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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDEDDECEMBER 31, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM                    TO          
COMMISSION FILE NUMBER 001-35964
COTY INC.
(Exact name of registrant as specified in its charter)
Delaware
13-3823358
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
350 Fifth Avenue,
 New York,NY10118
(Address of principal executive offices)(Zip Code)
(212) 389-7300
Registrant’s telephone number, including area code

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes ý      No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes ý      No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filer   Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes      No ý
Securities Registered Pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.01 par valueCOTYNew York Stock Exchange
At January 31, 2024, 895,168,882 shares of the registrant’s Class A Common Stock, $0.01 par value, were outstanding.




COTY INC.
INDEX TO FORM 10-Q
Page



Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Condensed Consolidated Financial Statements
COTY INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)
 Three Months Ended
December 31,
Six Months Ended
December 31,
 2023202220232022
Net revenues$1,727.6 $1,523.6 $3,369.0 $2,913.6 
Cost of sales603.5 525.3 1,203.0 1,026.6 
Gross profit1,124.1 998.3 2,166.0 1,887.0 
Selling, general and administrative expenses833.4 754.3 1,600.8 1,425.0 
Amortization expense48.3 47.6 96.9 94.9 
Restructuring costs5.7 (2.9)34.1 (4.1)
Operating income236.7 199.3 434.2 371.2 
Interest expense, net60.1 61.0 129.9 126.9 
Other income, net(80.8)(141.9)(4.2)(240.1)
Income before income taxes257.4 280.2 308.5 484.4 
Provision for income taxes71.4 38.8 112.3 108.5 
Net income186.0 241.4 196.2 375.9 
Net income (loss) attributable to noncontrolling interests0.5 (1.4)1.6 (1.4)
Net income attributable to redeemable noncontrolling interests4.6 4.5 12.1 10.4 
Net income attributable to Coty Inc.$180.9 $238.3 $182.5 $366.9 
Amounts attributable to Coty Inc.
Net income attributable to Coty Inc.180.9 238.3 182.5 366.9 
Convertible Series B Preferred Stock dividends(3.3)(3.3)(6.6)(6.6)
Net income attributable to common stockholders$177.6 $235.0 $175.9 $360.3 
Earnings per common share:  
Earnings per common share - basic$0.20 $0.28 0.20 0.43 
Earnings per common share - diluted0.20 0.27 0.20 0.42 
Weighted-average common shares outstanding:    
Basic892.8 850.8 873.6 846.4 
Diluted922.8 886.8 883.3 884.5 
See notes to Condensed Consolidated Financial Statements.
1

Table of Contents
COTY INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In millions)
(Unaudited)
Three Months Ended
December 31,
Six Months Ended
December 31,
 2023202220232022
Net income$186.0 $241.4 $196.2 $375.9 
Other comprehensive income (loss):    
Foreign currency translation adjustment171.5 219.0 57.0 (45.1)
Net unrealized derivative gain (loss) on cash flow hedges, net of taxes of $0.3 and $1.2, and $(0.4) and $0.7 during the three and six months ended, respectively
(1.1)(3.9)0.4 (3.0)
Pension and other post-employment benefits adjustment, net of tax of $(0.4) and $(0.8), and $0.5 and $0.0 during the three and six months ended, respectively
0.6 1.5 (1.5)(1.7)
Total other comprehensive income (loss), net of tax171.0 216.6 55.9 (49.8)
Comprehensive income357.0 458.0 252.1 326.1 
Comprehensive income attributable to noncontrolling interests:    
Net income (loss)0.5 (1.4)1.6 (1.4)
Foreign currency translation adjustment 0.3  0.3 
Total comprehensive income (loss) attributable to noncontrolling interests0.5 (1.1)1.6 (1.1)
Comprehensive income attributable to redeemable noncontrolling interests:
Net income4.6 4.5 12.1 10.4 
Foreign currency translation adjustment0.2 0.3 0.1 0.1 
Total comprehensive income attributable to noncontrolling interests4.8 4.8 12.2 10.5 
Comprehensive income attributable to Coty Inc.$351.7 $454.3 $238.3 $316.7 
See notes to Condensed Consolidated Financial Statements.
