Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2020shares | |
Document Information [Line Items] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Sep. 30, 2020 |
Document Transition Report | false |
Entity File Number | 33-59650 |
Entity Registrant Name | Revlon Consumer Products Corporation |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | One New York Plaza |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10004 |
City Area Code | 212- |
Local Phone Number | 527-4000 |
Entity Tax Identification Number | 13-3662953 |
Entity Current Reporting Status | No |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 5,260 |
Amendment Flag | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q3 |
Entity Central Index Key | 0000890547 |
Current Fiscal Year End Date | --12-31 |
Revlon, Inc. | |
Document Information [Line Items] | |
Entity File Number | 1-11178 |
Entity Registrant Name | Revlon, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | One New York Plaza |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10004 |
City Area Code | 212- |
Local Phone Number | 527-4000 |
Entity Tax Identification Number | 13-3662955 |
Title of 12(b) Security | Class A Common Stock |
Trading Symbol | REV |
Security Exchange Name | NYSE |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 53,330,303 |
Amendment Flag | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q3 |
Entity Central Index Key | 0000887921 |
Current Fiscal Year End Date | --12-31 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 268.3 | $ 104.3 |
Trade receivables, less allowances for doubtful accounts | 340.8 | 423.4 |
Inventories, net | 525.5 | 448.4 |
Prepaid expenses and other assets | 140.8 | 135.3 |
Total current assets | 1,275.4 | 1,111.4 |
Property, plant and equipment, net of accumulated depreciation | 355.8 | 408.6 |
Deferred income taxes | 230.5 | 175.1 |
Goodwill | 563.2 | 673.7 |
Intangible assets, net of accumulated amortization and impairment | 435.9 | 490.7 |
Other assets | 112.5 | 121.1 |
Total assets | 2,973.3 | 2,980.6 |
Current liabilities: | ||
Short-term borrowings | 2 | 2.2 |
Current portion of long-term debt | 704.5 | 288 |
Accounts payable | 219.9 | 251.8 |
Accrued expenses and other current liabilities | 387.9 | 414.9 |
Total current liabilities | 1,314.3 | 956.9 |
Long-term debt | 2,926.5 | 2,906.2 |
Long-term pension and other post-retirement plan liabilities | 166.7 | 181.2 |
Other long-term liabilities | 148.7 | 157.5 |
Stockholders’ deficiency: | ||
Common Stock | 0.5 | 0.5 |
Additional paid-in capital | 1,080.5 | 1,071.9 |
Treasury stock, at cost: 1,771,032 and 1,625,580 shares of Class A Common Stock as of September 30, 2020 and December 31, 2019, respectively | (35.2) | (33.5) |
Accumulated deficit | (2,397.9) | (2,012.7) |
Accumulated other comprehensive loss | (230.8) | (247.4) |
Total stockholders’ deficiency | (1,582.9) | (1,221.2) |
Total liabilities and stockholder’s (deficiency) equity | 2,973.3 | 2,980.6 |
Revlon Consumer Products Corporation | ||
Current assets: | ||
Cash and cash equivalents | 268.3 | 104.3 |
Trade receivables, less allowances for doubtful accounts | 340.8 | 423.4 |
Inventories, net | 525.5 | 448.4 |
Prepaid expenses and other assets | 136.9 | 131.4 |
Receivable from Revlon, Inc. | 168.7 | 161.2 |
Total current assets | 1,440.2 | 1,268.7 |
Property, plant and equipment, net of accumulated depreciation | 355.8 | 408.6 |
Deferred income taxes | 211.9 | 158.1 |
Goodwill | 563.2 | 673.7 |
Intangible assets, net of accumulated amortization and impairment | 435.9 | 490.7 |
Other assets | 112.5 | 121.1 |
Total assets | 3,119.5 | 3,120.9 |
Current liabilities: | ||
Short-term borrowings | 2 | 2.2 |
Current portion of long-term debt | 704.5 | 288 |
Accounts payable | 219.9 | 251.8 |
Accrued expenses and other current liabilities | 390.8 | 418.2 |
Total current liabilities | 1,317.2 | 960.2 |
Long-term debt | 2,926.5 | 2,906.2 |
Long-term pension and other post-retirement plan liabilities | 166.7 | 181.2 |
Other long-term liabilities | 153.6 | 162.7 |
Stockholders’ deficiency: | ||
Products Corporation Preferred stock, par value $1.00 per share; 1,000 shares authorized; 546 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively | 54.6 | 54.6 |
Common Stock | 0 | 0 |
Additional paid-in capital | 1,005.1 | 996.5 |
Accumulated deficit | (2,273.4) | (1,893.1) |
Accumulated other comprehensive loss | (230.8) | (247.4) |
Total stockholders’ deficiency | (1,444.5) | (1,089.4) |
Total liabilities and stockholder’s (deficiency) equity | $ 3,119.5 | $ 3,120.9 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Trade receivables, allowance for doubtful accounts | $ 12.4 | $ 11.4 |
Accumulated depreciation and amortization | 530.3 | 488.1 |
Intangible assets, accumulated amortization and impairment | $ 286.7 | $ 226.4 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 900,000,000 | 900,000,000 |
Common stock, issued (in shares) | 57,674,817 | 56,470,490 |
Treasury stock (in shares) | 1,771,032 | 1,625,580 |
Revlon Consumer Products Corporation | ||
Trade receivables, allowance for doubtful accounts | $ 12.4 | $ 11.4 |
Accumulated depreciation and amortization | 530.3 | 488.1 |
Intangible assets, accumulated amortization and impairment | $ 286.7 | $ 226.4 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, authorized (in shares) | 1,000 | 1,000 |
Preferred stock, issued (in shares) | 546 | 546 |
Preferred stock, outstanding (in shares) | 546 | 546 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 10,000 | 10,000 |
Common stock, issued (in shares) | 5,260 | 5,260 |
Common stock, outstanding (in shares) | 5,260 | 5,260 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||||
Net sales | $ 477.1 | $ 596.8 | $ 1,277.7 | $ 1,720.2 | |||
Cost of sales | 234.3 | 269 | 600.7 | 750.7 | |||
Gross profit | 242.8 | 327.8 | 677 | 969.5 | |||
Selling, general and administrative expenses | 253.4 | 308.1 | 739.1 | 973.2 | |||
Acquisition, integration and divestiture costs | 0.9 | 0.1 | 4.2 | 0.7 | |||
Restructuring charges and other, net | (0.7) | 2.9 | 44.8 | 11.6 | |||
Impairment charges | 0 | 0 | 144.1 | 0 | |||
Gain on divested assets | (1.1) | 0 | (0.5) | 0 | |||
Operating (loss) income | (9.7) | 16.7 | (254.7) | (16) | |||
Other expenses: | |||||||
Interest expense, net | 68.7 | 50.2 | 178 | 145.7 | |||
Amortization of debt issuance costs | 7.8 | 3.7 | 17.8 | 10.4 | |||
Gain on early extinguishment of debt | (31.2) | 0 | (43.1) | 0 | |||
Foreign currency (gains) losses, net | (9.8) | 7.6 | 9.1 | 9 | |||
Miscellaneous, net | (2.6) | 1.7 | 13.9 | 7.6 | |||
Other expense (income), net | 32.9 | 63.2 | 175.7 | 172.7 | |||
Loss from continuing operations before income taxes | (42.6) | (46.5) | (430.4) | (188.7) | |||
Provision for (benefit from) income taxes | 1.9 | (2.1) | (45.2) | (3.2) | |||
(Loss) income from continuing operations, net of taxes | (44.5) | (44.4) | (385.2) | (185.5) | |||
(Loss) income from discontinued operations, net of taxes | 0 | (0.3) | 0 | 2 | |||
Net (loss) income | (44.5) | (44.7) | (385.2) | (183.5) | |||
Other comprehensive income (loss): | |||||||
Foreign currency translation adjustments | 2.2 | (1.8) | 7.3 | (0.5) | |||
Amortization of pension related costs, net of tax | [1],[2] | 2.8 | 2.3 | 9.3 | 7.2 | ||
Other comprehensive income, net | 5 | [3] | 0.5 | [3] | 16.6 | 6.7 | |
Total comprehensive loss | $ (39.5) | $ (44.2) | $ (368.6) | $ (176.8) | |||
Basic and Diluted (loss) earnings per common share: | |||||||
Continuing operations (in dollars per share) | $ (0.83) | $ (0.84) | $ (7.22) | $ (3.50) | |||
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0.04 | |||
Net loss (in dollars per share) | $ (0.83) | $ (0.84) | $ (7.22) | $ (3.46) | |||
Weighted average number of common shares outstanding: | |||||||
Basic (in shares) | 53,476,354 | 53,129,004 | 53,371,986 | 53,057,154 | |||
Diluted (in shares) | 53,476,354 | 53,129,004 | 53,371,986 | 53,057,154 | |||
Revlon Consumer Products Corporation | |||||||
Net sales | $ 477.1 | $ 596.8 | $ 1,277.7 | $ 1,720.2 | |||
Cost of sales | 234.3 | 269 | 600.7 | 750.7 | |||
Gross profit | 242.8 | 327.8 | 677 | 969.5 | |||
Selling, general and administrative expenses | 251.4 | 306.3 | 733.2 | 968.1 | |||
Acquisition, integration and divestiture costs | 0.9 | 0.1 | 4.2 | 0.7 | |||
Restructuring charges and other, net | (0.7) | 2.9 | 44.8 | 11.6 | |||
Impairment charges | 0 | 0 | 144.1 | 0 | |||
Gain on divested assets | (1.1) | 0 | (0.5) | 0 | |||
Operating (loss) income | (7.7) | 18.5 | (248.8) | (10.9) | |||
Other expenses: | |||||||
Interest expense, net | 68.7 | 50.2 | 178 | 145.7 | |||
Amortization of debt issuance costs | 7.8 | 3.7 | 17.8 | 10.4 | |||
Gain on early extinguishment of debt | (31.2) | 0 | (43.1) | 0 | |||
Foreign currency (gains) losses, net | (9.8) | 7.6 | 9.1 | 9 | |||
Miscellaneous, net | (2.6) | 1.7 | 13.9 | 7.6 | |||
Other expense (income), net | 32.9 | 63.2 | 175.7 | 172.7 | |||
Loss from continuing operations before income taxes | (40.6) | (44.7) | (424.5) | (183.6) | |||
Provision for (benefit from) income taxes | 2.3 | (1.8) | (44.2) | (2.4) | |||
(Loss) income from continuing operations, net of taxes | (42.9) | (42.9) | (380.3) | (181.2) | |||
(Loss) income from discontinued operations, net of taxes | 0 | (0.3) | 0 | 2 | |||
Net (loss) income | (42.9) | (43.2) | (380.3) | (179.2) | |||
Other comprehensive income (loss): | |||||||
Foreign currency translation adjustments | 2.2 | (1.8) | 7.3 | (0.5) | |||
Amortization of pension related costs, net of tax | [4],[5] | 2.8 | 2.3 | 9.3 | 7.2 | ||
Other comprehensive income, net | 5 | [6] | 0.5 | [6] | 16.6 | 6.7 | |
Total comprehensive loss | $ (37.9) | $ (42.7) | $ (363.7) | $ (172.5) | |||
[1] | Net of a $0.5 million tax expense and $0.3 million of tax expense for the three months ended September 30, 2020 and 2019, respectively, and net of a $0.7 million tax benefit and $0.9 million of tax expense for the nine months ended September 30, 2020 and 2019, respectively. | ||||||
[2] | This amount is included in the computation of net periodic benefit costs (income). See Note 10, "Pension and Post-Retirement Benefits," for additional information regarding net periodic benefit costs (income). | ||||||
[3] | See Note 13, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during the nine months ended September 30, 2020 and 2019, respectively. | ||||||
[4] | Net of a $0.5 million tax expense and $0.3 million of tax expense for the three months ended September 30, 2020 and 2019, respectively, and net of a $0.7 million tax benefit and $0.9 million of tax expense for the nine months ended September 30, 2020 and 2019, respectively. | ||||||
[5] | This amount is included in the computation of net periodic benefit costs (income). See Note 10, "Pension and Post-Retirement Benefits," for additional information regarding net periodic benefit costs (income). | ||||||
[6] | See Note 13, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during the three months ended September 30, 2020 and 2019, respectively. |
UNAUDITED CONSOLIDATED STATEM_2
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Amortization of pension related costs, tax expense (benefit) | $ 0.5 | $ 0.3 | $ (0.7) | $ 0.9 |
Revlon Consumer Products Corporation | ||||
Amortization of pension related costs, tax expense (benefit) | $ 0.5 | $ 0.3 | $ (0.7) | $ 0.9 |
UNAUDITED CONSOLIDATED STATEM_3
UNAUDITED CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Beginning balance | $ (1,548.5) | $ (1,435.8) | $ (1,221.2) | $ (1,187.2) | $ (1,132.2) | $ (1,056.8) | $ (1,221.2) | $ (1,056.8) | |||||||
Treasury stock acquired, at cost | [1] | (1.3) | (0.4) | 0 | (1.6) | ||||||||||
Stock-based compensation amortization | 5.1 | 1.1 | 2.4 | 3.9 | 3.4 | 0.4 | |||||||||
Net loss | (44.5) | (126.8) | (213.9) | (44.7) | (63.7) | (75.1) | (385.2) | (183.5) | |||||||
Other comprehensive (loss) income | 5 | [2] | 14.3 | [2] | (2.7) | [2] | 0.5 | [2] | 5.3 | [2] | 0.9 | [2] | 16.6 | 6.7 | |
Ending balance | (1,582.9) | (1,548.5) | (1,435.8) | (1,227.5) | (1,187.2) | (1,132.2) | (1,582.9) | (1,227.5) | |||||||
Common Stock | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Beginning balance | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | |||||||
Ending balance | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | |||||||
Additional Paid-In Capital | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Beginning balance | 1,075.4 | 1,074.3 | 1,071.9 | 1,067.6 | 1,064.2 | 1,063.8 | 1,071.9 | 1,063.8 | |||||||
Stock-based compensation amortization | 5.1 | 1.1 | 2.4 | 3.9 | 3.4 | 0.4 | |||||||||
Ending balance | 1,080.5 | 1,075.4 | 1,074.3 | 1,071.5 | 1,067.6 | 1,064.2 | 1,080.5 | 1,071.5 | |||||||
Treasury Stock | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Beginning balance | (35.2) | (33.9) | (33.5) | (33.5) | (33.5) | (31.9) | (33.5) | (31.9) | |||||||
Treasury stock acquired, at cost | [1] | (1.3) | (0.4) | 0 | (1.6) | ||||||||||
Ending balance | (35.2) | (35.2) | (33.9) | (33.5) | (33.5) | (33.5) | (35.2) | (33.5) | |||||||
Accumulated Deficit | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Beginning balance | (2,353.4) | (2,226.6) | (2,012.7) | (1,993.8) | (1,930.1) | (1,855) | (2,012.7) | (1,855) | |||||||
Net loss | (44.5) | (126.8) | (213.9) | (44.7) | (63.7) | (75.1) | |||||||||
Ending balance | (2,397.9) | (2,353.4) | (2,226.6) | (2,038.5) | (1,993.8) | (1,930.1) | (2,397.9) | (2,038.5) | |||||||
Accumulated Other Comprehensive (Loss) Income | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Beginning balance | (235.8) | (250.1) | (247.4) | (228) | (233.3) | (234.2) | (247.4) | (234.2) | |||||||
Other comprehensive (loss) income | [2] | 5 | 14.3 | (2.7) | 0.5 | 5.3 | 0.9 | ||||||||
Ending balance | (230.8) | (235.8) | (250.1) | (227.5) | (228) | (233.3) | (230.8) | (227.5) | |||||||
Revlon Consumer Products Corporation | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Beginning balance | (1,411.7) | (1,301.9) | (1,089.4) | (1,059.1) | (1,005.3) | (933.1) | (1,089.4) | (933.1) | |||||||
Stock-based compensation amortization | 5.1 | 1.1 | 2.4 | 3.8 | 3.4 | 0.4 | |||||||||
Net loss | (42.9) | (125.2) | (212.2) | (43.2) | (62.5) | (73.5) | (380.3) | (179.2) | |||||||
Other comprehensive (loss) income | 5 | [3] | 14.3 | [3] | (2.7) | [3] | 0.5 | [3] | 5.3 | [3] | 0.9 | [3] | 16.6 | 6.7 | |
Ending balance | (1,444.5) | (1,411.7) | (1,301.9) | (1,098) | (1,059.1) | (1,005.3) | (1,444.5) | (1,098) | |||||||
Revlon Consumer Products Corporation | Preferred Stock | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Beginning balance | 54.6 | 54.6 | 54.6 | 54.6 | 54.6 | 54.6 | 54.6 | 54.6 | |||||||
Ending balance | 54.6 | 54.6 | 54.6 | 54.6 | 54.6 | 54.6 | 54.6 | 54.6 | |||||||
Revlon Consumer Products Corporation | Additional Paid-In Capital | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Beginning balance | 1,000 | 998.9 | 996.5 | 992.2 | 988.8 | 988.4 | 996.5 | 988.4 | |||||||
Stock-based compensation amortization | 5.1 | 1.1 | 2.4 | 3.8 | 3.4 | 0.4 | |||||||||
Ending balance | 1,005.1 | 1,000 | 998.9 | 996 | 992.2 | 988.8 | 1,005.1 | 996 | |||||||
Revlon Consumer Products Corporation | Accumulated Deficit | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Beginning balance | (2,230.5) | (2,105.3) | (1,893.1) | (1,877.9) | (1,815.4) | (1,741.9) | (1,893.1) | (1,741.9) | |||||||
Net loss | (42.9) | (125.2) | (212.2) | (43.2) | (62.5) | (73.5) | |||||||||
Ending balance | (2,273.4) | (2,230.5) | (2,105.3) | (1,921.1) | (1,877.9) | (1,815.4) | (2,273.4) | (1,921.1) | |||||||
Revlon Consumer Products Corporation | Accumulated Other Comprehensive (Loss) Income | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Beginning balance | (235.8) | (250.1) | (247.4) | (228) | (233.3) | (234.2) | (247.4) | (234.2) | |||||||
Other comprehensive (loss) income | [3] | 5 | 14.3 | (2.7) | 0.5 | 5.3 | 0.9 | ||||||||
Ending balance | $ (230.8) | $ (235.8) | $ (250.1) | $ (227.5) | $ (228) | $ (233.3) | $ (230.8) | $ (227.5) | |||||||
[1] | Pursuant to the share withholding provisions of the Fourth Amended and Restated Revlon, Inc. Stock Plan (as amended, the "Stock Plan"), the Company withheld an aggregate of 756 and nil shares of Revlon Class A Common Stock during the three months ended September 30, 2020 and 2019, and 127,725 and 85,607 shares of Revlon Class A Common Stock during the nine months ended September 30, 2020 and 2019, respectively, to satisfy certain minimum statutory tax withholding requirements related to the vesting of restricted shares and restricted stock units ("RSUs") for certain senior executives and employees. These withheld shares were recorded as treasury stock using the cost method, at a weighted-average price per share of $8.50 and nil during the three months ended September 30, 2020 and 2019, and $12.99 and $18.86 during the nine months ended September 30, 2020 and 2019, respectively, based on the closing price of Revlon Class A Common Stock as reported on the New York Stock Exchange (the "NYSE") consolidated tape on each respective vesting date, for a total of approximately $6,400 and nil during the three months ended September 30, 2020 and 2019, $1.6 million and $1.6 million during the nine months ended September 30, 2020 and 2019, See Note 11, "Stock Compensation Plan," for details regarding restricted stock awards and RSUs under the Stock Plan. | ||||||||||||||
[2] | See Note 13, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during the nine months ended September 30, 2020 and 2019, respectively. | ||||||||||||||
[3] | See Note 13, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during the three months ended September 30, 2020 and 2019, respectively. |
UNAUDITED CONSOLIDATED STATEM_4
UNAUDITED CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY (Parenthetical) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Tax withholdings related to net share settlements of restricted stock units and awards | $ 6,400 | $ 0 | $ 1,600,000 | $ 1,600,000 |
Treasury Stock | ||||
Shares withheld for withholding taxes (in shares) | 756 | 0 | 127,725 | 85,607 |
Restricted Stock and Restricted Stock Units | Treasury Stock | Class A Common Stock | ||||
Share repurchase price (in usd per share) | $ 8.50 | $ 0 | $ 12.99 | $ 18.86 |
UNAUDITED CONSOLIDATED STATEM_5
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS € in Millions | 9 Months Ended | ||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (385,200,000) | $ (183,500,000) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 108,300,000 | 124,600,000 | |
Foreign currency losses from re-measurement | 9,100,000 | 9,000,000 | |
Amortization of debt discount | 1,300,000 | 1,200,000 | |
Stock-based compensation amortization | 8,600,000 | 7,700,000 | |
Impairment charges | 144,100,000 | 0 | |
Benefit from deferred income taxes | (54,400,000) | (19,000,000) | |
Amortization of debt issuance costs | 17,800,000 | 10,400,000 | |
Gain on divested assets | (500,000) | 0 | |
Pension and other post-retirement cost | 4,200,000 | 6,300,000 | |
Gain on early extinguishment of debt | (43,100,000) | 0 | |
Paid-in-kind interest accrued on the 2020 BrandCo Facilities | 6,200,000 | 0 | |
Change in assets and liabilities: | |||
Decrease (increase) in trade receivables | 78,000,000 | (30,500,000) | |
Increase in inventories | (79,400,000) | (4,900,000) | |
Increase in prepaid expenses and other current assets | (1,700,000) | (5,500,000) | |
(Decrease) increase in accounts payable | (27,800,000) | 9,100,000 | |
Decrease in accrued expenses and other current liabilities | (25,200,000) | (81,000,000) | |
Pension and other post-retirement plan contributions | (7,500,000) | (7,800,000) | |
Purchases of permanent displays | (16,500,000) | (28,400,000) | |
Other, net | 6,800,000 | 25,500,000 | |
Net cash used in operating activities | (256,900,000) | (166,800,000) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (7,400,000) | (20,000,000) | |
Net cash used in investing activities | (7,400,000) | (20,000,000) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net decrease in short-term borrowings and overdraft | (700,000) | (22,400,000) | |
Payment of financing costs | (108,300,000) | (13,400,000) | |
Tax withholdings related to net share settlements of restricted stock and RSUs | (1,600,000) | (1,600,000) | |
Other financing activities | (300,000) | (900,000) | |
Net cash provided by (used in) financing activities | 433,900,000 | 161,600,000 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (400,000) | (1,400,000) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 169,200,000 | (26,600,000) | |
Cash, cash equivalents and restricted cash at beginning of period | [1] | 104,500,000 | 87,500,000 |
Cash, cash equivalents and restricted cash at end of period | [1] | 273,700,000 | 60,900,000 |
Cash paid during the period for: | |||
Interest | 182,200,000 | 157,900,000 | |
Income taxes, net of refunds | 12,600,000 | 6,900,000 | |
Supplemental schedule of non-cash investing and financing activities: | |||
Non-cash roll-up of participating lenders from the 2016 Term Loan Facility to the 2020 BrandCo Facilities | 846,000,000 | 0 | |
Paid-in-kind debt issuance costs capitalized to the 2020 BrandCo Facilities | 29,100,000 | 0 | |
2020 BrandCo Term Loan Facility due 2025 | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from long-term lines of credit | 880,000,000 | 0 | |
5.75% Senior Notes | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayments of senior debt | (114,100,000) | 0 | |
Revolving Credit Facility Due 2021 | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from long-term lines of credit | 19,500,000 | 13,400,000 | |
2019 Term Loan Facility | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayments of senior debt | [2] | (200,000,000) | |
Proceeds from issuance of senior debt | [2] | 200,000,000 | |
2018 Foreign Asset-Based Term Loan | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayments of senior debt | (31,400,000) | 0 | |
2016 Term Loan Facility | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayments of senior debt | (9,200,000) | (13,500,000) | |
Revlon Consumer Products Corporation | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | (380,300,000) | (179,200,000) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 108,300,000 | 124,600,000 | |
Foreign currency losses from re-measurement | 9,100,000 | 9,000,000 | |
Amortization of debt discount | 1,300,000 | 1,200,000 | |
Stock-based compensation amortization | 8,600,000 | 7,700,000 | |
Impairment charges | 144,100,000 | 0 | |
Benefit from deferred income taxes | (53,100,000) | (17,800,000) | |
Amortization of debt issuance costs | 17,800,000 | 10,400,000 | |
Gain on divested assets | (500,000) | 0 | |
Pension and other post-retirement cost | 4,200,000 | 6,300,000 | |
Gain on early extinguishment of debt | (43,100,000) | 0 | |
Paid-in-kind interest accrued on the 2020 BrandCo Facilities | 6,200,000 | 0 | |
Change in assets and liabilities: | |||
Decrease (increase) in trade receivables | 78,000,000 | (30,500,000) | |
Increase in inventories | (79,400,000) | (4,900,000) | |
Increase in prepaid expenses and other current assets | (9,300,000) | (12,200,000) | |
(Decrease) increase in accounts payable | (27,800,000) | 9,100,000 | |
Decrease in accrued expenses and other current liabilities | (24,300,000) | (79,800,000) | |
Pension and other post-retirement plan contributions | (7,500,000) | (7,800,000) | |
Purchases of permanent displays | (16,500,000) | (28,400,000) | |
Other, net | 7,300,000 | 25,500,000 | |
Net cash used in operating activities | (256,900,000) | (166,800,000) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (7,400,000) | (20,000,000) | |
Net cash used in investing activities | (7,400,000) | (20,000,000) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net decrease in short-term borrowings and overdraft | (700,000) | (22,400,000) | |
Payment of financing costs | (108,300,000) | (13,400,000) | |
Tax withholdings related to net share settlements of restricted stock and RSUs | (1,600,000) | (1,600,000) | |
Other financing activities | (300,000) | (900,000) | |
Net cash provided by (used in) financing activities | 433,900,000 | 161,600,000 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (400,000) | (1,400,000) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 169,200,000 | (26,600,000) | |
Cash, cash equivalents and restricted cash at beginning of period | [3] | 104,500,000 | 87,500,000 |
Cash, cash equivalents and restricted cash at end of period | [3] | 273,700,000 | 60,900,000 |
Cash paid during the period for: | |||
Interest | 182,200,000 | 157,900,000 | |
Income taxes, net of refunds | 12,600,000 | 6,900,000 | |
Supplemental schedule of non-cash investing and financing activities: | |||
Non-cash roll-up of participating lenders from the 2016 Term Loan Facility to the 2020 BrandCo Facilities | 846,000,000 | 0 | |
Paid-in-kind debt issuance costs capitalized to the 2020 BrandCo Facilities | 29,100,000 | 0 | |
Revlon Consumer Products Corporation | 2020 BrandCo Term Loan Facility due 2025 | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from long-term lines of credit | 880,000,000 | 0 | |
Revlon Consumer Products Corporation | 5.75% Senior Notes | |||
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Gain on early extinguishment of debt | (43,100,000) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayments of senior debt | (114,100,000) | 0 | |
Revlon Consumer Products Corporation | Revolving Credit Facility Due 2021 | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from long-term lines of credit | 19,500,000 | 13,400,000 | |
Revlon Consumer Products Corporation | 2019 Term Loan Facility | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayments of senior debt | [4] | (200,000,000) | |
Proceeds from issuance of senior debt | [4] | 200,000,000 | |
Revlon Consumer Products Corporation | 2018 Foreign Asset-Based Term Loan | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayments of senior debt | (31,400,000) | 0 | |
Revlon Consumer Products Corporation | 2016 Term Loan Facility | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Repayments of senior debt | $ (9,200,000) | $ (13,500,000) | |
[1] | These amounts include restricted cash of $5.4 million and $0.2 million as of September 30, 2020 and 2019, respectively. The balance as of September 30, 2020 represents: (i) cash on deposit in lieu of a mandatory prepayment under the 2018 Foreign Asset-Based Term Facility; and (ii) cash on deposit to support | ||
[2] | The Company fully repaid the 2019 Term Loan Facility in May 2020. | ||
[3] | These amounts include restricted cash of $5.4 million and $0.2 million as of September 30, | ||
[4] | The Company fully repaid the 2019 Term Loan Facility in May 2020. |
UNAUDITED CONSOLIDATED STATEM_6
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2020 | Sep. 30, 2019 |
Restricted cash | $ 5.4 | $ 0.2 |
5.75% Senior Notes due 2021 | ||
Stated interest rate (as a percent) | 5.75% | |
Revlon Consumer Products Corporation | ||
Restricted cash | $ 5.4 | $ 0.2 |
Revlon Consumer Products Corporation | 5.75% Senior Notes due 2021 | ||
Stated interest rate (as a percent) | 5.75% |
DESCRIPTION OF BUSINESS AND SUM
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revlon, Inc. ("Revlon" and together with its subsidiaries, the "Company") conducts its business exclusively through its direct wholly-owned operating subsidiary, Revlon Consumer Products Corporation ("Products Corporation") and its subsidiaries. Revlon is an indirect majority-owned subsidiary of MacAndrews & Forbes Incorporated (together with certain of its affiliates other than the Company, "MacAndrews & Forbes"), a corporation beneficially owned by Ronald O. Perelman. Mr. Perelman is Chairman of Revlon's and Products Corporation's Board of Directors. The Company is a leading global beauty company with an iconic portfolio of brands that develops, manufactures, markets, distributes and sells an extensive array of color cosmetics; hair color, hair care and hair treatments; fragrances; skin care; beauty tools; men’s grooming products; anti-perspirant deodorants; and other beauty care products across a variety of distribution channels. The Company operates in four brand-centric reporting units that are aligned with its organizational structure based on four global brand teams: Revlon; Elizabeth Arden; Portfolio; and Fragrances, which represent the Company's four reporting segments. For further information, refer to Note 14, "Segment Data and Related Information." The accompanying Consolidated Financial Statements are unaudited. In management's opinion, all adjustments necessary for a fair presentation of the Company's financial information have been made. The Unaudited Consolidated Financial Statements include the Company's accounts after the elimination of all material intercompany balances and transactions. Certain prior year amounts have been reclassified to conform to the current year presentation. The preparation of the Company's Unaudited Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the Unaudited Consolidated Financial Statements in the period they are determined to be necessary. Significant estimates made in the accompanying Unaudited Consolidated Financial Statements include, but are not limited to: expected sales returns; certain assumptions related to the valuation of acquired intangible and long-lived assets and the recoverability of goodwill, intangible and long-lived assets; income taxes, including deferred tax valuation allowances and reserves for estimated tax liabilities; and certain estimates and assumptions used in the calculation of the net periodic benefit (income) costs and the projected benefit obligations for the Company’s pension and other post-retirement plans, including the expected long-term return on pension plan assets and the discount rate used to value the Company’s pension benefit obligations. The Unaudited Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and related notes contained in Revlon's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the "2019 Form 10-K"). The Company's results of operations and financial position for interim periods are not necessarily indicative of those to be expected for the full year. Liquidity and Ability to Continue as a Going Concern The ongoing and prolonged COVID-19 pandemic has continued to adversely impact the Company’s business in the third quarter of 2020 and beyond, as social-distancing restrictions and related actions designed to curb the spread of the virus have remained in place or have been reinstated as the COVID-19 pandemic spikes across the globe. These adverse economic conditions have resulted in the general slowdown of the global economy, in turn contributing to a significant decline in net sales within each of the Company’s reporting segments and regions. As previously disclosed, on October 23, 2020, Products Corporation commenced an amended exchange offer (as amended, the “Exchange Offer”) to exchange any and all of its outstanding 5.75% Senior Notes due 2021 (the “5.75% Senior Notes”), which closed on November 13, 2020. In the Exchange Offer, for each $1,000 principal amount of 5.75% Senior Notes validly tendered, holders received either, at their option, (i) $275 in cash (plus a $50 early tender/consent fee payable if such 5.75% Senior Notes were tendered at or before 11:59 p.m. New York City time on November 10, 2020 (the “Expiration Time”)), for an aggregate of $325 in cash (the “Cash Consideration”), or (ii) a combination of (1) $200 in cash (plus a $50 early tender/consent fee payable if such 5.75% Senior Notes were tendered at or before the Expiration Time), for an aggregate of $250 in cash, plus, (2) (A) the Per $1,000 Pro Rata Share (as hereinafter defined) of $50 million aggregate principal amount of new 2020 ABL FILO Term Loans (as hereinafter defined) and (B) the Per $1,000 Pro Rata Share of $75 million aggregate principal amount of the New BrandCo Second-Lien Term Loans (the “Mixed Consideration” and such loans, together with the 2020 ABL FILO Term Loans, the “New Loans”), if the holder is: (a)(i) a qualified institutional buyer as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); (ii) an institutional accredited investor within the meaning of Rule 501(a)(1), (a)(2), (a)(3) or (a)(7) of the Securities Act; or (iii) a person that is not a “U.S. person” within the meaning of Regulation S under the Securities Act, (b) not a natural person and (c) not a “Disqualified Institution” (as defined under the Amended 2016 Revolving Credit Facility and related security documents and intercreditor agreements or the 2020 BrandCo Term Loan Facility and related security documents and intercreditor agreements) (an “Eligible Holder”). The “Per $1,000 Pro Rata Share” is (1) $1,000, divided by (2) the aggregate principal amount of 5.75% Senior Notes tendered for Mixed Consideration by all Eligible Holders and accepted for payment by Products Corporation. On November 13, 2020, the Company announced that the Exchange Offer was successfully consummated and that Products Corporation had accepted $236 million in aggregate principal amount of 5.75% Senior Notes tendered in the Exchange Offer. Products Corporation used cash on hand to redeem, effective as of November 13, 2020, the remaining $106.8 million in aggregate principal amount of 5.75% Senior Notes pursuant to the terms of the indenture governing the 5.75% Senior Notes. Following the consummation of the Exchange Offer and the satisfaction and discharge of the remaining 5.75% Senior Notes, no 5.75% Senior Notes remained outstanding. In addition, the Company’s Amended 2016 Revolving Credit Facility matures on September 7, 2021, and the Company is currently in discussions with various lenders to extend such maturity or refinance such facility. The uncertainty as to Products Corporation’s ability to extend or refinance the Amended 2016 Revolving Credit Facility raises substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of these uncertainties, nor do they include adjustments to reflect the possible future effects of the recoverability and classification of recorded asset amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. For more information, please see the risk factors discussed in Part II, Item 1A. “Risk Factors” of this Quarterly Report on Form 10-Q. Recently Evaluated and/or Adopted Accounting Pronouncements In August 2018, the FASB issued Accounting Standard Update ("ASU") No. 2018-15, "Internal Use Software (Subtopic 350-40) - Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract," which requires a customer in a cloud computing hosting arrangement that is a service contract to follow the existing guidance in ASC 350-40 on internal-use software to determine which implementation costs are to be deferred and recognized as an asset and which costs are to be expensed as incurred. This guidance is effective for annual periods beginning after December 15, 2019, with early adoption permitted, and may be applied either retrospectively or prospectively to all software implementation costs incurred after adoption. The Company adopted ASU No. 2018-15 prospectively, beginning as of January 1, 2020. The Company completed its assessment and determined that this new guidance does not have a material impact on the Company’s results of operations, financial condition and/or financial statement disclosures. Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The new guidance under ASU 2020-04 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. The Company is in the process of assessing the impact, if any, that ASU No. 2020-04 is expected to have on the Company’s results of operations, financial condition and/or financial statement disclosures. In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes," which removes certain exceptions for recognizing deferred taxes for investments, performing intra-period allocations, calculating income taxes in interim periods and how a company accounts for future events. This ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. This guidance is effective for annual periods beginning after December 15, 2020, with early adoption permitted, including adoption in any interim period. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. After reviewing this ASU, the Company decided that it will adopt this guidance beginning as of January 1, 2021. The Company completed its assessment of the possible effects of this ASU upon its implementation and determined that it is not expected to have significant impacts on the Company’s results of operations, financial condition and/or financial statement disclosures. In August 2018, the FASB issued ASU No. 2018-14, "Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans.” This new guidance removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and requires certain additional disclosures. This guidance is effective for annual periods beginning after December 15, 2020, with early adoption permitted. The Company will adopt this guidance (on a retrospective basis for certain new additional disclosures), beginning as of January 1, 2021. This new pronouncement only affects disclosure items and it is not expected to have a material impact on the Company’s results of operations, financial condition and/or financial statement disclosures. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," which was subsequently amended in November 2018 through ASU No. 2018-19, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses." ASU No. 2016-13 will require entities to estimate lifetime expected credit losses for trade and other receivables, net investments in leases, financing receivables, debt securities and other instruments, which will result in earlier recognition of credit losses. Further, the new credit loss model will affect how entities in all industries estimate their allowance for losses for receivables that are current with respect to their payment terms. In November 2019, the FASB issued ASU No. 2019-10, which, among other things, deferred the application of the new guidance on credit losses for smaller reporting companies ("SRC") to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. This guidance will be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., a modified-retrospective approach). Under the above-mentioned deferral, the Company expects to adopt ASU No. 2016-03, and the related ASU No. 2018-19 amendments, beginning as of January 1, 2023 and is in the process of assessing the impact, if any, that this new guidance is expected to have on the Company’s results of operations, financial condition and/or financial statement disclosures. |
RESTRUCTURING CHARGES
RESTRUCTURING CHARGES | 9 Months Ended |
Sep. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING CHARGES | RESTRUCTURING CHARGES Revlon 2020 Restructuring Program Building upon its previously-announced 2018 Optimization Program, in March 2020 the Company announced that it is implementing a worldwide organizational restructuring (the “Revlon 2020 Restructuring Program”) designed to reduce the Company’s selling, general and administrative expenses, as well as cost of goods sold, improve the Company’s gross profit and Adjusted EBITDA and maximize productivity, cash flow and liquidity. The Revlon 2020 Restructuring Program includes rightsizing the organization and operating with more efficient workflows and processes. The leaner organizational structure is also expected to improve communication flow and cross-functional collaboration, leveraging the more efficient business processes. As a result of the Revlon 2020 Restructuring Program, the Company expects to eliminate approximately 1,000 positions worldwide, including approximately 650 current employees and approximately 350 open positions of which approximately 785 were eliminated by September 30, 2020 . In March 2020, the Company began informing certain employees that were affected by the Revlon 2020 Restructuring Program. While certain aspects of the Revlon 2020 Restructuring Program may be subject to consultations with employees, works councils, unions and/or governmental authorities, the Company currently expects to substantially complete the employee-related actions by the end of 2020 and the other consolidation and outsourcing actions during 2021 and 2022. In connection with implementing the Revlon 2020 Restructuring Program, the Company expects to recognize during 2020 approximately $60 million to $70 million of total pre-tax restructuring and related charges (the “2020 Restructuring Charges”), consisting primarily of employee-related costs, such as severance, retention and other contractual termination benefits. In addition, the Company expects restructuring charges in the range of $75 million to $85 million to be charged and paid during 2021 and 2022. The Company expects that substantially all of these restructuring charges will be paid in cash, with approximately $55 million to $65 million of the total charges expected to be paid in 2020, approximately $40 million to $45 million expected to be paid in 2021, with the balance expected to be paid in 2022. A summary of the 2020 Restructuring Charges incurred since its inception in March 2020 and through September 30, 2020 is presented in the following table: Restructuring Charges and Other, Net Employee Severance and Other Personnel Benefits Other Costs Total Restructuring Charges Leases (a) Other Related Charges (b) Total Restructuring and Related Charges Cumulative charges incurred through September 30, 2020 $ 44.4 $ 1.2 $ 45.6 $ 11.3 $ 4.3 $ 61.2 (a) Lease-related charges are recorded within SG&A in the Company’s Unaudited Consolidated Statement of Operations and Comprehensive Loss. These lease-related charges include: (i) $3.5 million for accelerated recognition of rent expense related to certain abandoned leases; (ii) $3.0 million for the disposal of leasehold improvements and other equipment in connection with certain leases; (iii) $3.9 million of rent expense related to the Revlon 2020 Restructuring Program; and (iv) $0.9 million of disposal of leasehold improvements and other equipment in connection with the abandoned leases identified in clause (i) of this footnote (a). (b) Other related charges are recorded within SG&A and cost of sales in the Company’s Unaudited Consolidated Statement of Operations and Comprehensive Loss. A summary of the 2020 Restructuring Charges incurred since its inception in March 2020 and through September 30, 2020 by reportable segment is presented in the following table: Cumulative charges incurred through September 30, 2020 Revlon $ 17.9 Elizabeth Arden 10.0 Portfolio 10.6 Fragrances 7.1 Total $ 45.6 2018 Optimization Restructuring Program In November 2018, the Company announced that it was implementing the 2018 Optimization Restructuring Program (the "2018 Optimization Program") designed to streamline the Company’s operations, reporting structures and business processes, with the objective of maximizing productivity and improving profitability, cash flows and liquidity. The 2018 Optimization Program was substantially completed by December 31, 2019. As of September 30, 2020, restructuring and related charges under the 2018 Optimization Program expected to be paid in cash are approximately $32 million of the total $39.6 million of recorded charges, of which $30.3 million were already paid through September 30, 2020, with any residual balance expected to be paid during the remainder of 2020. A summary of the 2018 Optimization Restructuring Charges incurred since its inception in November 2018 and through September 30, 2020 is presented in the following table: Restructuring Charges and Other, Net Employee Severance and Other Personnel Benefits (a) Other Costs Total Restructuring Charges Inventory Adjustments (b) Other Related Charges (c) Total Restructuring and Related Charges Charges incurred through December 31, 2019 $ 20.3 $ 0.3 $ 20.6 $ 4.9 $ 14.0 $ 39.5 Charges incurred during the nine months ended September 30, 2020 (0.6) — (0.6) — 0.7 0.1 Cumulative charges incurred through September 30, 2020 $ 19.7 $ 0.3 $ 20.0 $ 4.9 $ 14.7 $ 39.6 (a) Includes reversal due to true-up of previously-accrued restructuring charges. (b) Inventory adjustments are recorded within cost of sales in the Company’s Unaudited Consolidated Statement of Operations and Comprehensive Loss. (c) Other related charges are recorded within SG&A in the Company’s Unaudited Consolidated Statement of Operations and Comprehensive Loss. A summary of the 2018 Optimization Restructuring Charges incurred since its inception in November 2018 and through September 30, 2020 by reportable segment is presented in the following table: Charges incurred during the nine months ended September 30, 2020 Cumulative charges incurred through September 30, 2020 Revlon $ (0.3) $ 8.5 Elizabeth Arden (0.1) 4.2 Portfolio (0.1) 3.9 Fragrances (0.1) 3.4 Total $ (0.6) $ 20.0 Restructuring Reserve The liability balance and related activity for each of the Company's restructuring programs are presented in the following table: Utilized, Net Liability Expense, Net Foreign Currency Translation Cash Non-cash Liability Balance at September 30, 2020 Revlon 2020 Restructuring Program: Employee severance and other personnel benefits $ — $ 44.4 $ — $ (20.3) $ — $ 24.1 Other — 1.2 — (1.2) — — Total Revlon 2020 Restructuring Program — 45.6 — (21.5) — 24.1 2018 Optimization Program: Employee severance and other personnel benefits 5.7 (0.6) — (3.7) — 1.4 Other immaterial actions: (a) Employee severance and other personnel benefits 4.3 (0.2) 0.2 (0.4) — 3.9 Total restructuring reserve $ 10.0 $ 44.8 $ 0.2 $ (25.6) $ — $ 29.4 (a) The balance of other immaterial restructuring initiatives primarily consists of balances outstanding under the EA Integration Restructuring Program implemented by the Company in December 2016, which was completed by December 2018. The reversal of charges and payments made during the nine months ended September 30, 2020 primarily related to other individually and collectively immaterial restructuring initiatives. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES As of September 30, 2020 and December 31, 2019, the Company's net inventory balances consisted of the following: September 30, December 31, 2020 2019 Finished goods $ 402.2 $ 326.5 Raw materials and supplies 106.8 110.4 Work-in-process 16.5 11.5 $ 525.5 $ 448.4 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT As of September 30, 2020 and December 31, 2019, the Company's property, plant and equipment balances consisted of the following: September 30, December 31, 2020 2019 Land and improvements $ 11.2 $ 11.0 Building and improvements 112.6 113.0 Machinery and equipment 295.9 296.0 Office furniture, fixtures and capitalized software 240.2 241.5 Counters and trade fixtures 51.9 52.9 Leasehold improvements 43.8 50.1 Construction-in-progress 7.0 14.0 Right-of-Use assets 123.5 118.2 Property, plant and equipment and Right-of-Use assets, gross 886.1 896.7 Accumulated depreciation and amortization (530.3) (488.1) Property, plant and equipment and Right-of-Use assets, net $ 355.8 $ 408.6 |
