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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Jun. 30, 2022
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, 2022 and 2021 are presented below:
| June 30, 2022 |  | June 30, 2021
Land, buildings and leasehold improvements | $ | 424.2 |  |  | $ | 508.6 |
Machinery and equipment | 670.7 |  |  | 733.1 |
Marketing furniture and fixtures | 501.8 |  |  | 516.7 |
Computer equipment and software | 737.9 |  |  | 780.9 |
Construction in progress | 65.2 |  |  | 63.0 |
Property and equipment, gross | 2,399.8 |  |  | 2,602.3 |
Accumulated depreciation and amortization | (1,684.3) |  |  | (1,684.2) |
Property and equipment, net | $ | 715.5 |  |  | $ | 918.1 |
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, 2022 and 2021 are presented below:
| June 30, 2022 |  | June 30, 2021
Indefinite-lived other intangible assets | $ | 936.6 |  |  | $ | 1,018.7 |
Finite-lived other intangible assets, net | 2,966.2 |  |  | 3,444.3 |
Total Other intangible assets, net | $ | 3,902.8 |  |  | $ | 4,463.0 |
Intangible assets subject to amortization are presented below:
| Cost |  | Accumulated Amortization |  | Accumulated Impairment |  | Net
June 30, 2021 |  |  |  |  |  |  |
License and collaboration agreements (a) | $ | 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 |
June 30, 2022 |  |  |  |  |  |  |
License and collaboration agreements | $ | 3,861.9 |  |  | $ | (1,302.2) |  |  | $ | (19.6) |  |  | $ | 2,540.1 |
Customer relationships | 740.0 |  |  | (473.5) |  |  | (5.5) |  |  | 261.0 |
Trademarks | 320.5 |  |  | (177.1) |  |  | (0.5) |  |  | 142.9 |
Product formulations and technology | 83.9 |  |  | (61.7) |  |  | — |  |  | 22.2 |
Total | $ | 5,006.3 |  |  | $ | (2,014.5) |  |  | $ | (25.6) |  |  | $ | 2,966.2 |
(a) 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
2020-04, 2021-01 |  | Reference Rate Reform (Topic 848) |  | Fiscal 2023 |  | The FASB issued new authoritative guidance under ASU No. 2020-04 that provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. As of June 30, 2022, the Company has not applied any of the optional expedients or exceptions allowed under this ASU. The Company does not believe that this ASU will have a material impact on its consolidated financial position, results of operations or cash flows.
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 that 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 does not believe that this ASU will have a material impact on its consolidated financial statements.
2021-08 |  | Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers |  | Fiscal 2024 |  | The FASB issued authoritative guidance that clarifies that an acquirer of a business should recognize and measure contract assets and contract liabilities in a business combination in accordance with ASC Topic 606, Revenue from Contracts with Customers. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.

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