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COTY INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except per share data)
(Unaudited)
 December 31,
2023
June 30,
2023
ASSETS  
Current assets:  
Cash and cash equivalents$450.0 $246.9 
Restricted cash33.5 36.9 
Trade receivables—less allowances of $23.1 and $23.2, respectively
500.2 360.9 
Inventories775.5 853.4 
Prepaid expenses and other current assets662.4 553.6 
Total current assets2,421.6 2,051.7 
Property and equipment, net705.9 712.9 
Goodwill4,021.9 3,987.9 
Other intangible assets, net3,739.5 3,798.0 
Equity investments1,084.2 1,068.9 
Operating lease right-of-use assets289.8 286.7 
Deferred income taxes597.5 589.9 
Other noncurrent assets155.3 165.6 
TOTAL ASSETS$13,015.7 $12,661.6 
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY  
Current liabilities:
Accounts payable$1,462.9 $1,444.7 
Accrued expenses and other current liabilities1,194.6 1,042.0 
Short-term debt and current portion of long-term debt8.9 57.9 
Current operating lease liabilities61.5 65.6 
Income and other taxes payable123.1 126.6 
Total current liabilities2,851.0 2,736.8 
Long-term debt, net3,682.9 4,178.2 
Long-term operating lease liabilities251.6 247.5 
Pension and other post-employment benefits283.0 280.7 
Deferred income taxes746.8 659.7 
Other noncurrent liabilities343.1 325.4 
Total liabilities8,158.4 8,428.3 
COMMITMENTS AND CONTINGENCIES (See Note 17)
CONVERTIBLE SERIES B PREFERRED STOCK, $0.01 par value; 1.0 shares authorized; 0.1 and 0.1 issued and outstanding at December 31, 2023 and June 30, 2023, respectively
142.4 142.4 
REDEEMABLE NONCONTROLLING INTERESTS102.2 93.5 
EQUITY:  
Preferred Stock, $0.01 par value; 20.0 shares authorized, 1.0 issued and outstanding at December 31, 2023 and June 30, 2023
  
Class A Common Stock, $0.01 par value; 1,250.0 shares authorized, 961.7 and 919.3 issued and 895.1 and 852.8 outstanding at December 31, 2023 and June 30, 2023, respectively
9.6 9.1 
Additional paid-in capital11,273.5 10,898.6 
Accumulated deficit(4,805.4)(4,987.9)
Accumulated other comprehensive loss(606.6)(662.4)
Treasury stock—at cost, shares: 66.6 and 66.5 at December 31, 2023 and June 30, 2023, respectively
(1,446.3)(1,446.3)
Total Coty Inc. stockholders’ equity4,424.8 3,811.1 
Noncontrolling interests187.9 186.3 
Total equity4,612.7 3,997.4 
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY$13,015.7 $12,661.6 
See notes to Condensed Consolidated Financial Statements.
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COTY INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
For the Three and Six Months Ended December 31, 2023
(In millions, except per share data)
(Unaudited)
 Preferred Stock
Class A
Common Stock
Stock to be issued
Additional
Paid-in Capital
Receivable from sale of stock(Accumulated Deficit)Accumulated Other Comprehensive (Loss) IncomeTreasury Stock
Total Coty Inc.
