DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Schedule of discontinued operations

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

	Three Months Ended March 31,				Nine Months Ended March 31,
	2021 (b)		2020		2021 (b)		2020
Net revenues	$	—	$	465.5	$	986.3	$	1,658.4
Cost of sales	—		156.3		322.5		559.8
Gross profit	—		309.2		663.8		1,098.6
Selling, general and administrative expenses	—		241.2		443.7		793.3
Amortization expense	—		26.0		—		78.0
Restructuring costs	—		1.3		(0.7)		8.7
Operating income	—		40.7		220.8		218.6
Interest expense, net (a)	—		9.8		21.3		36.8
Loss on sale of business (c)	27.5		—		246.6		—
Other expense (income), net	—		0.2		(1.0)		—
(Loss) income from discontinued operations before income taxes	(27.5)		30.7		(46.1)		181.8
(Benefit) provision for income taxes on discontinued operations	(10.2)		(8.7)		102.1		18.0
Net (loss) income from discontinued operations	$	(17.3)	$	39.4	$	(148.2)	$	163.8

(a)Interest expense was allocated to the discontinued operations due to a requirement in the 2018 Coty Credit Agreement, as amended (defined in Note 12—Debt), 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 is reserved for reinvestment in the business.

(b)As the sale of the Wella Business occurred on November 30, 2020, discontinued operations activity, other than the Loss on sale of business, comprises zero and five months for the three and nine months ended March 31, 2021 respectively.

(c)The Loss on sale of business for the three months ended March 31, 2021 reflects certain purchase price working capital adjustments.

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

	Nine Months Ended March 31,
	2021 (a)		2020
NON-CASH OPERATING ITEMS
Depreciation and amortization	$	—	$	108.3
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	$	8.7	$	19.0

(a) As the sale of the Wella Business occurred on November 30, 2020, discontinued operations activity comprises five months for the nine month period ended March 31, 2021.

The major components of assets and liabilities of the Wella Business held for sale are provided below.

	June 30, 2020(a)
ASSETS
Trade receivables	$	168.0
Inventories	269.2
Prepaid expenses and other current assets	134.9
Property and equipment, net	241.3
Goodwill	874.8
Other intangible assets, net	2,770.4
Operating lease right-of-use assets	73.4
Deferred income taxes	25.5
Other noncurrent assets	55.6
TOTAL ASSETS HELD FOR SALE	$	4,613.1
LIABILITIES
Accounts payable	$	128.3
Accrued expenses and other current liabilities	236.4
Current operating lease liabilities	17.2
Income and other taxes payable	15.8
Long-term operating lease liabilities	65.9
Noncurrent deferred tax liabilities	324.8
Pension and other post-employment benefits	140.8
Other noncurrent liabilities	27.5
TOTAL LIABILITIES HELD FOR SALE	$	956.7

(a) The sale of Wella closed on November 30, 2020. For the period ended on 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.