GOODWILL AND INTANGIBLE ASSETS,
GOODWILL AND INTANGIBLE ASSETS, NET | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS, NET | GOODWILL AND INTANGIBLE ASSETS, NET Goodwill In accordance with ASC Topic 350, “Intangibles – Goodwill and Other,” the Company performs its annual impairment test during the fourth quarter of each year. The Company also reviews goodwill for impairment whenever events or changes in circumstances indicate that the carrying value of its goodwill may not be recoverable. After the close of each interim quarter, management assesses whether there exists any indicators of impairment requiring the Company to perform an interim goodwill impairment analysis. In performing its goodwill impairment assessments the Company uses the simplified approach allowed under ASU No. 2017-04, "Simplifying the Test for Goodwill Impairment." Following the results of such assessments, the Company records non-cash impairment charges in the amount by which the carrying value of each reporting unit exceeded its respective fair value, limited to the amount of each reporting unit's goodwill. Impairment charges are included as a separate component of operating income within the "Impairment charges" caption on the face of the Company's Unaudited Consolidated Statement of Operations and Comprehensive Loss for the applicable quarter-to-date and year-to-date periods. First and Second Quarter of 2020 Interim Goodwill Assessments As of March 31, 2020 and June 30, 2020, as a result of COVID-19’s impact on the Company’s operations, the Company determined that indicators of potential impairment existed requiring the Company to perform interim goodwill impairment analyses. These indicators included a deterioration in the general economic conditions, adverse developments in equity and credit markets, deterioration in some of the economic channels in which the Company's operates (especially in the mass retail channel), the recent trading values of the Company's capital stock and the corresponding decline in the Company’s market capitalization and the revision of the Company's internal forecasts as a result of the ongoing and prolonged COVID- 19 pandemic. For its first and second quarter of 2020 interim assessments, the Company examined and performed quantitative interim goodwill impairment assessments for all its reporting units, namely: (i) Revlon; (ii) Elizabeth Arden Skin and Color; (iii) Elizabeth Arden Fragrances; (iv) Fragrances; (v) Mass Portfolio; and (vi) Professional Portfolio. For the first quarter of 2020, as of March 31, 2020: • The Company determined that it was more likely than not that the fair values of each of its: (i) Revlon; (ii) Elizabeth Arden Skin; and (iii) Color and Fragrances reporting units exceeded their respective carrying amounts for the first quarter of 2020. As of March 31, 2020, prior to the recording of any impairment charges, the Revlon, Elizabeth Arden Skin and Color and Fragrances reporting units had goodwill balances of $264.7 million, $67.4 million and $120.8 million, respectively; and • The Company also determined that indicators of impairment existed for each of its: (i) Elizabeth Arden Fragrances; (ii) Mass Portfolio; and (iii) Professional Portfolio reporting units. Accordingly, for the three months ended March 31, 2020, the Company recognized a total of $99.8 million of non-cash goodwill impairment charges consisting of: $54.3 million and $19.6 million for the Mass Portfolio and Professional Portfolio reporting units, respectively, within the Company's Portfolio segment and $25.9 million for the Elizabeth Arden Fragrances reporting unit within the Company's Elizabeth Arden segment. Following the recognition of these non-cash goodwill impairment charges, as of March 31, 2020, the Elizabeth Arden Fragrances, Mass Portfolio and Professional Portfolio reporting units had approximately $23.5 million, nil and $97.2 million, respectively, in remaining goodwill. For the second quarter of 2020, as of June 30, 2020: • The Company determined that it was more likely than not that the fair values of each of its: (i) Revlon; (ii) Elizabeth Arden Skin and Color; and (iii) Fragrances reporting units exceeded their respective carrying amounts for the second quarter of 2020. As of June 30, 2020, prior to the recording of any impairment charges, the Revlon, Elizabeth Arden Skin and Color and Fragrances reporting units had goodwill balances of $264.9 million, $67.4 million and $120.8 million, respectively; and • Primarily due to the continued worldwide effects of the ongoing and prolonged COVID-19 pandemic, the Company also determined that indicators of impairment existed for each of its: (i) Elizabeth Arden Fragrances; and (ii) Professional Portfolio reporting units. Accordingly, for the three months ended June 30, 2020, the Company recognized a total of $11.2 million of non-cash goodwill impairment charges consisting of: $9.6 million for the Professional Portfolio reporting unit within the Company's Portfolio segment and $1.6 million for the Elizabeth Arden Fragrances reporting unit within the Company's Elizabeth Arden segment. Following the recognition of these non-cash goodwill impairment charges, as of June 30, 2020, the Elizabeth Arden Fragrances and Professional Portfolio reporting units had approximately $22.0 million and $87.6 million, respectively, in remaining goodwill. Third Quarter 2020 Interim Goodwill Assessment As of September 30, 2020, primarily due to the continued worldwide effects of the ongoing and prolonged COVID-19 pandemic, the Company re-assessed whether further indicators of impairment arose during the third quarter of 2020 that might result in additional goodwill impairment charges. For the third quarter of 2020 interim assessment, the Company, in accordance with ASC 350, performed qualitative analyses for its (i) Revlon; (ii) Elizabeth Arden Skin and Color; (iii) Elizabeth Arden Fragrances; (iv) Professional Portfolio; and (v) Fragrances reporting units. As discussed above, the Mass Portfolio reporting unit's goodwill was written down to nil during the first quarter of 2020. In performing its third quarter of 2020 qualitative interim goodwill assessment, the Company considered, among other factors, the financial performance of each of its reporting units, the Company's revised expected future cash flows as affected by the ongoing and prolonged COVID-19 pandemic, as well as the results of the second quarter of 2020 quantitative interim analysis. For the third quarter of 2020, as of September 30, 2020: • The Company, in accordance with ASC 350, performed qualitative analyses for its: (i) Revlon; (ii) Elizabeth Arden Skin and Color; (iii) Elizabeth Arden Fragrances; (iv) Professional Portfolio; and (v) Fragrances reporting units; and • Based upon such assessment, the Company determined that it was more likely than not that the fair value of each of its previously mentioned reporting units exceeded their respective carrying amounts as of September 30, 2020. Consequently, no impairment changes were recognized during the three months ended September 30, 2020. Total non-cash impairment charges recorded on the Company's goodwill were nil and $111.0 million for the three and nine months ended September 30, 2020. No impairment charges were recognized during the nine months ended September 30, 2019. Inputs and Assumptions Considerations The above-mentioned fair values for the first and second quarter of 2020 quantitative interim assessments were primarily determined using a weighted average market and income approach. The income approach requires several assumptions including those regarding future sales growth, EBITDA (earnings before interest, taxes, depreciation and amortization) margins, and capital expenditures, which are the basis for the information used in the discounted cash flow model. The weighted-average cost of capital used in the income approach for the first and second quarter of 2020 quantitative interim assessments ranged from 10.5% to 12.0%, with a perpetual growth rate of 2%. For the market approach, for the first and second quarter of 2020 quantitative interim assessments, the Company considered the market comparable method based upon total enterprise value multiples of other comparable publicly-traded companies. The key assumptions used to determine the estimated fair value of the reporting units for the first and second quarter of 2020 quantitative interim assessments, as well as for the third quarter of 2020 qualitative interim assessment, included the expected success of the Company's future new product launches, the Company's achievement of its expansion plans, the Company's realization of its cost reduction initiatives and other efficiency efforts, as well as certain assumptions regarding COVID-19's expected impact on the Company. If such plans and assumptions do not materialize as anticipated, or if there are further challenges in the business environment in which the Company's reporting units operate, a resulting change in actual results from the Company's key assumptions could have a negative impact on the estimated fair values of the reporting units, which could require the Company to recognize additional impairment charges in future reporting periods. The inputs and assumptions utilized in the quarterly interim impairment analyses are classified as Level 3 inputs in the fair value hierarchy as defined in ASC Topic 820, “Fair Value Measurements.” The following table presents the changes in goodwill by segment for the nine months ended September 30, 2020: Revlon Portfolio Elizabeth Arden Fragrances Total Balance at January 1, 2020 $ 264.9 $ 171.1 $ 116.9 $ 120.8 $ 673.7 Foreign currency translation adjustment 0.3 0.2 — — 0.5 Goodwill impairment charge — (83.5) (27.5) — (111.0) Balance at September 30, 2020 $ 265.2 $ 87.8 $ 89.4 $ 120.8 $ 563.2 Cumulative goodwill impairment charges (a) $ (166.2) (a) Amount refers to cumulative goodwill impairment charges related to impairments recognized in 2015, 2017, 2018 and 2020; nil and $111.0 million of such impairment charges were recognized during the three and nine months ended September 30, 2020, respectively. In connection with recognizing these goodwill impairment charges for the three and nine months ended September 30, 2020, the Company recognized a tax benefit of approximately nil and $8.3 million, respectively, during such periods. Intangible Assets, Net Finite-Lived Intangibles In accordance with ASC Topic 360, and in conjunction with the Company's performance of its interim impairment testing of goodwill for the first, second and third quarters of 2020, the Company reviewed its finite-lived intangible assets for impairment. In performing such review, the Company makes judgments about the recoverability of its purchased finite-lived intangible assets whenever events or changes in circumstances indicate that an impairment to its finite-lived intangible assets may exist. The Company also considers several indicators of impairment, including, among other factors, the following: (i) whether there exists any significant adverse change in the extent or manner in which a long-lived asset and/or asset group is being used; (ii) whether there exists any projection or forecast demonstrating losses associated with the use of a long-lived asset and/or asset group; and (iii) whether there exists a current expectation that, more likely than not, a long-lived asset and/or asset group will be sold or otherwise disposed of significantly before the end of its previously-estimated useful life. The carrying amount of a finite-lived intangible asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the finite-lived intangible asset and/or asset group and the impairment loss is measured as the amount by which the carrying amount of the finite-lived intangible asset exceeds its fair value. No impairment charges were recognized related to the carrying value of any of the Company's finite-lived intangible assets as a result of the first, second and third quarters of 2020 impairment assessments. Indefinite-Lived Intangibles In connection with the interim impairment assessment for the first and second quarters of 2020, the Company also quantitatively reviewed indefinite-lived intangible assets, consisting of certain trade names, using March 31, 2020 and June 30, 2020 carrying values, respectively, similar to goodwill, in accordance with ASC Topic 350. As a result of COVID-19’s impact on the Company’s operations and on the expected future cash flows of certain asset groups, in connection with the Company's quantitative interim assessment of goodwill in the first and second quarters of 2020, the Company performed quantitative interim assessments for its indefinite-lived intangible assets for the same periods, which resulted in the recognition of: • $24.5 million of total non-cash impairment charges related to certain indefinite-lived intangible assets within the Company's Mass Portfolio, Elizabeth Arden Fragrances and Elizabeth Arden Skin and Color reporting units in the first quarter of 2020; and • $8.6 million of total non-cash impairment charges related to certain indefinite-lived intangible assets within the Company's Elizabeth Arden Fragrances and Elizabeth Arden Skin and Color reporting units in the second quarter of 2020. As of September 30, 2020, in accordance with the approach followed for the third quarter interim assessment of goodwill, the Company performed a qualitative assessment of its indefinite-lived intangible assets considering, among other factors, the financial performance of certain asset groups within its reporting units, the Company's revised, expected future cash flows (also as affected by COVID-19), as well as the results of the second quarter of 2020 quantitative interim analysis of indefinite-lived intangibles. No impairment charges were recognized related to the carrying value of any of the Company's indefinite-lived intangible assets as a result of the third quarter of 2020 qualitative interim impairment assessment. Consequently, total non-cash impairment charges recorded on the Company's indefinite-lived intangible assets were nil and $33.1 million for the three and nine months ended September 30, 2020. Inputs and Assumptions Considerations The fair values of the Company's intangible assets were determined based on the undiscounted cash flows method for its finite-lived intangibles and based on the relief from royalty method for its indefinite-lived intangibles, respectively. The inputs and assumptions utilized in the impairment analyses are classified as Level 3 inputs in the fair value hierarchy as defined in ASC Topic 820, “Fair Value Measurements.” These impairment charges were included as a separate component of operating income within the "Impairment charges" caption on the face of the Company's Unaudited Consolidated Statement of Operations and Comprehensive Loss for the three and nine months ended September 30, 2020. A summary of such impairment charges by segments is included in the following table: Three Months Ended September 30, 2020 Revlon Portfolio Elizabeth Arden Fragrances Total Indefinite-lived intangible assets $ — $ — $ — $ — $ — Total Intangibles Impairment $ — $ — $ — $ — $ — Nine Months Ended September 30, 2020 Revlon Portfolio Elizabeth Arden Fragrances Total Indefinite-lived intangible assets $ — $ (2.5) $ (30.6) $ — $ (33.1) Total Intangibles Impairment $ — $ (2.5) $ (30.6) $ — $ (33.1) In connection with recognizing these intangible assets impairment charges for the three and nine months ended September 30, 2020, the Company recognized a tax benefit of approximately nil and $6.9 million, respectively, during such periods. The following tables present details of the Company's total intangible assets as of September 30, 2020 and December 31, 2019: September 30, 2020 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Weighted-Average Useful Life (in Years) Finite-lived intangible assets: Trademarks and licenses $ 271.3 $ (122.7) $ — $ 148.6 12 Customer relationships 248.8 (107.4) — 141.4 11 Patents and internally-developed intellectual property 23.7 (15.2) — 8.5 5 Distribution rights 31.0 (7.0) — 24.0 14 Other 1.3 (1.3) — — 0 Total finite-lived intangible assets $ 576.1 $ (253.6) $ — $ 322.5 Indefinite-lived intangible assets: Trade names $ 146.5 N/A $ (33.1) $ 113.4 Total indefinite-lived intangible assets $ 146.5 N/A $ (33.1) $ 113.4 Total intangible assets $ 722.6 $ (253.6) $ (33.1) $ 435.9 December 31, 2019 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Weighted-Average Useful Life (in Years) Finite-lived intangible assets: Trademarks and licenses $ 271.2 $ (110.9) $ — $ 160.3 13 Customer relationships 248.3 (96.5) — 151.8 11 Patents and internally-developed intellectual property 21.5 (12.1) — 9.4 5 Distribution rights 31.0 (5.6) — 25.4 15 Other 1.3 (1.3) — — 0 Total finite-lived intangible assets $ 573.3 $ (226.4) $ — $ 346.9 Indefinite-lived intangible assets: Trade names $ 143.8 N/A $ — $ 143.8 Total indefinite-lived intangible assets $ 143.8 N/A $ — $ 143.8 Total intangible assets $ 717.1 $ (226.4) $ — $ 490.7 Amortization expense for finite-lived intangible assets was $8.3 million in each of the three months ended September 30, 2020 and 2019, and $25.0 million and $31.9 million for the nine months ended September 30, 2020 and 2019, respectively. The variance with the previous comparable nine-month period was attributable primarily to the accelerated amortization of the Pure Ice intangible assets during the quarter ended March 31, 2019 as a result of the revision of the brand’s intangible assets useful lives following the termination of a business relationship with the brand's principal customer. The following table reflects the estimated future amortization expense for each period presented, a portion of which is subject to exchange rate fluctuations, for the Company's finite-lived intangible assets as of September 30, 2020: Estimated Amortization Expense 2020 $ 8.7 2021 33.4 2022 32.4 2023 30.9 2024 27.6 Thereafter 189.5 Total $ 322.5 |
ACCRUED EXPENSES AND OTHER
ACCRUED EXPENSES AND OTHER | 9 Months Ended |
Sep. 30, 2020 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER | ACCRUED EXPENSES AND OTHER As of September 30, 2020 and December 31, 2019, the Company's accrued expenses and other current liabilities consisted of the following: September 30, December 31, 2020 2019 Sales returns and allowances $ 73.9 $ 89.7 Advertising, marketing and promotional costs 72.9 82.8 Taxes (a) 48.1 54.3 Compensation and related benefits 40.1 42.1 Interest 22.0 34.0 Professional services and insurance 15.0 16.3 Short-term lease liability 19.0 14.5 Freight and distribution costs 3.1 13.2 Restructuring reserve 29.4 10.0 Software 3.1 4.0 Other (b) 61.3 54.0 Total $ 387.9 $ 414.9 (a) Accrued Taxes for Products Corporation as of September 30, 2020 and December 31, 2019 were $51.1 million and $57.6 million, respectively. |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT The table below details the Company's debt balances as of September 30, 2020 and December 31, 2019. See also Note 19, "Subsequent Events," for recent debt activity updates. September 30, December 31, 2020 2019 2020 BrandCo Term Loan Facility due 2025, net of debt issuance costs (see (a) below) $ 1,625.2 $ — 2019 Term Loan Facility due 2023, net of discounts and debt issuance costs (see (b) below) — 187.1 2018 Foreign Asset-Based Term Facility due 2021, net of discounts and debt issuance costs (see (c) below) 54.6 82.3 Amended 2016 Revolving Credit Facility due 2021, net of debt issuance costs (see (d) below) 290.2 269.9 2016 Term Loan Facility: 2016 Term Loan due 2023 and 2025, net of discounts and debt issuance costs (see (e) below) 875.2 1,713.6 5.75% Senior Notes due 2021, net of debt issuance costs (see (f) below) 341.7 498.1 6.25% Senior Notes due 2024, net of debt issuance costs (see (g) below) 443.8 442.8 Spanish Government Loan due 2025 0.3 0.4 Debt $ 3,631.0 $ 3,194.2 Less current portion (*) (704.5) (288.0) Long-term debt $ 2,926.5 $ 2,906.2 Short-term borrowings (see (h) below) $ 2.0 $ 2.2 (*) At September 30, 2020, the Company classified $704.5 million as its current portion of long-term debt, comprised primarily of $341.7 million of Products Corporation's 5.75% Senior Notes due February 15, 2021 (the "5.75% Senior Notes"), net of debt issuance costs, $290.2 million of net borrowings under the Amended 2016 Revolving Credit Facility, net of debt issuance costs, $54.6 million of the 2018 Foreign Asset-Based Term Facility due July 9, 2021, net of debt issuance costs and debt discount, $9.2 million of amortization payments on the 2016 Term Loan Facility scheduled to be paid over the next four calendar quarters, and $8.6 million of amortization payments under the 2020 BrandCo Term Loan Facility due within one year. At December 31, 2019, the Company classified $288.0 million as its current portion of long-term debt, comprised primarily of $269.9 million of net borrowings under the Amended 2016 Revolving Credit Facility, net of debt issuance costs, and $18.0 million of amortization payments on the 2016 Term Loan Facility. See below in this Note 7, "Debt," and Note 19, "Subsequent Events," for details regarding the Company's recent debt-related transactions. (a) The aggregate principal amount outstanding under the 2020 BrandCo Term Loan Facility at September 30, 2020 was $1,761.3 million, including $846.0 million of principal rolled-up from the 2016 Term Loan Facility to the Roll-up BrandCo Facility and the Junior Roll-up BrandCo Facility . See further details below, within this Note 7, "Debt," and Note 19, “Subsequent Events.” (b) On May 7, 2020, in connection with closing the 2020 BrandCo Facilities, Products Corporation fully repaid the 2019 Term Loan Facility pursuant to that Term Credit Agreement, dated as of August 6, 2019 (the “2019 Term Loan Facility”) . See Note 9, "Long-Term Debt," to the Consolidated Financial Statements in the Company's 2019 Form 10-K for certain details regarding the 2019 Term Loan Facility, which prior to its repayment was scheduled to mature on the earliest of: (x) August 6, 2023 and (y) the 180th day prior to the stated maturity of Products Corporation’s existing 2016 Term Loan Facility, if any loans under the 2016 Term Loan Facility remained outstanding and had not been replaced or refinanced by such date. The lenders under the 2019 Term Loan Facility participated in the 2020 BrandCo Term Loan Facility and, as a result, the Company determined that the full repayment of the 2019 Term Loan Facility represented a debt modification under U.S. GAAP. Accordingly, the Company recorded approximately $33.5 million in connection with fees paid to the lenders for the prepayment of the 2019 Term Loan Facility, as well as approximately $10.3 million in other lenders' fees, which were capitalized as part of the total debt issuance costs for the 2020 BrandCo Term Loan Facility. See further details below, within this Note 7, "Debt," and Note 19, “Subsequent Events.” (c) The aggregate principal amount outstanding under the 2018 Foreign Asset-Based Term Facility at September 30, 2020 was the Euro equivalent of $56.8 million. In connection with the amendment described below, the Company repaid €5 million of the original aggregate principal amount of €77 million. See Note 9, "Long-Term Debt," to the Consolidated Financial Statements in the Company's 2019 Form 10-K for certain details regarding the euro-denominated senior secured asset-based term loan facility that various foreign subsidiaries of Products Corporation entered into on July 9, 2018 and which is scheduled to mature on July 9, 2021 (the “2018 Foreign Asset-Based Term Facility”). In May, 2020 the Company entered into an amendment to the 2018 Foreign Asset Based Term Facility to, among other things, increase the margin applicable to the interest rate from EURIBOR (with a floor of 0.50%) plus a margin of 6.50% to EURIBOR (with a floor 0.50%) plus a margin of 7.00%. See further details below, within this Note 7, "Debt." (d) Total borrowings at face amount under Tranche A of the Amended 2016 Revolving Credit Facility at September 30, 2020 were $291.9 million (excluding $1.4 million of outstanding undrawn letters of credit). See Note 9, "Long-Term Debt," to the Consolidated Financial Statements in the Company's 2019 Form 10-K for certain details regarding Products Corporation's Amended 2016 Revolving Credit Facility. In April 2018, Products Corporation amended the Amended 2016 Revolving Credit Facility Agreement, as detailed below, to, among other things, add a $41.5 million senior secured first in, last out "Tranche B," while the original $400 million tranche under such facility became a senior secured last in, first out "Tranche A." Tranche A matures on the earlier of: (x) September 7, 2021; and (y) the 91 st day prior to the maturity of Products Corporation’s 5.75% Senior Notes, if, on that date (and solely for so long as), (i) any of Products Corporation’s 5.75% Senior Notes remain outstanding and (ii) Products Corporation’s available liquidity does not exceed the aggregate principal amount of the then outstanding 5.75% Senior Notes by at least $200 million. On April 17, 2020, the maturity date of the 2018 Tranche B was extended from April 17, 2020 to May 17, 2020 and was fully repaid on such extended maturity date. (e) The aggregate principal amount outstanding under the 2016 Term Loan Facility at September 30, 2020 was $886.3 million. See Note 9, "Long-Term Debt," to the Consolidated Financial Statements in the Company's 2019 Form 10-K for certain details regarding Products Corporation's 2016 Term Loan Facility that was originally scheduled to mature on the earlier of: (x) September 7, 2023; and (y) the 91 st day prior to the maturity of Products Corporation’s 5.75% Senior Notes if, on that date (and solely for so long as), (i) any of Products Corporation's 5.75% Senior Notes remain outstanding and (ii) Products Corporation’s available liquidity does not exceed the aggregate principal amount of the then outstanding 5.75% Senior Notes by at least $200 million (the “Original Maturity Date”). On May 7, 2020, in connection with closing the 2020 BrandCo Facilities, Products Corporation amended the 2016 Term Loan Facility to, among other things, extend the maturity of a portion of the 2016 Term Loan Facility to June 30, 2025, subject to certain springing maturities (the “Extended Maturity Date”). See further details below within this Note 7, "Debt," and Note 19, “Subsequent Events.” As a result of such transaction, as of September 30, 2020, $855.6 million of the 2016 Term Loan Facility is scheduled to mature on the Original Maturity Date and $30.7 million is scheduled to mature on the Extended Maturity Date. (f) The aggregate principal amount outstanding under the 5.75% Senior Notes at September 30, 2020 was $342.8 million. See Note 9, "Long-Term Debt," to the Consolidated Financial Statements in the Company's 2019 Form 10-K for certain details regarding Products Corporation's 5.75% Senior Notes that are scheduled to mature on February 15, 2021. During the nine months ended September 30, 2020, Products Corporation repurchased $157.2 million in aggregate principal face amount of the 5.75% Senior Notes, recording a gain on extinguishment of debt of approximately $43.1 million , which is included in "Gain on early extinguishment of debt" on the Company's Unaudited Consolidated Statement of Operations and Comprehensive Loss for the three and nine months ended September 30, 2020. See further details below within this Note 7, "Debt," and Note 19, “Subsequent Events.” (g) The aggregate principal amount outstanding under the 6.25% Senior Notes at September 30, 2020 was $450 million. See Note 9, "Long-Term Debt," to the Consolidated Financial Statements in the Company's 2019 Form 10-K for certain details regarding Products Corporation's 6.25% Senior Notes that are scheduled to mature on August 1, 2024 (the "6.25% Senior Notes"). (h) There were no borrowings at September 30, 2020 under the Second Amended and Restated Unsecured 2019 Senior Line of Credit Facility between Products Corporation and MacAndrews & Forbes Group, LLC (“M&F”), dated as of September 28, 2020 (the “2020 Restated Line of Credit Facility”), which was amended and restated in anticipation of a Future Refinanced European ABL Facility (as hereinafter defined) and will provide Products Corporation with up to a $30 million tranche of a new facility of the 2018 Foreign Asset-Based Term Facility (the “New European ABL FILO Facility”) that would be secured on a “last-out” basis by the same collateral as the 2018 Foreign Asset-Based Term Facility or, if no Future Refinanced European ABL Facility is obtained, a stand-alone $30.0 million credit facility secured by the same collateral as the 2018 Foreign Asset-Based Term Facility when that facility is terminated, in each case, subject to a borrowing base. Current Year Debt Transactions 5.75% Senior Notes Exchange Offer See Note 19, “Subsequent Events” for important information regarding the Company’s debt-related transactions occurring after September 30, 2020. On September 29, 2020, Products Corporation commenced the “Exchange Offer” to exchange any and all of the then-outstanding 5.75% Senior Notes (the “Existing 5.75% Senior Notes”). As described in Note 19, the Exchange Offer was amended on October 23, 2020 and on November 13, 2020, the Company announced that the Exchange Offer was successfully consummated and that Products Corporation had accepted $236 million in aggregate principal amount of 5.75% Senior Notes tendered in the Exchange Offer . Products Corporation used cash on hand to redeem, effective as of November 13, 2020, the remaining $106.8 million in aggregate principal amount of 5.75% Senior Notes pursuant to the terms of the 5.75% Senior Notes Indenture. Following the consummation of the Exchange Offer and the satisfaction and discharge of the remaining 5.75% Senior Notes, no 5.75% Senior Notes remained outstanding as of the closing on November 13, 2020. Amendments to the 2020 BrandCo Term Loan Facility Prior to consummating the Exchange Offer, on September 28, 2020, Products Corporation and certain lenders under the 2020 BrandCo Term Loan Facility, representing more than a majority in aggregate principal amount of loans thereunder (the “Supporting BrandCo Lenders”), entered into a Transaction Support Agreement (the “BrandCo TSA”) under which the Supporting BrandCo Lenders agreed to take certain actions to facilitate the Exchange Offer and Consent Solicitation, including, among other things: • Relinquishing certain rights of such Supporting BrandCo Lenders to “roll-up” loans held by such Supporting BrandCo Lenders un der the 2016 Term Loan Facility into New BrandCo Second-Lien Term Loans under the 2020 BrandCo Term Loan Facility (the “Roll-up Rights”); • Tendering any Existing 5.75% Senior Notes held by such Supporting BrandCo Lenders into the Exchange Offer and Consent Solicitation; • Consenting to amendments to the 2020 BrandCo Term Loan Facility to permit the exchange of Existin g 5.75% Senior Notes for the New BrandCo Second-Lien Term Loans under the 2020 BrandCo Term Loan Facility a s contemplated by the Offering Memorandum and the payment of the BrandCo Support and Consent Consideration; • Consenting to other amendments to the 2020 BrandCo Term Loan Facility and the Amended 2016 Revolving Credit Facility to permit the Exchange Offer and Consent Solicitation to be completed as contemplated by the Offering Memorandum; and • Supporting and cooperating wi th Products Corporation t o consummate the transactions contemplated by the BrandCo TSA and the Offering Memorandum, including the Exchange Offer and Consent Solicitation. In connection with such amendments, Products Corporation a greed to provide the following consideration (collectively, the “BrandCo Support and Consent Consideration”) upon the successful consummation of the Exchange Offer: • $12.5 million aggregate principal amount of New BrandCo Second-Lien Term Loans as a fee to the Supporting BrandCo Lenders under the BrandCo TSA in connection with such Supporting BrandCo Lenders’ relinquishment of their Roll-up Rights; • $10.0 million aggregate principal amount of New BrandCo Second-Lien Term Loans to one of the Supporting BrandCo Lenders in exchange for $18.7 million aggregate principal amount of Products Corporation’s 6.25% Senior Notes due 2024 held by such Supporting BrandCo Lender; and • to all lenders under the 2020 BrandCo Term Loan Facility (including the Supporting BrandCo Lenders), an amendment f ee that was p ayable pro rata ba sed on principal amount of loans consenting, consisting of, at Products Corporation's option, either (x) an aggregate of $2.5 million of cash or (y) $5.0 million aggregate principal amount of New BrandCo Second-Lien Term Loans. Pursuant to the BrandCo Amendment, Products Corporation elected to pay this fee in-kind in the form of $5.0 million aggregate principal amount of New BrandCo Second-Lien Term Loans. On November 13, 2020, Products Corporation entered into that certain Amendment No. 1 (the “BrandCo Amendment”) to the 2020 BrandCo Credit Agreement in connection with the Exchange Offer in order to, among other things, provide for the incurrence of $75 million in aggregate principal amount of New BrandCo Second-Lien Term Loans. The New BrandCo Second Lien Term Loans are a separate tranche of “Term B-2 Loans” (ranking junior to the Term B-1 Loans and senior to the Term B-3 Loans with respect to liens on certain specified collateral) under the BrandCo Credit Agreement. Except as to the use of proceeds, the terms of the New BrandCo Second-Lien Term Loans are substantially consistent with the other Term B-2 Loans. In connection with the BrandCo Amendment, Products Corporation paid certain fees to the lenders in-kind in the form of New BrandCo Second-Lien Term Loans in accordance with the BrandCo TSA. MacAndrews & Forbes 2020 Restated Line of Credit Facility In light of the upcoming maturity on July 9, 2021 of the 2018 Foreign Asset-Based Term Facility and the upcoming expiration on December 31, 2020 of the Amended 2019 Senior Line of Credit Facility, the Company sought to refinance or extend both the 2018 Foreign Asset-Based Term Facility and the Amended 2019 Senior Line of Credit Facility. Products Corporation sought to do so in order to reinforce its liquidity position to be better able to address the current business and economic environment and prepare for any further potential disruptions to its business and operations as may be brought on by the ongoing COVID-19 pandemic or other events. As a result, and anticipating a future refinancing of the 2018 Foreign Asset-Based Term Facility (a “Future Refinanced European ABL Facility”), on September 28, 2020, Products Corporation and M&F entered into the Second Amended and Restated 2019 Senior Unsecured Line of Credit Facility (the “2020 Restated Line of Credit Facility”), which amended and restated the Amended 2019 Senior Line of Credit Facility and will provide Products Corporation with up to a $30 million tranche of a new facility of the 2018 Foreign Asset-Based Term Facility (the “New European ABL FILO Facility”) that would be secured on a “last-out” basis by the same collateral as the 2018 Foreign Asset-Based Term Facility or, if no Future Refinanced European ABL Facility is obtained, a stand-alone $30 million credit facility secured by the same collateral as the 2018 Foreign Asset-Based Term Facility when that facility is terminated, in each case, subject to a borrowing base. Upon the earlier of (x) the incurrence of a New European ABL FILO Facility and (y) December 31, 2020, the 2020 Restated Line of Credit Facility will terminate, such that M&F’s maximum committed amount under the 2020 Restated Line of Credit Facility will never exceed $30.0 million. As of September 30, 2020, there were no borrowings outstanding under the 2020 Restated Line of Credit Facility. The New European ABL FILO Facility would mature on (x) the maturity date of any such Future Refinanced European ABL Facility or (y) if there is no Future Refinanced European ABL Facility, July 9, 2022. To the extent the Future Refinanced European ABL Facility exceeds $35.0 million in principal amount, the amount available under the New European ABL FILO Facility would decrease on a dollar-for-dollar basis, such that, if Products Corporation were able to obtain a Future Refinanced ABL Facility of $65.0 million from third parties, there would be no amounts available under the New European ABL FILO Facility. The interest rate for the New European ABL FILO Facility will be LIBOR + 10.00%. The covenants for the New European ABL FILO Facility would be substantially the same as those applicable to the 2018 European ABL Facility. Consummation of 2020 BrandCo Refinancing Transactions On May 7, 2020 (the “BrandCo 2020 Facilities Closing Date”), Products Corporation entered into a term credit agreement (the “2020 BrandCo Credit Agreement”) with Jefferies Finance LLC, as administrative agent and collateral agent, and certain financial institutions (the “2020 Facilities Lenders”) that are lenders or the affiliates of lenders under Products Corporation’s Term Loan Credit Agreement, dated as of September 7, 2016 and amended on April 30, 2020 and as amended on the BrandCo 2020 Facilities Closing Date, as further described below (as amended to date, the “2016 Term Loan Facility”). Pursuant to the 2020 BrandCo Credit Agreement, the 2020 Facilities Lenders provided Products Corporation with new and roll-up senior secured term loan facilities (the “2020 BrandCo Facilities” and, collectively, the "2020 BrandCo Term Loan Facility" and, together with the use of proceeds thereof and the Extension Amendment, the “2020 BrandCo Refinancing Transactions”). Principal and Maturity: The 2020 BrandCo Facilities consist of: (i) a senior secured term loan facility in an aggregate principal amount outstanding on the BrandCo 2020 Facilities Closing Date of $815 million, plus the amount of certain fees and accrued interest that have been capitalized (the “2020 BrandCo Facility”); (ii) commitments in respect of a senior secured term loan facility in an aggregate principal amount of $950 million (the “Roll-up BrandCo Facility”); and (iii) a senior secured term loan facility in an aggregate principal amount outstanding on the BrandCo 2020 Facilities Closing Date of $3 million (the “Junior Roll-up BrandCo Facility”). Additionally, on May 28, 2020, Products Corporation borrowed from the 2020 Facilities Lenders an additional $65 million of term loans under the 2020 BrandCo Facility to repay in full the 2020 Incremental Facility under the 2016 Term Loan Facility, as a result of which the 2020 BrandCo Facility at June 30, 2020 had an aggregate principal amount outstanding of $910.6 million (including paid-in-kind closing fees of $29.1 million and paid-in-kind interest of $1.5 million that were capitalized). Additionally, during the three months ended June 30, 2020 and the three months ended September 30, 2020, certain lenders under the 2016 Term Loan Facility due June 2023, representing $846.0 million in aggregate principal outstanding, rolled-up to the Roll-up BrandCo Facility and the Junior Roll-up BrandCo Facility due June 2025 , as a result of which the Roll-up BrandCo Facility and the Junior Roll-up BrandCo Facility at September 30, 2020 had an aggregate principal amount outstanding of $846.0 million. T he Company determined that the roll-up of such 2016 Term Loan Facility lenders into the Roll-up BrandCo Facility and the Junior Roll-up BrandCo Facility represented a debt modification under U.S. GAAP, as the cash flow effect between the amount that Products Corporation owed to the participating lenders under the old debt instrument (i.e., the 2016 Term Loan Facility) and the amount that Products Corporation owed to such lenders after the consummation of the roll-up into the new debt instrument (i.e., the Roll-up BrandCo Facility and the Junior Roll-up BrandCo Facility) on a present value basis was less than 10% and, thus, the debt instruments were not considered to be substantially different within the meaning of ASC 470, Debt, under U.S. GAAP. The proceeds of the 2020 BrandCo Facility were used: (i) to repay in full approximately $200 million of indebtedness outstanding under Products Corporation’s 2019 Term Loan Facility; (ii) to