Stockholders’ Equity
Noncontrolling InterestsTotal Equity
Redeemable
Noncontrolling Interests
Convertible Series B Preferred Stock
 SharesAmountSharesAmountSharesAmount
BALANCE—July 1, 20231.0 $ 919.3 $9.1 $ $10,898.6 $ $(4,987.9)$(662.4)66.5 $(1,446.3)$3,811.1 $186.3 $3,997.4 $93.5 $142.4 
Issuance of Class A Common Stock in connection with global offering, net of offering costs30.0 0.3 31.5 311.2 (348.5)(5.5)(5.5)
Exercise of employee stock options and restricted stock units5.2 0.1 (0.1)— — 
Shares withheld for employee taxes(0.8)(0.8)(0.8)
Share-based compensation expense30.2 30.2 30.2 
Equity Investment contribution for share-based compensation0.7 0.7 0.7 
Changes in dividends accrued— — — 
Dividends Accrued - Convertible Series B Preferred Stock(3.3)(3.3)(3.3)3.3 
Dividends Paid - Convertible Series B Preferred Stock— — (3.3)
Net income1.6 1.6 1.1 2.7 7.5 
Other comprehensive loss(115.0)(115.0)— (115.0)(0.1)
Adjustment of redeemable noncontrolling interests to redemption value2.3 2.3 2.3 (2.3)
BALANCE—September 30, 20231.0 $ 954.5 $9.5 $31.5 $11,238.8 $(348.5)$(4,986.3)$(777.4)66.5 $(1,446.3)$3,721.3 $187.4 $3,908.7 $98.6 $142.4 
Issuance of Class A Common Stock in connection with global offering, net of offering costs3.0 (31.5)30.9 348.5 347.9 347.9 
Reacquired Class A Common Stock for employee taxes0.1 — — 
Exercise of employee stock options and restricted stock units4.2 0.1 11.2 11.3 11.3 
Shares withheld for employee taxes(17.3)(17.3)(17.3)
Share-based compensation expense19.9 19.9 19.9 
Equity Investment contribution for share-based compensation0.6 0.6 0.6 
Changes in dividends accrued— — — 
Dividends Accrued - Convertible Series B Preferred Stock(3.3)(3.3)(3.3)3.3 
Dividends Paid - Convertible Series B Preferred Stock— — (3.3)
Net income180.9 180.9 0.5 181.4 4.6 
Other comprehensive income170.8 170.8 170.8 0.2 
Distribution to noncontrolling interests, net— — (8.5)
Adjustment of redeemable noncontrolling interests to redemption value(7.3)(7.3)(7.3)7.3 
BALANCE—December 31, 20231.0 $ 961.7 $9.6 $ $11,273.5 $ $(4,805.4)$(606.6)66.6 $(1,446.3)$4,424.8 $187.9 $4,612.7 $102.2 $142.4 
See notes to Condensed Consolidated Financial Statements.
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COTY INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
For the Three and Six Months Ended December 31, 2022
(In millions, except per share data)
(Unaudited)
 Preferred StockClass A
Common Stock
Additional
Paid-in Capital
(Accumulated Deficit)Accumulated Other Comprehensive (Loss) IncomeTreasury StockTotal Coty Inc.
Stockholders’ Equity
Noncontrolling InterestsTotal EquityRedeemable
Noncontrolling Interests
Convertible Series B Preferred Stock
 SharesAmountSharesAmountSharesAmount
BALANCE—July 1, 20221.5 $ 905.5 $9.0 $10,805.8 $(5,496.1)$(717.9)66.3 $(1,446.3)$3,154.5 $191.3 $3,345.8 $69.8 $142.4 
Reacquired Class A Common Stock for employee taxes0.1— — 
Exercise of employee stock options and restricted stock units10.2 — — — 
Shares withheld for employee taxes(1.1)(1.1)(1.1)
Share-based compensation expense31.4 31.4 31.4 
Dividends accrued- Convertible Series B Preferred Stock(3.3)(3.3)(3.3)3.3 
Dividends paid - Convertible Series B Preferred Stock— — (3.3)
Net (loss) income128.6 128.6 — 128.6 5.9 
Other comprehensive loss(266.2)(266.2)— (266.2)(0.2)
Adjustment of redeemable noncontrolling interests to redemption value6.2 6.2 6.2 (6.2)
Equity investment contribution for share-based compensation1.7 1.7 1.7 
BALANCE—September 30, 20221.5 $ 915.7 $9.0 $10,840.7 $(5,367.5)$(984.1)66.4 $(1,446.3)$3,051.8 $191.3 $3,243.1 $69.3 $142.4 
Reacquired Class A Common Stock for employee taxes— — 
Exercise of employee stock options and restricted stock units3.2 0.1 (0.1)— — 
Shares withheld for employee taxes(10.5)(10.5)(10.5)
Share-based compensation expense33.6 33.6 33.6 
Changes in dividends accrued0.1 0.1 0.1 
Dividends accrued- Convertible Series B Preferred Stock(3.3)(3.3)(3.3)3.3 
Dividends paid - Convertible Series B Preferred Stock— — (3.3)
Net income (loss)238.3 238.3 (1.4)236.9 4.5 
Other comprehensive loss216.0 216.0 0.3 216.3 0.3 
Distribution to noncontrolling interests, net — — — 
Adjustment of redeemable noncontrolling interests to redemption value4.4 4.4 4.4 (4.4)
Equity investment contribution for share-based compensation1.0 1.0 1.0 
BALANCE—December 31, 20221.5 $ 918.9 $9.1 $10,865.9 $(5,129.2)$(768.1)66.4 $(1,446.3)$3,531.4 $190.2 $3,721.6 $69.7 $142.4 
See notes to Condensed Consolidated Financial Statements.
