10-Q

UNITED STATES OF AMERICA

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________

FORM 10-Q

_________________________

x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2013

OR

¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission file number 1-4881

_________________________

AVON PRODUCTS, INC.

(Exact name of registrant as specified in its charter)

_________________________

New York	13-0544597
(State or other jurisdiction of Incorporation or organization)	(I.R.S. Employer Identification No.)

777 Third Avenue, New York, N.Y. 10017-1307

(Address of principal executive offices) (Zip code)

(212) 282-5000

(Telephone Number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ý    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	ý	Accelerated filer	¨
Non-accelerated filer	¨  (do not check if a smaller reporting company)	Smaller reporting company	¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  ý

The number of shares of Common Stock (par value $0.25) outstanding at March 31, 2013 was 433,104,988.

TABLE OF CONTENTS

		Page Numbers
Part I. Financial Information
Item 1.	Financial Statements (Unaudited)
	Consolidated Statements of Income Three Months Ended March 31, 2013 and March 31, 2012	3
	Consolidated Statements of Comprehensive Income Three Months Ended March 31, 2013 and March 31, 2012	4
	Consolidated Balance Sheets March 31, 2013 and December 31, 2012	5
	Consolidated Statements of Cash Flows Three Months Ended March 31, 2013 and March 31, 2012	6
	Notes to Consolidated Financial Statements	7 - 23
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24 - 39
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40
Item 4.	Controls and Procedures	40
Part II. Other Information
Item 1.	Legal Proceedings	41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	41
Item 6.	Exhibits	41
	Signature	42

2

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

AVON PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Three Months Ended
(In millions, except per share data)	March 31, 2013			March 31, 2012
Net sales	$	2,432.0		$	2,532.8
Other revenue	51.7			42.6
Total revenue	2,483.7			2,575.4
Costs, expenses and other:
Cost of sales	941.6			1,009.8
Selling, general and administrative expenses	1,370.0			1,494.1
Operating profit	172.1			71.5
Interest expense	29.4			24.6
Loss on extinguishment of debt	73.0			—
Interest income	(2.0		)	(3.9		)
Other expense, net	44.4			10.0
Total other expenses	144.8			30.7
Income before taxes	27.3			40.8
Income taxes	(39.9		)	(13.2		)
Net (loss) income	(12.6		)	27.6
Net income attributable to noncontrolling interests	(1.1		)	(1.1		)
Net (loss) income attributable to Avon	$	(13.7	)	$	26.5
(Loss) earnings per share:
Basic attributable to Avon	$	(0.03	)	$	0.06
Diluted attributable to Avon	$	(0.03	)	$	0.06
Cash dividends per common share	$	0.06		$	0.23

The accompanying notes are an integral part of these statements.

3

AVON PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended
(In millions)	March 31, 2013			March 31, 2012
Net (loss) income	$	(12.6	)	$	27.6
Other comprehensive (loss) income:
Foreign currency translation adjustments	(23.4		)	124.9
Change in derivative losses on cash flow hedges, net of taxes of $0.4 and $0.5	0.8			1.0
Change in derivative losses on net investment hedges	—			(0.3		)
Adjustments of and amortization of net actuarial loss, prior service cost, and transition obligation, net of taxes of $5.0 and $4.4	10.1			9.3
Total other comprehensive (loss) income, net of taxes	(12.5		)	134.9
Comprehensive (loss) income	(25.1		)	162.5
Less: comprehensive income attributable to noncontrolling interests	0.9			0.6
Comprehensive (loss) income attributable to Avon	$	(26.0	)	$	161.9

The accompanying notes are an integral part of these statements.

4

AVON PRODUCTS, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In millions)	March 31, 2013			December 31, 2012
Assets
Current Assets
Cash and cash equivalents	$	1,488.4		$	1,209.6
Accounts receivable, net	742.9			751.9
Inventories	1,214.2			1,135.4
Prepaid expenses and other	787.1			832.0
Total current assets	4,232.6			3,928.9
Property, plant and equipment, at cost	2,618.0			2,711.8
Less accumulated depreciation	(1,116.9		)	(1,161.6		)
Property, plant and equipment, net	1,501.1			1,550.2
Goodwill	361.2			374.9
Other intangible assets, net	115.8			120.3
Other assets	1,363.0			1,408.2
Total assets	$	7,573.7		$	7,382.5
Liabilities and Shareholders’ Equity
Current Liabilities
Debt maturing within one year	$	949.4		$	572.0
Accounts payable	890.3			920.0
Accrued compensation	222.3			266.6
Other accrued liabilities	585.7			661.0
Sales and taxes other than income	215.9			211.4
Income taxes	43.8			73.6
Total current liabilities	2,907.4			2,704.6
Long-term debt	2,685.5			2,623.9
Employee benefit plans	616.0			637.6
Long-term income taxes	51.9			52.0
Other liabilities	117.9			131.1
Total liabilities	$	6,378.7		$	6,149.2
Contingencies (Note 5)
Shareholders’ Equity
Common stock	$	189.3		$	188.3
Additional paid-in capital	2,138.3			2,119.6
Retained earnings	4,318.1			4,357.8
Accumulated other comprehensive loss	(889.2		)	(876.7		)
Treasury stock, at cost	(4,578.6		)	(4,571.9		)
Total Avon shareholders’ equity	1,177.9			1,217.1
Noncontrolling interests	17.1			16.2
Total shareholders’ equity	$	1,195.0		$	1,233.3
Total liabilities and shareholders’ equity	$	7,573.7		$	7,382.5

The accompanying notes are an integral part of these statements.

5

AVON PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended
(In millions)	March 31, 2013			March 31, 2012
Cash Flows from Operating Activities
Net (loss) income	$	(12.6	)	$	27.6
Adjustments to reconcile net (loss) income to net cash used by operating activities:
Depreciation and amortization	57.0			60.5
Provision for doubtful accounts	52.0			74.0
Provision for obsolescence	29.6			28.3
Share-based compensation	11.8			10.7
Deferred income taxes	(2.8		)	(26.2		)
Charge for Venezuelan monetary assets and liabilities	34.1			—
Other	21.6			13.4
Changes in assets and liabilities:
Accounts receivable	(62.9		)	(44.0		)
Inventories	(111.3		)	(80.1		)
Prepaid expenses and other	(0.5		)	37.2
Accounts payable and accrued liabilities	(98.8		)	(60.7		)
Income and other taxes	(15.3		)	(46.6		)
Noncurrent assets and liabilities	(20.8		)	(27.1		)
Net cash used by operating activities	(118.9		)	(33.0		)
Cash Flows from Investing Activities
Capital expenditures	(43.5		)	(45.7		)
Disposal of assets	9.3			4.5
Purchases of investments	(4.2		)	(0.1		)
Proceeds from sale of investments	2.5			—
Net cash used by investing activities	(35.9		)	(41.3		)
Cash Flows from Financing Activities*
Cash dividends	(26.2		)	(100.0		)
Debt, net (maturities of three months or less)	118.7			50.2
Proceeds from debt	1,485.3			66.4
Repayment of debt	(1,173.3		)	(41.1		)
Interest rate swap termination	88.1			43.6
Proceeds from exercise of stock options	9.5			4.2
Excess tax benefit realized from share-based compensation	(0.1		)	(2.2		)
Repurchase of common stock	(6.8		)	(7.4		)
Net cash provided by financing activities	495.2			13.7
Effect of exchange rate changes on cash and equivalents	(61.6		)	30.7
Net increase (decrease) in cash and equivalents	278.8			(29.9		)
Cash and equivalents at beginning of year	$	1,209.6		$	1,245.1
Cash and equivalents at end of period	$	1,488.4		$	1,215.2

* Non-cash financing activities in the three months ended March 31, 2013 and 2012 included the change in fair market value of interest-rate swap agreements of $(.7) and $(4.5), respectively.

The accompanying notes are an integral part of these statements.

6

AVON PRODUCTS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except per share data)

1. ACCOUNTING POLICIES

Basis of Presentation

We prepare our unaudited interim consolidated financial statements in conformity with accounting principles generally accepted in the United States ("GAAP"). We consistently applied the accounting policies described in our 2012 Annual Report on Form 10-K, as amended ("2012 Form 10-K") in preparing these unaudited financial statements. In our opinion, we made all adjustments of a normal recurring nature that are necessary for a fair statement of the results for the interim periods. Results for interim periods are not necessarily indicative of results for a full year. You should read these unaudited interim consolidated financial statements in conjunction with our consolidated financial statements contained in our 2012 Form 10-K. When used in this report, the terms "Avon," "Company," "we" or "us" mean Avon Products, Inc.

For interim consolidated financial statement purposes, our tax provision is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. We also provide for accruals under our various employee benefit plans for each quarter based on one quarter of the estimated annual expense.

Venezuela Currency

Effective February 13, 2013, the Venezuelan government devalued its currency by approximately 32% and as such we recorded a one-time, after-tax loss of $51 ($34 in other expense, net and $17 in income taxes) in the first quarter of 2013, primarily reflecting the write-down of monetary assets and liabilities and deferred tax benefits. In addition, as a result of using the U.S. historic dollar cost basis of non-monetary assets, such as inventory, acquired prior to the devaluation, first quarter 2013 operating profit and net income were negatively impacted.

New Accounting Standard Implemented

In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 requires entities to report, either on the face of the income statement or in the notes, the effect of significant reclassifications out of accumulated other comprehensive income ("AOCI") on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety from accumulated other comprehensive income to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. See Note 6, Accumulated Other Comprehensive Income, for the required disclosures. ASU 2013-02 is effective as of January 1, 2013 for Avon and did not have a significant impact on our financial statements, other than presentation.

2. EARNINGS PER SHARE AND SHARE REPURCHASES

We compute (loss) earnings per share ("EPS") using the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities. Our participating securities are our grants of restricted stock and restricted stock units, which contain non-forfeitable rights to dividend equivalents. We compute basic EPS by dividing net income allocated to common shareholders by the weighted-average number of shares outstanding during the year. Diluted EPS is calculated to give effect to all potentially dilutive common shares that were outstanding during the period.

