XML 32 R22.htm IDEA: XBRL DOCUMENT v3.19.3
EQUITY
 3 Months Ended
Sep. 30, 2019
Equity [Abstract]  
EQUITY EQUITY
Common Stock
As of September 30, 2019, the Company’s common stock consisted of Class A Common Stock with a par value of $0.01 per share. The holders of Class A Common Stock are entitled to one vote per share. As of September 30, 2019, total authorized shares of Class A Common Stock was 1,000.0 million and total outstanding shares of Class A Common Stock was 757.0 million.
As of September 30, 2019, the Company’s largest stockholder was Cottage Holdco B.V., which owned approximately 60% of Coty’s Class A shares. Cottage Holdco B.V., a wholly-owned subsidiary of JABC, is indirectly controlled by Lucresca SE, Agnaten SE and JAB Holdings B.V. (“JAB”). During the three months ended September 30, 2019, JABC acquired nil shares Class A Common Stock in open market purchases on the New York Stock Exchange and elected to receive 2.8 million shares of Class A Common Stock under the Company’s dividend reinvestment program.
Preferred Stock
As of September 30, 2019, total authorized shares of preferred stock are 20.0 million. There are two classes of Preferred Stock outstanding as of September 30, 2019, Series A Preferred Stock and Series A-1 Preferred Stock, both with a par value of $0.01 per share.
As of September 30, 2019, total authorized, issued and outstanding shares of Series A Preferred Stock and Series A-1 Preferred Stock are 1.5 million and 7.9 million, respectively. The Series A Preferred Stock and Series A-1 Preferred Stock are not entitled to receive any dividends and have no voting rights except as required by law.
As of September 30, 2019, the Company classified $1.2 of Preferred Stock as equity, and $2.0 as a liability recorded in Other noncurrent liabilities in the Condensed Consolidated Balance Sheet.
Treasury Stock
Share Repurchase Program
Since February 2014, the Board has authorized the Company to repurchase its Class A Common Stock under approved repurchase programs. On February 3, 2016, the Board authorized the Company to repurchase up to $500.0 of its Class A Common Stock (the “Incremental Repurchase Program”). Repurchases may be made from time to time at the Company’s discretion, based on ongoing assessments of the capital needs of the business, the market price of its Class A Common Stock, and general market conditions. For the three months ended September 30, 2019, the Company did not repurchase any shares of its Class A Common Stock. As of September 30, 2019, the Company had authority for $396.8 remaining under the Incremental Repurchase Program.
Other Repurchases
The Company repurchased 0.5 million shares of Common Stock for $4.5 during the three months ended September 30, 2019 in connection with the exit of an executive in September 2019.
Dividends
The following dividends were declared during the three months ended September 30, 2019:
Declaration Date
 
Dividend Type
 
Dividend Per Share
 
Holders of Record Date
 
Dividend Value
 
Dividend Payment Date
 
Dividends Settled in Cash
 
Dividends Settled in Stock (a)
 
Dividends Payable (b)
Fiscal 2020
  August 28, 2019
 
Quarterly
 
$
0.125

 
September 9, 2019
 
$
0.125

 
September 30, 2019
 
$
63.3

 
$
30.9

 
$
1.1

 
 
(a) 
The September 30, 2019 stock dividend payment of $30.9 resulted in the issuance of 3.2 million shares of Class A Common Stock.
(b) 
The dividend payable is the value of the remaining dividends payable upon settlement of the RSUs and phantom units outstanding as of the Holders of Record Date. Dividends payable are recorded as Accrued expense and other current liabilities and Other noncurrent liabilities in the Condensed Consolidated Balance Sheet.
Total dividends in cash and other recorded to additional paid-in capital (“APIC”) in the Condensed Consolidated Balance Sheet as of September 30, 2019 was $63.5, consisting of $63.3 dividends settled in cash, $1.1 dividends payable, offset by $0.9 of dividends no longer expected to vest as a result of forfeitures of outstanding RSUs.
In addition to the activity noted above, the Company made a payment of nil for the previously accrued dividends on RSUs that vested during the three months ended September 30, 2019. Thus, total dividends settled in cash during the three months ended September 30, 2019 was $63.3.
Total accrued dividends on unvested RSUs and phantom units of $3.6 and $4.0 are included in Accrued expenses and other current liabilities and Other noncurrent liabilities, respectively, in the Condensed Consolidated Balance Sheet as of September 30, 2019.
Accumulated Other Comprehensive Income (Loss)
 
 
 
Foreign Currency Translation Adjustments
 
 
 
 
 
Loss on Cash Flow Hedges
 
Gain on Net Investment Hedge
 
Other Foreign Currency Translation Adjustments
 
Pension and Other Post-Employment Benefit Plans (a)
 
Total
Balance—July 1, 2019
$
(13.3
)
 
$
214.8

 
$
(257.4
)
 
$
(2.9
)
 
$
(58.8
)
Other comprehensive (loss) income before reclassifications
(0.5
)
 
161.2

 
(283.8
)
 
—

 
(123.1
)
Net amounts reclassified from AOCI/(L)
(0.7
)
 
—

 
—

 
(0.8
)
 
(1.5
)
Net current-period other comprehensive (loss) income
(1.2
)
 
161.2

 
(283.8
)
 
(0.8
)
 
(124.6
)
Balance—September 30, 2019
$
(14.5
)
 
$
376.0

 
$
(541.2
)
 
$
(3.7
)
 
$
(183.4
)
 
 
(a) For the three months ended September 30, 2019, net amounts reclassified from AOCI/(L) related to pensions and other post-employment benefit plans included amortization of prior service credits and actuarial loss of $0.8, net of tax of $0.0.
 
 
 
Foreign Currency Translation Adjustments
 
 
 
 
 
Gain on Cash Flow Hedges
 
Gain on Net Investment Hedge
 
Other Foreign Currency Translation Adjustments
 
Pension and Other Post-Employment Benefit Plans
 
Total
Balance—July 1, 2018
$
31.7

 
$
115.0

 
$
(44.3
)
 
$
56.4

 
$
158.8

Other comprehensive income (loss) before reclassifications
3.9

 
4.3

 
(53.4
)
 
0.1

 
(45.1
)
Net amounts reclassified from AOCI/(L)
(2.9
)
 
—

 
—

 
—

 
(2.9
)
Net current-period other comprehensive income (loss)
1.0

 
4.3

 
(53.4
)
 
0.1

 
(48.0
)
Balance—September 30, 2018
$
32.7

 
$
119.3

 
$
(97.7
)
 
$
56.5

 
$
110.8