SUBSEQUENT EVENTS

12 Months Ended

Jun. 30, 2019

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Quarterly Dividend

On August 28, 2019, the Company announced a quarterly cash dividend of $0.125 per share on its Common Stock, restricted stock units (the “RSUs”) and phantom units. The dividend will be payable on September 30, 2019 to holders of record of Common Stock on September 9, 2019. The shareholders will have an option to elect to receive their dividend 50% in cash and 50% in Common Stock.

Turnaround Plan

As described in Note 6—Restructuring Costs, the Company announced the Turnaround Plan on July 1, 2019. As part of this initiative, the Company intends to incur cash costs of $600.0, beginning in fiscal 2020 through fiscal 2023. The estimate includes cash costs associated with restructuring, primarily related to employee termination benefits, as well as other business realignment costs, including costs associated with the consolidation of management headquarters and systems redesign to support changes in the Company’s reporting structure. In addition, the Company will continue to incur cash costs of $160.0 related to restructuring and other business realignment costs connected to previously announced programs.

Divestiture

On August 27, 2019, the Company entered into a Contribution and Redemption Agreement to transfer all of its membership interest in Foundation, which holds the net assets of Younique, to an existing noncontrolling interest holder. The closing of the transaction is subject to certain regulatory clearances and is expected to occur by the end of calendar year 2019.