7

AVON PRODUCTS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except per share data)

	Three Months Ended
	March 31,
(Shares in millions)	2013			2012
Numerator:
Net (loss) income attributable to Avon	$	(13.7	)	$	26.5
Less: Loss (earnings) allocated to participating securities	.1			(.8		)
(Loss) income allocated to common shareholders	(13.6		)	25.7
Denominator:
Basic EPS weighted-average shares outstanding	432.5			431.3
Diluted effect of assumed conversion of stock options	—			.8
Diluted EPS adjusted weighted-average shares outstanding	432.5			432.1
(Loss) Earnings per Common Share attributable to Avon:
Basic	$	(.03	)	$	.06
Diluted	$	(.03	)	$	.06

At March 31, 2013 and 2012, we did not include stock options to purchase 20.0 million shares and 22.0 million shares of Avon common stock, respectively, in the calculations of diluted EPS because the exercise prices of those options were greater than the average market price, and therefore, their inclusion would have been anti-dilutive. We also did not include stock options to purchase .7 million shares for the three months ended March 31, 2013, as we had a net loss attributable to Avon and the inclusion of these shares would decrease the net loss per share. Since this would be anti-dilutive, such shares are excluded from the calculation.

We purchased approximately .4 million shares of Avon common stock for $6.7 during the first three months of 2013, as compared to approximately .4 million shares of Avon common stock for $7.4 during the first three months of 2012, primarily through acquisition of stock from employees in connection with tax payments upon vesting of restricted stock units and private transactions with a broker in connection with stock based obligations under our Deferred Compensation Plan. During the first three months of 2012, shares were also purchased under our previously announced share repurchase program, which expired in the fourth quarter of 2012.

3. INVENTORIES

Components of Inventories	March 31, 2013		December 31, 2012
Raw materials	$	413.9	$	393.4
Finished goods	800.3		742.0
Total	$	1,214.2	$	1,135.4

4. EMPLOYEE BENEFIT PLANS

	Three Months Ended March 31,
	Pension Benefits
Net Periodic Benefit Costs	U.S. Plans						Non-U.S. Plans						Postretirement Benefits
	2013			2012			2013			2012			2013			2012
Service cost	$	5.0		$	3.8		$	4.8		$	4.5		$	.5		$	.5
Interest cost	6.6			7.4			9.1			9.8			1.4			1.5
Expected return on plan assets	(9.4		)	(9.2		)	(9.8		)	(9.8		)	—			—
Amortization of prior service credit	(.1		)	(.1		)	(.3		)	(.4		)	(1.2		)	(3.3		)
Amortization of net actuarial losses	11.3			11.8			4.6			4.4			.8			1.0
Net periodic benefit costs	$	13.4		$	13.7		$	8.4		$	8.5		$	1.5		$	(.3	)

8

AVON PRODUCTS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except per share data)

As of March 31, 2013, we made approximately $8 and $7 of contributions to the U.S. and non-U.S. pension and postretirement plans, respectively. During the remainder of 2013, we anticipate contributing approximately $47 to $52 and $58 to $63 to fund our U.S. and non-U.S. pension and postretirement plans, respectively. The anticipated contributions to the non-U.S. pension and postretirement plans reflect $25 as a result of our decision in April 2013 to freeze our defined benefit pension plan in the United Kingdom. All future pension benefits in the United Kingdom will now accrue on a defined contribution basis rather than on a defined benefit basis. Our funding requirements may be impacted by regulations or interpretations thereof.

5. CONTINGENCIES

FCPA Investigations

As previously reported, we have engaged outside counsel to conduct an internal investigation and compliance reviews focused on compliance with the Foreign Corrupt Practices Act ("FCPA") and related U.S. and foreign laws in China and additional countries. The internal investigation, which is being conducted under the oversight of our Audit Committee, began in June 2008.

As previously reported in July 2009, in connection with the internal investigation, we commenced compliance reviews regarding the FCPA and related U.S. and foreign laws in additional countries in order to evaluate our compliance efforts. We are conducting these compliance reviews in a number of countries selected to represent each of the Company's international geographic segments. The internal investigation and compliance reviews are focused on reviewing certain expenses and books and records processes, including, but not limited to, travel, entertainment, gifts, use of third-party vendors and consultants and related due diligence, joint ventures and acquisitions, and payments to third-party agents and others, in connection with our business dealings, directly or indirectly, with foreign governments and their employees. The internal investigation and compliance reviews of these matters are ongoing. In connection with the internal investigation and compliance reviews, certain personnel actions, including termination of employment of certain senior members of management, have been taken, and additional personnel actions may be taken in the future. In connection with the internal investigation and compliance reviews, we continue to enhance our ethics and compliance program, including our policies and procedures, FCPA compliance-related training, FCPA third-party due diligence program and other compliance-related resources.

As previously reported in October 2008, we voluntarily contacted the United States Securities and Exchange Commission ("SEC") and the United States Department of Justice ("DOJ") to advise both agencies of our internal investigation.We have cooperated and continue to cooperate with investigations of these matters by the SEC and the DOJ. We have, among other things, signed tolling agreements, responded to inquiries, translated and produced documents, assisted with interviews, and provided information on our internal investigation and compliance reviews, personnel actions taken and steps taken to enhance our ethics and compliance program. As previously reported in August 2012, we are in discussions with the SEC and the DOJ regarding resolving the government investigations. These discussions are ongoing. There can be no assurance that a settlement with the SEC and the DOJ will be reached or, if a settlement is reached, the timing of any such settlement or the terms of any such settlement. We expect any such settlement may include civil and/or criminal fines and penalties as well as non-monetary remedies, such as oversight requirements and additional remediation and compliance requirements. We may be required to incur significant future costs to comply with the non-monetary terms of any settlement with the SEC and the DOJ. Under certain circumstances, we may also be required to advance significant professional fees and expenses to certain current and former Company employees in connection with these matters. Until any settlement or other resolution of these matters, we expect to continue to incur costs, primarily professional fees and expenses, which may be significant, in connection with the government investigations.

At this point we are unable to predict the developments in, outcome of, and economic and other consequences of the government investigations or their impact on our earnings, cash flow, liquidity, financial condition and ongoing business. However, based on our most recent communications with the DOJ and the SEC, the Company believes that it is probable that the Company will incur a loss related to the government investigations. We are unable to reasonably estimate the amount or range of such loss; however such loss could be material.

Litigation Matters

In July and August 2010, derivative actions were filed in state court against certain present or former officers and/or directors of the Company (Carol J. Parker, derivatively on behalf of Avon Products, Inc. v. W. Don Cornwell, et al. and Avon Products, Inc. as nominal defendant (filed in the New York Supreme Court, Nassau County, Index No. 600570/2010); Lynne Schwartz, derivatively on behalf of Avon Products, Inc. v. Andrea Jung, et al. and Avon Products, Inc. as nominal defendant (filed in the New York Supreme Court, New York County, Index No. 651304/2010)). These actions allege breach of fiduciary duty, abuse of control, waste of corporate assets, and, in one complaint, unjust enrichment, relating to the Company's compliance with the FCPA, including the adequacy of the Company's internal controls. The relief sought against the individual defendants in one or

9

AVON PRODUCTS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except per share data)

both of these derivative complaints includes certain declaratory and equitable relief, restitution, damages, exemplary damages and interest. The Company is a nominal defendant, and no relief is sought against the Company itself. In the Parker case, plaintiff has agreed that defendants' time to file an answer, motion to dismiss or other response is adjourned until plaintiff files an amended pleading. In Schwartz, the parties have agreed to defer the filing of an amended complaint and the defendants' response thereto until the parties submit a further stipulation addressing the scheduling of proceedings. On May 14, 2012, County of York Retirement Plan ("County of York") - which had been a plaintiff in a previously-filed but now discontinued derivative action - filed a complaint against the Company seeking enforcement of its demands for the inspection of certain of the Company's books and records (County of York Retirement Plan v. Avon Products, Inc., New York Supreme Court, New York County, Index No. 651673/2012). On July 10, 2012, the Company moved to dismiss County of York's complaint. We are unable to predict the outcome of these matters.

On July 6, 2011, a purported shareholder's class action complaint (City of Brockton Retirement System v. Avon Products, Inc., et al., No. 11-CIV-4665) was filed in the United States District Court for the Southern District of New York against certain present or former officers and/or directors of the Company. On September 29, 2011, the Court appointed LBBW Asset Management Investmentgesellschaft mbH and SGSS Deutschland Kapitalanlagegesellschaft mbH as lead plaintiffs and Motley Rice LLC as lead counsel. Lead plaintiffs have filed an amended complaint on behalf of a purported class consisting of all persons or entities who purchased or otherwise acquired shares of Avon's common stock from July 31, 2006 through and including October 26, 2011. The amended complaint names the Company and two individual defendants and asserts violations of Sections 10(b) and 20(a) of the Exchange Act based on allegedly false or misleading statements and omissions with respect to, among other things, the Company's compliance with the FCPA, including the adequacy of the Company's internal controls. Plaintiffs seek compensatory damages as well as injunctive relief. Defendants moved to dismiss the amended complaint on June 14, 2012. We are unable to predict the outcome of this matter. However, it is reasonably possible that we may incur a loss in connection with this matter. We are unable to reasonably estimate the amount or range of such reasonably possible loss.

In April 2012, several purported shareholders' actions were filed against the Company and certain present or former directors of the Company in New York Supreme Court, New York County (Pritika v. Jung, et al., Index No. 651072/2012; Feinman v. Avon Products, Inc., et al., Index No. 651087/2012; Gaines v. Jung, et al., Index No. 651097/2012; Schwartz v. Avon Products, Inc., et al., Index No. 651152/2012; Robaczynki, individually and on behalf of all others similarly situated and derivatively on behalf of Avon Products, Inc. v. Jung, et al., Index No. 651176/2012). On April 26, 2012, the actions were consolidated in New York Supreme Court, New York County (In re Avon Products, Inc. Shareholder Litigation, Consolidated Index No. 651087/2012E). An amended consolidated complaint was filed on May 18, 2012. The amended consolidated complaint asserts a derivative claim against the individual defendants based on alleged breaches of fiduciary duties in connection with indications of interest by Coty, Inc. in acquiring the Company. The Company is named as a nominal defendant on the purported derivative claim, and no relief appears to be sought against the Company on that claim. The amended consolidated complaint also asserts a purported direct claim on behalf of a class of shareholders against the individual defendants based on alleged breaches of such fiduciary duties. Plaintiffs seek compensatory damages as well as injunctive relief. On June 27, 2012, defendants moved to dismiss the consolidated action. By decision and order dated March 5, 2013, the court granted defendants' motion to dismiss the complaint with prejudice. On April 1, 2013, plaintiffs filed a notice of appeal from the court's order dismissing the complaint. We are unable to predict the outcome of this matter. However, it is reasonably possible that we may incur a loss in connection with this matter. We are unable to reasonably estimate the amount or range of such reasonably possible loss.

