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EQUITY INVESTMENT | 3 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
EQUITY INVESTMENT | EQUITY INVESTMENT The Company's equity investment, classified as Equity investment in the Condensed Consolidated Balance Sheets, is summarized as follows:
| September 30, 2025 |  | June 30, 2025
Equity investment at fair value: |  |  |
Wella (a) | 1,003.0 |  |  | 1,002.0 |
Total equity investment | $ | 1,003.0 |  |  | $ | 1,002.0 |
(a)As of September 30, 2025 and June 30, 2025, the Company's stake in Wella was 25.84%. The following table presents summarized financial information of the Company’s equity method investees for the period ending September 30, 2025. Amounts presented represent combined totals at the investee level and not the Company’s proportionate share:
|  | Three Months Ended September 30, |  |
|  | 2025 |  | 2024 |  |  |  |
Summarized Statements of Operations information: |  |  |  |  |  |  |
Net revenues | $ | 707.9 |  |  | $ | 655.5 |  |  |  |  |
Gross profit | 487.3 |  |  | 445.7 |  |  |  |  |
Operating income | 62.7 |  |  | 38.7 |  |  |  |  |
Income (loss) before income taxes | 21.6 |  |  | (2.5) |  |  |  |  |
Net income (loss) | 6.1 |  |  | (26.1) |  |  |  |  |
The following table summarizes movements in the equity investment with fair value option that is classified within Level 3 for the period ended September 30, 2025. There were no internal movements to or from Level 3 and Level 1 or Level 2 for the period ended September 30, 2025.
Equity investment at fair value: |
Balance as of June 30, 2025 | $ | 1,002.0 |
Total gains included in earnings | 1.0 |
Balance as of September 30, 2025 | $ | 1,003.0 |
Level 3 significant unobservable inputs sensitivity The following table summarizes the significant unobservable inputs used in Level 3 valuation of the Company's investment carried at fair value as of September 30, 2025. Included in the table are the inputs or range of possible inputs that have an effect on the overall valuation of the financial instruments.
| Fair value |  | Valuation technique |  | Unobservable input |  | Range
Equity investment at fair value | $ | 1,003.0 |  |  | Discounted cash flows |  | Discount rate |  | 9.25% (a)
|  | Growth rate |  | 1.8% - 6.0% (a)
| Market multiple |  | Revenue multiple |  | 1.9x – 2.1x (b)
|  | EBITDA multiple |  | 9.6x – 10.5x (b)
(a)The primary unobservable inputs used in the fair value measurement of the Company's equity investment with fair value option, when using a discounted cash flow method, are the discount rate and revenue growth rate. Significant increases (decreases) in the discount rate in isolation would result in a significantly lower (higher) fair value measurement. The Company estimates the discount rate based on the investees' projected cost of equity and debt. The revenue growth rate is forecasted for future years by the investee based on their best estimates. Significant increases (decreases) in the revenue growth rate in isolation would result in a significantly higher (lower) fair value measurement. (b)The primary unobservable inputs used in the fair value measurement of the Company's equity investment with fair value option, when using a market multiple method, are the revenue multiple and EBITDA multiple. Significant increases (decreases) in the revenue multiple or EBITDA multiple in isolation would result in a significantly higher (lower) fair value measurement. The market multiples are derived from a group of guideline public companies.

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