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DISCONTINUED OPERATIONS (Tables) | 3 Months Ended
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Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of discontinued operations | The following table has selected financial information included in Net income from discontinued operations for the Wella Business.
| Three Months Ended September 30, |  |
| 2020 |  | 2019 |  |  |  |
Net revenues | $ | 566.4 |  |  | $ | 531.6 |  |  |  |  |
Cost of sales | 181.0 |  |  | 176.5 |  |  |  |  |
Gross profit | 385.4 |  |  | $ | 355.1 |  |  |  |  |
Selling, general and administrative expenses | 240.0 |  |  | 265.9 |  |  |  |  |
Amortization expense | — |  |  | 26.0 |  |  |  |  |
Restructuring costs | — |  |  | 1.2 |  |  |  |  |
Operating income | 145.4 |  |  | 62.0 |  |  |  |  |
Interest expense, net (a) | 11.8 |  |  | 14.3 |  |  |  |
Other (income) expense, net | 0.1 |  |  | (0.1) |  |  |  |  |
Income from discontinued operations before income taxes | 133.5 |  |  | 47.8 |  |  |  |  |
Income tax on discontinued operations | 28.8 |  |  | 8.3 |  |  |  |  |
Net income from discontinued operations | $ | 104.7 |  |  | $ | 39.5 |  |  |  |  |
(a) Interest expense was allocated to the discontinued operations due to a requirement in our Credit Agreement that cash generated from the divestiture of any businesses through March 31, 2021 will be utilized to reduce our debt, other than a maximum of $500.0 that will be used to fund operations. The following is selected financial information included in cash flows from discontinued operations for the Wella Business held for sale:
| Three Months Ended September 30,
| 2020 |  | 2019
NON-CASH OPERATING ITEMS |  |  |
Depreciation and amortization | $ | — |  |  | $ | 36.3 |
CASH FLOW FROM INVESTING ACTIVITIES |  |  |
Capital Expenditures | $ | 4.7 |  |  | $ | 7.9 |
The major components of assets and liabilities of the Wella Business held for sale are provided below. The assets and liabilities held for sale will evolve up to the closing date for normal operational changes as well as contractual adjustments including the finalization of local implementation agreements impacting the separation of the Wella Business in various countries.
| September 30, 2020(a) |  | June 30, 2020(a) |
ASSETS |  |  |  |
Trade receivables | $ | 239.3 |  |  | $ | 168.0 |  |
Inventories | 252.8 |  |  | 269.2 |  |
Prepaid expenses and other current assets | 138.1 |  |  | 134.9 |  |
Property and equipment, net | 246.1 |  |  | 241.3 |  |
Goodwill | 900.4 |  |  | 874.8 |  |
Other intangible assets, net | 2,801.1 |  |  | 2,770.4 |  |
Operating lease right of use asset | 115.4 |  |  | 73.4 |  |
Deferred income taxes | 21.8 |  |  | 25.5 |  |
Other noncurrent assets | 48.4 |  |  | 55.6 |  |
TOTAL ASSETS HELD FOR SALE | $ | 4,763.4 |  |  | $ | 4,613.1 |  |
LIABILITIES |  |  |  |
Accounts payable | $ | 111.9 |  |  | $ | 128.3 |  |
Accrued expenses and other current liabilities | 233.4 |  |  | 236.4 |  |
Current operating lease liabilities | 24.0 |  |  | 17.2 |  |
Income and other taxes payable | 17.5 |  |  | 15.8 |  |
Long-term operating lease liabilities | 92.9 |  |  | 65.9 |  |
Noncurrent deferred tax liabilities | 322.3 |  |  | 324.8 |  |
Pension and other post-employment benefits | 154.0 |  |  | 140.8 |  |
Other noncurrent liabilities | 29.1 |  |  | 27.5 |  |
TOTAL LIABILITIES HELD FOR SALE | $ | 985.1 |  |  | $ | 956.7 |  |
(a) The Company expects that the transaction will clo se in the second quarter of fiscal 2021. As such, for the periods ending September 30, 2020 and June 30, 2020, all assets and liabilities held for sale are reported as current assets and liabilities held for sale on the Consolidated Balance Sheets

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