Under some circumstances, any losses incurred in connection with adverse outcomes in the litigation matters described above could be material.

Brazilian Tax Matters

In 2002, our Brazilian subsidiary received an excise tax (IPI) assessment from the Brazilian tax authorities for alleged tax deficiencies during the years 1997-1998. In December 2012, additional assessments were received for the year 2008 with respect to excise tax (IPI) and taxes charged on gross receipts (PIS and COFINS), totaling approximately $401, $60 and $277 each, including penalties and accrued interest, at the exchange rate on March 31, 2013. The 2002 and the 2012 assessments assert that the establishment in 1995 of separate manufacturing and distribution companies in that country was done without a valid business purpose and that Avon Brazil did not observe minimum pricing rules to define the taxable basis of excise tax. The structure adopted in 1995 is comparable to that used by many other companies in Brazil. We believe that our Brazilian corporate structure is appropriate, both operationally and legally, and that the 2002 and 2012 assessments are unfounded.

These matters are being vigorously contested. In January 2013, we filed a protest seeking a first administrative level review with respect to the 2012 assessments. In October 2010, the 2002 assessment was upheld at the first administrative level at an amount reduced to approximately $32 from approximately $76, including penalties and accruing interest, at the exchange rate on March 31, 2013. We have appealed this decision to the second administrative level. In the event that the 2002 or 2012

10

AVON PRODUCTS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except per share data)

assessments are upheld at the third and last administrative level, it may be necessary for us to provide security to pursue further appeals, which, depending on the circumstances, may result in a charge to income.

It is not possible to reasonably estimate the amount or range of potential loss that we could incur related to the 2002 and 2012 assessments or any additional assessments that may be issued for subsequent periods (tax years up through 2007 are closed by statute). However, other similar excise tax (IPI) assessments involving different periods (1998-2001) have been canceled and officially closed in our favor by the second administrative level, and management believes that the likelihood that the 2002 and 2012 assessments will be upheld is remote.

Other Matters

Various other lawsuits and claims, arising in the ordinary course of business or related to businesses previously sold, are pending or threatened against Avon. In management's opinion, based on its review of the information available at this time, the total cost of resolving such other contingencies at March 31, 2013, is not expected to have a material adverse effect on our consolidated financial position, results of operations or cash flows.

6. ACCUMULATED OTHER COMPREHENSIVE INCOME

The table below presents the changes in AOCI by component and the reclassifications out of AOCI:

	Foreign Currency Translation Adjustments			Cash Flow Hedges			Net Investment Hedges			Pension and Postretirement Benefits			Total
Balance at December 31, 2012	$	(317.6	)	$	(6.8	)	$	(4.3	)	$	(548.0	)	$	(876.7	)
Other comprehensive loss other than reclassifications	(23.4		)	—			—			—			(23.4		)
Reclassifications into earnings:
Derivative losses on cash flow hedges, net of tax of $.4(1)	—			.8			—			—			.8
Amortization of net actuarial loss, prior service costs, and transition obligation, net of tax of $5.0(2)	—			—			—			10.1			10.1
Total reclassifications into earnings	—			.8			—			10.1			10.9
Balance at March 31, 2013	$	(341.0	)	$	(6.0	)	$	(4.3	)	$	(537.9	)	$	(889.2	)

(1) Gross amount reclassified to interest expense, and related taxes reclassified to income taxes.

(2) Gross amount reclassified to pension and postretirement expense, within selling, general & administrative expenses, and related taxes reclassified to income taxes.

7. SEGMENT INFORMATION

Summarized financial information concerning our reportable segments was as follows:

	Three Months Ended March 31,
	2013					2012
	Revenue		Operating Profit (Loss)			Revenue		Operating Profit (Loss)
Latin America	$	1,144.4	$	101.4		$	1,149.5	$	50.8
Europe, Middle East & Africa	733.1		111.4			724.6		56.5
North America	406.2		(11.2		)	479.6		3.8
Asia Pacific	200.0		11.1			221.7		15.4
Total from operations	$	2,483.7	$	212.7		$	2,575.4	$	126.5
Global and other	—		(40.6		)	—		(55.0		)
Total	$	2,483.7	$	172.1		$	2,575.4	$	71.5

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AVON PRODUCTS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except per share data)

Our consolidated net sales by classes of principal products were as follows:

	Three Months Ended March 31,
	2013		2012
Beauty(1)	$	1,768.2	$	1,858.6
Fashion(2)	429.8		449.6
Home(3)	234.0		224.6
Net sales	$	2,432.0	$	2,532.8
Other revenue(4)	51.7		42.6
Total revenue	$	2,483.7	$	2,575.4

(1) Beauty includes color cosmetics, fragrances, skincare and personal care.

(2) Fashion includes jewelry, watches, apparel, footwear, accessories and children’s products.

(3) Home includes gift and decorative products, housewares, entertainment and leisure products, children's products and nutritional products.

(4) Other revenue primarily includes shipping and handling and order processing fees billed to Representatives.

8. SUPPLEMENTAL BALANCE SHEET INFORMATION

At March 31, 2013 and December 31, 2012, prepaid expenses and other included the following:

Components of Prepaid Expenses and Other	March 31, 2013		December 31, 2012
Deferred tax assets	$	239.1	$	273.5
Receivables other than trade	141.9		131.9
Prepaid taxes and tax refunds receivable	139.8		141.4
Prepaid brochure costs, paper, and other literature	107.7		112.1
Healthcare trust assets	20.6		26.9
Short-term investments	18.4		16.5
Interest-rate swap agreements, including interest (Notes 11 and 12)	3.8		19.5
Other	115.8		110.2
Prepaid expenses and other	$	787.1	$	832.0

At March 31, 2013 and December 31, 2012, other assets included the following:

Components of Other Assets	March 31, 2013		December 31, 2012
Deferred tax assets	$	853.3	$	827.2
Capitalized software	242.0		235.4
Long-term receivables	177.3		174.9
Investments	45.2		44.5
Interest-rate swap agreements (Notes 11 and 12)	—		94.8
Other	45.2		31.4
Other assets	$	1,363.0	$	1,408.2

9. RESTRUCTURING INITIATIVES

$400M Cost Savings Initiative

In 2012, we announced a cost savings initiative (the "$400M Cost Savings Initiative"), in an effort to stabilize the business and return Avon to sustainable growth, which is expected to be achieved through restructuring actions as well as other cost-savings strategies that will not result in restructuring charges. The $400M Cost Savings Initiative is designed to reduce our operating

12

AVON PRODUCTS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except per share data)

expenses as a percentage of total revenue to help us achieve a targeted low double-digit operating margin by 2016. The restructuring actions under the $400M Cost Savings Initiative primarily consist of global headcount reductions and related actions, as well as the restructuring or closure of certain smaller, under-performing markets, including our exit from the South Korea, Vietnam and Republic of Ireland markets.

As a result of the actions approved to-date, we have recorded total costs to implement these restructuring initiatives of $71.0 before taxes, of which $20.3 before taxes was recorded in the first quarter of 2013. For the actions approved to-date, we expect our total costs to implement to be in the range of $100 to $110 before taxes. The additional charges not yet incurred associated with the actions approved to-date of approximately $29 to $39 before taxes are expected to be recorded primarily in 2013. At this time we are unable to quantify the total costs when the initiative is fully implemented. In connection with the restructuring actions approved to-date associated with the $400M Cost Savings Initiative, we expect to realize annualized savings of approximately $125 before taxes. For market closures, the annualized savings represent the foregone selling, general and administrative expenses as a result of no longer operating in the respective markets. For actions that did not result in the closure of a market, the annualized savings represent the net reduction of expenses that will no longer be incurred by Avon. The annualized savings do not incorporate the impact of the decline in revenue associated with these actions (including market closures), which is not expected to be material.

The total costs to implement recorded in the three months ended March 31, 2013, of $20.3 related to the $400M Cost Savings Initiative consisted of the following:

• net charge of $13.3 primarily for employee-related costs, including severance benefits;

• accelerated depreciation of $6.9 associated with the closure and rationalization of certain facilities;

• implementation costs of $.4 for professional service fees; and

• net benefit of $.3 related to inventory adjustments.

Of the total costs to implement, $20.6 was recorded in selling, general and administrative expenses and a net benefit of $.3 was recorded in cost of sales for the three months ended March 31, 2013. The majority of cash payments associated with these charges are expected to be made during 2013.