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COTY INC. & SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Six Months Ended
December 31,
20232022
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income$196.2 $375.9 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization212.2 210.4 
Non-cash lease expense31.3 32.1 
Deferred income taxes78.4 84.6 
Releases for bad debts, net(0.2)(15.8)
Provision for pension and other post-employment benefits5.0 4.6 
Share-based compensation49.9 65.3 
(Gains) losses on disposals of long-term assets, net(0.1)4.7 
Realized and unrealized gains from equity investments, net(15.3)(208.0)
Foreign exchange effects18.0 24.8 
Unrealized gains on forward repurchase contracts, net(18.8)(19.4)
Other23.5 13.6 
Change in operating assets and liabilities  
Trade receivables(139.6)(45.7)
Inventories81.9 (55.3)
Prepaid expenses and other current assets(47.5)(55.2)
Accounts payable23.2 227.2 
Accrued expenses and other current liabilities138.7 75.1 
Operating lease liabilities(30.4)(33.5)
Income and other taxes payable(0.7)12.2 
Other noncurrent assets(10.9)(13.3)
Other noncurrent liabilities13.3 (38.9)
Net cash provided by operating activities608.1 645.4 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Capital expenditures(121.1)(102.1)
Proceeds from sale of long-term assets and license terminations1.7 56.9 
Net cash used in investing activities(119.4)(45.2)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Proceeds from revolving loan facilities1,134.0 612.0 
Repayments of revolving loan facilities(1,347.0)(806.1)
Proceeds from issuance of other long-term debt1,284.3  
Repayments of term loans and other long-term debt(1,613.5)(188.6)
Dividend payments on Class A Common Stock and Series B Preferred Stock(6.8)(7.1)
Proceeds from issuance of Class A Common Stock in connection with global offering, net of offering costs343.9  
Net proceeds from issuance of Class A Common Stock11.0  
Net proceeds from (payments of) foreign currency contracts0.4 (133.5)
Payments related to forward repurchase contracts(24.0) 
Distributions to noncontrolling interests and redeemable noncontrolling interests(8.5) 
Payment of deferred financing fees(39.5) 
All other(20.2)(13.3)
Net cash used in financing activities(285.9)(536.6)
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EFFECT OF EXCHANGE RATES ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH(3.1)(15.1)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH199.7 48.5 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of period283.8 263.8 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—End of period$483.5 $312.3 
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:  
Cash paid during the period for interest$96.2 $121.7 
Net cash paid for income taxes37.8 27.3 
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:  
Accrued capital expenditure additions$85.5 $85.3 
See notes to Condensed Consolidated Financial Statements.
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COTY INC. & SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
($ in millions, except per share data)
(Unaudited)

1. DESCRIPTION OF BUSINESS
Coty Inc. and its subsidiaries (collectively, the “Company” or “Coty”) manufacture, market, sell and distribute branded beauty products, including fragrances, color cosmetics and skin & body related products throughout the world. Coty is a global beauty company with a rich entrepreneurial history and an iconic portfolio of brands.
The Company operates on a fiscal year basis with a year-end of June 30. Unless otherwise noted, any reference to a year preceded by the word “fiscal” refers to the fiscal year ended June 30 of that year. For example, references to “fiscal 2024” refer to the fiscal year ending June 30, 2024. When used in this Quarterly Report on Form 10-Q, the term “includes” and “including” means, unless the context otherwise indicates, including without limitation.
The Company’s sales generally increase during the second fiscal quarter as a result of increased demand associated with the winter holiday season. Financial performance, working capital requirements, sales, cash flows and borrowings generally experience variability during the three to six months preceding the holiday season. Product innovations, new product launches and the size and timing of orders from the Company’s customers may also result in variability.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The unaudited interim Condensed Consolidated Financial Statements are presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and include the Company’s consolidated domestic and international subsidiaries. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these unaudited interim Condensed Consolidated Financial Statements and accompanying footnotes should be read in conjunction with the Company’s Consolidated Financial Statements as of and for the year ended June 30, 2023. In the opinion of management, all adjustments, of a normal recurring nature, considered necessary for a fair presentation have been included in the Condensed Consolidated Financial Statements. The results of operations for the three and six months ended December 31, 2023 are not necessarily indicative of the results of operations to be expected for the full fiscal year ending June 30, 2024. All dollar amounts (other than per share amounts) in the following discussion are in millions of United States (“U.S.”) dollars, unless otherwise indicated.
