SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Property and equipment, net

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 finance leases and leasehold improvements	Lesser of lease term or economic life

Property and equipment, net as of June 30, 2020 and 2019 are presented below:

	June 30, 2020		June 30, 2019
Land, buildings and leasehold improvements	$	475.0	$	530.2
Machinery and equipment	706.6		748.6
Marketing furniture and fixtures	548.8		551.1
Computer equipment and software	706.3		776.4
Construction in progress	108.6		114.4
Property and equipment, gross	2,545.3		2,720.7
Accumulated depreciation and amortization	(1,463.7)		(1,388.0)
Property and equipment, net	$	1,081.6	$	1,332.7

Schedule of finite-lived intangible assets

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	2-34 years
Customer relationships	2-28 years
Trademarks	2-30 years
Product formulations and technology	2-28 years

Other intangible assets, net as of June 30, 2020 and 2019 are presented below:

	June 30, 2020		June 30, 2019
Indefinite-lived other intangible assets	$	995.5	$	1,329.5
Finite-lived other intangible assets, net	3,376.6		3,201.8
Total Other intangible assets, net	$	4,372.1	$	4,531.3

Intangible assets subject to amortization are presented below:

	Cost		Accumulated Amortization		Accumulated Impairment		Net
June 30, 2019
License and collaboration agreements	$	3,240.2	$	(873.1)	$	(19.6)	$	2,347.5
Customer relationships	978.6		(450.2)		(5.5)		522.9
Trademarks	451.2		(157.8)		(0.5)		292.9
Product formulations and technology	100.4		(61.9)		—		38.5
Total	$	4,770.4	$	(1,543.0)	$	(25.6)	$	3,201.8
June 30, 2020
License and collaboration agreements(a)	$	3,861.2	$	(1,021.1)	$	(19.6)	$	2,820.5
Customer relationships(a)	786.1		(427.3)		(5.5)		353.3
Trademarks	325.7		(154.0)		(0.5)		171.2
Product formulations and technology	86.2		(54.6)		—		31.6
Total	$	5,059.2	$	(1,657.0)	$	(25.6)	$	3,376.6

^(a)Includes License agreements and Customer relationships of $649.0 and $27.0, respectively resulting from the King Kylie acquisition on January 6, 2020 (Refer to Note 4—Business Combinations, Asset Acquisitions and Divestitures).

Recently issued and not yet adopted accounting pronouncements

Recently Issued and Not Yet Adopted Accounting Pronouncements

Accounting Standard Update(s)	Topic	Effective Period	Summary
2018-13	Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement	Fiscal 2021 with early adoption permitted.	The FASB issued authoritative guidance that modifies the disclosure requirements by removing, modifying and adding disclosures related to fair value measurements. Adoption of this guidance will impact disclosures only and will not have an impact on the Company’s financial position or results of operations.
2018-14	Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans	Fiscal 2021 with early adoption permitted.	The FASB issued authoritative guidance that modifies the disclosure requirements by removing, modifying and clarifying disclosures related to defined benefit plans. Adoption of this guidance will impact disclosures only and will not have an impact on the Company’s financial position or results of operations.
2016-13 2018-19	Measurement of Credit Losses on Financial Instruments	Fiscal 2021 with early adoption permitted.	The FASB issued authoritative guidance, which requires that a financial asset (or a group of financial assets) measured at an amortized cost basis be presented at the net amount expected to be collected. This approach to estimating credit losses applies to most financial assets measured at amortized cost and certain other instruments, including but not limited to, trade and other receivables. The adoption of this standard will not have a material impact on the Company’s financial position or results of operations.
2019-12	Income Taxes	Fiscal 2022	In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU No. 2019-12”), which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and improves the consistency in the application of GAAP for areas of Topic 740 by clarifying and amending existing guidance. The amendment will be effective for the Company in fiscal 2022 with early adoption permitted. The Company is evaluating the impact this guidance will have on the Company’s Consolidated Financial Statements and related disclosures.