The liability balance for the $400M Cost Savings Initiative as of March 31, 2013 is as follows:

	Employee- Related Costs			Inventory Write-offs			Contract Terminations/Other			Total
Balance at December 31, 2012	$	41.3		$	—		$	1.7		$	43.0
2013 charges	19.4			.2			.4			20.0
Adjustments	(6.0		)	(.5		)	(.5		)	(7.0		)
Cash payments	(13.9		)	—			(.8		)	(14.7		)
Non-cash write-offs	—			.3			—			.3
Foreign exchange	.1			—			—			.1
Balance at March 31, 2013	$	40.9		$	—		$	.8		$	41.7

The following table presents the restructuring charges incurred to-date, net of adjustments, under our $400M Cost Savings Initiative, along with the estimated charges expected to be incurred on approved initiatives under the plan:

	Employee- Related Costs		Inventory/Asset Write-offs		Currency Translation Adjustment Write-offs		Contract Terminations/ Other		Total
Charges incurred to date	$	58.6	$	1.1	$	—	$	1.8	$	61.5
Estimated charges to be incurred on approved initiatives	3.7		.6		2.8		11.9		19.0
Total expected charges on approved initiatives	$	62.3	$	1.7	$	2.8	$	13.7	$	80.5

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AVON PRODUCTS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except per share data)

The charges, net of adjustments, of initiatives under the $400M Cost Savings Initiative by reportable business segment were as follows:

	Latin America			Europe, Middle East & Africa		North America			Asia Pacific			Corporate		Total
2012	$	12.9		$	1.1	$	18.0		$	12.9		$	3.6	$	48.5
First quarter 2013	(1.1		)	9.0		1.5			1.5			2.1		13.0
Charges incurred to date	11.8			10.1		19.5			14.4			5.7		61.5
Estimated charges to be incurred on approved initiatives	7.1			18.6		(3.4		)	(3.3		)	—		19.0
Total expected charges on approved initiatives	$	18.9		$	28.7	$	16.1		$	11.1		$	5.7	$	80.5

As noted previously, for the initiatives approved to date, we expect to record total costs to implement in the range of $100 to $110 before taxes under the $400M Cost Savings Initiative. The amounts shown in the tables above as charges recorded to date relate to initiatives that have been approved and recorded in the financial statements as the costs are probable and estimable. The amounts shown in the tables above as total expected charges on approved initiatives represent charges recorded to date plus charges yet to be recorded for approved initiatives as the relevant accounting criteria for recording an expense have not yet been met. In addition to the charges included in the tables above, we have incurred and will incur other costs to implement restructuring initiatives such as other professional services and accelerated depreciation.

Additional Restructuring Charges

In an effort to improve operating performance, we identified certain actions in 2012 that we believe will enhance our operating model, reduce costs, and improve efficiencies. In addition, management approved the relocation of our corporate headquarters in New York City.

Restructuring Charges – First Quarter 2013

As a result of the analysis and the actions taken, during the three months ended March 31, 2013, we recorded total costs to implement these various restructuring initiatives of $.2, in selling, general and administrative expenses. The majority of future cash payments associated with these charges are expected to be made during 2013.

Restructuring Charges – First Quarter 2012

As a result of the analysis and the actions taken, during the three months ended March 31, 2012, we recorded total costs to implement these various restructuring initiatives of $21.8, in selling, general and administrative expenses, associated with approved initiatives, and the costs consisted of the following:

• net charge of $18.8 primarily for employee-related costs; and

• implementation costs of $3.0 for professional service fees.

The liability balance for these various restructuring initiatives as of March 31, 2013 is as follows:

	Employee- Related Costs			Contract Terminations/Other			Total
Balance at December 31, 2012	$	17.6		$	11.8		$	29.4
2013 charges	—			.1			.1
Cash payments	(7.6		)	(1.4		)	(9.0		)
Foreign exchange	(.1		)	—			(.1		)
Balance at March 31, 2013	$	9.9		$	10.5		$	20.4

The actions associated with these various restructuring initiatives are substantially complete.

2005 and 2009 Restructuring Programs

We launched restructuring programs in 2005 and 2009 (collectively, the "2005 and 2009 Restructuring Programs") with initiatives designed to enhance our organizational effectiveness, implement a global manufacturing strategy and additional

14

AVON PRODUCTS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except per share data)

supply chain efficiencies in distribution, restructure our global supply chain operations, realign certain local business support functions to a more regional base, and streamline transactional and other services.

Restructuring Charges – First Quarter 2013

During the three months ended March 31, 2013, we recorded a net benefit of $.2, in cost of sales, associated with previously approved initiatives that are part of our 2005 and 2009 Restructuring Programs.

Restructuring Charges – First Quarter 2012

During the three months ended March 31, 2012, we recorded total costs to implement of $5.5 associated with previously approved initiatives that are part of our 2005 and 2009 Restructuring Programs, and the costs consisted of the following:

• net benefit of $1.1 primarily for employee-related costs offset by adjustments to the reserve;

• implementation costs of $4.3 for professional service fees, primarily associated with our initiatives to outsource certain finance processes and realign certain distribution operations; and

• accelerated depreciation of $2.3 associated with our initiatives to realign certain distribution operations.

Of the total costs to implement, $2.8 was recorded in selling, general and administrative expenses and $2.7 was recorded in cost of sales for the three months ended March 31, 2012.

The liability balances, which primarily consist of employee-related costs, for the initiatives under the 2005 and 2009 Restructuring Programs are shown below:

	Total
Balance December 31, 2012	$	21.0
2013 charges	.5
Adjustments	(.7		)
Cash payments	(13.0		)
Foreign exchange	(.1		)
Balance at March 31, 2013	$	7.7

The 2005 and 2009 Restructuring Programs are substantially complete.

10. GOODWILL AND INTANGIBLE ASSETS

Goodwill

	Latin America			Europe, Middle East & Africa			North America			Asia Pacific			Total
Gross balance at December 31, 2012	$	122.8		$	167.3		$	314.7		$	84.2		$	689.0
Accumulated impairments	—			—			(270.1		)	(44.0		)	(314.1		)
Net balance at December 31, 2012	$	122.8		$	167.3		$	44.6		$	40.2		$	374.9
Changes during the period ended March 31, 2013:
Other(1)	(4.3		)	(9.6		)	—			.2			(13.7		)
Gross balance at March 31, 2013	$	118.5		$	157.7		$	314.7		$	84.4		$	675.3
Accumulated impairments	—			—			(270.1		)	(44.0		)	(314.1		)
Net balance at March 31, 2013	$	118.5		$	157.7		$	44.6		$	40.4		$	361.2

(1) Other is primarily comprised of foreign currency translation.

15

AVON PRODUCTS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except per share data)

Other intangible assets

	March 31, 2013					December 31, 2012
	Gross Amount		Accumulated Amortization			Gross Amount		Accumulated Amortization
Finite-Lived Intangible Assets
Customer relationships	$	91.8	$	(47.4	)	$	93.5	$	(47.1	)
Licensing agreements	60.7		(52.3		)	62.8		(53.6		)
Noncompete agreements	8.4		(8.4		)	8.6		(8.6		)
Trademarks	6.6		(6.6		)	6.6		(6.3		)
Indefinite-Lived Trademarks	63.0		—			64.4		—
Total	$	230.5	$	(114.7	)	$	235.9	$	(115.6	)

Aggregate amortization expense was $2.1 and $5.4 for the three months ended March 31, 2013 and 2012, respectively.

Estimated Amortization Expense:
Remainder of 2013	$	6.1
2014	7.3
2015	6.7
2016	5.9
2017	5.5

Actual amortization expense may differ from the amounts above due to, among other things, future acquisitions, disposals, impairments, accelerated amortization or fluctuations in foreign currency exchange rates.

11. FAIR VALUE

Assets and Liabilities Recorded at Fair Value

The fair value measurement provisions required by the Fair Value Measurements and Disclosures Topic of the Codification establish a fair value hierarchy, which prioritizes the inputs used in measuring fair value into three broad levels as follows:

• Level 1 - Quoted prices in active markets for identical assets or liabilities.

• Level 2 - Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.

• Level 3 - Unobservable inputs based on our own assumptions.

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2013:

	Level 1		Level 2		Total
Assets:
Money market funds	$	20.7	$	—	$	20.7
Available-for-sale securities	2.1		—		2.1
Interest-rate swap agreements	—		1.0		1.0
Foreign exchange forward contracts	—		4.7		4.7
Total	$	22.8	$	5.7	$	28.5
Liabilities:
Interest-rate swap agreements	$	—	$	.6	$	.6
Foreign exchange forward contracts	—		4.0		4.0
Total	$	—	$	4.6	$	4.6

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AVON PRODUCTS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except per share data)

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2012:

	Level 1		Level 2		Total
Assets:
Money market funds	$	26.9	$	—	$	26.9
Available-for-sale securities	1.9		—		1.9
Interest-rate swap agreements	—		94.8		94.8
Foreign exchange forward contracts	—		4.9		4.9
Total	$	28.8	$	99.7	$	128.5
Liabilities:
Interest-rate swap agreements	$	—	$	1.7	$	1.7
Foreign exchange forward contracts	—		1.5		1.5
Total	$	—	$	3.2	$	3.2

The money market funds are held in a Healthcare trust in order to fund future benefit payments for both active and retiree benefit plans.

Assets and Liabilities Recorded at Fair Value on a Non-recurring Basis

December 31, 2012 - Silpada

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2012, and indicates the placement in the fair value hierarchy of the valuation techniques utilized to determine such fair value:

	Level 1		Level 2		Level 3		Total
Assets:
Silpada goodwill	$	—	$	—	$	44.6	$	44.6
Silpada indefinite-lived trademark	—		—		40.0		40.0
Silpada finite-lived customer relationships	—		—		40.0		40.0
Total	$	—	$	—	$	124.6	$	124.6

In the fourth quarter of 2012, we completed the annual goodwill and indefinite-lived intangible assets impairment assessments and subsequently determined that the goodwill, indefinite-lived trademark, and finite-lived customer relationships associated with Silpada were impaired. As a result, the carrying amount of Silpada’s goodwill was reduced from $116.7 to its estimated fair value of $44.6, resulting in a non-cash impairment charge of $72.1. In addition, the carrying amount of Silpada’s indefinite-lived trademark was reduced from $85.0 to its estimated fair value of $40.0, resulting in a non-cash impairment charge of $45.0, and the carrying amount of Silpada’s finite-lived customer relationships was reduced from $131.9 to its estimated fair value of $40.0, resulting in a non-cash impairment charge of $91.9.

September 30, 2012 - China

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis as of September 30, 2012, and indicates the placement in the fair value hierarchy of the valuation techniques utilized to determine such fair value:

	Level 1		Level 2		Level 3		Total
Assets:
China goodwill	$	—	$	—	$	37.3	$	37.3
Total	$	—	$	—	$	37.3	$	37.3

In the third quarter of 2012, we completed an interim impairment assessment of the fair value of goodwill related to China and subsequently determined that the goodwill associated with China was impaired. As a result, the carrying amount of China's goodwill was reduced from $81.3 to its estimated fair value of $37.3, resulting in a non-cash impairment charge of $44.0.

