations. Related to Netex, the Company recognizes the cost of these facilities or services when it is incurred in accordance with contractual requirements. The Company routinely disputes incorrect billings. The most prevalent types of disputes include disputes for circuits that are not disconnected on a timely basis and usage bills with incorrect records. Depending on the type and complexity of the issues involved, it may take several quarters to resolve disputes. In determining the amount of such operating expenses and related accrued liabilities to reflect in its consolidated financial statements, management considers the adequacy of documentation of disconnect notices, compliance with prevailing contractual requirements for submitting such disconnect notices and disputes to the provider of the facilities, and compliance with its interconnection agreements with these providers. Significant judgment is required in estimating the ultimate outcome of the dispute resolution process, as well as any other costs that may be incurred to conclude the negotiations or settle any litigation. l. Stock-Based Compensation The Company maintains a compensation incentive plan for executives and employees. The plan includes incentive cash compensation (ICC) and equity (in the form of restricted stock units). Grants under the incentive plan are made quarterly for all participants. The Company recognizes all quarterly stock-based awards to employees and independent directors, based on their grant-date fair values, with no consideration for future forfeitures. The Company recognizes the fair value of outstanding awards as a charge to operations over the vesting period. The Company accounts for forfeitures as they occur. The Company uses the straight-line method to recognize share-based compensation expense for outstanding share awards that do not contain a performance condition. Determining the fair value of certain share-based awards at the grant date and subsequent reporting dates requires judgment. If actual results differ significantly from these estimates, stock-based compensation expense and the Company’s results of operations could be materially impacted. For additional information regarding our stock-based compensation, see Note 11 – Stock-Based Compensation . m. Legal Costs Costs incurred to hire and retain external legal counsel to advise us on regulatory, litigation and other matters is expensed as the related services are received. n. Income Taxes The Company recognizes income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. Estimating the future tax benefit associated with deferred tax assets requires significant judgment. Deferred tax assets arise from a variety of sources, the most significant being: tax losses that can be carried forward to be utilized against taxable income in future years, deferred revenue, and expenses recognized in the Company’s financial statements but disallowed in the Company’s tax return until the associated cash flow occurs. The Company records a valuation allowance to reduce its deferred tax assets to the amount that is expected to be recognized. The valuation allowance is established if, based on available evidence, it is more-likely-than-not that all or some portion of the asset will not be realized due to the inability to generate sufficient taxable income in the period and/or of the character necessary to utilize the benefit of the deferred tax asset. When evaluating whether it is more-likely-than-not that all or some portion of the deferred tax asset will not be realized, all available evidence, both positive and negative, that may affect the realizability of deferred tax assets is identified and considered in determining the appropriate amount of the valuation allowance. The Company continues to monitor its financial performance and other evidence each quarter to determine the appropriateness of the Company’s valuation allowance. At each balance sheet date, existing assessments are reviewed and, if necessary, revised to reflect changed circumstances. The analysis of the Company’s ability to utilize its net operating loss carryforward (“NOL”) balance is based on the Company’s forecasted taxable income. The forecasted assumptions approximate the Company’s best estimates, including market growth rates, future pricing, market acceptance of the Company’s products and services, future expected capital investments and discount rates. If the Company is unable to meet its taxable income forecasts in future periods, the Company may change its conclusion about the appropriateness of the valuation allowance which could create a substantial income tax expense in the Company’s consolidated statement of operations in the period such change occurs. Deferred tax liabilities related to investments in foreign subsidiaries and foreign corporate joint ventures that are essentially permanent in duration are not recognized until it becomes apparent that such amounts will reverse in the foreseeable future. All deferred tax assets and liabilities are presented as noncurrent. The Company records interest related to unrecognized tax benefits and penalties in the provision for income taxes. o. Fair Value of Financial Instruments Relevant accounting literature defines and establishes a framework for measuring fair value, and requires expanded disclosures about fair value measurements. It also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and defines fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques that may be used include the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost), which are each based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. Fair Value Hierarchy A fair value hierarchy is established that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that are used to measure fair value are: Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level 2 Inputs to the valuation methodology include: · quoted prices for similar assets or liabilities in active markets; · quoted prices for identical or similar assets or liabilities in inactive markets; · inputs other than quoted prices that are observable for the asset or liability; and · inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company views fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, management considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. p. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash investments and accounts receivable. The Company’s cash and cash equivalents are primarily held in commercial bank accounts in the United States, Canada and Great Britain. The Company limits its cash investments to high-quality financial institutions in order to minimize its credit risk. During the years ended June 30, 2018, 2017 and 2016, the Company had no single customer that exceeded 10% of total revenue. The Company’s trade receivables, which are unsecured, are geographically dispersed. As of June 30, 2018 and 2017, the Company had no single customer with a trade receivable balance that exceeded 10% of total receivables. q. Employee Benefits In connection with the Company’s acquisition of 100% of the equity interest in Allstream, Inc. and Allstream Fiber U.S. Inc. (together, the “Allstream Acquisition Entity” and such acquisition being the “Allstream Acquisition”) from Bell MTS on January 15, 2016, Bell MTS agreed to retain the Allstream Acquisition Entity’s former defined benefit pension obligations, and related pension plan assets, of retirees and other former employees of the Allstream Acquisition Entity. Bell MTS also agreed to reimburse the Allstream Acquisition Entity for certain solvency funding payments related to the pension obligations of active employees of the Allstream Acquisition Entity as of January 15, 2016. On October 31, 2017, Bell MTS transferred assets from the Allstream Acquisition Entity former defined benefit plans related to pre-closing service obligations for active employees to defined benefit pension plans of the Allstream Acquisition Entity created by the Company on January 15, 2016. Eligibility and the level of benefits for these plans varies depending on participants’ status, date of hire and or length of service. The Company recognizes the funded status of these defined benefit and post-retirement benefit (OPEB) plans as an asset or a liability on the consolidated balance sheet. Each year's actuarial gains or losses and prior period service costs are a component of other comprehensive income/(loss), which is then included in accumulated other comprehensive income. Pension and OPEB expenses are recognized over the period in which the employee renders service and becomes eligible to receive benefits. The pension and post-retirement accruals and valuations are dependent on assumptions to calculate those amounts. These assumptions include discount rates, long-term rate of return on plan assets, retirement rates, mortality rates and other factors. A change in any of the above assumptions would have an effect on the projected benefit obligation and pension expense. See Note 12 – Employee Benefits , for additional disclosure regarding the Company’s defined benefit pension plans and OPEBs. The Company’s policy is to fund the pension plans in accordance with applicable regulations. The OPEBs are not funded. r. Condensed Financial Information of the Registrant The restricted net assets of Zayo Group Holdings exceeds 25% of its consolidated net assets due to restrictions under the Credit Agreement and Notes (as defined in Note 7 – Long-term Debt ). Zayo Group Holdings is a holding company with no assets or liabilities of its own or operations other than those of its subsidiary ZGL. Accordingly, the financial position, results of operations, comprehensive loss and cash flows of Zayo Group Holdings and ZGL are the same, except that at June 30, 2018 and 2017, Zayo Group Holdings had cash of $0.7 million, respectively. As such, the condensed financial information of Zayo Group Holdings is not presented as it is not meaningful. s. Recently Issued Accounting Pronouncements In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (ASU 2018-02), which allows companies to reclassify the income tax effects resulting from tax bill, H.R.1, from accumulated other comprehensive income to retained earnings. The standard also requires certain new disclosures regardless of the election. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 (fiscal year ending June 30, 2020 “Fiscal 2020” for the Company), with early adoption permitted. In March 2017, the F

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	12 Months Ended
	Jun. 30, 2018
ACQUISITIONS AND DISPOSITIONS
ACQUISITIONS AND DISPOSITIONS	(3) ACQUISITIONS AND DISPOSITIONS Since inception through June 30, 2018, the Company has consummated 45 transactions accounted for as business combinations. The acquisitions were executed as part of the Company’s business strategy of expanding through acquisitions. The acquisitions of these businesses have allowed the Company to increase the scale at which it operates, which in turn affords the Company the ability to increase its operating leverage, extend its network reach, and broaden its customer base. The accompanying consolidated financial statements include the operations of the acquired entities from their respective acquisition dates. Acquisitions Completed During Fiscal 2018 Neutral Path Communications On April 17, 2018, the Company acquired substantially all of the assets of Neutral Path Communications and Near North Partners (collectively, “Neutral Path”) for $33.3 million, which is net of cash acquired and also includes an estimate for a contingent payment based on sales performance through June 30, 2018. The purchase price is subject to net working capital and certain post-closing adjustments. As of June 30, 2018, $4.0 million of the purchase consideration is being held in escrow pending the expiration of the indemnification adjustment period. The all-cash acquisition was funded with cash on hand and was considered an asset purchase for U.S. federal income tax purposes. Neutral Path is a long haul infrastructure provider, providing access to a fiber network in the Midwest. The transaction added owned plus additional leased route miles to the Company’s extensive North American network, including a unique high-count fiber route from Minneapolis to Omaha. McLean Data Center On April 4, 2018, the Company acquired McLean Data Center, a privately owned data center for an insignificant amount. The acquisition was considered an asset purchase for U.S. federal income tax purposes and a business combination for accounting purposes. The Company assumed an operating lease obligation and acquired certain assets, such as cash, structural components, equipment, and assumed customer contracts. Spread Networks On February 28, 2018, the Company acquired Spread Networks, LLC (“Spread Networks”), a privately owned telecommunications provider that owns and operates a high-fiber count long haul route connecting New York and Chicago, for net purchase consideration of $130.5 million, net of cash acquired, subject to certain post-closing adjustments. As of June 30, 2018, $0.6 million of the purchase consideration is being held in escrow pending the expiration of the indemnification adjustment period. The all-cash acquisition was funded with cash on hand and debt and was considered an asset purchase for U.S. federal income tax purposes. Additional connectivity of the route will be enabled by Zayo’s existing network. Optic Zoo Networks On January 18, 2018, the Company acquired Vancouver BC Canada-based Optic Zoo Networks for net purchase consideration of CAD $30.9 million (or $24.8 million), net of cash acquired, subject to certain post-closing adjustments. Optic Zoo Networks owns and provides access to high-capacity fiber in Vancouver, BC. As of June 30, 2018, CAD $3.1 million (or $ 2.4 million) of the purchase consideration is being held in escrow pending the expiration of the indemnification adjustment period. The acquisition was funded with cash on hand and was considered a stock purchase for U.S. federal income tax purposes. Acquisitions Completed During Fiscal 2017 KIO Networks US Data Centers On May 1, 2017, the Company completed the $11.9 million cash acquisition of Castle Access, Inc.’s (d/b/a “KIO Networks US”) San Diego, California data centers. The acquisition was funded with cash on hand and was considered a stock purchase for U.S. federal income tax purposes. Electric Lightwave Parent, Inc. On March 1, 2017, the Company acquired Electric Lightwave Parent, Inc. (“Electric Lightwave”) , an infrastructure and telecommunications solutions provider serving markets in the western U.S., for net purchase consideration of $1,426.6 million, net of cash acquired, subject to certain post-closing adjustments. The acquisition was funded through debt (see Note 7 – Long-Term Debt ) and cash on hand. The acquisition was considered a stock purchase for U.S. federal income tax purposes. The acquisition added long haul fiber route miles and dense metro fiber across Denver, Minneapolis, Phoenix, Portland, Seattle, Sacramento, San Francisco, San Jose, Salt Lake City, Spokane and Boise, with on-net connectivity to enterprise buildings and data centers. Santa Clara Data Center Acquisition On October 3, 2016, the Company acquired a data center in Santa Clara, California (the “Santa Clara Data Center”) for net purchase consideration of $11.3 million. The net purchase consideration represents the net present value of ten quarterly payments of approximately $1.3 million beginning in the December 2016 quarter. As of June 30, 2018, the remaining cash consideration to be paid was $3.8 million. The acquisition was considered an asset purchase for U.S. federal income tax purposes. Payments made to the previous owners of the Santa Clara Data Center during the years ended June 30, 2018 and 2017 of $5.0 million and $3.7 million, respectively, representing the principal portion of the financing arrangement, are included in the consolidated statement of cash flows within financing activities. Acquisitions Completed During Fiscal 2016 Clearview On April 1, 2016, the Company acquired 100% of the equity interest in Clearview International, LLC (“Clearview”), a Texas based colocation and cloud infrastructure services provider for cash consideration of $18.3 million, subject to certain post-closing adjustments. The acquisition was funded with cash on hand and was considered an asset purchase for U.S. federal income tax purposes. The acquisition consisted of two Texas data centers and added colocation space, as well as a set of hybrid cloud infrastructure services that complement the Company’s global cloud capabilities. Allstream On January 15, 2016, the Company acquired 100% of the equity interest in the Allstream Acquisition Entity from Manitoba Telecom Services Inc. (now known as “Bell MTS” as a result of its acquisition by BCE Inc.) for cash consideration of CAD $422.9 million (or $297.6 million), net of cash acquired, subject to certain post-closing adjustments. The consideration paid is net of $29.6 million of working capital and other liabilities assumed by the Company in the acquisition. The acquisition was funded with Incremental Term Loan proceeds (as defined in Note 7 – Long-Term Debt ). The acquisition was considered a stock purchase for U.S. federal income tax purposes. The acquisition added long-haul fiber connecting all major Canadian markets and metro fiber network connecting buildings concentrated in Canada’s top five metropolitan markets. On October 31, 2017, Bell MTS transferred assets of CAD $117.9 million (or $91.6 million) from the Allstream Acquisition Entity’s former defined benefit pension plans related to pre-closing service obligations for active employees to defined benefit pension plans of the Allstream Acquisition Entity created by the Company on January 15, 2016. (Refer to Note 12 – Employee Benefits ). Viatel On December 31, 2015, the Company completed the acquisition of a 100% interest in Viatel Infrastructure Europe Ltd., Viatel (UK) Limited, Viatel France SAS, Viatel Deutschland GmbH and Viatel Nederland BV (collectively, “Viatel”) for cash consideration of €92.9 million (or $101.2 million), net of cash acquired. The acquisition was funded with cash on hand. The acquisition was considered a stock purchase for U.S. federal income tax purposes. During the year ended June 30, 2017, the Company received a refund of the purchase price from escrow of $1.5 million. The refund is reflected as a cash inflow from investing activities on the consolidated statement of cash flows for the year ended June 30, 2017 within “Cash paid for acquisitions, net of cash acquired” caption. Dallas Data Center Acquisition (“Dallas Data Center”) On December 31, 2015, the Company acquired a data center located in Dallas, Texas for cash consideration of $16.6 million. The acquisition was funded with cash on hand and was considered an asset purchase for U.S. federal income tax purposes. Acquisition Accounting The Company initially recognizes the assets and liabilities acquired from the aforementioned acquisitions based on its preliminary estimates of their acquisition date fair values. As additional information becomes known concerning the acquired assets and assumed liabilities, management may make adjustments to the opening balance sheet of the acquired company up to the end of the measurement period, which is no longer than a one year period following the acquisition date. The determination of the fair values of the acquired assets and liabilities assumed (and the related determination of estimated lives of depreciable tangible and identifiable intangible assets) requires significant judgment. As of June 30, 2018, for the Optic Zoo Networks, Spread Networks, McLean Data Center, and Neutral Path acquisitions, the Company has not completed its fair value analysis and calculations in sufficient detail necessary to arrive at the final estimates of the fair value of certain working capital and non-working capital acquired assets and assumed liabilities, including the allocations to goodwill and intangible assets, property and equipment and resulting deferred taxes. All information presented with respect to certain working capital and non-working capital acquired assets and liabilities assumed as it relates to these acquisitions is preliminary and subject to revision pending the final fair value determination. As a result of obtaining a final third-party valuation report for the Electric Lightwave acquisition in February 2018, the Company recorded final fair value estimates of Electric Lightwave’s customer relationship intangible asset and property and equipment. This resulted in increases of $103.9 million to intangible assets and $160.8 million to property and equipment, with a corresponding decrease to goodwill. These changes resulted in an increase in depreciation and amortization of $18.6 million, of which $6.2 million is related to periods prior to June 30, 2017. Additionally, the tax basis of assets was also updated during the year ended June 30, 2018 resulting in a deferred tax liability of $51.7 million compared to a deferred tax asset of $46.7 million as of June 30, 2017. The table below reflects the Company's estimates of the acquisition date fair values of the assets acquired and liabilities assumed from its Fiscal 2018 acquisitions: Neutral Path McLean Data Center Spread Networks Optic Zoo Networks Acquisition date April 17, 2018 April 4, 2018 February 28, 2018 January 18, 2018 (in millions) Cash $ 0.7 $ 9.2 $ 1.5 $ 1.4 Other current assets 0.1 — 5.9 0.4 Property and equipment 10.6 0.6 144.7 13.6 Intangibles 3.6 — 9.3 2.8 Goodwill 23.8 — 13.0 10.6 Deferred tax assets 1.5 — 7.1 — Other assets — — 1.4 0.2 Total assets acquired 40.3 9.8 182.9 29.0 Current liabilities 0.6 1.6 3.8 0.6 Deferred revenue 5.7 — 27.2 1.2 Deferred tax liability, net — — — 1.0 Other liabilities — 8.2 19.9 — Total liabilities assumed 6.3 9.8 50.9 2.8 Net assets acquired 34.0 — 132.0 26.2 Less cash acquired (0.7) (9.2) (1.5) (1.4) Net consideration paid $ 33.3 $ (9.2) $ 130.5 $ 24.8 The table below reflects the Company's estimates of the acquisition date fair values of the assets and liabilities assumed from its Fiscal 2017 acquisitions: KIO Networks US Data Centers Electric Lightwave Santa Clara Data Acquisition date May 1, 2017 March 1, 2017 October 3, 2016 (in millions) Cash 0.1 12.6 — Other current assets — 55.0 — Property and equipment 2.4 681.3 31.9 Deferred tax assets, net 2.2 — — Intangibles 6.4 416.1 6.0 Goodwill 2.7 467.1 — Other assets 0.5 1.7 — Total assets acquired 14.3 1,633.8 37.9 Current liabilities 1.8 61.7 — Capital lease obligations — — 26.6 Deferred tax liabilities, net — 51.7 — Deferred revenue 0.5 80.0 — Other liabilities — 1.2 — Total liabilities assumed 2.3 194.6 26.6 Net assets acquired 12.0 1,439.2 11.3 Less cash acquired (0.1) (12.6) — Total consideration paid/payable 11.9 1,426.6 11.3 The table below reflects the Company's estimates of the acquisition date fair values of the assets and liabilities assumed from its Fiscal 2016 acquisitions: Clearview Allstream Viatel Dallas Data Acquisition date April 1, 2016 January 15, 2016 December 31, 2015 December 31, 2015 (in millions) Cash $ — $ 2.9 $ 3.5 $ — Other current assets 0.6 95.6 7.3 — Property and equipment 17.1 266.3 174.0 12.2 Deferred tax assets, net 0.2 3.8 — — Intangibles 9.8 64.5 — 4.4 Goodwill 2.1 — 9.5 — Other assets 0.3 4.5 2.0 — Total assets acquired 30.1 437.6 196.3 16.6 Current liabilities 1.1 63.2 18.8 — Deferred revenue 0.4 46.9 58.5 — Deferred tax liability, net — — 8.6 — Other liabilities 10.3 27.0 5.7 — Total liabilities assumed 11.8 137.1 91.6 — Net assets acquired 18.3 300.5 104.7 16.6 Less cash acquired — (2.9) (3.5) — Net consideration paid $ 18.3 $ 297.6 $ 101.2 $ 16.6 The goodwill arising from the Company’s acquisitions results from synergies, anticipated incremental sales to the acquired company customer base and economies-of-scale expected from the acquisitions. The Company has allocated the goodwill to the reporting units (in existence on the respective acquisition dates) that were expected to benefit from the acquired goodwill. The allocation was determined based on the excess of the estimated fair value of the reporting unit over the estimated fair value of the individual assets acquired and liabilities assumed that were assigned to the reporting units. See Note 5 – Goodwill for the allocation of the Company's acquired goodwill to each of its reporting units. In the Company’s acquisitions, the Company acquired certain customer relationships. These relationships represent a valuable intangible asset, as the Company anticipates continued business from the acquired customer bases. The Company’s estimate of the fair value of the acquired customer relationships is generally based on a multi-period excess earnings valuation technique that utilizes Level 3 inputs. Transaction Costs Transaction costs include expenses associated with professional services (i.e., legal, accounting, regulatory, etc.) rendered in connection with signed and/or closed acquisitions or disposals, travel expense, severance expense incurred associated with acquisitions or disposals, and other direct expenses incurred that are associated with signed and/or closed acquisitions or disposals and unsuccessful acquisitions. The Company incurred transaction costs of $18.6 million, $20.5 million, and $21.5 million during the years ended June 30, 2018, 2017 and 2016, respectively. Transaction costs have been included in selling, general and administrative expenses in the consolidated statements of operations and in cash flows from operating activities in the consolidated statements of cash flows during these periods. Pro-forma Financial Information (Unaudited) The pro forma results presented below include the effects of the Company’s Fiscal 2018 and 2017 acquisitions as if the acquisitions occurred on July 1, 2016. The pro forma net income/(loss) for the years ended June 30, 2018 and 2017 includes the additional depreciation and amortization resulting from the adjustments to the value of property and equipment and intangible assets resulting from purchase accounting and adjustment to amortized revenue during Fiscal 2018 and 2017 as a result of the acquisition date valuation of assumed deferred revenue. The pro forma results also include interest expense associated with debt used to fund the acquisitions. The pro forma results do not include any anticipated synergies or other expected benefits of the acquisitions. The unaudited pro forma financial information is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisitions been consummated as of July 1, 2016. Year Ended June 30, 2018 2017 (in millions) Revenue $ 2,624.3 $ 2,597.1 Net income/(loss) $ 95.2 $ 25.5 Net income/(loss) per share: Basic and diluted $ 0.38 $ 0.10 As a result of integrated reporting, it is impracticable to determine the amount of revenue and net income associated with each acquisition recognized in the post-acquisition period. Scott-Rice Telephone Co. On February 23, 2018, the Company announced that it has entered into an agreement to sell Scott-Rice Telephone Co. (“SRT”), a Minnesota incumbent local exchange carrier, for $42 million to Nuvera (formerly New Ulm Telecom, Inc.). The Company acquired SRT as part of its March 2017 purchase of Electric Lightwave and it is reported as part of the Allstream segment. Disposal groups to be sold are classified as held for sale in the period in which they meet all the held for sale criteria. SRT qualified as held-for-sale as of March 31, 2018. The Company concluded that SRT was not a significant disposal group and did not represent a strategic shift, and therefore was not classified as discontinued operations. The closing of the transaction occurred on July 31, 2018, refer to Note 18 – Subsequent Events . The following tables summarize the net assets and liabilities held for sale: June 30, 2018 (in millions) Assets held for sale: Property and equipment, net $ 35.7 Goodwill 5.2 Other assets 0.9 Total assets held for sale $ 41.8 Liabilities associated with assets held for sale: Deferred tax liability, net $ 5.1 Other liabilities 1.0 Total liabilities associated with assets held for sale $ 6.1

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Jun. 30, 2018
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT	(4) PROPERTY AND EQUIPMENT Property and equipment, including assets held under capital leases, was comprised of the following: Estimated useful lives As of June 30, (in years) 2018 2017 (in millions) Land N/A $ 29.6 $ 28.9 Buildings - leasehold and site improvements 15 to 45 321.8 277.1 Furniture, fixtures and office equipment 3 to 7 61.7 27.3 Computer hardware 3 to 5 42.7 33.1 Software 3 70.1 56.5 Components, machinery and equipment 5 to 7 585.1 483.4 Fiber optic components and equipment (1) 8 1,086.6 904.9 Circuit switch components and equipment 10 399.4 337.6 Packet switch components and equipment (1) 5 58.1 51.9 Fiber optic network 33 4,954.9 4,110.3 Construction in progress N/A 465.5 651.5 Total 8,075.5 6,962.5 Less accumulated depreciation (2,592.6) (1,946.5) Less property and equipment held for sale (2) (35.7) — Property and equipment, net $ 5,447.2 $ 5,016.0 (1) Prior period amounts were reclassified for comparability with the 2018 presentation. (2) Property and equipment held for sale includes $35.7 million reported as assets held for sale in the Allstream segment. See Note 3— Acquisitions and Dispositions . Total depreciation expense, including depreciation of assets held under capital leases, for the years ended June 30, 2018, 2017 and 2016 was $650.2 million, $526.9 million and $440.5 million, respectively. During the years ended June 30, 2018, 2017 and 2016, the Company capitalized interest in the amounts of $20.6 million, $18.8 million and $13.8 million, respectively. The Company capitalized $89.2 million, $79.9 million, and $64.5 million of direct labor costs to property and equipment accounts during the years ended June 30, 2018, 2017 and 2016, respectively.

GOODWILL

GOODWILL	12 Months Ended
	Jun. 30, 2018
GOODWILL
GOODWILL	(5) GOODWILL The Company’s goodwill balance was $1,719.1 million and $1,840.2 million as of June 30, 2018 and 2017, respectively. The Company’s reporting units are comprised of its strategic product groups (“SPG” or “SPGs”). Effective April 1, 2018, the Company implemented further organizational changes by creating two new reporting units: CloudLink Solutions (“CloudLink”) and Live Video Solutions (“Live Video”). In connection with the organizational change, goodwill was re-allocated to the Company’s SPGs on a relative fair value basis. The Company completed an assessment immediately prior to and after the organizational change at the SPG level and determined that it is more likely than not that the fair value of the Company’s reporting units is greater than their carrying amounts. As of June 30, 2018, the Company’s SPGs were comprised of the following: Fiber Solutions, Zayo Wavelength Solutions (“Waves”), Zayo IP Transit Solutions (“IP Transit”), Zayo SONET Solutions (“SONET”), Zayo Ethernet Solutions (“Ethernet”), Live Video, Wide Area Networks (“WANs”, formerly Enterprise Private and Connectivity), Zayo Cloud Solutions (“Cloud”), Zayo Colocation (“zColo”), CloudLink, Allstream, and Other (primarily Zayo Professional Services). The following reflects the changes in the carrying amount of goodwill during Fiscal 2018: Product Group As of Reallocation among reporting units Adjustments to Fiscal 2017 Fiscal 2018 Foreign Currency Translation and Other (1) As of (in millions) Fiber Solutions 633.9 — 88.6 33.1 0.8 756.4 Waves 247.4 (10.5) (56.3) 13.6 0.6 194.8 Sonet 52.0 — 35.6 — — 87.6 Ethernet 359.5 (6.3) (249.8) 0.7 0.1 104.2 Live Video — 3.3 — — — 3.3 WANs 89.5 — 89.7 — 0.1 179.3 zColo 256.3 — 3.2 — 0.6 260.1 Cloud 69.5 — (4.2) — — 65.3 Cloudlink — 13.5 — — — 13.5 Allstream 116.5 — (72.3) — (5.2) 39.0 Other 15.6 — — — — 15.6 Total $ 1,840.2 $ — $ (165.5) $ 47.4 $ (3.0) $ 1,719.1 (1) Other includes $5.2 million reported as assets held for sale in the Allstream segment. See Note 3—Acquisitions and Dispositions. The following reflects the changes in the carrying amount of goodwill during Fiscal 2017: Product Group As of Reallocation among reporting units Adjustments to Fiscal 2017 Foreign Currency As of (in millions) Dark Fiber $ 295.1 $ (295.1) $ — $ — $ — $ — Fiber Solutions — 544.8 1.7 92.9 (5.5) 633.9 Waves 258.3 (104.0) (2.7) 96.5 (0.7) 247.4 Sonet 51.3 0.7 — — — 52.0 Ethernet 104.3 (59.8) (0.5) 315.3 0.2 359.5 IP 87.5 (87.5) — — — — MIG 73.6 (73.6) — — — — WANs — 89.5 — — — 89.5 zColo 268.8 (15.0) (3.7) 4.7 1.5 256.3 Cloud 60.0 — (0.1) 9.4 0.2 69.5 Allstream — — — 116.5 — 116.5 Other 15.6 — — — — 15.6 Total $ 1,214.5 $ — $ (5.3) $ 635.3 $ (4.3) $ 1,840.2

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Jun. 30, 2018
INTANGIBLE ASSETS
INTANGIBLE ASSETS	(6) INTANGIBLE ASSETS Identifiable intangible assets as of June 30, 2018 and 2017 were as follows: Gross Carrying Amount Accumulated Net (in millions) June 30, 2018 Finite-Lived Intangible Assets Customer relationships $ 1,597.0 $ (405.6) $ 1,191.4 Underlying rights and other 2.7 (0.6) 2.1 Total 1,599.7 (406.2) 1,193.5 Indefinite-Lived Intangible Assets Certifications 3.5 — 3.5 Underlying rights and other 15.1 — 15.1 Total $ 1,618.3 $ (406.2) $ 1,212.1 June 30, 2017 Finite-Lived Intangible Assets Customer relationships $ 1,477.7 $ (308.6) $ 1,169.1 Underlying rights and other 1.6 (0.4) 1.2 Total 1,479.3 (309.0) 1,170.3 Indefinite-Lived Intangible Assets Certifications 3.5 — 3.5 Underlying rights and other 14.8 — 14.8 Total $ 1,497.6 $ (309.0) $ 1,188.6 The weighted average remaining amortization period for the Company’s customer relationships asset is 15.1 years. The Company has determined that certain underlying rights (including easements) and the certifications have indefinite lives. The amortization period for underlying rights (including easements) is 20 years. The amortization of intangible assets for the years ended June 30, 2018, 2017 and 2016 was $97.2 million, $80.0 million, and $75.8 million, respectively. During the years ended June 30, 2018 and 2017, the Company wrote off nil and $0.3 million in fully amortized intangible assets, respectively. Estimated future amortization of finite-lived intangible assets is as follows: June 30, (in millions) 2019 $ 2020 89.5 2021 87.3 2022 85.3 2023 83.6 Thereafter 753.2 Total $ 1,193.5 In connection with the Company’s acquisition of the McLean Data Center, the Company assumed an operating lease at unfavorable terms when compared to prevailing market rates. As a result, the Company recorded an unfavorable lease obligation of $9.8 million, in other long-term liabilities, which will be amortized through the term of the lease which ends in March 2024. Amortization of the liability was $0.5 million for the year ended June 20, 2018. Estimated future amortization of the lease liability is expected to be $1.6 million for the years ended June 30, 2019, 2020, 2021, 2022, and 2023, and $1.3 million for the year ended June 30, 2024.

