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GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS | 12 Months Ended
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Jun. 30, 2021
GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS [Abstract] |
GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS | GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS The changes in the carrying amount of goodwill by reportable segment for the fiscal years ended June 30, 2021 and 2020 were as follows:
| Goodwill
| Health and Wellness |  | Household |  | Lifestyle |  | International |  | Total
Balance as of June 30, 2019 | $ | 857 |  |  | $ | 85 |  |  | $ | 244 |  |  | $ | 405 |  |  | $ | 1,591 |
Acquisition | — |  |  | — |  |  | — |  |  | — |  |  | — |
Effect of foreign currency translation | — |  |  | — |  |  | — |  |  | (14) |  |  | (14) |
Balance as of June 30, 2020 | $ | 857 |  |  | $ | 85 |  |  | $ | 244 |  |  | $ | 391 |  |  | $ | 1,577 |
Acquisition | — |  |  | — |  |  | — |  |  | 208 |  |  | 208 |
Goodwill impairment | (228) |  |  | — |  |  | — |  |  | — |  |  | (228) |
Effect of foreign currency translation | — |  |  | — |  |  | — |  |  | 18 |  |  | 18 |
Balance as of June 30, 2021 | $ | 629 |  |  | $ | 85 |  |  | $ | 244 |  |  | $ | 617 |  |  | $ | 1,575 |
The changes in the carrying amount of trademarks and other intangible assets for the fiscal years ended June 30 were as follows:
| As of June 30, 2021 |  | As of June 30, 2020
| Gross carrying amount |  | Accumulated amortization / Impairments |  | Net carrying amount |  | Gross carrying amount |  | Accumulated amortization / Impairments |  | Net carrying amount
Trademarks with indefinite lives (1) | $ | 670 |  |  | $ | — |  |  | $ | 670 |  |  | $ | 766 |  |  | $ | — |  |  | $ | 766 |
Trademarks with finite lives (1) | 60 |  |  | 37 |  |  | 23 |  |  | 47 |  |  | 28 |  |  | 19 |
Other intangible assets with finite lives | 593 |  |  | 368 |  |  | 225 |  |  | 424 |  |  | 315 |  |  | 109 |
Total | $ | 1,323 |  |  | $ | 405 |  |  | $ | 918 |  |  | $ | 1,237 |  |  | $ | 343 |  |  | $ | 894 |
(1) As of June 30, 2021 reflects changes of the useful lives of certain VMS indefinite-lived intangible assets to finite-lived effective April 1, 2021. Amortization expense relating to the Company’s intangible assets was $32, $14 and $15 for the years ended June 30, 2021, 2020 and 2019, respectively. Estimated amortization expense for these intangible assets is $31, $29, $28, $27 and $27 for fiscal years 2022, 2023, 2024, 2025 and 2026, respectively. During fiscal year 2021, as a result of lower than expected actual and projected net sales growth and operating performance for the VMS SBU, a strategic review was initiated by management that resulted in updated financial and operational plans. These events were considered a triggering event requiring interim impairment assessments to be performed on the VMS reporting unit, indefinite-lived trademarks and other assets. Based on the outcome of these assessments, the following pre-tax impairment charges were recorded during fiscal year 2021 within Goodwill, trademark and other asset impairments:
| VMS Impairment Charge
Goodwill | $ | 228 |
Trademarks, net | 86 |
Other intangible assets, net | 14 |
Property, plant and equipment, net | 1 |
Total | $ | 329 |
The impairment charges are a result of a higher level of competitive activity than originally assumed, accelerated declines in the channel where the business is over-developed, and higher than anticipated investments to grow the business, which have adversely affected the assumptions used to determine the fair value of the respective assets held by the VMS reporting unit for growth and the estimates of expenses necessary to achieve that growth. These impairment charges are based on the Company’s current estimates regarding the future financial performance of the VMS SBU and macroeconomic factors. In connection with recognizing these impairment charges, the Company recognized tax benefits related to the impairments of $62 due to the partial tax deductibility of these charges. To determine the fair value of the VMS reporting unit, the Company used the DCF method under the income approach. Under this approach, the Company estimated the future cash flows of the VMS reporting unit and discounted these cash flows at a rate of return that reflects its relative risk. The other key estimates and factors used in the DCF method include, but are not limited to, net sales and expense growth rates, and a terminal growth rate. To determine the estimated fair values of the VMS related indefinite-lived trademarks, which were included within the Health and Wellness reportable segment, the Company used the income approach. This approach requires significant judgments in determining the royalty rates and the assets’ estimated cash flows as well as the appropriate discount rates applied to those cash flows to determine fair value. In addition, the useful lives of the impaired trademarks, with a remaining net carrying value of $13 as of March 31, 2021, were changed from indefinite to finite beginning on April 1, 2021, which reflects the remaining expected useful lives of the trademarks based on the most recent financial and operational plans. The weighted-average estimated useful life of these trademarks is 16 years. Additionally during fiscal year 2021, an impairment charge of $14 was recorded within Cost of products sold related to other intangible assets with finite lives that were no longer expected to be recoverable due to a pending exit from a Professional Products SBU supplier relationship. The remaining carrying value of these assets was $0 following the impairment charge. No significant impairments were identified as a result of the Company’s impairment reviews during fiscal year 2020.

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- Definition Goodwill, Trademarks And Other Intangible Assets [Abstract] + References No definition available. + Details
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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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