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GOODWILL AND OTHER INTANGIBLE ASSETS, NET | 12 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS, NET | GOODWILL AND OTHER INTANGIBLE ASSETS, NET Assessment for Impairments The Company tests goodwill and indefinite-lived other intangible assets for impairment at least annually as of May 1, or more frequently, if certain events or circumstances warrant. During fiscal years 2024, 2023, and 2022, the Company recorded no impairments of goodwill at the Company’s reporting units. During fiscal years 2024, 2023, and 2022, the Company recorded total impairments of nil, nil and $31.4, respectively, on indefinite-lived other intangible assets. Additionally, the Company recorded no impairments on finite-lived other intangible assets during fiscal years 2024, 2023, and 2022. Goodwill Goodwill as of June 30, 2024, 2023 and 2022 is presented below:
| Prestige |  | Consumer Beauty |  | Total
Gross balance at June 30, 2022 | $ | 6,220.7 |  |  | $ | 1,734.1 |  |  | $ | 7,954.8 |
Accumulated impairments | (3,110.3) |  |  | (929.8) |  |  | (4,040.1) |
Net balance at June 30, 2022 | $ | 3,110.4 |  |  | $ | 804.3 |  |  | $ | 3,914.7 |
Changes during the year ended June 30, 2023 |  |  |  |  |
Foreign currency translation | 58.5 |  |  | 14.7 |  |  | 73.2 |
Gross balance at June 30, 2023 | $ | 6,279.2 |  |  | $ | 1,748.8 |  |  | $ | 8,028.0 |
Accumulated impairments | (3,110.3) |  |  | (929.8) |  |  | (4,040.1) |
Net balance at June 30, 2023 | $ | 3,168.9 |  |  | $ | 819.0 |  |  | $ | 3,987.9 |
Changes during the year ended June 30, 2024 |  |  |  |  |
Foreign currency translation | (64.6) |  |  | (17.6) |  |  | (82.2) |
Gross balance at June 30, 2024 | $ | 6,214.6 |  |  | $ | 1,731.2 |  |  | $ | 7,945.8 |
Accumulated impairments | (3,110.3) |  |  | (929.8) |  |  | (4,040.1) |
Net balance at June 30, 2024 | $ | 3,104.3 |  |  | $ | 801.4 |  |  | $ | 3,905.7 |
Other Intangible Assets, net Other intangible assets, net as of June 30, 2024 and 2023 are presented below:
| June 30, 2024 |  | June 30, 2023
Indefinite-lived other intangible assets | $ | 944.6 |  |  | $ | 950.8 |
Finite-lived other intangible assets, net | 2,621.0 |  |  | 2,847.2 |
Total Other intangible assets, net | $ | 3,565.6 |  |  | $ | 3,798.0 |
The changes in the carrying amount of indefinite-lived other intangible assets are presented below:
| Trademarks |  | Total
Gross balance at June 30, 2022 | $ | 1,881.5 |  |  | $ | 1,881.5 |
Accumulated impairments | (944.9) |  |  | (944.9) |
Net balance at June 30, 2022 | $ | 936.6 |  |  | $ | 936.6 |
Changes during the year ended June 30, 2023 |  |  |
Foreign currency translation | 14.2 |  |  | 14.2 |
Gross balance at June 30, 2023 | $ | 1,895.7 |  |  | $ | 1,895.7 |
Accumulated impairments | (944.9) |  |  | (944.9) |
Net balance at June 30, 2023 | $ | 950.8 |  |  | $ | 950.8 |
Changes during the year ended June 30, 2024 |  |  |
Foreign currency translation | (6.2) |  |  | (6.2) |
Gross balance at June 30, 2024 | $ | 1,889.5 |  |  | $ | 1,889.5 |
Accumulated impairments | $ | (944.9) |  |  | $ | (944.9) |
Net balance at June 30, 2024 | 944.6 |  |  | 944.6 |
Intangible assets subject to amortization are presented below:
| Cost |  | Accumulated Amortization |  | Accumulated Impairment |  | Net
June 30, 2023 |  |  |  |  |  |  |
License and collaboration agreements | $ | 3,756.2 |  |  | $ | (1,282.6) |  |  | $ | (19.6) |  |  | $ | 2,454.0 |
Customer relationships | 750.6 |  |  | (505.9) |  |  | (5.5) |  |  | 239.2 |
Trademarks | 313.0 |  |  | (180.6) |  |  | (0.5) |  |  | 131.9 |
Product formulations and technology | 85.6 |  |  | (63.5) |  |  | — |  |  | 22.1 |
Total | $ | 4,905.4 |  |  | $ | (2,032.6) |  |  | $ | (25.6) |  |  | $ | 2,847.2 |
June 30, 2024 |  |  |  |  |  |  |
License and collaboration agreements | $ | 3,715.1 |  |  | $ | (1,422.5) |  |  | $ | (19.6) |  |  | $ | 2,273.0 |
Customer relationships | 741.8 |  |  | (527.8) |  |  | (5.5) |  |  | 208.5 |
Trademarks | 311.7 |  |  | (192.4) |  |  | (0.5) |  |  | 118.8 |
Product formulations and technology | 83.7 |  |  | (63.0) |  |  | — |  |  | 20.7 |
Total | $ | 4,852.3 |  |  | $ | (2,205.7) |  |  | $ | (25.6) |  |  | $ | 2,621.0 |
Amortization expense totaled $193.4, $191.8 and $207.4 for the fiscal years ended June 30, 2024, 2023 and 2022, respectively. Intangible assets subject to amortization are amortized principally using the straight-line method and have the following weighted-average remaining lives:
Description |
License and collaboration agreements | 19.4
Customer relationships | 15.3
Trademarks | 14.4
Product formulations and technology | 20.3
As of June 30, 2024, the remaining weighted-average life of all intangible assets subject to amortization is 18.9 years. The estimated aggregate amortization expense for each of the following fiscal years ending June 30 is presented below:
2025 | $ | 189.0 |
2026 | 158.0 |
2027 | 148.5 |
2028 | 145.0 |
2029 | 142.8 |
License Agreements The Company records assets for license agreements (“licenses”) acquired in transactions accounted for as business combinations. These licenses provide the Company with the exclusive right to manufacture and market on a worldwide and/or regional basis, certain of the Company’s products which comprise a significant portion of the Company’s revenues. These licenses have initial terms covering various periods. Certain brand licenses provide for automatic extensions ranging from 2 to 10 year terms, at the Company’s discretion.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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