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Jun. 30, 2018
LONG-TERM DEBT
LONG-TERM DEBT	(7) LONG-TERM DEBT As of June 30, 2018 and 2017, long-term debt was as follows: Date of Outstanding as of Issuance or most Maturity Interest Interest Rate June 30, 2018 June 30, (in millions) Term Loan Facility due 2021 Jan 2017 Jan 2021 Monthly LIBOR +2.00% $ 493.8 $ 498.8 B-2 Term Loan Facility Feb 2018 Jan 2024 Monthly LIBOR +2.25% 1,269.3 1,429.9 6.00% Senior Unsecured Notes Jan & Mar 2015 Apr 2023 Apr/Oct 6.00% 1,430.0 1,430.0 6.375% Senior Unsecured Notes May 2015 & Apr 2016 May 2025 May/Nov 6.375% 900.0 900.0 5.75% Senior Unsecured Notes Jan, Apr & Jul 2017 Jan 2027 Jan/Jul 5.75% 1,650.0 1,350.0 Total obligations 5,743.1 5,608.7 Unamortized premium/(discounts), net 11.6 (3.2) Unamortized debt issuance costs (59.6) (67.8) Carrying value of debt 5,695.1 5,537.7 Less current portion (5.0) (5.0) Total long-term debt, less current portion $ 5,690.1 $ 5,532.7 Term Loan Facility and Revolving Credit Facility On May 6, 2015, ZGL and Zayo Capital, Inc. (“Zayo Capital”) entered into an Amendment and Restatement Agreement whereby the Credit Agreement (the “Credit Agreement”) governing their senior secured term loan facility (the “Term Loan Facility”) and $450.0 million senior secured revolving credit facility (the “Revolver”) was amended and restated in its entirety. The amended and restated Credit Agreement extended the maturity date of a portion of the outstanding term loans under the Term Loan Facility from July 2, 2019 to May 6, 2021. The terms of the Term Loan Facility require the Company to make quarterly principal payments of 25 basis points per quarter of the original loan amount (unless reduced by any prepayments), plus an annual payment of up to 50% of excess cash flow, as determined in accordance with the Credit Agreement (no such annual payment was required during Fiscal 2018, 2017 or 2016). On January 15, 2016, ZGL and Zayo Capital entered into an Incremental Amendment (the “Amendment”) to the Credit Agreement. Under the terms of the Amendment, the portion of the Term Loan Facility due 2021 was increased by $400.0 million (the “Incremental Term Loan”). The additional amounts borrowed bear interest at LIBOR plus 3.5% with a minimum LIBOR rate of 1.0%. The $400.0 million add-on was priced at 99.0%. No other terms of the Credit Agreement were amended. The Incremental Term Loan proceeds were used to fund the Allstream Acquisition and for general corporate purposes. On July 22, 2016, ZGL and Zayo Capital entered into a Repricing Amendment (the “Repricing Amendment”) to the Credit Agreement. Per the terms of the Repricing Amendment, the Incremental Term Loan was repriced at par and will bear interest at a rate of LIBOR plus 2.75%, with a minimum LIBOR rate of 1.0%, which represented a downward adjustment of 75 basis points. No other terms of the Credit Agreement were amended. On January 19, 2017, ZGL and Zayo Capital entered into an Incremental Amendment No. 2 (the “Incremental Amendment”) to the Company’s Credit Agreement. Per the terms of the Incremental Amendment, the existing $1.85 billion of term loans under the Credit Agreement were repriced at 99.75% with one $500.0 million tranche that bears interest at a rate of LIBOR plus 2.0%, with a minimum LIBOR rate of 0.0% and a maturity date of four years from incurrence, which represents a downward adjustment of 75 basis points along with the lowering of the previous LIBOR floor, and a second $1.35 billion tranche (the “B-2 Term Loan” and along with the $500.0 million tranche, the “Refinancing Term Loans”) that bears interest at a rate of LIBOR plus 2.5%, with a minimum LIBOR rate of 1.0% and a maturity of seven years from incurrence, which represents a downward adjustment of 25 basis points. In addition, per the terms of the Incremental Amendment, ZGL and Zayo Capital added a new $650.0 million term loan tranche under the Credit Agreement (the “Electric Lightwave Incremental Term Loan”) that bears interest at LIBOR plus 2.5%, with a minimum LIBOR rate of 1.0%, with a maturity of seven years from the closing date of the Incremental Amendment. In connection with the Incremental Amendment, the full $2,500.0 million Term Loan Facility, including the Refinancing Term Loans and the Electric Lightwave Incremental Term Loan, was re-issued at a price of 99.75%. No other material terms of the Credit Agreement with respect to the Refinancing Term Loans and the Electric Lightwave Incremental Term Loan were amended. On April 10, 2017, $570.1 million of the B-2 Term Loan and the Electric Lightwave Incremental Term Loan was repaid from proceeds of issuance of senior unsecured notes as further discussed below. Additionally, in July 2017, $310.7 million of the B-2 Term Loan was repaid from the proceeds of issuance of senior unsecured notes as further discussed below. On July 20, 2017, ZGL and Zayo Capital entered into a second repricing (the “Repricing Amendment No. 2”) to the Credit Agreement. Per the terms of the Repricing Amendment No. 2, the outstanding balances of the B-2 Term Loan and Electric Lightwave Incremental Term Loan were repriced at par and will bear interest at a rate of LIBOR plus 2.25%, with a minimum LIBOR rate of 1.0%, which represented a downward adjustment of 25 basis points. No other terms of the Credit Agreement were amended. In connection with the Repricing Amendment No. 2, the Company recognized an expense of $4.9 million during the year ended June 30, 2018 associated with debt extinguishment. The $4.9 million loss on extinguishment of debt primarily represents non-cash expenses associated with the write-off of unamortized debt issuance costs and the issuance discounts on the portion of the Credit Agreement, as further amended. The loss on extinguishment of debt also includes certain fees paid to third parties involved in the Repricing Amendment No. 2. On December 22, 2017, ZGL and Zayo Capital entered into a third repricing amendment (the “Repricing Amendment No. 3”) to the Credit Agreement. Per the terms of the Repricing Amendment No. 3, the Revolver under the Credit Agreement was repriced and will bear interest at a rate of LIBOR plus 1.00% to LIBOR plus 1.75% per annum based on the Company’s leverage ratio, which represented a downward adjustment of 100 basis points. No other terms of the Credit Agreement were amended. T he Revolver matures on April 17, 2020. The Credit Agreement also allows for letter of credit commitments of up to $50.0 million. The Revolver is subject to a fee per annum of 0.25% to 0.375% (based on ZGL’s current leverage ratio) of the weighted-average unused capacity, and the undrawn amount of outstanding letters of credit backed by the Revolver are subject to a 0.25% fee per annum. Outstanding letters of credit backed by the Revolver are subject to a fee of 1.00% to 1.75% per annum based upon ZGL’s leverage ratio. On February 26, 2018, ZGL and Zayo Capital entered into an amendment (the “Incremental Amendment No. 3”) to the Credit Agreement. Per the terms of the Incremental Amendment No. 3, the Company added a new $150 million term loan tranche under the Credit Agreement (the “Incremental $150 Million Term Loan”). The Incremental $150 Million Term Loan will bear interest at LIBOR plus 2.25%, with a minimum LIBOR rate of 1.0%, with a maturity date of January 19, 2024, which is coterminous with the B-2 Term Loan. The Company intends to use the proceeds of the Incremental $150 Million Term Loan for general corporate purposes, including the funding of acquisitions permitted under the Credit Agreement. No other terms of the Credit Agreement were amended. The weighted average interest rates (including margin) on the Term Loan Facility were approximately 4.3% and 3.4% at June 30, 2018 and 2017, respectively. Interest rates on the Revolver as of June 30, 2018 and 2017 remained consistent at approximately 3.8%. As of June 30, 2018, no amounts were outstanding under the Revolver and $1,763.0 million in aggregate principal amount was outstanding under the Term Loan Facility. Standby letters of credit were outstanding in the amount of $8.1 million as of June 30, 2018, leaving $441.9 million available under the Revolver. Senior Unsecured Notes 6.00% Senior Unsecured Notes due 2023 On January 23, 2015 and March 9, 2015, ZGL and Zayo Capital completed private offerings of aggregate principal amounts of $700.0 million and $730.0 million, respectively, of 6.00% senior unsecured notes due in 2023 (the “2023 Unsecured Notes”). 6.375% Senior Unsecured Notes due 2025 On April 14, 2016, ZGL and Zayo Capital completed a private offering of $550.0 million aggregate principal amount of 2025 Unsecured Notes (the “Incremental 2025 Notes”). The Incremental 2025 Notes were priced at 97.76% and were an additional issuance of the $350.0 million 6.375% senior unsecured notes due in 2025 that were originally issued on May 6, 2015 (the “2025 Notes” and together with the Incremental 2025 Notes, the “2025 Unsecured Notes”). The net proceeds from the Incremental 2025 Notes, plus cash on hand, were used to (i) redeem the then outstanding $325.6 million 10.125% senior unsecured notes due 2020, including the required $20.3 million make-whole premium and accrued interest, and (ii) repay $196.0 million of borrowings under the then outstanding secured Term Loan Facility. 5.75% Senior Unsecured Notes due 2027 On January 27, 2017, ZGL and Zayo Capital completed a private offering of $800.0 million aggregate principal amount of 5.75% senior unsecured notes due 2027 (the “January 2027 Notes”), which were issued at par. T he net proceeds from the offering, along with the Electric Lightwave Incremental Term Loan discussed above, were used to fund the Electric Lightwave acquisition (see Note 3 – Acquisitions and Dispositions ), which closed on March 1, 2017. On April 10, 2017, the Company completed a private offering of $550.0 million aggregate principal amount of 5.75% senior unsecured notes due 2027 (the “Incremental 2027 Notes”). The Incremental 2027 Notes were an additional issuance of the January 2027 Notes and were priced at 104.0%. The net proceeds from the Incremental 2027 Notes were used to repay certain outstanding balances on the Company’s B-2 Term Loan. On July 5, 2017, the Company completed a private offering of $300.0 million aggregate principal amount of 5.75% senior notes due 2027 (the “July Incremental 2027 Notes” and together with the Incremental 2027 Notes and the January 2027 Notes, the “2027 Unsecured Notes”). The July Incremental 2027 Notes were an additional issuance of the January 2027 Notes and Incremental 2027 Notes and were priced at 104.25%. The net proceeds of $310.7 million from the offering were used to further repay certain outstanding balances on the Company’s B-2 Term Loan. Deb t covenants The indentures (the “Indentures”) governing the 2023 Unsecured Notes, the 2025 Unsecured Notes and the 2027 Unsecured Notes (collectively the “Notes”) contain covenants that, among other things, restrict the ability of ZGL and its subsidiaries to incur additional indebtedness and issue preferred stock, pay dividends or make other distributions with respect to any equity interests, make certain investments or other restricted payments, create liens, sell assets, incur restrictions on the ability of ZGL’s restricted subsidiaries to pay dividends or make other payments to ZGL, consolidate or merge with or into other companies or transfer all or substantially all of their assets, engage in transactions with affiliates, and enter into sale and leaseback transactions. The terms of the Indentures include customary events of default. The Credit Agreement contains customary events of default, including among others, non-payment of principal, interest, or other amounts when due, inaccuracy of representations and warranties, breach of covenants, cross default to certain other indebtedness, insolvency or inability to pay debts, bankruptcy, or a change of control. The Credit Agreement also contains a covenant, applicable only to the Revolver, that ZGL maintain a senior secured leverage ratio below or equal to 5.25:1.00 at any time when the aggregate principal amount of loans outstanding under the Revolver is greater than 35% of the commitments under the Revolver. The Credit Agreement also requires ZGL and its subsidiaries to comply with customary affirmative and negative covenants, including covenants restricting the ability of ZGL and its subsidiaries, subject to specified exceptions, to incur additional indebtedness, make additional guaranties, incur additional liens on assets, or dispose of assets, pay dividends, or make other distributions, voluntarily prepay certain other indebtedness, enter into transactions with affiliated persons, make investments and amend the terms of certain other indebtedness. The Indentures limit any increase in ZGL’s secured indebtedness (other than certain forms of secured indebtedness expressly permitted under the indentures) to a pro forma secured debt ratio of 4.50 times ZGL’s previous quarter’s annualized modified EBITDA (as defined in the indentures), and limit ZGL’s incurrence of additional indebtedness to a total indebtedness ratio of 6.00 times the previous quarter’s annualized modified EBITDA. The Company was in compliance with all covenants associated with its debt agreements as of June 30, 2018 and 2017. Redemption rights At any time prior to April 1, 2018 (for the 2023 Unsecured Notes), May 15, 2018 (for the 2025 Unsecured Notes), and January 15, 2022 (for the 2027 Unsecured Notes), the Company may redeem all or part of the applicable Notes at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) accrued interest and a “make-whole” premium, which is a lump sum payment derived from a formula based on the net present value of future coupon payments that will not be paid because of the early redemption. On or after April 1, 2018 ( for the 2023 Unsecured Notes ), May 1, 2020 ( for the 2025 Unsecured Notes ), or January 15, 2022 (for the 2027 Unsecured Notes), the Company may redeem all or part of the applicable Notes, at the redemption prices (expressed as percentages of principal amount and set forth below), plus accrued and unpaid interest and additional interest, if any, thereon, to the applicable redemption date, subject to the rights of the holders of the Notes on the relevant record date to receive interest due on the relevant interest payment date, if redeemed during the 12-month period of the years indicated below: Redemption Price Year (2023 Unsecured Notes) 2018 % 2019 % 2020 % 2021 and thereafter % Redemption Price Year (2025 Unsecured Notes) 2020 % 2021 % 2022 % 2023 and thereafter % Redemption Price Year (2027 Unsecured Notes) 2022 % 2023 % 2024 % 2025 and thereafter % The Company may purchase the Notes in open-market transactions, tender offers, or otherwise. The Company is not required to make any mandatory redemption or sinking fund payments with respect to the Notes. Aggregate future contractual maturities of long-term debt (excluding issue discounts and premiums) were as follows as of June 30, 2018: Year Ended June 30, (in millions) 2019 $ 5.0 2020 5.0 2021 483.8 2022 — 2023 1,430.0 Thereafter 3,819.3 Total $ 5,743.1 Guarantees The Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by all of ZGL’s current and future domestic restricted subsidiaries. The Notes were co-issued with Zayo Capital, which does not have independent assets or operations. The Term Loan Facility and Revolver are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by all of ZGL’s current and future domestic restricted subsidiaries. Debt issuance costs In connection with the Credit Agreement (and subsequent amendments thereto), and the various Notes offerings, the Company incurred debt issuance costs of $114.1 million (net of extinguishments). These costs are being amortized to interest expense over the respective terms of the underlying debt instruments using the effective interest method, unless extinguished earlier, at which time the related unamortized costs are to be immediately expensed. Unamortized debt issuance costs of $3.0 million, $10.4 million and $11.4 million associated with the Company’s previous indebtedness were recorded as part of the loss on extinguishment of debt during the years ended June 30, 2018, 2017 and 2016, respectively. The balance of debt issuance costs as of June 30, 2018 and 2017 was $59.6 million and $67.8 million, net of accumulated amortization of $54.5 million and $45.1 million, respectively. The amortization of debt issuance costs is included on the consolidated statements of cash flows within the caption “Non-cash interest expense” along with the amortization or accretion of the premium and discount on the Company’s indebtedness. Interest expense associated with the amortization of debt issuance costs was $9.5 million, $9.3 million and $10.0 million for the years ended June 30, 2018, 2017 and 2016, respectively. Debt issuance costs are presented in the consolidated balance sheets as a reduction to “Long-term debt, non-current”.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jun. 30, 2018
INCOME TAXES
INCOME TAXES	(8) INCOME TAXES The Company’s provision for income taxes from operations are summarized as follows: June 30, 2018 2017 2016 (in millions) Current Income Taxes Federal $ (9.3) $ 1.6 $ (1.3) State 2.0 6.3 8.7 Foreign 8.4 (2.1) 3.9 Total $ 1.1 $ 5.8 $ 11.3 Deferred Income Taxes Federal $ 62.9 $ 13.3 $ 7.3 State 4.1 2.4 (2.3) Foreign (42.0) (3.1) (7.8) Total 25.0 12.6 (2.8) Total provision for income taxes $ 26.1 $ 18.4 $ 8.5 The United States and foreign components of income/(loss) from operations before income taxes are as follows: June 30, 2018 2017 2016 (in millions) United States $ 71.0 $ 66.6 $ (46.9) Foreign 57.0 37.5 (20.8) Total $ 128.0 $ 104.1 $ (67.7) The Company’s effective income tax rate differs from what would be expected if the federal statutory rate were applied to earnings before income taxes primarily because of certain expenses that represent permanent differences between book and tax expenses and deductions, such as stock-based compensation expense. A reconciliation of the actual income tax provision and the tax computed by applying the U.S. federal rate to the earnings before income taxes during the years ended June 30, 2018, 2017 and 2016 are as follows: June 30, 2018 2017 2016 (in millions) Expected provision/(benefit) at the statutory rate $ 35.9 $ 36.4 $ (23.8) Increase/(decrease) due to: Stock-based compensation 3.8 (11.7) 27.9 State income taxes, net of federal benefit 3.2 2.9 (2.1) Transaction costs not deductible for U.S. federal income tax purposes 0.4 1.9 1.5 Change in statutory tax rate, non-U.S. 7.4 (1.4) (3.6) Change in valuation allowance (49.3) (10.2) 2.8 State NOL expirations 6.1 — — U.S. Tax Reform 24.8 — — Foreign tax rate differential (2.4) (3.9) 2.7 Other, net (3.8) 4.4 3.1 Provision for income taxes $ 26.1 $ 18.4 $ 8.5 The effective tax rate for the year ended June 30, 2018 was positively impacted by reversing the valuation allowances on the deferred tax assets of certain foreign subsidiaries that have returned to profitability. The effective tax rate was negatively impacted by U.S. Tax Reform principally relating to the estimated income tax on the deemed repatriation of previously deferred foreign earnings. On December 22, 2017, the U.S. federal government enacted a tax bill, H.R.1, An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 , previously known as Tax Cuts and Jobs Act of 2017 (“U.S. Tax Reform”). U.S. Tax Reform reduced the U.S. corporate tax rate from 35% to 21%, created a territorial tax system with a one-time mandatory repatriation tax on previously deferred foreign earnings, and changed business-related deductions and credits. ASC 740, Income Taxes , requires companies to recognize the effect of tax law changes in the period of enactment. The SEC staff issued SAB 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118”), which will allow registrants to record provisional amounts during a ‘measurement period’. SAB 118 allows a registrant to recognize provisional amounts when it does not have the necessary information available, prepared or analyzed(including computations) in reasonable detail to complete its accounting for the change in tax law. The measurement period ends when a registrant has obtained, prepared and analyzed the information necessary to finalize its accounting, but cannot extend beyond one year. In accordance with SAB 118, the Company has recorded provisional tax expense each quarter as follows: December 31, 2017 March 31, 2018 June 30, 2018 Total Tax Expense Deferred Tax Liability Tax Receivable Change in statutory rate, U.S. only $ 1.4 $ 0.2 $ (15.2) $ (13.6) $ (3.4) $ 10.2 Changes to indefinite reinvestment assertion 7.9 (0.4) (6.7) 0.8 0.8 — Repatriation tax 34.8 4.8 (2.0) 37.6 37.6 — Net impacts of U.S. Tax Reform $ 44.1 $ 4.6 $ (23.9) $ 24.8 $ 35.0 $ 10.2 The company continues to record provisional amounts during the measurement period. Management is in the process of obtaining and evaluating further information related to the provisional amounts estimated for items including the mandatory repatriation amounts and impacts to deferred tax assets and liabilities. Management has made estimates as it anticipates additional guidance and legislative action from the U.S. Federal and State governments in addition to interpretations and guidance from the SEC and FASB regarding the application of U.S. Tax Reform. Future adjustments to the provisional numbers will be recorded as discrete adjustments to income tax expense in the period in which those adjustments become estimable and/or are finalized. Other U.S. Tax Reform provisions are effective for years beginning after December 31, 2017, which would be the Company’s Fiscal 2019, including the tax on global intangible low taxed income, Base Erosion and Anti-abuse Tax, interest expense limitations, and executive compensation limitations. We continue to evaluate these and other impacts of U.S. Tax Reform as more information and guidance becomes available. As of December 31, 2017, the Company has reversed its indefinite reinvestment assertion on all its foreign subsidiaries because the Company will be required to pay tax on all the accumulated undistributed earnings of its foreign subsidiaries. In accordance with SAB 118, the Company recorded a provisional amount of $0.8 million as a deferred tax liability for an estimate of the additional tax due upon actual repatriation. Fiscal Year U.S. Tax Rates 2017 2018 2019 Federal rate 35% 28% 21% Blended federal and state rates 39% 33% 26% The Company files income tax returns in various federal, state, and local jurisdictions including the United States, Canada, United Kingdom and France. In the normal course of business, the company is subject to examination by taxing authorities throughout the world. With few exceptions, the company is no longer subject to income tax examinations by tax authorities in major tax jurisdictions for years before 2013. The total amount of unrecognized tax benefits that, if recognized, would impact the effective income tax rate was $1.8 million and $0.2 million at June 30, 2018 and 2017, respectively because the uncertain tax positions are permanent differences. We recognize interest and penalties related to uncertain tax positions in income tax expense. We had accrued interest (presented before related tax benefits) of approximately $0.1 million and $0.1 million at June 30, 2018 and 2017, respectively. The Company expects $1.9 million could be settled within the next year. Year Ended June 30, 2018 Balance at beginning of year $ 0.2 Additions for current year tax positions 1.2 Additions for prior year tax positions 1.7 Reductions as a result of settlement with tax authority (0.1) Balance at end of year $ 3.0 Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: June 30, 2018 2017 (in millions) Deferred income tax assets Net operating loss carry forwards $ 545.2 $ 715.2 Tax credit carry forwards 17.9 22.6 Deferred revenue 305.0 405.9 Accrued expenses 41.4 40.0 Other liabilities 2.3 17.4 Reserves against accounts receivable 15.8 18.2 Deferred compensation 11.2 20.3 Total deferred income tax assets 938.8 1,239.6 Valuation allowance (72.9) (111.1) Net deferred tax assets 865.9 1,128.5 Deferred income tax liabilities Property and equipment 680.9 712.2 Intangible assets 293.3 412.4 Debt issuance costs 2.4 5.8 Total deferred income tax liabilities 976.6 1,130.4 Less SRT deferred tax liabilities held for sale (5.1) — Net deferred income tax liabilities $ (105.6) $ (1.9) As of June 30, 2018, the Company had $1,917.2 million of U.S. federal net operating loss ("NOL") carry forwards. The Company generated approximately $245.5 million of NOL carry forwards during Fiscal 2018 mostly due to accelerated tax depreciation as provided by U.S. Tax Reform. The Company has completed several acquisitions in which it acquired net operating loss tax attributes as part of the purchase. These acquisitions, however, were considered a "change in ownership” within the meaning of Section 382 of the Internal Revenue Code and, as a result, such NOL carry forwards are subject to an annual limitation, reducing the amount available to offset income tax liabilities absent the limitation. Currently available U.S. federal NOL carry forwards as of June 30, 2018 are approximately $1,356.2 million. An additional $135.8 million will become available for use during fiscal year ended June 30, 2019. The Company's U.S. federal NOL carry forwards, if not utilized to reduce U.S. federal taxable income in future periods, will expire in various amounts beginning in 2019 and ending in 2037. As of June 30, 2018, the Company had approximately $384.3 million of foreign jurisdiction net operating loss carry forwards, primarily in Canada, the United Kingdom and France. The majority of these foreign NOLs have a valuation allowance reducing the value of the corresponding deferred tax asset in the financial statements due to recent losses. It is reasonably possible that the Company may reverse the valuation allowance recorded on certain foreign subsidiaries’ deferred tax assets in the near future. As of June 30, 2018, the Company had tax-effected state net operating loss carry forwards of approximately $53.9 million, which are subject to limitations on their utilization and have various expiration dates 2019 through 2037. The Company believes $51.6 million of this balance will be utilized and has provided a valuation allowance for the remainder. Management believes it is more likely than not that it will utilize its net deferred tax assets to reduce or eliminate tax payments in future periods, with the exception of deferred tax assets related to certain foreign subsidiaries. The Company’s evaluation encompassed (i) a review of its recent history of taxable income for the past three years and (ii) a review of internal financial forecasts demonstrating its expected ability to fully utilize its deferred tax assets prior to expiration.

ACCRUED LIABILITIES

ACCRUED LIABILITIES	12 Months Ended
	Jun. 30, 2018
ACCRUED LIABILITIES
ACCRUED LIABILITIES	(9) ACCRUED LIABILITIES Accrued liabilities included in current liabilities consisted of the following. Prior year amounts in the table below have been conformed to current year presentation for comparability. June 30, 2018 2017 (in millions) Accrued compensation and benefits $ 44.9 $ 38.5 Accrued property and equipment purchases 74.5 81.8 Network expense accruals (1) 112.5 93.6 Other accrued taxes (1) 11.8 23.1 Accrued professional fees 4.3 3.9 Other accruals (1) 65.0 84.5 Less liabilities held for sale (2) (0.7) - Total $ 312.3 $ 325.4 (1) Prior period amounts were reclassified for comparability with the 2018 presentation. (2) $0.7 million reported as liabilities associated with assets held for sale in the Allstream segment. See Note 3— Acquisitions and Dispositions .

EQUITY

EQUITY	12 Months Ended
	Jun. 30, 2018
EQUITY
EQUITY	(10) EQUITY On May 7, 2018, our Board of Directors authorized the repurchase of up to $500 million of our common stock from time to time using a variety of methods, including open market purchases, privately negotiated transactions and other means in accordance with federal securities laws. The authorization expires in November 2018, and may be suspended or discontinued at any time. During the year ended June 30, 2018, the Company repurchased 2,749,079 shares of its outstanding common stock at an average price of $34.02, or $93.5 million. During the year ended June 30, 2016, the Company repurchased 3,474,120 shares of its outstanding common stock. This amount includes 3,103,350 shares repurchased at an average price of $23.07 per share, or $71.7 million, excluding commissions, under a $500 million, 6-month share repurchase program authorized by the Company’s Board of Directors on November 10, 2015. The 6-month share repurchase program expired in May 2016. The amounts included in the “Common stock repurchases” line in the consolidated statements of cash flows represents both shares authorized by the Board of Directors for repurchase under the publically announced authorization described above, as well as $9.4 million, or 370,770 shares, withheld from employees to cover tax withholding obligations on certain restricted stock units that vested during Fiscal 2016. During the years ended June 30, 2018 and June 30, 2017, the Company recorded increases of $91.1 million and $104.7 million respectively, in additional paid-in capital associated with stock-based compensation expense related to the Company’s equity classified stock-based compensation awards. See Note 11 – Stock-based Compensation .