repay in full and terminate commitments under the 2020 Incremental Facility; and (iii) to pay fees and expenses in connection with the 2020 BrandCo Facilities and the 2020 BrandCo Refinancing Transactions. The Company will use the remaining net proceeds for general corporate purposes, including repurchasing, repaying or refinancing Products Corporation’s outstanding 5.75% Senior Notes. The proceeds of the Roll-up BrandCo Facility are available prior to the third anniversary of the BrandCo 2020 Facilities Closing Date to purchase at par an equivalent amount of any remaining term loans under the 2016 Term Loan Facility held by the lenders participating in the 2020 BrandCo Facility or their transferees. During the three months ended June 30, 2020 and the three months ended September 30, 2020, certain lenders under the 2016 Term Loan Facility due June 2023, representing $846.0 million in aggregate principal outstanding, rolled-up to the Roll-up BrandCo Facility and the Junior Roll-up BrandCo Facility due June 2025 , as a result of which the Roll-up BrandCo Facility and the Junior Roll-up BrandCo Facility at September 30, 2020 have an aggregate principal amount outstanding of $846.0 million, with a remaining capacity for the roll-up of loans under the 2016 Term Loan Facility of $107.0 million. See “Amendments to the 2020 BrandCo Term Loan Facility” regarding the Supporting BrandCo Lenders relinquishing certain Roll-up Rights and Products Corporation’s issuance of the BrandCo Support and Consent Consideration. The 2020 BrandCo Facilities will mature on June 30, 2025, subject to a springing maturity 91 days prior to the August 1, 2024 maturity date of Products Corporation’s 6.25% Senior Notes if, on such date, $100 million or more in aggregate principal amount of the 6.25% Senior Notes remain outstanding. The Company incurred approximately $119.3 million of new debt issuance costs in connection with closing the 2020 BrandCo Facility, which include paid-in kind amounts that are recorded as an adjustment to the carrying amount of the related liability and amortized to interest expense in accordance with the effective interest method over the term of the 2020 BrandCo Facilities. Borrower, Guarantees and Security: Products Corporation is the borrower under the 2020 BrandCo Facilities and the 2020 BrandCo Facilities are guaranteed by certain of Products Corporation's indirect subsidiaries (the “BrandCos”) that hold certain intellectual property assets related to the Elizabeth Arden and American Crew brands, certain other Portfolio segment brands and certain owned Fragrance segment brands (the “Specified Brand Assets”). While the BrandCos do not guarantee the 2016 Term Loan Facility, all guarantors of the 2016 Term Loan Facility guarantee the 2020 BrandCo Facilities. All of the assets of the BrandCos (including all capital stock issued by the BrandCos) have been pledged to secure the 2020 BrandCo Facility on a first-priority basis, the Roll-up BrandCo Facility on a second-priority basis and the Junior Roll-up BrandCo Facility on a third-priority basis and while such assets do not secure the 2016 Term Loan Facility, the 2020 BrandCo Facilities are secured on a pari passu basis by the assets securing the 2016 Term Loan Facility. Contribution and License Agreements: In connection with the pledge of the Specified Brand Assets, Products Corporation and certain of its subsidiaries contributed the Specified Brand Assets to the BrandCos. Products Corporation entered into license and royalty arrangements on arm’s length terms with the relevant BrandCos to provide for the continued use of the Specified Brand Assets by Products Corporation and its subsidiaries during the term of the 2020 BrandCo Facilities. Interest and Fees: Loans under the 2020 BrandCo Facility bear interest at a rate equal to LIBOR (with a LIBOR floor of 1.50%) plus (x) 10.50% per annum, payable not less than quarterly in arrears in cash and (y) 2.00% per annum payable not less than quarterly in-kind by adding such amount to the principal amount of outstanding loans under the 2020 BrandCo Facility. Loans under the Roll-up BrandCo Facility and the Junior Roll-up BrandCo Facility bear interest at a rate equal to LIBOR (with a LIBOR floor of 0.75%) plus 3.50% per annum, payable not less than quarterly in arrears in cash. Affirmative and Negative Covenants : The 2020 BrandCo Facilities contain certain affirmative and negative covenants that, among other things, limit Products Corporation’s and its restricted subsidiaries’ ability to: (i) incur additional debt; (ii) incur liens; (iii) sell, transfer or dispose of assets; (iv) make investments; (v) make dividends and distributions on, or repurchases of, equity; (vi) make prepayments of contractually subordinated, unsecured or junior lien debt; (vii) enter into certain transactions with their affiliates; (viii) enter into sale-leaseback transactions; (ix) change their lines of business; (x) restrict dividends from their subsidiaries or restrict liens; (xi) change their fiscal year; and (xii) modify the terms of certain debt. The 2020 BrandCo Facilities also restrict distributions and other payments from the BrandCos based on certain minimum thresholds of net sales with respect to the Specified Brand Assets. The 2020 BrandCo Facilities also contain certain customary representations, warranties and events of default, including a cross default provision making it an event of default under the 2020 BrandCo Credit Agreement if there is an event of default under Products Corporation’s existing 2016 Credit Agreements, the 2018 Foreign Asset-Based Term Agreement or the indentures governing each of Products Corporation’s 5.75% Senior Notes due 2021 and its 6.25% Senior Notes due 2024 (the “Senior Notes Indentures”). Th e lenders under the 2020 BrandCo Credit Agreement may declare all outstanding loans under the 2020 BrandCo Facilities to be due and payable immediately upon an event of default. Under such circumstances, the lenders under the 2016 Credit Agreements, the 2018 Foreign Asset-Based Term Agreement, and the holders under the Senior Notes Indentures may also declare all outstanding amounts under such instruments to be due and payable immediately as a result of similar cross default or cross acceleration provisions, subject to certain exceptions and limitations described in the relevant instruments. Prepayments : The 2020 BrandCo Facilities are subject to certain mandatory prepayments, including from the net proceeds from the issuance of certain additional debt and asset sale proceeds of certain non-ordinary course asset sales or other dispositions of property, subject to certain exceptions. The 2020 BrandCo Facilities may be repaid at any time, subject to customary prepayment premiums. 2016 Term Loan Facility Extension Amendment: Term loan lenders under the 2016 Term Loan Facility were offered the opportunity to participate at par in the 2020 BrandCo Facilities based on their holdings of term loans under the 2016 Term Loan Facility. Lenders participating in the 2020 BrandCo Facilities, as well as other consenting lenders representing, in the aggregate, a majority of the loans and commitments under the 2016 Term Loan Facility, consented to an amendment to the 2016 Term Loan Facility (the “Extension Amendment”) that, among other things, made certain modifications to the covenants thereof and extended the maturity date of their term loans (“Extended Term Loans”) to June 30, 2025, subject to (i) the same September 7, 2023 springing maturity date of the non-extended term loans under the 2016 Term Loan Facility if, on such date, $75 million or more in aggregate principal amount of the non-extended term loans under the 2016 Term Loan Facility remains outstanding, and (ii) a springing maturity of 91 days prior to the August 1, 2024 maturity date of the 6.25% Senior Notes if, on such date, $100 million or more in aggregate principal amount of the 6.25% Senior Notes remains outstanding. The Extension Amendment became effective on the BrandCo 2020 Facilities Closing Date. As of September 30, 2020, approximately $30.7 million in aggregate principal amount of Extended Term Loans were outstanding after giving effect to the 2020 BrandCo Refinancing Transactions. The Extended Term Loans bear interest at a rate of LIBOR (with a LIBOR floor of 0.75%) plus 3.50% per annum, payable not less than quarterly in arrears in cash, consistent with the interest rate applicable to the non-extended term loans. Approximately $17.0 million of accrued interest outstanding on the 2016 Term Loan Facility was paid on the BrandCo 2020 Facilities Closing Date. The aggregate principal amount of non-extended term loans under the 2016 Term Loan Facility as of September 30, 2020 was approximately $855.6 million. Repurchases of 5.75% Senior Notes due 2021 On May 7, 2020, Products Corporation used a portion of the proceeds from the 2020 BrandCo Facility to repurchase and subsequently cancel $50 million in aggregate principal face amount of its 5.75% Senior Notes. Products Corporation also paid approximately $0.7 million of accrued interest outstanding on the 5.75% Senior Notes on May 7, 2020. After the BrandCo 2020 Facilities Closing Date, Products Corporation repurchased and subsequently canceled in July 2020 a further $62.8 million in aggregate principal face amount of its 5.75% Senior Notes. Furthermore, during the three months ended September 30, 2020, Products Corporation repurchased and subsequently canceled an additional $44.4 million in aggregate principal face amount of its 5.75% Senior Notes. Accordingly, as of September 30, 2020, Products Corporation had repurchased and subsequently cancelled a total of approximately $157.2 million in aggregate principal face amount of its 5.75% Senior Notes, resulting in a gain on extinguishment of debt of approximately $31.2 million and $43.1 million for the three and nine months ended September 30, 2020, respectively, which were recorded within "Gain on early extinguishment of debt" on the Company's Unaudited Consolidated Statement of Operations and Comprehensive Loss for the three and nine months ended September 30, 202 0. See Note 7, "Debt," and Note 19, “Subsequent Events” for more information regarding Products Corporation's 5.75% Senior Notes and the related Exchange Offer. Prepayment of the 2019 Term Loan Facility due 202 3 On the BrandCo 2020 Facilities Closing Date, Products Corporation used a portion of the proceeds from the 2020 BrandCo Facility to fully prepay the entire principal amount outstanding under its 2019 Term Loan Facility, totaling $200 million, plus approximately $1.3 million of accrued interest outstanding thereon, as well as approximately $33.5 million in prepayment premiums, $10.3 million in lenders' fees, $0.3 million in legal fees and approximately $2.0 million in other third party fees. As the lenders under the 2019 Term Loan Facility participated in the 2020 BrandCo Term Loan Facility, the Company determined that the full repayment of the 2019 Term Loan Facility represented a debt modification under U.S. GAAP as the cash flow |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Assets and liabilities are required to be categorized into three levels of fair value based upon the assumptions used to value the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3, if applicable, generally would require significant management judgment. The three levels for categorizing the fair value measurement of assets and liabilities are as follows: • Level 1: Fair valuing the asset or liability using observable inputs, such as quoted prices in active markets for identical assets or liabilities; • Level 2: Fair valuing the asset or liability using inputs other than quoted prices that are observable for the applicable asset or liability, either directly or indirectly, such as quoted prices for similar (as opposed to identical) assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and • Level 3: Fair valuing the asset or liability using unobservable inputs that reflect the Company’s own assumptions regarding the applicable asset or liability. As of both September 30, 2020 and December 31, 2019, the Company did not have any financial assets and liabilities that were required to be measured at fair value. As of September 30, 2020, the fair value and carrying value of the Company’s long-term debt, including the current portion of long-term debt, are categorized in the table below: September 30, 2020 Fair Value Level 1 Level 2 Level 3 Total Carrying Value Liabilities: Long-term debt, including current portion (a) $ — $ 2,068.4 $ — $ 2,068.4 $ 3,631.0 As of December 31, 2019, the fair value and carrying value of the Company’s long-term debt, including the current portion of long-term debt, are categorized in the table below: December 31, 2019 Fair Value Level 1 Level 2 Level 3 Total Carrying Value Liabilities: Long-term debt, including current portion (a) $ — $ 2,522.2 $ — $ 2,522.2 $ 3,194.2 (a) The fair value of the Company's long-term debt, including the current portion of long-term debt, is based on quoted market prices for similar issuances and maturities. The carrying amounts of the Company's cash and cash equivalents, trade receivables, notes receivable, accounts payable and short-term borrowings approximate their respective fair values. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS Letters of Credit Products Corporation maintains standby and trade letters of credit for various corporate purposes under which Products Corporation is obligated, of which $1.4 million and $11.4 million (including amounts available under credit agreements in effect at that time) were maintained as of September 30, 2020 and December 31, 2019, respectively. Included in these amounts are approximately $0.1 million and $8.3 million in standby letters of credit that primarily support Products Corporation’s workers compensation, general liability and automobile insurance programs, in each case as outstanding as of September 30, 2020 and December 31, 2019, respectively. The estimated liability under such programs is accrued by Products Corporation. |
PENSION AND POST-RETIREMENT BEN
PENSION AND POST-RETIREMENT BENEFITS | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
PENSION AND POST-RETIREMENT BENEFITS | PENSION AND POST-RETIREMENT BENEFITS Net Periodic Benefit Cost The components of net periodic benefit costs for the Company's pension and the other post-retirement benefit plans for the three months ended September 30, 2020 and 2019, respectively, were as follows: Other Post-Retirement Benefit Plans Three Months Ended September 30, 2020 2019 2020 2019 Net periodic benefit costs: Service cost $ 0.5 $ 0.4 $ — $ — Interest cost 3.8 5.1 0.1 0.1 Expected return on plan assets (5.7) (6.0) — — Amortization of actuarial loss 2.7 2.5 0.1 0.1 Total net periodic benefit costs prior to allocation $ 1.3 $ 2.0 $ 0.2 $ 0.2 Portion allocated to Revlon Holdings — — — — Total net periodic benefit costs $ 1.3 $ 2.0 $ 0.2 $ 0.2 In the three months ended September 30, 2020, the Company recognized net periodic benefit cost of $1.5 million, compared to net periodic benefit cost of $2.2 million in the three months ended September 30, 2019, primarily due to lower interest costs partially offset by lower expected return on plan assets and higher amortization of actuarial loss. The components of net periodic benefit costs for the Company's pension and the other post-retirement benefit plans for the nine months ended September 30, 2020 and 2019, respectively, were as follows: Pension Plans Other Nine Months Ended September 30, 2020 2019 2020 2019 Net periodic benefit costs: Service cost $ 1.3 $ 1.4 $ — $ — Interest cost 11.2 15.0 0.3 0.3 Expected return on plan assets (17.1) (18.0) — — Amortization of actuarial loss 8.3 7.5 0.3 0.2 Total net periodic benefit costs prior to allocation $ 3.7 $ 5.9 $ 0.6 $ 0.5 Portion allocated to Revlon Holdings (0.1) (0.1) — — Total net periodic benefit costs $ 3.6 $ 5.8 $ 0.6 $ 0.5 In the nine months ended September 30, 2020, the Company recognized net periodic benefit cost of $4.2 million, compared to net periodic benefit cost of $6.3 million in the nine months ended September 30, 2019, primarily due to lower interest costs partially offset by lower expected return on plan assets and higher amortization of actuarial loss. Net periodic benefit costs are reflected in the Company's Unaudited Consolidated Financial Statements as follows for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net periodic benefit costs: Selling, general and administrative expense $ 0.5 $ 0.5 $ 1.3 $ 1.4 Miscellaneous, net 1.0 1.7 2.9 4.9 Total net periodic benefit costs $ 1.5 $ 2.2 $ 4.2 $ 6.3 The Company expects that it will have net periodic benefit cost of approximately $5.6 million for its pension and other post-retirement benefit plans for all of 2020, compared with net periodic benefit cost of $7.2 million in 2019. Contributions: The Company’s intent is to fund at least the minimum contributions required to meet applicable federal employee benefit laws and local laws, or to directly pay benefit payments where appropriate. During the three months ended September 30, 2020, $1.8 million and $0.2 million were contributed to the Company’s pension plans and other post-retirement benefit plans, respectively. During the nine months ended September 30, 2020, $7.0 million and $0.5 million were contributed to the Company’s pension plans and other post-retirement benefit plans, respectively. During 2020, the Company expects to contribute approximately $19 million in the aggregate to its pension and other post-retirement benefit plans. As a result of the CARES Act passed by the U.S. Congress in March 2020 to address the economic environment resulting from COVID-19, and in accordance with the Limited Relief for Pension Funding and Retirement Plan Distributions provision of such act, the Company expects to defer approximately $9.3 million of contributions that were otherwise scheduled to be paid to its two qualified pension plans at different earlier dates during 2020. The first quarterly contributions for the two qualified plans were originally due by April 15, 2020. The Company had already made $1.6 million in contributions to its qualified pension plans during the first quarter of 2020, prior to adopting the aforementioned provision of the CARES Act. The deferral is in effect only for 2020 and under the CARES relief provisions the Company will be required to pay the contributions by no later than January 1, 2021, including interest at the plans’ 2020 effective interest rate ("EIR") from the original due date to the actual payment date. Relevant aspects of the qualified defined benefit pension plans, non-qualified pension plans and other post-retirement benefit plans sponsored by Products Corporation are disclosed in Note 12, "Pension and Post-Retirement Benefits," to the Consolidated Financial Statements in the Company's 2019 Form 10-K. |
STOCK COMPENSATION PLAN
STOCK COMPENSATION PLAN | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
STOCK COMPENSATION PLAN | STOCK COMPENSATION PLAN Revlon maintains the Fourth Amended and Restated Revlon, Inc. Stock Plan (as amended, the "Stock Plan"), which provides for awards of stock options, stock appreciation rights, restricted or unrestricted stock and restricted stock units ("RSUs") to eligible employees and directors of Revlon and its affiliates, including Products Corporation. An aggregate of 6,565,000 shares were reserved for issuance as Awards under the Stock Plan, of which there remained approximately 1.2 million shares available for grant as of September 30, 2020. In July 2014, the Stock Plan was amended to renew the Stock Plan for a 7-year renewal term expiring on April 14, 2021. In September 2019 the Stock Plan was amended in connection with the 2019 TIP, described below, to: (1) allow the Compensation Committee to delegate to Revlon’s Chief Executive Officer the authority to grant RSUs to the Company’s employees, other than its officers who are subject to Section 16 of the Securities Exchange Act of 1934, as amended (i.e., the Company’s Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer & Controller); (2) allow for accelerated vesting of equity awards upon a termination without cause; (3) change the minimum vesting period for specified equity awards from 3 years to 2 years; and (4) to increase by 250,000 shares the number of shares of Revlon common stock that are not subject to the Stock Plan’s minimum vesting requirements. Revlon 2019 Transaction Incentive Program In August 2019, it was disclosed that MacAndrews & Forbes and Revlon determined to explore strategic transactions involving Revlon and third parties (the "Strategic Review"). In light of this, the Compensation Committee of Revlon’s Board of Directors approved a Revlon 2019 Transaction Incentive Program (the “2019 TIP”) that enables the Company to award cash-based and RSU-based retention grants and transaction bonus awards, as well as providing for the accelerated vesting of time-based RSUs and restricted shares following a termination without cause or due to death or disability. Each Tier 1 participant’s 2019 TIP award is payable two-thirds in cash and one-third in RSUs vesting in 50% tranches on each of December 31, 2020 and December 31, 2021, while Tier 2 awards are payable 100% in cash in one lump-sum on December 31, 2020, in each case subject to certain earlier vesting for a change of control or termination of employment without cause, as described below. As of September 5, 2019, the Company approved a total of 206,812 time-based RSUs under Tier 1 of the 2019 TIP, which are scheduled to vest in equivalent amounts on each of December 31, 2020 and December 31, 2021, subject to continued employment (the “2019 TIP RSUs”). As of September 30, 2020, a total of 148,168 time-based RSUs under Tier 1 of the 2019 TIP had been granted and are outstanding. The Company’s President and Chief Executive Officer declined an award under the retention program and will receive a transaction bonus only if the Company completes a transaction. The 2019 TIP RSUs vest in full upon an involuntary termination, other than if due to cause; provided that if a change of control occurs or a brand or business segment is sold and (i) the impacted grantee accepts an offer of employment from the buyer, then: (A) if the buyer assumes the 2019 TIP RSUs, the grantee will continue to vest in the assumed awards (with the grantee having the continued right to accelerated vesting upon an involuntary termination, other than if due to cause); and (B) if the buyer does not assume the 2019 TIP RSUs, the grantee’s 2019 TIP RSUs will vest upon closing the change of control; and (ii) the impacted grantee declines an offer of employment from the buyer for substantially comparable total compensation and benefits, the grantee will forfeit their unvested 2019 TIP RSUs (collectively, the “Special Vesting Rules”). The 2019 TIP also provides for the following cash-based awards payable to certain employees, subject to continued employment through the respective vesting dates: (i) Tier 1 - $6.8 million payable in two equal installments as of December 31, 2020 and December 31, 2021; and (ii) Tier 2 - $2.5 million payable in one installment as of December 31, 2020. Such cash-based awards follow the Special Vesting Rules following a termination without cause or due to death or disability. During 2019 and through September 30, 2020, the Company granted $4.7 million and $2.3 million cash-based awards, net of forfeitures, under Tier 1 and Tier 2 of the 2019 TIP, respectively, which are being amortized over the period from the grant dates to December 31, 2021 and December 31, 2020, respectively. The total amount amortized for these cash-based awards since the program's inception and through September 30, 2020 is approximately $4.8 million, of which $1.0 million and $3.5 million were recorded during the three and nine months ended September 30, 2020, respectively, within "Acquisition, integration and divestiture costs" in the Company's Unaudited Consolidated Statements of Operations and Comprehensive Loss. Long-Term Incentive Program The Company's LTIP RSUs consist of time-based RSUs and performance-based RSUs. Time-based RSUs are generally scheduled to vest ratably over a 3-year service period, while performance-based RSUs are scheduled to vest based on the achievement of certain Company performance metrics and cliff-vest at the completion of a 3-year performance period. The fair value of the LTIP and TIP RSUs is determined based on the NYSE closing share price on the grant date. In connection with the announcement of the 2019 TIP, in August 2019 the Company also approved applying the Special Vesting Rules to outstanding, pre-existing LTIP RSUs, except that accelerated vesting in the case of termination of employment without cause will apply only to any tranche of outstanding, pre-existing LTIP RSUs scheduled to vest in the 12-month period following termination, with any future tranches being forfeited. Prior to the approval of these Special Vesting Rules, while the outstanding, pre-existing LTIP RSUs would generally have accelerated vesting upon a change of control, they did not feature accelerated vesting for termination and, in such cases, they were entirely forfeited upon termination. During the first quarter of 2020, the Company granted approximately 1.3 million time-based and performance-based RSU awards under the Stock Plan (the "2020 LTIP RSUs"). During the second and third quarter of 2020, there were no grants under the 2020 LTIP RSUs. See the roll-forward table in the following sections of this Note 11 for activity related to the nine months ended September 30, 2020. Acceleration of Vesting Under the aforementioned provisions for acceleration of vesting, as of September 30, 2020 and since the time these provisions became effective in September 2019, 36,452 LTIP RSUs and 27,356 2019 TIP Tier 1 RSUs were vested on an accelerated basis due to involuntary terminations, resulting in accelerated amortization of approximately $1.2 million. In addition, for the three and nine months ended September 30, 2020 and under the same accelerated vesting provisions, the Company also recorded approximately $0.2 million and $1.0 million of accelerated amortization in connection with the cash portion of the 2019 TIP Tier 1 and Tier 2 awards that were vested on an accelerated basis due to involuntary terminations. See the roll-forward table in the following sections of this Note 11 for activity related to the nine months ended September 30, 2020. During the nine months ended September 30, 2020, the activity related to time-based and performance-based RSUs previously granted to eligible employees and the grant date fair value per share related to these RSUs were as follows under the LTIP and 2019 TIP programs, respectively: Time-Based LTIP Performance-Based LTIP RSUs (000's) Weighted-Average Grant Date Fair Value per RSU RSUs (000's) Weighted-Average Grant Date Fair Value per RSU Outstanding as of December 31, 2019 2019 TIP RSUs (b) 200.6 16.44 n/a — LTIP RSUs: 2019 425.6 22.55 425.6 22.55 2018 241.9 19.00 364.7 19.00 2017 (a) 54.0 19.70 110.9 19.70 Total LTIP RSUs 721.5 901.2 Total LTIP and TIP RSUs Outstanding as of December 31, 2019 922.1 901.2 Granted 2019 TIP RSUs Granted (b) 11.7 10.24 n/a — LTIP RSUs: 2020 626.6 14.96 626.7 14.96 2019 — — — — 2018 — — — — 2017 (a) — — — — Total LTIP RSUs Granted 626.6 626.7 Vested 2019 TIP RSUs Vested (b)(c) (27.3) 16.44 — — LTIP RSUs: 2019 (c) (133.9) 22.55 — — 2018 (c) (108.5) 19.32 — — 2017 (a)(c) (53.4) 19.70 (14.2) 19.70 Total LTIP RSUs Vested (295.8) (14.2) Forfeited/Canceled 2019 TIP RSUs Forfeited/Canceled (b) (36.8) 16.44 n/a — LTIP RSUs: 2019 (83.3) 22.55 (112.1) 22.55 2018 (49.0) 17.56 (110.0) 17.97 2017 (a) (0.6) 19.70 (96.7) 19.70 Total LTIP RSUs Forfeited/Canceled (132.9) (318.8) Outstanding as of September 30, 2020 2019 TIP RSUs 148.2 15.95 n/a — LTIP RSUs: 2020 626.6 14.96 626.7 14.96 2019 208.4 22.55 313.5 22.55 2018 84.4 19.43 254.7 19.45 2017 (a) — — — — Total LTIP RSUs 919.4 1,194.9 Total LTIP and TIP RSUs Outstanding as of September 30, 2020 1,067.6 1,194.9 (a) The 2017 time-based and performance-based LTIP RSUs were recognized over a 2-year service and performance period (i.e., 2018 and 2019). (b) The 2019 TIP provides for RSU awards that are only time-based. (c) Includes acceleration of vesting upon involuntary terminations for the nine months ended September 30, 2020 of 30,992 RSUs under the 2019 and 2018 LTIPs and of 27,356 RSUs under the 2019 TIP Tier I awards. Time-Based LTIP and TIP RSUs The Company recognized $2.1 million and $5.9 million of net compensation expense related to the time-based LTIP and TIP RSUs for the three and nine months ended September 30, 2020, respectively. As of September 30, 2020, the Company had $12.8 million of total deferred compensation expense related to non-vested, time-based LTIP and TIP RSUs. The cost is recognized over the vesting period of the awards, as described above. Performance-based LTIP RSUs The Company recognized $2.5 million and $1.3 million of net compensation expense related to the performance-based LTIP RSUs for the three and nine months ended September 30, 2020, respectively. The amount of net compensation expense recognized during the nine months ended September 30, 2020 was affected by adjustments to the awards' expected achievement rates made primarily as a result of the ongoing adverse impact of COVID-19 on the Company's results of operations. As of September 30, 2020, the Company had $18.9 million of total deferred compensation expense related to non-vested, performance-based LTIP RSUs. The cost is recognized over the service period of the awards, as described above. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company's provision for income taxes represents federal, foreign, state and local income taxes. The Company’s tax provision changes quarterly based on various factors including, but not limited to, the geographical level and mix of earnings; enacted tax legislation; foreign, state and local income taxes; tax audit settlements; and the interaction of various global tax strategies. For the three and nine months ended September 30, 2020, the Company concluded that the use of the cut-off tax rate method was more appropriate than the annual effective tax rate method, because the annual effective tax rate method would not be reliable due to its sensitivity to minimal changes in forecasted annual pre-tax earnings. The Company recorded a provision for income taxes of $1.9 million (Products Corporation - provision for income taxes of $2.3 million) for the three months ended September 30, 2020 and a benefit from income taxes of $2.1 million (Products Corporation - benefit from income taxes of $1.8 million) for the three months ended September 30, 2019, respectively. The $4.0 million decrease (Products Corporation - $4.1 million) in the benefit from income taxes in the three months ended September 30, 2020, compared to the three months ended September 30, 2019, was primarily due to: (i) the mix and level of earnings; (ii) an increase in the U.S. tax on the Company's foreign earnings; and (iii) increased tax expense from return to provision adjustments, partially offset primarily by an increase in tax benefit from the net change in valuation allowances related to the recognition of previously unrecognized tax losses in Canada. The Company recorded a benefit from income taxes of $45.2 million (Products Corporation - benefit from income taxes of $44.2 million) for the nine months ended September 30, 2020 and a benefit from income taxes of $3.2 million (Products Corporation - benefit from income taxes of $2.4 million) for the nine months ended September 30, 2019, respectively. The $42.0 million increase (Products Corporation - $41.8 million) in the benefit from income taxes in the nine months ended September 30, 2020, compared to the nine months ended September 30, 2019, was primarily due to: (i) the increased loss from continuing operations before income taxes on which the tax benefit is recognized; (ii) the mix and level of earnings; and (iii) a reduction in the U.S. tax on the Company's foreign earnings, net of the impact of non-deductible impairment charges, partially offset by the net change in valuation allowances recorded related to the limitation on the deductibility of interest. The Company's effective tax rate for the three months ended September 30, 2020 was lower than the federal statutory rate of 21% primarily due the mix and level of earnings and the change in valuation allowance related to the limitation on the deductibility of interest. The Company's effective tax rate for the nine months ended September 30, 2020 was lower than the federal statutory rate of 21% primarily due to the impact of non-deductible impairment charges and the valuation allowance related to the limitation on the deductibility of interest, partially offset by the impact of the "Coronavirus Aid, Relief and Economic Security Act" (the "CARES Act"), signed into law on March 27, 2020 by President Trump, which resulted in a partial release of a valuation allowance on the Company's 2019 federal tax attributes associated with the limitation on the deductibility of interest. The CARES Act, among other things, includes provisions providing for refundable payroll tax credits, the deferral of employer social security tax payments, acceleration of alternative minimum tax credit refunds and the increase of the net interest deduction limitation from 30% to 50%. The Company continues to examine the impact that the CARES Act may have on its results of operations, financial condition and/or financial statement disclosures. The Company's effective tax rate for the three months and nine months ended September 30, 2019 was lower than the federal statutory rate of 21%, primarily due to the valuation allowance related to the limitation on the deductibility of interest and the U.S. tax on the Company's foreign earnings. The Company expects that its tax provision and effective tax rate in any individual quarter and year-to-date period will vary and may not be indicative of the Company's tax provision and effective tax rate for the full year. In assessing the recoverability of its deferred tax assets, the Company continually evaluates all available positive and negative evidence to assess the amount of deferred tax assets for which it is more likely than not to realize a benefit. For any deferred tax asset in excess of the amount for which it is more likely than not that the Company will realize a benefit, the Company establishes a valuation allowance. A valuation allowance is a non-cash charge, and it in no way limits the Company's ability to utilize its deferred tax assets, including its ability to utilize tax loss and credit carryforward amounts. As of September 30, 2020, the Company concluded that, based on its evaluation of objectively verifiable evidence, it does not require a valuation allowance on its federal deferred tax assets, other than those associated with the limitation on the deductibility of interest. The Company does have a valuation allowance on deferred tax assets associated with its activity in certain U.S. states and foreign jurisdictions. These conclusions regarding the establishment of valuation allowances on the Company's deferred tax assets as of the end of the third quarter of 2020 are consistent with the Company's conclusions on such matters as compared to prior quarters. The key assumptions used to determine positive and negative evidence included the Company’s cumulative taxable loss for the past three years, future reversals of existing taxable temporary differences, the Company's cost reduction initiatives and other efficiency efforts, as well as certain assumptions regarding COVID-19's expected impact on the Company. Potential negative evidence, including, among other things, any further worsening of the economies in the jurisdictions in which the Company operates and any future reduced profitability in such jurisdictions could result in additional valuation allowances which would reduce the Company's future deferred tax assets. In such event, the Company's tax expense would likely materially increase in the period the valuation allowance is recognized and adversely impact the Company's results of operations and statement of financial condition in such period. The Company will continue to monitor the circumstances that would require it to establish an additional valuation allowance on its deferred tax assets. Accordingly, depending on future evidence that may become available, the Company's assessments regarding its valuation allowance position may change. For further information, see Note 14, "Income Taxes," to the Consolidated Financial Statements in the Company's 2019 Form 10-K and Item 1A. “Risk Factors-Uncertainties in the interpretation and application of the U.S. income tax provisions could have a material impact on the Company's financial condition, results of operations and/or cash flows” in the Company's 2019 Form 10-K. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 9 Months Ended |
Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS A roll-forward of the Company's accumulated other comprehensive loss as of September 30, 2020 is as follows: Foreign Currency Translation Actuarial (Loss) Gain on Post-retirement Benefits Other Accumulated Other Comprehensive Loss Balance at January 1, 2020 $ (27.3) $ (219.8) $ (0.3) $ (247.4) Foreign currency translation adjustment 7.3 — — 7.3 Amortization of pension related costs, net of tax of $0.7 million (a) — 9.3 — 9.3 Other comprehensive (loss) gain $ 7.3 $ 9.3 $ — $ 16.6 Balance at September 30, 2020 $ (20.0) $ (210.5) $ (0.3) $ (230.8) (a) Amounts represent the change in accumulated other comprehensive loss as a result of the amortization of actuarial losses (gains) arising during each year related to the Company’s pension and other post-retirement plans. See Note 10, "Pension and Post-retirement Benefits," for further information on the Company’s pension and other post-retirement plans. For the three and nine months ended September 30, 2020 and 2019, the Company did not have any activity related to financial instruments. |
SEGMENT DATA AND RELATED INFORM
SEGMENT DATA AND RELATED INFORMATION | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