Restricted Cash
Restricted cash represents funds that are not readily available for general purpose cash needs due to contractual limitations. Restricted cash is classified as a current or long-term asset based on the timing and nature of when or how the cash is expected to be used or when the restrictions are expected to lapse. As of December 31, 2023 and June 30, 2023, the Company had restricted cash of $33.5 and $36.9, respectively, included in Restricted cash in the Condensed Consolidated Balance Sheets. The Restricted cash balance as of December 31, 2023 primarily provides collateral for certain bank guarantees on rent, customs and duty accounts and also consists of collections on factored receivables that remain unremitted to the factor as of December 31, 2023. Restricted cash is included as a component of Cash, cash equivalents and restricted cash in the Condensed Consolidated Statement of Cash Flows.
Equity Investments
The Company elected the fair value option to account for its investment in Rainbow JVCO LTD and subsidiaries (together, "Wella" or the “Wella Company”) to align with the Company’s strategy for this investment. The fair value is updated on a quarterly basis. The investment is classified within Level 3 in the fair value hierarchy because the Company estimates the fair value of the investment using a combination of the income approach, the market approach and private transactions, when applicable. Changes in the fair value of equity investment under the fair value option are recorded in Other income, net within the Condensed Consolidated Statements of Operations (see Note 6—Equity Investments).
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the period reported. Significant accounting policies that contain subjective management estimates and assumptions include those related to revenue recognition, the net realizable value of inventory, the fair value of equity investments, the assessment of goodwill, other intangible assets and long-lived assets for
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impairment and income taxes. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from those estimates and assumptions. Significant changes, if any, in those estimates and assumptions will be reflected in the Condensed Consolidated Financial Statements in future periods.
Tax Information
The effective income tax rate for the three and six months ended December 31, 2023 and 2022 was 27.7% and 13.8%, respectively, and 36.4% and 22.4%, respectively. The change in the effective tax rate for the three months ended December 31, 2023, as compared with the three months ended December 31, 2022, is primarily due to the foreign exchange loss recognized on repatriation of funds in the prior year that were previously taxed. The change in the effective tax rate for the six months ended December 31, 2023, as compared with the six months ended December 31, 2022, is primarily due to an expense of $24.3 in the current period recognized on the revaluation of the Company's deferred tax liabilities due to a tax rate increase enacted in Switzerland.
The effective income tax rates vary from the U.S. federal statutory rate of 21% due to the effect of (i) jurisdictions with different statutory rates, including impacts of rate changes, (ii) adjustments to the Company’s unrealized tax benefits (“UTBs”) and accrued interest, (iii) non-deductible expenses, (iv) audit settlements and (v) valuation allowance changes.
As of December 31, 2023 and June 30, 2023, the gross amount of UTBs was $229.7 and $235.5, respectively. As of December 31, 2023, the total amount of UTBs that, if recognized, would impact the effective income tax rate is $180.0. As of December 31, 2023 and June 30, 2023, the liability associated with UTBs, including accrued interest and penalties, was $215.6 and $218.6, respectively, which was recorded in Income and other taxes payable and Other noncurrent liabilities in the Condensed Consolidated Balance Sheets. The total interest and penalties recorded in the Condensed Consolidated Statements of Operations related to UTBs was $0.7 and $0.1 for the three months ended December 31, 2023 and 2022, respectively, and $2.0 and $1.4 for the six months ended December 31, 2023 and 2022, respectively. The total gross accrued interest and penalties recorded in the Condensed Consolidated Balance Sheets as of December 31, 2023 and June 30, 2023 was $35.1 and $33.1, respectively. On the basis of the information available as of December 31, 2023, it is reasonably possible that a decrease of up to $26.5 in UTBs may occur within twelve months as a result of projected resolutions of global tax examinations and a potential lapse of the applicable statutes of limitations.