17

AVON PRODUCTS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except per share data)

Fair Value Measurement - Silpada and China

The impairment analyses performed for goodwill and intangible assets require several estimates in computing the estimated fair value of a reporting unit, an indefinite-lived intangible asset, and a finite-lived intangible asset. We use a discounted cash flow ("DCF") approach to estimate the fair value of a reporting unit, which we believe is the most reliable indicator of fair value of a business, and is most consistent with the approach a marketplace participant would use. The estimation of fair value utilizing a DCF approach includes numerous uncertainties which require our significant judgment when making assumptions of expected growth rates and the selection of discount rates, as well as assumptions regarding general economic and business conditions, among other factors. Key assumptions used in measuring the fair values of Silpada and China included the discount rate (based on the weighted-average cost of capital) and revenue growth, as well as silver prices and Representative growth and activity rates for Silpada. The fair value of Silpada's indefinite-lived trademark was determined using a risk-adjusted DCF model under the relief-from-royalty method. The royalty rate used was based on a consideration of market rates. The fair value of the Silpada finite-lived customer relationships was determined using a DCF model under the multi-period excess earnings method. A significant decline in expected future cash flows and growth rates or a change in the discount rate used to fair value expected future cash flows, or any potential outcome of the review of strategic alternatives for Silpada, may result in future impairment charges.

Fair Value of Financial Instruments

Our financial instruments include cash and cash equivalents, available-for-sale securities, short-term investments, money market funds, accounts receivable, loans receivable, debt maturing within one year, accounts payable, long-term debt, foreign exchange forwards contracts, and interest-rate swap agreements. The carrying value for cash and cash equivalents, accounts receivable, accounts payable, and short-term investments approximate fair value because of the short-term nature of these instruments. The net asset (liability) amounts recorded in the balance sheet (carrying amount) and the estimated fair values of our remaining financial instruments at March 31, 2013 and December 31, 2012, respectively, consisted of the following:

	March 31, 2013						December 31, 2012
	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Available-for-sale securities	$	2.1		$	2.1		$	1.9		$	1.9
Money market funds	20.7			20.7			26.9			26.9
Debt maturing within one year(1)	(949.4		)	(966.3		)	(572.0		)	(572.2		)
Long-term debt(1)	(2,685.5		)	(2,682.2		)	(2,623.9		)	(2,547.8		)
Foreign exchange forward contracts	.7			.7			3.4			3.4
Interest-rate swap agreements	.4			.4			93.1			93.1

(1) The carrying value of debt maturing within one year and long-term debt includes any related discount or premium, unamortized deferred gains on terminated interest-rate swap agreements, and unrealized losses from interest-rate swap agreements.

The methods and assumptions used to estimate fair value are as follows:

Available-for-sale securities and money market funds - The fair values of these investments were the quoted market prices for issues listed on securities exchanges.

Debt maturing within one year and long-term debt - The fair values of all debt and other financing were determined using Level 2 inputs based on indicative market prices.

Foreign exchange forward contracts - The fair values of forward contracts were estimated based on quoted forward foreign exchange prices at the reporting date.

Interest-rate swap agreements - The fair values of interest-rate swap agreements were estimated based on LIBOR yield curves at the reporting date.

12. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

We operate globally, with manufacturing and distribution facilities in various locations around the world. We may reduce our exposure to fluctuations in the fair value and cash flows associated with changes in interest rates and foreign exchange rates by creating offsetting positions through the use of derivative financial instruments. Since we use foreign currency-rate sensitive

18

AVON PRODUCTS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except per share data)

and interest-rate sensitive instruments to hedge a certain portion of our existing and forecasted transactions, we expect that any gain or loss in value of the hedge instruments generally would be offset by decreases or increases in the value of the underlying forecasted transactions.

We do not enter into derivative financial instruments for trading or speculative purposes, nor are we a party to leveraged derivatives. The master agreements governing our derivative contracts generally contain standard provisions that could trigger early termination of the contracts in certain circumstances, including if we were to merge with another entity and the creditworthiness of the surviving entity were to be "materially weaker" than that of Avon prior to the merger.

Derivatives are recognized on the balance sheet at their fair values. The following table presents the fair value of derivative instruments outstanding at March 31, 2013:

	Asset			Liability
	Balance Sheet Classification	Fair Value		Balance Sheet Classification	Fair Value
Derivatives designated as hedges:
Interest-rate swap agreements	Prepaid expenses and other	$	.4	Other liabilities	$	—
Total derivatives designated as hedges		$	.4		$	—
Derivatives not designated as hedges:
Interest-rate swap agreements	Prepaid expenses and other	$	.6	Accounts payable	$	.6
Foreign exchange forward contracts	Prepaid expenses and other	4.7		Accounts payable	4.0
Total derivatives not designated as hedges		$	5.3		$	4.6
Total derivatives		$	5.7		$	4.6

The following table presents the fair value of derivative instruments outstanding at December 31, 2012:

	Asset			Liability
	Balance Sheet Classification	Fair Value		Balance Sheet Classification	Fair Value
Derivatives designated as hedges:
Interest-rate swap agreements	Other assets/ Prepaid expenses and other	$	93.1	Other liabilities	$	—
Total derivatives designated as hedges		$	93.1		$	—
Derivatives not designated as hedges:
Interest-rate swap agreements	Prepaid expenses and other	$	1.7	Accounts payable	$	1.7
Foreign exchange forward contracts	Prepaid expenses and other	4.9		Accounts payable	1.5
Total derivatives not designated as hedges		$	6.6		$	3.2
Total derivatives		$	99.7		$	3.2

Accounting Policies

Derivatives are recognized on the balance sheet at their fair values. When we become a party to a derivative instrument and intend to apply hedge accounting, we designate the instrument, for financial reporting purposes, as a fair value hedge, a cash flow hedge, or a net investment hedge. The accounting for changes in fair value (gains or losses) of a derivative instrument depends on whether we had designated it and it qualified as part of a hedging relationship and further, on the type of hedging relationship. We apply the following accounting policies:

• Changes in the fair value of a derivative that is designated as a fair value hedge, along with the loss or gain on the hedged asset or liability that is attributable to the hedged risk are recorded in earnings.

• Changes in the fair value of a derivative that is designated as a cash flow hedge are recorded in AOCI to the extent effective and reclassified into earnings in the same period or periods during which the transaction hedged by that derivative also affects earnings.

19

AVON PRODUCTS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except per share data)

• Changes in the fair value of a derivative that is designated as a hedge of a net investment in a foreign operation are recorded in foreign currency translation adjustments within AOCI to the extent effective as a hedge.

• Changes in the fair value of a derivative not designated as a hedging instrument are recognized in earnings in other expense, net on the Consolidated Statements of Income.

Realized gains and losses on a derivative are reported on the Consolidated Statements of Cash Flows consistent with the underlying hedged item.

For derivatives designated as hedges, we assess, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Highly effective means that cumulative changes in the fair value of the derivative are between 85% - 125% of the cumulative changes in the fair value of the hedged item. The ineffective portion of a derivative’s gain or loss, if any, is recorded in earnings in other expense, net on the Consolidated Statements of Income. In addition, when we determine that a derivative is not highly effective as a hedge, hedge accounting is discontinued. When it is probable that a hedged forecasted transaction will not occur, we discontinue hedge accounting for the affected portion of the forecasted transaction, and reclassify gains or losses that were accumulated in AOCI to earnings in other expense, net on the Consolidated Statements of Income.

Interest Rate Risk

A portion of our borrowings is subject to interest rate risk. We use interest-rate swap agreements, which effectively convert the fixed rate on long-term debt to a floating interest rate, to manage our interest rate exposure. The agreements are designated as fair value hedges. We held interest-rate swap agreements that effectively converted approximately 7% at March 31, 2013, and 62% at December 31, 2012, of our outstanding long-term, fixed-rate borrowings to a variable interest rate based on LIBOR. Our total exposure to floating interest rates was approximately 31% at March 31, 2013, and 69% at December 31, 2012.

In January 2013, we terminated eight of our interest-rate swap agreements designated as fair value hedges, with notional amounts totaling $1,000. As of the interest-rate swap agreements’ termination date, the aggregate favorable adjustment to the carrying value (deferred gain) of our debt was $90.4, which is being amortized as a reduction to interest expense over the remaining term of the underlying debt obligations. We incurred termination fees of $2.3 which were recorded in other expense, net. For the three months ended March 31, 2013, the net impact of the gain amortization was $5.2. The interest-rate swap agreements were terminated in order to improve our capital structure, including increasing our ratio of fixed-rate debt. At March 31, 2013, the unamortized deferred gain associated with the January 2013 interest-rate swap termination was $85.2, of which $10.3 was included within debt maturing within one year and $74.9 was included within long-term debt.

In March 2012, we terminated two of our interest-rate swap agreements designated as fair value hedges, with notional amounts totaling $350. As of the interest-rate swap agreements’ termination date, the aggregate favorable adjustment to the carrying value (deferred gain) of our debt was $46.1, which is being amortized as a reduction to interest expense over the remaining term of the underlying debt obligations through March 2019. We incurred termination fees of $2.5 which were recorded in other expense, net. For the three months ended March 31, 2013 and 2012, the net impact of the gain amortization was $1.5 and immaterial, respectively. The interest-rate swap agreements were terminated in order to increase our ratio of fixed-rate debt. At March 31, 2013, the unamortized deferred gain associated with the March 2012 interest-rate swap termination was $40.2, and was included within long-term debt.

At March 31, 2013, we had interest-rate swap agreements designated as fair value hedges of fixed-rate debt, with notional amounts totaling $125. During the three months ended March 31, 2013 and 2012, we recorded net losses of $.7 and $4.5, respectively, in interest expense for these interest-rate swap agreements designated as fair value hedges. The impact on interest expense of these interest-rate swap agreements was offset by an equal and offsetting impact in interest expense on our fixed-rate debt.