SEGMENT DATA AND RELATED INFORMATION | SEGMENT DATA AND RELATED INFORMATION Operating Segments Operating segments include components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (the Company's "Chief Executive Officer") in deciding how to allocate resources and in assessing the Company's performance. As a result of the similarities in the procurement, manufacturing and distribution processes for the Company’s products, much of the information provided in the Unaudited Consolidated Financial Statements and provided in the segment table below is similar to, or the same as, that reviewed on a regular basis by the Company's Chief Executive Officer. As of September 30, 2020, the Company’s operations are organized into the following reportable segments: • Revlon - The Revlon segment is comprised of the Company's flagship Revlon brands. Revlon segment products are primarily marketed, distributed and sold in the mass retail channel, large volume retailers, chain drug and food stores, chemist shops, hypermarkets, general merchandise stores, e-commerce sites, television shopping, department stores, professional hair and nail salons, one-stop shopping beauty retailers and specialty cosmetic stores in the U.S. and internationally under brands such as Revlon in color cosmetics; Revlon ColorSilk and Revlon Professional in hair color; and Revlon in beauty tools. • Elizabeth Arden - The Elizabeth Arden segment is comprised of the Company's Elizabeth Arden branded products. The Elizabeth Arden segment markets, distributes and sells fragrances, skin care and color cosmetics primarily to prestige retailers, department and specialty stores, perfumeries, boutiques, e-commerce sites, the mass retail channel, travel retailers and distributors, as well as direct sales to consumers via its Elizabeth Arden branded retail stores and elizabetharden.com e-commerce website, in the U.S. and internationally, under brands such as Elizabeth Arden Ceramide, Prevage, Eight Hour, SUPERSTART, Visible Difference and Skin Illuminating in the Elizabeth Arden skin care brands; and Elizabeth Arden White Tea, Elizabeth Arden Red Door, Elizabeth Arden 5th Avenue and Elizabeth Arden Green Tea in Elizabeth Arden fragrances. • Portfolio - The Company’s Portfolio segment markets, distributes and sells a comprehensive line of premium, specialty and mass products primarily to the mass retail channel, hair and nail salons and professional salon distributors in the U.S. and internationally and large volume retailers, specialty and department stores under brands such as Almay and SinfulColors in color cosmetics; American Crew in men's grooming products (which are also sold direct-to-consumer on its americancrew.com website); CND in nail polishes, gel nail color and nail enhancements; Cutex nail care products; and Mitchum in anti-perspirant deodorants. The Portfolio segment also includes a multi-cultural hair care line consisting of Creme of Nature hair care products, which are sold in both professional salons and in large volume retailers and other retailers, primarily in the U.S.; and a hair color line under the Llongueras brand (licensed from a third party) that is sold in the mass retail channel, large volume retailers and other retailers, primarily in Spain. • Fragrances - The Fragrances segment includes the development, marketing and distribution of certain owned and licensed fragrances as well as the distribution of prestige fragrance brands owned by third parties. These products are typically sold to retailers in the U.S. and internationally, including prestige retailers, specialty stores, e-commerce sites, the mass retail channel, travel retailers and other international retailers. The owned and licensed fragrances include brands such as : (i) Juicy Couture (which are also sold direct-to-consumer on its juicycouturebeauty.com website), John Varvatos and AllSaints in prestige fragrances; (ii) Britney Spears , Elizabeth Taylor , Christina Aguilera , Jennifer Aniston and Mariah Carey in celebrity fragrances; and (iii) Curve , Giorgio Beverly Hills , Ed Hardy , Charlie , Lucky Brand , ‹PS› (logo of former Paul Sebastian brand), Alfred Sung , Halston , Geoffrey Beene and White Diamonds in mass fragrances. The Company's management evaluates segment profit for each of the Company's reportable segments. The Company allocates corporate expenses to each reportable segment to arrive at segment profit, and these expenses are included in the internal measure of segment operating performance. The Company defines segment profit as income from continuing operations before interest, taxes, depreciation, amortization, stock-based compensation expense, gains/losses on foreign currency fluctuations, gains/losses on the early extinguishment of debt and miscellaneous expenses. Segment profit also excludes the impact of certain items that are not directly attributable to the reportable segments' underlying operating performance. Such items are shown below in the table reconciling segment profit to consolidated income from continuing operations before income taxes. The Company does not have any material inter-segment sales. The accounting policies for each of the reportable segments are the same as those described in Note 1, "Description of Business and Summary of Significant Accounting Policies." The Company's assets and liabilities are managed centrally and are reported internally in the same manner as the Unaudited Consolidated Financial Statements; thus, no additional information regarding assets and liabilities of the Company’s reportable segments is produced for the Company's Chief Executive Officer or included in these Unaudited Consolidated Financial Statements. The following table is a comparative summary of the Company’s net sales and segment profit for Revlon and Products Corporation by reportable segment for the periods presented. Revlon, Inc. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Segment Net Sales: Revlon $ 166.0 $ 217.3 $ 482.8 $ 716.1 Elizabeth Arden 106.3 123.2 282.4 352.0 Portfolio 99.6 118.2 298.1 354.1 Fragrances 105.2 138.1 214.4 298.0 Total $ 477.1 $ 596.8 $ 1,277.7 $ 1,720.2 Segment Profit: Revlon $ 13.5 $ 7.3 $ 41.4 $ 58.5 Elizabeth Arden 3.4 12.5 18.4 17.1 Portfolio 12.2 14.4 33.9 25.0 Fragrances 25.4 34.2 34.6 53.6 Total $ 54.5 $ 68.4 $ 128.3 $ 154.2 Reconciliation: Total Segment Profit $ 54.5 $ 68.4 $ 128.3 $ 154.2 Less: Depreciation and amortization 35.1 38.9 108.3 124.6 Non-cash stock compensation expense 5.1 3.9 8.6 7.7 Non-Operating items: Restructuring and related charges 4.5 5.4 61.2 27.4 Acquisition, integration and divestiture costs 0.9 0.1 4.2 0.7 Gain on divested assets (1.1) — (0.5) — Financial control remediation and sustainability actions and related charges 0.7 3.4 8.5 9.8 Excessive coupon redemptions — — 4.2 — COVID-19 charges 9.7 — 35.1 — Capital structure and related charges 9.3 — 9.3 — Impairment charges — — 144.1 — Operating (loss) income (9.7) 16.7 (254.7) (16.0) Less: Interest Expense 68.7 50.2 178.0 145.7 Amortization of debt issuance costs 7.8 3.7 17.8 10.4 Gain on early extinguishment of debt (31.2) — (43.1) — Foreign currency (gains) losses, net (9.8) 7.6 9.1 9.0 Miscellaneous, net (2.6) 1.7 13.9 7.6 Loss from continuing operations before income taxes $ (42.6) $ (46.5) $ (430.4) $ (188.7) Products Corporation Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Segment Net Sales: Revlon $ 166.0 $ 217.3 $ 482.8 $ 716.1 Elizabeth Arden 106.3 123.2 282.4 352.0 Portfolio 99.6 118.2 298.1 354.1 Fragrances 105.2 138.1 214.4 298.0 Total $ 477.1 $ 596.8 $ 1,277.7 $ 1,720.2 Segment Profit: Revlon $ 14.2 $ 7.9 $ 43.6 $ 60.6 Elizabeth Arden 3.8 13.0 19.7 18.2 Portfolio 12.6 14.7 35.3 26.0 Fragrances 25.9 34.6 35.6 54.5 Total $ 56.5 $ 70.2 $ 134.2 $ 159.3 Reconciliation: Total Segment Profit $ 56.5 $ 70.2 $ 134.2 $ 159.3 Less: Depreciation and amortization 35.1 38.9 108.3 124.6 Non-cash stock compensation expense 5.1 3.9 8.6 7.7 Non-Operating items: Restructuring and related charges 4.5 5.4 61.2 27.4 Acquisition, integration and divestiture costs 0.9 0.1 4.2 0.7 Gain on divested assets (1.1) — (0.5) — Financial control remediation and sustainability actions and related charges 0.7 3.4 8.5 9.8 Excessive coupon redemptions — — 4.2 — COVID-19 charges 9.7 — 35.1 — Capital structure and related charges 9.3 — 9.3 — Impairment charge — — 144.1 — Operating (loss) income (7.7) 18.5 (248.8) (10.9) Less: Interest Expense 68.7 50.2 178.0 145.7 Amortization of debt issuance costs 7.8 3.7 17.8 10.4 Gain on early extinguishment of debt (31.2) — (43.1) — Foreign currency (gains) losses, net (9.8) 7.6 9.1 9.0 Miscellaneous, net (2.6) 1.7 13.9 7.6 Loss from continuing operations before income taxes $ (40.6) $ (44.7) $ (424.5) $ (183.6) As of September 30, 2020, the Company had operations established in approximately 25 countries outside of the U.S. and its products are sold throughout the world. Generally, net sales by geographic area are presented by attributing revenues from external customers on the basis of where the products are sold. The following tables present the Company's segment net sales by geography and total net sales by classes of similar products for the periods presented: Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Revlon Elizabeth Arden Portfolio Fragrances Total Revlon Elizabeth Arden Portfolio Fragrances Total Geographic Area (1) : Net Sales North America $ 86.4 $ 30.5 $ 59.9 $ 79.2 $ 256.0 $ 265.6 $ 66.9 $ 182.8 $ 151.1 $ 666.4 EMEA* 41.4 25.3 32.8 18.8 118.3 105.2 64.9 93.6 44.4 308.1 Asia 12.1 43.3 0.4 2.7 58.5 33.6 135.5 1.6 8.1 178.8 Latin America* 11.3 2.5 3.3 1.5 18.6 35.3 3.5 11.6 2.6 53.0 Pacific* 14.8 4.7 3.2 3.0 25.7 43.1 11.6 8.5 8.2 71.4 $ 166.0 $ 106.3 $ 99.6 $ 105.2 $ 477.1 $ 482.8 $ 282.4 $ 298.1 $ 214.4 $ 1,277.7 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Revlon Elizabeth Arden Portfolio Fragrances Total Revlon Elizabeth Arden Portfolio Fragrances Total Geographic Area (1) : Net Sales North America $ 100.0 $ 29.5 $ 71.4 $ 98.6 $ 299.5 367.9 83.9 214.5 198.4 $ 864.7 EMEA* 48.1 37.3 38.4 26.8 150.6 153.3 95.8 111.0 68.9 429.0 Asia 30.1 46.5 1.0 4.0 81.6 78.4 148.1 3.2 12.8 242.5 Latin America* 18.8 2.2 4.5 3.1 28.6 56.2 7.2 16.2 7.1 86.7 Pacific* 20.3 7.7 2.9 5.6 36.5 60.3 17.0 9.2 10.8 97.3 $ 217.3 $ 123.2 $ 118.2 $ 138.1 $ 596.8 $ 716.1 $ 352.0 $ 354.1 $ 298.0 $ 1,720.2 (1) During the first quarter of 2020, the Company changed the presentation of its Travel Retail business, which previously was included in its EMEA Region, as it is currently presented within each geographic area in accordance with the location of the retail customer. Travel Retail net sales represented approximately 2.0% and 4.6% of the Company's total net sales for the third quarter of 2020 and 2019, respectively, and 2.2% and 4.9% of the Company's total net sales for the nine months ended September 30, 2020 and 2019, respectively. Prior year amounts have been updated to reflect the current year presentation. * The EMEA region includes Europe, the Middle East and Africa; the Latin America region includes Mexico, Central America and South America; and the Pacific region includes Australia and New Zealand. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Classes of similar products: Net sales: Color cosmetics $ 104.7 22% $ 173.6 29% $ 305.3 24% $ 569.9 33% Fragrance 141.6 30% 183.7 31% 300.5 24% 411.1 24% Hair care 115.9 24% 120.5 20% 338.0 26% 379.0 22% Beauty care 50.4 11% 43.6 7% 141.9 11% 132.7 8% Skin care 64.5 13% 75.4 13% 192.0 15% 227.5 13% $ 477.1 $ 596.8 $ 1,277.7 $ 1,720.2 The following table presents the Company's long-lived assets by geographic area as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Long-lived assets, net: United States $ 1,208.1 82% $ 1,414.0 83% International 259.3 18% 280.1 17% $ 1,467.4 $ 1,694.1 |
REVLON, INC. BASIC AND DILUTED
REVLON, INC. BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
REVLON, INC. BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE | REVLON, INC. BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE Shares used in calculating Revlon's basic loss per share are computed using the weighted-average number of Revlon's shares of Class A Common Stock outstanding during each period. Shares used in diluted loss per share include the dilutive effect of unvested restricted stock, LTIP RSUs and TIP RSUs under the Company’s Stock Plan using the treasury stock method. For the respective periods ended September 30, 2020 and 2019, Revlon's diluted loss per share equals basic loss per share, as the assumed vesting of restricted stock, LTIP RSUs and TIP RSUs would have an anti-dilutive effect. As of September 30, 2020 and 2019, there were no outstanding stock options under the Company's Stock Plan. See Note 11, "Stock Compensation Plan," for information on the LTIP and TIP RSUs. Following are the components of Revlon's basic and diluted loss per common share for the periods presented: Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Numerator: Loss from continuing operations, net of taxes $ (44.5) $ (44.4) $ (385.2) $ (185.5) (Loss) income from discontinued operations, net of taxes — (0.3) — 2.0 Net loss $ (44.5) $ (44.7) $ (385.2) $ (183.5) Denominator: Weighted-average common shares outstanding – Basic 53,476,354 53,129,004 53,371,986 53,057,154 Effect of dilutive restricted stock and RSUs — — — — Weighted-average common shares outstanding – Diluted 53,476,354 53,129,004 53,371,986 53,057,154 Basic and Diluted (loss) earnings per common share: Continuing operations $ (0.83) $ (0.84) $ (7.22) $ (3.50) Discontinued operations — — — 0.04 Net loss per common share $ (0.83) $ (0.84) $ (7.22) $ (3.46) Unvested restricted stock and RSUs under the Stock Plan (a) — 314,478 — 406,854 (a) These are outstanding common stock equivalents that were not included in the computation of Revlon's diluted earnings per common share because their inclusion would have had an anti-dilutive effect. |
CONTINGENCIES
CONTINGENCIES | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES On August 12, 2020, UMB Bank, National Association (“UMB”), purporting to act as successor agent under the Term Credit Agreement, dated as of September 7, 2016 (as amended as of May 7, 2020 and as otherwise amended, restated, supplemented or otherwise modified from time to time, the “2016 Credit Agreement”), filed a lawsuit, titled UMB Bank, National Association v. Revlon, Inc. et al., against Revlon, Inc., Products Corporation, several of Products Corporation’s subsidiaries, and several of Products Corporation’s contractual counterparties, including Citibank, Jefferies Finance LLC, Jefferies LLC, and Ares Corporate Opportunities Fund V, in the U.S. District Court for the Southern District of New York (the “Complaint”). The Complaint alleged various claims, stemming from alleged breaches of the 2016 Credit Agreement. The Company believes that this lawsuit was without merit. On November 6, 2020, having failed to serve the lawsuit on any defendant or make any effort to pursue the case, UMB Bank dismissed the case without prejudice to its right to refile it at a later date. The Company is also involved in various routine legal proceedings incidental to the ordinary course of its business. The Company believes that the outcome of all pending legal proceedings in the aggregate is not reasonably likely to have a material adverse effect on the Company’s business, prospects, results of operations, financial condition and/or cash flows. However, in light of the uncertainties involved in legal proceedings generally, the ultimate outcome of a particular matter could be material to the Company’s operating results for a particular period depending on, among other things, the size of the loss or the nature of the liability imposed and the level of the Company’s income for that particular period. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Reimbursement Agreements Revlon, Products Corporation and MacAndrews & Forbes have entered into reimbursement agreements (the "Reimbursement Agreements") pursuant to which: (i) MacAndrews & Forbes is obligated to provide (directly or through its affiliates) certain professional and administrative services, including, without limitation, employees, to the Company, and to purchase services from third-party providers, such as insurance, legal, accounting and air transportation services, on behalf of the Company, to the extent requested by Products Corporation; and (ii) Products Corporation is obligated to provide certain professional and administrative services, including, without limitation, employees, to MacAndrews & Forbes and to purchase services from third-party providers, such as insurance, legal and accounting services, on behalf of MacAndrews & Forbes, to the extent requested by MacAndrews & Forbes, provided that in each case the performance of such services does not cause an unreasonable burden to MacAndrews & Forbes or Products Corporation, as the case may be. The Company reimburses MacAndrews & Forbes for the allocable costs of the services that MacAndrews & Forbes purchases for or provides to the Company and for the reasonable out-of-pocket expenses that MacAndrews & Forbes incurs in connection with the provision of such services. MacAndrews & Forbes reimburses Products Corporation for the allocable costs of the services that Products Corporation purchases for or provides to MacAndrews & Forbes and for the reasonable out-of-pocket expenses incurred by Products Corporation in connection with the purchase or provision of such services. Each of the Company, on the one hand, and MacAndrews & Forbes, on the other, has agreed to indemnify the other party for losses arising out of the services provided by it under the Reimbursement Agreements, other than losses resulting from its willful misconduct or gross negligence. The Reimbursement Agreements may be terminated by either party on 90 days' notice. The Company does not intend to request services under the Reimbursement Agreements unless their costs would be at least as favorable to the Company as could be obtained from unaffiliated third parties. The Company participates in MacAndrews & Forbes' directors and officers liability insurance program (the "D&O Insurance Program"), as well as its other insurance coverages, such as property damage, business interruption, liability and other coverages, which cover the Company, as well as MacAndrews & Forbes and its subsidiaries. The limits of coverage for certain of the policies are available on an aggregate basis for losses to any or all of the participating companies and their respective directors and officers. The Company reimburses MacAndrews & Forbes from time-to-time for their allocable portion of the premiums for such coverage or the Company pays the insurers directly, which premiums the Company believes are more favorable than the premiums that the Company would pay were it to secure stand-alone coverage. Any amounts paid by the Company directly to MacAndrews & Forbes in respect of premiums are included in the amounts paid under the Reimbursement Agreements. To ensure the availability of directors and officers liability insurance coverage through January 2023, the Company and MacAndrews & Forbes agreed to collectively make payments under MacAndrews & Forbes’ D&O Insurance Program. In furtherance of such arrangement, on July 28, 2020, the Company made a payment of approximately $3.86 million to MacAndrews & Forbes under the Reimbursement Agreements. The Company expects to make a further payment of approximately $1.4 million in July 2021 in respect of its participation in the D&O Insurance Program. The net activity related to services purchased under the Reimbursement Agreements during the nine months ended September 30, 2020 and 2019 was $0.6 million income and $0.3 million expense, respectively. As of September 30, 2020 and December 31, 2019, a receivable balance of $0.3 million from, and a payable balance of $0.2 million to, MacAndrews & Forbes, respectively, were included in the Company's Unaudited Consolidated Balance Sheet for transactions subject to the Reimbursement Agreements. 2020 Restated Line of Credit Facility See Note 7, "Debt," in this Form 10-Q regarding the 2020 Restated Line of Credit Facility between Products Corporation and MacAndrews & Forbes Group, LLC. Other During the nine months ended September 30, 2020 and 2019, the Company engaged several companies in which MacAndrews & Forbes had a controlling interest to provide the Company with various ordinary course business services. These services included processing approximately $28.2 million and $19.8 million of coupon redemptions for the Company's retail customers for the nine months ended September 30, 2020 and 2019, respectively, for which the Company incurred fees of approximately $0.8 million and $0.5 million for the nine months ended September 30, 2020 and 2019, respectively, and other similar advertising, coupon redemption and raw material supply services, for which the Company had net payables aggregating to approximately $0.4 million and $0.5 million for the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020 and December 31, 2019, a payable balance of approximately $1.7 million and $5.5 million, respectively, were included in the Company's Consolidated Balance Sheet for the aforementioned coupon redemption services. The Company believes that its engagement of each of these affiliates was on arm's length terms, taking into account each firm's expertise in its respective field, and that the fees paid or received were at least as favorable as those available from unaffiliated parties. In April 2020, in connection with the organizational measures taken by the Company in response to COVID-19, the Company and Ms. Debbie Perelman, the Company’s President and Chief Executive Officer and a member of Revlon’s and Products Corporation’s Boards of Directors, agreed in writing that, effective on or about April 11, 2020, Ms. Perelman’s base salary would be reduced by 40% to $675,000, less all applicable withholdings and deductions, during the span of COVID-19. The Chairman of the Compensation Committee has the authority to reinstate Ms. Perelman’s base salary in effect immediately prior to such amendment at any time he deems appropriate, in his sole discretion, exercised reasonably. In July 2020, the Chairman of the Compensation Committee, acting pursuant to his delegated authority, partially reinstated Ms. Perelman’s base salary to the same 25% reduction applicable to the other members of the Company’s Executive Leadership Team. In late September 2020, the Company's CEO adjusted the initial COVID-driven 25% reduction in the base salary for members of its Executive Leadership Team to a 20% reduction. Also in connection with such COVID-19 measures, in March 2020, the Company agreed in writing with each of Ms. Mitra Hormozi and Mr. E. Scott Beattie that, effective April 1, 2020, their provision of advisory services to the Company was suspended, and payment of their consulting fees was also suspended. In connection with Ms. Hormozi’s resignation from the Board in July 2020, the Company and Ms. Hormozi terminated her Consulting Agreement, dated as of November 7, 2019, as amended, which Consulting Agreement had previously been suspended as part of the organizational cost-reduction measures taken by the Company in response to the ongoing COVID-19 pandemic. The Company’s CEO may reinstate Mr. Beattie’s advisory services and payment of his consulting fees at the appropriate time, in her sole discretion, exercised reasonably. See Note 19, "Subsequent Events." As previously disclosed in the Company’s 2019 Form 10-K, prior to this suspension of services and payments, in March 2020, the Company and Mr. Beattie entered into an Amended and Restated Consulting Agreement (the “2020 Consulting Agreement”), pursuant to which he was scheduled to serve as Senior Advisor to the Company’s CEO for an additional year, subject to automatic 1-year renewals, unless either party elects not to renew, and subject to certain standard termination rights, in consideration for which, the Company would pay Mr. Beattie a fee of $250,000 per year, supplemental to the Board’s compensation program for non-employee directors. The foregoing description of the 2020 Consulting Agreement is qualified in its entirety by reference to the full text of such agreement, a copy of which was filed with the SEC on March 12, 2020 together with the Company’s 2019 Form 10-K. |
PRODUCTS CORPORATION AND SUBSID
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION | 9 Months Ended |
Sep. 30, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION | PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION Products Corporation's 5.75% Senior Notes and 6.25% Senior Notes are fully and unconditionally guaranteed on a senior basis by certain of Products Corporation’s direct and indirect wholly-owned domestic subsidiaries (the "5.75% Senior Notes Guarantors" and the "6.25% Senior Notes Guarantors," respectively, and together the "Guarantor Subsidiaries"). The following Condensed Consolidating Financial Statements present the financial information as of September 30, 2020 and December 31, 2019, and for each of the three and nine months September 30, 2020 and 2019 for (i) Products Corporation on a stand-alone basis; (ii) the Guarantor Subsidiaries on a stand-alone basis; (iii) the subsidiaries of Products Corporation that do not guarantee Products Corporation's 5.75% Senior Notes and 6.25% Senior Notes (the "Non-Guarantor Subsidiaries") on a stand-alone basis; and (iv) Products Corporation, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries on a consolidated basis. The Condensed Consolidating Financial Statements are presented on the equity method, under which the investments in subsidiaries are recorded at cost and adjusted to the applicable share of the subsidiary's cumulative results of operations, capital contributions, distributions and other equity changes. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions. Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets As of September 30, 2020 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 167.8 $ 8.8 $ 91.7 $ — $ 268.3 Trade receivables, less allowances for doubtful accounts 54.6 107.7 178.5 — 340.8 Inventories, net 141.0 180.9 203.6 — 525.5 Prepaid expenses and other 215.0 31.2 59.4 — 305.6 Intercompany receivables 3,375.6 3,296.1 464.4 (7,136.1) — Investment in subsidiaries 1,581.4 (0.1) — (1,581.3) — Property, plant and equipment, net 184.4 70.5 100.9 — 355.8 Deferred income taxes 243.5 (70.6) 39.0 — 211.9 Goodwill 48.9 264.0 250.3 — 563.2 Intangible assets, net 10.8 192.1 233.0 — 435.9 Other assets 69.0 13.4 30.1 — 112.5 Total assets $ 6,092.0 $ 4,094.0 $ 1,650.9 $ (8,717.4) $ 3,119.5 LIABILITIES AND STOCKHOLDER’S DEFICIENCY Short-term borrowings $ — $ — $ 2.0 $ — $ 2.0 Current portion of long-term debt 649.0 — 55.5 — 704.5 Accounts payable 75.1 62.2 82.6 — 219.9 Accrued expenses and other 243.5 (48.2) 195.5 — 390.8 Intercompany payables 3,496.2 3,013.9 625.9 (7,136.0) — Long-term debt 2,926.2 — 0.3 — 2,926.5 Other long-term liabilities 172.9 109.3 38.1 — 320.3 Total liabilities 7,562.9 3,137.2 999.9 (7,136.0) 4,564.0 Stockholder’s (deficiency) equity (1,470.9) 956.8 651.0 (1,581.4) (1,444.5) Total liabilities and stockholder’s (deficiency) equity $ 6,092.0 $ 4,094.0 $ 1,650.9 $ (8,717.4) $ 3,119.5 Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets As of December 31, 2019 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 0.8 $ 6.4 $ 97.1 $ — $ 104.3 Trade receivables, less allowances for doubtful accounts 95.5 92.3 235.6 — 423.4 Inventories, net 131.0 151.5 165.9 — 448.4 Prepaid expenses and other 219.7 26.4 46.5 — 292.6 Intercompany receivables 2,857.7 2,854.6 452.7 (6,165.0) — Investment in subsidiaries 1,598.3 30.7 — (1,629.0) — Property, plant and equipment, net 208.7 89.5 110.4 — 408.6 Deferred income taxes 165.0 (37.8) 30.9 — 158.1 Goodwill 159.9 264.0 249.8 — 673.7 Intangible assets, net 13.0 346.9 130.8 — 490.7 Other assets 67.8 16.2 37.1 — 121.1 Total assets $ 5,517.4 $ 3,840.7 $ 1,556.8 $ (7,794.0) $ 3,120.9 LIABILITIES AND STOCKHOLDER’S DEFICIENCY Short-term borrowings $ — $ — $ 2.2 $ — $ 2.2 Current portion of long-term debt 287.9 — 0.1 — 288.0 Accounts payable 108.4 39.9 103.5 — 251.8 Accrued expenses and other 124.1 70.0 224.1 — 418.2 Intercompany payables 3,030.3 2,668.7 466.0 (6,165.0) — Long-term debt 2,822.2 — 84.0 — 2,906.2 Other long-term liabilities 220.4 118.2 5.3 — 343.9 Total liabilities 6,593.3 2,896.8 885.2 (6,165.0) 4,210.3 Stockholder’s (deficiency) equity (1,075.9) 943.9 671.6 (1,629.0) (1,089.4) Total liabilities and stockholder’s (deficiency) equity $ 5,517.4 $ 3,840.7 $ 1,556.8 $ (7,794.0) $ 3,120.9 Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Three Months Ended September 30, 2020 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net Sales $ 95.7 $ 148.9 $ 232.4 $ 0.1 $ 477.1 Cost of sales 45.6 92.6 96.0 0.1 234.3 Gross profit 50.1 56.3 136.4 — 242.8 Selling, general and administrative expenses 84.4 47.7 119.3 — 251.4 Acquisition and integration costs 0.8 — 0.1 — 0.9 Restructuring charges and other, net (8.4) 2.7 5.0 — (0.7) Impairment charges (23.4) 22.0 1.4 — — Gain on divested assets (1.1) — — — (1.1) Operating (loss) income (2.2) (16.1) 10.6 — (7.7) Other (income) expense: Intercompany interest, net (0.5) 0.7 (0.2) — — Interest expense 67.3 — 1.4 — 68.7 Amortization of debt issuance costs 7.8 — — — 7.8 Gain on early extinguishment of debt (31.2) — — — (31.2) Foreign currency losses (gains), net 1.0 (0.7) (10.1) — (9.8) Miscellaneous, net (1.8) (55.4) 54.6 — (2.6) Other expense (income), net 42.6 (55.4) 45.7 — 32.9 (Loss) income from continuing operations before income taxes (44.8) 39.3 (35.1) — (40.6) (Benefit from) provision for income taxes (6.3) 17.8 (9.2) — 2.3 (Loss) income from continuing operations, net of taxes (38.5) 21.5 (25.9) — (42.9) Equity in income (loss) of subsidiaries 30.0 (10.0) — (20.0) — Net (loss) income $ (8.5) $ 11.5 $ (25.9) $ (20.0) $ (42.9) Other comprehensive income (loss) 5.0 (7.1) 1.6 5.5 5.0 Total comprehensive (loss) income $ (3.5) $ 4.4 $ (24.3) $ (14.5) $ (37.9) Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Three Months Ended September 30, 2019 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net Sales $ 118.4 $ 174.8 $ 303.9 $ (0.3) $ 596.8 Cost of sales 64.9 88.1 116.3 (0.3) 269.0 Gross profit 53.5 86.7 187.6 — 327.8 Selling, general and administrative expenses 90.5 82.1 133.7 — 306.3 Acquisition and integration costs 0.1 — — — 0.1 Restructuring charges and other, net 1.0 0.5 1.4 — 2.9 Operating (loss) income (38.1) 4.1 52.5 — 18.5 Other (income) expense: Intercompany interest, net (1.1) 0.6 0.5 — — Interest expense 48.5 — 1.7 — 50.2 Amortization of debt issuance costs 3.7 — — — 3.7 Foreign currency losses (gains), net 0.9 (0.1) 6.8 — 7.6 Miscellaneous, net (8.4) (10.0) 20.1 — 1.7 Other expense (income), net 43.6 (9.5) 29.1 — 63.2 (Loss) income from continuing operations before income taxes (81.7) 13.6 23.4 — (44.7) (Benefit from) provision for income taxes (31.4) 18.9 10.7 — (1.8) Loss (income) from continuing operations, net of taxes (50.3) (5.3) 12.7 — (42.9) Income from discontinued operations, net of taxes — — (0.3) — (0.3) Equity in income (loss) of subsidiaries 30.8 0.1 — (30.9) — Net (loss) income $ (19.5) $ (5.2) $ 12.4 $ (30.9) $ (43.2) Other comprehensive income (loss) 0.5 3.9 (1.9) (2.0) 0.5 Total comprehensive (loss) income $ (19.0) $ (1.3) $ 10.5 $ (32.9) $ (42.7) Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Nine Months Ended September 30, 2020 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net Sales $ 305.9 $ 339.6 $ 632.2 $ — $ 1,277.7 Cost of sales 158.5 190.5 251.7 — 600.7 Gross profit 147.4 149.1 380.5 — 677.0 Selling, general and administrative expenses 247.6 163.8 321.8 — 733.2 Acquisition, integration and divestiture costs 4.0 — 0.2 — 4.2 Restructuring charges and other, net 32.3 7.0 5.5 — 44.8 Impairment charges 120.7 22.0 1.4 — 144.1 Gain on divested assets (0.5) — — — (0.5) Operating (loss) income (256.7) (43.7) 51.6 — (248.8) Other (income) expense: Intercompany interest, net (3.5) 1.8 1.7 — — Interest expense 173.0 — 5.0 — 178.0 Amortization of debt issuance costs 17.8 — — — 17.8 Gain on early extinguishment of debt (43.1) — — — (43.1) Foreign currency losses, net 1.6 1.7 5.8 — 9.1 Miscellaneous, net (0.9) (71.5) 86.3 — 13.9 Other expense (income), net 144.9 (68.0) 98.8 — 175.7 Loss from continuing operations before income taxes (401.6) 24.3 (47.2) — (424.5) Benefit from for income taxes (58.4) 19.2 (5.0) — (44.2) Loss from continuing operations, net of taxes (343.2) 5.1 (42.2) — (380.3) Equity in (loss) income of subsidiaries 0.7 (36.9) — 36.2 — Net (loss) income $ (342.5) $ (31.8) $ (42.2) $ 36.2 $ (380.3) Other comprehensive (loss) income 16.6 7.3 4.0 (11.3) 16.6 Total comprehensive (loss) income $ (325.9) $ (24.5) $ (38.2) $ 24.9 $ (363.7) Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Nine Months Ended September 30, 2019 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net Sales $ 429.4 $ 428.9 $ 865.4 $ (3.5) $ 1,720.2 Cost of sales 205.1 217.3 331.8 (3.5) 750.7 Gross profit 224.3 211.6 533.6 — 969.5 Selling, general and administrative expenses 329.5 238.7 399.9 — 968.1 Acquisition, integration and divestiture costs 0.6 0.1 — — 0.7 Restructuring charges and other, net 3.4 3.4 4.8 — 11.6 Operating (loss) income (109.2) (30.6) 128.9 — (10.9) Other (income) expenses: Intercompany interest, net (3.5) 2.0 1.5 — — Interest expense 140.5 — 5.2 — 145.7 Amortization of debt issuance costs 10.4 — — — 10.4 Foreign currency losses, net 1.2 0.2 7.6 — 9.0 Miscellaneous, net (26.4) (36.2) 70.2 — 7.6 Other expense (income), net 122.2 (34.0) 84.5 — 172.7 (Loss) income from continuing operations before income taxes (231.4) 3.4 44.4 — (183.6) (Benefit from) provision for income taxes (36.8) 19.3 15.1 — (2.4) (Loss) income from continuing operations, net of taxes (194.6) (15.9) 29.3 — (181.2) Income from discontinued operations, net of taxes — — 2.0 — 2.0 Equity in income (loss) of subsidiaries 39.3 11.8 — (51.1) — Net (loss) income $ (155.3) $ (4.1) $ 31.3 $ (51.1) $ (179.2) Other comprehensive income (loss) 6.7 2.7 (1.8) (0.9) 6.7 Total comprehensive (loss) income $ (148.6) $ (1.4) $ 29.5 $ (52.0) $ (172.5) Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2020 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash (used in) provided by operating activities $ (260.0) $ 6.6 $ (3.5) $ — $ (256.9) CASH FLOWS FROM INVESTING ACTIVITIES: Net cash used in investing activities (6.0) (0.5) (0.9) — (7.4) CASH FLOWS FROM FINANCING ACTIVITIES: Net decrease in short-term borrowings and overdraft 2.5 (3.8) 0.6 — (0.7) Borrowings under the 2020 BrandCo Facilities 880.0 — — — 880.0 Repurchases of the 5.75% Senior Notes (114.1) — — — (114.1) Net borrowings under the Amended 2016 Revolving Credit Facility 19.5 — — — 19.5 Net borrowings under the 2019 Term Loan Facility (a) (200.0) — — — (200.0) Repayments under the 2018 Foreign Asset-Based Term Loan (31.4) — — — (31.4) Repayments under the 2016 Term Loan Facility (9.2) — — — (9.2) Payment of financing costs (109.4) — 1.1 — (108.3) Tax withholdings related to net share settlements of restricted stock and RSUs (1.6) — — — (1.6) Other financing activities (0.1) (0.1) (0.1) — (0.3) Net cash provided by (used in) financing activities 436.2 (3.9) 1.6 — 433.9 Effect of exchange rate changes on cash, cash equivalents and restricted cash 0.4 2.0 (2.8) — (0.4) Net increase (decrease) in cash, cash equivalents and restricted cash 170.6 4.2 (5.6) — 169.2 Cash, cash equivalents and restricted cash at beginning of period $ 1.0 $ 6.4 $ 97.2 $ — $ 104.5 Cash, cash equivalents and restricted cash at end of period $ 171.6 $ 10.6 $ 91.6 $ — $ 273.7 Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2019 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash (used in) provided by operating activities $ (169.1) $ 5.6 $ (3.3) $ — $ (166.8) CASH FLOWS FROM INVESTING ACTIVITIES: Net cash used in investing activities (10.9) (2.0) (7.1) — (20.0) CASH FLOWS FROM FINANCING ACTIVITIES: Net decrease in short-term borrowings and overdraft (11.5) (7.2) (3.7) — (22.4) Net borrowings under the Amended 2016 Revolving Credit Facility 13.4 — — — 13.4 Net borrowings under the 2019 Term Loan Facility (a) 200.0 — — — 200.0 Repayments under the 2016 Term Loan Facility (13.5) — — — (13.5) Payments of financing costs (12.2) — (1.2) — (13.4) Tax withholdings related to net share settlements of restricted stock and RSUs (1.6) — — — (1.6) Other financing activities (0.6) (0.1) (0.2) — (0.9) Net cash provided by (used in) financing activities 174.0 (7.3) (5.1) — 161.6 Effect of exchange rate changes on cash, cash equivalents and restricted cash — 0.4 (1.8) — (1.4) Net decrease in cash, cash equivalents and restricted cash (6.0) (3.3) (17.3) — (26.6) Cash, cash equivalents and restricted cash at beginning of period $ 7.2 $ 6.6 $ 73.7 $ — 87.5 Cash, cash equivalents and restricted cash at end of period $ 1.2 $ 3.3 $ 56.4 $ — $ 60.9 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS 5.75% Senior Notes Exchange Offer On October 23, 2020, Products Corporation amended its previously-announced Exchange Offer to exchange any and all of the then-outstanding $342,785,000 in aggregate principal amount of its Existing 5.75% Senior Notes, as described in the amended and restated Offering Memorandum and Consent Solicitation Statement (the “Offering Memorandum”), dated October 23, 2020, which Exchange Offer closed on November 13, 2020. Concurrently with the Exchange Offer, Products Corporation solicited consents (the “Consent Solicitation”) to eliminate substantially all of the restrictive covenants and certain events of default provisions from the indenture governing the 5.75% Senior Notes (the “5.75% Senior Notes Indenture”). For each $1,000 principal amount of 5.75% Senior Notes validly tendered, holders received either, at their option, (i) $275 in cash (plus a $50 early tender/consent fee payable if such 5.75% Senior Notes are tendered at or before 11:59 p.m. New York City time, on November 10, 2020 (the "Expiration Time"), for an aggregate of $325 in cash, or (ii) a combination of (1) $200 in cash (plus a $50 early tender/consent fee payable if such 5.75% Senior Notes are tendered at or before the Expiration Time), for an aggregate of $250 in cash, plus, (2) (A) the Per $1,000 Pro Rata Share of $50 million aggregate principal amount of new 2020 ABL FILO Term Loans and (B) the Per $1,000 Pro Rata Share of $75 million aggregate principal amount of the New BrandCo Second-Lien Term Loans, if the holder is: (a)(i) a qualified institutional buyer as defined in Rule 144A under the Securities Act; (ii) an institutional accredited investor within the meaning of Rule 501(a)(1), (a)(2), (a)(3) or (a)(7) of the Securities Act; or (iii) a person that is not a “U.S. person” within the meaning of Regulation S under the Securities Act, (b) not a natural person and (c) not a “Disqualified Institution” (as defined under the Amended 2016 Revolving Credit Facility and related security documents and intercreditor agreements or the 2020 BrandCo Term Loan Facility and related security documents and intercreditor agreements). On November 13, 2020, the Company announced that the Exchange Offer was successfully consummated and that Products Corporation had accepted $236 million in aggregate principal amount of 5.75% Senior Notes tendered in the Exchange Offer. Products Corporation used cash on hand to redeem, effective as of November 13, 2020, the remaining $106.8 million in aggregate principal amount of 5.75% Senior Notes pursuant to the terms of the 5.75% Senior Notes Indenture. Following the consummation of the Exchange Offer and the satisfaction and discharge of the remaining 5.75% Senior Notes, no 5.75% Senior Notes remained outstanding. Accrued and unpaid interest on the 5.75% Senior Notes that were tendered in the Exchange Offer was paid to, but not including, the settlement date of the Exchange Offer. The 2020 ABL FILO Term Loans are new “Tranche B” term loans in the aggregate principal amount of $50 million, ranking junior in right of payment to the “Tranche A” revolving loans under the Amended 2016 Revolving Credit Agreement and equal in right of payment with all existing and future unsubordinated indebtedness of Products Corporation and the guarantors under the Amended 2016 Revolving Credit Agreement (such new Tranche B term loans, the “2020 ABL FILO Term Loans”). The 2020 ABL FILO Term Loans will mature six months after the maturity date of the Tranche A Loans (and any extension thereof in part or in whole). The 2020 ABL FILO Term Loans bear interest at a rate of LIBOR (subject to a 1.75% floor) plus 8.50% per annum, accruing from the settlement date of the Exchange Offer. The borrowing base for the 2020 ABL FILO Term Loans consists of an advance rate of 100% of eligible collateral with a customary push down reserve, with collateral consisting of: (i) a first-priority lien on accounts receivable, inventory, cash, negotiable instruments, chattel paper, investment property (other than capital stock), equipment and real property of Products Corporation and the subsidiary guarantors, subject to customary exceptions (the “Priority Collateral”); and (ii) a second-priority lien on substantially all tangible and intangible personal property of Products Corporation and the subsidiary guarantors, subject to customary exclusions (other than the Priority Collateral). The New BrandCo Second Lien Term Loans are “Term B-2 Loans” in the aggregate principal amount of $75 million (ranking junior to the Term B-1 Loans and senior to the Term B-3 Loans with respect to liens on certain specified collateral) under the 2020 BrandCo Term Loan Facility (such Term B-2 Loans, the “New BrandCo Second-Lien Term Loans”). See Note 7, “Debt,” and Note 19, “Subsequent Events,” regarding the 2020 BrandCo Refinancing Transactions for further details and amounts outstanding under the 2020 BrandCo Credit Agreement). In conjunction with the Exchange Offer, Products Corporation conducted the Consent Solicitation to effectuate amendments to the 5.75% Senior Notes Indenture, which eliminated substantially all of the restrictive covenants and certain events of default provisions from the 5.75% Senior Notes Indenture. Amendment No. 1 to BrandCo Credit Agreement On November 13, 2020, Products Corporation entered into that certain Amendment No. 1 (the “BrandCo Amendment”) to the 2020 BrandCo Credit Agreement in connection with the Exchange Offer in order to, among other things, provide for the incurrence of $75 million in aggregate principal amount of New BrandCo Second-Lien Term Loans. The New BrandCo Second Lien Term Loans are a separate tranche of “Term B-2 Loans” (ranking junior to the Term B-1 Loans and senior to the Term B-3 Loans with respect to liens on certain specified collateral) under the BrandCo Credit Agreement. Except as to the use of proceeds, the terms of the New BrandCo Second-Lien Term Loans are substantially consistent with the other Term B-2 Loans. In connection with the BrandCo Amendment, Products Corporation paid certain fees to the lenders in-kind in the form of New BrandCo Second-Lien Term Loans in accordance with the BrandCo TSA. Amendment to Credit Facilities; New Tranche B ABL FILO Term Loan Facility On October 23, 2020 (the “5 th Amendment Effective Date”), Products Corporation entered into Amendment No. 5 (the “5 th Amendment”) to the Amended 2016 Revolving Credit Agreement. The 5 th Amendment amended and restated the Amended 2016 Revolving Credit Agreement to add a new Tranche B consisting of $50 million aggregate principal amount of “first-in, last-out” Tranche B term loans (such new Tranche B, the “2020 ABL FILO Term Loan Facility” and the loans incurred thereunder, the “2020 ABL FILO Term Loans”). The 5th Amendment also required Products Corporation to maintain "Excess Availability" (as defined in the 5th Amendment) of at least $85 million from the 5 th Amendment Effective Date until the transactions contemplated by the Exchange Offer were consummated (such date, the “Exchange Offer Effective Date”). As a result, on October 23, 2020, Products Corporation repaid $35 million of Tranche A loans under the Amended 2016 Revolving Credit Agreement. On the Exchange Offer Effective Date, Products Corporation’s As-Adjusted Liquidity was required to be at least $175 million (which condition was satisfied) and Products Corporation cannot hold more than $100 million in cash or Cash Equivalents (as defined in the 5th Amendment). Furthermore, the 5 th Amendment provides that a $30 million reserve will be automatically and immediately established against the Tranche A Borrowing Base (as defined in the 5th Amendment) if the results of ongoing appraisals and field exams are not delivered to the administrative agent prior to the occurrence of certain specified defaults. Products Corporation will pay customary fees to Alter Domus (US) LLC as the administrative agent for the 2020 ABL FILO Term Loan Facility. Except as to maturity date, interest, borrowing base and differences due to their nature as term loans, the terms of the 2020 ABL FILO Term Loans are otherwise substantially consistent with the Tranche A Revolving Loans. COVID-19-Related Compensation Actions |
DESCRIPTION OF BUSINESS AND S_2
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The preparation of the Company's Unaudited Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the Unaudited Consolidated Financial Statements in the period they are determined to be necessary. Significant estimates made in the accompanying Unaudited Consolidated Financial Statements include, but are not limited to: expected sales returns; certain assumptions related to the valuation of acquired intangible and long-lived assets and the recoverability of goodwill, intangible and long-lived assets; income taxes, including deferred tax valuation allowances and reserves for estimated tax liabilities; and certain estimates and assumptions used in the calculation of the net periodic benefit (income) costs and the projected benefit obligations for the Company’s pension and other post-retirement plans, including the expected long-term return on pension plan assets and the discount rate used to value the Company’s pension benefit obligations. The Unaudited Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and related notes contained in Revlon's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the "2019 Form 10-K").The Company's results of operations and financial position for interim periods are not necessarily indicative of those to be expected for the full year. |
Recently Evaluated and/or Adopted and Recently Issued Accounting Pronouncements | Recently Evaluated and/or Adopted Accounting Pronouncements In August 2018, the FASB issued Accounting Standard Update ("ASU") No. 2018-15, "Internal Use Software (Subtopic 350-40) - Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract," which requires a customer in a cloud computing hosting arrangement that is a service contract to follow the existing guidance in ASC 350-40 on internal-use software to determine which implementation costs are to be deferred and recognized as an asset and which costs are to be expensed as incurred. This guidance is effective for annual periods beginning after December 15, 2019, with early adoption permitted, and may be applied either retrospectively or prospectively to all software implementation costs incurred after adoption. The Company adopted ASU No. 2018-15 prospectively, beginning as of January 1, 2020. The Company completed its assessment and determined that this new guidance does not have a material impact on the Company’s results of operations, financial condition and/or financial statement disclosures. Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The new guidance under ASU 2020-04 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. The Company is in the process of assessing the impact, if any, that ASU No. 2020-04 is expected to have on the Company’s results of operations, financial condition and/or financial statement disclosures. In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes," which removes certain exceptions for recognizing deferred taxes for investments, performing intra-period allocations, calculating income taxes in interim periods and how a company accounts for future events. This ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. This guidance is effective for annual periods beginning after December 15, 2020, with early adoption permitted, including adoption in any interim period. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. After reviewing this ASU, the Company decided that it will adopt this guidance beginning as of January 1, 2021. The Company completed its assessment of the possible effects of this ASU upon its implementation and determined that it is not expected to have significant impacts on the Company’s results of operations, financial condition and/or financial statement disclosures. In August 2018, the FASB issued ASU No. 2018-14, "Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans.” This new guidance removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and requires certain additional disclosures. This guidance is effective for annual periods beginning after December 15, 2020, with early adoption permitted. The Company will adopt this guidance (on a retrospective basis for certain new additional disclosures), beginning as of January 1, 2021. This new pronouncement only affects disclosure items and it is not expected to have a material impact on the Company’s results of operations, financial condition and/or financial statement disclosures. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," which was subsequently amended in November 2018 through ASU No. 2018-19, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses." ASU No. 2016-13 will require entities to estimate lifetime expected credit losses for trade and other receivables, net investments in leases, financing receivables, debt securities and other instruments, which will result in earlier recognition of credit losses. Further, the new credit loss model will affect how entities in all industries estimate their allowance for losses for receivables that are current with respect to their payment terms. In November 2019, the FASB issued ASU No. 2019-10, which, among other things, deferred the application of the new guidance on credit losses for smaller reporting companies ("SRC") to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. This guidance will be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., a modified-retrospective approach). Under the above-mentioned deferral, the Company expects to adopt ASU No. 2016-03, and the related ASU No. 2018-19 amendments, beginning as of January 1, 2023 and is in the process of assessing the impact, if any, that this new guidance is expected to have on the Company’s results of operations, financial condition and/or financial statement disclosures. |
