On December 18, 2025, the Company completed the sale of its remaining 25.8% equity interest in Wella to an entity affiliated with Kohlberg Kravis Roberts & Co. L.P. ("KKR"). Under the terms of the Purchase and Sale Agreement, the Company received $750.0 in cash consideration and a right to future proceeds from a subsequent sale or initial public offering of Wella, after KKR achieves a preferred return (the "Wella Distribution Rights"). The fair value of the Wella Distribution Rights recognized at the closing date was $58.0, and is included in Other noncurrent assets in the Condensed Consolidated Balance Sheets.

Accordingly, the total consideration recognized from the sale was $808.0, consisting of cash proceeds of $750.0 and the fair value of the Wella Distribution Rights of $58.0.

The Company recognized a loss on sale of $201.9 included in Other expense (income), net in the Condensed Consolidated Statements of Operations for the nine months ended March 31, 2026.


Cash proceeds	$	750.0
Wella Distribution Rights	58.0
Total consideration	808.0

Less:
Wella investment carrying value	1,003.0
Transaction and other costs to sell	6.9

Loss on sale of Wella investment	(201.9)

The fair value of the Wella Distribution Rights was estimated using a Monte Carlo simulation incorporating significant unobservable inputs, including expected volatility of Wella’s equity value based on historical volatility of comparable companies. The Monte Carlo simulation incorporated multiple scenarios for Wella’s enterprise value, including timing of exit, and distribution waterfall provisions. The fair value of the Wella Distribution Rights is classified as Level 3 within the fair value hierarchy. No unrealized gains or losses were recognized during the three and nine months ended March 31, 2026 related to the remeasurement of the Wella Distribution Rights. Changes in fair value, if any, are recorded in Other expense (income), net in the Condensed Consolidated Statement of Operations.

The estimated fair value remains sensitive to changes in the unobservable inputs. Increases in expected equity volatility would generally result in a higher fair value. The valuation reflects discrete assumed exit dates. Accordingly, as time progresses toward those dates, the remaining time to exit decreases, which may reduce the time value component of the instrument, all else equal. Changes in assumptions regarding the nature, probability and timing of liquidity events, timing of proceeds, and the estimated enterprise value of Wella could also have a significant impact on the fair value of the Wella Distribution Rights .

The Company's equity investment, which is presented within Equity investment in the Condensed Consolidated Balance Sheets, is summarized as follows:


	March 31, 2026		June 30, 2025


Equity investment at fair value:
Wella (a)	—		1,002.0

Total equity investment	$	—	$	1,002.0

The following table presents summarized financial information of the Company’s equity method investees for the period ending March 31, 2026. Amounts presented represent combined totals at the investee level and not the Company’s proportionate share:


	Three Months Ended March 31,				Nine Months Ended March 31,
	2026		2025		2026		2025
Net revenues	$	—	$	616.3	$	1,526.9	$	2,009.7
Gross profit	$	—	$	426.0	$	1,054.6	$	1,379.1
Operating income	$	—	$	45.3	$	191.8	$	193.1
Income before taxes	$	—	$	—	$	109.3	$	48.8
Net income (loss)	$	—	$	4.2	$	66.0	$	(2.7)

Amounts included for the nine months ending March 31, 2026 related to the investment in Wella include activity through the sale of the Wella investment on December 18, 2025.