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BUSINESS COMBINATIONS
 3 Months Ended
Sep. 30, 2016
Business Combinations [Abstract]  
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS
Brazil Acquisition
On February 1, 2016, the Company completed the acquisition of 100% of the net assets of the personal care and beauty business of Hypermarcas S.A. (the “Brazil Acquisition”) pursuant to the Share Purchase Agreement in order to further strengthen its position in the Brazilian beauty and personal care market. The total consideration of R$3,599.5, the equivalent of $901.9, was paid during fiscal 2016.
The Company has finalized the valuation of assets acquired and liabilities assumed for the Brazil Acquisition. The Company recognized certain measurement period adjustments as disclosed below during the quarter ended September 30, 2016 and the measurement period for the Brazil Acquisition is now closed.
The following table summarizes the allocation of the purchase price to the net assets acquired as of the February 1, 2016 acquisition date:
 
Estimated
fair value as previously reported (a)
 
Measurement period adjustments (b)
 
Estimated
fair value as adjusted
 
Estimated
useful life
(in years)
Cash and cash equivalents
$
11.1

 
$
—

 
$
11.1

 
 
Inventories
45.6

 
—

 
45.6

 
 
Property, plant and equipment
95.4

 
—

 
95.4

 
2 - 40
Goodwill
553.7

 
(16.6
)
 
537.1

 
Indefinite
Trademarks - indefinite
147.1

 
—

 
147.1

 
Indefinite
Trademarks - finite
10.3

 
—

 
10.3

 
5 - 15
Customer relationships
44.6

 
—

 
44.6

 
13 - 28
Product formulations
12.8

 
—

 
12.8

 
3
Other net working capital
0.7

 
—

 
0.7

 
 
Net other assets
2.1

 
(0.7
)
 
1.4

 
 
Deferred tax liability, net
(21.5
)
 
17.3

 
(4.2
)
 
 
Total purchase price
$
901.9

 
$
—

 
$
901.9

 
 
 
 
(a) As previously reported in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2016.
(b) The Company recorded measurement period adjustments in the first quarter of fiscal 2017 to account for a $0.7 asset retirement obligation, as well as, a net decrease in net deferred tax liability of $17.3 million as of the February 1, 2016 acquisition date. These adjustments were offset against Goodwill.
The Company has completed the local tax requirements allowing approximately $500.0 of goodwill and $44.6 of customer relationships assets to be tax deductible.