DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Jun. 30, 2021

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,
	2021 (a)		2020		2019
Net revenues	$	986.3	$	2,020.1	$	2,360.6
Cost of sales	322.5		689.7		808.0
Gross profit	663.8		1,330.4		1,552.6
Selling, general and administrative expenses	443.7		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 income	220.8		218.2		216.9
Interest expense, net (b)	21.3		49.7		50.6
Loss on sale of business	246.4		—		—
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 operations	91.4		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,
	2021		2020		2019
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
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 asset	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 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.