RESTRUCTURING CHARGES (Tables)
RESTRUCTURING CHARGES (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Charges | A summary of the 2020 Restructuring Charges incurred since its inception in March 2020 and through September 30, 2020 is presented in the following table: Restructuring Charges and Other, Net Employee Severance and Other Personnel Benefits Other Costs Total Restructuring Charges Leases (a) Other Related Charges (b) Total Restructuring and Related Charges Cumulative charges incurred through September 30, 2020 $ 44.4 $ 1.2 $ 45.6 $ 11.3 $ 4.3 $ 61.2 (a) Lease-related charges are recorded within SG&A in the Company’s Unaudited Consolidated Statement of Operations and Comprehensive Loss. These lease-related charges include: (i) $3.5 million for accelerated recognition of rent expense related to certain abandoned leases; (ii) $3.0 million for the disposal of leasehold improvements and other equipment in connection with certain leases; (iii) $3.9 million of rent expense related to the Revlon 2020 Restructuring Program; and (iv) $0.9 million of disposal of leasehold improvements and other equipment in connection with the abandoned leases identified in clause (i) of this footnote (a). (b) Other related charges are recorded within SG&A and cost of sales in the Company’s Unaudited Consolidated Statement of Operations and Comprehensive Loss. A summary of the 2020 Restructuring Charges incurred since its inception in March 2020 and through September 30, 2020 by reportable segment is presented in the following table: Cumulative charges incurred through September 30, 2020 Revlon $ 17.9 Elizabeth Arden 10.0 Portfolio 10.6 Fragrances 7.1 Total $ 45.6 A summary of the 2018 Optimization Restructuring Charges incurred since its inception in November 2018 and through September 30, 2020 is presented in the following table: Restructuring Charges and Other, Net Employee Severance and Other Personnel Benefits (a) Other Costs Total Restructuring Charges Inventory Adjustments (b) Other Related Charges (c) Total Restructuring and Related Charges Charges incurred through December 31, 2019 $ 20.3 $ 0.3 $ 20.6 $ 4.9 $ 14.0 $ 39.5 Charges incurred during the nine months ended September 30, 2020 (0.6) — (0.6) — 0.7 0.1 Cumulative charges incurred through September 30, 2020 $ 19.7 $ 0.3 $ 20.0 $ 4.9 $ 14.7 $ 39.6 (a) Includes reversal due to true-up of previously-accrued restructuring charges. (b) Inventory adjustments are recorded within cost of sales in the Company’s Unaudited Consolidated Statement of Operations and Comprehensive Loss. (c) Other related charges are recorded within SG&A in the Company’s Unaudited Consolidated Statement of Operations and Comprehensive Loss. A summary of the 2018 Optimization Restructuring Charges incurred since its inception in November 2018 and through September 30, 2020 by reportable segment is presented in the following table: Charges incurred during the nine months ended September 30, 2020 Cumulative charges incurred through September 30, 2020 Revlon $ (0.3) $ 8.5 Elizabeth Arden (0.1) 4.2 Portfolio (0.1) 3.9 Fragrances (0.1) 3.4 Total $ (0.6) $ 20.0 |
Schedule of Liability Balance and Activity of Restructuring Programs | The liability balance and related activity for each of the Company's restructuring programs are presented in the following table: Utilized, Net Liability Expense, Net Foreign Currency Translation Cash Non-cash Liability Balance at September 30, 2020 Revlon 2020 Restructuring Program: Employee severance and other personnel benefits $ — $ 44.4 $ — $ (20.3) $ — $ 24.1 Other — 1.2 — (1.2) — — Total Revlon 2020 Restructuring Program — 45.6 — (21.5) — 24.1 2018 Optimization Program: Employee severance and other personnel benefits 5.7 (0.6) — (3.7) — 1.4 Other immaterial actions: (a) Employee severance and other personnel benefits 4.3 (0.2) 0.2 (0.4) — 3.9 Total restructuring reserve $ 10.0 $ 44.8 $ 0.2 $ (25.6) $ — $ 29.4 (a) The balance of other immaterial restructuring initiatives primarily consists of balances outstanding under the EA Integration Restructuring Program implemented by the Company in December 2016, which was completed by December 2018. The reversal of charges and payments made during the nine months ended September 30, 2020 primarily related to other individually and collectively immaterial restructuring initiatives. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | As of September 30, 2020 and December 31, 2019, the Company's net inventory balances consisted of the following: September 30, December 31, 2020 2019 Finished goods $ 402.2 $ 326.5 Raw materials and supplies 106.8 110.4 Work-in-process 16.5 11.5 $ 525.5 $ 448.4 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment Balances | As of September 30, 2020 and December 31, 2019, the Company's property, plant and equipment balances consisted of the following: September 30, December 31, 2020 2019 Land and improvements $ 11.2 $ 11.0 Building and improvements 112.6 113.0 Machinery and equipment 295.9 296.0 Office furniture, fixtures and capitalized software 240.2 241.5 Counters and trade fixtures 51.9 52.9 Leasehold improvements 43.8 50.1 Construction-in-progress 7.0 14.0 Right-of-Use assets 123.5 118.2 Property, plant and equipment and Right-of-Use assets, gross 886.1 896.7 Accumulated depreciation and amortization (530.3) (488.1) Property, plant and equipment and Right-of-Use assets, net $ 355.8 $ 408.6 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS, NET (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill by Segment | The following table presents the changes in goodwill by segment for the nine months ended September 30, 2020: Revlon Portfolio Elizabeth Arden Fragrances Total Balance at January 1, 2020 $ 264.9 $ 171.1 $ 116.9 $ 120.8 $ 673.7 Foreign currency translation adjustment 0.3 0.2 — — 0.5 Goodwill impairment charge — (83.5) (27.5) — (111.0) Balance at September 30, 2020 $ 265.2 $ 87.8 $ 89.4 $ 120.8 $ 563.2 Cumulative goodwill impairment charges (a) $ (166.2) (a) Amount refers to cumulative goodwill impairment charges related to impairments recognized in 2015, 2017, 2018 and 2020; nil and $111.0 million of such impairment charges were recognized during the three and nine months ended September 30, 2020, respectively. |
Schedule of Impaired Intangible Assets | A summary of such impairment charges by segments is included in the following table: Three Months Ended September 30, 2020 Revlon Portfolio Elizabeth Arden Fragrances Total Indefinite-lived intangible assets $ — $ — $ — $ — $ — Total Intangibles Impairment $ — $ — $ — $ — $ — Nine Months Ended September 30, 2020 Revlon Portfolio Elizabeth Arden Fragrances Total Indefinite-lived intangible assets $ — $ (2.5) $ (30.6) $ — $ (33.1) Total Intangibles Impairment $ — $ (2.5) $ (30.6) $ — $ (33.1) |
Summary of Finite-Lived Intangible Assets | The following tables present details of the Company's total intangible assets as of September 30, 2020 and December 31, 2019: September 30, 2020 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Weighted-Average Useful Life (in Years) Finite-lived intangible assets: Trademarks and licenses $ 271.3 $ (122.7) $ — $ 148.6 12 Customer relationships 248.8 (107.4) — 141.4 11 Patents and internally-developed intellectual property 23.7 (15.2) — 8.5 5 Distribution rights 31.0 (7.0) — 24.0 14 Other 1.3 (1.3) — — 0 Total finite-lived intangible assets $ 576.1 $ (253.6) $ — $ 322.5 Indefinite-lived intangible assets: Trade names $ 146.5 N/A $ (33.1) $ 113.4 Total indefinite-lived intangible assets $ 146.5 N/A $ (33.1) $ 113.4 Total intangible assets $ 722.6 $ (253.6) $ (33.1) $ 435.9 December 31, 2019 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Weighted-Average Useful Life (in Years) Finite-lived intangible assets: Trademarks and licenses $ 271.2 $ (110.9) $ — $ 160.3 13 Customer relationships 248.3 (96.5) — 151.8 11 Patents and internally-developed intellectual property 21.5 (12.1) — 9.4 5 Distribution rights 31.0 (5.6) — 25.4 15 Other 1.3 (1.3) — — 0 Total finite-lived intangible assets $ 573.3 $ (226.4) $ — $ 346.9 Indefinite-lived intangible assets: Trade names $ 143.8 N/A $ — $ 143.8 Total indefinite-lived intangible assets $ 143.8 N/A $ — $ 143.8 Total intangible assets $ 717.1 $ (226.4) $ — $ 490.7 |
Summary of Indefinite-Lived Intangible Assets | The following tables present details of the Company's total intangible assets as of September 30, 2020 and December 31, 2019: September 30, 2020 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Weighted-Average Useful Life (in Years) Finite-lived intangible assets: Trademarks and licenses $ 271.3 $ (122.7) $ — $ 148.6 12 Customer relationships 248.8 (107.4) — 141.4 11 Patents and internally-developed intellectual property 23.7 (15.2) — 8.5 5 Distribution rights 31.0 (7.0) — 24.0 14 Other 1.3 (1.3) — — 0 Total finite-lived intangible assets $ 576.1 $ (253.6) $ — $ 322.5 Indefinite-lived intangible assets: Trade names $ 146.5 N/A $ (33.1) $ 113.4 Total indefinite-lived intangible assets $ 146.5 N/A $ (33.1) $ 113.4 Total intangible assets $ 722.6 $ (253.6) $ (33.1) $ 435.9 December 31, 2019 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Weighted-Average Useful Life (in Years) Finite-lived intangible assets: Trademarks and licenses $ 271.2 $ (110.9) $ — $ 160.3 13 Customer relationships 248.3 (96.5) — 151.8 11 Patents and internally-developed intellectual property 21.5 (12.1) — 9.4 5 Distribution rights 31.0 (5.6) — 25.4 15 Other 1.3 (1.3) — — 0 Total finite-lived intangible assets $ 573.3 $ (226.4) $ — $ 346.9 Indefinite-lived intangible assets: Trade names $ 143.8 N/A $ — $ 143.8 Total indefinite-lived intangible assets $ 143.8 N/A $ — $ 143.8 Total intangible assets $ 717.1 $ (226.4) $ — $ 490.7 |
Estimated Future Amortization Expense | The following table reflects the estimated future amortization expense for each period presented, a portion of which is subject to exchange rate fluctuations, for the Company's finite-lived intangible assets as of September 30, 2020: Estimated Amortization Expense 2020 $ 8.7 2021 33.4 2022 32.4 2023 30.9 2024 27.6 Thereafter 189.5 Total $ 322.5 |
ACCRUED EXPENSES AND OTHER (Tab
ACCRUED EXPENSES AND OTHER (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Payables and Accruals [Abstract] | |
Components of Accrued Expenses and Other Current Liabilities | As of September 30, 2020 and December 31, 2019, the Company's accrued expenses and other current liabilities consisted of the following: September 30, December 31, 2020 2019 Sales returns and allowances $ 73.9 $ 89.7 Advertising, marketing and promotional costs 72.9 82.8 Taxes (a) 48.1 54.3 Compensation and related benefits 40.1 42.1 Interest 22.0 34.0 Professional services and insurance 15.0 16.3 Short-term lease liability 19.0 14.5 Freight and distribution costs 3.1 13.2 Restructuring reserve 29.4 10.0 Software 3.1 4.0 Other (b) 61.3 54.0 Total $ 387.9 $ 414.9 (a) Accrued Taxes for Products Corporation as of September 30, 2020 and December 31, 2019 were $51.1 million and $57.6 million, respectively. |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Components of Long-Term Debt | The table below details the Company's debt balances as of September 30, 2020 and December 31, 2019. See also Note 19, "Subsequent Events," for recent debt activity updates. September 30, December 31, 2020 2019 2020 BrandCo Term Loan Facility due 2025, net of debt issuance costs (see (a) below) $ 1,625.2 $ — 2019 Term Loan Facility due 2023, net of discounts and debt issuance costs (see (b) below) — 187.1 2018 Foreign Asset-Based Term Facility due 2021, net of discounts and debt issuance costs (see (c) below) 54.6 82.3 Amended 2016 Revolving Credit Facility due 2021, net of debt issuance costs (see (d) below) 290.2 269.9 2016 Term Loan Facility: 2016 Term Loan due 2023 and 2025, net of discounts and debt issuance costs (see (e) below) 875.2 1,713.6 5.75% Senior Notes due 2021, net of debt issuance costs (see (f) below) 341.7 498.1 6.25% Senior Notes due 2024, net of debt issuance costs (see (g) below) 443.8 442.8 Spanish Government Loan due 2025 0.3 0.4 Debt $ 3,631.0 $ 3,194.2 Less current portion (*) (704.5) (288.0) Long-term debt $ 2,926.5 $ 2,906.2 Short-term borrowings (see (h) below) $ 2.0 $ 2.2 (*) At September 30, 2020, the Company classified $704.5 million as its current portion of long-term debt, comprised primarily of $341.7 million of Products Corporation's 5.75% Senior Notes due February 15, 2021 (the "5.75% Senior Notes"), net of debt issuance costs, $290.2 million of net borrowings under the Amended 2016 Revolving Credit Facility, net of debt issuance costs, $54.6 million of the 2018 Foreign Asset-Based Term Facility due July 9, 2021, net of debt issuance costs and debt discount, $9.2 million of amortization payments on the 2016 Term Loan Facility scheduled to be paid over the next four calendar quarters, and $8.6 million of amortization payments under the 2020 BrandCo Term Loan Facility due within one year. At December 31, 2019, the Company classified $288.0 million as its current portion of long-term debt, comprised primarily of $269.9 million of net borrowings under the Amended 2016 Revolving Credit Facility, net of debt issuance costs, and $18.0 million of amortization payments on the 2016 Term Loan Facility. See below in this Note 7, "Debt," and Note 19, "Subsequent Events," for details regarding the Company's recent debt-related transactions. (a) The aggregate principal amount outstanding under the 2020 BrandCo Term Loan Facility at September 30, 2020 was $1,761.3 million, including $846.0 million of principal rolled-up from the 2016 Term Loan Facility to the Roll-up BrandCo Facility and the Junior Roll-up BrandCo Facility . See further details below, within this Note 7, "Debt," and Note 19, “Subsequent Events.” (b) On May 7, 2020, in connection with closing the 2020 BrandCo Facilities, Products Corporation fully repaid the 2019 Term Loan Facility pursuant to that Term Credit Agreement, dated as of August 6, 2019 (the “2019 Term Loan Facility”) . See Note 9, "Long-Term Debt," to the Consolidated Financial Statements in the Company's 2019 Form 10-K for certain details regarding the 2019 Term Loan Facility, which prior to its repayment was scheduled to mature on the earliest of: (x) August 6, 2023 and (y) the 180th day prior to the stated maturity of Products Corporation’s existing 2016 Term Loan Facility, if any loans under the 2016 Term Loan Facility remained outstanding and had not been replaced or refinanced by such date. The lenders under the 2019 Term Loan Facility participated in the 2020 BrandCo Term Loan Facility and, as a result, the Company determined that the full repayment of the 2019 Term Loan Facility represented a debt modification under U.S. GAAP. Accordingly, the Company recorded approximately $33.5 million in connection with fees paid to the lenders for the prepayment of the 2019 Term Loan Facility, as well as approximately $10.3 million in other lenders' fees, which were capitalized as part of the total debt issuance costs for the 2020 BrandCo Term Loan Facility. See further details below, within this Note 7, "Debt," and Note 19, “Subsequent Events.” (c) The aggregate principal amount outstanding under the 2018 Foreign Asset-Based Term Facility at September 30, 2020 was the Euro equivalent of $56.8 million. In connection with the amendment described below, the Company repaid €5 million of the original aggregate principal amount of €77 million. See Note 9, "Long-Term Debt," to the Consolidated Financial Statements in the Company's 2019 Form 10-K for certain details regarding the euro-denominated senior secured asset-based term loan facility that various foreign subsidiaries of Products Corporation entered into on July 9, 2018 and which is scheduled to mature on July 9, 2021 (the “2018 Foreign Asset-Based Term Facility”). In May, 2020 the Company entered into an amendment to the 2018 Foreign Asset Based Term Facility to, among other things, increase the margin applicable to the interest rate from EURIBOR (with a floor of 0.50%) plus a margin of 6.50% to EURIBOR (with a floor 0.50%) plus a margin of 7.00%. See further details below, within this Note 7, "Debt." (d) Total borrowings at face amount under Tranche A of the Amended 2016 Revolving Credit Facility at September 30, 2020 were $291.9 million (excluding $1.4 million of outstanding undrawn letters of credit). See Note 9, "Long-Term Debt," to the Consolidated Financial Statements in the Company's 2019 Form 10-K for certain details regarding Products Corporation's Amended 2016 Revolving Credit Facility. In April 2018, Products Corporation amended the Amended 2016 Revolving Credit Facility Agreement, as detailed below, to, among other things, add a $41.5 million senior secured first in, last out "Tranche B," while the original $400 million tranche under such facility became a senior secured last in, first out "Tranche A." Tranche A matures on the earlier of: (x) September 7, 2021; and (y) the 91 st day prior to the maturity of Products Corporation’s 5.75% Senior Notes, if, on that date (and solely for so long as), (i) any of Products Corporation’s 5.75% Senior Notes remain outstanding and (ii) Products Corporation’s available liquidity does not exceed the aggregate principal amount of the then outstanding 5.75% Senior Notes by at least $200 million. On April 17, 2020, the maturity date of the 2018 Tranche B was extended from April 17, 2020 to May 17, 2020 and was fully repaid on such extended maturity date. (e) The aggregate principal amount outstanding under the 2016 Term Loan Facility at September 30, 2020 was $886.3 million. See Note 9, "Long-Term Debt," to the Consolidated Financial Statements in the Company's 2019 Form 10-K for certain details regarding Products Corporation's 2016 Term Loan Facility that was originally scheduled to mature on the earlier of: (x) September 7, 2023; and (y) the 91 st day prior to the maturity of Products Corporation’s 5.75% Senior Notes if, on that date (and solely for so long as), (i) any of Products Corporation's 5.75% Senior Notes remain outstanding and (ii) Products Corporation’s available liquidity does not exceed the aggregate principal amount of the then outstanding 5.75% Senior Notes by at least $200 million (the “Original Maturity Date”). On May 7, 2020, in connection with closing the 2020 BrandCo Facilities, Products Corporation amended the 2016 Term Loan Facility to, among other things, extend the maturity of a portion of the 2016 Term Loan Facility to June 30, 2025, subject to certain springing maturities (the “Extended Maturity Date”). See further details below within this Note 7, "Debt," and Note 19, “Subsequent Events.” As a result of such transaction, as of September 30, 2020, $855.6 million of the 2016 Term Loan Facility is scheduled to mature on the Original Maturity Date and $30.7 million is scheduled to mature on the Extended Maturity Date. (f) The aggregate principal amount outstanding under the 5.75% Senior Notes at September 30, 2020 was $342.8 million. See Note 9, "Long-Term Debt," to the Consolidated Financial Statements in the Company's 2019 Form 10-K for certain details regarding Products Corporation's 5.75% Senior Notes that are scheduled to mature on February 15, 2021. During the nine months ended September 30, 2020, Products Corporation repurchased $157.2 million in aggregate principal face amount of the 5.75% Senior Notes, recording a gain on extinguishment of debt of approximately $43.1 million , which is included in "Gain on early extinguishment of debt" on the Company's Unaudited Consolidated Statement of Operations and Comprehensive Loss for the three and nine months ended September 30, 2020. See further details below within this Note 7, "Debt," and Note 19, “Subsequent Events.” (g) The aggregate principal amount outstanding under the 6.25% Senior Notes at September 30, 2020 was $450 million. See Note 9, "Long-Term Debt," to the Consolidated Financial Statements in the Company's 2019 Form 10-K for certain details regarding Products Corporation's 6.25% Senior Notes that are scheduled to mature on August 1, 2024 (the "6.25% Senior Notes"). (h) There were no borrowings at September 30, 2020 under the Second Amended and Restated Unsecured 2019 Senior Line of Credit Facility between Products Corporation and MacAndrews & Forbes Group, LLC (“M&F”), dated as of September 28, 2020 (the “2020 Restated Line of Credit Facility”), which was amended and restated in anticipation of a Future Refinanced European ABL Facility (as hereinafter defined) and will provide Products Corporation with up to a $30 million tranche of a new facility of the 2018 Foreign Asset-Based Term Facility (the “New European ABL FILO Facility”) that would be secured on a “last-out” basis by the same collateral as the 2018 Foreign Asset-Based Term Facility or, if no Future Refinanced European ABL Facility is obtained, a stand-alone $30.0 million credit facility secured by the same collateral as the 2018 Foreign Asset-Based Term Facility when that facility is terminated, in each case, subject to a borrowing base. |
Schedule of Line of Credit Facilities | At September 30, 2020, the aggregate principal amounts outstanding and availability under Products Corporation’s various revolving credit facilities were as follows: Commitment Borrowing Base Aggregate principal amount outstanding at September 30, 2020 Availability at September 30, 2020 (a) Amended 2016 Revolving Credit Facility $ 400.0 $ 345.9 $ 291.9 $ 52.6 2020 Restated Line of Credit Facility $ 30.0 N/A $ — $ 30.0 (a) Availability as of September 30, 2020 is based upon the borrowing base then in effect under the Amended 2016 Revolving Credit Facility of $345.9 million, less $1.4 million of outstanding undrawn letters of credit and $291.9 million then drawn. As Products Corporation’s consolidated fixed charge coverage ratio was greater than 1.0 to 1.0 as of September 30, 2020, all of the $52.6 million of availability under the Amended 2016 Revolving Credit Facility was available as of such date. The 2018 Tranche B under the Amended 2016 Revolving Credit Facility was fully repaid in May 2020. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value | As of September 30, 2020, the fair value and carrying value of the Company’s long-term debt, including the current portion of long-term debt, are categorized in the table below: September 30, 2020 Fair Value Level 1 Level 2 Level 3 Total Carrying Value Liabilities: Long-term debt, including current portion (a) $ — $ 2,068.4 $ — $ 2,068.4 $ 3,631.0 As of December 31, 2019, the fair value and carrying value of the Company’s long-term debt, including the current portion of long-term debt, are categorized in the table below: December 31, 2019 Fair Value Level 1 Level 2 Level 3 Total Carrying Value Liabilities: Long-term debt, including current portion (a) $ — $ 2,522.2 $ — $ 2,522.2 $ 3,194.2 (a) The fair value of the Company's long-term debt, including the current portion of long-term debt, is based on quoted market prices for similar issuances and maturities. |
PENSION AND POST-RETIREMENT B_2
PENSION AND POST-RETIREMENT BENEFITS (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Benefit Costs | The components of net periodic benefit costs for the Company's pension and the other post-retirement benefit plans for the three months ended September 30, 2020 and 2019, respectively, were as follows: Other Post-Retirement Benefit Plans Three Months Ended September 30, 2020 2019 2020 2019 Net periodic benefit costs: Service cost $ 0.5 $ 0.4 $ — $ — Interest cost 3.8 5.1 0.1 0.1 Expected return on plan assets (5.7) (6.0) — — Amortization of actuarial loss 2.7 2.5 0.1 0.1 Total net periodic benefit costs prior to allocation $ 1.3 $ 2.0 $ 0.2 $ 0.2 Portion allocated to Revlon Holdings — — — — Total net periodic benefit costs $ 1.3 $ 2.0 $ 0.2 $ 0.2 The components of net periodic benefit costs for the Company's pension and the other post-retirement benefit plans for the nine months ended September 30, 2020 and 2019, respectively, were as follows: Pension Plans Other Nine Months Ended September 30, 2020 2019 2020 2019 Net periodic benefit costs: Service cost $ 1.3 $ 1.4 $ — $ — Interest cost 11.2 15.0 0.3 0.3 Expected return on plan assets (17.1) (18.0) — — Amortization of actuarial loss 8.3 7.5 0.3 0.2 Total net periodic benefit costs prior to allocation $ 3.7 $ 5.9 $ 0.6 $ 0.5 Portion allocated to Revlon Holdings (0.1) (0.1) — — Total net periodic benefit costs $ 3.6 $ 5.8 $ 0.6 $ 0.5 |
Schedule of Classification of Net Periodic Benefit Costs | Net periodic benefit costs are reflected in the Company's Unaudited Consolidated Financial Statements as follows for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Net periodic benefit costs: Selling, general and administrative expense $ 0.5 $ 0.5 $ 1.3 $ 1.4 Miscellaneous, net 1.0 1.7 2.9 4.9 Total net periodic benefit costs $ 1.5 $ 2.2 $ 4.2 $ 6.3 |
STOCK COMPENSATION PLAN (Tables
STOCK COMPENSATION PLAN (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Restricted stock units award activity | During the nine months ended September 30, 2020, the activity related to time-based and performance-based RSUs previously granted to eligible employees and the grant date fair value per share related to these RSUs were as follows under the LTIP and 2019 TIP programs, respectively: Time-Based LTIP Performance-Based LTIP RSUs (000's) Weighted-Average Grant Date Fair Value per RSU RSUs (000's) Weighted-Average Grant Date Fair Value per RSU Outstanding as of December 31, 2019 2019 TIP RSUs (b) 200.6 16.44 n/a — LTIP RSUs: 2019 425.6 22.55 425.6 22.55 2018 241.9 19.00 364.7 19.00 2017 (a) 54.0 19.70 110.9 19.70 Total LTIP RSUs 721.5 901.2 Total LTIP and TIP RSUs Outstanding as of December 31, 2019 922.1 901.2 Granted 2019 TIP RSUs Granted (b) 11.7 10.24 n/a — LTIP RSUs: 2020 626.6 14.96 626.7 14.96 2019 — — — — 2018 — — — — 2017 (a) — — — — Total LTIP RSUs Granted 626.6 626.7 Vested 2019 TIP RSUs Vested (b)(c) (27.3) 16.44 — — LTIP RSUs: 2019 (c) (133.9) 22.55 — — 2018 (c) (108.5) 19.32 — — 2017 (a)(c) (53.4) 19.70 (14.2) 19.70 Total LTIP RSUs Vested (295.8) (14.2) Forfeited/Canceled 2019 TIP RSUs Forfeited/Canceled (b) (36.8) 16.44 n/a — LTIP RSUs: 2019 (83.3) 22.55 (112.1) 22.55 2018 (49.0) 17.56 (110.0) 17.97 2017 (a) (0.6) 19.70 (96.7) 19.70 Total LTIP RSUs Forfeited/Canceled (132.9) (318.8) Outstanding as of September 30, 2020 2019 TIP RSUs 148.2 15.95 n/a — LTIP RSUs: 2020 626.6 14.96 626.7 14.96 2019 208.4 22.55 313.5 22.55 2018 84.4 19.43 254.7 19.45 2017 (a) — — — — Total LTIP RSUs 919.4 1,194.9 Total LTIP and TIP RSUs Outstanding as of September 30, 2020 1,067.6 1,194.9 (a) The 2017 time-based and performance-based LTIP RSUs were recognized over a 2-year service and performance period (i.e., 2018 and 2019). (b) The 2019 TIP provides for RSU awards that are only time-based. (c) Includes acceleration of vesting upon involuntary terminations for the nine months ended September 30, 2020 of 30,992 RSUs under the 2019 and 2018 LTIPs and of 27,356 RSUs under the 2019 TIP Tier I awards. |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components of Accumulated Other Comprehensive Loss | A roll-forward of the Company's accumulated other comprehensive loss as of September 30, 2020 is as follows: Foreign Currency Translation Actuarial (Loss) Gain on Post-retirement Benefits Other Accumulated Other Comprehensive Loss Balance at January 1, 2020 $ (27.3) $ (219.8) $ (0.3) $ (247.4) Foreign currency translation adjustment 7.3 — — 7.3 Amortization of pension related costs, net of tax of $0.7 million (a) — 9.3 — 9.3 Other comprehensive (loss) gain $ 7.3 $ 9.3 $ — $ 16.6 Balance at September 30, 2020 $ (20.0) $ (210.5) $ (0.3) $ (230.8) (a) Amounts represent the change in accumulated other comprehensive loss as a result of the amortization of actuarial losses (gains) arising during each year related to the Company’s pension and other post-retirement plans. See Note 10, "Pension and Post-retirement Benefits," for further information on the Company’s pension and other post-retirement plans. |
SEGMENT DATA AND RELATED INFO_2
SEGMENT DATA AND RELATED INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table is a comparative summary of the Company’s net sales and segment profit for Revlon and Products Corporation by reportable segment for the periods presented. Revlon, Inc. Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Segment Net Sales: Revlon $ 166.0 $ 217.3 $ 482.8 $ 716.1 Elizabeth Arden 106.3 123.2 282.4 352.0 Portfolio 99.6 118.2 298.1 354.1 Fragrances 105.2 138.1 214.4 298.0 Total $ 477.1 $ 596.8 $ 1,277.7 $ 1,720.2 Segment Profit: Revlon $ 13.5 $ 7.3 $ 41.4 $ 58.5 Elizabeth Arden 3.4 12.5 18.4 17.1 Portfolio 12.2 14.4 33.9 25.0 Fragrances 25.4 34.2 34.6 53.6 Total $ 54.5 $ 68.4 $ 128.3 $ 154.2 Reconciliation: Total Segment Profit $ 54.5 $ 68.4 $ 128.3 $ 154.2 Less: Depreciation and amortization 35.1 38.9 108.3 124.6 Non-cash stock compensation expense 5.1 3.9 8.6 7.7 Non-Operating items: Restructuring and related charges 4.5 5.4 61.2 27.4 Acquisition, integration and divestiture costs 0.9 0.1 4.2 0.7 Gain on divested assets (1.1) — (0.5) — Financial control remediation and sustainability actions and related charges 0.7 3.4 8.5 9.8 Excessive coupon redemptions — — 4.2 — COVID-19 charges 9.7 — 35.1 — Capital structure and related charges 9.3 — 9.3 — Impairment charges — — 144.1 — Operating (loss) income (9.7) 16.7 (254.7) (16.0) Less: Interest Expense 68.7 50.2 178.0 145.7 Amortization of debt issuance costs 7.8 3.7 17.8 10.4 Gain on early extinguishment of debt (31.2) — (43.1) — Foreign currency (gains) losses, net (9.8) 7.6 9.1 9.0 Miscellaneous, net (2.6) 1.7 13.9 7.6 Loss from continuing operations before income taxes $ (42.6) $ (46.5) $ (430.4) $ (188.7) Products Corporation Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Segment Net Sales: Revlon $ 166.0 $ 217.3 $ 482.8 $ 716.1 Elizabeth Arden 106.3 123.2 282.4 352.0 Portfolio 99.6 118.2 298.1 354.1 Fragrances 105.2 138.1 214.4 298.0 Total $ 477.1 $ 596.8 $ 1,277.7 $ 1,720.2 Segment Profit: Revlon $ 14.2 $ 7.9 $ 43.6 $ 60.6 Elizabeth Arden 3.8 13.0 19.7 18.2 Portfolio 12.6 14.7 35.3 26.0 Fragrances 25.9 34.6 35.6 54.5 Total $ 56.5 $ 70.2 $ 134.2 $ 159.3 Reconciliation: Total Segment Profit $ 56.5 $ 70.2 $ 134.2 $ 159.3 Less: Depreciation and amortization 35.1 38.9 108.3 124.6 Non-cash stock compensation expense 5.1 3.9 8.6 7.7 Non-Operating items: Restructuring and related charges 4.5 5.4 61.2 27.4 Acquisition, integration and divestiture costs 0.9 0.1 4.2 0.7 Gain on divested assets (1.1) — (0.5) — Financial control remediation and sustainability actions and related charges 0.7 3.4 8.5 9.8 Excessive coupon redemptions — — 4.2 — COVID-19 charges 9.7 — 35.1 — Capital structure and related charges 9.3 — 9.3 — Impairment charge — — 144.1 — Operating (loss) income (7.7) 18.5 (248.8) (10.9) Less: Interest Expense 68.7 50.2 178.0 145.7 Amortization of debt issuance costs 7.8 3.7 17.8 10.4 Gain on early extinguishment of debt (31.2) — (43.1) — Foreign currency (gains) losses, net (9.8) 7.6 9.1 9.0 Miscellaneous, net (2.6) 1.7 13.9 7.6 Loss from continuing operations before income taxes $ (40.6) $ (44.7) $ (424.5) $ (183.6) |
Schedule of Net Sales and Long-Lived Assets by Geographic Area | The following tables present the Company's segment net sales by geography and total net sales by classes of similar products for the periods presented: Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Revlon Elizabeth Arden Portfolio Fragrances Total Revlon Elizabeth Arden Portfolio Fragrances Total Geographic Area (1) : Net Sales North America $ 86.4 $ 30.5 $ 59.9 $ 79.2 $ 256.0 $ 265.6 $ 66.9 $ 182.8 $ 151.1 $ 666.4 EMEA* 41.4 25.3 32.8 18.8 118.3 105.2 64.9 93.6 44.4 308.1 Asia 12.1 43.3 0.4 2.7 58.5 33.6 135.5 1.6 8.1 178.8 Latin America* 11.3 2.5 3.3 1.5 18.6 35.3 3.5 11.6 2.6 53.0 Pacific* 14.8 4.7 3.2 3.0 25.7 43.1 11.6 8.5 8.2 71.4 $ 166.0 $ 106.3 $ 99.6 $ 105.2 $ 477.1 $ 482.8 $ 282.4 $ 298.1 $ 214.4 $ 1,277.7 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Revlon Elizabeth Arden Portfolio Fragrances Total Revlon Elizabeth Arden Portfolio Fragrances Total Geographic Area (1) : Net Sales North America $ 100.0 $ 29.5 $ 71.4 $ 98.6 $ 299.5 367.9 83.9 214.5 198.4 $ 864.7 EMEA* 48.1 37.3 38.4 26.8 150.6 153.3 95.8 111.0 68.9 429.0 Asia 30.1 46.5 1.0 4.0 81.6 78.4 148.1 3.2 12.8 242.5 Latin America* 18.8 2.2 4.5 3.1 28.6 56.2 7.2 16.2 7.1 86.7 Pacific* 20.3 7.7 2.9 5.6 36.5 60.3 17.0 9.2 10.8 97.3 $ 217.3 $ 123.2 $ 118.2 $ 138.1 $ 596.8 $ 716.1 $ 352.0 $ 354.1 $ 298.0 $ 1,720.2 (1) During the first quarter of 2020, the Company changed the presentation of its Travel Retail business, which previously was included in its EMEA Region, as it is currently presented within each geographic area in accordance with the location of the retail customer. Travel Retail net sales represented approximately 2.0% and 4.6% of the Company's total net sales for the third quarter of 2020 and 2019, respectively, and 2.2% and 4.9% of the Company's total net sales for the nine months ended September 30, 2020 and 2019, respectively. Prior year amounts have been updated to reflect the current year presentation. * The EMEA region includes Europe, the Middle East and Africa; the Latin America region includes Mexico, Central America and South America; and the Pacific region includes Australia and New Zealand. The following table presents the Company's long-lived assets by geographic area as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Long-lived assets, net: United States $ 1,208.1 82% $ 1,414.0 83% International 259.3 18% 280.1 17% $ 1,467.4 $ 1,694.1 |
Schedule of Net Sales by Classes of Similar Products | Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Classes of similar products: Net sales: Color cosmetics $ 104.7 22% $ 173.6 29% $ 305.3 24% $ 569.9 33% Fragrance 141.6 30% 183.7 31% 300.5 24% 411.1 24% Hair care 115.9 24% 120.5 20% 338.0 26% 379.0 22% Beauty care 50.4 11% 43.6 7% 141.9 11% 132.7 8% Skin care 64.5 13% 75.4 13% 192.0 15% 227.5 13% $ 477.1 $ 596.8 $ 1,277.7 $ 1,720.2 |
REVLON, INC. BASIC AND DILUTE_2
REVLON, INC. BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Components of Basic and Diluted Loss Per Share | Following are the components of Revlon's basic and diluted loss per common share for the periods presented: Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Numerator: Loss from continuing operations, net of taxes $ (44.5) $ (44.4) $ (385.2) $ (185.5) (Loss) income from discontinued operations, net of taxes — (0.3) — 2.0 Net loss $ (44.5) $ (44.7) $ (385.2) $ (183.5) Denominator: Weighted-average common shares outstanding – Basic 53,476,354 53,129,004 53,371,986 53,057,154 Effect of dilutive restricted stock and RSUs — — — — Weighted-average common shares outstanding – Diluted 53,476,354 53,129,004 53,371,986 53,057,154 Basic and Diluted (loss) earnings per common share: Continuing operations $ (0.83) $ (0.84) $ (7.22) $ (3.50) Discontinued operations — — — 0.04 Net loss per common share $ (0.83) $ (0.84) $ (7.22) $ (3.46) Unvested restricted stock and RSUs under the Stock Plan (a) — 314,478 — 406,854 (a) These are outstanding common stock equivalents that were not included in the computation of Revlon's diluted earnings per common share because their inclusion would have had an anti-dilutive effect. |
PRODUCTS CORPORATION AND SUBS_2
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets As of September 30, 2020 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 167.8 $ 8.8 $ 91.7 $ — $ 268.3 Trade receivables, less allowances for doubtful accounts 54.6 107.7 178.5 — 340.8 Inventories, net 141.0 180.9 203.6 — 525.5 Prepaid expenses and other 215.0 31.2 59.4 — 305.6 Intercompany receivables 3,375.6 3,296.1 464.4 (7,136.1) — Investment in subsidiaries 1,581.4 (0.1) — (1,581.3) — Property, plant and equipment, net 184.4 70.5 100.9 — 355.8 Deferred income taxes 243.5 (70.6) 39.0 — 211.9 Goodwill 48.9 264.0 250.3 — 563.2 Intangible assets, net 10.8 192.1 233.0 — 435.9 Other assets 69.0 13.4 30.1 — 112.5 Total assets $ 6,092.0 $ 4,094.0 $ 1,650.9 $ (8,717.4) $ 3,119.5 LIABILITIES AND STOCKHOLDER’S DEFICIENCY Short-term borrowings $ — $ — $ 2.0 $ — $ 2.0 Current portion of long-term debt 649.0 — 55.5 — 704.5 Accounts payable 75.1 62.2 82.6 — 219.9 Accrued expenses and other 243.5 (48.2) 195.5 — 390.8 Intercompany payables 3,496.2 3,013.9 625.9 (7,136.0) — Long-term debt 2,926.2 — 0.3 — 2,926.5 Other long-term liabilities 172.9 109.3 38.1 — 320.3 Total liabilities 7,562.9 3,137.2 999.9 (7,136.0) 4,564.0 Stockholder’s (deficiency) equity (1,470.9) 956.8 651.0 (1,581.4) (1,444.5) Total liabilities and stockholder’s (deficiency) equity $ 6,092.0 $ 4,094.0 $ 1,650.9 $ (8,717.4) $ 3,119.5 Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets As of December 31, 2019 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 0.8 $ 6.4 $ 97.1 $ — $ 104.3 Trade receivables, less allowances for doubtful accounts 95.5 92.3 235.6 — 423.4 Inventories, net 131.0 151.5 165.9 — 448.4 Prepaid expenses and other 219.7 26.4 46.5 — 292.6 Intercompany receivables 2,857.7 2,854.6 452.7 (6,165.0) — Investment in subsidiaries 1,598.3 30.7 — (1,629.0) — Property, plant and equipment, net 208.7 89.5 110.4 — 408.6 Deferred income taxes 165.0 (37.8) 30.9 — 158.1 Goodwill 159.9 264.0 249.8 — 673.7 Intangible assets, net 13.0 346.9 130.8 — 490.7 Other assets 67.8 16.2 37.1 — 121.1 Total assets $ 5,517.4 $ 3,840.7 $ 1,556.8 $ (7,794.0) $ 3,120.9 LIABILITIES AND STOCKHOLDER’S DEFICIENCY Short-term borrowings $ — $ — $ 2.2 $ — $ 2.2 Current portion of long-term debt 287.9 — 0.1 — 288.0 Accounts payable 108.4 39.9 103.5 — 251.8 Accrued expenses and other 124.1 70.0 224.1 — 418.2 Intercompany payables 3,030.3 2,668.7 466.0 (6,165.0) — Long-term debt 2,822.2 — 84.0 — 2,906.2 Other long-term liabilities 220.4 118.2 5.3 — 343.9 Total liabilities 6,593.3 2,896.8 885.2 (6,165.0) 4,210.3 Stockholder’s (deficiency) equity (1,075.9) 943.9 671.6 (1,629.0) (1,089.4) Total liabilities and stockholder’s (deficiency) equity $ 5,517.4 $ 3,840.7 $ 1,556.8 $ (7,794.0) $ 3,120.9 |
Condensed Income Statement and Statement of Comprehensive Income | Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Three Months Ended September 30, 2020 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net Sales $ 95.7 $ 148.9 $ 232.4 $ 0.1 $ 477.1 Cost of sales 45.6 92.6 96.0 0.1 234.3 Gross profit 50.1 56.3 136.4 — 242.8 Selling, general and administrative expenses 84.4 47.7 119.3 — 251.4 Acquisition and integration costs 0.8 — 0.1 — 0.9 Restructuring charges and other, net (8.4) 2.7 5.0 — (0.7) Impairment charges (23.4) 22.0 1.4 — — Gain on divested assets (1.1) — — — (1.1) Operating (loss) income (2.2) (16.1) 10.6 — (7.7) Other (income) expense: Intercompany interest, net (0.5) 0.7 (0.2) — — Interest expense 67.3 — 1.4 — 68.7 Amortization of debt issuance costs 7.8 — — — 7.8 Gain on early extinguishment of debt (31.2) — — — (31.2) Foreign currency losses (gains), net 1.0 (0.7) (10.1) — (9.8) Miscellaneous, net (1.8) (55.4) 54.6 — (2.6) Other expense (income), net 42.6 (55.4) 45.7 — 32.9 (Loss) income from continuing operations before income taxes (44.8) 39.3 (35.1) — (40.6) (Benefit from) provision for income taxes (6.3) 17.8 (9.2) — 2.3 (Loss) income from continuing operations, net of taxes (38.5) 21.5 (25.9) — (42.9) Equity in income (loss) of subsidiaries 30.0 (10.0) — (20.0) — Net (loss) income $ (8.5) $ 11.5 $ (25.9) $ (20.0) $ (42.9) Other comprehensive income (loss) 5.0 (7.1) 1.6 5.5 5.0 Total comprehensive (loss) income $ (3.5) $ 4.4 $ (24.3) $ (14.5) $ (37.9) Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Three Months Ended September 30, 2019 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net Sales $ 118.4 $ 174.8 $ 303.9 $ (0.3) $ 596.8 Cost of sales 64.9 88.1 116.3 (0.3) 269.0 Gross profit 53.5 86.7 187.6 — 327.8 Selling, general and administrative expenses 90.5 82.1 133.7 — 306.3 Acquisition and integration costs 0.1 — — — 0.1 Restructuring charges and other, net 1.0 0.5 1.4 — 2.9 Operating (loss) income (38.1) 4.1 52.5 — 18.5 Other (income) expense: Intercompany interest, net (1.1) 0.6 0.5 — — Interest expense 48.5 — 1.7 — 50.2 Amortization of debt issuance costs 3.7 — — — 3.7 Foreign currency losses (gains), net 0.9 (0.1) 6.8 — 7.6 Miscellaneous, net (8.4) (10.0) 20.1 — 1.7 Other expense (income), net 43.6 (9.5) 29.1 — 63.2 (Loss) income from continuing operations before income taxes (81.7) 13.6 23.4 — (44.7) (Benefit from) provision for income taxes (31.4) 18.9 10.7 — (1.8) Loss (income) from continuing operations, net of taxes (50.3) (5.3) 12.7 — (42.9) Income from discontinued operations, net of taxes — — (0.3) — (0.3) Equity in income (loss) of subsidiaries 30.8 0.1 — (30.9) — Net (loss) income $ (19.5) $ (5.2) $ 12.4 $ (30.9) $ (43.2) Other comprehensive income (loss) 0.5 3.9 (1.9) (2.0) 0.5 Total comprehensive (loss) income $ (19.0) $ (1.3) $ 10.5 $ (32.9) $ (42.7) Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Nine Months Ended September 30, 2020 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net Sales $ 305.9 $ 339.6 $ 632.2 $ — $ 1,277.7 Cost of sales 158.5 190.5 251.7 — 600.7 Gross profit 147.4 149.1 380.5 — 677.0 Selling, general and administrative expenses 247.6 163.8 321.8 — 733.2 Acquisition, integration and divestiture costs 4.0 — 0.2 — 4.2 Restructuring charges and other, net 32.3 7.0 5.5 — 44.8 Impairment charges 120.7 22.0 1.4 — 144.1 Gain on divested assets (0.5) — — — (0.5) Operating (loss) income (256.7) (43.7) 51.6 — (248.8) Other (income) expense: Intercompany interest, net (3.5) 1.8 1.7 — — Interest expense 173.0 — 5.0 — 178.0 Amortization of debt issuance costs 17.8 — — — 17.8 Gain on early extinguishment of debt (43.1) — — — (43.1) Foreign currency losses, net 1.6 1.7 5.8 — 9.1 Miscellaneous, net (0.9) (71.5) 86.3 — 13.9 Other expense (income), net 144.9 (68.0) 98.8 — 175.7 Loss from continuing operations before income taxes (401.6) 24.3 (47.2) — (424.5) Benefit from for income taxes (58.4) 19.2 (5.0) — (44.2) Loss from continuing operations, net of taxes (343.2) 5.1 (42.2) — (380.3) Equity in (loss) income of subsidiaries 0.7 (36.9) — 36.2 — Net (loss) income $ (342.5) $ (31.8) $ (42.2) $ 36.2 $ (380.3) Other comprehensive (loss) income 16.6 7.3 4.0 (11.3) 16.6 Total comprehensive (loss) income $ (325.9) $ (24.5) $ (38.2) $ 24.9 $ (363.7) Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Nine Months Ended September 30, 2019 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net Sales $ 429.4 $ 428.9 $ 865.4 $ (3.5) $ 1,720.2 Cost of sales 205.1 217.3 331.8 (3.5) 750.7 Gross profit 224.3 211.6 533.6 — 969.5 Selling, general and administrative expenses 329.5 238.7 399.9 — 968.1 Acquisition, integration and divestiture costs 0.6 0.1 — — 0.7 Restructuring charges and other, net 3.4 3.4 4.8 — 11.6 Operating (loss) income (109.2) (30.6) 128.9 — (10.9) Other (income) expenses: Intercompany interest, net (3.5) 2.0 1.5 — — Interest expense 140.5 — 5.2 — 145.7 Amortization of debt issuance costs 10.4 — — — 10.4 Foreign currency losses, net 1.2 0.2 7.6 — 9.0 Miscellaneous, net (26.4) (36.2) 70.2 — 7.6 Other expense (income), net 122.2 (34.0) 84.5 — 172.7 (Loss) income from continuing operations before income taxes (231.4) 3.4 44.4 — (183.6) (Benefit from) provision for income taxes (36.8) 19.3 15.1 — (2.4) (Loss) income from continuing operations, net of taxes (194.6) (15.9) 29.3 — (181.2) Income from discontinued operations, net of taxes — — 2.0 — 2.0 Equity in income (loss) of subsidiaries 39.3 11.8 — (51.1) — Net (loss) income $ (155.3) $ (4.1) $ 31.3 $ (51.1) $ (179.2) Other comprehensive income (loss) 6.7 2.7 (1.8) (0.9) 6.7 Total comprehensive (loss) income $ (148.6) $ (1.4) $ 29.5 $ (52.0) $ (172.5) |