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Jun. 30, 2018
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	(11) STOCK-BASED COMPENSATION The following tables summarize the Company’s stock-based compensation expense for liability and equity classified awards included in the consolidated statements of operations: Year Ended June 30, 2018 2017 2016 (in millions) Included in: Operating costs $ 9.9 $ 11.3 $ 17.4 Selling, general and administrative expenses 86.8 102.8 138.5 Total stock-based compensation expense $ 96.7 $ 114.1 $ 155.9 CII common and preferred units $ — $ 10.1 $ 73.0 Part A restricted stock units 82.3 76.5 45.3 Part B restricted stock units 12.4 26.0 36.5 Part C restricted stock units 2.0 1.5 1.1 Total stock-based compensation expense $ 96.7 $ 114.1 $ 155.9 CII Common and Preferred Units Prior to the Company’s IPO, the Company was given authorization by Communications Infrastructure Investments, LLC (“CII”) to award 625,000,000 of CII’s common units as profits interests to employees, directors, and affiliates of the Company. The common units were historically considered to be stock-based compensation with terms that required the awards to be classified as liabilities due to cash settlement features. The vested portion of the awards was reported as a liability and the fair value was re-measured at each reporting date until the date of settlement, with a corresponding charge (or credit) to stock-based compensation expense. On December 31, 2016, the CII common units became fully vested and as such there is no remaining unrecognized compensation cost associated with CII common units for any period subsequent to December 31, 2016. The value of the CII common units was derived from the value of CII’s investments in the Company and Onvoy, LLC and its subsidiaries (“OVS”), a company that provided voice and managed services which the Company spun off during the year ended June 30, 2014. As the value derived from each of these investments was separately determinable and there was a plan in place to distribute the value associated with the investment in Company shares separate from the value derived from OVS, the two components were accounted for separately. The OVS component of the CII awards was adjusted to fair value each reporting period. On December 31, 2015, CII entered into an agreement to sell OVS to a third party. The sale was completed in May 2016. Based on the sale price, the estimated fair value of OVS awards was increased, resulting in an increase to stock based compensation expense and corresponding increase to additional paid-in capital of $12.9 million for the year ended June 30, 2016. Proceeds from the sale to be distributed to the Company’s employees was paid by CII. During the years ended June 30, 2018, 2017 and 2016, the Company recognized nil, $10.1 million and $73.0 million, respectively, of stock-based compensation expense related to vesting of CII common and preferred units. Performance Compensation Incentive Program During October 2014, the Company adopted the 2014 Performance Compensation Incentive Program (“PCIP”). The PCIP includes incentive cash compensation and equity (in the form of RSUs). Grants under the PCIP RSU plans are made quarterly for all participants. The PCIP was effective on October 16, 2014 and will remain in effect for a period of 10 years (or through October 16, 2024) unless it is earlier terminated by the Company’s Board of Directors. The PCIP has the following components: Part A Under Part A of the PCIP, certain full-time employees, including the Company’s executives, are eligible to earn quarterly awards of RSUs. Each participant in Part A of the PCIP will have an RSU annual award target value, which will be allocated to each fiscal quarter. The final Part A value awarded to a participant for any fiscal quarter is determined by the Compensation Committee of the Board of Directors subsequent to the end of the respective performance period taking into account the Company’s measured value creation for the quarter, as well as such other subjective factors that it deems relevant (including group and individual level performance factors). The number of Part A RSUs granted will be calculated based on the final award value determined by the Compensation Committee divided by the average closing price of the Company’s common stock over the last ten trading days of the respective performance period. Part A RSUs will vest assuming continuous employment fifteen months subsequent to the end of the performance period (for awards relating to periods through June 30, 2017) or twelve months subsequent to the end of the performance period (for awards relating to periods subsequent to June 30, 2017). Upon vesting, the RSUs convert to an equal number of shares of the Company’s common stock. Additionally, under Part A of the PCIP, awards may be granted to certain employees upon commencement of their employment with the Company. During the years ended June 30, 2018, 2017 and 2016, the Company recognized $82.3 million, $76.5 million and $45.3 million, respectively, of compensation expense associated with Part A awards. The June 2018 and June 2017 quarterly awards were recorded as liabilities totaling $5.7 million and $5.5 million as of June 30, 2018 and 2017, respectively, as the awards represent an obligation denominated in a fixed dollar amount to be settled in a variable number of shares during the subsequent quarter. The quarterly stock-based compensation liability is included in “Accrued liabilities” in the accompanying consolidated balance sheets. Upon the issuance of the RSUs, the liability is re-measured and then reclassified to additional paid-in capital, with a corresponding charge (or credit) to stock based compensation expense. The value of the remaining unvested RSUs is expensed ratably through the vesting date. At June 30, 2018, the remaining unrecognized compensation cost to be expensed over the remaining vesting period for Part A awards is $32.6 million. The following table summarizes the Company’s Part A RSU activity for the years ended June 2018, 2017 and 2016: Number of Part A Weighted average Weighted average Outstanding at July 1, 2015 933,217 $ 26.25 7.1 Granted 2,190,785 26.04 Vested (852,853) 26.14 Forfeited (101,248) n/a Outstanding at July 1, 2016 2,169,901 $ 26.04 7.9 Granted 2,678,503 31.64 Vested (2,080,685) 26.03 Forfeited (403,333) n/a Outstanding at July 1, 2017 2,364,386 $ 31.63 7.1 Granted 2,664,538 35.08 Vested (2,459,040) 34.02 Forfeited (323,389) n/a Outstanding at June 30, 2018 2,246,495 $ 35.08 6.4 Part B Under Part B of the PCIP, participants, including the Company’s executives, are awarded quarterly grants of RSUs. The number of the RSUs earned by the participants is based on the Company’s stock price performance over a performance period of one year with the starting price being the average closing price over the last ten trading days of the quarter immediately prior to the date of grant and the vesting date. The RSUs vest assuming continuous employment through the end of the measurement period, twelve months after the beginning of the performance period (for awards vesting on or prior to June 30, 2018) or fifteen months after the beginning of the performance period (for awards vesting after June 30, 2018). The existence of a vesting provision that is associated with the performance of the Company’s stock price is a market condition, which affects the determination of the grant date fair value. Upon vesting, RSUs earned convert to an equal number of shares of the Company’s common stock. The following table summarizes the Company’s Part B RSU activity for the years ended June 2018, 2017 and 2016: Number of Part B Weighted average Weighted average Outstanding at July 1, 2015 1,249,873 $ 42.90 5.5 Granted 1,152,176 26.80 Vested (1,463,893) 38.70 Forfeited (77,220) n/a Outstanding at July 1, 2016 860,936 $ 29.50 6.2 Granted 715,564 45.56 Vested (793,478) 32.58 Forfeited (371,049) n/a Outstanding at July 1, 2017 411,973 $ 42.86 6.1 Granted 401,857 41.60 Vested (468,698) 39.01 Forfeited (159,357) n/a Outstanding at June 30, 2018 185,775 $ 57.19 8.9 The table below reflects the total Part B RSUs granted during each period presented, the maximum eligible shares of the Company’s common stock that the respective Part B RSU grant could be converted into shares of the Company’s common stock, and the grant date fair value per Part B RSU during the period indicated. The table below also reflects the units converted to the Company’s common stock at a vesting date that is subsequent to the period indicated for those RSUs granted during the period indicated: During the three months ended June 30, March 31, December 31, September 30, 2017 Part B RSUs granted 78,123 77,218 82,556 163,960 Maximum eligible shares of the Company's common stock 539,049 532,804 569,636 590,256 Grant date fair value per Part B RSU $ 74.44 $ $ $ Units converted to Company's common stock at vesting date n/a n/a n/a n/a During the three months ended June 30, March 31, December 31, September 30, Part B RSUs granted 152,808 171,316 191,015 200,425 Maximum eligible shares of the Company's common stock 550,109 880,564 981,817 1,030,185 Grant date fair value per Part B RSU $ 26.52 $ 27.39 $ 75.56 $ 47.00 Units converted to Company's common stock at vesting date 54,671 41,368 102,511 99,508 During the years ended June 30, 2018, 2017 and 2016, the Company recognized stock-based compensation expense of $12.4 million, $26.0 million and $36.5 million related to Part B awards, respectively. The grant date fair value of Part B RSU grants is estimated utilizing a Monte Carlo simulation. This simulation estimates the ten-day average closing stock price ending on the vesting date, the stock price performance over the performance period, and the number of common shares to be issued at the vesting date. Various assumptions are utilized in the valuation method, including the target stock price performance ranges and respective share payout percentages, the Company’s historical stock price performance and volatility, peer companies’ historical volatility and an appropriate risk-free rate. The aggregate future value of the grant under each simulation is calculated using the estimated per share value of the common stock at the end of the vesting period multiplied by the number of common shares projected to be granted at the vesting date. The present value of the aggregate grant is then calculated under each of the simulations, resulting in a distribution of potential present values. The fair value of the grant is then calculated based on the average of the potential present values. The remaining unrecognized compensation cost associated with Part B RSU grants is $6.8 million at June 30, 2018. Part C Under Part C of the PCIP, independent directors of the Company are eligible to receive quarterly awards of RSUs. Independent directors electing to receive a portion of their annual director fees in the form of RSUs are granted a set dollar amount of Part C RSUs each quarter. The quantity of Part C RSUs granted is based on the average closing price of the Company’s common stock over the last ten trading days of the quarter ended immediately prior to the grant date and vest at the end of each quarter for which the grant was made. During the years ended June 30, 2018, 2017 and 2016, the Company’s independent directors were granted 58,421, 47,420 and 41,793 Part C RSUs, respectively. During the years ended June 30, 2018, 2017 and 2016, the Company recognized $2.0 million, $1.5 million and $1.1 million of compensation expense associated with the Part C RSUs, respectively.

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS	12 Months Ended
	Jun. 30, 2018
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS	(12) EMPLOYEE BENEFITS In connection with the Allstream Acquisition on January 15, 2016 (see Note 3 – Acquisitions and Dispositions ), Bell MTS agreed to retain the Allstream Acquisition Entity’s former defined benefit pension obligations, and related pension plan assets, of retirees and other former employees of the Allstream Acquisition Entity and also agreed to reimburse the Allstream Acquisition Entity for certain solvency funding payments related to the pension obligations of active employees of the Allstream Acquisition Entity as of January 15, 2016. On October 31, 2017, Bell MTS transferred assets of CAD $117.9 million (or $91.6 million) from the Allstream Acquisition Entity’s former defined benefit pension plans related to pre-closing service obligations for active employees to defined benefit pension plans of the Allstream Acquisition Entity created by the Company on January 15, 2016. The assets were transferred on a fully funded basis calculated on a solvency basis, however on a GAAP basis, the plans are underfunded. Upon transfer, a prior period service cost was recognized in other comprehensive income for the underfunded amount, consistent with the Company’s accounting policies. The Company became responsible for accruing post-acquisition liabilities related to these plans as of the Allstream Acquisition date of January 15, 2016. The Company also sponsors an OPEB for certain former employees of the Allstream Acquisition Entity, which provides health care and life insurance benefits for certain eligible retirees. These OPEB plans are not funded. Benefits are paid directly to the participants of these plans. The Company uses a June 30 annual measurement date for its defined benefit and postretirement benefit plans. Upon the transfer of the pre-closing service obligation, a measurement was obtained. No comparative period figures were disclosed in the tables or notes below, as the amounts for employee benefits were not material for those periods. Defined benefit plans The Company maintains defined benefit pension plans that provide pension benefits for certain former employees of the Allstream Acquisition Entity. Benefits are based on the employee’s length of service and average rate of pay during the highest paid consecutive three years of service. The Company is responsible for adequately funding the pension plans. Contributions are made based on various actuarial cost methods permitted by pension regulatory bodies. Contributions reflect actuarial assumptions about future investment returns, salary projections, future service and life expectancy. The following tables provide a reconciliation of the changes in the benefit obligations, fair value of plan assets and the unfunded status for the Company’s defined benefit pension and OPEB, where applicable: Pension Plans (in millions) Change in projected benefit obligation for defined benefit pension plans: Projected benefit obligation at July 1, 2017 $ 6.7 Service cost 2.7 Interest cost 2.5 Actuarial loss (gain) 9.3 Participant contributions 0.6 Benefits paid from plan assets (3.3) Acquisition transfer 97.6 Settlements (2.5) Foreign currency exchange rate changes (0.1) Projected benefit obligation at June 30, 2018 $ 113.5 OPEB Plans (in millions) Change in projected benefit obligation for OPEB plans: Projected benefit obligation at July 1, 2017 $ 9.9 Service cost 0.1 Interest cost 0.3 Actuarial loss (gain) 0.4 Benefits paid by Company (0.6) Foreign currency exchange rate changes (0.1) Projected benefit obligation at June 30, 2018 $ 10.0 The accumulated benefit obligation of the defined benefit plan and OPEB at June 30, 2018 are $103.9 million and $10.0 million, respectively. Pension Plans (in millions) Change in pension plan assets: Fair value of plan assets at July 1, 2017 $ 3.7 Acquisition transfer 89.8 Return on plan assets 2.4 Employer contributions 2.9 Participant contributions 0.6 Benefits paid from plan assets (3.3) Settlements (2.6) Fair value of pension plan assets at June 30, 2018 $ 93.5 The unfunded status of the projected benefit obligation at June 30, 2018 was $20.0 million, which was recorded as other long-term liabilities. Pension Plans As of June 30, 2018 (in millions) Projected benefit obligation $ 113.5 Fair value of plan assets 93.5 Unfunded status 20.0 Current portion of unfunded status $ — Non-current portion of unfunded status $ 20.0 The following table provides information regarding change in amounts from June 30, 2017 in accumulated other comprehensive loss (“AOCI”) that have not yet been recognized as components of net periodic benefit cost at June 30, 2018: As of June 30, 2017 Recognition of Net Periodic Benefits Expense Deferrals Net Change in AOCI As of June 30, 2018 (in millions) Accumulated other comprehensive loss: Pension plans: Net actuarial (loss)/gain $ — $ — $ (11.2) $ (11.2) $ (11.2) Prior service benefit/(cost) — 0.4 (7.8) (7.4) (7.4) Deferred income tax benefit/(expense) — (0.1) 5.6 5.5 5.5 Total pension plans — 0.3 (13.4) (13.1) (13.1) OPEB plans: Net actuarial (loss)/gain (1.2) — (0.4) (0.4) (1.6) Prior service (cost)/benefit — — — — — Deferred income tax benefit/(expense) 0.4 — — — 0.4 Total OPEB plans (0.8) — (0.4) (0.4) (1.2) Total accumulated other comprehensive loss $ (0.8) $ 0.3 $ (13.8) $ (13.5) $ (14.3) There have been no material amounts reclassified from AOCI during the period. The following table presents the expected amortization amounts during next fiscal year for the defined benefit pension plans: Pension Plans (in millions) Amortization of net prior service cost/(benefit) $ 0.7 Total expected amortization amounts during fiscal year 2019 $ 0.7 The expected benefit payments for the Company’s defined benefit pension and OPEB plans for the years indicated are as follows: Pension Plans OPEB Plans (in millions) Year ended June 30, 2019 $ 2.2 $ 0.5 2020 2.4 0.5 2021 2.7 0.5 2022 2.9 0.5 2023 3.1 0.5 2024-2028 19.0 2.3 The following table presents the expected contributions during next fiscal year for the defined benefit pension and OPEB plans: Pension Plans OPEB Plans (in millions) Employer $ 2.9 $ 0.5 Plan participants 0.5 — Total expected contributions during fiscal year 2019 $ 3.4 $ 0.5 Net periodic (benefit) cost of the defined benefit pension and OPEB is included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations includes the following components: Pension Plans Year ended June 30, 2018 ( in millions) Service cost $ 2.7 Interest cost 2.5 Expected return on plan assets (3.8) Amortization of service cost from earlier periods 0.4 Cost of settlements 0.2 Net periodic pension benefit cost $ 2.0 OPEB Plans Year ended June 30, 2018 (in millions) Service cost $ 0.1 Interest cost 0.3 Net periodic pension benefit cost $ 0.4 The following tables present the assumptions used in determining benefit obligations of the defined benefit pension and OPEB plans: Pension Plans OPEB Plans Actuarial assumptions: Discount rate Price inflation N/A Expected long-term rate of return on plan assets N/A Rate of compensation increase N/A The discount rates utilized reflect the average yield on high quality corporate bonds of similar duration to the plans’ liabilities. The discount rate used to calculate the employee future benefits obligation is determined at each year end by referring to the most recently available market interest rates based on “AA”-rated corporate bond yields reflecting the duration of the employee future benefit plans. Under the yield curve approach, expected future benefit payments for each plan are discounted by a rate on a third-party bond yield curve corresponding to each duration. The yield curve is based on “AA” long-term corporate bonds. A single discount rate is calculated that would yield the same present value as the sum of the discounted cash flows. The expected return on assets assumption for the plans is determined as the estimate of future experience for trust asset returns, reflecting the plans’ current asset allocation and any expected changes during the current plan year, current market conditions and expectations for future market conditions. The investment objective of the defined benefit pension plans is to provide a risk-adjusted return that will ensure the payment of benefits while protecting against the risk of substantial investment losses. Correlations among the asset classes are used to identify an asset mix that the Company believes will provide the most attractive returns. Long-term return forecasts for each asset class using historical data and other qualitative considerations to adjust for projected economic forecasts are used to set the expected rate of return for the entire portfolio. The defined benefit pension plan utilizes various investment securities. Generally, investment securities are exposed to various risks, such as interest rate risks, credit risk, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur and that such changes could materially affect the amounts reported. The following table presents the Company’s target for the allocation of invested defined benefit pension plan assets at June 30, 2018: As of June 30, 2018 Fixed income Equities Other Total The plans assets are invested in various fund categories utilizing multiple strategies and investment managers. Interests in funds are valued using the net asset value ("NAV") per unit of each fund. The NAV reported by the fund manager is based on the market value of the underlying investments owned by each fund, minus its liabilities, divided by the number of shares outstanding. These funds can be redeemed at NAV, generally at any time. As the funds do not publish publicly available prices, the NAV practical expedient is the most appropriate fair value classification for the plan asset investments. The value associated with these investments is disclosed in the reconciliation of the total investments measured at fair value shown below. The table below presents the fair value of plan assets valued at NAV by category for the pension and OPEB plans at June 30, 2018. As of June 30, 2018 (in millions) Fixed income $ 33.1 Equities 55.2 Other 5.2 Total $ 93.5 Fixed incom e – Fixed income represents investments in commingled bond funds comprised of Canadian government, corporate bonds, and mortgage-backed securities. Equities – Equities represent investments in commingled equities funds comprised of investments in U.S., Canadian and global equities. Other – Other investments are comprised of investments in commingled real estate funds.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Jun. 30, 2018
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	(13) FAIR VALUE MEASUREMENTS The Company’s financial instruments consist of cash and cash equivalents, restricted cash, trade receivables, accounts payable, long-term debt, certain post-employment plans and stock-based compensation liability. The carrying values of cash and cash equivalents, restricted cash, trade receivables, and accounts payable approximated their fair values at June 30, 2018 and 2017, due to the short maturity of these instruments. The carrying value of the Company’s Notes, excluding debt issuance costs, reflects the original amounts borrowed, inclusive of net unamortized premium, and was $4,003.4 million and $3,692.8 million as of June 30, 2018 and 2017, respectively. Based on market interest rates for debt of similar terms and average maturities, the fair value of the Company's Notes as of June 30, 2018 and 2017 was estimated to be $3,986.5 million and $3,895.7 million, respectively. The Company’s fair value estimates associated with its Note obligations were derived utilizing Level 2 inputs – quoted prices for similar instruments in active markets. The carrying value of the Company’s Term Loan Facility, excluding debt issuance costs, reflects the original amounts borrowed, inclusive of unamortized discounts, and was $1,751.3 million and $1,912.7 million as of June 30, 2018 and 2017, respectively. The Company’s Term Loan Facility accrues interest at variable rates based upon the one-month, three-month or nine-month LIBOR plus i) a spread of 2.0% on the Company’s $500.0 million tranche (which has a LIBOR floor of 0.0%) and ii) a spread of 2.25% on its B-2 Term Loan tranche (which has a LIBOR floor of 1.00%). Based on market interest rates for debt of similar terms and average maturities, the fair value of the Company’s Term Loan Facility as of June 30, 2018 and June 30, 2017 was estimated to be $1,772.3 million and $1,930.5 million, respectively. The Company’s fair value estimates associated with its Term Loan Facility obligations were derived utilizing Level 2 inputs—quoted prices for similar instruments in active markets. A hypothetical increase in the applicable interest rate on the Company’s Term Loan Facility of one percentage point above the 1.0% LIBOR floor would increase the Company’s annual interest expense by approximately $17.6 million. As of June 30, 2018 and 2017, there was no balance outstanding under the Company's Revolver.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Jun. 30, 2018
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	(14) COMMITMENTS AND CONTINGENCIES Capital Leases Future contractual payments under the terms of the Company’s capital lease obligations were as follows: Year Ended June 30, (in millions) 2019 $ 15.4 2020 14.5 2021 14.5 2022 14.6 2023 14.7 Thereafter 130.3 Total minimum lease payments 204.0 Less amounts representing interest (70.5) Less current portion (11.9) Capital lease obligations, non-current $ 121.6 Operating Leases The Company leases office space, warehouse space, network assets, switching and transport sites, points of presence, components and equipment under non-cancelable operating leases. Lease expense was $156.4 million, $68.8 million and $53.1 million for the years ended June 30, 2018, 2017 and 2016, respectively. Additionally, the Company recognized expense related to right-of way, pole attachment and other fees for access of $43.4 million, $65.1 million, and $48.9 million for the years ended June 30, 2018, 2017 and 2016, respectively. For scheduled rent escalation clauses during the lease terms or for rental payments commencing at a date other than the date of initial occupancy, the Company records minimum rental expenses on a straight-line basis over the terms of the leases. When the straight-line expense recorded exceeds the cash outflows during the respective period, the Company records a deferred lease obligation on the consolidated balance sheets and amortizes the deferred rent over the terms of the respective leases. Minimum contractual lease payments due under the Company’s long-term operating leases are as follows: Year Ended June 30, (in millions) 2019 $ 93.7 2020 82.4 2021 66.7 2022 43.6 2023 33.0 Thereafter 114.7 $ 434.1 Obligations for Capital Expenditure At June 30, 2018, the Company was contractually committed for $509.4 million of capital expenditures for construction materials and purchases of property and equipment. A majority of these obligations are expected to be satisfied in the next twelve months. These obligations are primarily success based; that is, the Company has executed customer contracts that support the future capital expenditures. Outstanding Letters of Credit As of June 30, 2018, the Company had $8.1 million in outstanding letters of credit, which were primarily entered into in connection with various lease agreements. Additionally, as of June 30, 2018, Zayo Canada, Inc., a subsidiary of the Company, had CAD $3.4 million (or $2.6 million) in letters of credit, under a CAD $5.0 million (or $3.8 million) unsecured credit agreement. Contingencies In the normal course of business, the Company is party to various outstanding legal proceedings, asserted and unasserted claims, and disputes. In the opinion of management, the ultimate disposition of these matters, both asserted and unasserted, will not have a material adverse effect on the Company’s financial condition, results of operations, or cash flows.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Jun. 30, 2018
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	(15) RELATED-PARTY TRANSACTIONS In May 2016, CII sold Onvoy, LLC and its subsidiaries (“OVS”), a company that provided voice and managed offerings that the Company spun off during the year ended June 30, 2014, to an entity that had a material ownership interest in the Company during Fiscal 2018 and which shares a board member with the Company . The Company continues to have ongoing contractual relationships with Inteliquent, Inc., successor by merger to OVS (“Inteliquent”), whereby the Company provides Inteliquent and its subsidiaries with bandwidth access and Inteliquent provides the Company and its subsidiaries with voice offerings. The contractual relationships are based on agreements that were entered into at estimated market rates. The following table represents the revenue and expense transactions the Company recorded with Inteliquent for the periods presented: Year Ended June 30, 2018 2017 2016 (in millions) Revenues $ 7.4 $ 7.5 $ 6.6 Operating costs $ 2.7 $ 2.0 $ 2.1 As of June 30, 2018 and June 30, 2017, the Company had $0.4 million and $0. 5 million, respectively, due from Inteliquent. Dan Caruso, the Company’s Chief Executive Officer and Chairman of the Board is a party to an aircraft charter (or membership) agreement through his affiliate, Bear Equity LLC, for business and personal travel. Under the terms of the charter agreement, all fees for the use of the aircraft are effectively variable in nature. For his business travel on behalf of the Company, Mr. Caruso is reimbursed for his use of the aircraft subject to an annual maximum reimbursement threshold approved by the Company's Nominating and Governance Committee. During the years ended June 30, 2018, 2017 and 2016, respectively, the Company reimbursed Mr. Caruso $0.7 million, $0.8 million and $0.5 million for his business use of the aircraft.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Jun. 30, 2018
SEGMENT REPORTING
SEGMENT REPORTING	(16) SEGMENT REPORTING The Company uses the management approach to determine the segment financial information that should be disaggregated and presented separately in the Company's notes to its consolidated financial statements. The management approach is based on the manner by which management has organized the segments within the Company for making operating decisions, allocating resources, and assessing performance. As the Company has increased in scope and scale, it has developed its management and reporting structure to support this growth. The Company’s bandwidth infrastructure, colocation and connectivity offerings are comprised of various related product groups generally defined around the type of offering to which the customer is licensing access, referred to as SPGs. Each SPG is responsible for the revenue, costs and associated capital expenditures of its respective solutions. The SPGs enable licensing and sales, make pricing and product decisions, engineer networks and deliver solutions to customers, and support customers for specific telecom and Internet infrastructure requirements. During fiscal 2018, with the continued increase in our scope and scale, the Company’s chief operating decision maker ("CODM"), who is the Company’s Chief Executive Officer, implemented certain organizational changes to the management and operation of the business that directly impact how the CODM makes resource allocation decisions and manages the Company. The changes in structure had the impact of creating two new SPGs and re-aligning an existing SPG among the Company’s reportable segments. The changes in structure also resulted in changes in how the Company measures the relative burden each segment bears of indirect and corporate related costs. Effective April 1, 2018 the Company’s Ethernet SPG, previously reported under our Enterprise Networks segment, is now reported under the Company’s Transport segment. Additionally, certain activities and operations of the legacy Waves, WAN, and Ethernet SPGs were combined to form a new SPG, CloudLink. These changes to the existing reportable segments (the “Realignment”) have been recast for all prior period financial and operating metrics presented in this Annual Report for comparability, such as; · Certain activities and operations of the legacy Waves, WAN, and Ethernet SPGs, after giving effect to the Realignment, are now reported in a new SPG, CloudLink, under the Enterprise Networks segment; and · The wholesale IP services and Sonet SPGs, and the remaining activities and operations of the legacy Waves and Ethernet SPGs (the activities and operations not related to CloudLink), after giving effect to the Realignment, are now reported under the Transport segment. In addition to the changes in structure, the Company also adjusted intercompany pricing methodologies to more closely align to third party pricing on the products and offerings which are exchanged between our SPGs. However, it was not practicable to retrospectively present the impact of this change for all historical periods presented. The Company’s segments are further described below: Fiber Solutions . The Fiber Solutions segment offers access to raw bandwidth infrastructure to customers that require control of their internal networks. These solutions include dark fiber, dedicated lit network sections and mobile infrastructure (fiber-to-the-tower and small cell). Dark fiber is a physically separate and secure, private platform for dedicated bandwidth. The Company leases dark fiber pairs (usually 2 to 12 total fibers) to customers, who “light” the fiber using their own optronics. The Company’s mobile infrastructure solutions permit direct fiber connections to cell towers, small cells, hub sites, and mobile switching centers. Fiber Solutions customers include carriers and other communication service providers, Internet service providers, wireless service providers, major media and content companies, large enterprises, and other companies that have the expertise to run their own fiber optic networks or require interconnected technical space. The contract terms in the Fiber Solutions segment tend to range from three to twenty years. Transport. The Transport segment provides access to lit bandwidth infrastructure solutions over metro, regional, and long-haul fiber network sections. The segment uses customer-accessed optronics to light the fiber, and our customers pay for access based on the amount and type of bandwidth they require. The activities within this segment include Wavelengths, Ethernet, SONET, and wholesale IP offerings. The Company targets customers who require a minimum of 10G of bandwidth across their networks. Transport customers include carriers, content providers, financial services companies, healthcare, government entities, education institutions and other medium and large enterprises. The contract terms in this segment tend to range from two to five years. Enterprise Networks . The Enterprise Networks segment provides connectivity and telecommunications solutions to medium and large enterprises. The activities within this segment include Internet, wide area networking products, managed products and cloud based computing and storage offerings. Solutions range from point-to-point data connections to multi-site managed networks to international outsourced IT infrastructure environments. The contract terms in the Enterprise Networks segment tend to range from one to ten years. Zayo Colocation (“zColo”) . The Colocation segment provides data center infrastructure solutions to a broad range of enterprise, carrier, cloud, and content customers. The activities within this segment include the provision of colocation space, power and interconnection offerings in North America and Western Europe. Solutions range in size from single cabinet solutions to 1MW+ data center infrastructure environments. The Company’s data centers also support a large component of networking components for the purpose of aggregating and accommodating customers’ data, voice, Internet, and video traffic. The contract terms in this segment tend to range from two to five years. Allstream . The Allstream segment provides Cloud VoIP and Data Solutions. This includes a full range of local voice offerings allowing business customers to complete telephone calls in their local exchange, as well as make long distance, toll-free and related calls. Unified Communications is the integration of real-time communication services such as telephony (including Cloud-based IP telephony), instant messaging and video conferencing with non-real-time communication services, such as integrated voicemail and e-mail. Allstream also provides customers with comprehensive telecommunications services including Ethernet, and IP/MPLS VPN Solutions. Other . The Other segment is primarily comprised of Zayo Professional Services (“ZPS”). ZPS provides network and technical resources to customers who wish to leverage the Company’s expertise in designing, acquiring and maintaining a network. The contract terms typically run for one year for a fixed recurring monthly fee in the case of network and on an hourly basis for technical resources (usage revenue). ZPS also generates revenue via telecommunication equipment sales. The results of operations for each segment include an allocation of certain indirect costs and corporate related costs, including overhead and third party-financed debt. The allocation is based on a percentage that represents management’s estimate of the relative burden each segment bears of indirect and corporate costs. Management has evaluated the allocation methods utilized to allocate these costs and determined they are systematic, rational and consistently applied. Identifiable assets for each reportable segment are reconciled to total consolidated assets including unallocated corporate assets and intersegment eliminations. Unallocated corporate assets consist primarily of cash and deferred taxes. In connection with the Company’s acquisition of Electric Lightwave the Company acquired certain customer contracts that included the bundled provision of VoIP and data connectivity services. This bundled package was historically managed and reported as revenue by the Enterprise Networks segment. Subsequent to June 30, 2018, operational changes were made which resulted in the management of these bundled contract to be provided by the Allstream segment and as such the revenue associated with these contracts will now be reported as revenue of the Allstream segment. The Enterprise Networks segment continues to own the infrastructure and equipment that supports these contracts and as such the segments entered into an intercompany agreement for the continued use of these assets which will result in the recognition of intercompany expense and revenue at the Allstream and Enterprise Networks segments, respectively. This intercompany charge will be eliminated in the consolidated revenue and Adjusted EBITDA amounts to be disclosed in the “corporate and eliminations column”. Starting with the quarter ending September 30, 2018, the Company will recast it’s prior period financial and operating metrics presented in previous filings to reflect the financial results of the Company’s segments as if these bundled contracts were managed by Allstream and the related intercompany agreement was in place effective with the March 1, 2017 acquisition of Electric Lightwave. The change will not have an impact on consolidated revenues or EBITDA. Segment Adjusted EBITDA Segment Adjusted EBITDA is the primary measure used by the Company’s CODM to evaluate segment operating performance. The Company defines Segment Adjusted EBITDA as earnings/(loss) from operations before interest, income taxes, depreciation and amortization (“EBITDA”) adjusted to exclude acquisition or disposal-related transaction costs, losses on extinguishment of debt, stock-based compensation, unrealized foreign currency gains/(losses) on intercompany loans, and non-cash income/(loss) on equity and cost method investments. The Company uses Segment Adjusted EBITDA to evaluate operating performance, and this financial measure is among the primary measures used by management for planning and forecasting of future periods. The Company believes that the presentation of Segment Adjusted EBITDA is relevant and useful for investors because it allows investors to view results in a manner similar to the method used by management and facilitates comparison of the Company’s results with the results of other companies that have different financing and capital structures. Segment Adjusted EBITDA results, along with other quantitative and qualitative information, are also utilized by the Company and its Compensation Committee for purposes of determining bonus payouts to employees. Segment Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, analysis of the Company’s results from operations and operating cash flows as reported under GAAP. For example, Segment Adjusted EBITDA: · does not reflect capital expenditures, or future requirements for capital and major maintenance expenditures or contractual commitments; · does not reflect changes in, or cash requirements for, working capital needs; · does not reflect the significant interest expense, or the cash requirements necessary to service the interest payments, on the Company’s debt; and · does not reflect cash required to pay income taxes. The Company’s computation of Segment Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies because all companies do not calculate segment Adjusted EBITDA in the same fashion. For the year ended June 30, 2018 Fiber Transport Enterprise Networks zColo Allstream Other Corp/ Total (in millions) Revenue from external customers $ 842.0 $ 670.4 $ 350.4 $ 238.2 $ 479.9 $ 23.1 $ — $ 2,604.0 Segment Adjusted EBITDA 673.2 230.3 148.2 120.3 114.0 5.0 — 1,291.0 Total assets 4,956.9 1,864.6 752.0 1,032.4 461.8 33.3 115.8 9,216.8 Capital expenditures 443.3 183.1 50.0 99.9 13.6 — — 789.9 For the year ended June 30, 2017 Fiber Transport Enterprise Networks zColo Allstream Other Corp/ Total (in millions) Revenue from external customers $ 725.4 $ 614.3 $ 310.2 $ 214.0 $ 314.3 $ 21.6 $ — $ 2,199.8 Segment Adjusted EBITDA 570.4 223.0 127.9 107.1 83.3 5.1 — 1,116.8 Total assets 4,504.6 2,018.3 597.4 994.4 406.2 33.2 185.3 8,739.4 Capital expenditures 499.1 189.6 46.8 91.5 8.5 — — 835.5 For the year ended June 30, 2016 Fiber Transport Enterprise Networks zColo Allstream Other Corp/ Total (in millions) Revenue from external customers $ 648.8 $ 522.6 $ 228.4 $ 195.4 $ 106.2 $ 20.3 $ — $ 1,721.7 Segment Adjusted EBITDA 504.0 208.4 100.6 99.5 17.9 4.5 — 934.9 Capital expenditures 421.4 160.6 50.5 66.3 5.3 — — 704.1 As discussed above, it was not practicable to retrospectively present the impact of intercompany pricing changes for all historical periods presented. Management estimates the intercompany pricing changes had the following impacts to Segment Adjusted EBITDA during the three months ended June 30, 2018. For the three months ended June 30, 2018 Fiber Transport Enterprise Networks zColo Allstream Other Corp/ Total (in millions) Impact of pricing changes $ — $ (1.8) $ 2.7 $ 0.1 $ (1.0) $ — $ — $ — Reconciliation from Total Segment Adjusted EBITDA to income/(loss) from operations before income taxes For the year ended June 30, 2018 2017 2016 Total Segment Adjusted EBITDA $ 1,291.0 $ 1,116.8 $ 934.9 Interest expense (299.8) (241.5) (220.1) Depreciation and amortization (747.4) (606.9) (516.3) Transaction costs (18.6) (20.5) (21.5) Stock-based compensation (96.7) (114.1) (155.9) Loss on extinguishment of debt (4.9) (18.2) (33.8) Foreign currency gain/(loss) on intercompany loans 5.4 (10.3) (53.8) Non-cash loss on investments (1.0) (1.2) (1.2) Income/(loss) from operations before income taxes $ 128.0 $ 104.1 $ (67.7) The following is a summary of geographical information: For the year ended June 30, 2018 2017 2016 Revenue from external customers: United States $ 2,017.4 $ 1,610.0 $ 1,334.1 Europe 199.4 176.5 174.1 Canada 384.2 412.0 213.3 Other 3.0 1.3 0.2 Total Revenue $ 2,604.0 $ 2,199.8 $ 1,721.7 Long-lived assets: United States $ 5,929.5 $ 5,504.7 $ 4,236.1 Europe 537.2 521.3 527.8 Canada 381.7 335.8 326.4 Other 18.5 22.8 25.6 Total Long-lived assets $ 6,866.9 $ 6,384.6 $ 5,115.9 The Company includes all non-current assets, except for goodwill and assets of discontinued operations or assets held for sale, in its long-lived assets.