At times, we may de-designate the hedging relationship of a receive-fixed/pay-variable interest-rate swap agreement. In these cases, we enter into receive-variable/pay-fixed interest-rate swap agreements that are designated to offset the gain or loss on the de-designated contract. At March 31, 2013, we had interest-rate swap agreements that are not designated as hedges with notional amounts totaling $250. During the three months ended March 31, 2013 and 2012, we recorded an immaterial net loss and an immaterial net gain, respectively, in other expense, net associated with these undesignated interest-rate swap agreements.

There was no hedge ineffectiveness for the three months ended March 31, 2013 and 2012, related to these interest-rate swaps.

20

AVON PRODUCTS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except per share data)

Foreign Currency Risk

At March 31, 2013, the primary currencies for which we had net underlying foreign currency exchange rate exposures were the Argentine peso, Australian dollar, Brazilian real, British pound, Canadian dollar, Chinese renminbi, Colombian peso, the Czech Republic koruna, the euro, Mexican peso, New Zealand dollar, Peruvian new sol, Philippine peso, Polish zloty, Russian ruble, South Africa rand, Turkish lira, Ukrainian hryvnia, and Venezuelan bolívar. We use foreign exchange forward contracts to manage a portion of our foreign currency exchange rate exposures. At March 31, 2013, we had outstanding foreign exchange forward contracts with notional amounts totaling approximately $238 for the Mexican peso, British pound, euro, Peruvian new sol, Romanian leu, Polish zloty, the Czech Republic koruna, and New Zealand dollar.

We use foreign exchange forward contracts to manage foreign currency exposure of intercompany loans. These contracts are not designated as hedges. The change in fair value of these contracts is immediately recognized in earnings and substantially offsets the foreign currency impact recognized in earnings relating to the intercompany loans. During the three months ended March 31, 2013 and 2012, we recorded a loss of $3.0 and a gain of $3.4, respectively, in other expense, net related to these undesignated foreign exchange forward contracts. During the three months ended March 31, 2013 and 2012, we recorded a gain of $3.1and a loss of $2.9, respectively, related to the intercompany loans, caused by changes in foreign currency exchange rates.

We also used a foreign exchange forward contract to hedge the foreign currency exposure related to the net assets of a foreign subsidiary, which was effective as a hedge. A loss of $.3 on the foreign exchange forward contract was recorded in foreign currency translation adjustments within AOCI for the three months ended March 31, 2012. The foreign exchange forward contract terminated in January 2012, and therefore no gain or loss was recorded for the three months ended March 31, 2013.

13. DEBT

Revolving Credit Facility

In March 2013, we entered into a four-year $1 billion revolving credit facility (the “revolving credit facility”), which expires in March 2017. The revolving credit facility replaced the previous $1 billion revolving credit facility (the "2010 revolving credit facility"), which was terminated in March 2013 prior to its scheduled expiration in November 2013. There were no amounts drawn under the 2010 revolving credit facility on the date of termination and no early termination penalties were incurred. In the first quarter of 2013, $1.2 was recorded for the write-off of issuance costs related to the 2010 revolving credit facility. As discussed below, the $1 billion available under the revolving credit facility is effectively reduced by the principal amount of any commercial paper outstanding. Borrowings under the revolving credit facility bear interest, at our option, at a rate per annum equal to LIBOR plus an applicable margin or a floating base rate plus an applicable margin, in each case subject to adjustment based on our credit ratings. As of March 31, 2013, there were no amounts outstanding under the revolving credit facility.

Term Loan Agreement

On June 29, 2012, we entered into a $500.0 term loan agreement (the “term loan agreement”). Subsequently on August 2, 2012, we borrowed an incremental $50.0 of principal from subscriptions by new lenders under the term loan agreement. In March 2013, we entered into the first amendment to the term loan agreement. This amendment primarily relates to (i) adding a provision whereby the lenders may, at our election, decide to decline receipt of prepayments, and (ii) adding a subsidiary debt covenant and conforming the interest coverage ratio and leverage ratio covenants to those contained in the revolving credit facility (discussed below). Later in March 2013, we repaid $380.0 of the outstanding principal amount of the term loan agreement with a portion of the proceeds from the issuance of the Notes (as defined below), which repayment resulted in a loss in the first quarter of 2013 of $1.6 on extinguishment of debt associated with the write-off of debt issuance costs related to the term loan agreement. At March 31, 2013, the outstanding principal balance under the term loan agreement was $170.0.

Pursuant to the term loan agreement, we are required to repay an amount equal to 25% of the aggregate remaining principal amount of the term loan on June 29, 2014, and the remaining outstanding principal amount of the term loan on June 29, 2015. Amounts repaid or prepaid under the term loan agreement may not be reborrowed. Borrowings under the term loan agreement bear interest, at our option, at a rate per annum equal to LIBOR plus an applicable margin or a floating base rate plus an applicable margin, in each case subject to adjustment based on our credit ratings. The term loan agreement also provides for mandatory prepayments and voluntary prepayments. Subject to certain exceptions (including the issuance of commercial paper and draw-downs on our revolving credit facility), we are required to prepay the term loan in an amount equal to 50% of the net cash proceeds received from any incurrence of debt for borrowed money in excess of $500.

21

AVON PRODUCTS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except per share data)

Debt Covenants

The revolving credit facility and the term loan agreement (collectively, "the debt agreements") contain covenants limiting our ability to incur liens and enter into mergers and consolidations or sales of our assets substantially as an entirety. The debt agreements also contain covenants that limit Avon's subsidiary debt to existing subsidiary debt at February 28, 2013 plus $500.0, with certain other exceptions. In addition, the debt agreements contain financial covenants which require our interest coverage ratio at the end of each fiscal quarter to equal or exceed 4:1 and our leverage ratio to not be greater than 4.25:1 at the end of the fiscal quarter ended March 31, 2013, 4:1 at the end of each subsequent fiscal quarter on or prior to September 30, 2013, 3.75:1 at the end of each subsequent fiscal quarter on or prior to September 30, 2014, and 3.5:1 at the end of each fiscal quarter thereafter. In addition, the debt agreements contain customary events of default and cross-default provisions. The interest coverage ratio is determined by dividing our consolidated EBIT (as defined in the debt agreements) by our consolidated interest expense, in each case for the period of four fiscal quarters ending on the date of determination. The leverage ratio is determined by dividing the amount of our consolidated funded debt on the date of determination by our consolidated EBITDA (as defined in the debt agreements) for the period of four fiscal quarters ending on the date of determination. When calculating the interest coverage and leverage ratios, the debt agreements allow us, subject to certain conditions and limitations, to add back to our consolidated net income, among other items: (i) extraordinary and other non-cash losses and expenses, (ii) one-time fees, cash charges and other cash expenses, premiums or penalties incurred in connection with any asset sale, equity issuance or incurrence or repayment of debt or refinancing or modification or amendment of any debt instrument and (iii) cash charges and other cash expenses, premiums or penalties incurred in connection with any restructuring or relating to any legal or regulatory action, settlement, judgment or ruling, in an aggregate amount not to exceed $400.0 for the period from October 1, 2012 until the termination of commitments under the debt agreements provided, that restructuring charges incurred after December 31, 2014 shall not be added back to our consolidated net income. As of March 31, 2013, and based on then interest rates, an additional approximate $855 of the $1 billion revolving credit facility could have been drawn down without violating any covenant. We were in compliance with our interest coverage and leverage ratios under the debt agreements for the four fiscal quarters ended March 31, 2013. If the 2014 Notes (as defined below) had been redeemed prior to the end of the first quarter, as of March 31, 2013, the full $1 billion revolving credit facility, less the principal amount of commercial paper outstanding (which was $89.5 at March 31, 2013), could have been drawn down without violating any covenant.

Private Notes

On November 23, 2010, we issued, in a private placement exempt from registration under the Securities Act of 1933, as amended, $142.0 principal amount of 2.60% Senior Notes, Series A, due November 23, 2015, $290.0 principal amount of 4.03% Senior Notes, Series B, due November 23, 2020, and $103.0 principal amount of 4.18% Senior Notes, Series C, due November 23, 2022 (collectively, the "Private Notes"). The proceeds from the sale of the Private Notes were used to repay existing debt and for general corporate purposes.

On March 29, 2013, we prepaid our Private Notes. The prepayment price was equal to 100% of the principal amount of $535.0, plus accrued interest of $6.9 and a make-whole premium of $68.0. In connection with the prepayment of our Private Notes, we incurred a loss on extinguishment of debt of $71.4 in the first quarter of 2013, which included the make-whole premium and the write-off of $3.4 of debt issuance costs related to the Private Notes.

Public Notes

In May and June 2003, respectively, we issued, in public offerings, $250.0 principal amount of 4.20% Notes, due July 15, 2018 and $125.0 principal amount of 4.625% Notes, due May 15, 2013. In March 2008, we issued, in a public offering, $250.0 principal amount of 4.80% Notes, due March 1, 2013 and $250.0 principal amount of 5.75% Notes, due March 1, 2018. In March 2009, we issued, in a public offering, $500.0 principal amount of 5.625% Notes, due March 1, 2014 (the "2014 Notes") and $350.0 principal amount of 6.50% Notes, due March 1, 2019. The net proceeds from these offerings were used to repay indebtedness outstanding under our commercial paper program and for general corporate purposes.

The 4.80% Notes due March 1, 2013 were repaid in full at maturity. Later in March 2013, we issued a notice of prepayment for the 2014 Notes, and on April 15, 2013 we prepaid the 2014 Notes. The prepayment price was equal to 100% of the principal amount of $500, plus accrued interest of $3 and a make-whole premium of $22. In connection with the prepayment of our 2014 Notes, we expect to incur a loss on extinguishment of debt of approximately $13 in the second quarter of 2013 consisting of the $22 make-whole premium for the 2014 Notes and the write-off of approximately $1 of debt issuance costs and discounts related to the initial issuance of the 2014 Notes, partially offset by a deferred gain of approximately $10 associated with the January 2013 interest-rate swap agreement termination (see Note 12, Derivative Instruments and Hedging Activities).

