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DISCONTINUED OPERATIONS (Tables) | 12 Months Ended
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Jun. 30, 2021
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.
| Year Ended June 30,
| 2021 (a) |  | 2020 |  | 2019
Net revenues | $ | 986.3 |  |  | $ | 2,020.1 |  |  | $ | 2,360.6 |
Cost of sales | 322.5 |  |  | 689.7 |  |  | 808.0 |
Gross profit | 663.8 |  |  | 1,330.4 |  |  | 1,552.6 |
Selling, general and administrative expenses | 443.7 |  |  | 1,009.2 |  |  | 1,096.0 |
Amortization expense | — |  |  | 95.5 |  |  | 106.8 |
Restructuring costs | (0.7) |  |  | 7.5 |  |  | 10.0 |
Asset impairment charges | — |  |  | — |  |  | 122.9 |
Operating income | 220.8 |  |  | 218.2 |  |  | 216.9 |
Interest expense, net (b) | 21.3 |  |  | 49.7 |  |  | 50.6 |
Loss on sale of business | 246.4 |  |  | — |  |  | — |
Other (income) expense, net | (1.0) |  |  | (0.9) |  |  | (1.0) |
(Loss) income from discontinued operations before income taxes | (45.9) |  |  | 169.4 |  |  | 167.3 |
Income tax on discontinued operations | 91.4 |  |  | 82.2 |  |  | 46.3 |
Net (loss) income from discontinued operations | $ | (137.3) |  |  | $ | 87.2 |  |  | $ | 121.0 |
(a)As the sale of the Wella Business occurred on November 30, 2020, discontinued operations activity, other than the Loss on sale of business, comprises five months for the fiscal year ended 2021. (b)Interest expense was allocated to discontinued operations due to a requirement in the 2018 Coty Credit Agreement, as amended (as defined in the Note 15—Debt) that cash generated from the sale of the Wella Business is utilized to reduce the Company’s debt within the twelve months following the sale completion date, 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:
| Year Ended June 30,
| 2021 |  | 2020 |  | 2019
NON-CASH OPERATING ITEMS |  |  |  |  |
Depreciation and amortization | $ | — |  |  | $ | 131.8 |  |  | $ | 157.5 |
Goodwill and intangible asset impairment charges | — |  |  | — |  |  | 123.0 |
CASH FLOW FROM INVESTING ACTIVITIES |  |  |  |  |
Capital Expenditures | $ | 8.7 |  |  | $ | 24.7 |  |  | $ | 44.1 |
The major components of assets and liabilities of the Wella Business held for sale are provided below.
| June 30, 2020 (a)
ASSETS |
Trade receivables | $ | 168.0 |
Inventories | 269.2 |
Prepaid expenses and other current assets | 134.9 |
Property and equipment, net | 241.3 |
Goodwill | 874.8 |
Other intangible assets, net | 2,770.4 |
Operating lease right of use asset | 73.4 |
Deferred income taxes | 25.5 |
Other noncurrent assets | 55.6 |
TOTAL ASSETS HELD FOR SALE | $ | 4,613.1 |
LIABILITIES |
Accounts payable | $ | 128.3 |
Accrued expenses and other current liabilities | 236.4 |
Current operating lease liabilities | 17.2 |
Income and other taxes payable | 15.8 |
Long-term operating lease liabilities | 65.9 |
Noncurrent deferred tax liabilities | 324.8 |
Pension and other post-employment benefits | 140.8 |
Other noncurrent liabilities | 27.5 |
TOTAL LIABILITIES HELD FOR SALE | $ | 956.7 |
(a)The sale of Wella closed on November 30, 2020. For the period ended 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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