QUARTERLY FINANCIAL DATA

QUARTERLY FINANCIAL DATA	12 Months Ended
	Jun. 30, 2018
QUARTERLY FINANCIAL DATA
QUARTERLY FINANCIAL DATA	(17) QUARTERLY FINANCIAL DATA (UNAUDITED) The following table presents the unaudited quarterly results for the year ended June 30, 2018: 2018 Quarter Ended September 30 December 31 (1) March 31 (2) June 30 (3) Total (in millions) Revenue $ 643.5 $ 653.5 $ 649.4 $ 657.6 $ 2,604.0 Operating costs and expenses Operating costs (excluding depreciation and amortization and including stock-based compensation) 235.7 232.0 234.9 239.3 941.9 Selling, general and administrative expenses (including stock-based compensation) 128.3 121.6 118.0 121.9 489.8 Depreciation and amortization 184.1 195.9 191.2 176.2 747.4 Total operating costs and expenses 548.1 549.5 544.1 537.4 2,179.1 Operating income 95.4 104.0 105.3 120.2 424.9 Other expenses Interest expense (73.6) (73.1) (75.3) (77.8) (299.8) Loss on extinguishment of debt (4.9) — — — (4.9) Foreign currency gain/(loss) on intercompany loans 10.8 3.1 13.9 (22.4) 5.4 Other income, net 0.9 0.4 0.4 0.7 2.4 Total other expenses, net (66.8) (69.6) (61.0) (99.5) (296.9) Income from operations before income taxes 28.6 34.4 44.3 20.7 128.0 Provision for income taxes 5.4 22.9 20.9 (23.1) 26.1 Net income $ 23.2 $ 11.5 $ 23.4 $ 43.8 $ 101.9 Net income per share (4) : Basic and diluted $ 0.09 $ 0.05 $ 0.09 $ 0.18 $ 0.41 (1) The Company recorded a provisional tax expense in the quarter ending December 31, 2017 of $44.1 million to record the impact of U.S. Tax Reform. (2) The Company recorded a provisional tax expense in the quarter ending March 31, 2018 of $4.6 million to record the impact of U.S. Tax Reform. (3) The Company recorded a provisional tax benefit in the quarter ending June 30, 2018 of $(23.9) million to record the impact of U.S. Tax Reform (4) The total earnings per share for the quarters may not equal earnings per share for the respective years because the per share amounts for each quarter and for each year are computed based on their respective discrete periods. The following table presents the unaudited quarterly results for the year ended June 30, 2017: 2017 Quarter Ended September 30 December 31 March 31 (1) (2) June 30 (2) Total (in millions) Revenue $ 504.9 $ 506.7 $ 550.2 $ 638.0 $ 2,199.8 Operating costs and expenses Operating costs (excluding depreciation and amortization and including stock-based compensation) 173.8 179.9 195.0 234.2 782.9 Selling, general and administrative expenses (including stock-based compensation) 105.6 104.7 108.8 117.1 436.2 Depreciation and amortization 138.5 131.4 155.7 181.3 606.9 Total operating costs and expenses 417.9 416.0 459.5 532.6 1,826.0 Operating income 87.0 90.7 90.7 105.4 373.8 Other expenses Interest expense (53.3) (53.7) (63.0) (71.5) (241.5) Loss on extinguishment of debt — — (4.5) (13.7) (18.2) Foreign currency gain/(loss) on intercompany loans (11.2) (17.4) 3.9 14.4 (10.3) Other (expense)/income, net (0.2) 0.4 0.5 (0.4) 0.3 Total other expenses, net (64.7) (70.7) (63.1) (71.2) (269.7) Income from operations before income taxes 22.3 20.0 27.6 34.2 104.1 Provision for income taxes 6.6 0.2 0.6 11.0 18.4 Net income $ 15.7 $ 19.8 $ 27.0 $ 23.2 $ 85.7 Net income per share (3) : Basic and diluted $ 0.06 $ 0.08 $ 0.11 $ 0.09 $ 0.35 (1) The Company realized an increase in revenue and operating expenses beginning March 1, 2017 as a result of the acquisition of Electric Lightwave. (2) The Company recognized a loss on debt extinguishment associated with the write-off of unamortized debt issuance costs in the third and fourth quarters. See Note 7 – Long Term Debt. (3) The total earnings per share for the quarters may not equal earnings per share for the respective years because the per share amounts for each quarter and for each year are computed based on their respective discrete periods.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Jun. 30, 2018
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	(18) SUBSEQUENT EVENTS Scott-Rice Telephone On July 31, 2018, the Company closed the sale of SRT for $42 million to Nuvera. SRT had a net loss before taxes of $1.6 million for the year ended June 30, 2018. Due to the timing of the transaction, the initial accounting for the sale, including the measurement of the Company’s gain or loss, has not yet been determined. Potential REIT Conversion On May 3, 2018, the Company announced that it completed the first phase of its investigation on the advisability and feasibility of a conversion to a real estate investment trust for U.S. federal income tax purposes (a “REIT”). The Company has begun the next phase of its evaluation and preparation for a potential conversion to a REIT. As part of these efforts, the Company has begun a direct dialogue with the U.S. Internal Revenue Service (“IRS”) in an effort to obtain clarity and support for its position, and is seeking a private letter ruling (“PLR”) from the IRS. The Company’s ability to qualify for taxation as a REIT will depend upon its continuing compliance following REIT conversion with various requirements, including requirements related to the nature of its assets, the sources of its income and the distributions to its stockholders. The Company is requesting that its PLR address whether its revenues from dark and lit fiber satisfy applicable REIT income tests, and the Company’s ultimate decision to convert to a REIT may depend upon a favorable ruling from the IRS on this topic. The Company submitted a PLR request to the IRS in July 2018, but the IRS may not provide a response until 2019 or later or may not respond at all.

BASIS OF PRESENTATION AND SIG26

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jun. 30, 2018
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	a. Basis of Presentation The accompanying consolidated financial statements include all the accounts of the Company and its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for annual reports on Form 10-K. In the opinion of management, all adjustments considered necessary for the fair presentation of financial position, results of operations and cash flows of the Company have been included herein. Unless otherwise noted, dollar amounts and disclosures throughout the Notes to the consolidated financial statements are presented in millions of dollars. The Company’s fiscal year ends June 30 each year, and we refer to the fiscal year ending June 30, 2019 as “Fiscal 2019”, the fiscal year ended June 30, 2018 as “Fiscal 2018” and the fiscal year ended June 30, 2017 as “Fiscal 2017.”
Use of Estimates	b. Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Significant estimates are used when establishing allowances for doubtful accounts and accruals for billing disputes, determining useful lives for depreciation and amortization and accruals for exit activities associated with real estate leases, assessing the need for impairment charges (including those related to intangible assets and goodwill), determining the fair values of assets acquired and liabilities assumed in business combinations, accounting for income taxes and related valuation allowances against deferred tax assets, determining the defined benefit costs and defined benefit obligations related to post-employment benefits, determining the fair value of plan assets related to post-employment benefits and estimating certain restricted stock unit grant fair values used to compute the stock-based compensation liability and expense. Management evaluates these estimates and judgments on an ongoing basis and makes estimates based on historical experience, current conditions, and various other assumptions that are believed to be reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ from these estimates under different assumptions or conditions.
Net Income or Loss per Share	c. Net Income or Loss per Share Basic income or loss per share attributable to the Company’s common shareholders is computed by dividing net income or loss attributable to common shareholders by the weighted average number of common shares outstanding for the period. Diluted income or loss per share attributable to common shareholders presents the dilutive effect, if any, on a per share basis of potential common shares (such as restricted stock units) as if they had been vested or converted during the periods presented. No such items were included in the computation of diluted loss per share for Fiscal 2016 because the Company incurred a net loss in the period and the effect of inclusion would have been anti-dilutive. The Company’s computation of diluted income per share for Fiscal 2018 and 2017 included adjustments of 1.2 million and 2.9 million shares, respectively, to the weighted-average shares for the dilutive effect of the Part A and Part B units and related issuance of common shares upon vesting (calculated using the treasury method).
Foreign Currency Translation	d. Foreign Currency Translation For operations outside the U.S. that have functional currencies other than the U.S. dollar, assets and liabilities are translated to U.S. dollars at period-end exchange rates, and revenue, expenses and cash flows are translated using monthly average exchange rates during the year. Gains or losses resulting from currency translation are recorded as a component of accumulated other comprehensive income/(loss) in stockholders’ equity and in the consolidated statements of comprehensive income/(loss).
Cash and Cash Equivalents and Restricted Cash	e. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with original maturities of three months or less to be cash and cash equivalents. Cash equivalents are stated at cost, which approximates fair value. Restricted cash consists of cash balances held by various financial institutions as collateral for letters of credit and surety bonds. These balances are reclassified to cash and cash equivalents when the underlying obligation is satisfied, or in accordance with the governing agreement. Restricted cash balances expected to become unrestricted during the next twelve months are recorded as current assets. The Company had a non-current restricted cash balance of $4.6 million and $4.5 million as of June 30, 2018 and 2017, respectively.
Trade Receivables	f. Trade Receivables Trade receivables are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its trade receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions and the customer’s financial condition, and the age of receivables and current payment patterns. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.
Property and Equipment	g. Property and Equipment The Company’s property and equipment includes assets in service and under construction or development. Property and equipment is recorded at historical cost or acquisition date fair value. Costs associated directly with network construction, network installations for customer access, and development of business support systems, including employee-related costs, are capitalized. Depreciation is calculated on a straight-line basis over the asset’s estimated useful life from the date placed into service or acquired. Management performs reviews to depreciable lives of its property and equipment on a periodic basis, which includes reviewing historical usage, with consideration given to technological changes, trends in the industry, and other economic factors that could impact the network architecture and asset utilization. In March 2018 management completed a review and revised its estimated useful lives for fiber optic network assets from its previous estimate of a range of fifteen years to twenty years to a revised estimate of thirty-three years and revised its estimated useful lives for owned buildings from its historical estimate of thirty-nine years to a revised estimate of forty-five years. In determining the change in estimated useful lives, the Company, with input from its engineering team, utilized quantitative and qualitative analysis, including historical usage patterns and retirements, industry benchmarks and review of published data sources. The change in estimated useful lives of the fiber optic network assets and owned buildings was accounted for as a change in accounting estimate on a prospective basis effective March 1, 2018. The effect of this change in estimate resulted in a reduction to depreciation expense for the year ended June 30, 2018 of $69.6 million, an increase to net income for the year ended June 30, 2018 of $55.4 million, and an increase to basic and diluted earnings per share for the year ended June 30, 2018 of $0.22. Property and equipment acquired under capital leases is recorded at the lower of the fair value of the asset or the net present value of the minimum lease payments at the inception of the lease. Depreciation of property and equipment held under capital leases is included in depreciation and amortization expense, and is calculated on a straight-line basis over the estimated useful lives of the assets, or the related lease term, whichever is shorter. Management reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of its property and equipment may not be recoverable. An impairment loss is recognized when the assets’ carrying value exceeds both the assets’ estimated undiscounted future cash flows and the assets’ estimated fair value. Measurement of the impairment loss is then based on the estimated fair value of the assets. Considerable judgment is required to project such future cash flows and, if required, to estimate the fair value of the property and equipment and the resulting amount of the impairment. No impairment charges were recorded for property and equipment during the years ended June 30, 2018, 2017 or 2016, respectively. The Company capitalizes interest for assets that require a period of time to get them ready for their intended use. The amount of interest capitalized is based on the Company’s weighted average effective interest rate for outstanding debt obligations during the respective accounting period.
Goodwill and Acquired Intangibles	h. Goodwill and Acquired Intangibles Intangible assets arising from business combinations, such as acquired customer contracts and relationships, (collectively “customer relationships”), are initially recorded at fair value. The Company amortizes customer relationships primarily over an estimated life of 10 to 20 years using an amortization method that approximates the timing in which the Company expects to receive the benefit from the acquired customer relationship assets. Goodwill represents the excess of the purchase price over the fair value of the net identifiable assets acquired in a business combination. Goodwill is reviewed for impairment at least annually in April, or more frequently if a triggering event occurs between impairment testing dates. The Company’s impairment assessment begins with 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 value. The qualitative assessment includes comparing the overall financial performance of the reporting units against the planned results used in the last quantitative goodwill impairment test. Additionally, each reporting unit’s fair value is assessed in light of certain events and circumstances, including macroeconomic conditions, industry and market considerations, cost factors, and other relevant entity- and reporting unit-specific events. The selection and assessment of qualitative factors used to determine whether it is more likely than not that the fair value of a reporting unit exceeds the carrying value involves significant judgments and estimates. If it is determined under the qualitative assessment that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then a single step test is performed to identify and measure impairment and if a reporting unit’s fair value is lower than its carrying value, the Company recognizes an impairment charge for the amount by which the reporting unit’s carrying amount exceeds its fair value, up to but not exceeding the reporting unit’s goodwill. The Company performed a qualitative assessment for the years ended June 30, 2018, 2017 and 2016, as well as upon the changes in reportable segments during Fiscal 2018 and 2017 (see Note 16- Segment Reporting ), and determined it was more likely than not that the fair values of our reporting units are greater than their carrying amounts. The Company reviews its indefinite-lived intangible assets for impairment at least annually in April. To the extent the carrying value of indefinite-lived intangible assets exceeds the fair value, the Company will recognize an impairment loss for the difference. The Company performed a qualitative assessment to determine whether it was more likely than not that the Company’s indefinite-lived intangible assets were impaired and concluded there was no indication of impairment for the years ended June 30, 2018, 2017 and 2016. Intangible assets with finite useful lives are amortized over their respective estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. No impairment charges were recorded for goodwill or intangible assets during the years ended June 30, 2018, 2017 or 2016, respectively.
Derivative Financial Instruments	i. Derivative Financial Instruments Derivative instruments are recorded in the balance sheet as either assets or liabilities, measured at fair value. The Company has historically entered into interest rate swaps to convert a portion of its floating-rate debt to fixed-rate debt and has not applied hedge accounting; therefore, the changes in the fair value of the interest rate swaps are recognized in earnings as adjustments to interest expense. The principal objectives of the derivative instruments are to minimize the cash flow interest rate risks associated with financing activities. The Company does not use financial instruments for trading purposes. The Company utilized interest rate swap contracts in connection with debt instruments entered into during the July 2012 financing transactions. As of June 30, 2017, the Company’s interest rate swap contract had expired and was not replaced.
Revenue Recognition	j. Revenue Recognition The Company recognizes revenues derived from leasing fiber optic telecommunications infrastructure and the provision of telecommunications and colocation offerings when the offering has been provided and there is persuasive evidence of an arrangement, the fee is fixed or determinable, customer acceptance has been obtained with relevant contract terms, and collection of the receivable is reasonably assured. Taxes collected from customers and remitted to a governmental authority are reported on a net basis and are excluded from revenue. Most revenue is billed in advance on a fixed-rate basis and the remainder is billed in arrears on a transactional basis determined by customer usage. The Company often bills customers for upfront charges, which are non-refundable. These charges relate to activation fees, installation charges or prepayments for future access and services and are influenced by various business factors including how the Company and customer agree to structure the payment terms. These upfront charges are deferred and recognized over the underlying contractual term. The Company also defers costs associated with customer activation and installation to the extent of upfront amounts received from customers, which are recognized as expense over the same period for which the associated revenue is recognized. The Company typically records revenues from leases of dark fiber, including indefeasible rights-of-use (“IRU”) agreements, over the term that the customer is given exclusive access to the assets. Dark fiber IRU agreements generally require the customer to make a down payment upon the execution of the agreement with monthly IRU fees paid over the contract term; however, in some cases, the Company receives up to the entire lease payment at the inception of the lease and recognizes the revenue ratably over the lease term. Revenue related to professional services to provide network management and technical support is recognized as services are provided. In determining the appropriate amount of revenue and related reserves to reflect in its consolidated financial statements, management evaluates payment history, credit ratings, customer financial performance, and historical or potential billing disputes and related estimates are based on these factors and assumptions.
Operating Costs and Expenses	k. Operating Costs and Expenses The Company’s operating costs and expenses consist primarily of network expense (“Netex”), compensation and benefits, network operations expense (“Netops”), stock-based compensation, other expenses, and depreciation and amortization. Netex consists of third-party network provider costs resulting from the leasing of certain network facilities, primarily leases of circuits and dark fiber, from carriers and other providers to augment the Company’s owned infrastructure, for which it is generally billed a fixed monthly fee. Netex also includes colocation facility costs for rent and license fees paid to the landlords of the buildings in which the Company’s colocation business operates, along with the utility costs to power those facilities. Compensation and benefits expenses include salaries, wages, incentive compensation and benefits. Employee-related costs that are directly associated with network construction, network installations for customer access and development of business support systems are capitalized and amortized to operating costs and expenses over the customer life. Compensation and benefits expenses related to the departments attributed to generating revenue are included in “Operating costs” while compensation and benefits expenses related to the sales, product, and corporate departments are included in “Selling, general and administrative expenses” in the consolidated statements of operations. Netops expense include all of the non-personnel related expenses of operating and maintaining the network infrastructure, including contracted maintenance fees, right-of-way costs, rent for cellular towers and other places where fiber is located, pole attachment fees, and relocation expenses. Netops expense is included in “Operating costs” in the consolidated statements of operations. Stock-based compensation expense consists of the fair value of equity based awards granted to employees and independent directors recognized over their applicable vesting period. Stock-based compensation expense is included, based on the responsibilities of the awarded recipient, in either “Operating costs” or “Selling, general and administrative expenses” in the consolidated statements of operations. For additional information regarding our stock-based compensation expense, see (l.) – Stock-Based Compensation below and Note 11 – Stock-Based Compensation. Other expenses include expenses such as property tax, franchise fees, and colocation facility maintenance, which relate to operating our network and are therefore included in “Operating costs” as well as travel, office expense and other administrative costs that are included in “Selling, general and administrative expenses”. Other expenses are included in either “Operating costs” or “Selling, general and administrative expenses” in the consolidated statement of operations depending on their relationship to generating revenue or association with sales and administration. Transaction costs include expenses associated with professional services (i.e. legal, accounting, regulatory, etc.) rendered in connection with acquisitions or disposals (including spin-offs), travel expense and severance expense incurred that are associated with acquisitions or disposals, and other direct expenses incurred that are associated with signed and/or closed acquisitions or disposals and unsuccessful acquisitions. Transaction costs are included in “Selling, general and administrative expenses” in the consolidated statements of operations. Related to Netex, the Company recognizes the cost of these facilities or services when it is incurred in accordance with contractual requirements. The Company routinely disputes incorrect billings. The most prevalent types of disputes include disputes for circuits that are not disconnected on a timely basis and usage bills with incorrect records. Depending on the type and complexity of the issues involved, it may take several quarters to resolve disputes. In determining the amount of such operating expenses and related accrued liabilities to reflect in its consolidated financial statements, management considers the adequacy of documentation of disconnect notices, compliance with prevailing contractual requirements for submitting such disconnect notices and disputes to the provider of the facilities, and compliance with its interconnection agreements with these providers. Significant judgment is required in estimating the ultimate outcome of the dispute resolution process, as well as any other costs that may be incurred to conclude the negotiations or settle any litigation.
Stock-based Compensation	l. Stock-Based Compensation The Company maintains a compensation incentive plan for executives and employees. The plan includes incentive cash compensation (ICC) and equity (in the form of restricted stock units). Grants under the incentive plan are made quarterly for all participants. The Company recognizes all quarterly stock-based awards to employees and independent directors, based on their grant-date fair values, with no consideration for future forfeitures. The Company recognizes the fair value of outstanding awards as a charge to operations over the vesting period. The Company accounts for forfeitures as they occur. The Company uses the straight-line method to recognize share-based compensation expense for outstanding share awards that do not contain a performance condition. Determining the fair value of certain share-based awards at the grant date and subsequent reporting dates requires judgment. If actual results differ significantly from these estimates, stock-based compensation expense and the Company’s results of operations could be materially impacted. For additional information regarding our stock-based compensation, see Note 11 – Stock-Based Compensation .
Legal Costs	m. Legal Costs Costs incurred to hire and retain external legal counsel to advise us on regulatory, litigation and other matters is expensed as the related services are received.
Income Taxes	n. Income Taxes The Company recognizes income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. Estimating the future tax benefit associated with deferred tax assets requires significant judgment. Deferred tax assets arise from a variety of sources, the most significant being: tax losses that can be carried forward to be utilized against taxable income in future years, deferred revenue, and expenses recognized in the Company’s financial statements but disallowed in the Company’s tax return until the associated cash flow occurs. The Company records a valuation allowance to reduce its deferred tax assets to the amount that is expected to be recognized. The valuation allowance is established if, based on available evidence, it is more-likely-than-not that all or some portion of the asset will not be realized due to the inability to generate sufficient taxable income in the period and/or of the character necessary to utilize the benefit of the deferred tax asset. When evaluating whether it is more-likely-than-not that all or some portion of the deferred tax asset will not be realized, all available evidence, both positive and negative, that may affect the realizability of deferred tax assets is identified and considered in determining the appropriate amount of the valuation allowance. The Company continues to monitor its financial performance and other evidence each quarter to determine the appropriateness of the Company’s valuation allowance. At each balance sheet date, existing assessments are reviewed and, if necessary, revised to reflect changed circumstances. The analysis of the Company’s ability to utilize its net operating loss carryforward (“NOL”) balance is based on the Company’s forecasted taxable income. The forecasted assumptions approximate the Company’s best estimates, including market growth rates, future pricing, market acceptance of the Company’s products and services, future expected capital investments and discount rates. If the Company is unable to meet its taxable income forecasts in future periods, the Company may change its conclusion about the appropriateness of the valuation allowance which could create a substantial income tax expense in the Company’s consolidated statement of operations in the period such change occurs. Deferred tax liabilities related to investments in foreign subsidiaries and foreign corporate joint ventures that are essentially permanent in duration are not recognized until it becomes apparent that such amounts will reverse in the foreseeable future. All deferred tax assets and liabilities are presented as noncurrent. The Company records interest related to unrecognized tax benefits and penalties in the provision for income taxes.
Fair Value of Financial Instruments	o. Fair Value of Financial Instruments Relevant accounting literature defines and establishes a framework for measuring fair value, and requires expanded disclosures about fair value measurements. It also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and defines fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Valuation techniques that may be used include the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost), which are each based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. Fair Value Hierarchy A fair value hierarchy is established that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that are used to measure fair value are: Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. Level 2 Inputs to the valuation methodology include: · quoted prices for similar assets or liabilities in active markets; · quoted prices for identical or similar assets or liabilities in inactive markets; · inputs other than quoted prices that are observable for the asset or liability; and · inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company views fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, management considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance.
Concentration of Credit Risk	p. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash investments and accounts receivable. The Company’s cash and cash equivalents are primarily held in commercial bank accounts in the United States, Canada and Great Britain. The Company limits its cash investments to high-quality financial institutions in order to minimize its credit risk. During the years ended June 30, 2018, 2017 and 2016, the Company had no single customer that exceeded 10% of total revenue. The Company’s trade receivables, which are unsecured, are geographically dispersed. As of June 30, 2018 and 2017, the Company had no single customer with a trade receivable balance that exceeded 10% of total receivables.
Employee Benefits	q. Employee Benefits In connection with the Company’s acquisition of 100% of the equity interest in Allstream, Inc. and Allstream Fiber U.S. Inc. (together, the “Allstream Acquisition Entity” and such acquisition being the “Allstream Acquisition”) from Bell MTS on January 15, 2016, Bell MTS agreed to retain the Allstream Acquisition Entity’s former defined benefit pension obligations, and related pension plan assets, of retirees and other former employees of the Allstream Acquisition Entity. Bell MTS also agreed to reimburse the Allstream Acquisition Entity for certain solvency funding payments related to the pension obligations of active employees of the Allstream Acquisition Entity as of January 15, 2016. On October 31, 2017, Bell MTS transferred assets from the Allstream Acquisition Entity former defined benefit plans related to pre-closing service obligations for active employees to defined benefit pension plans of the Allstream Acquisition Entity created by the Company on January 15, 2016. Eligibility and the level of benefits for these plans varies depending on participants’ status, date of hire and or length of service. The Company recognizes the funded status of these defined benefit and post-retirement benefit (OPEB) plans as an asset or a liability on the consolidated balance sheet. Each year's actuarial gains or losses and prior period service costs are a component of other comprehensive income/(loss), which is then included in accumulated other comprehensive income. Pension and OPEB expenses are recognized over the period in which the employee renders service and becomes eligible to receive benefits. The pension and post-retirement accruals and valuations are dependent on assumptions to calculate those amounts. These assumptions include discount rates, long-term rate of return on plan assets, retirement rates, mortality rates and other factors. A change in any of the above assumptions would have an effect on the projected benefit obligation and pension expense. See Note 12 – Employee Benefits , for additional disclosure regarding the Company’s defined benefit pension plans and OPEBs. The Company’s policy is to fund the pension plans in accordance with applicable regulations. The OPEBs are not funded.
Condensed Financial Information of the Registrant	r. Condensed Financial Information of the Registrant The restricted net assets of Zayo Group Holdings exceeds 25% of its consolidated net assets due to restrictions under the Credit Agreement and Notes (as defined in Note 7 – Long-term Debt ). Zayo Group Holdings is a holding company with no assets or liabilities of its own or operations other than those of its subsidiary ZGL. Accordingly, the financial position, results of operations, comprehensive loss and cash flows of Zayo Group Holdings and ZGL are the same, except that at June 30, 2018 and 2017, Zayo Group Holdings had cash of $0.7 million, respectively. As such, the condensed financial information of Zayo Group Holdings is not presented as it is not meaningful.
Recently Issued Accounting Pronouncements	s. Recently Issued Accounting Pronouncements In February 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”), Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (ASU 2018-02), which allows companies to reclassify the income tax effects resulting from tax bill, H.R.1, from accumulated other comprehensive income to retained earnings. The standard also requires certain new disclosures regardless of the election. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 (fiscal year ending June 30, 2020 “Fiscal 2020” for the Company), with early adoption permitted. In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . This ASU requires an employer to report the service cost component of net periodic pension cost and net periodic postretirement cost in the same line item in the statement of operations as other compensation costs arising from services rendered by the related employees during the period. The other net cost components are required to be presented in the statement of operations separately from the service cost component and outside a subtotal of income from operations. Additionally, the line item used in the statement of operations to present the other net cost components must be disclosed in the notes to the financial statements. This ASU is effective for fiscal years beginning after December 15, 2017 (Fiscal 2019 for the Company), and interim periods within those fiscal years, and must be applied on a retrospective basis. The Company does not expect ASU 2017-07 to have a material impact on its consolidated financial statements In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classifications of Certain Cash Receipts and Cash Payments. The new standard provides guidance for eight changes with respect to how cash receipts and cash payments are classified in the statement of cash flows, with the objective of reducing diversity in practice. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2017 (Fiscal 2019 for the Company), with early adoption permitted. The Company does not plan to early adopt, nor does it expect the adoption of this new standard to have a material impact on its consolidated financial statements. On March 30, 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting , which is intended to improve the accounting for share-based payment transactions as part of the FASB’s simplification initiative. The ASU changes five aspects of the accounting for share-based payment award transactions that will affect public companies, including: (1) accounting for income taxes; (2) classification of excess tax benefits on the statement of cash flows; (3) forfeitures; (4) minimum statutory tax withholding requirements; and (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. The Company early-adopted ASU 2016-09 effective July 1, 2016. Excess tax benefits for share-based payments are now recognized against income tax expense rather than additional paid-in capital and are included in operating cash flows rather than financing cash flows. The recognition of excess tax benefits have been applied prospectively and prior periods have not been adjusted. The Company had $15.6 million of excess tax benefits for the year ended June 30, 2017. In addition, the Company elected to change its accounting policy to account for forfeitures as they occur. The change was applied on a modified retrospective basis with a cumulative effect adjustment to accumulated deficit of $1.7 million as of July 1, 2016. Amendments related to minimum statutory tax withholding requirements and the classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes have been adopted prospectively and did not have a material impact on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases . The new guidance supersedes existing guidance on accounting for leases in Topic 840 and is intended to increase the transparency and comparability of accounting for lease transactions. ASU 2016-02 requires most leases to be recognized on the balance sheet. Lessees will need to recognize a right-of-use asset and a lease liability for virtually all leases. The liability will be equal to the present value of lease payments. The asset will be based on the liability, subject to adjustment, such as for initial direct costs. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Lessor accounting remains similar to the current model, but updated to align with certain changes to the lessee model and the new revenue recognition standard (ASU 2014-09). The ASU will require both quantitative and qualitative disclosures regarding key information about leasing arrangements. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 (Fiscal 2020 for the Company) . Early adoption is permitted. The standard must be adopted using a modified retrospective transition, and provides for certain practical expedients. Transition will require application of the new guidance at the beginning of the earliest comparative period presented. The Company established a project team and commenced an initial impact assessment process. To date, the Company has reviewed a sample of lessee and lessor arrangements and made preliminary assessments of the impact this standard will have on the consolidated financial statements. Although it is still assessing the impact of this standard, the Company expects the new guidance to significantly increase the reported assets and liabilities on the consolidated balance sheets. There are currently no plans to early adopt ASU 2016-02. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASC 606”), which replaces numerous requirements in U.S. GAAP, including industry-specific requirements, and provides companies with a single revenue recognition model for recognizing revenue from certain contracts with customers. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers and addressed accounting for costs to acquire and fulfill contracts. The standard will not impact the manner in which the Company accounts for revenue arrangements accounted for as leases. Effective July 1, 2018, the Company will adopt the requirements of ASC 606 and will use the full retrospective transition method. The full retrospective transition method requires the Company to restate each prior reporting period presented. The Company is in the process of implementing internal controls and system functionality to enable the preparation of financial information post adoption. The adoption of ASC 606 will have an impact on the manner in which the Company recognizes revenue associated with dark fiber sales that include the transfer of title to certain network assets, which prior to ASC 606 has been considered a sale of real estate or integral equipment. Until June 30, 2018, the Company has deferred the recognition of revenue on the sale of network infrastructure assets that were considered to be integral equipment if the Company has a substantial continuing involvement in the transferred asset. The consideration received in this type of arrangement has historically been amortized to revenue ratably over the period in which the Company has a substantial continuing involvement in the transferred asset. Under ASC 606 the asset transferred in this type of arrangement will be derecognized from the balance sheet and the amount of the transaction price attributable to the asset being sold will be recognized upon customer acceptance. This change will have an estimated impact of (decreasing)/ increasing the revenue as reported by the Company during the years ended June 30, 2018 and 2017 by ($1.5) million and $20.5 million, respectively. The retrospective adoption of ASC 606 will also result in increasing the previously reported operating costs during the year ended June 30, 2017 by $18.8 million which represents the net book value of assets transferred to customers in these types of arrangements during Fiscal 2017. The assets transferred in these real estate sales have historically been included in the caption “property and equipment, net” on the Company’s balance sheet. Upon the adoption of ASC 606, the net book value of these assets of $19.6 million will be removed from the Company’s condensed consolidated balance sheet. The Company will also derecognize from its June 30, 2018 balance sheet $1.5 million and $20.5 million in related deferred revenue, current and non-current, respectively, which represented the unamortized consideration received on these arrangements. An additional impact from the adoption of ASC 606 will be the accounting for the incremental costs of acquiring new service contracts including certain compensation expense with internal sales representatives. Under ASC 606, the Company will capitalize these incremental costs of obtaining customer contracts and amortize the expense over the relevant contract term. In addition, the Company will assess our deferred contract cost asset for impairment on a periodic basis. Prior to the adoption of ASC 606, compensation paid to internal sales representatives for obtaining new service contracts have been expenses as incurred. The Company expects the impact of the retrospective adoption of ASC 606 will result in increasing the selling, general and administrative expenses as reported by the Company during the years ended June 30, 2018 and 2017 by $1.1 million and $0.2 million, respectively. Additionally, the Company expects an increase to the as reported caption titled “Other current assets” and “Other assets” on the consolidated balance sheet as of June 30, 2018 of $7.1 million and $5.7 million, respectively, to reflect the deferred cost of acquiring service contracts that will be recognized in future periods over the relevant contract term

