BUSINESS COMBINATIONS, ASSET ACQUISITIONS AND DIVESTITURES (Tables)

12 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Schedule of the allocation of the purchase price to net assets acquired

The following table summarizes the estimated allocation of the purchase price to the net assets as of the January 6, 2020 acquisition date:

	Estimated fair value (a)		Measurement period adjustments (b)		Estimated fair value as adjusted		Estimated useful life (in years)
Cash and cash equivalents	$	7.8	$	—	$	7.8
Receivables	2.2		(1.2)		1.0
Inventories	2.5		—		2.5
Property, plant and equipment	3.6		—		3.6
Collaboration agreement	369.0		—		369.0		20
License agreement	280.0		—		280.0		20
Customer relationships	27.0		—		27.0		1.5
Goodwill	127.4		1.2		128.6		Indefinite
Net other liabilities	(6.6)		—		(6.6)
Total value	$	812.9	$	—	$	812.9
Noncontrolling interest	212.9				212.9
Total purchase price	$	600.0			$	600.0

^(a) As previously reported in the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2020.

^(b) The Company recorded measurement period adjustments in the fourth quarter of fiscal 2020 to certain working capital accounts as a result of obtaining new facts and circumstances that existed at the acquisition date.

The following table summarizes the estimated allocation of the purchase price to the net assets of the Burberry Beauty Business as of the October 2, 2017 acquisition date:

	Estimated fair value as previously reported (a)		Measurement period adjustments (b)		Estimated fair value as adjusted		Estimated useful life (in years)
Inventories	$	47.9	$	—	$	47.9
Property, plant and equipment	5.8		—		5.8		1 - 3
License and distribution rights	177.8		6.7		184.5		3 - 15
Goodwill	34.9		(9.4)		25.5		Indefinite
Net other liabilities	(10.1)		2.7		(7.4)
Total purchase price	$	256.3	$	—	$	256.3

^(a) As previously reported in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2018.

^(b) The Company recorded measurement period adjustments in the first quarter of fiscal 2019. The measurement period adjustments related to an increase in the value of the License and distribution rights due to changes in assumptions that were used at the date of acquisition for valuation purposes. The measurement period adjustment related to the decrease in net other liabilities acquired was a result of obtaining new facts and circumstances about acquired accrued expenses that existed as of the acquisition date. All measurement period adjustments were offset against Goodwill.