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GOODWILL AND OTHER INTANGIBLE ASSETS, NET
 12 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS, NET GOODWILL AND OTHER INTANGIBLE ASSETS, NET
Assessment for Impairments
The Company tests goodwill and indefinite-lived other intangible assets for impairment at least annually as of May 1, or more frequently, if certain events or circumstances warrant. During fiscal years 2022, 2021 and 2020, the Company recorded total impairments of goodwill at the Company’s reporting units of nil, nil and $105.0, respectively. During fiscal years 2022, 2021 and 2020, the Company recorded total impairments on indefinite-lived other intangible assets of $31.4, nil and $329.0, respectively. Additionally, the Company recorded no impairments on finite-lived other intangible assets during fiscal years 2022, 2021 or 2020.
In the fourth quarter of fiscal 2022, as a result of the annual impairment test, the Company recorded asset impairment charges of $21.3 and $10.1 related to the Max Factor and Bourjois trademarks, respectively, that are part of the Consumer Beauty reporting unit. The principal drivers of the impairments were related to the loss of revenue and impact on profitability as a result of the Company’s decision to exit the Russian market. Additionally, the current macroeconomic environment resulted in a 150 basis point increase in the discount rate compared to the May 1, 2021 test.
Goodwill
Goodwill as of June 30, 2022, 2021 and 2020 is presented below:
PrestigeConsumer BeautyTotal
Gross balance at June 30, 2020$6,255.5 $1,758.5 $8,014.0 
Accumulated impairments(3,110.3)(929.8)(4,040.1)
Net balance at June 30, 2020$3,145.2 $828.7 $3,973.9 
Changes during the year ended June 30, 2021
Measurement period adjustments13.9 (13.9)— 
Foreign currency translation114.6 29.6 144.2 
Gross balance at June 30, 2021$6,384.0 $1,774.2 $8,158.2 
Accumulated impairments(3,110.3)(929.8)(4,040.1)
Net balance at June 30, 2021$3,273.7 $844.4 $4,118.1 
Changes during the year ended June 30, 2022
Foreign currency translation(163.3)(40.1)(203.4)
Gross balance at June 30, 2022$6,220.7 $1,734.1 $7,954.8 
Accumulated impairments(3,110.3)(929.8)(4,040.1)
Net balance at June 30, 2022$3,110.4 $804.3 $3,914.7 
Other Intangible Assets, net
    Other intangible assets, net as of June 30, 2022 and 2021 are presented below:
June 30,
2022		June 30,
2021
Indefinite-lived other intangible assets $936.6 $1,018.7 
Finite-lived other intangible assets, net 2,966.2 3,444.3 
Total Other intangible assets, net$3,902.8 $4,463.0 
The changes in the carrying amount of indefinite-lived other intangible assets are presented below:
TrademarksTotal
Gross balance at June 30, 2020$1,909.0 $1,909.0 
Accumulated impairments(913.5)(913.5)
Net balance at June 30, 2020$995.5 $995.5 
Changes during the year ended June 30, 2021
Foreign currency translation23.2 23.2 
Gross balance at June 30, 2021$1,932.2 $1,932.2 
Accumulated impairments(913.5)(913.5)
Net balance at June 30, 2021$1,018.7 $1,018.7 
Changes during the year ended June 30, 2022
Impairment charges (a)
(31.4)(31.4)
Foreign currency translation(50.7)(50.7)
Gross balance at June 30, 2022$1,881.5 $1,881.5 
Accumulated impairments
$(944.9)$(944.9)
Net balance at June 30, 2022936.6 936.6 
(a) During fiscal 2022, the Company recognized asset impairment charges of $31.4 relating to the Max Factor and Bourjois trademarks.
Intangible assets subject to amortization are presented below:
CostAccumulated AmortizationAccumulated ImpairmentNet
June 30, 2021
License and collaboration agreements (a)
$4,192.9 $(1,229.1)$(19.6)$2,944.2 
Customer relationships803.1 (486.3)(5.5)311.3 
Trademarks330.2 (168.7)(0.5)161.0 
Product formulations and technology90.2 (62.4)— 27.8 
Total$5,416.4 $(1,946.5)$(25.6)$3,444.3 
June 30, 2022
License and collaboration agreements$3,861.9 $(1,302.2)$(19.6)$2,540.1 
Customer relationships740.0 (473.5)(5.5)261.0 
Trademarks
320.5 (177.1)(0.5)142.9 
Product formulations and technology83.9 (61.7)— 22.2 
Total$5,006.3 $(2,014.5)$(25.6)$2,966.2 
(a) Includes the KKW Collaboration Agreement of $180.6 resulting from the KKW Holdings transaction on January 4, 2021 (Refer to Note 4—Business Combinations, Asset Acquisitions and Divestitures.
Amortization expense totaled $207.4, $251.2 and $233.1 for the fiscal years ended June 30, 2022, 2021 and 2020, respectively.
Intangible assets subject to amortization are amortized principally using the straight-line method and have the following weighted-average remaining lives:
Description 
License and collaboration agreements20.9 years
Customer relationships15.8 years
Trademarks15.5 years
Product formulations and technology22.3 years
As of June 30, 2022, the remaining weighted-average life of all intangible assets subject to amortization is 20.2 years.
The estimated aggregate amortization expense for each of the following fiscal years ending June 30 is presented below:
2023$200.0 
2024198.2 
2025193.7 
2026162.5 
2027152.7 
License Agreements
The Company records assets for license agreements (“licenses”) acquired in transactions accounted for as business combinations. These licenses provide the Company with the exclusive right to manufacture and market on a worldwide and/or regional basis, certain of the Company’s products which comprise a significant portion of the Company’s revenues. These licenses have initial terms covering various periods. Certain brand licenses provide for automatic extensions ranging from 2 to 10 year terms, at the Company’s discretion.