BASIS OF PRESENTATION AND SIG27

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Jun. 30, 2018
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	Fiscal Year ended Quarter Ended (unaudited) June 30, June 30, September 30, December 31, March 31, June 30, Revenue $ (1.5) $ 20.5 $ (0.4) $ (0.4) $ (0.4) $ (0.3) Operating costs — 18.8 — — — — Selling, general and administrative expenses 1.1 0.2 (0.2) 0.6 (0.3) 1.0 Depreciation and amortization (0.9) (0.7) (0.3) (0.3) (0.2) (0.1) Provision for income taxes (2.7) 0.8 — (2.5) — (0.2) Net income 1.0 1.4 0.1 1.8 0.1 (1.0) The table below presents the expected impact the full retrospective adoption of ASC 606 will have on the Company’s consolidated balance sheet for the year ended June 30, 2018: As of June 30, 2018 As Reported Effect of Adoption As Adjusted Assets Other current assets $ 22.6 $ 7.1 $ 29.7 Property and equipment, net $ 5,447.2 $ (19.6) $ 5,427.6 Other assets $ 170.0 $ 5.6 $ 175.6 Liabilities Deferred revenue, current $ 164.4 $ (1.5) $ 162.9 Deferred revenue, non-current $ 1,096.8 $ (20.5) $ 1,076.3 Deferred income taxes, net $ 143.2 $ 3.9 $ 147.1 Stockholders' equity Accumulated deficit $ (377.2) $ 11.2 $ (366.0)

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	12 Months Ended
	Jun. 30, 2018
ACQUISITIONS AND DISPOSITIONS
Schedule of Acquisitions	The table below reflects the Company's estimates of the acquisition date fair values of the assets acquired and liabilities assumed from its Fiscal 2018 acquisitions: Neutral Path McLean Data Center Spread Networks Optic Zoo Networks Acquisition date April 17, 2018 April 4, 2018 February 28, 2018 January 18, 2018 (in millions) Cash $ 0.7 $ 9.2 $ 1.5 $ 1.4 Other current assets 0.1 — 5.9 0.4 Property and equipment 10.6 0.6 144.7 13.6 Intangibles 3.6 — 9.3 2.8 Goodwill 23.8 — 13.0 10.6 Deferred tax assets 1.5 — 7.1 — Other assets — — 1.4 0.2 Total assets acquired 40.3 9.8 182.9 29.0 Current liabilities 0.6 1.6 3.8 0.6 Deferred revenue 5.7 — 27.2 1.2 Deferred tax liability, net — — — 1.0 Other liabilities — 8.2 19.9 — Total liabilities assumed 6.3 9.8 50.9 2.8 Net assets acquired 34.0 — 132.0 26.2 Less cash acquired (0.7) (9.2) (1.5) (1.4) Net consideration paid $ 33.3 $ (9.2) $ 130.5 $ 24.8 The table below reflects the Company's estimates of the acquisition date fair values of the assets and liabilities assumed from its Fiscal 2017 acquisitions: KIO Networks US Data Centers Electric Lightwave Santa Clara Data Acquisition date May 1, 2017 March 1, 2017 October 3, 2016 (in millions) Cash 0.1 12.6 — Other current assets — 55.0 — Property and equipment 2.4 681.3 31.9 Deferred tax assets, net 2.2 — — Intangibles 6.4 416.1 6.0 Goodwill 2.7 467.1 — Other assets 0.5 1.7 — Total assets acquired 14.3 1,633.8 37.9 Current liabilities 1.8 61.7 — Capital lease obligations — — 26.6 Deferred tax liabilities, net — 51.7 — Deferred revenue 0.5 80.0 — Other liabilities — 1.2 — Total liabilities assumed 2.3 194.6 26.6 Net assets acquired 12.0 1,439.2 11.3 Less cash acquired (0.1) (12.6) — Total consideration paid/payable 11.9 1,426.6 11.3 The table below reflects the Company's estimates of the acquisition date fair values of the assets and liabilities assumed from its Fiscal 2016 acquisitions: Clearview Allstream Viatel Dallas Data Acquisition date April 1, 2016 January 15, 2016 December 31, 2015 December 31, 2015 (in millions) Cash $ — $ 2.9 $ 3.5 $ — Other current assets 0.6 95.6 7.3 — Property and equipment 17.1 266.3 174.0 12.2 Deferred tax assets, net 0.2 3.8 — — Intangibles 9.8 64.5 — 4.4 Goodwill 2.1 — 9.5 — Other assets 0.3 4.5 2.0 — Total assets acquired 30.1 437.6 196.3 16.6 Current liabilities 1.1 63.2 18.8 — Deferred revenue 0.4 46.9 58.5 — Deferred tax liability, net — — 8.6 — Other liabilities 10.3 27.0 5.7 — Total liabilities assumed 11.8 137.1 91.6 — Net assets acquired 18.3 300.5 104.7 16.6 Less cash acquired — (2.9) (3.5) — Net consideration paid $ 18.3 $ 297.6 $ 101.2 $ 16.6
Schedule of Pro-Forma Financial Information	Year Ended June 30, 2018 2017 (in millions) Revenue $ 2,624.3 $ 2,597.1 Net income/(loss) $ 95.2 $ 25.5 Net income/(loss) per share: Basic and diluted $ 0.38 $ 0.10
Summary of Net Assets and Liabilities Held for Sale	June 30, 2018 (in millions) Assets held for sale: Property and equipment, net $ 35.7 Goodwill 5.2 Other assets 0.9 Total assets held for sale $ 41.8 Liabilities associated with assets held for sale: Deferred tax liability, net $ 5.1 Other liabilities 1.0 Total liabilities associated with assets held for sale $ 6.1

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Jun. 30, 2018
PROPERTY AND EQUIPMENT
Schedule of Property and Equipment	Estimated useful lives As of June 30, (in years) 2018 2017 (in millions) Land N/A $ 29.6 $ 28.9 Buildings - leasehold and site improvements 15 to 45 321.8 277.1 Furniture, fixtures and office equipment 3 to 7 61.7 27.3 Computer hardware 3 to 5 42.7 33.1 Software 3 70.1 56.5 Components, machinery and equipment 5 to 7 585.1 483.4 Fiber optic components and equipment (1) 8 1,086.6 904.9 Circuit switch components and equipment 10 399.4 337.6 Packet switch components and equipment (1) 5 58.1 51.9 Fiber optic network 33 4,954.9 4,110.3 Construction in progress N/A 465.5 651.5 Total 8,075.5 6,962.5 Less accumulated depreciation (2,592.6) (1,946.5) Less property and equipment held for sale (2) (35.7) — Property and equipment, net $ 5,447.2 $ 5,016.0 (1) Prior period amounts were reclassified for comparability with the 2018 presentation. (2) Property and equipment held for sale includes $35.7 million reported as assets held for sale in the Allstream segment. See Note 3— Acquisitions and Dispositions .

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Jun. 30, 2018
GOODWILL
Schedule of Goodwill	The following reflects the changes in the carrying amount of goodwill during Fiscal 2018: Product Group As of Reallocation among reporting units Adjustments to Fiscal 2017 Fiscal 2018 Foreign Currency Translation and Other (1) As of (in millions) Fiber Solutions 633.9 — 88.6 33.1 0.8 756.4 Waves 247.4 (10.5) (56.3) 13.6 0.6 194.8 Sonet 52.0 — 35.6 — — 87.6 Ethernet 359.5 (6.3) (249.8) 0.7 0.1 104.2 Live Video — 3.3 — — — 3.3 WANs 89.5 — 89.7 — 0.1 179.3 zColo 256.3 — 3.2 — 0.6 260.1 Cloud 69.5 — (4.2) — — 65.3 Cloudlink — 13.5 — — — 13.5 Allstream 116.5 — (72.3) — (5.2) 39.0 Other 15.6 — — — — 15.6 Total $ 1,840.2 $ — $ (165.5) $ 47.4 $ (3.0) $ 1,719.1 (1) Other includes $5.2 million reported as assets held for sale in the Allstream segment. See Note 3—Acquisitions and Dispositions. The following reflects the changes in the carrying amount of goodwill during Fiscal 2017: Product Group As of Reallocation among reporting units Adjustments to Fiscal 2017 Foreign Currency As of (in millions) Dark Fiber $ 295.1 $ (295.1) $ — $ — $ — $ — Fiber Solutions — 544.8 1.7 92.9 (5.5) 633.9 Waves 258.3 (104.0) (2.7) 96.5 (0.7) 247.4 Sonet 51.3 0.7 — — — 52.0 Ethernet 104.3 (59.8) (0.5) 315.3 0.2 359.5 IP 87.5 (87.5) — — — — MIG 73.6 (73.6) — — — — WANs — 89.5 — — — 89.5 zColo 268.8 (15.0) (3.7) 4.7 1.5 256.3 Cloud 60.0 — (0.1) 9.4 0.2 69.5 Allstream — — — 116.5 — 116.5 Other 15.6 — — — — 15.6 Total $ 1,214.5 $ — $ (5.3) $ 635.3 $ (4.3) $ 1,840.2

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Jun. 30, 2018
INTANGIBLE ASSETS
Schedule of Identifiable Acquisition Related Intangible Assets	Gross Carrying Amount Accumulated Net (in millions) June 30, 2018 Finite-Lived Intangible Assets Customer relationships $ 1,597.0 $ (405.6) $ 1,191.4 Underlying rights and other 2.7 (0.6) 2.1 Total 1,599.7 (406.2) 1,193.5 Indefinite-Lived Intangible Assets Certifications 3.5 — 3.5 Underlying rights and other 15.1 — 15.1 Total $ 1,618.3 $ (406.2) $ 1,212.1 June 30, 2017 Finite-Lived Intangible Assets Customer relationships $ 1,477.7 $ (308.6) $ 1,169.1 Underlying rights and other 1.6 (0.4) 1.2 Total 1,479.3 (309.0) 1,170.3 Indefinite-Lived Intangible Assets Certifications 3.5 — 3.5 Underlying rights and other 14.8 — 14.8 Total $ 1,497.6 $ (309.0) $ 1,188.6
Schedule of Estimated Future Amortization of Finite-Lived Intangible Assets	June 30, (in millions) 2019 $ 2020 89.5 2021 87.3 2022 85.3 2023 83.6 Thereafter 753.2 Total $ 1,193.5

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	12 Months Ended
	Jun. 30, 2018
LONG-TERM DEBT
Schedule of Debt	As of June 30, 2018 and 2017, long-term debt was as follows: Date of Outstanding as of Issuance or most Maturity Interest Interest Rate June 30, 2018 June 30, (in millions) Term Loan Facility due 2021 Jan 2017 Jan 2021 Monthly LIBOR +2.00% $ 493.8 $ 498.8 B-2 Term Loan Facility Feb 2018 Jan 2024 Monthly LIBOR +2.25% 1,269.3 1,429.9 6.00% Senior Unsecured Notes Jan & Mar 2015 Apr 2023 Apr/Oct 6.00% 1,430.0 1,430.0 6.375% Senior Unsecured Notes May 2015 & Apr 2016 May 2025 May/Nov 6.375% 900.0 900.0 5.75% Senior Unsecured Notes Jan, Apr & Jul 2017 Jan 2027 Jan/Jul 5.75% 1,650.0 1,350.0 Total obligations 5,743.1 5,608.7 Unamortized premium/(discounts), net 11.6 (3.2) Unamortized debt issuance costs (59.6) (67.8) Carrying value of debt 5,695.1 5,537.7 Less current portion (5.0) (5.0) Total long-term debt, less current portion $ 5,690.1 $ 5,532.7
Schedule of Debt Instrument Redemption Price	Redemption Price Year (2023 Unsecured Notes) 2018 % 2019 % 2020 % 2021 and thereafter % Redemption Price Year (2025 Unsecured Notes) 2020 % 2021 % 2022 % 2023 and thereafter % Redemption Price Year (2027 Unsecured Notes) 2022 % 2023 % 2024 % 2025 and thereafter %
Schedule of Future Contractual Maturities of Long-term Debt	Aggregate future contractual maturities of long-term debt (excluding issue discounts and premiums) were as follows as of June 30, 2018: Year Ended June 30, (in millions) 2019 $ 5.0 2020 5.0 2021 483.8 2022 — 2023 1,430.0 Thereafter 3,819.3 Total $ 5,743.1

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jun. 30, 2018
INCOME TAXES
Schedule of provision for income taxes	The Company’s provision for income taxes from operations are summarized as follows: June 30, 2018 2017 2016 (in millions) Current Income Taxes Federal $ (9.3) $ 1.6 $ (1.3) State 2.0 6.3 8.7 Foreign 8.4 (2.1) 3.9 Total $ 1.1 $ 5.8 $ 11.3 Deferred Income Taxes Federal $ 62.9 $ 13.3 $ 7.3 State 4.1 2.4 (2.3) Foreign (42.0) (3.1) (7.8) Total 25.0 12.6 (2.8) Total provision for income taxes $ 26.1 $ 18.4 $ 8.5
Schedule of Income/(Loss) before Income Tax	The United States and foreign components of income/(loss) from operations before income taxes are as follows: June 30, 2018 2017 2016 (in millions) United States $ 71.0 $ 66.6 $ (46.9) Foreign 57.0 37.5 (20.8) Total $ 128.0 $ 104.1 $ (67.7)
Schedule of Reconciliation of Income Tax Provision	A reconciliation of the actual income tax provision and the tax computed by applying the U.S. federal rate to the earnings before income taxes during the years ended June 30, 2018, 2017 and 2016 are as follows: June 30, 2018 2017 2016 (in millions) Expected provision/(benefit) at the statutory rate $ 35.9 $ 36.4 $ (23.8) Increase/(decrease) due to: Stock-based compensation 3.8 (11.7) 27.9 State income taxes, net of federal benefit 3.2 2.9 (2.1) Transaction costs not deductible for U.S. federal income tax purposes 0.4 1.9 1.5 Change in statutory tax rate, non-U.S. 7.4 (1.4) (3.6) Change in valuation allowance (49.3) (10.2) 2.8 State NOL expirations 6.1 — — U.S. Tax Reform 24.8 — — Foreign tax rate differential (2.4) (3.9) 2.7 Other, net (3.8) 4.4 3.1 Provision for income taxes $ 26.1 $ 18.4 $ 8.5
Schedule Provisional amounts recognized for income taxes	In accordance with SAB 118, the Company has recorded provisional tax expense each quarter as follows: December 31, 2017 March 31, 2018 June 30, 2018 Total Tax Expense Deferred Tax Liability Tax Receivable Change in statutory rate, U.S. only $ 1.4 $ 0.2 $ (15.2) $ (13.6) $ (3.4) $ 10.2 Changes to indefinite reinvestment assertion 7.9 (0.4) (6.7) 0.8 0.8 — Repatriation tax 34.8 4.8 (2.0) 37.6 37.6 — Net impacts of U.S. Tax Reform $ 44.1 $ 4.6 $ (23.9) $ 24.8 $ 35.0 $ 10.2
Schedule of statutory tax rate for determining provision for tax	Fiscal Year U.S. Tax Rates 2017 2018 2019 Federal rate 35% 28% 21% Blended federal and state rates 39% 33% 26%
Schedule of Unrecognized Tax Benefits	Year Ended June 30, 2018 Balance at beginning of year $ 0.2 Additions for current year tax positions 1.2 Additions for prior year tax positions 1.7 Reductions as a result of settlement with tax authority (0.1) Balance at end of year $ 3.0
Schedule of Deferred Tax Assets and Liabilities	Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: June 30, 2018 2017 (in millions) Deferred income tax assets Net operating loss carry forwards $ 545.2 $ 715.2 Tax credit carry forwards 17.9 22.6 Deferred revenue 305.0 405.9 Accrued expenses 41.4 40.0 Other liabilities 2.3 17.4 Reserves against accounts receivable 15.8 18.2 Deferred compensation 11.2 20.3 Total deferred income tax assets 938.8 1,239.6 Valuation allowance (72.9) (111.1) Net deferred tax assets 865.9 1,128.5 Deferred income tax liabilities Property and equipment 680.9 712.2 Intangible assets 293.3 412.4 Debt issuance costs 2.4 5.8 Total deferred income tax liabilities 976.6 1,130.4 Less SRT deferred tax liabilities held for sale (5.1) — Net deferred income tax liabilities $ (105.6) $ (1.9)

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	12 Months Ended
	Jun. 30, 2018
ACCRUED LIABILITIES
Schedule of Accrued Liabilities	June 30, 2018 2017 (in millions) Accrued compensation and benefits $ 44.9 $ 38.5 Accrued property and equipment purchases 74.5 81.8 Network expense accruals (1) 112.5 93.6 Other accrued taxes (1) 11.8 23.1 Accrued professional fees 4.3 3.9 Other accruals (1) 65.0 84.5 Less liabilities held for sale (2) (0.7) - Total $ 312.3 $ 325.4 (1) Prior period amounts were reclassified for comparability with the 2018 presentation. $0.7 million reported as liabilities associated with assets held for sale in the Allstream segment. See Note 3— Acquisitions and Dispositions

