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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Jun. 30, 2017
Accounting Policies [Abstract]  
Property and Equipment, Useful Lives
Depreciation and amortization are computed principally using the straight-line method over the following estimated useful lives:
Description
Estimated Useful Lives
Buildings
20-40 years
Marketing furniture and fixtures
3-5 years
Machinery and equipment
2-15 years
Computer equipment and software
2-5 years
Property and equipment under capital leases and leasehold improvements
Lesser of lease term or economic life
Property and equipment, net as of June 30, 2017 and 2016 are presented below:
 
June 30,
2017
 
June 30,
2016
Land, buildings and leasehold improvements
$
646.1

 
$
284.8

Machinery and equipment
851.5

 
523.1

Marketing furniture and fixtures
432.8

 
295.2

Computer equipment and software
459.0

 
346.7

Construction in progress
286.1

 
79.6

Property and equipment, gross
2,675.5

 
1,529.4

Accumulated depreciation and amortization
(1,043.4
)
 
(890.8
)
Property and equipment, net
$
1,632.1

 
$
638.6
Finite-Lived Intangible Assets, Useful Lives
Intangible assets with finite lives are amortized principally using the straight-line method over the following estimated useful lives:
Description
Estimated Useful Lives
License agreements
5-34 years
Customer relationships
2-28 years
Trademarks
2-30 years
Product formulations and technology
3-29 years
Intangible assets subject to amortization are presented below:
 
Cost
 
Accumulated Amortization
 
Accumulated Impairment
 
Net
June 30, 2016
 
 
 
 
 
 
 
License agreements
$
798.3

 
$
(532.2
)
 
$
—

 
$
266.1

Customer relationships
611.7

 
(274.2
)
 
(5.5
)
 
332.0

Trademarks
128.3

 
(108.6
)
 
—

 
19.7

Product formulations
48.0

 
(32.7
)
 
—

 
15.3

Total
$
1,586.3

 
$
(947.7
)
 
$
(5.5
)
 
$
633.1

June 30, 2017
 
 
 
 
 
 
 
License agreements(a)
$
3,148.4

 
$
(653.3
)
 
$
—

 
$
2,495.1

Customer relationships(a)
1,937.3

 
(375.0
)
 
(5.5
)
 
1,556.8

Trademarks(a)
1,001.1

 
(141.0
)
 
—

 
860.1

Product formulations and technology(a)
389.3

 
(63.0
)
 
—

 
326.3

Total
$
6,476.1

 
$
(1,232.3
)
 
$
(5.5
)
 
$
5,238.3

 
 

(a) Includes License agreements, Customer relationships, Trademarks, and Product formulations and technology of $2,299.0, $1,307.8, $870.7 and $331.0, respectively resulting from the P&G Beauty Business, ghd and Younique acquisitions during the year ended June 30, 2017 (see Note 3—Business Combinations).
Other intangible assets, net as of June 30, 2017 and 2016 are presented below:
 
June 30,
2017
 
June 30,
2016
Indefinite-lived other intangible assets
$
3,186.9

 
$
1,417.0

Finite-lived other intangible assets, net
5,238.3

 
633.1

Total Other intangible assets, net
$
8,425.2

 
$
2,050.1
Recently Issued and Not Yet Adopted Accounting Pronouncements
Recently Issued and Not Yet Adopted Accounting Pronouncements
Accounting Standard Update(s)
 
Topic
 
Effective Period
 
Summary
2017-09
 
Scope of Modification Accounting
 
Fiscal 2019. Early adoption is permitted for the Company beginning in fiscal 2018.
 
The FASB issued authoritative guidance regarding changes to terms or conditions of share-based payment awards that require an entity to apply modification accounting. Under this amendment, an entity should not account for the effects of a modification if all of the following conditions are met: i) the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified and original award (immediately before modification) is the same; ii) the vesting conditions of the modified and original award (immediately before modification) are the same; iii) the classification of the modified and original award (immediately before modification) as an equity or a liability instrument is the same. The Company is currently evaluating the impact this guidance will have on the Company’s Consolidated Financial Statements.
2017-07
 
Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost
 
Fiscal 2019. Early adoption is permitted for the Company beginning in fiscal 2018.
 
