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Fair Value of Financial Instruments
 12 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments FAIR VALUE OF FINANCIAL INSTRUMENTS
Accounting guidance on fair value measurements for certain financial assets and liabilities requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:
Level 1  Quoted market prices in active markets for identical assets and liabilities.
Level 2  Observable market-based inputs other than quoted prices in active markets for identical assets and liabilities.
Level 3  
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.
In valuing assets and liabilities, the Company is required to maximize the use of quoted market prices and minimize the use of unobservable inputs. The Company calculates the fair value of its Level 1 and Level 2 instruments, as applicable, based on the exchange-traded price of similar or identical instruments where available or based on other observable instruments. These calculations take into consideration the credit risk of both the Company and its counterparties. The Company has not changed its valuation techniques in measuring the fair value of any financial assets and liabilities during the period.
The fair values of contingent consideration obligations are based on a probability weighted approach derived from the estimates of earn-out criteria and the probability assessment with respect to the likelihood of achieving those criteria. The measurement is based on significant inputs that are not observable in the market, therefore, the Company classifies this liability as Level 3 in the table below.
The following tables set forth the Company’s financial assets and liabilities at June 30, 2024 and 2023, respectively, that are recorded at fair value, segregated by level within the fair value hierarchy:
Level 1Level 2Level 3Total
 (in millions)
Assets:
Other current assets:
Securities$0.8 $— $— $0.8 
Other non-current assets:
Securities (a)170.6 — — 170.6 
       Derivative asset— 59.9 — 59.9 
Total assets as of June 30, 2024$171.4 $59.9 $— $231.3 
Liabilities:
Contingent consideration obligations$— $— $14.0 $14.0 
Total liabilities as of June 30, 2024$— $— $14.0 $14.0 
Level 1Level 2Level 3Total
 (in millions)
Assets:
Other current assets:
Securities$0.7 $— $— $0.7 
Other non-current assets:
Securities (a)141.3 — — 141.3 
       Derivative asset— 66.7 — 66.7 
Total assets as of June 30, 2023$142.0 $66.7 $— $208.7 
Liabilities:
Contingent consideration obligations$— $— $12.0 $12.0 
Total liabilities as of June 30, 2023$— $— $12.0 $12.0 
_________
(a) Includes investments related to the Company’s Defined Benefit Pension Plans and Executive Retirement and Savings Plan (the “ERSP”).
In addition, the Company has non-marketable securities with a carrying amount of $58.3 million as of June 30, 2024 and $55.6 million as of June 30, 2023 that are classified as Level 2 financial assets and included as part of Other non-current assets on the Consolidated Balance Sheets.
The following table sets forth an analysis of changes during fiscal years 2024 and 2023 in Level 3 financial liabilities of the Company:
June 30,
20242023
 (in millions)
Beginning balance$12.0 $12.9 
Additional contingent consideration incurred14.0 — 
Net decrease in contingent consideration liability(6.7)(0.5)
Foreign currency impact on contingent consideration liability(0.1)(0.4)
Payments(5.2)— 
Ending balance$14.0 $12.0 
The Company did not incur any Level 3 fair value asset impairments during fiscal year 2024 or fiscal year 2023. Changes in economic conditions or model based valuation techniques may require the transfer of financial instruments between levels. The Company’s policy is to record transfers between levels, if any, as of the beginning of the fiscal year.