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Jun. 30, 2018
Schedule of Employee Service Share-based Compensation Allocation of Recognized Period Costs	The following tables summarize the Company’s stock-based compensation expense for liability and equity classified awards included in the consolidated statements of operations: Year Ended June 30, 2018 2017 2016 (in millions) Included in: Operating costs $ 9.9 $ 11.3 $ 17.4 Selling, general and administrative expenses 86.8 102.8 138.5 Total stock-based compensation expense $ 96.7 $ 114.1 $ 155.9 CII common and preferred units $ — $ 10.1 $ 73.0 Part A restricted stock units 82.3 76.5 45.3 Part B restricted stock units 12.4 26.0 36.5 Part C restricted stock units 2.0 1.5 1.1 Total stock-based compensation expense $ 96.7 $ 114.1 $ 155.9
Summary Of Part B RSU Issuance	During the three months ended June 30, March 31, December 31, September 30, 2017 Part B RSUs granted 78,123 77,218 82,556 163,960 Maximum eligible shares of the Company's common stock 539,049 532,804 569,636 590,256 Grant date fair value per Part B RSU $ 74.44 $ $ $ Units converted to Company's common stock at vesting date n/a n/a n/a n/a During the three months ended June 30, March 31, December 31, September 30, Part B RSUs granted 152,808 171,316 191,015 200,425 Maximum eligible shares of the Company's common stock 550,109 880,564 981,817 1,030,185 Grant date fair value per Part B RSU $ 26.52 $ 27.39 $ 75.56 $ 47.00 Units converted to Company's common stock at vesting date 54,671 41,368 102,511 99,508
Part A restricted stock units
Summary Of Restricted Stock Units Activity	The following table summarizes the Company’s Part A RSU activity for the years ended June 2018, 2017 and 2016: Number of Part A Weighted average Weighted average Outstanding at July 1, 2015 933,217 $ 26.25 7.1 Granted 2,190,785 26.04 Vested (852,853) 26.14 Forfeited (101,248) n/a Outstanding at July 1, 2016 2,169,901 $ 26.04 7.9 Granted 2,678,503 31.64 Vested (2,080,685) 26.03 Forfeited (403,333) n/a Outstanding at July 1, 2017 2,364,386 $ 31.63 7.1 Granted 2,664,538 35.08 Vested (2,459,040) 34.02 Forfeited (323,389) n/a Outstanding at June 30, 2018 2,246,495 $ 35.08 6.4
Part B restricted stock units
Summary Of Restricted Stock Units Activity	The following table summarizes the Company’s Part B RSU activity for the years ended June 2018, 2017 and 2016: Number of Part B Weighted average Weighted average Outstanding at July 1, 2015 1,249,873 $ 42.90 5.5 Granted 1,152,176 26.80 Vested (1,463,893) 38.70 Forfeited (77,220) n/a Outstanding at July 1, 2016 860,936 $ 29.50 6.2 Granted 715,564 45.56 Vested (793,478) 32.58 Forfeited (371,049) n/a Outstanding at July 1, 2017 411,973 $ 42.86 6.1 Granted 401,857 41.60 Vested (468,698) 39.01 Forfeited (159,357) n/a Outstanding at June 30, 2018 185,775 $ 57.19 8.9

EMPLOYEE BENEFITS (Tables)

EMPLOYEE BENEFITS (Tables)	12 Months Ended
	Jun. 30, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule of changes in benefit obligations, fair value of plan assets and the unfunded status for the Company's defined benefit pension and postretirement benefit plans	The following tables provide a reconciliation of the changes in the benefit obligations, fair value of plan assets and the unfunded status for the Company’s defined benefit pension and OPEB, where applicable: Pension Plans (in millions) Change in projected benefit obligation for defined benefit pension plans: Projected benefit obligation at July 1, 2017 $ 6.7 Service cost 2.7 Interest cost 2.5 Actuarial loss (gain) 9.3 Participant contributions 0.6 Benefits paid from plan assets (3.3) Acquisition transfer 97.6 Settlements (2.5) Foreign currency exchange rate changes (0.1) Projected benefit obligation at June 30, 2018 $ 113.5 OPEB Plans (in millions) Change in projected benefit obligation for OPEB plans: Projected benefit obligation at July 1, 2017 $ 9.9 Service cost 0.1 Interest cost 0.3 Actuarial loss (gain) 0.4 Benefits paid by Company (0.6) Foreign currency exchange rate changes (0.1) Projected benefit obligation at June 30, 2018 $ 10.0 The accumulated benefit obligation of the defined benefit plan and OPEB at June 30, 2018 are $103.9 million and $10.0 million, respectively. Pension Plans (in millions) Change in pension plan assets: Fair value of plan assets at July 1, 2017 $ 3.7 Acquisition transfer 89.8 Return on plan assets 2.4 Employer contributions 2.9 Participant contributions 0.6 Benefits paid from plan assets (3.3) Settlements (2.6) Fair value of pension plan assets at June 30, 2018 $ 93.5 The unfunded status of the projected benefit obligation at June 30, 2018 was $20.0 million, which was recorded as other long-term liabilities. Pension Plans As of June 30, 2018 (in millions) Projected benefit obligation $ 113.5 Fair value of plan assets 93.5 Unfunded status 20.0 Current portion of unfunded status $ — Non-current portion of unfunded status $ 20.0
Schedule of accumulated other comprehensive loss ("AOCI") that have not yet been recognized	As of June 30, 2017 Recognition of Net Periodic Benefits Expense Deferrals Net Change in AOCI As of June 30, 2018 (in millions) Accumulated other comprehensive loss: Pension plans: Net actuarial (loss)/gain $ — $ — $ (11.2) $ (11.2) $ (11.2) Prior service benefit/(cost) — 0.4 (7.8) (7.4) (7.4) Deferred income tax benefit/(expense) — (0.1) 5.6 5.5 5.5 Total pension plans — 0.3 (13.4) (13.1) (13.1) OPEB plans: Net actuarial (loss)/gain (1.2) — (0.4) (0.4) (1.6) Prior service (cost)/benefit — — — — — Deferred income tax benefit/(expense) 0.4 — — — 0.4 Total OPEB plans (0.8) — (0.4) (0.4) (1.2) Total accumulated other comprehensive loss $ (0.8) $ 0.3 $ (13.8) $ (13.5) $ (14.3)
Schedule of expected amortization	Pension Plans (in millions) Amortization of net prior service cost/(benefit) $ 0.7 Total expected amortization amounts during fiscal year 2019 $ 0.7
Schedule of Expected Benefit Payments	Pension Plans OPEB Plans (in millions) Year ended June 30, 2019 $ 2.2 $ 0.5 2020 2.4 0.5 2021 2.7 0.5 2022 2.9 0.5 2023 3.1 0.5 2024-2028 19.0 2.3
Schedule expected contributions	Pension Plans OPEB Plans (in millions) Employer $ 2.9 $ 0.5 Plan participants 0.5 — Total expected contributions during fiscal year 2019 $ 3.4 $ 0.5
Schedule of assumptions used in determining benefit obligations	Pension Plans OPEB Plans Actuarial assumptions: Discount rate Price inflation N/A Expected long-term rate of return on plan assets N/A Rate of compensation increase N/A
Schedule of targets for the allocation of invested defined benefit pension plan assets and fair value of plan assets	The following table presents the Company’s target for the allocation of invested defined benefit pension plan assets at June 30, 2018: As of June 30, 2018 Fixed income Equities Other Total The plans assets are invested in various fund categories utilizing multiple strategies and investment managers. Interests in funds are valued using the net asset value ("NAV") per unit of each fund. The NAV reported by the fund manager is based on the market value of the underlying investments owned by each fund, minus its liabilities, divided by the number of shares outstanding. These funds can be redeemed at NAV, generally at any time. As the funds do not publish publicly available prices, the NAV practical expedient is the most appropriate fair value classification for the plan asset investments. The value associated with these investments is disclosed in the reconciliation of the total investments measured at fair value shown below. The table below presents the fair value of plan assets valued at NAV by category for the pension and OPEB plans at June 30, 2018. As of June 30, 2018 (in millions) Fixed income $ 33.1 Equities 55.2 Other 5.2 Total $ 93.5
Pension Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule of net periodic (benefit) cost of the defined benefit pension and OPEB is included in selling, general and administrative expenses	Pension Plans Year ended June 30, 2018 ( in millions) Service cost $ 2.7 Interest cost 2.5 Expected return on plan assets (3.8) Amortization of service cost from earlier periods 0.4 Cost of settlements 0.2 Net periodic pension benefit cost $ 2.0
OPEB Plans
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Schedule of net periodic (benefit) cost of the defined benefit pension and OPEB is included in selling, general and administrative expenses	OPEB Plans Year ended June 30, 2018 (in millions) Service cost $ 0.1 Interest cost 0.3 Net periodic pension benefit cost $ 0.4

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Jun. 30, 2018
COMMITMENTS AND CONTINGENCIES
Schedule of Future Contractual Capital Lease Payments	Year Ended June 30, (in millions) 2019 $ 15.4 2020 14.5 2021 14.5 2022 14.6 2023 14.7 Thereafter 130.3 Total minimum lease payments 204.0 Less amounts representing interest (70.5) Less current portion (11.9) Capital lease obligations, non-current $ 121.6
Schedule of Future Contractual Long-Term Operating Lease Payments	Year Ended June 30, (in millions) 2019 $ 93.7 2020 82.4 2021 66.7 2022 43.6 2023 33.0 Thereafter 114.7 $ 434.1

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Jun. 30, 2018
Inteliquent, Inc [Member]
Revenue and Expense Transactions Recognized	Year Ended June 30, 2018 2017 2016 (in millions) Revenues $ 7.4 $ 7.5 $ 6.6 Operating costs $ 2.7 $ 2.0 $ 2.1

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Jun. 30, 2018
SEGMENT REPORTING
Summary of Financial Information by Segments	For the year ended June 30, 2018 Fiber Transport Enterprise Networks zColo Allstream Other Corp/ Total (in millions) Revenue from external customers $ 842.0 $ 670.4 $ 350.4 $ 238.2 $ 479.9 $ 23.1 $ — $ 2,604.0 Segment Adjusted EBITDA 673.2 230.3 148.2 120.3 114.0 5.0 — 1,291.0 Total assets 4,956.9 1,864.6 752.0 1,032.4 461.8 33.3 115.8 9,216.8 Capital expenditures 443.3 183.1 50.0 99.9 13.6 — — 789.9 For the year ended June 30, 2017 Fiber Transport Enterprise Networks zColo Allstream Other Corp/ Total (in millions) Revenue from external customers $ 725.4 $ 614.3 $ 310.2 $ 214.0 $ 314.3 $ 21.6 $ — $ 2,199.8 Segment Adjusted EBITDA 570.4 223.0 127.9 107.1 83.3 5.1 — 1,116.8 Total assets 4,504.6 2,018.3 597.4 994.4 406.2 33.2 185.3 8,739.4 Capital expenditures 499.1 189.6 46.8 91.5 8.5 — — 835.5 For the year ended June 30, 2016 Fiber Transport Enterprise Networks zColo Allstream Other Corp/ Total (in millions) Revenue from external customers $ 648.8 $ 522.6 $ 228.4 $ 195.4 $ 106.2 $ 20.3 $ — $ 1,721.7 Segment Adjusted EBITDA 504.0 208.4 100.6 99.5 17.9 4.5 — 934.9 Capital expenditures 421.4 160.6 50.5 66.3 5.3 — — 704.1
Schedule of impacts to Segment Adjusted EBITDA due to intercompany pricing changes	For the three months ended June 30, 2018 Fiber Transport Enterprise Networks zColo Allstream Other Corp/ Total (in millions) Impact of pricing changes $ — $ (1.8) $ 2.7 $ 0.1 $ (1.0) $ — $ — $ —
Reconciliation from Total Segment Adjusted EBITDA to income/(loss) from operations before taxes	For the year ended June 30, 2018 2017 2016 Total Segment Adjusted EBITDA $ 1,291.0 $ 1,116.8 $ 934.9 Interest expense (299.8) (241.5) (220.1) Depreciation and amortization (747.4) (606.9) (516.3) Transaction costs (18.6) (20.5) (21.5) Stock-based compensation (96.7) (114.1) (155.9) Loss on extinguishment of debt (4.9) (18.2) (33.8) Foreign currency gain/(loss) on intercompany loans 5.4 (10.3) (53.8) Non-cash loss on investments (1.0) (1.2) (1.2) Income/(loss) from operations before income taxes $ 128.0 $ 104.1 $ (67.7)
Schedule of Geographical Information	For the year ended June 30, 2018 2017 2016 Revenue from external customers: United States $ 2,017.4 $ 1,610.0 $ 1,334.1 Europe 199.4 176.5 174.1 Canada 384.2 412.0 213.3 Other 3.0 1.3 0.2 Total Revenue $ 2,604.0 $ 2,199.8 $ 1,721.7 Long-lived assets: United States $ 5,929.5 $ 5,504.7 $ 4,236.1 Europe 537.2 521.3 527.8 Canada 381.7 335.8 326.4 Other 18.5 22.8 25.6 Total Long-lived assets $ 6,866.9 $ 6,384.6 $ 5,115.9

QUARTERLY FINANCIAL DATA (Table

QUARTERLY FINANCIAL DATA (Tables)	12 Months Ended
	Jun. 30, 2018
QUARTERLY FINANCIAL DATA
Schedule of Quarterly Results	The following table presents the unaudited quarterly results for the year ended June 30, 2018: 2018 Quarter Ended September 30 December 31 (1) March 31 (2) June 30 (3) Total (in millions) Revenue $ 643.5 $ 653.5 $ 649.4 $ 657.6 $ 2,604.0 Operating costs and expenses Operating costs (excluding depreciation and amortization and including stock-based compensation) 235.7 232.0 234.9 239.3 941.9 Selling, general and administrative expenses (including stock-based compensation) 128.3 121.6 118.0 121.9 489.8 Depreciation and amortization 184.1 195.9 191.2 176.2 747.4 Total operating costs and expenses 548.1 549.5 544.1 537.4 2,179.1 Operating income 95.4 104.0 105.3 120.2 424.9 Other expenses Interest expense (73.6) (73.1) (75.3) (77.8) (299.8) Loss on extinguishment of debt (4.9) — — — (4.9) Foreign currency gain/(loss) on intercompany loans 10.8 3.1 13.9 (22.4) 5.4 Other income, net 0.9 0.4 0.4 0.7 2.4 Total other expenses, net (66.8) (69.6) (61.0) (99.5) (296.9) Income from operations before income taxes 28.6 34.4 44.3 20.7 128.0 Provision for income taxes 5.4 22.9 20.9 (23.1) 26.1 Net income $ 23.2 $ 11.5 $ 23.4 $ 43.8 $ 101.9 Net income per share (4) : Basic and diluted $ 0.09 $ 0.05 $ 0.09 $ 0.18 $ 0.41 (1) The Company recorded a provisional tax expense in the quarter ending December 31, 2017 of $44.1 million to record the impact of U.S. Tax Reform. (2) The Company recorded a provisional tax expense in the quarter ending March 31, 2018 of $4.6 million to record the impact of U.S. Tax Reform. (3) The Company recorded a provisional tax benefit in the quarter ending June 30, 2018 of $(23.9) million to record the impact of U.S. Tax Reform (4) The total earnings per share for the quarters may not equal earnings per share for the respective years because the per share amounts for each quarter and for each year are computed based on their respective discrete periods. The following table presents the unaudited quarterly results for the year ended June 30, 2017: 2017 Quarter Ended September 30 December 31 March 31 (1) (2) June 30 (2) Total (in millions) Revenue $ 504.9 $ 506.7 $ 550.2 $ 638.0 $ 2,199.8 Operating costs and expenses Operating costs (excluding depreciation and amortization and including stock-based compensation) 173.8 179.9 195.0 234.2 782.9 Selling, general and administrative expenses (including stock-based compensation) 105.6 104.7 108.8 117.1 436.2 Depreciation and amortization 138.5 131.4 155.7 181.3 606.9 Total operating costs and expenses 417.9 416.0 459.5 532.6 1,826.0 Operating income 87.0 90.7 90.7 105.4 373.8 Other expenses Interest expense (53.3) (53.7) (63.0) (71.5) (241.5) Loss on extinguishment of debt — — (4.5) (13.7) (18.2) Foreign currency gain/(loss) on intercompany loans (11.2) (17.4) 3.9 14.4 (10.3) Other (expense)/income, net (0.2) 0.4 0.5 (0.4) 0.3 Total other expenses, net (64.7) (70.7) (63.1) (71.2) (269.7) Income from operations before income taxes 22.3 20.0 27.6 34.2 104.1 Provision for income taxes 6.6 0.2 0.6 11.0 18.4 Net income $ 15.7 $ 19.8 $ 27.0 $ 23.2 $ 85.7 Net income per share (3) : Basic and diluted $ 0.06 $ 0.08 $ 0.11 $ 0.09 $ 0.35 (1) The Company realized an increase in revenue and operating expenses beginning March 1, 2017 as a result of the acquisition of Electric Lightwave. (2) The Company recognized a loss on debt extinguishment associated with the write-off of unamortized debt issuance costs in the third and fourth quarters. See Note 7 – Long Term Debt. (3) The total earnings per share for the quarters may not equal earnings per share for the respective years because the per share amounts for each quarter and for each year are computed based on their respective discrete periods.

BASIS OF PRESENTATION AND SIG41

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								4 Months Ended	8 Months Ended	12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2018	Feb. 28, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Basis Of Presentation And Significant Accounting Policies [Line Items]
Weighted-average shares included to account for the dilutive effect of the Part A and Part B RSUs											1.2	2.9
Depreciation expense											$ (650.2)	$ (526.9)	$ (440.5)
Net income/(loss)											$ 101.9	$ 85.7	$ (76.2)
Basic and diluted earnings per share	$ 0.18	$ 0.09	$ 0.05	$ 0.09	$ 0.09	$ 0.11	$ 0.08	$ 0.06			$ 0.41	$ 0.35	$ (0.31)
Impairment of property, plant and equipment											$ 0	$ 0	$ 0
Impairment of goodwill and intangibles											0	0	0
Assets of parent company	$ 9,216.8				$ 8,739.4				$ 9,216.8		9,216.8	8,739.4
Liabilities of parent company	7,727.7				7,328.9				7,727.7		7,727.7	7,328.9
Excess tax benefit from stock-based compensation												15.6	$ 7.9
Cumulative effect adjustment resulting from adoption of ASU 2016-09											1.7
Parent Company [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Assets of parent company	0								0		0
Liabilities of parent company	0								0		0
Cash of parent company	$ 0.7				$ 0.7				$ 0.7		$ 0.7	$ 0.7
Allstream
Basis Of Presentation And Significant Accounting Policies [Line Items]
Percentage of entity acquired	100.00%								100.00%		100.00%
Customer Concentration Risk [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Major customer concentration											10.00%	10.00%
Restricted Stock Units (RSUs) [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Adjustment for dilutive effect of Part A and Part B shares											4.6	4.5
Property Plant And Equipment Depreciatiion Period
Basis Of Presentation And Significant Accounting Policies [Line Items]
Depreciation expense											$ 69.6
Net income/(loss)											$ 55.4
Basic and diluted earnings per share											$ 0.22
Fiber optic network | Property Plant And Equipment Depreciatiion Period
Basis Of Presentation And Significant Accounting Policies [Line Items]
Estimated useful life in years									33 years
Owned buildings
Basis Of Presentation And Significant Accounting Policies [Line Items]
Estimated useful life in years										39 years
Owned buildings | Property Plant And Equipment Depreciatiion Period
Basis Of Presentation And Significant Accounting Policies [Line Items]
Estimated useful life in years									45 years
Customer relationships [member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Customer relationship estimated life											15 years 1 month 6 days
Minimum | Parent Company [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Restricted net assets of parent company exceeds consolidated net assets	25.00%								25.00%		25.00%
Minimum | Fiber optic network
Basis Of Presentation And Significant Accounting Policies [Line Items]
Estimated useful life in years										15 years	33 years
Minimum | Customer relationships [member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Customer relationship estimated life											10 years
Maximum | Fiber optic network
Basis Of Presentation And Significant Accounting Policies [Line Items]
Estimated useful life in years										20 years
Maximum | Customer relationships [member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Customer relationship estimated life											20 years

BASIS OF PRESENTATION AND SIG42

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Recently Issued Accounting Pronouncements) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Recently Issued Accounting Pronouncements
Revenues	$ 657.6	$ 649.4	$ 653.5	$ 643.5	$ 638	$ 550.2	$ 506.7	$ 504.9	$ 2,604	$ 2,199.8	$ 1,721.7
Operating costs (excluding depreciation and amortization and including stock-based compensation—Note 11)	239.3	234.9	232	235.7	234.2	195	179.9	173.8	941.9	782.9	578.7
Selling, general and administrative expenses (including stock-based compensation)	121.9	118	121.6	128.3	117.1	108.8	104.7	105.6	489.8	436.2	386.4
Depreciation And Amortization	176.2	191.2	195.9	184.1	181.3	155.7	131.4	138.5	747.4	606.9	516.3
Provision for income taxes	(23.1)	20.9	22.9	5.4	11	0.6	0.2	6.6	26.1	18.4	8.5
Net income	43.8	23.4	11.5	23.2	23.2	$ 27	$ 19.8	$ 15.7	101.9	85.7	$ (76.2)
Assets
Other current assets	22.6				34				22.6	34
Property and equipment, net	5,447.2				5,016				5,447.2	5,016
Other assets	170				141.7				170	141.7
Liabilities
Deferred revenue, current	164.4				146				164.4	146
Deferred revenue, non-current	1,096.8				989.7				1,096.8	989.7
Deferred income taxes, net	143.2				40.2				143.2	40.2
Stockholders' equity
Accumulated deficit	(377.2)				$ (479.1)				(377.2)	(479.1)
As Reported
Assets
Other current assets	22.6								22.6
Property and equipment, net	5,447.2								5,447.2
Other assets	170								170
Liabilities
Deferred revenue, current	164.4								164.4
Deferred revenue, non-current	1,096.8								1,096.8
Deferred income taxes, net	143.2								143.2
Stockholders' equity
Accumulated deficit	(377.2)								(377.2)
As Adjusted | Accounting Standards Update 2014-09 [Member]
Assets
Other current assets	29.7								29.7
Property and equipment, net	5,427.6								5,427.6
Other assets	175.6								175.6
Liabilities
Deferred revenue, current	162.9								162.9
Deferred revenue, non-current	1,076.3								1,076.3
Deferred income taxes, net	147.1								147.1
Stockholders' equity
Accumulated deficit	(366)								(366)
Pro Forma [Member] | Accounting Standards Update 2014-09 [Member]
Recently Issued Accounting Pronouncements
Revenues	(0.3)	(0.4)	(0.4)	(0.4)					(1.5)	20.5
Operating costs (excluding depreciation and amortization and including stock-based compensation—Note 11)										18.8
Selling, general and administrative expenses (including stock-based compensation)	1	(0.3)	0.6	(0.2)					1.1	0.2
Depreciation And Amortization	(0.1)	(0.2)	(0.3)	(0.3)					(0.9)	(0.7)
Provision for income taxes	(0.2)		(2.5)						(2.7)	0.8
Net income	(1)	$ 0.1	$ 1.8	$ 0.1					1	$ 1.4
Effect of Adoption | Accounting Standards Update 2014-09 [Member]
Assets
Other current assets	7.1								7.1
Property and equipment, net	(19.6)								(19.6)
Other assets	5.6								5.6
Liabilities
Deferred revenue, current	(1.5)								(1.5)
Deferred revenue, non-current	(20.5)								(20.5)
Deferred income taxes, net	3.9								3.9
Stockholders' equity
Accumulated deficit	$ 11.2								$ 11.2

ACQUISITIONS AND DISPOSITIONS43

ACQUISITIONS AND DISPOSITIONS (Narrative) (Details) € in Millions, $ in Millions, $ in Millions

Apr. 17, 2018USD ($)

Feb. 28, 2018USD ($)

Jan. 18, 2018CAD ($)

Jan. 18, 2018USD ($)

Oct. 31, 2017CAD ($)

Oct. 31, 2017USD ($)

May 01, 2017USD ($)

Mar. 01, 2017USD ($)

Oct. 03, 2016USD ($)payment

Apr. 01, 2016USD ($)item

Jan. 15, 2016CAD ($)

Jan. 15, 2016USD ($)

Dec. 31, 2015EUR (€)

Dec. 31, 2015USD ($)

Jun. 30, 2018CAD ($)item

Jun. 30, 2018USD ($)item

Jun. 30, 2017USD ($)

Jun. 30, 2016USD ($)

Business Acquisition [Line Items]

Number of business combinations completed | item

45

45

Increase (decrease) in intangible assets

$ 103.9

Increase in property plant and equipment

160.8

Increase in depreciation and amortization

18.6

$ 6.2

Acquisition related costs

18.6

20.5

$ 21.5

Net consideration paid

176.9

1,434.8

$ 437.5

Neutral path communications and near north partners

Business Acquisition [Line Items]

Business acquisition purchase price

$ 33.3

Deferred tax assets, net

$ 1.5

Purchase price, held in escrow

4

Spread Networks

Business Acquisition [Line Items]

Business acquisition purchase price

$ 130.5

Deferred tax assets, net

$ 7.1

Purchase price, held in escrow

0.6

Optic Zoo Networks

Business Acquisition [Line Items]

Business acquisition purchase price

$ 30.9

$ 24.8

Purchase price, held in escrow

$ 3.1

2.4

KIO Networks US Data Centers

Business Acquisition [Line Items]

Business acquisition purchase price

$ 11.9

Deferred tax assets, net

$ 2.2

Electric Lightwave

Business Acquisition [Line Items]

Business acquisition purchase price

$ 1,426.6

Deferred tax assets, net

46.7

Santa Clara Data Center

Business Acquisition [Line Items]

Business acquisition purchase price

$ 11.3

Remaining cash consideration to be paid

3.8

Number of quarterly payments | payment

10

Amount of quarterly payments

$ 1.3

$ 5

3.7

Clearview

Business Acquisition [Line Items]

Business acquisition purchase price

$ 18.3

Deferred tax assets, net

$ 0.2

Number of data centers | item

2

Business acquisition, percentage of voting interests acquired

100.00%

Allstream

Business Acquisition [Line Items]

Business acquisition purchase price

$ 422.9

$ 297.6

Deferred tax assets, net

$ 3.8

Business acquisition, percentage of voting interests acquired

100.00%

Working capital and other liabilities assumed in the acquisition

$ 29.6

Assets transferred resulting from Allstream acquisition

$ 117.9

$ 91.6

Viatel

Business Acquisition [Line Items]

Business acquisition purchase price

$ 101.2

Net consideration paid

€ 92.9

$ 101.2

Business acquisition, percentage of voting interests acquired

100.00%

100.00%

Refund of escrow reflected as a cash inflow from investing activities

$ 1.5

Dallas Data Center

Business Acquisition [Line Items]

