EQUITY INVESTMENTS (Tables)

12 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of equity investments

The Company's equity investments, classified as Equity investments on the Consolidated Balance Sheets, as of June 30, 2024 are represented by the following:

	June 30, 2024		June 30, 2023
Equity method investments:
KKW Holdings (a)	$	5.6	$	8.9
Equity investments at fair value:
Wella (b)	1,085.0		1,060.0
Total equity investments	$	1,090.6	$	1,068.9

(a)On January 4, 2021, the Company completed its purchase of 20% of the outstanding equity of KKW Holdings.

During the years ended 2024, 2023 and 2022, the Company recognized $3.3, $3.7 and $3.6, respectively, representing its share of the investee’s net loss and the amortization of basis differences in Other expense (income), net within the Consolidated Statements of Operations.

(b)As of June 30, 2024 and 2023, the Company's stake in Wella was 25.84% and 25.85%, respectively.

The following table presents summarized financial information of the Company’s equity method investees for the years ended June 30, 2024 and 2023. Amounts presented represent combined totals at the investee level and not the Company’s proportionate share:

Summarized Statements of Operations information:	Year Ended June 30, 2024		Year Ended June 30, 2023
Net revenues	$	2,590.1	$	2,477.7
Gross profit	1,732.8		1,616.2
Operating income	42.7		163.6
Loss before income taxes	(176.4)		(33.6)
Net loss	(133.8)		(76.2)

Summarized Balance Sheets information:	June 30, 2024		June 30, 2023
Current assets	$	1,080.4	$	1,093.4
Noncurrent assets	4,322.3		4,554.5
Total assets	5,402.7		5,647.9
Current liabilities	967.3		1,038.9
Noncurrent liabilities	2,687.6		2,708.5
Total liabilities	3,654.9		3,747.4

Schedule of movement in equity investments

The following table summarizes movements in equity investments with fair value option that are classified within Level 3 for the period ended June 30, 2024. There were no internal movements to or from Level 3 from Level 1 or Level 2 for the period ended June 30, 2024.

Equity investments at fair value:
Balance as of June 30, 2023	$	1,060.0
Total gains/(losses) included in earnings	25.0
Balance as of June 30, 2024	$	1,085.0

Schedule of significant unobservable inputs used in level 3 valuation

The following table summarizes the significant unobservable inputs used in Level 3 valuation of the Company’s investments carried at fair value as of June 30, 2024. Included in the table are the inputs or range of possible inputs that have an effect on the overall valuation of the financial instruments.

	Fair value		Valuation Technique	Unobservable input	Range
Equity investments at fair value	$	1,085.0	Discounted cash flows	Discount rate	9.75% (a)
				Growth rate	1.8% - 11.0% (a)
			Market multiple	Revenue multiple	2.0x-2.2x (b)
				EBITDA multiple	10.2x – 11.8x (b)

(a)The primary unobservable inputs used in the fair value measurement of the Company’s equity investments with fair value option, when using a discounted cash flow method, are the discount rate and revenue growth rate. Significant increases (decreases) in the discount rate in isolation would result in a significantly lower (higher) fair value measurement. The Company estimates the discount rate based on the investees' projected cost of equity and debt. The revenue growth rate is forecasted for future years by the investee based on their best estimates. Significant increases (decreases) in the revenue growth rate in isolation would result in a significantly higher (lower) fair value measurement.

(b)The primary unobservable inputs used in the fair value measurement of the Company’s equity investments with fair value option, when using a market multiple method, are the revenue multiple and EBITDA multiple. Significant increases (decreases) in the revenue multiple or EBITDA multiple in isolation would result in a significantly higher (lower) fair value measurement. The market multiples are derived from a group of guideline public companies.