DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Jun. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

Schedule of discontinued operations

The following table has selected financial information included in Net income from discontinued operations for the Wella Business.

	Year Ended June 30,
	2020		2019		2018
Net revenues	$	2,020.1	$	2,360.6	$	2,556.1
Cost of sales	689.7		808.0		889.7
Gross profit	1,330.4		1,552.6		1,666.4
Selling, general and administrative expenses	1,009.2		1,096.0		1,211.0
Amortization expense	95.5		106.8		108.5
Restructuring costs	7.5		10.0		38.3
Asset impairment charges	—		122.9		—
Operating income	218.2		216.9		308.6
Interest expense, net(a)	49.7		50.6		64.4
Other (income) expense, net	(0.9)		(1.0)		2.2
Income from discontinued operations before income taxes	169.4		167.3		242.0
Income tax on discontinued operations	82.2		46.3		7.5
Net income from discontinued operations	$	87.2	$	121.0	$	234.5

^(a) Interest expense was allocated to the discontinued operations due to a requirement in our Credit Agreement that cash generated from the divestiture of any businesses during the next nine months will be utilized to reduce our debt, other than a maximum of $500.0 that will be used to fund operations.

The following is selected financial information included in cash flows from discontinued operations for the Wella Business held for sale:

	Year Ended June 30,
	2020		2019		2018
NON-CASH OPERATING ITEMS
Depreciation and amortization	$	131.8	$	157.5	$	161.5
Goodwill and intangible asset impairment charges	—		123.0		—
CASH FLOW FROM INVESTING ACTIVITIES
Capital Expenditures	$	24.7	$	44.1	$	68.8

The major components of assets and liabilities of the Wella Business held for sale are provided below. The assets and liabilities held for sale will evolve up to the closing date for normal operational changes as well as contractual adjustments

including the finalization of local implementation agreements impacting the separation of the Wella Business in various countries.

	Year Ended June 30,
	2020(a)		2019
ASSETS
Trade receivables	$	168.0	$	302.3
Inventories	269.2		293.2
Prepaid expenses and other current assets	134.9		177.7
Property and equipment, net	241.3		268.0		(b)
Goodwill	874.8		907.1		(b)
Other intangible assets, net	2,770.4		2,891.0		(b)
Operating lease right of use asset	73.4		—		(b)
Deferred income taxes	25.5		82.3		(b)
Other noncurrent assets	55.6		47.1		(b)
Total current assets held for sale	4,613.1		773.2
Total noncurrent assets held for sale	—		4,195.5
TOTAL ASSETS HELD FOR SALE	$	4,613.1	$	4,968.7
LIABILITIES
Accounts payable	$	128.3	$	149.2
Accrued expenses and other current liabilities	236.4		295.3
Current operating lease liabilities	17.2		—
Income and other taxes payable	15.8		12.0
Long-term operating lease liabilities	65.9		—
Noncurrent deferred tax liabilities	324.8		347.6		(b)
Pension and other post-employment benefits	140.8		145.8		(b)
Other noncurrent liabilities	27.5		29.3		(b)
Total current liabilities held for sale	956.7		456.5
Total noncurrent liabilities held for sale	—		522.7
TOTAL LIABILITIES HELD FOR SALE	$	956.7	$	979.2

^(a) The Company expects that the transaction will close in the first half of fiscal 2021. As such, for the period ended June 30, 2020, all assets and liabilities held for sale are reported as current assets and liabilities held for sale on the Consolidated Balance Sheets.

^(b) Amounts as of June 30, 2019, are reflected as part of the noncurrent assets and liabilities held for sale.