Business acquisition purchase price

$ 16.6

ACQUISITIONS AND DISPOSITIONS44

ACQUISITIONS AND DISPOSITIONS (Schedule of Acquisition) (Details) $ in Millions, $ in Millions	Apr. 17, 2018USD ($)	Apr. 04, 2018USD ($)	Feb. 28, 2018USD ($)	Jan. 18, 2018CAD ($)	Jan. 18, 2018USD ($)	May 01, 2017USD ($)	Mar. 01, 2017USD ($)	Oct. 03, 2016USD ($)	Apr. 01, 2016USD ($)	Jan. 15, 2016CAD ($)	Jan. 15, 2016USD ($)	Dec. 31, 2015USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)
Business Acquisition [Line Items]
Goodwill													$ 1,719.1	$ 1,840.2	$ 1,214.5
Neutral path communications and near north partners
Business Acquisition [Line Items]
Cash	$ 0.7
Other current assets	0.1
Property and equipment	10.6
Intangibles	3.6
Goodwill	23.8
Deferred tax assets, net	1.5
Total assets acquired	40.3
Current liabilities	0.6
Deferred revenue	5.7
Total liabilities assumed	6.3
Net assets acquired	34
Less cash acquired	(0.7)
Total consideration paid/payable	$ 33.3
McLean Data Center
Business Acquisition [Line Items]
Cash		$ 9.2
Property and equipment		0.6
Total assets acquired		9.8
Current liabilities		1.6
Other liabilities		8.2
Total liabilities assumed		9.8
Less cash acquired		(9.2)
Total consideration paid/payable		$ (9.2)
Spread Networks
Business Acquisition [Line Items]
Cash			$ 1.5
Other current assets			5.9
Property and equipment			144.7
Intangibles			9.3
Goodwill			13
Deferred tax assets, net			7.1
Other assets			1.4
Total assets acquired			182.9
Current liabilities			3.8
Deferred revenue			27.2
Other liabilities			19.9
Total liabilities assumed			50.9
Net assets acquired			132
Less cash acquired			(1.5)
Total consideration paid/payable			$ 130.5
Optic Zoo Networks
Business Acquisition [Line Items]
Cash					$ 1.4
Other current assets					0.4
Property and equipment					13.6
Intangibles					2.8
Goodwill					10.6
Other assets					0.2
Total assets acquired					29
Current liabilities					0.6
Deferred revenue					1.2
Deferred tax liability, net					1
Total liabilities assumed					2.8
Net assets acquired					26.2
Less cash acquired					(1.4)
Total consideration paid/payable				$ 30.9	$ 24.8
KIO Networks US Data Centers
Business Acquisition [Line Items]
Cash						$ 0.1
Property and equipment						2.4
Intangibles						6.4
Goodwill						2.7
Deferred tax assets, net						2.2
Other assets						0.5
Total assets acquired						14.3
Current liabilities						1.8
Deferred revenue						0.5
Total liabilities assumed						2.3
Net assets acquired						12
Less cash acquired						(0.1)
Total consideration paid/payable						$ 11.9
Electric Lightwave
Business Acquisition [Line Items]
Cash							$ 12.6
Other current assets							55
Property and equipment							681.3
Intangibles							416.1
Goodwill							467.1
Deferred tax assets, net														$ 46.7
Other assets							1.7
Total assets acquired							1,633.8
Current liabilities							61.7
Deferred revenue							80
Deferred tax liability, net							51.7
Other liabilities							1.2
Total liabilities assumed							194.6
Net assets acquired							1,439.2
Less cash acquired							(12.6)
Total consideration paid/payable							$ 1,426.6
Santa Clara Data Center
Business Acquisition [Line Items]
Property and equipment								$ 31.9
Intangibles								6
Total assets acquired								37.9
Capital lease obligations								26.6
Total liabilities assumed								26.6
Net assets acquired								11.3
Total consideration paid/payable								$ 11.3
Clearview
Business Acquisition [Line Items]
Other current assets									$ 0.6
Property and equipment									17.1
Intangibles									9.8
Goodwill									2.1
Deferred tax assets, net									0.2
Other assets									0.3
Total assets acquired									30.1
Current liabilities									1.1
Deferred revenue									0.4
Other liabilities									10.3
Total liabilities assumed									11.8
Net assets acquired									18.3
Total consideration paid/payable									$ 18.3
Allstream
Business Acquisition [Line Items]
Cash											$ 2.9
Other current assets											95.6
Property and equipment											266.3
Intangibles											64.5
Deferred tax assets, net											3.8
Other assets											4.5
Total assets acquired											437.6
Current liabilities											63.2
Deferred revenue											46.9
Other liabilities											27
Total liabilities assumed											137.1
Net assets acquired											300.5
Less cash acquired											(2.9)
Total consideration paid/payable										$ 422.9	$ 297.6
Viatel
Business Acquisition [Line Items]
Cash												$ 3.5
Other current assets												7.3
Property and equipment												174
Goodwill												9.5
Other assets												2
Total assets acquired												196.3
Current liabilities												18.8
Deferred revenue												58.5
Deferred tax liability, net												8.6
Other liabilities												5.7
Total liabilities assumed												91.6
Net assets acquired												104.7
Less cash acquired												(3.5)
Total consideration paid/payable												101.2
Dallas Data Center
Business Acquisition [Line Items]
Property and equipment												12.2
Intangibles												4.4
Total assets acquired												16.6
Net assets acquired												16.6
Total consideration paid/payable												$ 16.6

ACQUISITIONS AND DISPOSITIONS45

ACQUISITIONS AND DISPOSITIONS (Schedule of Pro-Forma Financial Information) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
ACQUISITIONS AND DISPOSITIONS
Revenue	$ 2,624.3	$ 2,597.1
Net income/(loss)	$ 95.2	$ 25.5
Net income/(loss) - Basic and diluted	$ 0.38	$ 0.10

ACQUISITIONS AND DISPOSITIONS46

ACQUISITIONS AND DISPOSITIONS (Scott-Rice Telephone Co.) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Feb. 23, 2018
Assets held for sale:
Property and equipment, net	$ 35.7
Liabilities associated with assets held for sale:
Deferred tax liability, net	5.1
Scott Rice Telephone Co. | Disposal Group, Not Discontinued Operations
Dispositions
Consideration		$ 42
Assets held for sale:
Property and equipment, net	35.7
Goodwill	5.2
Other assets	0.9
Total assets held for sale	41.8
Liabilities associated with assets held for sale:
Deferred tax liability, net	5.1
Other liabilities	1
Total liabilities associated with assets held for sale	$ 6.1

PROPERTY AND EQUIPMENT (Schedul

PROPERTY AND EQUIPMENT (Schedule of Property and Equipment) (Details) - USD ($) $ in Millions	8 Months Ended	12 Months Ended
	Feb. 28, 2018	Jun. 30, 2018	Jun. 30, 2017
Property, Plant and Equipment [Line Items]
Property and equipment, gross		$ 8,075.5	$ 6,962.5
Less accumulated depreciation		(2,592.6)	(1,946.5)
Less property and equipment held for sale		(35.7)
Property, Plant and Equipment, Net, Total		5,447.2	5,016
Land [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross		29.6	28.9
Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross		$ 321.8	277.1
Building Improvements [Member] | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life in years		15 years
Building Improvements [Member] | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life in years		45 years
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross		$ 61.7	27.3
Furniture and Fixtures [Member] | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life in years		3 years
Furniture and Fixtures [Member] | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life in years		7 years
Computer Hardware [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross		$ 42.7	33.1
Computer Hardware [Member] | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life in years		3 years
Computer Hardware [Member] | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life in years		5 years
Software [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life in years		3 years
Property and equipment, gross		$ 70.1	56.5
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross		$ 585.1	483.4
Machinery and Equipment [Member] | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life in years		5 years
Machinery and Equipment [Member] | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life in years		7 years
Fiber Optic Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life in years		8 years
Property and equipment, gross		$ 1,086.6	904.9
Circuit Switch Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life in years		10 years
Property and equipment, gross		$ 399.4	337.6
Packet Switch Equipment [Member]
Property, Plant and Equipment [Line Items]
Estimated useful life in years		5 years
Property and equipment, gross		$ 58.1	51.9
Fiber optic network
Property, Plant and Equipment [Line Items]
Property and equipment, gross		$ 4,954.9	4,110.3
Fiber optic network | Minimum
Property, Plant and Equipment [Line Items]
Estimated useful life in years	15 years	33 years
Fiber optic network | Maximum
Property, Plant and Equipment [Line Items]
Estimated useful life in years	20 years
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross		$ 465.5	$ 651.5

PROPERTY AND EQUIPMENT (Narrati

PROPERTY AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
PROPERTY AND EQUIPMENT
Depreciation expense	$ 650.2	$ 526.9	$ 440.5
Capitalized interest	20.6	18.8	13.8
Capitalized labor costs included in fixed assets	$ 89.2	$ 79.9	$ 64.5

GOODWILL (Schedule of Goodwill)

GOODWILL (Schedule of Goodwill) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Goodwill [Line Items]
Goodwill, beginning Balance	$ 1,840.2	$ 1,214.5
Adjustments to Prior Acquisitions	(165.5)	(5.3)
Fiscal Acquisitions	47.4	635.3
Foreign Currency Translation and Other	3	(4.3)
Goodwill, ending balance	1,719.1	1,840.2
Dark Fiber [Member]
Goodwill [Line Items]
Goodwill, beginning Balance		295.1
Reallocation among reporting units		(295.1)
Fiber Solutions [Member]
Goodwill [Line Items]
Goodwill, beginning Balance	633.9
Reallocation among reporting units		544.8
Adjustments to Prior Acquisitions	88.6	1.7
Fiscal Acquisitions	33.1	92.9
Foreign Currency Translation and Other	(0.8)	(5.5)
Goodwill, ending balance	756.4	633.9
Waves [Member]
Goodwill [Line Items]
Goodwill, beginning Balance	247.4	258.3
Reallocation among reporting units	(10.5)	(104)
Adjustments to Prior Acquisitions	(56.3)	(2.7)
Fiscal Acquisitions	13.6	96.5
Foreign Currency Translation and Other	(0.6)	(0.7)
Goodwill, ending balance	194.8	247.4
Sonet [Member]
Goodwill [Line Items]
Goodwill, beginning Balance	52	51.3
Reallocation among reporting units		0.7
Adjustments to Prior Acquisitions	35.6
Goodwill, ending balance	87.6	52
Ethernet [Member]
Goodwill [Line Items]
Goodwill, beginning Balance	359.5	104.3
Reallocation among reporting units	(6.3)	(59.8)
Adjustments to Prior Acquisitions	(249.8)	(0.5)
Fiscal Acquisitions	0.7	315.3
Foreign Currency Translation and Other	(0.1)	0.2
Goodwill, ending balance	104.2	359.5
Live Video
Goodwill [Line Items]
Reallocation among reporting units	3.3
Goodwill, ending balance	3.3
WANs [Member]
Goodwill [Line Items]
Goodwill, beginning Balance	89.5
Reallocation among reporting units		89.5
Adjustments to Prior Acquisitions	89.7
Foreign Currency Translation and Other	(0.1)
Goodwill, ending balance	179.3	89.5
IP [Member]
Goodwill [Line Items]
Goodwill, beginning Balance		87.5
Reallocation among reporting units		(87.5)
MIG [Member]
Goodwill [Line Items]
Goodwill, beginning Balance		73.6
Reallocation among reporting units		(73.6)
zColo [Member]
Goodwill [Line Items]
Goodwill, beginning Balance	256.3	268.8
Reallocation among reporting units		(15)
Adjustments to Prior Acquisitions	3.2	(3.7)
Fiscal Acquisitions		4.7
Foreign Currency Translation and Other	(0.6)	1.5
Goodwill, ending balance	260.1	256.3
Cloud [Member]
Goodwill [Line Items]
Goodwill, beginning Balance	69.5	60
Adjustments to Prior Acquisitions	(4.2)	(0.1)
Fiscal Acquisitions		9.4
Foreign Currency Translation and Other		0.2
Goodwill, ending balance	65.3	69.5
Cloudlink
Goodwill [Line Items]
Reallocation among reporting units	13.5
Goodwill, ending balance	13.5
Allstream
Goodwill [Line Items]
Goodwill, beginning Balance	116.5
Adjustments to Prior Acquisitions	(72.3)
Fiscal Acquisitions		116.5
Foreign Currency Translation and Other	5.2
Goodwill, ending balance	39	116.5
Other [Member]
Goodwill [Line Items]
Goodwill, beginning Balance	15.6	15.6
Goodwill, ending balance	$ 15.6	$ 15.6

INTANGIBLE ASSETS (Schedule of

INTANGIBLE ASSETS (Schedule of Identifiable Acquisition Related Intangible Assets) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Schedule Of Intangible Assets Net Excluding Goodwill [Line Items]
Gross Carrying Amount	$ 1,599.7
Accumulated Amortization	(406.2)	$ (309)
Total Net	1,193.5
Intangible Assets, Gross (Excluding Goodwill)	1,618.3	1,497.6
Intangible Assets, Net	1,212.1	1,188.6
Certifications [Member]
Schedule Of Intangible Assets Net Excluding Goodwill [Line Items]
Gross Carrying Amount, Indefinite-lived Intangibles	3.5	3.5
Indefinite-Lived Underlying Rights [Member]
Schedule Of Intangible Assets Net Excluding Goodwill [Line Items]
Gross Carrying Amount, Indefinite-lived Intangibles		14.8
Customer relationships [member]
Schedule Of Intangible Assets Net Excluding Goodwill [Line Items]
Gross Carrying Amount	1,597	1,477.7
Accumulated Amortization	(405.6)	(308.6)
Total Net	1,191.4	1,169.1
Trade names [Member]
Schedule Of Intangible Assets Net Excluding Goodwill [Line Items]
Gross Carrying Amount		1.6
Accumulated Amortization		(0.4)
Total Net		1.2
Finite-Lived Underlying rights [Member]
Schedule Of Intangible Assets Net Excluding Goodwill [Line Items]
Gross Carrying Amount	2.7	1,479.3
Accumulated Amortization	(0.6)	(309)
Total Net	2.1	$ 1,170.3
Gross Carrying Amount, Indefinite-lived Intangibles	$ 15.1

INTANGIBLE ASSETS (Narrative) (

INTANGIBLE ASSETS (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 97.2	$ 80	$ 75.8
Amortized intangible assets write off	$ 0	$ 0.3
Customer relationships [member]
Acquired Finite Lived Intangible Assets [Line Items]
Customer relationship estimated life	15 years 1 month 6 days
Underlying rights [Member]
Acquired Finite Lived Intangible Assets [Line Items]
Customer relationship estimated life	20 years
McLean Data Center
Acquired Finite Lived Intangible Assets [Line Items]
Unfavorable lease obligation	$ 9.8
Amortization of unfavorable lease	0.5
2,019	1.6
2,020	1.6
2,021	1.6
2,022	1.6
2,023	1.6
2,024	$ 1.3

INTANGIBLE ASSETS (Schedule o52

INTANGIBLE ASSETS (Schedule of Estimated Future Amortization Of Intangible Assets) (Details) $ in Millions	Jun. 30, 2018USD ($)
INTANGIBLE ASSETS
2,019	$ 94.6
2,020	89.5
2,021	87.3
2,022	85.3
2,023	83.6
Thereafter	753.2
Total Net	$ 1,193.5

LONG-TERM DEBT (Summary of Long

LONG-TERM DEBT (Summary of Long-Term Debt) (Details) - USD ($) $ in Millions	Jul. 22, 2016	Jun. 30, 2018	Jun. 30, 2017	Apr. 10, 2017	Jan. 27, 2017	Jan. 19, 2017	Jul. 05, 2016
Debt Instrument [Line Items]
Debt obligations		$ 5,743.1	$ 5,608.7
Unamortized premium/(discounts), net		11.6	(3.2)
Unamortized debt issuance costs		(59.6)	(67.8)
Carrying value of debt		5,695.1	5,537.7
Less current portion		(5)	(5)
Long-term debt, less current portion		5,690.1	5,532.7
6.00% Senior Notes due 2023 [Member]
Debt Instrument [Line Items]
Debt obligations		$ 1,430	$ 1,430
Interest rate		6.00%	6.00%
6.375% Senior Notes due 2025 [Member]
Debt Instrument [Line Items]
Debt obligations		$ 900	$ 900
Interest rate		6.375%	6.375%
5.75% Senior Unsecured Notes due 2027 [Member]
Debt Instrument [Line Items]
Debt obligations		$ 1,650	$ 1,350	$ 550	$ 800		$ 300
Interest rate		5.75%	5.75%
Term Loan Facility
Debt Instrument [Line Items]
Debt obligations						$ 2,500
Carrying value of debt		$ 1,751.3	$ 1,912.7
Term Loan Facility | LIBOR
Debt Instrument [Line Items]
Spread on interest rate	2.75%
Term Loan Facility due 2021 [Member]
Debt Instrument [Line Items]
Debt obligations		$ 493.8	$ 498.8
Term Loan Facility due 2021 [Member] | LIBOR
Debt Instrument [Line Items]
Spread on interest rate		2.00%	2.00%
Term Loan Facility B2 [Member]
Debt Instrument [Line Items]
Debt obligations		$ 1,269.3	$ 1,429.9
Term Loan Facility B2 [Member] | LIBOR
Debt Instrument [Line Items]
Spread on interest rate		2.25%	2.25%

LONG-TERM DEBT (Narrative) (Det

LONG-TERM DEBT (Narrative) (Details) - USD ($) $ in Millions	Feb. 26, 2018	Dec. 22, 2017	Jul. 20, 2017	Apr. 10, 2017	Jan. 27, 2017	Jan. 19, 2017	Jul. 22, 2016	Jul. 05, 2016	Apr. 14, 2016	Jan. 15, 2016	May 06, 2015	Jul. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016	Mar. 09, 2015	Jan. 23, 2015
Debt Instrument [Line Items]
Interest rate decrease (basis point)		(1.00%)
Payments of Debt Extinguishment Costs																		$ 20.3
Debt obligations														$ 5,608.7		$ 5,743.1	$ 5,608.7
Proceeds from issuance of private placement								$ 310.7								462.8	3,865.8	929.3
Repayment of debt																315.7	2,408.8	535
Loss on extinguishment of debt													$ 4.9	13.7	$ 4.5	4.9	18.2	33.8
Unamortized Debt Issuance Costs Associated with Previous Indebtedness																3	10.4	11.4
Unamortized debt issuance cost due to previous indebtedness														67.8		59.6	67.8
Debt issuance costs																114.1
Accumulated amortization														$ 45.1		54.5	45.1
Interest expense associated with the amortization of debt issuance costs																$ 9.5	$ 9.3	$ 10
Revolver [Member]
Debt Instrument [Line Items]
Percentage of excess cash flows committed to debt payments																35.00%
Outstanding letters of credit																$ 0
Outstanding letters of credit increased		$ 50
Remaining borrowing capacity																$ 441.9
Secured debt ratio																5.25
Letters of Credit [Member]
Debt Instrument [Line Items]
Unused commitment, percentage		0.25%
Outstanding letters of credit																$ 8.1
Secured Debt [Member] | Revolver [Member]
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity											$ 450
Secured Debt [Member] | Letters of Credit [Member]
Debt Instrument [Line Items]
Quarterly principal payments per quarter, in basis points											0.25%
Percentage of excess cash flows committed to debt payments											50.00%
Term Loan Facility
Debt Instrument [Line Items]
Interest rate decrease (basis point)							(0.75%)
Weighted average interest rate														3.40%		4.30%	3.40%
Debt obligations						$ 2,500
Repriced percentage						99.75%
Repayment of debt				$ 570.1					$ 196			$ 310.7
Term Loan Facility | Revolver [Member]
Debt Instrument [Line Items]
Aggregate principal amount outstanding																$ 1,763
Incremental Term Loan [Member]
Debt Instrument [Line Items]
Line of credit facility maximum borrowing capacity	$ 150									$ 400
Priced percent of additional line of credit										99.00%
Debt obligations						$ 1,850
Repriced percentage						99.75%
Incremental Term Loan [Member] | Electric Lightwave
Debt Instrument [Line Items]
Interest rate decrease (basis point)			(0.25%)
Maturity period from incurrence						7 years
Debt obligations						$ 650
2023 Unsecured Notes [Member]
Debt Instrument [Line Items]
Secured debt ratio																4.50
Total indebtedness ratio																6
Minimum | Revolver [Member]
Debt Instrument [Line Items]
Unused commitment, percentage		0.25%
Minimum | Term Loan Facility | Revolver [Member]
Debt Instrument [Line Items]
Effective Interest rates (in percent)														3.80%		3.80%	3.80%
Maximum | Revolver [Member]
Debt Instrument [Line Items]
Unused commitment, percentage		0.375%
Tranche One [Member] | Incremental Term Loan [Member]
Debt Instrument [Line Items]
Interest rate decrease (basis point)						(0.75%)
Maturity period from incurrence						4 years
Debt obligations	$ 150					$ 500
Tranche Two [Member] | Incremental Term Loan [Member]
Debt Instrument [Line Items]
Interest rate decrease (basis point)						(0.25%)
Maturity period from incurrence						7 years
Debt obligations						$ 1,350
6.00% Senior Notes due 2023 [Member]
Debt Instrument [Line Items]
Debt obligations														$ 1,430		$ 1,430	$ 1,430
Interest rate of debt redeemed														6.00%		6.00%	6.00%
6.00% Senior Notes due 2023 [Member] | Unsecured Notes
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage																100.00%
6.00% Senior Notes due 2023 [Member] | Unsecured Notes | Zayo Group Ltd (ZGL) [Member]
Debt Instrument [Line Items]
Debt obligations																				$ 700
6.00% Senior Notes due 2023 [Member] | Unsecured Notes | Zayo Capital [Member]
Debt Instrument [Line Items]
Debt obligations																			$ 730
6.375% New Senior Notes due 2025 [Member] | Unsecured Notes | Zayo Group Ltd (ZGL) and Zayo Capital [Member]
Debt Instrument [Line Items]
Debt obligations									550
6.375% Senior Notes due 2025 [Member]
Debt Instrument [Line Items]
Debt obligations														$ 900		$ 900	$ 900
Interest rate of debt redeemed														6.375%		6.375%	6.375%
6.375% Senior Notes due 2025 [Member] | Unsecured Notes | Zayo Group Ltd (ZGL) and Zayo Capital [Member]
Debt Instrument [Line Items]
Debt obligations									$ 350
Repriced percentage									97.76%
5.75% Senior Unsecured Notes due 2027 [Member]
Debt Instrument [Line Items]
Debt obligations				$ 550	$ 800			$ 300						$ 1,350		$ 1,650	$ 1,350
Debt price percentage					104.00%			104.25%
Interest rate of debt redeemed														5.75%		5.75%	5.75%
10.125% Senior Notes due 2020 [Member]
Debt Instrument [Line Items]
Repayment of debt									$ 325.6
Redemption premium and accrued interest included in redemption amount									$ 20.3
Interest rate of debt redeemed									10.125%
LIBOR | Term Loan Facility
Debt Instrument [Line Items]
Spread on interest rate							2.75%
LIBOR | Incremental Term Loan [Member]
Debt Instrument [Line Items]
Spread on interest rate										3.50%
LIBOR | Incremental Term Loan [Member] | Electric Lightwave
Debt Instrument [Line Items]
Spread on interest rate			2.25%			2.50%
LIBOR | Minimum | Letters of Credit [Member]
Debt Instrument [Line Items]
Fee on outstanding letters of credit based upon leverage ratio		1.00%
LIBOR | Minimum | Term Loan Facility
Debt Instrument [Line Items]
Spread on interest rate		1.00%					1.00%									1.00%
LIBOR | Minimum | Incremental Term Loan [Member]
Debt Instrument [Line Items]
Spread on interest rate										1.00%
LIBOR | Minimum | Incremental Term Loan [Member] | Electric Lightwave
Debt Instrument [Line Items]
Spread on interest rate			1.00%			1.00%
LIBOR | Maximum | Letters of Credit [Member]
Debt Instrument [Line Items]
Fee on outstanding letters of credit based upon leverage ratio		1.75%
LIBOR | Maximum | Term Loan Facility
Debt Instrument [Line Items]
Spread on interest rate		1.75%
LIBOR | Tranche One [Member] | Incremental Term Loan [Member]
Debt Instrument [Line Items]
Spread on interest rate	2.25%					2.00%
LIBOR | Tranche One [Member] | Minimum | Incremental Term Loan [Member]
Debt Instrument [Line Items]
Spread on interest rate	1.00%					0.00%
LIBOR | Tranche Two [Member] | Incremental Term Loan [Member]
Debt Instrument [Line Items]
Spread on interest rate						2.50%
LIBOR | Tranche Two [Member] | Minimum | Incremental Term Loan [Member]
Debt Instrument [Line Items]
Spread on interest rate						1.00%

LONG-TERM DEBT (Redemption Righ

LONG-TERM DEBT (Redemption Rights) (Details)	12 Months Ended
	Jun. 30, 2018
2023 Unsecured Notes [Member] | Second Note Redemption [Member]
Debt Instrument [Line Items]
Redemption price	104.50%
2023 Unsecured Notes [Member] | Debt Instrument Redemption Period Three [Member]
Debt Instrument [Line Items]
Redemption price	103.00%
2023 Unsecured Notes [Member] | Debt Instrument, Redemption, Period Four [Member]
Debt Instrument [Line Items]
Redemption price	101.50%
2023 Unsecured Notes [Member] | Debt Instrument Redemption Period Fourth And Thereafter [Member]
Debt Instrument [Line Items]
Redemption price	100.00%
6.375% Senior Unsecured New Notes Due 2025 [Member] | Debt Instrument Redemption Period Fifth
Debt Instrument [Line Items]
Redemption price	103.188%
6.375% Senior Unsecured New Notes Due 2025 [Member] | Debt Instrument Redemption Period Sixth
Debt Instrument [Line Items]
Redemption price	102.125%
6.375% Senior Unsecured New Notes Due 2025 [Member] | Debt Instrument Redemption Period Seven
Debt Instrument [Line Items]
Redemption price	101.063%
6.375% Senior Unsecured New Notes Due 2025 [Member] | Debt Instrument Redemption Period Seventh And There After
Debt Instrument [Line Items]
Redemption price	100.00%
5.75% Senior Unsecured Notes due 2027 [Member] | Debt Instrument Redemption Period Sixth
Debt Instrument [Line Items]
Redemption price	102.875%
5.75% Senior Unsecured Notes due 2027 [Member] | Debt Instrument Redemption Period Seven
Debt Instrument [Line Items]
Redemption price	101.917%
5.75% Senior Unsecured Notes due 2027 [Member] | Debt Instrument Redemption Period Eight
Debt Instrument [Line Items]
Redemption price	100.958%
5.75% Senior Unsecured Notes due 2027 [Member] | Debt Instrument Redemption Period Seventh And There After
Debt Instrument [Line Items]
Redemption price	100.00%

LONG-TERM DEBT (Schedule of Fut

LONG-TERM DEBT (Schedule of Future Contractual Maturities of Long-term Debt) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
LONG-TERM DEBT
2,019	$ 5
2,020	5
2,021	483.8
2,023	1,430
Thereafter	3,819.3
Total	$ 5,743.1	$ 5,608.7

INCOME TAXES (Summary of Provis

INCOME TAXES (Summary of Provision for Income Taxes from Operations) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Current Income Taxes
Federal									$ (9.3)	$ 1.6	$ (1.3)
State									2	6.3	8.7
Foreign									8.4	(2.1)	3.9
Total									1.1	5.8	11.3
Deferred Income Taxes
Federal									62.9	13.3	7.3
State									4.1	2.4	(2.3)
Foreign									(42)	(3.1)	(7.8)
Total									25	12.6	(2.8)
Provision for income taxes	$ (23.1)	$ 20.9	$ 22.9	$ 5.4	$ 11	$ 0.6	$ 0.2	$ 6.6	$ 26.1	$ 18.4	$ 8.5

INCOME TAXES (Income_(Loss) fro

INCOME TAXES (Income/(Loss) from Operations Before Income Taxes) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
INCOME TAXES
United States									$ 71	$ 66.6	$ (46.9)
Foreign									57	37.5	(20.8)
Income/(loss) from operations before income taxes	$ 20.7	$ 44.3	$ 34.4	$ 28.6	$ 34.2	$ 27.6	$ 20	$ 22.3	$ 128	$ 104.1	$ (67.7)

INCOME TAXES (Reconciliation of

INCOME TAXES (Reconciliation of Income Tax Provision) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
INCOME TAXES
Expected provision/(benefit) at the statutory rate									$ 35.9	$ 36.4	$ (23.8)
Stock-based compensation									3.8	(11.7)	27.9
State income tax expense, net of federal benefit									3.2	2.9	(2.1)
Transaction costs not deductible for U.S. federal income tax purposes									0.4	1.9	1.5
Change in statutory tax rate, non-U.S.									7.4	(1.4)	(3.6)
Change in valuation allowance									(49.3)	(10.2)	2.8
State NOL expirations									6.1
U.S. Tax Reform	$ (23.9)	$ 4.6	$ 44.1						24.8
Foreign tax rate differential									(2.4)	(3.9)	2.7
Other, net									(3.8)	4.4	3.1
Provision for income taxes	$ (23.1)	$ 20.9	$ 22.9	$ 5.4	$ 11	$ 0.6	$ 0.2	$ 6.6	$ 26.1	$ 18.4	$ 8.5

INCOME TAXES (U.S. Tax Reform)

INCOME TAXES (U.S. Tax Reform) (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2018
INCOME TAXES
Tax expenses change in statutory tax rate, U.S. only	$ (15.2)	$ 0.2	$ 1.4	$ (13.6)
Tax expenses changes to indefinite reinvestment assertion	(6.7)	(0.4)	7.9	0.8
Tax expenses Repatriation Tax (settled with NOL, non-cash)	(2)	4.8	34.8	37.6
Tax expenses Net discrete impacts of the enactment of U.S. Tax Reform	$ (23.9)	$ 4.6	$ 44.1	24.8
Deferred tax liability change in statutory tax rate, U.S. only				(3.4)
Deferred tax liability changes to indefinite reinvestment assertion				0.8
Deferred tax liability Repatriation Tax (settled with NOL, non-cash)				37.6
Deferred tax liability Net discrete impacts of the enactment of U.S. Tax Reform				35
Current tax receivable change in statutory tax rate, U.S. only				10.2
Current tax receivable Net discrete impacts of the enactment of U.S. Tax Reform				$ 10.2

INCOME TAXES (Statutory Tax Rat

INCOME TAXES (Statutory Tax Rate) (Details)	Dec. 22, 2017	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
INCOME TAXES
Federal Rate	35.00%	21.00%	21.00%	28.00%	35.00%
Blended Federal & State Rate			26.00%	33.00%	39.00%