Condensed Cash Flow Statement | Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2020 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash (used in) provided by operating activities $ (260.0) $ 6.6 $ (3.5) $ — $ (256.9) CASH FLOWS FROM INVESTING ACTIVITIES: Net cash used in investing activities (6.0) (0.5) (0.9) — (7.4) CASH FLOWS FROM FINANCING ACTIVITIES: Net decrease in short-term borrowings and overdraft 2.5 (3.8) 0.6 — (0.7) Borrowings under the 2020 BrandCo Facilities 880.0 — — — 880.0 Repurchases of the 5.75% Senior Notes (114.1) — — — (114.1) Net borrowings under the Amended 2016 Revolving Credit Facility 19.5 — — — 19.5 Net borrowings under the 2019 Term Loan Facility (a) (200.0) — — — (200.0) Repayments under the 2018 Foreign Asset-Based Term Loan (31.4) — — — (31.4) Repayments under the 2016 Term Loan Facility (9.2) — — — (9.2) Payment of financing costs (109.4) — 1.1 — (108.3) Tax withholdings related to net share settlements of restricted stock and RSUs (1.6) — — — (1.6) Other financing activities (0.1) (0.1) (0.1) — (0.3) Net cash provided by (used in) financing activities 436.2 (3.9) 1.6 — 433.9 Effect of exchange rate changes on cash, cash equivalents and restricted cash 0.4 2.0 (2.8) — (0.4) Net increase (decrease) in cash, cash equivalents and restricted cash 170.6 4.2 (5.6) — 169.2 Cash, cash equivalents and restricted cash at beginning of period $ 1.0 $ 6.4 $ 97.2 $ — $ 104.5 Cash, cash equivalents and restricted cash at end of period $ 171.6 $ 10.6 $ 91.6 $ — $ 273.7 Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows Nine Months Ended September 30, 2019 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash (used in) provided by operating activities $ (169.1) $ 5.6 $ (3.3) $ — $ (166.8) CASH FLOWS FROM INVESTING ACTIVITIES: Net cash used in investing activities (10.9) (2.0) (7.1) — (20.0) CASH FLOWS FROM FINANCING ACTIVITIES: Net decrease in short-term borrowings and overdraft (11.5) (7.2) (3.7) — (22.4) Net borrowings under the Amended 2016 Revolving Credit Facility 13.4 — — — 13.4 Net borrowings under the 2019 Term Loan Facility (a) 200.0 — — — 200.0 Repayments under the 2016 Term Loan Facility (13.5) — — — (13.5) Payments of financing costs (12.2) — (1.2) — (13.4) Tax withholdings related to net share settlements of restricted stock and RSUs (1.6) — — — (1.6) Other financing activities (0.6) (0.1) (0.2) — (0.9) Net cash provided by (used in) financing activities 174.0 (7.3) (5.1) — 161.6 Effect of exchange rate changes on cash, cash equivalents and restricted cash — 0.4 (1.8) — (1.4) Net decrease in cash, cash equivalents and restricted cash (6.0) (3.3) (17.3) — (26.6) Cash, cash equivalents and restricted cash at beginning of period $ 7.2 $ 6.6 $ 73.7 $ — 87.5 Cash, cash equivalents and restricted cash at end of period $ 1.2 $ 3.3 $ 56.4 $ — $ 60.9 |
DESCRIPTION OF BUSINESS AND S_3
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) | Nov. 13, 2020USD ($) | Nov. 10, 2020USD ($) | Sep. 30, 2020USD ($)reporting_unitsegment | Oct. 23, 2020USD ($) | Dec. 31, 2019USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Number of reporting units | reporting_unit | 4 | ||||
Number of reporting segments | segment | 4 | ||||
Debt Instrument [Line Items] | |||||
Long-term debt | $ 3,631,000,000 | $ 3,194,200,000 | |||
5.75% Senior Notes due 2021 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate (as a percent) | 5.75% | ||||
Long-term debt | $ 341,700,000 | $ 498,100,000 | |||
5.75% Senior Notes due 2021 | Revlon Consumer Products Corporation | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate (as a percent) | 5.75% | ||||
5.75% Senior Notes due 2021 | Subsequent Event | Revlon Consumer Products Corporation | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate (as a percent) | 5.75% | ||||
Debt conversion, original debt amount | $ 236,000,000 | ||||
Debt repaid | 106,800,000 | ||||
Long-term debt | $ 0 | $ 342,785,000 | |||
5.75% Senior Notes due 2021 | 2020 | Subsequent Event | Revlon Consumer Products Corporation | |||||
Debt Instrument [Line Items] | |||||
Cash per $1,000 principal amount | $ 275 | ||||
Early tender/consent fee payable per $1,000 principal amount | 50 | ||||
Aggregate cash per $1,000 principal | 325 | ||||
5.75% Senior Notes due 2021 | 2021 | Subsequent Event | Revlon Consumer Products Corporation | |||||
Debt Instrument [Line Items] | |||||
Cash per $1,000 principal amount | 200 | ||||
Early tender/consent fee payable per $1,000 principal amount | 50 | ||||
Aggregate cash per $1,000 principal | $ 250 | ||||
2020 ABL FILO Term Loans | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | 50,000,000 | ||||
2020 ABL FILO Term Loans | Subsequent Event | Revlon Consumer Products Corporation | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | 50,000,000 | ||||
2020 ABL FILO Term Loans | 2021 | Subsequent Event | Revlon Consumer Products Corporation | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | 50,000,000 | ||||
New BrandCo Second Lien Term Loans | Subsequent Event | Revlon Consumer Products Corporation | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | 75,000,000 | ||||
New BrandCo Second Lien Term Loans | 2021 | Subsequent Event | Revlon Consumer Products Corporation | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 75,000,000 |
RESTRUCTURING CHARGES - Narrati
RESTRUCTURING CHARGES - Narrative (Details) $ in Millions | 1 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | 23 Months Ended | 24 Months Ended | 26 Months Ended | ||
Mar. 31, 2020job_position | Sep. 30, 2020USD ($)job_position | Sep. 30, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring and related charges | $ 44.8 | ||||||||
Payments for restructuring | 25.6 | ||||||||
Revlon 2020 Restructuring Plan | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Expected number of positions eliminated | job_position | 1,000 | ||||||||
Expected number of current employee positions to be eliminated | job_position | 650 | ||||||||
Number of open positions eliminated | job_position | 350 | ||||||||
Number of positions eliminated | job_position | 785 | ||||||||
Restructuring costs recognized to date | $ 61.2 | 61.2 | $ 61.2 | ||||||
Revlon 2020 Restructuring Plan | Minimum | Scenario, Forecast | Employee Severance, Retention and Other Contractual Termination Benefits | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring and related charges | $ 60 | $ 75 | |||||||
Payments for restructuring | $ 40 | 55 | |||||||
Revlon 2020 Restructuring Plan | Maximum | Scenario, Forecast | Employee Severance, Retention and Other Contractual Termination Benefits | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring and related charges | 70 | $ 85 | |||||||
Payments for restructuring | $ 45 | $ 65 | |||||||
2018 Optimization Restructuring Program | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Restructuring and related charges | 0.1 | ||||||||
Payments for restructuring | 30.3 | ||||||||
Restructuring costs recognized to date | $ 39.6 | $ 39.6 | $ 39.6 | $ 39.5 | |||||
2018 Optimization Restructuring Program | Scenario, Forecast | |||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||
Payments for restructuring | $ 32 |
RESTRUCTURING CHARGES - Restruc
RESTRUCTURING CHARGES - Restructuring and Related Charges Activity (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Restructuring Reserve [Roll Forward] | |
Charges incurred during period | $ 44.8 |
Revlon 2020 Restructuring Plan | |
Restructuring Reserve [Roll Forward] | |
Charges incurred through end of period | 61.2 |
Revlon 2020 Restructuring Plan | Employee Severance and Other Personnel Benefits | |
Restructuring Reserve [Roll Forward] | |
Charges incurred during period | 44.4 |
Charges incurred through end of period | 44.4 |
Revlon 2020 Restructuring Plan | Other Costs | |
Restructuring Reserve [Roll Forward] | |
Charges incurred during period | 1.2 |
Charges incurred through end of period | 1.2 |
Revlon 2020 Restructuring Plan | Total Restructuring Charges | |
Restructuring Reserve [Roll Forward] | |
Charges incurred during period | 45.6 |
Charges incurred through end of period | 45.6 |
Revlon 2020 Restructuring Plan | Leases | |
Restructuring Reserve [Roll Forward] | |
Charges incurred through end of period | 11.3 |
Revlon 2020 Restructuring Plan | Other Related Charges | |
Restructuring Reserve [Roll Forward] | |
Charges incurred through end of period | 4.3 |
Revlon 2020 Restructuring Plan | Accelerated Rent Expense, Abandoned Leases | |
Restructuring Reserve [Roll Forward] | |
Charges incurred through end of period | 3.5 |
Revlon 2020 Restructuring Plan | Disposal of Leasehold Improvements and Other Equipment | |
Restructuring Reserve [Roll Forward] | |
Charges incurred through end of period | 3 |
Revlon 2020 Restructuring Plan | Restructuring Related Rent Expense | |
Restructuring Reserve [Roll Forward] | |
Charges incurred through end of period | 3.9 |
Revlon 2020 Restructuring Plan | Disposal of Leasehold Improvements and Other Equipment, Abandoned Leases | |
Restructuring Reserve [Roll Forward] | |
Charges incurred through end of period | 0.9 |
2018 Optimization Restructuring Program | |
Restructuring Reserve [Roll Forward] | |
Charges incurred through beginning of period | 39.5 |
Charges incurred during period | 0.1 |
Charges incurred through end of period | 39.6 |
2018 Optimization Restructuring Program | Employee Severance and Other Personnel Benefits | |
Restructuring Reserve [Roll Forward] | |
Charges incurred through beginning of period | 20.3 |
Charges incurred during period | (0.6) |
Charges incurred through end of period | 19.7 |
2018 Optimization Restructuring Program | Other Costs | |
Restructuring Reserve [Roll Forward] | |
Charges incurred through beginning of period | 0.3 |
Charges incurred during period | 0 |
Charges incurred through end of period | 0.3 |
2018 Optimization Restructuring Program | Total Restructuring Charges | |
Restructuring Reserve [Roll Forward] | |
Charges incurred through beginning of period | 20.6 |
Charges incurred during period | (0.6) |
Charges incurred through end of period | 20 |
2018 Optimization Restructuring Program | Inventory Adjustments | |
Restructuring Reserve [Roll Forward] | |
Charges incurred through beginning of period | 4.9 |
Charges incurred during period | 0 |
Charges incurred through end of period | 4.9 |
2018 Optimization Restructuring Program | Other Related Charges | |
Restructuring Reserve [Roll Forward] | |
Charges incurred through beginning of period | 14 |
Charges incurred during period | 0.7 |
Charges incurred through end of period | $ 14.7 |
RESTRUCTURING CHARGES - Restr_2
RESTRUCTURING CHARGES - Restructuring and Related Charges by Segment (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | $ 44.8 | |
Revlon 2020 Restructuring Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative charges incurred | 61.2 | |
2018 Optimization Restructuring Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 0.1 | |
Cumulative charges incurred | 39.6 | $ 39.5 |
Operating segments | Revlon 2020 Restructuring Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative charges incurred | 45.6 | |
Operating segments | 2018 Optimization Restructuring Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | (0.6) | |
Cumulative charges incurred | 20 | |
Operating segments | Revlon | Revlon 2020 Restructuring Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative charges incurred | 17.9 | |
Operating segments | Revlon | 2018 Optimization Restructuring Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | (0.3) | |
Cumulative charges incurred | 8.5 | |
Operating segments | Elizabeth Arden | Revlon 2020 Restructuring Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative charges incurred | 10 | |
Operating segments | Elizabeth Arden | 2018 Optimization Restructuring Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | (0.1) | |
Cumulative charges incurred | 4.2 | |
Operating segments | Portfolio | Revlon 2020 Restructuring Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative charges incurred | 10.6 | |
Operating segments | Portfolio | 2018 Optimization Restructuring Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | (0.1) | |
Cumulative charges incurred | 3.9 | |
Operating segments | Fragrance | Revlon 2020 Restructuring Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative charges incurred | 7.1 | |
Operating segments | Fragrance | 2018 Optimization Restructuring Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | (0.1) | |
Cumulative charges incurred | $ 3.4 |
RESTRUCTURING CHARGES - Restr_3
RESTRUCTURING CHARGES - Restructuring Reserve (Details) - USD ($) $ in Millions | 9 Months Ended | 23 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Restructuring Reserve [Roll Forward] | ||
Liability Balance at period start | $ 10 | |
Expense, Net | 44.8 | |
Foreign Currency Translation | 0.2 | |
Cash utilized, net | (25.6) | |
Non-cash utilized, net | 0 | |
Liability Balance at period end | 29.4 | $ 29.4 |
Revlon 2020 Restructuring Plan | Employee severance and other personnel benefits | ||
Restructuring Reserve [Roll Forward] | ||
Liability Balance at period start | 0 | |
Expense, Net | 44.4 | |
Foreign Currency Translation | 0 | |
Cash utilized, net | (20.3) | |
Non-cash utilized, net | 0 | |
Liability Balance at period end | 24.1 | 24.1 |
Revlon 2020 Restructuring Plan | Other Costs | ||
Restructuring Reserve [Roll Forward] | ||
Liability Balance at period start | 0 | |
Expense, Net | 1.2 | |
Foreign Currency Translation | 0 | |
Cash utilized, net | (1.2) | |
Non-cash utilized, net | 0 | |
Liability Balance at period end | 0 | 0 |
Revlon 2020 Restructuring Plan | Total Restructuring Charges | ||
Restructuring Reserve [Roll Forward] | ||
Liability Balance at period start | 0 | |
Expense, Net | 45.6 | |
Foreign Currency Translation | 0 | |
Cash utilized, net | (21.5) | |
Non-cash utilized, net | 0 | |
Liability Balance at period end | 24.1 | 24.1 |
2018 Optimization Restructuring Program | ||
Restructuring Reserve [Roll Forward] | ||
Expense, Net | 0.1 | |
Cash utilized, net | (30.3) | |
2018 Optimization Restructuring Program | Employee severance and other personnel benefits | ||
Restructuring Reserve [Roll Forward] | ||
Liability Balance at period start | 5.7 | |
Expense, Net | (0.6) | |
Foreign Currency Translation | 0 | |
Cash utilized, net | (3.7) | |
Non-cash utilized, net | 0 | |
Liability Balance at period end | 1.4 | 1.4 |
2018 Optimization Restructuring Program | Other Costs | ||
Restructuring Reserve [Roll Forward] | ||
Expense, Net | 0 | |
2018 Optimization Restructuring Program | Total Restructuring Charges | ||
Restructuring Reserve [Roll Forward] | ||
Expense, Net | (0.6) | |
Other immaterial actions | Employee severance and other personnel benefits | ||
Restructuring Reserve [Roll Forward] | ||
Liability Balance at period start | 4.3 | |
Expense, Net | (0.2) | |
Foreign Currency Translation | 0.2 | |
Cash utilized, net | (0.4) | |
Non-cash utilized, net | 0 | |
Liability Balance at period end | $ 3.9 | $ 3.9 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 402.2 | $ 326.5 |
Raw materials and supplies | 106.8 | 110.4 |
Work-in-process | 16.5 | 11.5 |
Inventories | $ 525.5 | $ 448.4 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||||
Right-of-Use assets | $ 123.5 | $ 123.5 | $ 118.2 | ||
Property, plant and equipment and Right-of-Use assets, gross | 886.1 | 886.1 | 896.7 | ||
Accumulated depreciation and amortization | (530.3) | (530.3) | (488.1) | ||
Property, plant and equipment and Right-of-Use assets, net | 355.8 | 355.8 | 408.6 | ||
Depreciation and amortization expense | 18.3 | $ 19.2 | 59.3 | $ 65.2 | |
Land and improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment and Right-of-Use assets, gross | 11.2 | 11.2 | 11 | ||
Building and improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment and Right-of-Use assets, gross | 112.6 | 112.6 | 113 | ||
Machinery and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment and Right-of-Use assets, gross | 295.9 | 295.9 | 296 | ||
Office furniture, fixtures and capitalized software | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment and Right-of-Use assets, gross | 240.2 | 240.2 | 241.5 | ||
Counters and trade fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment and Right-of-Use assets, gross | 51.9 | 51.9 | 52.9 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment and Right-of-Use assets, gross | 43.8 | 43.8 | 50.1 | ||
Construction-in-progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment and Right-of-Use assets, gross | $ 7 | $ 7 | $ 14 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Goodwill [Line Items] | |||||||
Goodwill | $ 563,200,000 | $ 563,200,000 | $ 673,700,000 | ||||
Goodwill impairment charge | $ 99,800,000 | ||||||
Benefit from income taxes | (1,900,000) | $ 2,100,000 | 45,200,000 | $ 3,200,000 | |||
Finite-lived intangible assets impairment | 0 | 0 | |||||
Indefinite-lived intangible assets impairment | 33,100,000 | 0 | |||||
Amortization expense | 8,300,000 | $ 8,300,000 | 25,000,000 | 31,900,000 | |||
Weighted-average cost of capital | Minimum | |||||||
Goodwill [Line Items] | |||||||
Goodwill measurement input | 10.50% | 10.50% | |||||
Weighted-average cost of capital | Maximum | |||||||
Goodwill [Line Items] | |||||||
Goodwill measurement input | 12.00% | 12.00% | |||||
Perpetual growth rate | |||||||
Goodwill [Line Items] | |||||||
Goodwill measurement input | 2.00% | 2.00% | |||||
Goodwill | |||||||
Goodwill [Line Items] | |||||||
Benefit from income taxes | 0 | 8,300,000 | |||||
Intangible assets | |||||||
Goodwill [Line Items] | |||||||
Benefit from income taxes | 0 | 6,900,000 | |||||
Operating segments | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 563,200,000 | 563,200,000 | 673,700,000 | ||||
Goodwill impairment charge | 0 | $ 11,200,000 | 111,000,000 | $ 0 | |||
Indefinite-lived intangible assets impairment | 0 | 33,100,000 | |||||
Portfolio | Operating segments | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 87,800,000 | 87,800,000 | $ 171,100,000 | ||||
Goodwill impairment charge | 83,500,000 | ||||||
Indefinite-lived intangible assets impairment | $ 0 | $ 2,500,000 | |||||
Revlon Reporting Unit | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 264,900,000 | $ 264,700,000 | |||||
Elizabeth Arden Skin and Color Reporting Unit | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 67,400,000 | 67,400,000 | |||||
Fragrances Reporting Unit | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 120,800,000 | 120,800,000 | |||||
Mass Portfolio Reporting Unit | Portfolio | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 0 | ||||||
Goodwill impairment charge | 54,300,000 | ||||||
Professional Portfolio Reporting Unit | Portfolio | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 87,600,000 | 97,200,000 | |||||
Goodwill impairment charge | 9,600,000 | 19,600,000 | |||||
Elizabeth Arden Fragrances Reporting Unit | Elizabeth Arden | |||||||
Goodwill [Line Items] | |||||||
Goodwill | 22,000,000 | 23,500,000 | |||||
Goodwill impairment charge | 1,600,000 | 25,900,000 | |||||
Mass Portfolio, Elizabeth Arden Fragrances and Elizabeth Arden Skin and Color Reporting Units | COVID-19 | |||||||
Goodwill [Line Items] | |||||||
Indefinite-lived intangible assets impairment | $ 24,500,000 | ||||||
Elizabeth Arden Fragrances and Elizabeth Arden Skin And Color Reporting Units | COVID-19 | |||||||
Goodwill [Line Items] | |||||||
Indefinite-lived intangible assets impairment | $ 8,600,000 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS, NET - Changes in Goodwill by Segment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Goodwill [Roll Forward] | |||||
Beginning Balance | $ 673,700,000 | $ 673,700,000 | |||
Goodwill impairment charge | (99,800,000) | ||||
Ending Balance | $ 563,200,000 | 563,200,000 | |||
Operating segments | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance | 673,700,000 | 673,700,000 | |||
Foreign currency translation adjustment | 500,000 | ||||
Goodwill impairment charge | 0 | $ (11,200,000) | (111,000,000) | $ 0 | |
Ending Balance | 563,200,000 | 563,200,000 | |||
Cumulative goodwill impairment charges | (166,200,000) | (166,200,000) | |||
Operating segments | Revlon | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance | 264,900,000 | 264,900,000 | |||
Foreign currency translation adjustment | 300,000 | ||||
Goodwill impairment charge | 0 | ||||
Ending Balance | 265,200,000 | 265,200,000 | |||
Operating segments | Portfolio | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance | 171,100,000 | 171,100,000 | |||
Foreign currency translation adjustment | 200,000 | ||||
Goodwill impairment charge | (83,500,000) | ||||
Ending Balance | 87,800,000 | 87,800,000 | |||
Operating segments | Elizabeth Arden | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance | 116,900,000 | 116,900,000 | |||
Foreign currency translation adjustment | 0 | ||||
Goodwill impairment charge | (27,500,000) | ||||
Ending Balance | 89,400,000 | 89,400,000 | |||
Operating segments | Fragrance | |||||
Goodwill [Roll Forward] | |||||
Beginning Balance | $ 120,800,000 | 120,800,000 | |||
Foreign currency translation adjustment | 0 | ||||
Goodwill impairment charge | 0 | ||||
Ending Balance | $ 120,800,000 | $ 120,800,000 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS, NET - Finite-lived and Indefinite-lived Intangible Asset Impairments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Indefinite-lived intangible assets | $ (33,100,000) | $ 0 | |
Total Intangibles Impairment | (33,100,000) | $ 0 | |
Operating segments | |||
Segment Reporting Information [Line Items] | |||
Indefinite-lived intangible assets | $ 0 | (33,100,000) | |
Total Intangibles Impairment | 0 | (33,100,000) | |
Revlon | Operating segments | |||
Segment Reporting Information [Line Items] | |||
Indefinite-lived intangible assets | 0 | 0 | |
Total Intangibles Impairment | 0 | 0 | |
Portfolio | Operating segments | |||
Segment Reporting Information [Line Items] | |||
Indefinite-lived intangible assets | 0 | (2,500,000) | |
Total Intangibles Impairment | 0 | (2,500,000) | |
Elizabeth Arden | Operating segments | |||
Segment Reporting Information [Line Items] | |||
Indefinite-lived intangible assets | 0 | (30,600,000) | |
Total Intangibles Impairment | 0 | (30,600,000) | |
Fragrance | Operating segments | |||
Segment Reporting Information [Line Items] | |||
Indefinite-lived intangible assets | 0 | 0 | |
Total Intangibles Impairment | $ 0 | $ 0 |
GOODWILL AND INTANGIBLE ASSET_6
GOODWILL AND INTANGIBLE ASSETS, NET - Summary of Intangible Assets (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | $ 576,100,000 | $ 573,300,000 |
Finite-lived intangible assets, accumulated amortization | (253,600,000) | (226,400,000) |
Finite-lived intangible assets, impairment | 0 | 0 |
Finite-lived intangible assets, net carrying amount | 322,500,000 | 346,900,000 |
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets, gross carrying amount | 146,500,000 | 143,800,000 |
Indefinite-lived intangible assets, impairment | (33,100,000) | 0 |
Indefinite-lived intangible assets, net carrying amount | 113,400,000 | 143,800,000 |
Intangible assets, gross carrying amount | 722,600,000 | 717,100,000 |
Total Intangibles Impairment | (33,100,000) | 0 |
Intangible assets, net carrying amount | 435,900,000 | 490,700,000 |
Trade names | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets, gross carrying amount | 146,500,000 | 143,800,000 |
Indefinite-lived intangible assets, impairment | (33,100,000) | 0 |
Indefinite-lived intangible assets, net carrying amount | 113,400,000 | 143,800,000 |
Trademarks and licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 271,300,000 | 271,200,000 |
Finite-lived intangible assets, accumulated amortization | (122,700,000) | (110,900,000) |
Finite-lived intangible assets, impairment | 0 | 0 |
Finite-lived intangible assets, net carrying amount | $ 148,600,000 | $ 160,300,000 |
Weighted average useful life | 12 years | 13 years |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | $ 248,800,000 | $ 248,300,000 |
Finite-lived intangible assets, accumulated amortization | (107,400,000) | (96,500,000) |
Finite-lived intangible assets, impairment | 0 | 0 |
Finite-lived intangible assets, net carrying amount | $ 141,400,000 | $ 151,800,000 |
Weighted average useful life | 11 years | 11 years |
Patents and internally-developed intellectual property | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | $ 23,700,000 | $ 21,500,000 |
Finite-lived intangible assets, accumulated amortization | (15,200,000) | (12,100,000) |
Finite-lived intangible assets, impairment | 0 | 0 |
Finite-lived intangible assets, net carrying amount | $ 8,500,000 | $ 9,400,000 |
Weighted average useful life | 5 years | 5 years |
Distribution rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | $ 31,000,000 | $ 31,000,000 |
Finite-lived intangible assets, accumulated amortization | (7,000,000) | (5,600,000) |
Finite-lived intangible assets, impairment | 0 | 0 |
Finite-lived intangible assets, net carrying amount | $ 24,000,000 | $ 25,400,000 |
Weighted average useful life | 14 years | 15 years |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | $ 1,300,000 | $ 1,300,000 |
Finite-lived intangible assets, accumulated amortization | (1,300,000) | (1,300,000) |
Finite-lived intangible assets, impairment | 0 | 0 |
Finite-lived intangible assets, net carrying amount | $ 0 | $ 0 |
Weighted average useful life | 0 years | 0 years |
GOODWILL AND INTANGIBLE ASSET_7
GOODWILL AND INTANGIBLE ASSETS, NET - Estimated Future Amortization Expense (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2020 | $ 8.7 | |
2021 | 33.4 | |
2022 | 32.4 | |
2023 | 30.9 | |
2024 | 27.6 | |
Thereafter | 189.5 | |
Finite-lived intangible assets, net carrying amount | $ 322.5 | $ 346.9 |
ACCRUED EXPENSES AND OTHER - Co
ACCRUED EXPENSES AND OTHER - Components of Accrued Expenses and Other (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule of Accrued Liabilities [Line Items] | ||
Sales returns and allowances | $ 73.9 | $ 89.7 |
Advertising, marketing and promotional costs | 72.9 | 82.8 |
Taxes | 48.1 | 54.3 |
Compensation and related benefits | 40.1 | 42.1 |
Interest | 22 | 34 |
Professional services and insurance | 15 | 16.3 |
Short-term lease liability | 19 | 14.5 |
Freight and distribution costs | 3.1 | 13.2 |
Restructuring reserve | 29.4 | 10 |
Software | 3.1 | 4 |
Other | 61.3 | 54 |
Total | 387.9 | 414.9 |
Employee Severance and Other Personnel Benefits | Former President and Chief Executive Officer | ||
Schedule of Accrued Liabilities [Line Items] | ||
Other | 2.3 | |
Revlon Consumer Products Corporation | ||
Schedule of Accrued Liabilities [Line Items] | ||
Taxes | 51.1 | 57.6 |
Total | $ 390.8 | $ 418.2 |
DEBT - Components of Long-term
DEBT - Components of Long-term Debt (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 3,631 | $ 3,194.2 |
Less current portion | (704.5) | (288) |
Long-term debt | 2,926.5 | 2,906.2 |
Short-term borrowings | 2 | 2.2 |
2020 BrandCo Term Loan Facility due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 1,625.2 | 0 |
Less current portion | (8.6) | |
2019 Term Loan Facility due 2023 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0 | 187.1 |
2018 Foreign Asset-Based Term Facility due 2021 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 54.6 | 82.3 |
Amended 2016 Revolving Credit Facility due 2021 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 290.2 | 269.9 |
Less current portion | (290.2) | (269.9) |
2016 Term Loan Facility due 2023 and 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 875.2 | 1,713.6 |
Less current portion | (9.2) | |
5.75% Senior Notes due 2021 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 341.7 | 498.1 |
Stated interest rate (as a percent) | 5.75% | |
6.25% Senior Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 443.8 | 442.8 |
Stated interest rate (as a percent) | 6.25% | |
Spanish Government Loan due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 0.3 | $ 0.4 |
DEBT - Components of Long-ter_2
DEBT - Components of Long-term Debt, Footnotes (Details) | May 07, 2020USD ($) | May 04, 2020EUR (€) | May 03, 2020 | Apr. 30, 2020 | May 31, 2020EUR (€) | Jun. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020EUR (€) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2020EUR (€) | Sep. 28, 2020USD ($) | Apr. 17, 2020USD ($) | Apr. 30, 2018USD ($) | ||
Debt Instrument [Line Items] | ||||||||||||||||||
Current portion of long-term debt | $ 704,500,000 | $ 704,500,000 | $ 288,000,000 | |||||||||||||||
Gain on extinguishment of debt | 31,200,000 | $ 0 | 43,100,000 | $ 0 | ||||||||||||||
Outstanding borrowings | 3,631,000,000 | 3,631,000,000 | 3,194,200,000 | |||||||||||||||
Revlon Consumer Products Corporation | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Current portion of long-term debt | 704,500,000 | 704,500,000 | 288,000,000 | |||||||||||||||
Gain on extinguishment of debt | $ 31,200,000 | $ 0 | $ 43,100,000 | 0 | ||||||||||||||
5.75% Senior Notes due 2021 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | 5.75% | |||||||||||||||
Repayments of senior debt | $ 114,100,000 | 0 | ||||||||||||||||
Outstanding borrowings | $ 341,700,000 | $ 341,700,000 | 498,100,000 | |||||||||||||||
5.75% Senior Notes due 2021 | Revlon Consumer Products Corporation | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | 5.75% | |||||||||||||||
Aggregate principal amount outstanding | $ 342,800,000 | $ 342,800,000 | ||||||||||||||||
Repayments of senior debt | 114,100,000 | 0 | ||||||||||||||||
Debt repurchased | $ 50,000,000 | $ 62,800,000 | 44,400,000 | 157,200,000 | ||||||||||||||
Gain on extinguishment of debt | 31,200,000 | 43,100,000 | ||||||||||||||||
Amended 2016 Revolving Credit Facility due 2021 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Current portion of long-term debt | 290,200,000 | 290,200,000 | 269,900,000 | |||||||||||||||
Outstanding borrowings | 290,200,000 | 290,200,000 | 269,900,000 | |||||||||||||||
Amended 2016 Revolving Credit Facility due 2021 | Revolving credit facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | 400,000,000 | 400,000,000 | ||||||||||||||||
2018 Foreign Asset-Based Term Facility due 2021 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Repayments of senior debt | 31,400,000 | 0 | ||||||||||||||||
Outstanding borrowings | 54,600,000 | 54,600,000 | 82,300,000 | |||||||||||||||
2018 Foreign Asset-Based Term Facility due 2021 | Revlon Consumer Products Corporation | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Aggregate principal amount outstanding | 56,800,000 | 56,800,000 | ||||||||||||||||
Repayments of senior debt | € 5,000,000 | € 28,500,000 | 31,400,000 | 0 | ||||||||||||||
Maximum borrowing capacity | € | € 77,000,000 | € 77,000,000 | ||||||||||||||||
Variable rate floor | 0.50% | |||||||||||||||||
Basis spread on variable interest rate | 7.00% | |||||||||||||||||
2018 Foreign Asset-Based Term Facility due 2021 | Revlon Consumer Products Corporation | EURIBOR | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Variable rate floor | 0.50% | 0.50% | 0.50% | |||||||||||||||
Basis spread on variable interest rate | 6.50% | 6.50% | 7.00% | |||||||||||||||
2016 Term Loan Facility due 2023 and 2025 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Current portion of long-term debt | 9,200,000 | 9,200,000 | ||||||||||||||||
Repayment of debt | 18,000,000 | |||||||||||||||||
Repayments of senior debt | 9,200,000 | 13,500,000 | ||||||||||||||||
Outstanding borrowings | 875,200,000 | 875,200,000 | 1,713,600,000 | |||||||||||||||
2016 Term Loan Facility due 2023 and 2025 | Revlon Consumer Products Corporation | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Aggregate principal amount outstanding | 886,300,000 | 886,300,000 | ||||||||||||||||
Repayments of senior debt | 9,200,000 | $ 13,500,000 | ||||||||||||||||
2016 Term Loan Facility due 2023 and 2025 | Revolving credit facility | Revlon Consumer Products Corporation | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Amount by which available liquidity does not exceed principal amount of other debt | $ 200,000,000 | |||||||||||||||||
2020 BrandCo Term Loan Facility due 2025 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Current portion of long-term debt | 8,600,000 | 8,600,000 | ||||||||||||||||
Outstanding borrowings | 1,625,200,000 | 1,625,200,000 | 0 | |||||||||||||||
2020 BrandCo Term Loan Facility due 2025 | Secured debt | Revlon Consumer Products Corporation | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Aggregate principal amount outstanding | 1,761,300,000 | 1,761,300,000 | ||||||||||||||||
Roll-up and Junior Roll-up BrandCo Facilities due 2025 | Secured debt | Revlon Consumer Products Corporation | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Aggregate principal amount outstanding | $ 846,000,000 | 846,000,000 | 846,000,000 | |||||||||||||||
2019 Term Loan Facility due 2023 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Repayments of senior debt | [1] | 200,000,000 | ||||||||||||||||
Outstanding borrowings | 0 | 0 | 187,100,000 | |||||||||||||||
2019 Term Loan Facility due 2023 | Revlon Consumer Products Corporation | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Debt issuance costs, prepayment premiums | 33,500,000 | |||||||||||||||||
Debt issuance costs, lenders fees | 10,300,000 | |||||||||||||||||
Repayments of senior debt | $ 200,000,000 | 200,000,000 | [2] | |||||||||||||||
Tranche A | Revolving credit facility | Revlon Consumer Products Corporation | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Aggregate principal amount outstanding | 291,900,000 | 291,900,000 | ||||||||||||||||
Maximum borrowing capacity | 400,000,000 | |||||||||||||||||
Amount by which available liquidity does not exceed principal amount of other debt | 200,000,000 | |||||||||||||||||
Tranche A | Sublimit, letters of credit | Revlon Consumer Products Corporation | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Aggregate principal amount outstanding | 1,400,000 | 1,400,000 | ||||||||||||||||
Tranche B | Revolving credit facility | Revlon Consumer Products Corporation | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | $ 41,500,000 | |||||||||||||||||
Outstanding borrowings | $ 36,300,000 | |||||||||||||||||
2016 Term Loan Facility due 2023 | Revlon Consumer Products Corporation | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Aggregate principal amount outstanding | 855,600,000 | 855,600,000 | ||||||||||||||||
Extended Term Loans due 2025 | Revlon Consumer Products Corporation | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Aggregate principal amount outstanding | $ 30,700,000 | $ 30,700,000 | ||||||||||||||||
6.25% Senior Notes due 2024 | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate (as a percent) | 6.25% | 6.25% | 6.25% | |||||||||||||||
Outstanding borrowings | $ 443,800,000 | $ 443,800,000 | $ 442,800,000 | |||||||||||||||
6.25% Senior Notes due 2024 | Revlon Consumer Products Corporation | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Stated interest rate (as a percent) | 6.25% | 6.25% | 6.25% | |||||||||||||||
Aggregate principal amount outstanding | $ 450,000,000 | $ 450,000,000 | ||||||||||||||||
2020 Restated Line of Credit Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | 30,000,000 | 30,000,000 | ||||||||||||||||
2020 Restated Line of Credit Facility | Secured debt | Revlon Consumer Products Corporation | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | $ 30,000,000 | |||||||||||||||||
Outstanding borrowings | $ 0 | $ 0 | ||||||||||||||||
New European ABL FILO Facility | Secured debt | Revlon Consumer Products Corporation | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Maximum borrowing capacity | $ 30,000,000 | |||||||||||||||||
[1] | The Company fully repaid the 2019 Term Loan Facility in May 2020. | |||||||||||||||||
[2] | The Company fully repaid the 2019 Term Loan Facility in May 2020. |
DEBT - 5.75% Senior Notes Excha
DEBT - 5.75% Senior Notes Exchange Offer (Details) - USD ($) | Nov. 13, 2020 | Oct. 23, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 3,631,000,000 | $ 3,194,200,000 | ||
5.75% Senior Notes due 2021 | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 5.75% | |||
Long-term debt | $ 341,700,000 | $ 498,100,000 | ||
5.75% Senior Notes due 2021 | Revlon Consumer Products Corporation | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 5.75% | |||
5.75% Senior Notes due 2021 | Revlon Consumer Products Corporation | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 5.75% | |||
Debt conversion, original debt amount | $ 236,000,000 | |||
Debt repaid | 106,800,000 | |||
Long-term debt | $ 0 | $ 342,785,000 |
DEBT - Amendments to the 2020 B
DEBT - Amendments to the 2020 BrandCo Term Loan Facility (Details) - USD ($) | Nov. 13, 2020 | Nov. 10, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Oct. 23, 2020 |
Debt Instrument [Line Items] | |||||
Debt conversion, converted amount | $ 846,000,000 | $ 0 | |||
Revlon Consumer Products Corporation | |||||
Debt Instrument [Line Items] | |||||
Debt conversion, converted amount | $ 846,000,000 | $ 0 | |||
5.75% Senior Notes due 2021 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate (as a percent) | 5.75% | ||||
5.75% Senior Notes due 2021 | Revlon Consumer Products Corporation | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate (as a percent) | 5.75% | ||||
5.75% Senior Notes due 2021 | Revlon Consumer Products Corporation | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate (as a percent) | 5.75% | ||||
Debt conversion, original debt amount | $ 236,000,000 | ||||
New BrandCo Second Lien Term Loans | Revlon Consumer Products Corporation | Subsequent Event | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 75,000,000 | ||||
New BrandCo Second Lien Term Loans | Revlon Consumer Products Corporation | Scenario, Forecast | |||||
Debt Instrument [Line Items] | |||||
Debt conversion, converted amount | $ 10,000,000 | ||||
New BrandCo Second Lien Term Loans | Revlon Consumer Products Corporation | Scenario, Forecast | Supporting BrandCo Lenders | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | 12,500,000 | ||||
New BrandCo Second Lien Term Loans | Revlon Consumer Products Corporation | Scenario, Forecast | All BrandCo Lenders | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | 5,000,000 | ||||
6.25% Senior Notes due 2024 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate (as a percent) | 6.25% | ||||
6.25% Senior Notes due 2024 | Revlon Consumer Products Corporation | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate (as a percent) | 6.25% | ||||
6.25% Senior Notes due 2024 | Revlon Consumer Products Corporation | Scenario, Forecast | |||||
Debt Instrument [Line Items] | |||||
Debt conversion, original debt amount | 18,700,000 | ||||
2020 BrandCo Term Loan Facility due 2025 | Revlon Consumer Products Corporation | Scenario, Forecast | All BrandCo Lenders | |||||
Debt Instrument [Line Items] | |||||
Amendment fee | $ 2,500,000 |
DEBT - MacAndrews & Forbes 2020
DEBT - MacAndrews & Forbes 2020 Restated Line of Credit Facility (Details) - USD ($) | Sep. 28, 2020 | Jul. 09, 2021 | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||||
Long-term debt | $ 3,631,000,000 | $ 3,194,200,000 | ||
2020 Restated Line of Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 30,000,000 | |||
Secured debt | New European ABL FILO Facility | Revlon Consumer Products Corporation | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 30,000,000 | |||
Secured debt | New European ABL FILO Facility | Revlon Consumer Products Corporation | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable interest rate | 10.00% | |||
Secured debt | 2020 Restated Line of Credit Facility | Revlon Consumer Products Corporation | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 30,000,000 | |||
Long-term debt | $ 0 | |||
Secured debt | Future Refinanced European ABL Facility | Revlon Consumer Products Corporation | Scenario, Forecast | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 35,000,000 | |||
Higher borrowing capacity option | $ 65,000,000 |
DEBT - Consummation of 2020 Bra
DEBT - Consummation of 2020 BrandCo Refinancing Transactions (Details) - USD ($) | May 28, 2020 | May 07, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Debt Instrument [Line Items] | ||||||||
Paid-in kind closing fees | $ 29,100,000 | $ 0 | ||||||
Paid-in-kind interest accrued on the 2020 BrandCo Facilities | 6,200,000 | 0 | ||||||
Aggregate principal amount rolled-up | 846,000,000 | 0 | ||||||
Interest paid | 182,200,000 | 157,900,000 | ||||||
Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Paid-in kind closing fees | 29,100,000 | 0 | ||||||
Paid-in-kind interest accrued on the 2020 BrandCo Facilities | 6,200,000 | 0 | ||||||
Aggregate principal amount rolled-up | 846,000,000 | 0 | ||||||
Interest paid | 182,200,000 | 157,900,000 | ||||||
2020 BrandCo Facility due 2025 | Revlon Consumer Products Corporation | Secured debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount outstanding | $ 815,000,000 | $ 910,600,000 | ||||||
Proceeds from long-term lines of credit | $ 65,000,000 | |||||||
Paid-in kind closing fees | 29,100,000 | |||||||
Paid-in-kind interest accrued on the 2020 BrandCo Facilities | 1,500,000 | |||||||
Covenant springing maturity, number of days prior to the maturity date | 91 days | |||||||
Covenant springing maturity threshold amount, minimum one | $ 100,000,000 | |||||||
Debt Issuance costs | $ 119,300,000 | |||||||
2020 BrandCo Facility due 2025 | Revlon Consumer Products Corporation | Secured debt | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable rate floor | 1.50% | |||||||
