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DISCONTINUED OPERATIONS
 12 Months Ended
Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]  
DISCONTINUED OPERATIONS DISCONTINUED OPERATIONS
As described in Note 1—Description of Business, on November 30, 2020, the Company completed the strategic transaction for the sale of a majority stake in the Wella Business.
In accordance with applicable accounting guidance for the disposal of long-lived assets, the results of the Wella Business are presented as discontinued operations for the period up to and including the date of the sale, and, as such, have been excluded from both continuing operations and segment results for all periods presented. Additionally, the Wella Business assets and liabilities included in the sale are presented as assets and liabilities held for sale in the Consolidated Balance Sheets for the comparative period provided. The Wella Business was comprised of the Professional Beauty reportable segment and the Retail Hair business, which was included in the Americas, EMEA and Asia Pacific reportable segments.
The following table has selected financial information included in Net income from discontinued operations for the Wella Business.
Year Ended June 30,
2021 (a)
20202019
Net revenues$986.3 $2,020.1 $2,360.6 
Cost of sales322.5 689.7 808.0 
Gross profit663.8 1,330.4 1,552.6 
Selling, general and administrative expenses443.7 1,009.2 1,096.0 
Amortization expense— 95.5 106.8 
Restructuring costs(0.7)7.5 10.0 
Asset impairment charges— — 122.9 
Operating income220.8 218.2 216.9 
Interest expense, net (b)
21.3 49.7 50.6 
Loss on sale of business246.4 — — 
Other (income) expense, net(1.0)(0.9)(1.0)
(Loss) income from discontinued operations before income taxes(45.9)169.4 167.3 
Income tax on discontinued operations91.4 82.2 46.3 
Net (loss) income from discontinued operations$(137.3)$87.2 $121.0 

(a)As the sale of the Wella Business occurred on November 30, 2020, discontinued operations activity, other than the Loss on sale of business, comprises five months for the fiscal year ended 2021.
(b)Interest expense was allocated to discontinued operations due to a requirement in the 2018 Coty Credit Agreement, as amended (as defined in the Note 15—Debt) that cash generated from the sale of the Wella Business is utilized to reduce the Company’s debt within the twelve months following the sale completion date, 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,
202120202019
NON-CASH OPERATING ITEMS
Depreciation and amortization$— $131.8 $157.5 
Goodwill and intangible asset impairment charges— — 123.0 
CASH FLOW FROM INVESTING ACTIVITIES
Capital Expenditures$8.7 $24.7 $44.1 
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 
Inventories269.2 
Prepaid expenses and other current assets134.9 
Property and equipment, net241.3 
Goodwill874.8 
Other intangible assets, net2,770.4 
Operating lease right of use asset73.4 
Deferred income taxes25.5 
Other noncurrent assets55.6 
TOTAL ASSETS HELD FOR SALE$4,613.1 
LIABILITIES
Accounts payable$128.3 
Accrued expenses and other current liabilities236.4 
Current operating lease liabilities17.2 
Income and other taxes payable15.8 
Long-term operating lease liabilities65.9 
Noncurrent deferred tax liabilities324.8 
Pension and other post-employment benefits140.8 
Other noncurrent liabilities27.5 
TOTAL LIABILITIES HELD FOR SALE$956.7 

(a)The sale of Wella closed on November 30, 2020. 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.
The loss on sale of the Wella Business included in Net (loss) income from discontinued operations in the Consolidated Statements of Operations was $246.4 for the year ended June 30, 2021. Initial cash proceeds received by the Company for the sale of its 60% stake in Wella were $2,451.7 and the Company retained an equity interest of 40%. The loss on sale reflects the net assets sold, taxes and other costs to sell the Wella Business.