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BUSINESS ACQUIRED (Tables) | 3 Months Ended
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Sep. 30, 2020
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair value of the joint ventures’ assets acquired and liabilities assumed and the related deferred income taxes as of the acquisition date. Due to the timing of the acquisition, the fair values of the assets acquired and liabilities assumed were based on a preliminary valuation and the Company’s estimates and assumptions are subject to change within the measurement period. The primary areas of the purchase price that are not yet finalized are related to goodwill and income taxes. The definite-lived intangibles acquired primarily represent the Company reacquiring previously licensed trademarks and customer relationships. The weighted-average estimated useful life of intangible assets subject to amortization is 9 years.
| Joint Venture
Goodwill | $ | 212 |
Reacquired rights (included in Other intangible assets, net) | 138 |
Property, plant and equipment | 46 |
Customer relationships (included in Other intangible assets, net) | 10 |
Working capital, net (includes cash acquired of $26) | 31 |
Noncurrent liabilities, net | (5) |
Deferred income taxes | (20) |
Total fair value of net assets | 412 |
Less: Fair value of noncontrolling interests | (198) |
Less: Fair value of previously held equity interest | (103) |
Total purchase consideration | $ | 111 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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