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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Jun. 30, 2021
Accounting Policies [Abstract] |
Property and equipment, net | Depreciation and amortization are computed principally using the straight-line method over the following estimated useful lives:
Description | Estimated Useful Lives
Buildings | 20-40 years
Marketing furniture and fixtures | 3-5 years
Machinery and equipment | 2-15 years
Computer equipment and software | 2-5 years
Property and equipment under finance leases and leasehold improvements | Lesser of lease term or economic life
Property and equipment, net as of June 30, 2021 and 2020 are presented below:
| June 30, 2021 |  | June 30, 2020
Land, buildings and leasehold improvements | $ | 508.6 |  |  | $ | 475.0 |
Machinery and equipment | 733.1 |  |  | 706.6 |
Marketing furniture and fixtures | 516.7 |  |  | 548.8 |
Computer equipment and software | 780.9 |  |  | 706.3 |
Construction in progress | 63.0 |  |  | 108.6 |
Property and equipment, gross | 2,602.3 |  |  | 2,545.3 |
Accumulated depreciation and amortization | (1,684.2) |  |  | (1,463.7) |
Property and equipment, net | $ | 918.1 |  |  | $ | 1,081.6 |
Schedule of finite-lived intangible assets | Intangible assets with finite lives are amortized principally using the straight-line method over the following estimated useful lives:
Description | Estimated Useful Lives
License agreements | 2-34 years
Customer relationships | 2-28 years
Trademarks | 2-30 years
Product formulations and technology | 2-28 years
Other intangible assets, net as of June 30, 2021 and 2020 are presented below:
| June 30, 2021 |  | June 30, 2020
Indefinite-lived other intangible assets | $ | 1,018.7 |  |  | $ | 995.5 |
Finite-lived other intangible assets, net | 3,444.3 |  |  | 3,376.6 |
Total Other intangible assets, net | $ | 4,463.0 |  |  | $ | 4,372.1 |
Intangible assets subject to amortization are presented below:
| Cost |  | Accumulated Amortization |  | Accumulated Impairment |  | Net
June 30, 2020 |  |  |  |  |  |  |
License and collaboration agreements(a) | $ | 3,861.2 |  |  | $ | (1,021.1) |  |  | $ | (19.6) |  |  | $ | 2,820.5 |
Customer relationships(a) | 786.1 |  |  | (427.3) |  |  | (5.5) |  |  | 353.3 |
Trademarks | 325.7 |  |  | (154.0) |  |  | (0.5) |  |  | 171.2 |
Product formulations and technology | 86.2 |  |  | (54.6) |  |  | — |  |  | 31.6 |
Total | $ | 5,059.2 |  |  | $ | (1,657.0) |  |  | $ | (25.6) |  |  | $ | 3,376.6 |
June 30, 2021 |  |  |  |  |  |  |
License and collaboration agreements(b) | $ | 4,192.9 |  |  | $ | (1,229.1) |  |  | $ | (19.6) |  |  | $ | 2,944.2 |
Customer relationships | 803.1 |  |  | (486.3) |  |  | (5.5) |  |  | 311.3 |
Trademarks | 330.2 |  |  | (168.7) |  |  | (0.5) |  |  | 161.0 |
Product formulations and technology | 90.2 |  |  | (62.4) |  |  | — |  |  | 27.8 |
Total | $ | 5,416.4 |  |  | $ | (1,946.5) |  |  | $ | (25.6) |  |  | $ | 3,444.3 |
(a)Includes License agreements and Customer relationships of $649.0 and $27.0, respectively resulting from the King Kylie acquisition on January 6, 2020 (Refer to Note 4—Business Combinations, Asset Acquisitions and Divestitures). (b)Includes the KKW Collaboration Agreement of $180.6 resulting from the KKW Holdings transaction on January 4, 2021 (Refer to Note 4—Business Combinations, Asset Acquisitions and Divestitures).
Recently issued and not yet adopted accounting pronouncements | Recently Issued and Not Yet Adopted Accounting Pronouncements
Accounting Standard Update(s) |  | Topic |  | Effective Period |  | Summary
2020-01 |  | Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) |  | Fiscal 2022 |  | The FASB issued authoritative guidance that clarifies certain interactions between the accounting for equity securities, equity method investments, and certain derivative instruments. The Company is evaluating the impact this guidance will have on the Company’s Consolidated Financial Statements and related disclosures.
2020-04, 2021-01 |  | Reference Rate Reform (Topic 848) |  | Fiscal 2022 |  | The FASB issued authoritative guidance that provides temporary optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions to ease the financial reporting burdens related to transitioning from LIBOR and other reference rates expected to be discontinued by reference rate reform to alternative reference rates. The Company is evaluating the impact this guidance will have on the Company’s Consolidated Financial Statements and related disclosures.
2020-06 |  | Debt- Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging- Contracts in Entity’s Own Equity (Subtopic 815-40) |  | Fiscal 2023 |  | The FASB issued authoritative guidance which removes certain separation models for convertible debt instruments and convertible preferred stock that require the separation of a convertible debt instrument into a debt component and an equity or derivative component. The Company is evaluating the impact this guidance will have on the Company’s Consolidated Financial Statements and related disclosures.

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