The FASB issued authoritative guidance that requires an employer to report the service cost component of an employee benefits plan in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net periodic benefit cost as defined in the current guidance are required to be presented in the income statement separately from the service cost component and outside the subtotal of income from operations, if one is presented. If separate line item or items are not used, the line item or items used in the income statement to present the other components of net periodic benefit cost must be disclosed. The amendment allows only the service cost component to be eligible for capitalization, when applicable. The Company is currently evaluating the impact this guidance will have on the Company’s Consolidated Financial Statements.
Accounting Standard Update(s)
 
Topic
 
Effective Period
 
Summary
2017-04
 
Simplifying the Test for Goodwill Impairment
 
Fiscal 2021. Early adoption is permitted for the Company beginning in fiscal 2018.
 
The FASB issued authoritative guidance that simplifies the subsequent measurement of goodwill by eliminating step two from the goodwill impairment test. Under this amendment, an entity should recognize a goodwill impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The amendment also eliminated the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform step two of the goodwill impairment test. The Company does not expect this guidance to impact the Company’s Consolidated Financial Statements.
2016-16
 
Intra-Entity Transfers of Assets Other Than Inventory
 
Fiscal 2019. Early adoption is permitted for the Company beginning in fiscal 2018.
 
The FASB issued authoritative guidance that amends accounting guidance for intra-entity transfer of assets other than inventory to require the recognition of taxes when the transfer occurs. The Company is currently evaluating the impact this guidance will have on the Company’s Consolidated Financial Statements.
2016-15
 
Classification of Certain Cash Receipts and Cash Payments
 
Fiscal 2019. Early adoption is permitted for the Company beginning in fiscal 2018.
 
The FASB issued authoritative guidance that changes the classification and presentation of certain items within the statement of cash flows including but not limited to debt prepayment or debt extinguishment costs; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies and distributions received from equity method investees. The Company is currently evaluating the effect that this guidance will have on the Company’s Consolidated Financial Statements.
2014-09
2015-14
2016-08
2016-10
2016-12

 
Revenue from Contracts with Customers
 
Fiscal 2019 with either retrospective or modified retrospective treatment applied. Early adoption is permitted for the Company beginning in fiscal 2018.
 
In June 2014, the FASB issued authoritative guidance that implements a common revenue model that will enhance comparability across industries and require enhanced disclosures. The new standard introduces a five step principles based process to determine the timing and amount of revenue ultimately expected to be received. In March 2016, the FASB issued authoritative guidance amending certain portions of this standard to clarify the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued authoritative guidance amending certain portions of this standard to clarify the considerations for identifying performance obligations and to clarify the implementation guidance for revenue recognized from licensing arrangements. In May 2016, the FASB issued authoritative guidance amending certain portions of the standard to narrow the scope over, or to provide practical expedients, for assessing collectibility, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. The Company is currently evaluating the impact this standard will have on the Company’s Consolidated Financial Statements. The Company is in the early stages and has an implementation team in place that is performing a comprehensive evaluation of the impact this standard will have on its Consolidated Financial Statements and related disclosures. The Company has selected the modified retrospective transition method, but has not yet determined the effect of the standard on its ongoing financial reporting.
2016-02
 
Leases
 
Fiscal 2020 with early adoption permitted. Lessees and lessors are required to recognize and measure leases at the beginning of the earliest period presented using a modified retrospective approach.
 
The FASB issued authoritative guidance requiring that a lessee recognize the assets and liabilities that arise from operating leases. A lessee should recognize in its balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. The Company is currently evaluating the impact the standard will have on the Company’s Consolidated Financial Statements.