Russia Market Exit
In connection with the Company’s Board of Director’s decision to wind down operations in Russia, the Company recognized total pre-tax losses in the Condensed Consolidated Statements of Operations of $0.0 and $0.1, respectively, in the three and six months ended December 31, 2023. The Company recognized total pre-tax gains in the Condensed Consolidated Statements of Operations of $16.8 and $15.7, respectively, in the three and six months ended December 31, 2022.
The Company anticipates that it will incur an immaterial amount of additional costs through completion of the wind down. Additionally, management anticipates derecognizing the cumulative translation adjustment balance pertaining to the Russian subsidiary. The Company has substantially completed the exit of its commercial activities in Russia. However, the Company anticipates that the process related to the liquidation of the Russian legal entity will take an extended period of time.
Recent Accounting Pronouncements
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands income tax disclosure requirements to include additional information related to the rate reconciliation of our effective tax rates to statutory rates, as well as additional disaggregation of taxes paid. The amendments in the ASU also remove disclosures related to certain unrecognized tax benefits and deferred taxes. ASU 2023-09 is effective for the Company in fiscal 2026. The amendments may be applied prospectively or retrospectively, and early adoption is permitted. The Company is currently assessing the impact of the requirements on its disclosures.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU require that a public entity discloses, on an annual and interim basis, significant segment expenses that are regularly provided to an entity's chief operating decision maker ("CODM"), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. Annual disclosures are required for the Company in fiscal 2025. Interim disclosures are required for periods within fiscal years beginning in the first quarter of fiscal 2026. Retrospective application is required for all prior periods presented, and early adoption is permitted. The Company is currently assessing the impact of the requirements on its consolidated financial statements and disclosures.
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3. SEGMENT REPORTING
Operating and reportable segments (referred to as “segments”) reflect the way the Company is managed and for which separate financial information is available and evaluated regularly by the Company's CODM in deciding how to allocate resources and assess performance. The Company has designated its Chief Executive Officer ("CEO") as the CODM.
Certain income and shared costs and the results of corporate initiatives are managed by Corporate. Corporate primarily includes stock compensation expense, restructuring and realignment costs, costs related to acquisition, divestiture and early license termination activities, and impairments of long-lived assets, goodwill and intangibles that are not attributable to ongoing operating activities of the segments. Corporate costs are not used by the CODM to measure the underlying performance of the segments.
With the exception of goodwill, the Company does not identify or monitor assets by segment. The Company does not present assets by reportable segment since various assets are shared between reportable segments. The allocation of goodwill by segment is presented in Note 7—Goodwill and Other Intangible Assets, net.
Three Months Ended
December 31,
Six Months Ended
December 31,
SEGMENT DATA2023202220232022
Net revenues:
Prestige$1,122.6 $957.7 $2,187.3 $1,821.2 
Consumer Beauty605.0 565.9 1,181.7 1,092.4 
Total$1,727.6 $1,523.6 $3,369.0 $2,913.6 
Operating income (loss):
Prestige200.6 164.4 422.2 335.0 
Consumer Beauty60.4 49.4 92.4 81.1 
Corporate(24.3)(14.5)(80.4)(44.9)
Total$236.7 $199.3 $434.2 $371.2 
Reconciliation:
Operating income236.7 199.3 434.2 371.2 
Interest expense, net60.1 61.0 129.9 126.9 
Other income, net(80.8)(141.9)(4.2)(240.1)
Income before income taxes$257.4 $280.2 $308.5 $484.4 
Presented below are the percentage of revenues associated with the Company’s product categories:
Three Months Ended
December 31,
Six Months Ended
December 31,
PRODUCT CATEGORY2023202220232022
Fragrance64.3 %62.2 %63.8 %60.8 %
Color Cosmetics24.1 25.6 24.3 26.6 
Body Care, Skin & Other11.6 12.2 11.9 12.6 
Total100.0 %100.0 %100.0 %100.0 %
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4. RESTRUCTURING COSTS
Restructuring costs for the three and six months ended December 31, 2023 and 2022 are presented below:
Three Months Ended
December 31,
Six Months Ended
December 31,
2023202220232022
Other Restructuring Actions$6.1 $ $34.7 $ 
Transformation Plan(0.4)(2.9)(0.6)(4.1)