INCOME TAXES (Schedule of Unrec

INCOME TAXES (Schedule of Unrecognized Tax Benefits) (Details) $ in Millions	12 Months Ended
	Jun. 30, 2018USD ($)
INCOME TAXES
Balance, beginning of year	$ 0.2
Additions for current year tax positions	1.2
Additions for prior year tax positions	1.7
Reductions as a result of settlement with tax authority	(0.1)
Balance, end of year	$ 3

INCOME TAXES (Schedule of Defer

INCOME TAXES (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Deferred income tax assets
Net operating loss carryforwards	$ 545.2	$ 715.2
Tax credit carry forwards	17.9	22.6
Deferred revenue	305	405.9
Accrued expenses	41.4	40
Other liabilities	2.3	17.4
Reserves against accounts receivable	15.8	18.2
Deferred compensation	11.2	20.3
Total deferred income tax assets	938.8	1,239.6
Valuation allowance	(72.9)	(111.1)
Net deferred tax assets	865.9	1,128.5
Deferred income tax liabilities.
Property and equipment	680.9	712.2
Intangible assets	293.3	412.4
Debt issuance costs	2.4	5.8
Total deferred income tax liabilities	976.6	1,130.4
Deferred tax liability, net	(5.1)
Net deferred income tax liabilities	$ (105.6)	$ (1.9)

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions	Dec. 22, 2017	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017
Operating Loss Carryforwards [Line Items]
Effective tax rates	35.00%	21.00%	21.00%	28.00%	35.00%
Liability for uncertain tax positions related to state taxing jurisdictions		$ 1.8		$ 1.8	$ 0.2
Accrued interest and penalties		0.1		0.1	$ 0.1
Provisional amount as a deferred tax liability for additional estimated tax		0.8		0.8
Unrecognized tax benefit impact the effective income tax rate		1.9		1.9
Foreign Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward balance		384.3		384.3
Federal [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward balance		1,917.2	$ 135.8	1,917.2
Net operating losses used in the period				1,356.2
Current annual net operating loss usage		245.5		245.5
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward balance		53.9		53.9
Current annual net operating loss usage		$ 51.6		$ 51.6

ACCRUED LIABILITIES (Schedule o

ACCRUED LIABILITIES (Schedule of Accrued Liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
Accrued Liabilities, Current [Abstract]
Accrued compensation and benefits	$ 44.9	$ 38.5
Accrued property and equipment purchases	74.5	81.8
Network expense accruals	112.5	93.6
Other accrued taxes	11.8	23.1
Accrued professional fees	4.3	3.9
Other accruals	65	84.5
Less liabilities held for sale	(0.7)
Accrued Liabilities, Current, Total	$ 312.3	$ 325.4

EQUITY (Narrative) (Details)

EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions	May 07, 2018	Nov. 10, 2015	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Stockholders Equity Note [Line Items]
Shares repurchased during the period					3,474,120
Amount withheld for tax obligations for vested RSUs		$ 9.4
Shares withheld for tax obligations for vested RSUs		370,770
Increase in additional paid-in capital associated with stock-based compensation expense			$ 91.1	$ 104.7
Share Repurchase Program Authorized May 07, 2018 [Member]
Stockholders Equity Note [Line Items]
Share repurchase program authorizes	$ 500
Shares repurchased during the period	2,749,079
Average share price	$ 34.02
Repurchase Value	$ 93.5
Share Repurchase Program Authorized November 10, 2015 [Member]
Stockholders Equity Note [Line Items]
Share repurchase program authorizes		$ 500
Shares repurchased during the period		3,103,350
Average share price		$ 23.07
Repurchase Value		$ 71.7
Share repurchase program authorized period		6 months

STOCK-BASED COMPENSATION (Summa

STOCK-BASED COMPENSATION (Summary of Stock-based Compensation Expense) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 96.7	$ 114.1	$ 155.9
Operating costs
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	9.9	11.3	17.4
Selling, general and administrative expenses
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	86.8	102.8	138.5
Part A restricted stock units
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	82.3	76.5	45.3
Part B restricted stock units
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	12.4	26	36.5
Part C restricted stock units
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	2	1.5	1.1
CII
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 0	10.1	73
CII | Common and Preferred Units [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense		$ 10.1	$ 73

STOCK-BASED COMPENSATION (Narra

STOCK-BASED COMPENSATION (Narrative) (Details) - USD ($) $ in Millions	Oct. 16, 2014	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense										$ 96.7	$ 114.1	$ 155.9
Adjustment to additional paid in capital fair value adjustment share based compensation awards												12.9
PCIP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Incentive plan termination period	10 years
Part A restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense										$ 82.3	76.5	$ 45.3
Average closing price										10 days
Unrecognized compensation cost		$ 32.6								$ 32.6
Award recorded as liability		5.7				$ 5.5				$ 5.7	$ 5.5
Number of RSUs, Granted										2,664,538	2,678,503	2,190,785
Vesting period					15 months						12 months
Part B restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense										$ 12.4	$ 26	$ 36.5
Unrecognized compensation cost		$ 6.8								$ 6.8
Number of RSUs, Granted		78,123	77,218	82,556	163,960	152,808	171,316	191,015	200,425	401,857	715,564	1,152,176
Part C restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense										$ 2	$ 1.5	$ 1.1
Average closing price										10 days
Number of RSUs, Granted										58,421	47,420	41,793
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Average closing price										10 days	10 days
Performance price										1 year
CII
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense										$ 0	$ 10.1	$ 73
CII | Common Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost						$ 0					0
CII | Common and Preferred Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense											$ 10.1	$ 73

STOCK-BASED COMPENSATION (Sum69

STOCK-BASED COMPENSATION (Summary Of Restricted Stock Units Activity) (Details) - $ / shares	3 Months Ended								12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Part A restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of RSUs, Outstanding beginning balance				2,364,386				2,169,901	2,364,386	2,169,901	933,217
Number of RSUs, Granted									2,664,538	2,678,503	2,190,785
Number of RSUs, Vested									(2,459,040)	(2,080,685)	(852,853)
Number of RSUs, Forfeited									(323,389)	(403,333)	(101,248)
Number of RSUs, Outstanding ending balance	2,246,495				2,364,386				2,246,495	2,364,386	2,169,901	933,217
Weighted average grant-date fair value per share, Outstanding beginning balance				$ 31.63				$ 26.04	$ 31.63	$ 26.04	$ 26.25
Weighted average grant-date fair value per share, Granted									35.08	31.64	26.04
Weighted average grant-date fair value per share, vested									34.02	26.03	26.14
Weighted average grant-date fair value per share, Outstanding ending balance	$ 35.08				$ 31.63				$ 35.08	$ 31.63	$ 26.04	$ 26.25
Weighted average remaining contractual term in months									6 months 12 days	7 months 3 days	7 months 27 days	7 months 3 days
Part B restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of RSUs, Outstanding beginning balance				411,973				860,936	411,973	860,936	1,249,873
Number of RSUs, Granted	78,123	77,218	82,556	163,960	152,808	171,316	191,015	200,425	401,857	715,564	1,152,176
Number of RSUs, Vested									(468,698)	(793,478)	(1,463,893)
Number of RSUs, Forfeited									(159,357)	(371,049)	(77,220)
Number of RSUs, Outstanding ending balance	185,775				411,973				185,775	411,973	860,936	1,249,873
Weighted average grant-date fair value per share, Outstanding beginning balance				$ 42.86				$ 29.50	$ 42.86	$ 29.50	$ 42.90
Weighted average grant-date fair value per share, Granted	$ 74.44	$ 52.47	$ 45.10	$ 19.06	$ 26.52	$ 27.39	$ 75.56	$ 47	41.60	45.56	26.80
Weighted average grant-date fair value per share, vested									39.01	32.58		$ 38.70
Weighted average grant-date fair value per share, Outstanding ending balance	$ 57.19				$ 42.86				$ 57.19	$ 42.86	$ 29.50	$ 42.90
Weighted average remaining contractual term in months									8 months 27 days	6 months 3 days	6 months 6 days	5 months 15 days

STOCK-BASED COMPENSATION (Sum70

STOCK-BASED COMPENSATION (Summary Of Part B RSUs Granted and Units Converted to Common Stock) (Details) - $ / shares	3 Months Ended								12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Part B restricted stock units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Part B RSUs granted	78,123	77,218	82,556	163,960	152,808	171,316	191,015	200,425	401,857	715,564	1,152,176
Maximum eligible shares of the Company's common stock	539,049	532,804	569,636	590,256	550,109	880,564	981,817	1,030,185	539,049	550,109
Grant date fair value	$ 74.44	$ 52.47	$ 45.10	$ 19.06	$ 26.52	$ 27.39	$ 75.56	$ 47	$ 41.60	$ 45.56	$ 26.80
Units converted to Company's common stock at vesting date					54,671	41,368	102,511	99,508
CII
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum eligible shares of the Company's common stock	625,000,000								625,000,000

EMPLOYEE BENEFITS (Changes in B

EMPLOYEE BENEFITS (Changes in Benefit Obligations, Fair Value of Plan Assets and Unfunded Status) (Details) $ in Millions, $ in Millions	Oct. 31, 2017CAD ($)	Oct. 31, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2018USD ($)
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at end of year			$ 93.5
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract]
Fair value of plan assets			93.5	$ 93.5
Allstream
Defined Benefit Plan Disclosure [Line Items]
Assets transferred resulting from Allstream acquisition	$ 117.9	$ 91.6
Pension Plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation at beginning of year			6.7
Service cost			2.7
Interest cost			2.5
Actuarial loss (gain)			9.3
Participant contributions			0.6
Benefits paid from plan assets			(3.3)
Acquisition transfer			97.6
Settlements			(2.5)
Foreign currency exchange rate changes			(0.1)
Projected benefit obligation at end of year			113.5
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at beginning of year			3.7
Acquisition transfer			89.8
Return on plan assets			2.4
Employer contributions			2.9
Participant contributions			0.6
Benefits paid from plan assets			(3.3)
Settlements			(2.6)
Fair value of plan assets at end of year			93.5
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract]
Projected benefit obligation			6.7	113.5
Fair value of plan assets			3.7	93.5
Unfunded status				20
Non-current portion of unfunded status				20
OPEB Plans
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation at beginning of year			9.9
Service cost			0.1
Interest cost			0.3
Actuarial loss (gain)			0.4
Benefits paid from plan assets			(0.6)
Foreign currency exchange rate changes			(0.1)
Projected benefit obligation at end of year			10
Defined Benefit Plan, Funded (Unfunded) Status of Plan [Abstract]
Projected benefit obligation			$ 9.9	$ 10

EMPLOYEE BENEFITS (Amounts in A

EMPLOYEE BENEFITS (Amounts in AOCI not Recognized as Components of Net Periodic Benefit Cost) (Details) $ in Millions	12 Months Ended
	Jun. 30, 2018USD ($)
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Total plans, at the beginning of period	$ (0.8)
Total - Recognition of net periodic benefit expense	0.3
Total plans - Deferrals	(13.8)
Total plans - Net Change in AOCL	(13.5)
Total plans, at the end of period	(14.3)
Pension Plans
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Prior service benefit/(cost) - Recognition of net periodic benefit expense	0.4
Deferred income tax benefit/(expense) - Recognition of net periodic benefit expense	(0.1)
Total - Recognition of net periodic benefit expense	0.3
Net actuarial/(loss) gain - Deferrals	(11.2)
Prior service benefit/(cost) - Deferrals	(7.8)
Deferred income tax benefit/(expense) - Deferrals	5.6
Total plans - Deferrals	(13.4)
Net actuarial/(loss) gain - Net Change in AOCL	(11.2)
Prior service benefit/(cost) - Net Change in AOCL	(7.4)
Deferred income tax benefit/(expense) - Net Change in AOCL	5.5
Total plans - Net Change in AOCL	(13.1)
Net actuarial/(loss) gain, at the end of period	(11.2)
Prior service benefit/(cost), at the end of period	(7.4)
Deferred income tax benefit/(expense), at the end of period	5.5
Total plans, at the end of period	(13.1)
OPEB Plans
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract]
Net actuarial (loss)/gain, at the beginning of period	(1.2)
Deferred income tax benefit/(expense), at the beginning of period	0.4
Total plans, at the beginning of period	(0.8)
Net actuarial/(loss) gain - Deferrals	(0.4)
Total plans - Deferrals	(0.4)
Net actuarial/(loss) gain - Net Change in AOCL	(0.4)
Total plans - Net Change in AOCL	(0.4)
Net actuarial/(loss) gain, at the end of period	(1.6)
Deferred income tax benefit/(expense), at the end of period	0.4
Total plans, at the end of period	$ (1.2)

EMPLOYEE BENEFITS (Expected Amo

EMPLOYEE BENEFITS (Expected Amortization) (Details) - Pension Plans $ in Millions	Jun. 30, 2018USD ($)
Estimated recognition of net periodic (cost) benefit income
Amortization of net prior service cost/(benefit)	$ 0.7
Total expected amortization amounts during fiscal year 2019	$ 0.7

EMPLOYEE BENEFITS (Expected Ben

EMPLOYEE BENEFITS (Expected Benefit Payments) (Details) $ in Millions	Jun. 30, 2018USD ($)
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
2,019	$ 2.2
2,020	2.4
2,021	2.7
2,022	2.9
2,023	3.1
2024-2028	19
OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
2,019	0.5
2,020	0.5
2,021	0.5
2,022	0.5
2,023	0.5
2024-2028	$ 2.3

EMPLOYEE BENEFITS (Expected Con

EMPLOYEE BENEFITS (Expected Contributions) (Details) $ in Millions	Jun. 30, 2018USD ($)
OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
Employer	$ 0.5
Total expected contributions during fiscal year 2019	0.5
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Employer	2.9
Plan participants	0.5
Total expected contributions during fiscal year 2019	$ 3.4

EMPLOYEE BENEFITS (Components o

EMPLOYEE BENEFITS (Components of Net Periodic Benefit/Cost) (Details) $ in Millions	12 Months Ended
	Jun. 30, 2018USD ($)
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 2.7
Interest cost	2.5
Expected return on plan assets	(3.8)
Amortization of loss from earlier periods	0.4
Cost of settlements	0.2
Net periodic pension benefit cost	2
OPEB Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.1
Interest cost	0.3
Net periodic pension benefit cost	$ 0.4

EMPLOYEE BENEFITS (Assumptions

EMPLOYEE BENEFITS (Assumptions Used in Determining Benefit Obligations) (Details)	12 Months Ended
	Jun. 30, 2018
OPEB Plans
Actuarial assumptions at date of acquisition:
Discount rate	3.25%
Pension Plans
Actuarial assumptions at date of acquisition:
Discount rate	3.25%
Price inflation	1.75
Expected long-term rate of return on plan assets	5.70%
Rate of compensation increase	2.50%

EMPLOYEE BENEFITS (Allocation o

EMPLOYEE BENEFITS (Allocation of Invested Plan Assets) (Details)	Jun. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
Percentage of defined benefit pension plan assets	100.00%
Fixed income
Defined Benefit Plan Disclosure [Line Items]
Percentage of defined benefit pension plan assets	40.00%
Equities
Defined Benefit Plan Disclosure [Line Items]
Percentage of defined benefit pension plan assets	55.00%
Other
Defined Benefit Plan Disclosure [Line Items]
Percentage of defined benefit pension plan assets	5.00%

EMPLOYEE BENEFITS (Fair Value o

EMPLOYEE BENEFITS (Fair Value of Plan Assets by Category) (Details) $ in Millions	Jun. 30, 2018USD ($)
Defined Benefit Plan Disclosure [Line Items]
Amount of defined benefit pension plan assets	$ 93.5
Fixed income
Defined Benefit Plan Disclosure [Line Items]
Amount of defined benefit pension plan assets	33.1
Equities
Defined Benefit Plan Disclosure [Line Items]
Amount of defined benefit pension plan assets	55.2
Other
Defined Benefit Plan Disclosure [Line Items]
Amount of defined benefit pension plan assets	$ 5.2

FAIR VALUE MEASUREMENTS (Narrat

FAIR VALUE MEASUREMENTS (Narrative) (Details) - USD ($) $ in Millions	Dec. 22, 2017	Jul. 22, 2016	Jun. 30, 2018	Jun. 30, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying value of the notes			$ 5,695.1	$ 5,537.7
Hypothetical annual interest expense			17.6
Term Loan Facility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying value of the notes			$ 1,751.3	1,912.7
Term Loan Facility | LIBOR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Spread on interest rate		2.75%
Term Loan Facility | LIBOR | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Spread on interest rate	1.00%	1.00%	1.00%
Tranche One [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instrument, face amount			$ 500
Tranche One [Member] | LIBOR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Spread on interest rate			2.00%
Floor rate			0.00%
Tranche Two [Member] | LIBOR
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Spread on interest rate			2.25%
Floor rate			1.00%
Notes [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying value of the notes			$ 4,003.4	3,692.8
Fair value of the notes			3,986.5	3,895.7
Notes [Member] | Term Loan Facility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of the notes			1,772.3	1,930.5
Revolver [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Carrying value of the notes			$ 0	$ 0

COMMITMENTS AND CONTINGENCIES81

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) $ in Millions, $ in Millions	12 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2018CAD ($)	Jun. 30, 2018USD ($)
Commitment And Contingencies [Line Items]
Lease expense	$ 156.4	$ 68.8	$ 53.1
Expense related to right-of way, pole attachment and other fees for access	$ 43.4	$ 65.1	$ 48.9
Purchase commitments					$ 509.4
Outstanding letters of credit					8.1
Zayo Canada, Inc | Credit Letter Agreement [Member]
Commitment And Contingencies [Line Items]
Outstanding letters of credit				$ 3.4	2.6
Credit letter agreement limit				$ 5	$ 3.8

COMMITMENTS AND CONTINGENCIES82

COMMITMENTS AND CONTINGENCIES (Schedule of Future Contractual Capital Lease Payments) (Details) - USD ($) $ in Millions	Jun. 30, 2018	Jun. 30, 2017
COMMITMENTS AND CONTINGENCIES
2,019	$ 15.4
2,020	14.5
2,021	14.5
2,022	14.6
2,023	14.7
Thereafter	130.3
Total minimum lease payments	204
Less amounts representing interest	(70.5)
Less current portion	(11.9)	$ (8)
Capital lease obligation, non-current	$ 121.6	$ 93.6

COMMITMENTS AND CONTINGENCIES83

COMMITMENTS AND CONTINGENCIES (Schedule of Minimum Contractual Long-Term Operating Lease Payments) (Details) $ in Millions	Jun. 30, 2018USD ($)
COMMITMENTS AND CONTINGENCIES
2,019	$ 93.7
2,020	82.4
2,021	66.7
2,022	43.6
2,023	33
Thereafter	114.7
Total operating lease obligations	$ 434.1

RELATED PARTY TRANSACTIONS (Sch

RELATED PARTY TRANSACTIONS (Schedule of Revenue and Expense Transactions) (Details) - OVS [Member] - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Related Party Transaction [Line Items]
Revenues	$ 7.4	$ 7.5	$ 6.6
Operating costs	$ 2.7	$ 2	$ 2.1

RELATED PARTY TRANSACTIONS (Nar

RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Inteliquent, Inc [Member]
Related Party Transaction [Line Items]
Due from related parties	$ 0.4	$ 0.5
Dan Caruso [Member] | Aircraft Reimbursement [Member]
Related Party Transaction [Line Items]
Payable to related party settled	$ 0.7	$ 0.8	$ 0.5

SEGMENT REPORTING (Narrative) (

SEGMENT REPORTING (Narrative) (Details)	12 Months Ended
	Jun. 30, 2018item
Fiber Solutions [Member] | Minimum
Segment Reporting Information [Line Items]
Number of dark fiber pairs leased to customers	2
Contract term	3 years
Fiber Solutions [Member] | Maximum
Segment Reporting Information [Line Items]
Number of dark fiber pairs leased to customers	12
Contract term	20 years
Transport [Member] | Minimum
Segment Reporting Information [Line Items]
Contract term	2 years
Transport [Member] | Maximum
Segment Reporting Information [Line Items]
Contract term	5 years
Enterprise Networks [Member] | Minimum
Segment Reporting Information [Line Items]
Contract term	1 year
Enterprise Networks [Member] | Maximum
Segment Reporting Information [Line Items]
Contract term	10 years
zColo [Member] | Minimum
Segment Reporting Information [Line Items]
Contract term	2 years
zColo [Member] | Maximum
Segment Reporting Information [Line Items]
Contract term	5 years
Other [Member]
Segment Reporting Information [Line Items]
Contract term	1 year

SEGMENT REPORTING (Summary of F

SEGMENT REPORTING (Summary of Financial Information by Segments) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Segment Reporting Information [Line Items]
Revenue from external customers	$ 657.6	$ 649.4	$ 653.5	$ 643.5	$ 638	$ 550.2	$ 506.7	$ 504.9	$ 2,604	$ 2,199.8	$ 1,721.7
Segment Adjusted EBITDA									1,291	1,116.8	934.9
Total assets	9,216.8				8,739.4				9,216.8	8,739.4
Capital expenditures									789.9	835.5	704.1
Fiber Solutions [Member]
Segment Reporting Information [Line Items]
Revenue from external customers									842
Segment Adjusted EBITDA									673.2
Total assets	4,956.9								4,956.9
Capital expenditures									443.3
Reportable Segments [Member] | Fiber Solutions [Member]
Segment Reporting Information [Line Items]
Revenue from external customers										725.4	648.8
Segment Adjusted EBITDA										570.4	504
Total assets					4,504.6					4,504.6
Capital expenditures										499.1	421.4
Reportable Segments [Member] | Transport [Member]
Segment Reporting Information [Line Items]
Revenue from external customers									670.4	614.3	522.6
Segment Adjusted EBITDA									230.3	223	208.4
Total assets	1,864.6				2,018.3				1,864.6	2,018.3
Capital expenditures									183.1	189.6	160.6
Impact of pricing changes	(1.8)
Reportable Segments [Member] | Enterprise Networks [Member]
Segment Reporting Information [Line Items]
Revenue from external customers									350.4	310.2	228.4
Segment Adjusted EBITDA									148.2	127.9	100.6
Total assets	752				597.4				752	597.4
Capital expenditures									50	46.8	50.5
Impact of pricing changes	2.7
Reportable Segments [Member] | zColo [Member]
Segment Reporting Information [Line Items]
Revenue from external customers									238.2	214	195.4
Segment Adjusted EBITDA									120.3	107.1	99.5
Total assets	1,032.4				994.4				1,032.4	994.4
Capital expenditures									99.9	91.5	66.3
Impact of pricing changes	0.1
Reportable Segments [Member] | Allstream
Segment Reporting Information [Line Items]
Revenue from external customers									479.9	314.3	106.2
Segment Adjusted EBITDA									114	83.3	17.9
Total assets	461.8				406.2				461.8	406.2
Capital expenditures									13.6	8.5	5.3
Impact of pricing changes	(1)
Reportable Segments [Member] | Other [Member]
Segment Reporting Information [Line Items]
Revenue from external customers									23.1	21.6	20.3
Segment Adjusted EBITDA									5	5.1	$ 4.5
Total assets	33.3				33.2				33.3	33.2
Corp/Eliminations [Member]
Segment Reporting Information [Line Items]
Total assets	$ 115.8				$ 185.3				$ 115.8	$ 185.3

SEGMENT REPORTING (Reconciliati

SEGMENT REPORTING (Reconciliation from Segment Adjusted EBITDA to Net Loss from Continuing Operations) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
SEGMENT REPORTING
Total Segment Adjusted EBITDA									$ 1,291	$ 1,116.8	$ 934.9
Interest expense	$ (77.8)	$ (75.3)	$ (73.1)	$ (73.6)	$ (71.5)	$ (63)	$ (53.7)	$ (53.3)	(299.8)	(241.5)	(220.1)
Depreciation and amortization expense	(176.2)	(191.2)	(195.9)	(184.1)	(181.3)	(155.7)	(131.4)	(138.5)	(747.4)	(606.9)	(516.3)
Transaction costs									(18.6)	(20.5)	(21.5)
Stock-based compensation									(96.7)	(114.1)	(155.9)
Loss on extinguishment of debt				(4.9)	(13.7)	(4.5)			(4.9)	(18.2)	(33.8)
Foreign currency gain/(loss) on intercompany loans	(22.4)	13.9	3.1	10.8	14.4	3.9	(17.4)	(11.2)	5.4	(10.3)	(53.8)
Non-cash loss on investments									(1)	(1.2)	(1.2)
Income/(loss) from operations before income taxes	$ 20.7	$ 44.3	$ 34.4	$ 28.6	$ 34.2	$ 27.6	$ 20	$ 22.3	$ 128	$ 104.1	$ (67.7)

SEGMENT REPORTING (Schedule of

SEGMENT REPORTING (Schedule of Geographical Information (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from external customers	$ 657.6	$ 649.4	$ 653.5	$ 643.5	$ 638	$ 550.2	$ 506.7	$ 504.9	$ 2,604	$ 2,199.8	$ 1,721.7
Long-lived assets	6,866.9				6,384.6				6,866.9	6,384.6	5,115.9
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from external customers									2,017.4	1,610	1,334.1
Long-lived assets	5,929.5				5,504.7				5,929.5	5,504.7	4,236.1
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from external customers									199.4	176.5	174.1
Long-lived assets	537.2				521.3				537.2	521.3	527.8
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from external customers									384.2	412	213.3
Long-lived assets	381.7				335.8				381.7	335.8	326.4
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from external customers									3	1.3	0.2
Long-lived assets	$ 18.5				$ 22.8				$ 18.5	$ 22.8	$ 25.6

QUARTERLY FINANCIAL DATA (Sched

QUARTERLY FINANCIAL DATA (Schedule of Quarterly Results) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016
QUARTERLY FINANCIAL DATA
Revenue	$ 657.6	$ 649.4	$ 653.5	$ 643.5	$ 638	$ 550.2	$ 506.7	$ 504.9	$ 2,604	$ 2,199.8	$ 1,721.7
Operating costs and expenses
Operating costs (excluding depreciation and amortization and including stock-based compensation)	239.3	234.9	232	235.7	234.2	195	179.9	173.8	941.9	782.9	578.7
Selling, general and administrative expenses (including stock-based compensation)	121.9	118	121.6	128.3	117.1	108.8	104.7	105.6	489.8	436.2	386.4
Depreciation and amortization	176.2	191.2	195.9	184.1	181.3	155.7	131.4	138.5	747.4	606.9	516.3
Total operating costs and expenses	537.4	544.1	549.5	548.1	532.6	459.5	416	417.9	2,179.1	1,826	1,481.4
Operating income	120.2	105.3	104	95.4	105.4	90.7	90.7	87	424.9	373.8	240.3
Other expenses
Interest expense	(77.8)	(75.3)	(73.1)	(73.6)	(71.5)	(63)	(53.7)	(53.3)	(299.8)	(241.5)	(220.1)
Loss on extinguishment of debt				(4.9)	(13.7)	(4.5)			(4.9)	(18.2)	(33.8)
Foreign currency gain/(loss) on intercompany loans	(22.4)	13.9	3.1	10.8	14.4	3.9	(17.4)	(11.2)	5.4	(10.3)	(53.8)
Other (expense)/income, net	0.7	0.4	0.4	0.9	(0.4)	0.5	0.4	(0.2)	2.4	0.3	(0.3)
Total other expenses, net	(99.5)	(61)	(69.6)	(66.8)	(71.2)	(63.1)	(70.7)	(64.7)	(296.9)	(269.7)	(308)
Income/(loss) from operations before income taxes	20.7	44.3	34.4	28.6	34.2	27.6	20	22.3	128	104.1	(67.7)
Provision for income taxes	(23.1)	20.9	22.9	5.4	11	0.6	0.2	6.6	26.1	18.4	8.5
Net income	$ 43.8	$ 23.4	$ 11.5	$ 23.2	$ 23.2	$ 27	$ 19.8	$ 15.7	$ 101.9	$ 85.7	$ (76.2)
Net income/(loss) per share:
Basic and diluted	$ 0.18	$ 0.09	$ 0.05	$ 0.09	$ 0.09	$ 0.11	$ 0.08	$ 0.06	$ 0.41	$ 0.35	$ (0.31)
Provisional tax expense (benefit) to record the impact of U.S. Tax Reform	$ (23.9)	$ 4.6	$ 44.1						$ 24.8

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Scott Rice Telephone Co. - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2018	Jul. 31, 2018
SUBSEQUENT EVENTS
Net loss before taxes	$ 1.6
SUBSEQUENT EVENTS [Member]
SUBSEQUENT EVENTS
Consideration		$ 42