Basis spread on variable interest rate | 10.50% | |||||||
Basis spread on variable rate, payment In kind | 2.00% | |||||||
Roll-up BrandCo Facility due 2025 | Revlon Consumer Products Corporation | Secured debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 950,000,000 | |||||||
Roll-up BrandCo Facility due 2025 | Revlon Consumer Products Corporation | Secured debt | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable rate floor | 0.75% | |||||||
Basis spread on variable interest rate | 3.50% | |||||||
Junior Roll-up BrandCo Facility due 2025 | Revlon Consumer Products Corporation | Secured debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 3,000,000 | |||||||
Junior Roll-up BrandCo Facility due 2025 | Revlon Consumer Products Corporation | Secured debt | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable rate floor | 0.75% | |||||||
Basis spread on variable interest rate | 3.50% | |||||||
Roll-up and Junior Roll-up BrandCo Facilities due 2025 | Revlon Consumer Products Corporation | Secured debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount outstanding | $ 846,000,000 | $ 846,000,000 | 846,000,000 | |||||
Aggregate principal amount rolled-up | 846,000,000 | |||||||
Remaining borrowing capacity | $ 107,000,000 | 107,000,000 | ||||||
2019 Term Loan Facility due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of senior debt | [1] | 200,000,000 | ||||||
2019 Term Loan Facility due 2023 | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of senior debt | $ 200,000,000 | 200,000,000 | [2] | |||||
Interest paid | 1,300,000 | |||||||
5.75% Senior Notes due 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of senior debt | $ 114,100,000 | 0 | ||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | ||||||
5.75% Senior Notes due 2021 | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount outstanding | $ 342,800,000 | $ 342,800,000 | ||||||
Repayments of senior debt | $ 114,100,000 | 0 | ||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | ||||||
Interest paid | $ 700,000 | |||||||
6.25% Senior Notes due 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate (as a percent) | 6.25% | 6.25% | ||||||
6.25% Senior Notes due 2024 | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount outstanding | $ 450,000,000 | $ 450,000,000 | ||||||
Stated interest rate (as a percent) | 6.25% | 6.25% | ||||||
Extended Term Loans due 2025 | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount outstanding | $ 30,700,000 | $ 30,700,000 | ||||||
Covenant springing maturity, number of days prior to the maturity date | 91 days | |||||||
Covenant springing maturity threshold amount, minimum one | $ 75,000,000 | |||||||
Covenant springing maturity threshold amount, minimum two | $ 100,000,000 | |||||||
Extended Term Loans due 2025 | Revlon Consumer Products Corporation | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable rate floor | 0.75% | |||||||
Basis spread on variable interest rate | 3.50% | |||||||
2016 Term Loan Facility due 2023 and 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of senior debt | 9,200,000 | 13,500,000 | ||||||
2016 Term Loan Facility due 2023 and 2025 | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount outstanding | 886,300,000 | 886,300,000 | ||||||
Repayments of senior debt | 9,200,000 | $ 13,500,000 | ||||||
Interest paid | $ 17,000,000 | |||||||
2016 Term Loan Facility due 2023 | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount outstanding | $ 855,600,000 | $ 855,600,000 | ||||||
[1] | The Company fully repaid the 2019 Term Loan Facility in May 2020. | |||||||
[2] | The Company fully repaid the 2019 Term Loan Facility in May 2020. |
DEBT - Repurchases of 5.75% Sen
DEBT - Repurchases of 5.75% Senior Notes due 2021 (Details) - USD ($) $ in Millions | May 07, 2020 | Jun. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Debt Instrument [Line Items] | ||||||
Interest paid | $ 182.2 | $ 157.9 | ||||
Gain on extinguishment of debt | $ 31.2 | $ 0 | 43.1 | 0 | ||
Revlon Consumer Products Corporation | ||||||
Debt Instrument [Line Items] | ||||||
Interest paid | 182.2 | 157.9 | ||||
Gain on extinguishment of debt | $ 31.2 | $ 0 | $ 43.1 | $ 0 | ||
5.75% Senior Notes due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | ||||
5.75% Senior Notes due 2021 | Revlon Consumer Products Corporation | ||||||
Debt Instrument [Line Items] | ||||||
Debt repurchased | $ 50 | $ 62.8 | $ 44.4 | $ 157.2 | ||
Stated interest rate (as a percent) | 5.75% | 5.75% | ||||
Interest paid | $ 0.7 | |||||
Gain on extinguishment of debt | $ 31.2 | $ 43.1 |
DEBT - Prepayment of the 2019 T
DEBT - Prepayment of the 2019 Term Loan Facility due 2023 (Details) - USD ($) $ in Millions | May 07, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Debt Instrument [Line Items] | |||||
Interest paid | $ 182.2 | $ 157.9 | |||
Revlon Consumer Products Corporation | |||||
Debt Instrument [Line Items] | |||||
Interest paid | 182.2 | $ 157.9 | |||
2019 Term Loan Facility due 2023 | |||||
Debt Instrument [Line Items] | |||||
Repayments of senior debt | [1] | 200 | |||
2019 Term Loan Facility due 2023 | Revlon Consumer Products Corporation | |||||
Debt Instrument [Line Items] | |||||
Repayments of senior debt | $ 200 | $ 200 | [2] | ||
Interest paid | 1.3 | ||||
Debt issuance costs, prepayment premiums | 33.5 | ||||
Debt issuance costs, lenders fees | 10.3 | ||||
2020 BrandCo Facility due 2025 | Revlon Consumer Products Corporation | Secured debt | |||||
Debt Instrument [Line Items] | |||||
Debt issuance costs, prepayment premiums | 33.5 | ||||
Debt issuance costs, lenders fees | 10.3 | ||||
Legal Fees | 0.3 | ||||
Other third party fees | 2 | ||||
Debt Issuance costs | $ 119.3 | ||||
[1] | The Company fully repaid the 2019 Term Loan Facility in May 2020. | ||||
[2] | The Company fully repaid the 2019 Term Loan Facility in May 2020. |
DEBT - Amendment to the 2018 Fo
DEBT - Amendment to the 2018 Foreign Asset-Based Term Facility (Details) $ in Millions | May 04, 2020USD ($) | May 04, 2020EUR (€) | May 03, 2020 | Apr. 30, 2020 | May 31, 2020EUR (€) | Jun. 30, 2020EUR (€) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020EUR (€) |
2018 Foreign Asset-Based Term Facility due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of senior debt | $ 31.4 | $ 0 | |||||||
2018 Foreign Asset-Based Term Facility due 2021 | Revlon Consumer Products Corporation | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | € | € 77,000,000 | € 77,000,000 | |||||||
Variable rate floor | 0.50% | 0.50% | |||||||
Basis spread on variable interest rate | 7.00% | 7.00% | |||||||
Covenant springing maturity, number of days prior to the maturity date | 91 days | 91 days | |||||||
Mandatory prepayment | € | € 5,000,000 | ||||||||
Fees paid | $ 0.4 | ||||||||
Aggregate principal amount outstanding | 56.8 | ||||||||
Repayments of senior debt | € 5,000,000 | € 28,500,000 | $ 31.4 | 0 | |||||
2018 Foreign Asset-Based Term Facility due 2021 | EURIBOR | Revlon Consumer Products Corporation | |||||||||
Debt Instrument [Line Items] | |||||||||
Variable rate floor | 0.50% | 0.50% | 0.50% | ||||||
Basis spread on variable interest rate | 6.50% | 6.50% | 7.00% | ||||||
5.75% Senior Notes due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | |||||||
Repayments of senior debt | $ 114.1 | 0 | |||||||
5.75% Senior Notes due 2021 | Revlon Consumer Products Corporation | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | |||||||
Aggregate principal amount outstanding | $ 342.8 | ||||||||
Repayments of senior debt | $ 114.1 | $ 0 |
DEBT - Incremental Revolving Cr
DEBT - Incremental Revolving Credit Facility under the 2016 Term Loan Agreement (Details) - 2020 Incremental Facility due 2021 - Revolving credit facility - Revlon Consumer Products Corporation - USD ($) | May 28, 2020 | May 11, 2020 | Apr. 30, 2020 |
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 65,000,000 | ||
Proceeds from long-term lines of credit | $ 1,500,000 | $ 63,500,000 | |
Upfront commitment fees | $ 2,900,000 | ||
LIBOR | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable interest rate | 16.00% | ||
Alternate base rate | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable interest rate | 15.00% |
DEBT - Amendments to 2016 Revol
DEBT - Amendments to 2016 Revolving Credit Agreement (Details) - USD ($) | May 17, 2020 | May 07, 2020 | Apr. 17, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Apr. 30, 2018 |
Line of Credit Facility [Line Items] | ||||||
Outstanding borrowings | $ 3,631,000,000 | $ 3,194,200,000 | ||||
Revolving credit facility | Tranche A | Revlon Consumer Products Corporation | ||||||
Line of Credit Facility [Line Items] | ||||||
Increase in interest margin | 0.75% | |||||
Maximum borrowing capacity | $ 400,000,000 | |||||
Revolving credit facility | Tranche B | Revlon Consumer Products Corporation | ||||||
Line of Credit Facility [Line Items] | ||||||
Increase in interest margin | 0.75% | |||||
Lenders fees | $ 1,100,000 | |||||
Outstanding borrowings | $ 36,300,000 | |||||
Maximum borrowing capacity | $ 41,500,000 | |||||
Repayments of long-term lines of credit | $ 5,200,000 | |||||
Revolving credit facility | Tranche B | Revlon Consumer Products Corporation | LIBOR | ||||||
Line of Credit Facility [Line Items] | ||||||
Variable rate floor | 0.75% |
DEBT - Covenants (Details)
DEBT - Covenants (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
2020 Restated Line of Credit Facility | ||
Debt Instrument [Line Items] | ||
Commitment | $ 30,000,000 | |
Aggregate principal amount outstanding | 0 | |
Availability | 30,000,000 | |
Revolving credit facility | Amended 2016 Revolving Credit Facility due 2021 | ||
Debt Instrument [Line Items] | ||
Commitment | 400,000,000 | |
Borrowing Base | 345,900,000 | |
Aggregate principal amount outstanding | 291,900,000 | |
Availability | $ 52,600,000 | |
Revolving credit facility | Amended 2016 Revolving Credit Facility due 2021 | Revlon Consumer Products Corporation | ||
Debt Instrument [Line Items] | ||
Covenant terms, consolidated fixed charge coverage ratio | 100.00% | |
Sublimit, letters of credit | ||
Debt Instrument [Line Items] | ||
Standby and trade letters of credit for various corporate purposes | $ 1,400,000 | $ 11,400,000 |
Sublimit, letters of credit | Amended 2016 Revolving Credit Facility due 2021 | ||
Debt Instrument [Line Items] | ||
Standby and trade letters of credit for various corporate purposes | $ 1,400,000 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Cash and cash equivalents | $ 268.3 | $ 104.3 |
COVID-19 | ||
Debt Instrument [Line Items] | ||
Percentage of employees furloughed | 40.00% | |
Percentage reduction in Board and committee compensation | 50.00% | |
Minimum | COVID-19 | ||
Debt Instrument [Line Items] | ||
Percentage reduction in executive and employee compensation | 20.00% | |
Maximum | COVID-19 | ||
Debt Instrument [Line Items] | ||
Percentage reduction in executive and employee compensation | 40.00% | |
2020 Refinancing Transactions | ||
Debt Instrument [Line Items] | ||
Cash on hand | $ 175 | |
Foreign Subsidiaries | ||
Debt Instrument [Line Items] | ||
Cash and cash equivalents | $ 93.7 |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Fair Values of Financial Liabilities (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Financial assets required to be measured at fair value | $ 0 | $ 0 |
Financial liabilities required to be measured at fair value | 0 | 0 |
Liabilities: | ||
Long-term debt, including current portion, Fair Value | 2,068,400,000 | 2,522,200,000 |
Long-term debt, including current portion, Carrying Value | 3,631,000,000 | 3,194,200,000 |
Level 1 | ||
Liabilities: | ||
Long-term debt, including current portion, Fair Value | 0 | 0 |
Level 2 | ||
Liabilities: | ||
Long-term debt, including current portion, Fair Value | 2,068,400,000 | 2,522,200,000 |
Level 3 | ||
Liabilities: | ||
Long-term debt, including current portion, Fair Value | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS - Narrati
FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Standby letters of credit which support products corporations workers compensation, general liability and automobile insurance programs | ||
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Standby and trade letters of credit for various corporate purposes | $ 0.1 | $ 8.3 |
Sublimit, letters of credit | ||
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Standby and trade letters of credit for various corporate purposes | $ 1.4 | $ 11.4 |
PENSION AND POST-RETIREMENT B_3
PENSION AND POST-RETIREMENT BENEFITS - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Net periodic benefit costs: | |||||
Total net periodic benefit costs | $ 1.5 | $ 2.2 | $ 4.2 | $ 6.3 | $ 7.2 |
Pension Plans | |||||
Net periodic benefit costs: | |||||
Service cost | 0.5 | 0.4 | 1.3 | 1.4 | |
Interest cost | 3.8 | 5.1 | 11.2 | 15 | |
Expected return on plan assets | (5.7) | (6) | (17.1) | (18) | |
Amortization of actuarial loss | 2.7 | 2.5 | 8.3 | 7.5 | |
Total net periodic benefit costs prior to allocation | 1.3 | 2 | 3.7 | 5.9 | |
Portion allocated to Revlon Holdings | 0 | 0 | (0.1) | (0.1) | |
Total net periodic benefit costs | 1.3 | 2 | 3.6 | 5.8 | |
Other Post-Retirement Benefit Plans | |||||
Net periodic benefit costs: | |||||
Service cost | 0 | 0 | 0 | 0 | |
Interest cost | 0.1 | 0.1 | 0.3 | 0.3 | |
Expected return on plan assets | 0 | 0 | 0 | 0 | |
Amortization of actuarial loss | 0.1 | 0.1 | 0.3 | 0.2 | |
Total net periodic benefit costs prior to allocation | 0.2 | 0.2 | 0.6 | 0.5 | |
Portion allocated to Revlon Holdings | 0 | 0 | 0 | 0 | |
Total net periodic benefit costs | $ 0.2 | $ 0.2 | $ 0.6 | $ 0.5 |
PENSION AND POST-RETIREMENT B_4
PENSION AND POST-RETIREMENT BENEFITS - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)plan | Sep. 30, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Retirement Benefits [Abstract] | |||||||
Net periodic benefit cost | $ 1.5 | $ 2.2 | $ 4.2 | $ 6.3 | $ 7.2 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Net periodic benefit cost | 1.5 | 2.2 | 4.2 | 6.3 | $ 7.2 | ||
Aggregate employer contributions during 2020 | 19 | 19 | |||||
Scenario, Forecast | |||||||
Retirement Benefits [Abstract] | |||||||
Net periodic benefit cost | $ 5.6 | ||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Net periodic benefit cost | $ 5.6 | ||||||
Pension Plans | |||||||
Retirement Benefits [Abstract] | |||||||
Net periodic benefit cost | 1.3 | 2 | 3.6 | 5.8 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Net periodic benefit cost | 1.3 | 2 | 3.6 | 5.8 | |||
Employer contributions | 1.8 | 7 | |||||
Pension Plans | Qualified Plan | |||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Employer contributions | $ 1.6 | ||||||
Employer contributions, expected deferral in 2020, CARES Act | 9.3 | $ 9.3 | |||||
Number of qualified plans | plan | 2 | ||||||
Other Post-Retirement Benefit Plans | |||||||
Retirement Benefits [Abstract] | |||||||
Net periodic benefit cost | 0.2 | 0.2 | $ 0.6 | 0.5 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||||
Net periodic benefit cost | 0.2 | $ 0.2 | 0.6 | $ 0.5 | |||
Employer contributions | $ 0.2 | $ 0.5 |
PENSION AND POST-RETIREMENT B_5
PENSION AND POST-RETIREMENT BENEFITS - Classification of Net Periodic Pension (Income) Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total net periodic benefit costs | $ 1.5 | $ 2.2 | $ 4.2 | $ 6.3 | $ 7.2 |
Selling, general and administrative expense | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total net periodic benefit costs | 0.5 | 0.5 | 1.3 | 1.4 | |
Miscellaneous, net | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total net periodic benefit costs | $ 1 | $ 1.7 | $ 2.9 | $ 4.9 |
STOCK COMPENSATION PLAN - Narra
STOCK COMPENSATION PLAN - Narrative (Details) $ in Millions | Sep. 05, 2019USD ($)installmentshares | Aug. 31, 2019 | Sep. 30, 2019shares | Jul. 31, 2014 | Sep. 30, 2020USD ($)shares | Mar. 31, 2020shares | Sep. 30, 2020USD ($)shares | Sep. 30, 2020USD ($)shares | Sep. 30, 2019USD ($)shares | Sep. 30, 2020USD ($)shares | Dec. 31, 2019shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Shares reserved for issuance (in shares) | 6,565,000 | 6,565,000 | 6,565,000 | 6,565,000 | |||||||
Shares remaining available for grants (in shares) | 1,200,000 | 1,200,000 | 1,200,000 | 1,200,000 | |||||||
Renewal term | 7 years | ||||||||||
Vesting period | 3 years | 2 years | |||||||||
Common stock not subject to vesting requirements (in shares) | 250,000 | 250,000 | |||||||||
Stock-based compensation amortization | $ | $ 8.6 | $ 7.7 | |||||||||
Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Accelerated cost | $ | $ 1.2 | ||||||||||
Revlon 2019 Transaction Incentive Program | Acquisition, Integration and Divestiture Costs | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Cash-based awards granted, amortization expense | $ | $ 1 | 3.5 | 4.8 | ||||||||
Revlon 2019 Transaction Incentive Program | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Accelerated cost | $ | $ 0.2 | $ 1 | |||||||||
Revlon 2019 Transaction Incentive Program, Tier 1 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Cash-based awards | $ | $ 6.8 | ||||||||||
Number of installments | installment | 2 | ||||||||||
Cash-based awards granted, net of forfeitures | $ | $ 4.7 | ||||||||||
Revlon 2019 Transaction Incentive Program, Tier 1 | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Proportion settled in cash | 67.00% | ||||||||||
Proportion settled in RSU's | 33.00% | ||||||||||
Number of shares authorized (in shares) | 206,812 | ||||||||||
Awards granted and outstanding (in shares) | 148,168 | 148,168 | 148,168 | 148,168 | |||||||
Accelerated vesting, number of awards (in shares) | 27,356 | 27,356 | |||||||||
Revlon 2019 Transaction Incentive Program, Tier 1 | Restricted Stock | First Tranche | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Award vesting percentage | 50.00% | ||||||||||
Revlon 2019 Transaction Incentive Program, Tier 1 | Restricted Stock | Second Tranche | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Award vesting percentage | 50.00% | ||||||||||
Revlon 2019 Transaction Incentive Program, Tier 2 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Cash-based awards | $ | $ 2.5 | ||||||||||
Number of installments | installment | 1 | ||||||||||
Cash-based awards granted, net of forfeitures | $ | $ 2.3 | ||||||||||
Revlon 2019 Transaction Incentive Program, Tier 2 | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Award vesting percentage | 100.00% | ||||||||||
LTIP Plan | Restricted Stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Accelerated vesting, number of awards (in shares) | 30,992 | 36,452 | |||||||||
LTIP Plan | Time-Based RSUs | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period | 3 years | ||||||||||
Awards granted and outstanding (in shares) | 919,400 | 919,400 | 919,400 | 919,400 | 721,500 | ||||||
Awards granted (in shares) | 626,600 | ||||||||||
LTIP Plan | Time-Based RSUs | 2020 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Awards granted and outstanding (in shares) | 626,600 | 626,600 | 626,600 | 626,600 | |||||||
Awards granted (in shares) | 626,600 | ||||||||||
LTIP Plan | Performance-Based RSUs | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting period | 3 years | ||||||||||
Awards granted and outstanding (in shares) | 1,194,900 | 1,194,900 | 1,194,900 | 1,194,900 | 901,200 | ||||||
Awards granted (in shares) | 626,700 | ||||||||||
Stock-based compensation amortization | $ | $ 2.5 | $ 1.3 | |||||||||
Deferred stock-based compensation | $ | $ 18.9 | $ 18.9 | $ 18.9 | $ 18.9 | |||||||
LTIP Plan | Performance-Based RSUs | 2020 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Awards granted and outstanding (in shares) | 626,700 | 626,700 | 626,700 | 626,700 | |||||||
Awards granted (in shares) | 626,700 | ||||||||||
LTIP Plan | Time-based and Performance-based RSU Awards | 2020 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Awards granted (in shares) | 1,300,000 | 0 | |||||||||
Total LTIP and TIP RSU's | Time-Based RSUs | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Awards granted and outstanding (in shares) | 1,067,600 | 1,067,600 | 1,067,600 | 1,067,600 | 922,100 | ||||||
Stock-based compensation amortization | $ | $ 2.1 | $ 5.9 | |||||||||
Deferred stock-based compensation | $ | $ 12.8 | $ 12.8 | $ 12.8 | $ 12.8 | |||||||
Total LTIP and TIP RSU's | Performance-Based RSUs | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Awards granted and outstanding (in shares) | 1,194,900 | 1,194,900 | 1,194,900 | 1,194,900 | 901,200 |
STOCK COMPENSATION PLAN - Activ
STOCK COMPENSATION PLAN - Activity Related to Time-based and Performance-based RSUs and the Grant Date Fair Value (Details) - $ / shares | Aug. 31, 2019 | Sep. 30, 2019 | Mar. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Weighted Average Grant Date Fair Value Per RSU | |||||||
Vesting period | 3 years | 2 years | |||||
TIP Plan | 2019 | TIP | |||||||
Restricted Stock Units | |||||||
Outstanding, beginning of period (in shares) | 200,600 | 200,600 | |||||
Awards granted (in shares) | 11,700 | ||||||
Awards vested (in shares) | (27,300) | ||||||
Awards forfeited/canceled (in shares) | (36,800) | ||||||
Outstanding, end of period (in shares) | 148,200 | 148,200 | 148,200 | ||||
Weighted Average Grant Date Fair Value Per RSU | |||||||
Awards outstanding, weighted average grant date fair value (in USD per share) | $ 15.95 | $ 15.95 | $ 15.95 | $ 16.44 | |||
Awards granted, weighted average grant date fair value (in USD per share) | 10.24 | ||||||
Awards vested, weighted average grant date fair value (in USD per share) | 16.44 | ||||||
Awards forfeited/canceled, weighted average grant date fair value (in USD per share) | $ 16.44 | ||||||
LTIP Plan | Time-Based LTIP | |||||||
Restricted Stock Units | |||||||
Outstanding, beginning of period (in shares) | 721,500 | 721,500 | |||||
Awards granted (in shares) | 626,600 | ||||||
Awards vested (in shares) | (295,800) | ||||||
Awards forfeited/canceled (in shares) | (132,900) | ||||||
Outstanding, end of period (in shares) | 919,400 | 919,400 | 919,400 | ||||
Weighted Average Grant Date Fair Value Per RSU | |||||||
Vesting period | 3 years | ||||||
LTIP Plan | Performance-Based LTIP | |||||||
Restricted Stock Units | |||||||
Outstanding, beginning of period (in shares) | 901,200 | 901,200 | |||||
Awards granted (in shares) | 626,700 | ||||||
Awards vested (in shares) | (14,200) | ||||||
Awards forfeited/canceled (in shares) | (318,800) | ||||||
Outstanding, end of period (in shares) | 1,194,900 | 1,194,900 | 1,194,900 | ||||
Weighted Average Grant Date Fair Value Per RSU | |||||||
Vesting period | 3 years | ||||||
LTIP Plan | Restricted Stock | |||||||
Weighted Average Grant Date Fair Value Per RSU | |||||||
Accelerated vesting, number of awards (in shares) | 30,992 | 36,452 | |||||
LTIP Plan | 2020 | Time-Based LTIP | |||||||
Restricted Stock Units | |||||||
Awards granted (in shares) | 626,600 | ||||||
Outstanding, end of period (in shares) | 626,600 | 626,600 | 626,600 | ||||
Weighted Average Grant Date Fair Value Per RSU | |||||||
Awards outstanding, weighted average grant date fair value (in USD per share) | $ 14.96 | $ 14.96 | $ 14.96 | ||||
Awards granted, weighted average grant date fair value (in USD per share) | $ 14.96 | ||||||
LTIP Plan | 2020 | Performance-Based LTIP | |||||||
Restricted Stock Units | |||||||
Awards granted (in shares) | 626,700 | ||||||
Outstanding, end of period (in shares) | 626,700 | 626,700 | 626,700 | ||||
Weighted Average Grant Date Fair Value Per RSU | |||||||
Awards outstanding, weighted average grant date fair value (in USD per share) | $ 14.96 | $ 14.96 | $ 14.96 | ||||
Awards granted, weighted average grant date fair value (in USD per share) | $ 14.96 | ||||||
LTIP Plan | 2020 | Time-based and Performance-based RSU Awards | |||||||
Restricted Stock Units | |||||||
Awards granted (in shares) | 1,300,000 | 0 | |||||
LTIP Plan | 2019 | Time-Based LTIP | |||||||
Restricted Stock Units | |||||||
Outstanding, beginning of period (in shares) | 425,600 | 425,600 | |||||
Awards granted (in shares) | 0 | ||||||
Awards vested (in shares) | (133,900) | ||||||
Awards forfeited/canceled (in shares) | (83,300) | ||||||
Outstanding, end of period (in shares) | 208,400 | 208,400 | 208,400 | ||||
Weighted Average Grant Date Fair Value Per RSU | |||||||
Awards outstanding, weighted average grant date fair value (in USD per share) | $ 22.55 | $ 22.55 | $ 22.55 | 22.55 | |||
Awards granted, weighted average grant date fair value (in USD per share) | 0 | ||||||
Awards vested, weighted average grant date fair value (in USD per share) | 22.55 | ||||||
Awards forfeited/canceled, weighted average grant date fair value (in USD per share) | $ 22.55 | ||||||
LTIP Plan | 2019 | Performance-Based LTIP | |||||||
Restricted Stock Units | |||||||
Outstanding, beginning of period (in shares) | 425,600 | 425,600 | |||||
Awards granted (in shares) | 0 | ||||||
Awards vested (in shares) | 0 | ||||||
Awards forfeited/canceled (in shares) | (112,100) | ||||||
Outstanding, end of period (in shares) | 313,500 | 313,500 | 313,500 | ||||
Weighted Average Grant Date Fair Value Per RSU | |||||||
Awards outstanding, weighted average grant date fair value (in USD per share) | $ 22.55 | $ 22.55 | $ 22.55 | 22.55 | |||
Awards granted, weighted average grant date fair value (in USD per share) | 0 | ||||||
Awards vested, weighted average grant date fair value (in USD per share) | 0 | ||||||
Awards forfeited/canceled, weighted average grant date fair value (in USD per share) | $ 22.55 | ||||||
LTIP Plan | 2018 | Time-Based LTIP | |||||||
Restricted Stock Units | |||||||
Outstanding, beginning of period (in shares) | 241,900 | 241,900 | |||||
Awards granted (in shares) | 0 | ||||||
Awards vested (in shares) | (108,500) | ||||||
Awards forfeited/canceled (in shares) | (49,000) | ||||||
Outstanding, end of period (in shares) | 84,400 | 84,400 | 84,400 | ||||
Weighted Average Grant Date Fair Value Per RSU | |||||||
Awards outstanding, weighted average grant date fair value (in USD per share) | $ 19.43 | $ 19.43 | $ 19.43 | 19 | |||
Awards granted, weighted average grant date fair value (in USD per share) | 0 | ||||||
Awards vested, weighted average grant date fair value (in USD per share) | 19.32 | ||||||
Awards forfeited/canceled, weighted average grant date fair value (in USD per share) | $ 17.56 | ||||||
LTIP Plan | 2018 | Performance-Based LTIP | |||||||
Restricted Stock Units | |||||||
Outstanding, beginning of period (in shares) | 364,700 | 364,700 | |||||
Awards granted (in shares) | 0 | ||||||
Awards vested (in shares) | 0 | ||||||
Awards forfeited/canceled (in shares) | (110,000) | ||||||
Outstanding, end of period (in shares) | 254,700 | 254,700 | 254,700 | ||||
Weighted Average Grant Date Fair Value Per RSU | |||||||
Awards outstanding, weighted average grant date fair value (in USD per share) | $ 19.45 | $ 19.45 | $ 19.45 | 19 | |||
Awards granted, weighted average grant date fair value (in USD per share) | 0 | ||||||
Awards vested, weighted average grant date fair value (in USD per share) | 0 | ||||||
Awards forfeited/canceled, weighted average grant date fair value (in USD per share) | $ 17.97 | ||||||
LTIP Plan | 2017 | Time-Based LTIP | |||||||
Restricted Stock Units | |||||||
Outstanding, beginning of period (in shares) | 54,000 | 54,000 | |||||
Awards granted (in shares) | 0 | ||||||
Awards vested (in shares) | (53,400) | ||||||
Awards forfeited/canceled (in shares) | (600) | ||||||
Outstanding, end of period (in shares) | 0 | 0 | 0 | ||||
Weighted Average Grant Date Fair Value Per RSU | |||||||
Awards outstanding, weighted average grant date fair value (in USD per share) | $ 0 | $ 0 | $ 0 | 19.70 | |||
Awards granted, weighted average grant date fair value (in USD per share) | 0 | ||||||
Awards vested, weighted average grant date fair value (in USD per share) | 19.70 | ||||||
Awards forfeited/canceled, weighted average grant date fair value (in USD per share) | $ 19.70 | ||||||
LTIP Plan | 2017 | Performance-Based LTIP | |||||||
Restricted Stock Units | |||||||
Outstanding, beginning of period (in shares) | 110,900 | 110,900 | |||||
Awards granted (in shares) | 0 | ||||||
Awards vested (in shares) | (14,200) | ||||||
Awards forfeited/canceled (in shares) | (96,700) | ||||||
Outstanding, end of period (in shares) | 0 | 0 | 0 | ||||
Weighted Average Grant Date Fair Value Per RSU | |||||||
Awards outstanding, weighted average grant date fair value (in USD per share) | $ 0 | $ 0 | $ 0 | $ 19.70 | |||
Awards granted, weighted average grant date fair value (in USD per share) | 0 | ||||||
Awards vested, weighted average grant date fair value (in USD per share) | 19.70 | ||||||
Awards forfeited/canceled, weighted average grant date fair value (in USD per share) | $ 19.70 | ||||||
LTIP Plan | 2017 | Time-based and Performance-based RSU Awards | |||||||
Weighted Average Grant Date Fair Value Per RSU | |||||||
Vesting period | 2 years | ||||||
Total LTIP and TIP RSU's | Time-Based LTIP | |||||||
Restricted Stock Units | |||||||
Outstanding, beginning of period (in shares) | 922,100 | 922,100 | |||||
Outstanding, end of period (in shares) | 1,067,600 | 1,067,600 | 1,067,600 | ||||
Total LTIP and TIP RSU's | Performance-Based LTIP | |||||||
Restricted Stock Units | |||||||
Outstanding, beginning of period (in shares) | 901,200 | 901,200 | |||||
Outstanding, end of period (in shares) | 1,194,900 | 1,194,900 | 1,194,900 | ||||
Revlon 2019 Transaction Incentive Program, Tier 1 | Restricted Stock | |||||||
Restricted Stock Units | |||||||
Outstanding, end of period (in shares) | 148,168 | 148,168 | 148,168 | ||||
Weighted Average Grant Date Fair Value Per RSU | |||||||
Accelerated vesting, number of awards (in shares) | 27,356 | 27,356 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Line Items] | ||||
Provision (benefit) for income taxes | $ 1.9 | $ (2.1) | $ (45.2) | $ (3.2) |
Decrease (increase) in benefit for income taxes | 4 | $ (42) | ||
Valuation allowance assumption, period of taxable loss | 3 years | |||
Revlon Consumer Products Corporation | ||||
Income Tax Disclosure [Line Items] | ||||
Provision (benefit) for income taxes | 2.3 | $ (1.8) | $ (44.2) | $ (2.4) |
Decrease (increase) in benefit for income taxes | $ 4.1 | $ (41.8) |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||||||
Beginning balance | $ (1,548.5) | $ (1,435.8) | $ (1,221.2) | $ (1,187.2) | $ (1,132.2) | $ (1,056.8) | $ (1,221.2) | $ (1,056.8) | |||||||
Foreign currency translation adjustment, net of tax | 2.2 | (1.8) | 7.3 | (0.5) | |||||||||||
Amortization of pension related costs, net of tax | [1],[2] | 2.8 | 2.3 | 9.3 | 7.2 | ||||||||||
Other comprehensive income, net | 5 | [3] | 14.3 | [3] | (2.7) | [3] | 0.5 | [3] | 5.3 | [3] | 0.9 | [3] | 16.6 | 6.7 | |
Ending balance | (1,582.9) | (1,548.5) | (1,435.8) | (1,227.5) | (1,187.2) | (1,132.2) | (1,582.9) | (1,227.5) | |||||||
Amortization of pension related costs, tax benefit | (0.5) | (0.3) | 0.7 | (0.9) | |||||||||||
Accumulated Other Comprehensive (Loss) Income | |||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||||||
Beginning balance | (235.8) | (250.1) | (247.4) | (228) | (233.3) | (234.2) | (247.4) | (234.2) | |||||||
Other comprehensive income, net | [3] | 5 | 14.3 | (2.7) | 0.5 | 5.3 | 0.9 | ||||||||
Ending balance | (230.8) | $ (235.8) | (250.1) | $ (227.5) | $ (228) | $ (233.3) | (230.8) | $ (227.5) | |||||||
Foreign Currency Translation | |||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||||||
Beginning balance | (27.3) | (27.3) | |||||||||||||
Foreign currency translation adjustment, net of tax | 7.3 | ||||||||||||||
Other comprehensive income, net | 7.3 | ||||||||||||||
Ending balance | (20) | (20) | |||||||||||||
Actuarial (Loss) Gain on Post-retirement Benefits | |||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||||||
Beginning balance | (219.8) | (219.8) | |||||||||||||
Amortization of pension related costs, net of tax | 9.3 | ||||||||||||||
Other comprehensive income, net | 9.3 | ||||||||||||||
Ending balance | (210.5) | (210.5) | |||||||||||||
Amortization of pension related costs, tax benefit | 0.7 | ||||||||||||||
Other | |||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||||||||||||||
Beginning balance | $ (0.3) | (0.3) | |||||||||||||
Other comprehensive income, net | 0 | ||||||||||||||
Ending balance | $ (0.3) | $ (0.3) | |||||||||||||
[1] | Net of a $0.5 million tax expense and $0.3 million of tax expense for the three months ended September 30, 2020 and 2019, respectively, and net of a $0.7 million tax benefit and $0.9 million of tax expense for the nine months ended September 30, 2020 and 2019, respectively. | ||||||||||||||
[2] | This amount is included in the computation of net periodic benefit costs (income). See Note 10, "Pension and Post-Retirement Benefits," for additional information regarding net periodic benefit costs (income). | ||||||||||||||
[3] | See Note 13, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during the nine months ended September 30, 2020 and 2019, respectively. |
SEGMENT DATA AND RELATED INFO_3
SEGMENT DATA AND RELATED INFORMATION - Net Sales and Segment Profit (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 477.1 | $ 596.8 | $ 1,277.7 | $ 1,720.2 |
Segment profit | (9.7) | 16.7 | (254.7) | (16) |
Depreciation and amortization | 108.3 | 124.6 | ||
Non-Operating items: | ||||
Restructuring and related charges | 44.8 | |||
Acquisition, integration and divestiture costs | 0.9 | 0.1 | 4.2 | 0.7 |
Gain on divested assets | (1.1) | 0 | (0.5) | 0 |
Impairment charges | 0 | 0 | 144.1 | 0 |
Operating (loss) income | (9.7) | 16.7 | (254.7) | (16) |
Interest Expense | 68.7 | 50.2 | 178 | 145.7 |
Amortization of debt issuance costs | 7.8 | 3.7 | 17.8 | 10.4 |
Gain on early extinguishment of debt | (31.2) | 0 | (43.1) | 0 |
Foreign currency (gains) losses, net | (9.8) | 7.6 | 9.1 | 9 |
Miscellaneous, net | (2.6) | 1.7 | 13.9 | 7.6 |
Loss from continuing operations before income taxes | (42.6) | (46.5) | (430.4) | (188.7) |
Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 477.1 | 596.8 | 1,277.7 | 1,720.2 |
Segment profit | 54.5 | 68.4 | 128.3 | 154.2 |
Non-Operating items: | ||||
Operating (loss) income | 54.5 | 68.4 | 128.3 | 154.2 |
Segment reconciling items | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 35.1 | 38.9 | 108.3 | 124.6 |
Non-cash stock compensation expense | 5.1 | 3.9 | 8.6 | 7.7 |
Non-Operating items: | ||||
Restructuring and related charges | 4.5 | 5.4 | 61.2 | 27.4 |
Acquisition, integration and divestiture costs | 0.9 | 0.1 | 4.2 | 0.7 |
Gain on divested assets | (1.1) | 0 | (0.5) | 0 |
Financial control remediation and sustainability actions and related charges | 0.7 | 3.4 | 8.5 | 9.8 |
Excessive coupon redemptions | 0 | 0 | 4.2 | 0 |
COVID-19 charges | 9.7 | 0 | 35.1 | 0 |
Capital structure and related charges | 9.3 | 0 | 9.3 | 0 |
Impairment charges | 0 | 0 | 144.1 | 0 |
Revlon | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 166 | 217.3 | 482.8 | 716.1 |
Revlon | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 166 | 217.3 | 482.8 | 716.1 |
Segment profit | 13.5 | 7.3 | 41.4 | 58.5 |
Non-Operating items: | ||||
Operating (loss) income | 13.5 | 7.3 | 41.4 | 58.5 |
Elizabeth Arden | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 106.3 | 123.2 | 282.4 | 352 |
Elizabeth Arden | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 106.3 | 123.2 | 282.4 | 352 |
Segment profit | 3.4 | 12.5 | 18.4 | 17.1 |
Non-Operating items: | ||||
Operating (loss) income | 3.4 | 12.5 | 18.4 | 17.1 |
Portfolio | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 99.6 | 118.2 | 298.1 | 354.1 |
Portfolio | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 99.6 | 118.2 | 298.1 | 354.1 |
Segment profit | 12.2 | 14.4 | 33.9 | 25 |
Non-Operating items: | ||||
Operating (loss) income | 12.2 | 14.4 | 33.9 | 25 |
Fragrance | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 105.2 | 138.1 | 214.4 | 298 |
Fragrance | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 105.2 | 138.1 | 214.4 | 298 |
Segment profit | 25.4 | 34.2 | 34.6 | 53.6 |
Non-Operating items: | ||||
Operating (loss) income | 25.4 | 34.2 | 34.6 | 53.6 |
Revlon Consumer Products Corporation | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 477.1 | 596.8 | 1,277.7 | 1,720.2 |
Segment profit | (7.7) | 18.5 | (248.8) | (10.9) |
Depreciation and amortization | 35.1 | 38.9 | 108.3 | 124.6 |
Non-cash stock compensation expense | 5.1 | 3.9 | 8.6 | 7.7 |
Non-Operating items: | ||||
Acquisition, integration and divestiture costs | 0.9 | 0.1 | 4.2 | 0.7 |
Gain on divested assets | (1.1) | 0 | (0.5) | 0 |
Impairment charges | 0 | 0 | 144.1 | 0 |
Operating (loss) income | (7.7) | 18.5 | (248.8) | (10.9) |
Interest Expense | 68.7 | 50.2 | 178 | 145.7 |
Amortization of debt issuance costs | 7.8 | 3.7 | 17.8 | 10.4 |
Gain on early extinguishment of debt | (31.2) | 0 | (43.1) | 0 |
Foreign currency (gains) losses, net | (9.8) | 7.6 | 9.1 | 9 |
Miscellaneous, net | (2.6) | 1.7 | 13.9 | 7.6 |
Loss from continuing operations before income taxes | (40.6) | (44.7) | (424.5) | (183.6) |
Revlon Consumer Products Corporation | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 477.1 | 596.8 | 1,277.7 | 1,720.2 |
Segment profit | 56.5 | 70.2 | 134.2 | 159.3 |
Non-Operating items: | ||||
Operating (loss) income | 56.5 | 70.2 | 134.2 | 159.3 |
Revlon Consumer Products Corporation | Segment reconciling items | ||||
Non-Operating items: | ||||
Restructuring and related charges | 4.5 | 5.4 | 61.2 | 27.4 |
Acquisition, integration and divestiture costs | 0.9 | 0.1 | 4.2 | 0.7 |
Gain on divested assets | (1.1) | 0 | (0.5) | 0 |
Financial control remediation and sustainability actions and related charges | 0.7 | 3.4 | 8.5 | 9.8 |
Excessive coupon redemptions | 0 | 0 | 4.2 | 0 |
COVID-19 charges | 9.7 | 0 | 35.1 | 0 |
Capital structure and related charges | 9.3 | 0 | 9.3 | 0 |
Impairment charges | 0 | 0 | 144.1 | 0 |
Revlon Consumer Products Corporation | Revlon | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 166 | 217.3 | 482.8 | 716.1 |
Segment profit | 14.2 | 7.9 | 43.6 | 60.6 |
Non-Operating items: | ||||
Operating (loss) income | 14.2 | 7.9 | 43.6 | 60.6 |
Revlon Consumer Products Corporation | Elizabeth Arden | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 106.3 | 123.2 | 282.4 | 352 |
Segment profit | 3.8 | 13 | 19.7 | 18.2 |
Non-Operating items: | ||||
Operating (loss) income | 3.8 | 13 | 19.7 | 18.2 |
Revlon Consumer Products Corporation | Portfolio | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 99.6 | 118.2 | 298.1 | 354.1 |
Segment profit | 12.6 | 14.7 | 35.3 | 26 |
Non-Operating items: | ||||
Operating (loss) income | 12.6 | 14.7 | 35.3 | 26 |
Revlon Consumer Products Corporation | Fragrance | Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 105.2 | 138.1 | 214.4 | 298 |
Segment profit | 25.9 | 34.6 | 35.6 | 54.5 |
Non-Operating items: | ||||
Operating (loss) income | $ 25.9 | $ 34.6 | $ 35.6 | $ 54.5 |
SEGMENT DATA AND RELATED INFO_4
SEGMENT DATA AND RELATED INFORMATION - Narrative (Details) | Sep. 30, 2020country |
International | |
Segment Reporting Information [Line Items] | |
Number of countries in which entity operates | 25 |
SEGMENT DATA AND RELATED INFO_5
SEGMENT DATA AND RELATED INFORMATION - Schedule of Net Sales and Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | $ 477.1 | $ 596.8 | $ 1,277.7 | $ 1,720.2 | |
Long-lived assets | $ 1,467.4 | $ 1,467.4 | $ 1,694.1 | ||
Travel Retail Sales business | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Percentage of net sales by business | 2.00% | 4.60% | 2.20% | 4.90% | |
North America | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | $ 256 | $ 299.5 | $ 666.4 | $ 864.7 | |
EMEA | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 118.3 | 150.6 | 308.1 | 429 | |
Asia | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 58.5 | 81.6 | 178.8 | 242.5 | |
Latin America | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 18.6 | 28.6 | 53 | 86.7 | |
Pacific | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 25.7 | 36.5 | 71.4 | 97.3 | |
United States | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Long-lived assets | $ 1,208.1 | $ 1,208.1 | $ 1,414 | ||
Percentage of long lived assets by geographic location | 82.00% | 82.00% | 83.00% | ||
International | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Long-lived assets | $ 259.3 | $ 259.3 | $ 280.1 | ||
Percentage of long lived assets by geographic location | 18.00% | 18.00% | 17.00% | ||
Revlon | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | $ 166 | 217.3 | $ 482.8 | 716.1 | |
Revlon | North America | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 86.4 | 100 | 265.6 | 367.9 | |
Revlon | EMEA | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 41.4 | 48.1 | 105.2 | 153.3 | |
Revlon | Asia | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 12.1 | 30.1 | 33.6 | 78.4 | |
Revlon | Latin America | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 11.3 | 18.8 | 35.3 | 56.2 | |
Revlon | Pacific | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 14.8 | 20.3 | 43.1 | 60.3 | |
Elizabeth Arden | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 106.3 | 123.2 | 282.4 | 352 | |
Elizabeth Arden | North America | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 30.5 | 29.5 | 66.9 | 83.9 | |
Elizabeth Arden | EMEA | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 25.3 | 37.3 | 64.9 | 95.8 | |
Elizabeth Arden | Asia | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 43.3 | 46.5 | 135.5 | 148.1 | |
Elizabeth Arden | Latin America | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 2.5 | 2.2 | 3.5 | 7.2 | |
Elizabeth Arden | Pacific | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 4.7 | 7.7 | 11.6 | 17 | |
Portfolio | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 99.6 | 118.2 | 298.1 | 354.1 | |
Portfolio | North America | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 59.9 | 71.4 | 182.8 | 214.5 | |
Portfolio | EMEA | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 32.8 | 38.4 | 93.6 | 111 | |
Portfolio | Asia | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 0.4 | 1 | 1.6 | 3.2 | |
Portfolio | Latin America | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 3.3 | 4.5 | 11.6 | 16.2 | |
Portfolio | Pacific | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 3.2 | 2.9 | 8.5 | 9.2 | |
Fragrance | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 105.2 | 138.1 | 214.4 | 298 | |
Fragrance | North America | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 79.2 | 98.6 | 151.1 | 198.4 | |
Fragrance | EMEA | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 18.8 | 26.8 | 44.4 | 68.9 | |
Fragrance | Asia | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 2.7 | 4 | 8.1 | 12.8 | |
Fragrance | Latin America | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 1.5 | 3.1 | 2.6 | 7.1 | |
Fragrance | Pacific | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | $ 3 | $ 5.6 | $ 8.2 | $ 10.8 |
SEGMENT DATA AND RELATED INFO_6
SEGMENT DATA AND RELATED INFORMATION - Schedule of Net Sales by Classes of Similar Products (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue from External Customer [Line Items] | ||||
Net sales | $ 477.1 | $ 596.8 | $ 1,277.7 | $ 1,720.2 |
Color cosmetics | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | $ 104.7 | $ 173.6 | $ 305.3 | $ 569.9 |
Percentage of net sales by classes of similar products | 22.00% | 29.00% | 24.00% | 33.00% |
Fragrance | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | $ 141.6 | $ 183.7 | $ 300.5 | $ 411.1 |
Percentage of net sales by classes of similar products | 30.00% | 31.00% | 24.00% | 24.00% |
Hair care | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | $ 115.9 | $ 120.5 | $ 338 | $ 379 |
