DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Sep. 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.

	Three Months Ended September 30,
	2020		2019
Net revenues	$	566.4	$	531.6
Cost of sales	181.0		176.5
Gross profit	385.4		$	355.1
Selling, general and administrative expenses	240.0		265.9
Amortization expense	—		26.0
Restructuring costs	—		1.2
Operating income	145.4		62.0
Interest expense, net (a)	11.8		14.3
Other (income) expense, net	0.1		(0.1)
Income from discontinued operations before income taxes	133.5		47.8
Income tax on discontinued operations	28.8		8.3
Net income from discontinued operations	$	104.7	$	39.5

(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 through March 31, 2021 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:

	Three Months Ended September 30,
	2020		2019
NON-CASH OPERATING ITEMS
Depreciation and amortization	$	—	$	36.3
CASH FLOW FROM INVESTING ACTIVITIES
Capital Expenditures	$	4.7	$	7.9

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.

	September 30, 2020(a)		June 30, 2020(a)
ASSETS
Trade receivables	$	239.3	$	168.0
Inventories	252.8		269.2
Prepaid expenses and other current assets	138.1		134.9
Property and equipment, net	246.1		241.3
Goodwill	900.4		874.8
Other intangible assets, net	2,801.1		2,770.4
Operating lease right of use asset	115.4		73.4
Deferred income taxes	21.8		25.5
Other noncurrent assets	48.4		55.6
TOTAL ASSETS HELD FOR SALE	$	4,763.4	$	4,613.1
LIABILITIES
Accounts payable	$	111.9	$	128.3
Accrued expenses and other current liabilities	233.4		236.4
Current operating lease liabilities	24.0		17.2
Income and other taxes payable	17.5		15.8
Long-term operating lease liabilities	92.9		65.9
Noncurrent deferred tax liabilities	322.3		324.8
Pension and other post-employment benefits	154.0		140.8
Other noncurrent liabilities	29.1		27.5
TOTAL LIABILITIES HELD FOR SALE	$	985.1	$	956.7

(a) The Company expects that the transaction will close in the second quarter of fiscal 2021. As such, for the periods ending September 30, 2020 and 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