Percentage of net sales by classes of similar products | 24.00% | 20.00% | 26.00% | 22.00% |
Beauty care | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | $ 50.4 | $ 43.6 | $ 141.9 | $ 132.7 |
Percentage of net sales by classes of similar products | 11.00% | 7.00% | 11.00% | 8.00% |
Skin care | ||||
Revenue from External Customer [Line Items] | ||||
Net sales | $ 64.5 | $ 75.4 | $ 192 | $ 227.5 |
Percentage of net sales by classes of similar products | 13.00% | 13.00% | 15.00% | 13.00% |
REVLON, INC. BASIC AND DILUTE_3
REVLON, INC. BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE - Narrative (Details) - shares | Sep. 30, 2020 | Sep. 30, 2019 |
Earnings Per Share, Basic and Diluted [Abstract] | ||
Stock options outstanding (shares) | 0 | 0 |
REVLON, INC. BASIC AND DILUTE_4
REVLON, INC. BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE - Components of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Numerator: | ||||||||
Loss from continuing operations, net of taxes | $ (44.5) | $ (44.4) | $ (385.2) | $ (185.5) | ||||
(Loss) income from discontinued operations, net of taxes | 0 | (0.3) | 0 | 2 | ||||
Net (loss) income | $ (44.5) | $ (126.8) | $ (213.9) | $ (44.7) | $ (63.7) | $ (75.1) | $ (385.2) | $ (183.5) |
Denominator: | ||||||||
Weighted average common shares outstanding - Basic (in shares) | 53,476,354 | 53,129,004 | 53,371,986 | 53,057,154 | ||||
Effect of dilutive restricted stock (in shares) | 0 | 0 | 0 | 0 | ||||
Weighted average common shares outstanding - Diluted (in shares) | 53,476,354 | 53,129,004 | 53,371,986 | 53,057,154 | ||||
Basic and Diluted (loss) earnings per common share: | ||||||||
Continuing operations (in dollars per share) | $ (0.83) | $ (0.84) | $ (7.22) | $ (3.50) | ||||
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0.04 | ||||
Net loss (in dollars per share) | $ (0.83) | $ (0.84) | $ (7.22) | $ (3.46) | ||||
Restricted Stock and Restricted Stock Units | ||||||||
Basic and Diluted (loss) earnings per common share: | ||||||||
Unvested restricted stock and RSUs under the Stock Plan (in shares) | 0 | 314,478 | 0 | 406,854 |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) | Nov. 13, 2020 | Nov. 13, 2020 | Aug. 31, 2020 | Jul. 28, 2020 | Jul. 31, 2021 | Sep. 30, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Oct. 23, 2020 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | |||||||||||||
Reimbursement Agreements termination notice period | 90 days | ||||||||||||
5.75% Senior Notes due 2021 | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | |||||||||||
5.75% Senior Notes due 2021 | Revlon Consumer Products Corporation | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | |||||||||||
5.75% Senior Notes due 2021 | Subsequent Event | Revlon Consumer Products Corporation | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Stated interest rate (as a percent) | 5.75% | ||||||||||||
Debt conversion, original debt amount | $ 236,000,000 | ||||||||||||
MacAndrews & Forbes | 5.75% Senior Notes due 2021 | Subsequent Event | Revlon Consumer Products Corporation | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt conversion, original debt amount | $ 15,500,000 | ||||||||||||
MacAndrews & Forbes | Reimbursements | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Payments to related party | $ 3,860,000 | ||||||||||||
Related party income | $ 600,000 | ||||||||||||
Related party expenses | $ 300,000 | ||||||||||||
Receivable from Related party | $ 300,000 | 300,000 | |||||||||||
Payable to related party | $ 200,000 | ||||||||||||
MacAndrews & Forbes | Reimbursements | Scenario, Forecast | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Payments to related party | $ 1,400,000 | ||||||||||||
Majority Shareholder | Related party expense, other advertising coupon redemption and raw material supply | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Payments to related party | 800,000 | 500,000 | |||||||||||
Related party expenses | 28,200,000 | 19,800,000 | |||||||||||
Payable to related party | 400,000 | 400,000 | $ 500,000 | ||||||||||
Majority Shareholder | Related party expense, coupon redemption services | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Payable to related party | $ 1,700,000 | $ 1,700,000 | $ 5,500,000 | ||||||||||
Ms. Perelman | COVID-19 | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Percentage salary reduction | 25.00% | 40.00% | |||||||||||
Annual base salary | $ 675,000 | ||||||||||||
Ms. Perelman | COVID-19 | Subsequent Event | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Annual base salary | $ 1,125,000 | ||||||||||||
Executive Leadership Team | COVID-19 | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Percentage salary reduction | 25.00% | 20.00% | |||||||||||
Mr. Beattie | 2020 Consulting Agreement | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Consulting agreement renewal term | 1 year | ||||||||||||
Annual consulting fee | $ 250,000 |
PRODUCTS CORPORATION AND SUBS_3
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION - Narrative (Details) | Sep. 30, 2020 |
5.75% Senior Notes | |
Condensed Financial Statements, Captions [Line Items] | |
Stated interest rate (as a percent) | 5.75% |
5.75% Senior Notes | Revlon Consumer Products Corporation | |
Condensed Financial Statements, Captions [Line Items] | |
Stated interest rate (as a percent) | 5.75% |
6.25% Senior Notes | |
Condensed Financial Statements, Captions [Line Items] | |
Stated interest rate (as a percent) | 6.25% |
6.25% Senior Notes | Revlon Consumer Products Corporation | |
Condensed Financial Statements, Captions [Line Items] | |
Stated interest rate (as a percent) | 6.25% |
PRODUCTS CORPORATION AND SUBS_4
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION - Balance Sheet (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Assets [Abstract] | ||||||||
Cash and cash equivalents | $ 268.3 | $ 104.3 | ||||||
Trade receivables, less allowances for doubtful accounts | 340.8 | 423.4 | ||||||
Inventories, net | 525.5 | 448.4 | ||||||
Property, plant and equipment and Right-of-Use assets, net | 355.8 | 408.6 | ||||||
Deferred income taxes | 230.5 | 175.1 | ||||||
Goodwill | 563.2 | 673.7 | ||||||
Intangible assets, net | 435.9 | 490.7 | ||||||
Other assets | 112.5 | 121.1 | ||||||
Total assets | 2,973.3 | 2,980.6 | ||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | ||||||||
Short-term borrowings | 2 | 2.2 | ||||||
Current portion of long-term debt | 704.5 | 288 | ||||||
Accounts payable | 219.9 | 251.8 | ||||||
Accrued expenses and other current liabilities | 387.9 | 414.9 | ||||||
Long-term debt | 2,926.5 | 2,906.2 | ||||||
Stockholder’s (deficiency) equity | (1,582.9) | $ (1,548.5) | $ (1,435.8) | (1,221.2) | $ (1,227.5) | $ (1,187.2) | $ (1,132.2) | $ (1,056.8) |
Total liabilities and stockholder’s (deficiency) equity | 2,973.3 | 2,980.6 | ||||||
Revlon Consumer Products Corporation | ||||||||
Assets [Abstract] | ||||||||
Cash and cash equivalents | 268.3 | 104.3 | ||||||
Trade receivables, less allowances for doubtful accounts | 340.8 | 423.4 | ||||||
Inventories, net | 525.5 | 448.4 | ||||||
Prepaid expenses and other | 305.6 | 292.6 | ||||||
Intercompany receivables | 0 | 0 | ||||||
Investment in subsidiaries | 0 | 0 | ||||||
Property, plant and equipment and Right-of-Use assets, net | 355.8 | 408.6 | ||||||
Deferred income taxes | 211.9 | 158.1 | ||||||
Goodwill | 563.2 | 673.7 | ||||||
Intangible assets, net | 435.9 | 490.7 | ||||||
Other assets | 112.5 | 121.1 | ||||||
Total assets | 3,119.5 | 3,120.9 | ||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | ||||||||
Short-term borrowings | 2 | 2.2 | ||||||
Current portion of long-term debt | 704.5 | 288 | ||||||
Accounts payable | 219.9 | 251.8 | ||||||
Accrued expenses and other current liabilities | 390.8 | 418.2 | ||||||
Intercompany payables | 0 | 0 | ||||||
Long-term debt | 2,926.5 | 2,906.2 | ||||||
Other long-term liabilities | 320.3 | 343.9 | ||||||
Total liabilities | 4,564 | 4,210.3 | ||||||
Stockholder’s (deficiency) equity | (1,444.5) | $ (1,411.7) | $ (1,301.9) | (1,089.4) | $ (1,098) | $ (1,059.1) | $ (1,005.3) | $ (933.1) |
Total liabilities and stockholder’s (deficiency) equity | 3,119.5 | 3,120.9 | ||||||
Revlon Consumer Products Corporation | Eliminations | ||||||||
Assets [Abstract] | ||||||||
Cash and cash equivalents | 0 | 0 | ||||||
Trade receivables, less allowances for doubtful accounts | 0 | 0 | ||||||
Inventories, net | 0 | 0 | ||||||
Prepaid expenses and other | 0 | 0 | ||||||
Intercompany receivables | (7,136.1) | (6,165) | ||||||
Investment in subsidiaries | (1,581.3) | (1,629) | ||||||
Property, plant and equipment and Right-of-Use assets, net | 0 | 0 | ||||||
Deferred income taxes | 0 | 0 | ||||||
Goodwill | 0 | 0 | ||||||
Intangible assets, net | 0 | 0 | ||||||
Other assets | 0 | 0 | ||||||
Total assets | (8,717.4) | (7,794) | ||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | ||||||||
Short-term borrowings | 0 | 0 | ||||||
Current portion of long-term debt | 0 | 0 | ||||||
Accounts payable | 0 | 0 | ||||||
Accrued expenses and other current liabilities | 0 | 0 | ||||||
Intercompany payables | (7,136) | (6,165) | ||||||
Long-term debt | 0 | 0 | ||||||
Other long-term liabilities | 0 | 0 | ||||||
Total liabilities | (7,136) | (6,165) | ||||||
Stockholder’s (deficiency) equity | (1,581.4) | (1,629) | ||||||
Total liabilities and stockholder’s (deficiency) equity | (8,717.4) | (7,794) | ||||||
Revlon Consumer Products Corporation | Products Corporation | Reportable Legal Entities | ||||||||
Assets [Abstract] | ||||||||
Cash and cash equivalents | 167.8 | 0.8 | ||||||
Trade receivables, less allowances for doubtful accounts | 54.6 | 95.5 | ||||||
Inventories, net | 141 | 131 | ||||||
Prepaid expenses and other | 215 | 219.7 | ||||||
Intercompany receivables | 3,375.6 | 2,857.7 | ||||||
Investment in subsidiaries | 1,581.4 | 1,598.3 | ||||||
Property, plant and equipment and Right-of-Use assets, net | 184.4 | 208.7 | ||||||
Deferred income taxes | 243.5 | 165 | ||||||
Goodwill | 48.9 | 159.9 | ||||||
Intangible assets, net | 10.8 | 13 | ||||||
Other assets | 69 | 67.8 | ||||||
Total assets | 6,092 | 5,517.4 | ||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | ||||||||
Short-term borrowings | 0 | 0 | ||||||
Current portion of long-term debt | 649 | 287.9 | ||||||
Accounts payable | 75.1 | 108.4 | ||||||
Accrued expenses and other current liabilities | 243.5 | 124.1 | ||||||
Intercompany payables | 3,496.2 | 3,030.3 | ||||||
Long-term debt | 2,926.2 | 2,822.2 | ||||||
Other long-term liabilities | 172.9 | 220.4 | ||||||
Total liabilities | 7,562.9 | 6,593.3 | ||||||
Stockholder’s (deficiency) equity | (1,470.9) | (1,075.9) | ||||||
Total liabilities and stockholder’s (deficiency) equity | 6,092 | 5,517.4 | ||||||
Revlon Consumer Products Corporation | Guarantor Subsidiaries | Reportable Legal Entities | ||||||||
Assets [Abstract] | ||||||||
Cash and cash equivalents | 8.8 | 6.4 | ||||||
Trade receivables, less allowances for doubtful accounts | 107.7 | 92.3 | ||||||
Inventories, net | 180.9 | 151.5 | ||||||
Prepaid expenses and other | 31.2 | 26.4 | ||||||
Intercompany receivables | 3,296.1 | 2,854.6 | ||||||
Investment in subsidiaries | (0.1) | 30.7 | ||||||
Property, plant and equipment and Right-of-Use assets, net | 70.5 | 89.5 | ||||||
Deferred income taxes | (70.6) | (37.8) | ||||||
Goodwill | 264 | 264 | ||||||
Intangible assets, net | 192.1 | 346.9 | ||||||
Other assets | 13.4 | 16.2 | ||||||
Total assets | 4,094 | 3,840.7 | ||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | ||||||||
Short-term borrowings | 0 | 0 | ||||||
Current portion of long-term debt | 0 | 0 | ||||||
Accounts payable | 62.2 | 39.9 | ||||||
Accrued expenses and other current liabilities | (48.2) | 70 | ||||||
Intercompany payables | 3,013.9 | 2,668.7 | ||||||
Long-term debt | 0 | 0 | ||||||
Other long-term liabilities | 109.3 | 118.2 | ||||||
Total liabilities | 3,137.2 | 2,896.8 | ||||||
Stockholder’s (deficiency) equity | 956.8 | 943.9 | ||||||
Total liabilities and stockholder’s (deficiency) equity | 4,094 | 3,840.7 | ||||||
Revlon Consumer Products Corporation | Non-Guarantor Subsidiaries | Reportable Legal Entities | ||||||||
Assets [Abstract] | ||||||||
Cash and cash equivalents | 91.7 | 97.1 | ||||||
Trade receivables, less allowances for doubtful accounts | 178.5 | 235.6 | ||||||
Inventories, net | 203.6 | 165.9 | ||||||
Prepaid expenses and other | 59.4 | 46.5 | ||||||
Intercompany receivables | 464.4 | 452.7 | ||||||
Investment in subsidiaries | 0 | 0 | ||||||
Property, plant and equipment and Right-of-Use assets, net | 100.9 | 110.4 | ||||||
Deferred income taxes | 39 | 30.9 | ||||||
Goodwill | 250.3 | 249.8 | ||||||
Intangible assets, net | 233 | 130.8 | ||||||
Other assets | 30.1 | 37.1 | ||||||
Total assets | 1,650.9 | 1,556.8 | ||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | ||||||||
Short-term borrowings | 2 | 2.2 | ||||||
Current portion of long-term debt | 55.5 | 0.1 | ||||||
Accounts payable | 82.6 | 103.5 | ||||||
Accrued expenses and other current liabilities | 195.5 | 224.1 | ||||||
Intercompany payables | 625.9 | 466 | ||||||
Long-term debt | 0.3 | 84 | ||||||
Other long-term liabilities | 38.1 | 5.3 | ||||||
Total liabilities | 999.9 | 885.2 | ||||||
Stockholder’s (deficiency) equity | 651 | 671.6 | ||||||
Total liabilities and stockholder’s (deficiency) equity | $ 1,650.9 | $ 1,556.8 |
PRODUCTS CORPORATION AND SUBS_5
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION - Statement of Operations and Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Net sales | $ 477.1 | $ 596.8 | $ 1,277.7 | $ 1,720.2 | ||||||||||
Cost of sales | 234.3 | 269 | 600.7 | 750.7 | ||||||||||
Gross profit | 242.8 | 327.8 | 677 | 969.5 | ||||||||||
Selling, general and administrative expenses | 253.4 | 308.1 | 739.1 | 973.2 | ||||||||||
Acquisition, integration and divestiture costs | 0.9 | 0.1 | 4.2 | 0.7 | ||||||||||
Restructuring charges and other, net | (0.7) | 2.9 | 44.8 | 11.6 | ||||||||||
Impairment charges | 0 | 0 | 144.1 | 0 | ||||||||||
Gain on divested assets | (1.1) | 0 | (0.5) | 0 | ||||||||||
Operating (loss) income | (9.7) | 16.7 | (254.7) | (16) | ||||||||||
Other (income) expense: | ||||||||||||||
Interest Expense | 68.7 | 50.2 | 178 | 145.7 | ||||||||||
Amortization of debt issuance costs | 7.8 | 3.7 | 17.8 | 10.4 | ||||||||||
Gain on early extinguishment of debt | (31.2) | 0 | (43.1) | 0 | ||||||||||
Foreign currency losses (gains), net | (9.8) | 7.6 | 9.1 | 9 | ||||||||||
Miscellaneous, net | (2.6) | 1.7 | 13.9 | 7.6 | ||||||||||
Other expense (income), net | 32.9 | 63.2 | 175.7 | 172.7 | ||||||||||
Loss from continuing operations before income taxes | (42.6) | (46.5) | (430.4) | (188.7) | ||||||||||
Provision for (benefit from) income taxes | 1.9 | (2.1) | (45.2) | (3.2) | ||||||||||
(Loss) income from continuing operations, net of taxes | (44.5) | (44.4) | (385.2) | (185.5) | ||||||||||
(Loss) income from discontinued operations, net of taxes | 0 | (0.3) | 0 | 2 | ||||||||||
Net (loss) income | (44.5) | $ (126.8) | $ (213.9) | (44.7) | $ (63.7) | $ (75.1) | (385.2) | (183.5) | ||||||
Other comprehensive (loss) income | 5 | [1] | 14.3 | [1] | (2.7) | [1] | 0.5 | [1] | 5.3 | [1] | 0.9 | [1] | 16.6 | 6.7 |
Total comprehensive loss | (39.5) | (44.2) | (368.6) | (176.8) | ||||||||||
Revlon Consumer Products Corporation | ||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Net sales | 477.1 | 596.8 | 1,277.7 | 1,720.2 | ||||||||||
Cost of sales | 234.3 | 269 | 600.7 | 750.7 | ||||||||||
Gross profit | 242.8 | 327.8 | 677 | 969.5 | ||||||||||
Selling, general and administrative expenses | 251.4 | 306.3 | 733.2 | 968.1 | ||||||||||
Acquisition, integration and divestiture costs | 0.9 | 0.1 | 4.2 | 0.7 | ||||||||||
Restructuring charges and other, net | (0.7) | 2.9 | 44.8 | 11.6 | ||||||||||
Impairment charges | 0 | 0 | 144.1 | 0 | ||||||||||
Gain on divested assets | (1.1) | 0 | (0.5) | 0 | ||||||||||
Operating (loss) income | (7.7) | 18.5 | (248.8) | (10.9) | ||||||||||
Other (income) expense: | ||||||||||||||
Intercompany interest, net | 0 | 0 | 0 | 0 | ||||||||||
Interest Expense | 68.7 | 50.2 | 178 | 145.7 | ||||||||||
Amortization of debt issuance costs | 7.8 | 3.7 | 17.8 | 10.4 | ||||||||||
Gain on early extinguishment of debt | (31.2) | 0 | (43.1) | 0 | ||||||||||
Foreign currency losses (gains), net | (9.8) | 7.6 | 9.1 | 9 | ||||||||||
Miscellaneous, net | (2.6) | 1.7 | 13.9 | 7.6 | ||||||||||
Other expense (income), net | 32.9 | 63.2 | 175.7 | 172.7 | ||||||||||
Loss from continuing operations before income taxes | (40.6) | (44.7) | (424.5) | (183.6) | ||||||||||
Provision for (benefit from) income taxes | 2.3 | (1.8) | (44.2) | (2.4) | ||||||||||
(Loss) income from continuing operations, net of taxes | (42.9) | (42.9) | (380.3) | (181.2) | ||||||||||
(Loss) income from discontinued operations, net of taxes | 0 | (0.3) | 0 | 2 | ||||||||||
Equity in income (loss) of subsidiaries | 0 | 0 | 0 | 0 | ||||||||||
Net (loss) income | (42.9) | (125.2) | (212.2) | (43.2) | (62.5) | (73.5) | (380.3) | (179.2) | ||||||
Other comprehensive (loss) income | 5 | [2] | $ 14.3 | [2] | $ (2.7) | [2] | 0.5 | [2] | $ 5.3 | [2] | $ 0.9 | [2] | 16.6 | 6.7 |
Total comprehensive loss | (37.9) | (42.7) | (363.7) | (172.5) | ||||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Products Corporation | ||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Net sales | 95.7 | 118.4 | 305.9 | 429.4 | ||||||||||
Cost of sales | 45.6 | 64.9 | 158.5 | 205.1 | ||||||||||
Gross profit | 50.1 | 53.5 | 147.4 | 224.3 | ||||||||||
Selling, general and administrative expenses | 84.4 | 90.5 | 247.6 | 329.5 | ||||||||||
Acquisition, integration and divestiture costs | 0.8 | 0.1 | 4 | 0.6 | ||||||||||
Restructuring charges and other, net | (8.4) | 1 | 32.3 | 3.4 | ||||||||||
Impairment charges | (23.4) | 120.7 | ||||||||||||
Gain on divested assets | (1.1) | (0.5) | ||||||||||||
Operating (loss) income | (2.2) | (38.1) | (256.7) | (109.2) | ||||||||||
Other (income) expense: | ||||||||||||||
Intercompany interest, net | (0.5) | (1.1) | (3.5) | (3.5) | ||||||||||
Interest Expense | 67.3 | 48.5 | 173 | 140.5 | ||||||||||
Amortization of debt issuance costs | 7.8 | 3.7 | 17.8 | 10.4 | ||||||||||
Gain on early extinguishment of debt | (31.2) | (43.1) | ||||||||||||
Foreign currency losses (gains), net | 1 | 0.9 | 1.6 | 1.2 | ||||||||||
Miscellaneous, net | (1.8) | (8.4) | (0.9) | (26.4) | ||||||||||
Other expense (income), net | 42.6 | 43.6 | 144.9 | 122.2 | ||||||||||
Loss from continuing operations before income taxes | (44.8) | (81.7) | (401.6) | (231.4) | ||||||||||
Provision for (benefit from) income taxes | (6.3) | (31.4) | (58.4) | (36.8) | ||||||||||
(Loss) income from continuing operations, net of taxes | (38.5) | (50.3) | (343.2) | (194.6) | ||||||||||
(Loss) income from discontinued operations, net of taxes | 0 | 0 | ||||||||||||
Equity in income (loss) of subsidiaries | 30 | 30.8 | 0.7 | 39.3 | ||||||||||
Net (loss) income | (8.5) | (19.5) | (342.5) | (155.3) | ||||||||||
Other comprehensive (loss) income | 5 | 0.5 | 16.6 | 6.7 | ||||||||||
Total comprehensive loss | (3.5) | (19) | (325.9) | (148.6) | ||||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Guarantor Subsidiaries | ||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Net sales | 148.9 | 174.8 | 339.6 | 428.9 | ||||||||||
Cost of sales | 92.6 | 88.1 | 190.5 | 217.3 | ||||||||||
Gross profit | 56.3 | 86.7 | 149.1 | 211.6 | ||||||||||
Selling, general and administrative expenses | 47.7 | 82.1 | 163.8 | 238.7 | ||||||||||
Acquisition, integration and divestiture costs | 0 | 0 | 0 | 0.1 | ||||||||||
Restructuring charges and other, net | 2.7 | 0.5 | 7 | 3.4 | ||||||||||
Impairment charges | 22 | 22 | ||||||||||||
Gain on divested assets | 0 | 0 | ||||||||||||
Operating (loss) income | (16.1) | 4.1 | (43.7) | (30.6) | ||||||||||
Other (income) expense: | ||||||||||||||
Intercompany interest, net | 0.7 | 0.6 | 1.8 | 2 | ||||||||||
Interest Expense | 0 | 0 | 0 | 0 | ||||||||||
Amortization of debt issuance costs | 0 | 0 | 0 | 0 | ||||||||||
Gain on early extinguishment of debt | 0 | 0 | ||||||||||||
Foreign currency losses (gains), net | (0.7) | (0.1) | 1.7 | 0.2 | ||||||||||
Miscellaneous, net | (55.4) | (10) | (71.5) | (36.2) | ||||||||||
Other expense (income), net | (55.4) | (9.5) | (68) | (34) | ||||||||||
Loss from continuing operations before income taxes | 39.3 | 13.6 | 24.3 | 3.4 | ||||||||||
Provision for (benefit from) income taxes | 17.8 | 18.9 | 19.2 | 19.3 | ||||||||||
(Loss) income from continuing operations, net of taxes | 21.5 | (5.3) | 5.1 | (15.9) | ||||||||||
(Loss) income from discontinued operations, net of taxes | 0 | 0 | ||||||||||||
Equity in income (loss) of subsidiaries | (10) | 0.1 | (36.9) | 11.8 | ||||||||||
Net (loss) income | 11.5 | (5.2) | (31.8) | (4.1) | ||||||||||
Other comprehensive (loss) income | (7.1) | 3.9 | 7.3 | 2.7 | ||||||||||
Total comprehensive loss | 4.4 | (1.3) | (24.5) | (1.4) | ||||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Net sales | 232.4 | 303.9 | 632.2 | 865.4 | ||||||||||
Cost of sales | 96 | 116.3 | 251.7 | 331.8 | ||||||||||
Gross profit | 136.4 | 187.6 | 380.5 | 533.6 | ||||||||||
Selling, general and administrative expenses | 119.3 | 133.7 | 321.8 | 399.9 | ||||||||||
Acquisition, integration and divestiture costs | 0.1 | 0 | 0.2 | 0 | ||||||||||
Restructuring charges and other, net | 5 | 1.4 | 5.5 | 4.8 | ||||||||||
Impairment charges | 1.4 | 1.4 | ||||||||||||
Gain on divested assets | 0 | 0 | ||||||||||||
Operating (loss) income | 10.6 | 52.5 | 51.6 | 128.9 | ||||||||||
Other (income) expense: | ||||||||||||||
Intercompany interest, net | (0.2) | 0.5 | 1.7 | 1.5 | ||||||||||
Interest Expense | 1.4 | 1.7 | 5 | 5.2 | ||||||||||
Amortization of debt issuance costs | 0 | 0 | 0 | 0 | ||||||||||
Gain on early extinguishment of debt | 0 | 0 | ||||||||||||
Foreign currency losses (gains), net | (10.1) | 6.8 | 5.8 | 7.6 | ||||||||||
Miscellaneous, net | 54.6 | 20.1 | 86.3 | 70.2 | ||||||||||
Other expense (income), net | 45.7 | 29.1 | 98.8 | 84.5 | ||||||||||
Loss from continuing operations before income taxes | (35.1) | 23.4 | (47.2) | 44.4 | ||||||||||
Provision for (benefit from) income taxes | (9.2) | 10.7 | (5) | 15.1 | ||||||||||
(Loss) income from continuing operations, net of taxes | (25.9) | 12.7 | (42.2) | 29.3 | ||||||||||
(Loss) income from discontinued operations, net of taxes | (0.3) | 2 | ||||||||||||
Equity in income (loss) of subsidiaries | 0 | 0 | 0 | 0 | ||||||||||
Net (loss) income | (25.9) | 12.4 | (42.2) | 31.3 | ||||||||||
Other comprehensive (loss) income | 1.6 | (1.9) | 4 | (1.8) | ||||||||||
Total comprehensive loss | (24.3) | 10.5 | (38.2) | 29.5 | ||||||||||
Revlon Consumer Products Corporation | Eliminations | ||||||||||||||
Condensed Income Statements, Captions [Line Items] | ||||||||||||||
Net sales | 0.1 | (0.3) | 0 | (3.5) | ||||||||||
Cost of sales | 0.1 | (0.3) | 0 | (3.5) | ||||||||||
Gross profit | 0 | 0 | 0 | 0 | ||||||||||
Selling, general and administrative expenses | 0 | 0 | 0 | 0 | ||||||||||
Acquisition, integration and divestiture costs | 0 | 0 | 0 | 0 | ||||||||||
Restructuring charges and other, net | 0 | 0 | 0 | 0 | ||||||||||
Impairment charges | 0 | 0 | ||||||||||||
Gain on divested assets | 0 | 0 | ||||||||||||
Operating (loss) income | 0 | 0 | 0 | 0 | ||||||||||
Other (income) expense: | ||||||||||||||
Intercompany interest, net | 0 | 0 | 0 | 0 | ||||||||||
Interest Expense | 0 | 0 | 0 | 0 | ||||||||||
Amortization of debt issuance costs | 0 | 0 | 0 | 0 | ||||||||||
Gain on early extinguishment of debt | 0 | 0 | ||||||||||||
Foreign currency losses (gains), net | 0 | 0 | 0 | 0 | ||||||||||
Miscellaneous, net | 0 | 0 | 0 | 0 | ||||||||||
Other expense (income), net | 0 | 0 | 0 | 0 | ||||||||||
Loss from continuing operations before income taxes | 0 | 0 | 0 | 0 | ||||||||||
Provision for (benefit from) income taxes | 0 | 0 | 0 | 0 | ||||||||||
(Loss) income from continuing operations, net of taxes | 0 | 0 | 0 | 0 | ||||||||||
(Loss) income from discontinued operations, net of taxes | 0 | 0 | ||||||||||||
Equity in income (loss) of subsidiaries | (20) | (30.9) | 36.2 | (51.1) | ||||||||||
Net (loss) income | (20) | (30.9) | 36.2 | (51.1) | ||||||||||
Other comprehensive (loss) income | 5.5 | (2) | (11.3) | (0.9) | ||||||||||
Total comprehensive loss | $ (14.5) | $ (32.9) | $ 24.9 | $ (52) | ||||||||||
[1] | See Note 13, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during the nine months ended September 30, 2020 and 2019, respectively. | |||||||||||||
[2] | See Note 13, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during the three months ended September 30, 2020 and 2019, respectively. |
PRODUCTS CORPORATION AND SUBS_6
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION - Statement of Cash Flow (Details) € in Millions | May 07, 2020USD ($) | May 31, 2020EUR (€) | Sep. 30, 2020USD ($) | Jun. 30, 2020EUR (€) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
Net cash (used in) provided by operating activities | $ (256,900,000) | $ (166,800,000) | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
Net cash used in investing activities | (7,400,000) | (20,000,000) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Net decrease in short-term borrowings and overdraft | (700,000) | (22,400,000) | |||||||
Payment of financing costs | (108,300,000) | (13,400,000) | |||||||
Tax withholdings related to net share settlements of restricted stock and RSUs | $ (6,400) | $ 0 | (1,600,000) | (1,600,000) | |||||
Other financing activities | (300,000) | (900,000) | |||||||
Net cash provided by (used in) financing activities | 433,900,000 | 161,600,000 | |||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (400,000) | (1,400,000) | |||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 169,200,000 | (26,600,000) | |||||||
Cash, cash equivalents and restricted cash at beginning of period | [1] | 104,500,000 | 87,500,000 | ||||||
Cash, cash equivalents and restricted cash at end of period | [1] | 273,700,000 | 60,900,000 | 273,700,000 | 60,900,000 | ||||
2020 BrandCo Term Loan Facility due 2025 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Proceeds from long-term lines of credit | 880,000,000 | 0 | |||||||
5.75% Senior Notes due 2021 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Repayments of senior debt | (114,100,000) | 0 | |||||||
Revolving Credit Facility Due 2021 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Proceeds from long-term lines of credit | 19,500,000 | 13,400,000 | |||||||
2019 Term Loan Facility due 2023 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Proceeds from issuance of senior debt | [2] | 200,000,000 | |||||||
Repayments of senior debt | [2] | (200,000,000) | |||||||
2018 Foreign Asset-Based Term Facility due 2021 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Repayments of senior debt | (31,400,000) | 0 | |||||||
2016 Term Loan Facility | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Repayments of senior debt | (9,200,000) | (13,500,000) | |||||||
Revlon Consumer Products Corporation | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
Net cash (used in) provided by operating activities | (256,900,000) | (166,800,000) | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
Net cash used in investing activities | (7,400,000) | (20,000,000) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Net decrease in short-term borrowings and overdraft | (700,000) | (22,400,000) | |||||||
Payment of financing costs | (108,300,000) | (13,400,000) | |||||||
Tax withholdings related to net share settlements of restricted stock and RSUs | (1,600,000) | (1,600,000) | |||||||
Other financing activities | (300,000) | (900,000) | |||||||
Net cash provided by (used in) financing activities | 433,900,000 | 161,600,000 | |||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (400,000) | (1,400,000) | |||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 169,200,000 | (26,600,000) | |||||||
Cash, cash equivalents and restricted cash at beginning of period | [3] | 104,500,000 | 87,500,000 | ||||||
Cash, cash equivalents and restricted cash at end of period | [3] | 273,700,000 | 60,900,000 | 273,700,000 | 60,900,000 | ||||
Revlon Consumer Products Corporation | 2020 BrandCo Term Loan Facility due 2025 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Proceeds from long-term lines of credit | 880,000,000 | 0 | |||||||
Revlon Consumer Products Corporation | 5.75% Senior Notes due 2021 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Repayments of senior debt | (114,100,000) | 0 | |||||||
Revlon Consumer Products Corporation | Revolving Credit Facility Due 2021 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Proceeds from long-term lines of credit | 19,500,000 | 13,400,000 | |||||||
Revlon Consumer Products Corporation | 2019 Term Loan Facility due 2023 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Proceeds from issuance of senior debt | [4] | 200,000,000 | |||||||
Repayments of senior debt | $ (200,000,000) | (200,000,000) | [4] | ||||||
Revlon Consumer Products Corporation | 2018 Foreign Asset-Based Term Facility due 2021 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Repayments of senior debt | € (5) | € (28.5) | (31,400,000) | 0 | |||||
Revlon Consumer Products Corporation | 2016 Term Loan Facility | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Repayments of senior debt | (9,200,000) | (13,500,000) | |||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Products Corporation | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
Net cash (used in) provided by operating activities | (260,000,000) | (169,100,000) | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
Net cash used in investing activities | (6,000,000) | (10,900,000) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Net decrease in short-term borrowings and overdraft | 2,500,000 | (11,500,000) | |||||||
Payment of financing costs | (109,400,000) | (12,200,000) | |||||||
Tax withholdings related to net share settlements of restricted stock and RSUs | (1,600,000) | (1,600,000) | |||||||
Other financing activities | (100,000) | (600,000) | |||||||
Net cash provided by (used in) financing activities | 436,200,000 | 174,000,000 | |||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 400,000 | 0 | |||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 170,600,000 | (6,000,000) | |||||||
Cash, cash equivalents and restricted cash at beginning of period | 1,000,000 | 7,200,000 | |||||||
Cash, cash equivalents and restricted cash at end of period | 171,600,000 | 1,200,000 | 171,600,000 | 1,200,000 | |||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Products Corporation | 2020 BrandCo Term Loan Facility due 2025 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Proceeds from long-term lines of credit | 880,000,000 | ||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Products Corporation | 5.75% Senior Notes due 2021 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Repayments of senior debt | (114,100,000) | ||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Products Corporation | Revolving Credit Facility Due 2021 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Proceeds from long-term lines of credit | 19,500,000 | 13,400,000 | |||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Products Corporation | 2019 Term Loan Facility due 2023 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Proceeds from issuance of senior debt | 200,000,000 | ||||||||
Repayments of senior debt | (200,000,000) | ||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Products Corporation | 2018 Foreign Asset-Based Term Facility due 2021 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Repayments of senior debt | (31,400,000) | ||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Products Corporation | 2016 Term Loan Facility | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Repayments of senior debt | (9,200,000) | (13,500,000) | |||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Guarantor Subsidiaries | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
Net cash (used in) provided by operating activities | 6,600,000 | 5,600,000 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
Net cash used in investing activities | (500,000) | (2,000,000) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Net decrease in short-term borrowings and overdraft | (3,800,000) | (7,200,000) | |||||||
Payment of financing costs | 0 | 0 | |||||||
Tax withholdings related to net share settlements of restricted stock and RSUs | 0 | 0 | |||||||
Other financing activities | (100,000) | (100,000) | |||||||
Net cash provided by (used in) financing activities | (3,900,000) | (7,300,000) | |||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 2,000,000 | 400,000 | |||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 4,200,000 | (3,300,000) | |||||||
Cash, cash equivalents and restricted cash at beginning of period | 6,400,000 | 6,600,000 | |||||||
Cash, cash equivalents and restricted cash at end of period | 10,600,000 | 3,300,000 | 10,600,000 | 3,300,000 | |||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Guarantor Subsidiaries | 2020 BrandCo Term Loan Facility due 2025 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Proceeds from long-term lines of credit | 0 | ||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Guarantor Subsidiaries | 5.75% Senior Notes due 2021 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Repayments of senior debt | 0 | ||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Guarantor Subsidiaries | Revolving Credit Facility Due 2021 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Proceeds from long-term lines of credit | 0 | 0 | |||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Guarantor Subsidiaries | 2019 Term Loan Facility due 2023 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Proceeds from issuance of senior debt | 0 | ||||||||
Repayments of senior debt | 0 | ||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Guarantor Subsidiaries | 2018 Foreign Asset-Based Term Facility due 2021 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Repayments of senior debt | 0 | ||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Guarantor Subsidiaries | 2016 Term Loan Facility | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Repayments of senior debt | 0 | 0 | |||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Non-Guarantor Subsidiaries | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
Net cash (used in) provided by operating activities | (3,500,000) | (3,300,000) | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
Net cash used in investing activities | (900,000) | (7,100,000) | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Net decrease in short-term borrowings and overdraft | 600,000 | (3,700,000) | |||||||
Payment of financing costs | 1,100,000 | (1,200,000) | |||||||
Tax withholdings related to net share settlements of restricted stock and RSUs | 0 | 0 | |||||||
Other financing activities | (100,000) | (200,000) | |||||||
Net cash provided by (used in) financing activities | 1,600,000 | (5,100,000) | |||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2,800,000) | (1,800,000) | |||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (5,600,000) | (17,300,000) | |||||||
Cash, cash equivalents and restricted cash at beginning of period | 97,200,000 | 73,700,000 | |||||||
Cash, cash equivalents and restricted cash at end of period | 91,600,000 | 56,400,000 | 91,600,000 | 56,400,000 | |||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Non-Guarantor Subsidiaries | 2020 BrandCo Term Loan Facility due 2025 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Proceeds from long-term lines of credit | 0 | ||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Non-Guarantor Subsidiaries | 5.75% Senior Notes due 2021 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Repayments of senior debt | 0 | ||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Non-Guarantor Subsidiaries | Revolving Credit Facility Due 2021 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Proceeds from long-term lines of credit | 0 | 0 | |||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Non-Guarantor Subsidiaries | 2019 Term Loan Facility due 2023 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Proceeds from issuance of senior debt | 0 | ||||||||
Repayments of senior debt | 0 | ||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Non-Guarantor Subsidiaries | 2018 Foreign Asset-Based Term Facility due 2021 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Repayments of senior debt | 0 | ||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Non-Guarantor Subsidiaries | 2016 Term Loan Facility | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Repayments of senior debt | 0 | 0 | |||||||
Revlon Consumer Products Corporation | Eliminations | |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
Net cash (used in) provided by operating activities | 0 | 0 | |||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
Net cash used in investing activities | 0 | 0 | |||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Net decrease in short-term borrowings and overdraft | 0 | 0 | |||||||
Payment of financing costs | 0 | 0 | |||||||
Tax withholdings related to net share settlements of restricted stock and RSUs | 0 | 0 | |||||||
Other financing activities | 0 | 0 | |||||||
Net cash provided by (used in) financing activities | 0 | 0 | |||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 | |||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 | |||||||
Cash, cash equivalents and restricted cash at beginning of period | 0 | 0 | |||||||
Cash, cash equivalents and restricted cash at end of period | $ 0 | $ 0 | 0 | 0 | |||||
Revlon Consumer Products Corporation | Eliminations | 2020 BrandCo Term Loan Facility due 2025 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Proceeds from long-term lines of credit | 0 | ||||||||
Revlon Consumer Products Corporation | Eliminations | 5.75% Senior Notes due 2021 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Repayments of senior debt | 0 | ||||||||
Revlon Consumer Products Corporation | Eliminations | Revolving Credit Facility Due 2021 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Proceeds from long-term lines of credit | 0 | 0 | |||||||
Revlon Consumer Products Corporation | Eliminations | 2019 Term Loan Facility due 2023 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Proceeds from issuance of senior debt | 0 | ||||||||
Repayments of senior debt | 0 | ||||||||
Revlon Consumer Products Corporation | Eliminations | 2018 Foreign Asset-Based Term Facility due 2021 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Repayments of senior debt | 0 | ||||||||
Revlon Consumer Products Corporation | Eliminations | 2016 Term Loan Facility | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Repayments of senior debt | $ 0 | $ 0 | |||||||
[1] | These amounts include restricted cash of $5.4 million and $0.2 million as of September 30, 2020 and 2019, respectively. The balance as of September 30, 2020 represents: (i) cash on deposit in lieu of a mandatory prepayment under the 2018 Foreign Asset-Based Term Facility; and (ii) cash on deposit to support | ||||||||
[2] | The Company fully repaid the 2019 Term Loan Facility in May 2020. | ||||||||
[3] | These amounts include restricted cash of $5.4 million and $0.2 million as of September 30, | ||||||||
[4] | The Company fully repaid the 2019 Term Loan Facility in May 2020. |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) | Nov. 13, 2020 | Nov. 13, 2020 | Nov. 10, 2020 | Oct. 23, 2020 | Apr. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | |||||||
Long-term debt | $ 3,631,000,000 | $ 3,194,200,000 | |||||
Ms. Perelman | COVID-19 | |||||||
Subsequent Event [Line Items] | |||||||
Annual base salary | $ 675,000 | ||||||
5.75% Senior Notes due 2021 | |||||||
Subsequent Event [Line Items] | |||||||
Stated interest rate (as a percent) | 5.75% | ||||||
Long-term debt | $ 341,700,000 | $ 498,100,000 | |||||
5.75% Senior Notes due 2021 | Revlon Consumer Products Corporation | |||||||
Subsequent Event [Line Items] | |||||||
Stated interest rate (as a percent) | 5.75% | ||||||
Subsequent Event | Ms. Perelman | COVID-19 | |||||||
Subsequent Event [Line Items] | |||||||
Annual base salary | $ 1,125,000 | ||||||
Subsequent Event | Board members | COVID-19 | |||||||
Subsequent Event [Line Items] | |||||||
Annual retainer fees | 115,000 | ||||||
Subsequent Event | Audit Committee members | COVID-19 | |||||||
Subsequent Event [Line Items] | |||||||
Annual retainer fees | 10,000 | ||||||
Subsequent Event | Audit Committee chairman | COVID-19 | |||||||
Subsequent Event [Line Items] | |||||||
Annual retainer fees | 10,000 | ||||||
Subsequent Event | Compensation Committee chairman | COVID-19 | |||||||
Subsequent Event [Line Items] | |||||||
Annual retainer fees | 10,000 | ||||||
Subsequent Event | Revlon Consumer Products Corporation | Board members | COVID-19 | |||||||
Subsequent Event [Line Items] | |||||||
Annual retainer fees | 25,000 | ||||||
Subsequent Event | 5.75% Senior Notes due 2021 | Revlon Consumer Products Corporation | |||||||
Subsequent Event [Line Items] | |||||||
Stated interest rate (as a percent) | 5.75% | ||||||
Long-term debt | $ 0 | $ 0 | $ 342,785,000 | ||||
Debt conversion, original debt amount | 236,000,000 | ||||||
Debt repaid | $ 106,800,000 | ||||||
Subsequent Event | 5.75% Senior Notes due 2021 | Revlon Consumer Products Corporation | Up to Expiration Time | |||||||
Subsequent Event [Line Items] | |||||||
Cash per $1,000 principal amount | $ 275 | ||||||
Early tender/consent fee payable per $1,000 principal amount | 50 | ||||||
Aggregate cash per $1,000 principal | 325 | ||||||
Subsequent Event | 5.75% Senior Notes due 2021 | Revlon Consumer Products Corporation | After Expiration time | |||||||
Subsequent Event [Line Items] | |||||||
Cash per $1,000 principal amount | 200 | ||||||
Early tender/consent fee payable per $1,000 principal amount | 50 | ||||||
Aggregate cash per $1,000 principal | $ 250 | ||||||
Subsequent Event | 2020 ABL FILO Term Loans | |||||||
Subsequent Event [Line Items] | |||||||
Aggregate principal amount | 50,000,000 | ||||||
Subsequent Event | 2020 ABL FILO Term Loans | Revlon Consumer Products Corporation | |||||||
Subsequent Event [Line Items] | |||||||
Aggregate principal amount | 50,000,000 | ||||||
Borrowing Base, Eligible Collateral Percent | 100.00% | ||||||
Excess Availability | 85,000,000 | ||||||
As-Adjusted Liquidity | 175,000,000 | ||||||
Maximum cash or Cash Equivalents | 100,000,000 | ||||||
Reserve | 30,000,000 | ||||||
Subsequent Event | 2020 ABL FILO Term Loans | Revlon Consumer Products Corporation | Secured debt | LIBOR | |||||||
Subsequent Event [Line Items] | |||||||
Variable rate floor | 1.75% | ||||||
Basis spread on variable interest rate | 8.50% | ||||||
Subsequent Event | 2020 ABL FILO Term Loans | Revlon Consumer Products Corporation | After Expiration time | |||||||
Subsequent Event [Line Items] | |||||||
Aggregate principal amount | 50,000,000 | ||||||
Subsequent Event | New BrandCo Second Lien Term Loans | Revlon Consumer Products Corporation | |||||||
Subsequent Event [Line Items] | |||||||
Aggregate principal amount | 75,000,000 | ||||||
Subsequent Event | New BrandCo Second Lien Term Loans | Revlon Consumer Products Corporation | After Expiration time | |||||||
Subsequent Event [Line Items] | |||||||
Aggregate principal amount | 75,000,000 | ||||||
Subsequent Event | Tranche A | Revlon Consumer Products Corporation | |||||||
Subsequent Event [Line Items] | |||||||
Debt repaid | $ 35,000,000 |