22

AVON PRODUCTS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Dollars in millions, except per share data)

In March 2013, we issued, in a public offering, $250.0 principal amount of 2.375% Notes, due March 15, 2016, $500.0 principal amount of 4.60% Notes, due March 15, 2020, $500.0 principal amount of 5.00% Notes, due March 15, 2023 and $250.0 principal amount of 6.95% Notes, due March 15, 2043 (collectively, the "Notes"). The net proceeds from these Notes were used, or are intended to be used, to repay $380.0 of the outstanding principal amount of the term loan agreement, to prepay the Private Notes (plus make-whole premium and accrued interest), to repay the 4.625% Notes, due May 15, 2013 at maturity, and for general corporate purposes. Interest on the Notes is payable semi-annually on March 15 and September 15 of each year.

Commercial Paper Program

We also maintain a $1 billion commercial paper program, which is supported by the revolving credit facility. Under this program, we may issue from time to time unsecured promissory notes in the commercial paper market in private placements exempt from registration under federal and state securities laws, for a cumulative face amount not to exceed $1 billion outstanding at any one time and with maturities not exceeding 270 days from the date of issue. The commercial paper short-term notes issued under the program are not redeemable prior to maturity and are not subject to voluntary prepayment. Outstanding commercial paper effectively reduces the amount available for borrowing under the revolving credit facility. At March 31, 2013, there was $89.5 of outstanding commercial paper under this program. Beginning in 2012 and continuing into 2013, the demand for our commercial paper declined, partially impacted by the rating agency action described below.

Additional Information

Our long-term credit ratings are Baa2 (Stable Outlook) with Moody's and BBB- (Negative Outlook) with S&P, which are on the low end of investment grade, and BB+ (Stable Outlook) with Fitch, which is below investment grade. In February 2013, Fitch lowered their long-term credit rating from BBB- (Negative Outlook) to BB+ (Stable Outlook) and Moody's lowered their long-term credit rating from Baa1 (Negative Outlook) to Baa2 (Stable Outlook). Additional rating agency reviews could result in a further change in outlook or downgrade, which would most likely result in an increase in financing costs, including interest expense under certain of our debt instruments, and reduced access to lending sources, including the commercial paper market.

14. SUBSEQUENT EVENTS

On April 15, 2013, we prepaid the 2014 Notes. The prepayment price was equal to 100% of the principal amount of $500, plus accrued interest of $3 and a make-whole premium of $22. In connection with the prepayment of our 2014 Notes, we expect to incur a loss on extinguishment of debt of approximately $13 in the second quarter of 2013. See Note 13, Debt for further discussion.

23

AVON PRODUCTS, INC.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Dollars in millions, except per share data)

OVERVIEW

We are a global manufacturer and marketer of beauty and related products. Our business is conducted worldwide, primarily in the direct-selling channel. We presently have sales operations in 65 countries and territories, including the United States ("U.S."), and distribute products in 43 more. Our reportable segments are based on geographic operations and include commercial business units in Latin America; Europe, Middle East & Africa; North America; and Asia Pacific. Our product categories are Beauty, Fashion and Home. Beauty consists of color cosmetics, fragrances, skin care and personal care. Fashion consists of jewelry, watches, apparel, footwear, accessories and children’s products. Home consists of gift and decorative products, housewares, entertainment and leisure products, children's products and nutritional products. Sales are made to the ultimate consumer principally through direct selling by more than 6 million active independent Representatives, who are independent contractors and not our employees. The success of our business is highly dependent on recruiting, retaining and servicing our Representatives. During 2012, approximately 85% of our consolidated revenue was derived from operations outside the U.S.

In the first quarter of 2013, we renamed our "Growth in Active Representatives" performance metric to be referred to as "Change in Active Representatives." In addition, we revised the definition of this metric to exclude China. As previously disclosed, our business in China is predominantly retail, and as a result, we do not believe including China within the Change in Active Representatives calculation provides for a relevant indicator of underlying business trends. There were no changes to the underlying calculation other than the exclusion of China.

During the three months ended March 31, 2013, revenues declined 4% compared to the prior-year period due to unfavorable foreign exchange. Constant $ revenue was relatively unchanged, as a 1% increase in Active Representatives was offset by a 1% decline in average order. Sales from the Beauty category decreased 5%, or 1%, on a Constant $ basis. Sales from the Fashion category decreased 4%, or 3% on a Constant $ basis. Sales from the Home category increased 4%, or 8%, on a Constant $ basis. See the “Segment Review” section of this Management’s Discussion and Analysis of Financial Condition and Results of Operations, which we refer to in this report as "MD&A," for additional information related to changes in revenue by segment.

In 2012, we announced a cost savings initiative (the "$400M Cost Savings Initiative"), in an effort to stabilize the business and return Avon to sustainable growth, which is expected to be achieved through restructuring actions as well as other cost-savings strategies that will not result in restructuring charges. The $400M Cost Savings Initiative is designed to reduce our operating expenses as a percentage of total revenue to help us achieve a targeted low double-digit operating margin by 2016. The restructuring actions under the $400M Cost Savings Initiative primarily consist of global headcount reductions and related actions, as well as the restructuring or closure of certain smaller, under-performing markets, including our exit from the South Korea, Vietnam and Republic of Ireland markets.

As a result of the actions approved to-date, we have recorded total costs to implement these restructuring initiatives of $71.0 before taxes, of which $20.3 before taxes was recorded in the first quarter of 2013. For the actions approved to-date, we expect our total costs to implement to be in the range of $100 to $110 before taxes. The additional charges not yet incurred associated with the actions approved to-date of approximately $29 to $39 before taxes are expected to be recorded primarily in 2013. At this time we are unable to quantify the total costs when the initiative is fully implemented. In connection with the restructuring actions approved to-date associated with the $400M Cost Savings Initiative, we expect to realize annualized savings of approximately $125 before taxes. Refer to Note 9, Restructuring Initiatives to the consolidated financial statements included herein for further information.

As a result of the 32% devaluation of the Venezuelan currency in February 2013, our first quarter of 2013 operating margin was negatively impacted. As a result of using the U.S. historic dollar cost basis of non-monetary assets, such as inventory, acquired prior to the devaluation, first quarter 2013 operating profit and net income were negatively impacted by $13, for the difference between the historical cost at the previous official exchange rate of 4.30 and the new official exchange rate of 6.30. We expect an additional negative impact of approximately $37 to 2013 operating profit and net income, primarily during the second and third quarters of 2013, for the difference between the historical cost at the previous official exchange rate of 4.30 and the new official exchange rate of 6.30. In addition to the negative impact to operating margin, as a result of the devaluation of the Venezuelan currency, during the first quarter of 2013, we recorded a one-time, after-tax loss of $51 ($34 in other expense, net

24

AVON PRODUCTS, INC.

MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Dollars in millions, except per share data)

and $17 in income taxes), primarily reflecting the write-down of monetary assets and liabilities and deferred tax benefits. Refer to further discussion of Venezuela in the "Segment Review - Latin America" section of this MD&A.

NEW ACCOUNTING STANDARDS

Information relating to new accounting standards is included in Note 1, Accounting Policies, to the consolidated financial statements included herein.

RESULTS OF OPERATIONS—THREE MONTHS ENDED MARCH 31, 2013 AS COMPARED TO THE THREE MONTHS ENDED MARCH 31, 2012

Non-GAAP Financial Measures

To supplement our financial results presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we disclose operating results that have been adjusted to exclude the impact of changes due to the translation of foreign currencies into U.S. dollars, including changes in: revenue, operating profit, Adjusted operating profit, operating margin, and Adjusted operating margin. We refer to these adjusted financial measures as Constant $ items, which are Non-GAAP financial measures. We believe these measures provide investors an additional perspective on trends. To exclude the impact of changes due to the translation of foreign currencies into U.S. dollars, we calculate current year results and prior year results at a constant exchange rate. Currency impact is determined as the difference between actual growth rates and constant currency growth rates.

We also present gross margin, selling, general and administrative expenses as a percentage of revenue, net global expenses, operating profit, operating margin and effective tax rate on a Non-GAAP basis. The discussion of our segments presents operating profit and operating margin on a Non-GAAP basis. We refer to these Non-GAAP financial measures as "Adjusted". We have provided a quantitative reconciliation of the difference between the Non-GAAP financial measure and the financial measure calculated and reported in accordance with GAAP. The Company uses the Non-GAAP financial measures to evaluate its operating performance and believes that it is meaningful for investors to be made aware of, on a period-to-period basis, the impacts of 1) costs to implement ("CTI") restructuring initiatives, 2) costs and charges related to Venezuela being designated as a highly inflationary economy and the subsequent devaluation of its currency in February 2013 ("Venezuelan special items") and 3) costs and charges related to the extinguishment of debt ("Loss on extinguishment of debt"). The Company believes investors find the Non-GAAP information helpful in understanding the ongoing performance of operations separate from items that may have a disproportionate positive or negative impact on the Company's financial results in any particular period.

The Venezuelan special items include the impact on the Statement of Income caused by the devaluation of the Venezuelan currency on monetary assets and liabilities, such as cash, receivables and payables; deferred tax assets and liabilities; and non-monetary assets, such as inventory and prepaid expenses. For non-monetary assets, the Venezuelan special items include the earnings impact caused by the difference between the historical cost of the assets at the previous official exchange rate of 4.30 and the revised official exchange rate of 6.30. The Loss on extinguishment of debt includes the impact on the Statement of Income caused by the make-whole premium and the write-off of debt issuance costs associated with the prepayment of our Private Notes (as defined below), as well as the write-off of debt issuance costs associated with the early repayment of $380 of the outstanding principal amount of the term loan agreement (as defined below).

See Note 9, Restructuring Initiatives and Note 13, Debt, to the consolidated financial statements included herein, the "Segment Review - Latin America" section below, and the "Liquidity and Capital Resources" section below for more information on these items.

These Non-GAAP measures should not be considered in isolation, or as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

25

AVON PRODUCTS, INC.

MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Dollars in millions, except per share data)

Consolidated

	Three Months Ended March 31,
	2013			2012			%/Point Change
Total revenue	$	2,483.7		$	2,575.4		(4	)%
Cost of sales	941.6			1,009.8			(7	)%
Selling, general and administrative expenses	1,370.0			1,494.1			(8	)%
Operating profit	172.1			71.5			141	%
Interest expense	29.4			24.6			20	%
Loss on extinguishment of debt	73.0			—			*
Interest income	(2.0		)	(3.9		)	(49	)%
Other expense, net	44.4			10.0			*
Net (loss) income attributable to Avon	(13.7		)	26.5			(152	)%
Diluted (loss) earnings per share attributable to Avon	(.03		)	.06			(150	)%
Advertising expenses(1)	$	46.2		$	74.9		(38	)%
Gross margin	62.1		%	60.8		%	1.3
CTI restructuring	—			.1			(.1	)
Venezuelan special items	.4			—			.4
Adjusted gross margin	62.5		%	60.9		%	1.6
Selling, general and administrative expenses as a % of total revenue	55.2		%	58.0		%	(2.8	)
CTI restructuring	(.8		)	(1.0		)	.2
Venezuelan special items	(.1		)	—			(.1	)
Adjusted selling, general and administrative expenses as a % of total revenue	54.2		%	57.1		%	(2.9	)
Operating profit	$	172.1		$	71.5		141	%
CTI restructuring	20.3			27.3
Venezuelan special items	13.3			—
Adjusted operating profit	$	205.7		$	98.8		108	%
Operating margin	6.9		%	2.8		%	4.1
CTI restructuring	.8			1.1			(.3	)
Venezuelan special items	.5			—			.5
Adjusted operating margin	8.3		%	3.8		%	4.5
Effective tax rate	146.1		%	32.3		%	113.8
CTI restructuring	(.3		)	.6			(.9	)
Venezuelan special items	(115.0		)	—			(115.0	)
Loss on extinguishment of debt	2.7			—			2.7
Adjusted effective tax rate	33.6		%	32.9		%	.7
Active Representatives							1	%
Units sold							(3	)%

Amounts in the table above may not necessarily sum due to rounding.

* Calculation not meaningful

(1) Advertising expenses are included within selling, general and administrative expenses.

26

AVON PRODUCTS, INC.

MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Dollars in millions, except per share data)

Three Months Ended March 31, 2013

Revenue

During the three months ended March 31, 2013, revenues declined 4% compared to the prior-year period due to unfavorable foreign exchange. Constant $ revenue was relatively unchanged, as a 1% increase in Active Representatives was offset by a 1% decline in average order. Units sold decreased 3% and the net impact of price and mix increased 3%.

On a category basis, the growth rates were as follows:

	%/Point Change
	US$	Constant $
Beauty	(5)%	(1)%
Beauty Category:
Fragrance	1	6
Color	(6)	(2)
Skincare	(12)	(9)
Personal care	(3)	—
Fashion	(4)	(3)
Home	4	8

See the “Segment Review” section of this MD&A for additional information related to changes in revenue by segment.

Gross Margin

Gross margin and Adjusted gross margin increased by 130 basis points and 160 basis points, respectively, compared to the same period of 2012, respectively, primarily due to the following:

• an increase of 250 basis points due to lower supply chain costs, largely due to 100 points from lower freight costs, as well as 80 basis points from lower material costs, including the benefits from productivity initiatives;

• a decrease of 50 basis points due to the unfavorable net impact of mix and pricing; and

• a decrease of 50 basis points due to the negative impact of foreign exchange.

Selling, General and Administrative Expenses

Selling, general and administrative expenses and Adjusted selling, general, and administrative expenses as a percentage of revenue decreased 280 basis points and 290 basis points, respectively, compared to the same period of 2012, primarily due to the following:

• a decrease of 180 basis points from lower marketing expenses, caused primarily by decreases of 100 basis points from lower advertising costs and 40 basis points from lower net brochure costs;

• a decrease of 100 basis points from lower administrative expenses, primarily due to lower professional and related fees associated with the FCPA investigation and compliance reviews, as well as lower compensation costs;

• a decrease of 80 basis points from lower bad debt expense, primarily due to a higher provision during the prior year to increase reserves for bad debt in South Africa; and

• an increase of 100 basis points from increased incentives and field compensation.

Refer to the “Segment Review” section of this MD&A for additional information related to changes in operating margin by segment.

Other Expense

Interest expense increased by 20% compared to the prior-year period, primarily due to higher outstanding debt balances, as well as higher average interest rates.

Loss on extinguishment of debt in the first quarter of 2013 is comprised of $71 for the make-whole premium and the write-off of debt issuance costs associated with the prepayment of our Private Notes and $2 for the write-off of debt issuance costs

27

AVON PRODUCTS, INC.

MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Dollars in millions, except per share data)

associated with the early repayment of $380 of the outstanding principal amount of the term loan agreement. Refer to Note 13, Debt, to the consolidated financial statements included herein and the "Liquidity and Capital Resources" section of this MD&A for additional information.

Interest income decreased by 49% compared to the prior-year period, primarily due to lower average interest rates partially offset by higher average cash balances.

Other expense, net, increased compared to the prior-year period, primarily due to a $34 negative impact in 2013 from the devaluation of the Venezuelan currency on monetary assets and liabilities in conjunction with highly inflationary accounting. Refer to the "Segment Review - Latin America" section of this MD&A for a further discussion of our Venezuela operations.

Effective Tax Rate

The effective tax rate for the first quarter of 2013 was 146.1% compared to 32.3% in the prior-year period. The tax rate was unfavorably impacted by the devaluation of the Venezuelan currency in conjunction with highly inflationary accounting discussed further within the "Segment Review - Latin America" section of this MD&A. The Adjusted effective tax rate was 33.6% for the first quarter of 2013 compared to 32.9% in the prior-year period.

Segment Review

Latin America

	Three Months Ended March 31,
							%/Point Change
	2013			2012			US$		Constant $
Total revenue	$	1,144.4		$	1,149.5		—	%	7	%
Operating profit	101.4			50.8			100	%	139	%
CTI restructuring	(1.8		)	4.7
Venezuelan special items	13.3			—
Adjusted operating profit	$	112.8		$	55.5		103	%	117	%
Operating margin	8.9		%	4.4		%	4.5		5.4
CTI restructuring	(.2		)	.4
Venezuelan special items	1.2			—
Adjusted operating margin	9.9		%	4.8		%	5.1		4.9
Active Representatives									4	%
Units sold									(2	)%

Amounts in the table above may not necessarily sum due to rounding.

Total revenue was relatively unchanged from the prior-year period as there was a negative impact from unfavorable foreign exchange, including the impact of the Venezuela currency devaluation. On a Constant $ basis, revenue grew 7% due to an increase in Active Representatives, as well as higher average order. Average order benefited from pricing, including inflationary impacts. The region's revenue was also favorably impacted by approximately 1 point due to a benefit to Brazil's revenue as a result of the initial realization of a government incentive that was recognized in the first quarter of 2013 associated with activity in prior years. As the government incentive is associated with excise taxes, which are recorded as a reduction to revenue, the benefit from that incentive is recognized as revenue. Revenue in Brazil and Venezuela declined 2% and 15%, respectively, both negatively impacted by foreign exchange, while revenue in Mexico grew 6%. Constant $ revenue benefited from growth of 11% in Brazil, 3% in Mexico, and 3% in Venezuela.

Constant $ revenue growth in Brazil was driven by higher average order and an increase in Active Representatives, as well as by approximately 2 points due to the benefit of the government incentive in the first quarter of 2013. On a Constant $ basis, Brazil’s sales from Beauty products increased 5% and sales from non-Beauty (Fashion and Home) increased 26% primarily due to more effective pricing and merchandising.

28

AVON PRODUCTS, INC.

MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Dollars in millions, except per share data)

Constant $ revenue growth in Mexico was primarily driven by an increase in Active Representatives, partially offset by the negative impact of the timing of the Easter holiday. Constant $ revenue growth in Venezuela was due to higher average order, benefiting from the inflationary impact on pricing. This growth was substantially offset by a decrease in Active Representatives, which was impacted by a continued economic and political instability. Revenue and operating profit in Venezuela was negatively impacted in the first quarter of 2013 by the change in the official exchange rate discussed below. Additional information on our Venezuela operations is discussed in more detail below.

Operating margin was negatively impacted by 1.2 points by the devaluation of the Venezuelan currency in conjunction with highly inflationary accounting as discussed further below. Operating margin benefited by .6 points as compared to the prior-year period from lower CTI restructuring. Adjusted operating margin increased 5.1 points, or 4.9 points on a Constant $ basis, primarily as a result of:

• a benefit of 3.6 points from lower marketing expenses caused primarily by 2.6 points from lower advertising costs, primarily due to higher spending on product launches in Brazil in the prior-year period and .5 points from lower net brochure costs;

• a benefit of 1.5 points driven by the impact of higher revenues while incurring administrative expenses that do not vary directly with revenue;

• a benefit of .7 points associated with the government incentive in Brazil recognized in the first quarter of 2013;

• a benefit of .4 points due to higher gross margin caused primarily by 1.5 point from lower supply chain costs primarily due to lower freight, partially offset by .8 points from the negative impact of foreign exchange and .5 points from the unfavorable net impact of mix and pricing; and

• a decline of 1.4 points from higher selling expenses caused primarily by increased incentives and field compensation.

Currency restrictions enacted by the Venezuelan government in 2003 have impacted the ability of Avon Venezuela to obtain foreign currency at the official rate to pay for imported products. Since 2003, Avon Venezuela had been obtaining its foreign currency needs beyond the amounts that could be obtained at official rates through non-government sources where the exchange rates were less favorable than the official rate ("parallel market"). In late May 2010, the Venezuelan government took control over the previously freely-traded parallel market, by implementing a regulated ("SITME") market in early June 2010. The SITME market was eliminated in February 2013 in conjunction with the government's devaluation of its currency as described below. In March 2013, the government announced a new auction-based foreign exchange system ("SICAD") that increases government control over the allocation of U.S. dollars in the country.

We account for Venezuela as a highly inflationary economy. Effective February 13, 2013, the official exchange rate moved from 4.30 to 6.30, a devaluation of 32%. As a result of the change in the official rate to 6.30, we recorded a one-time, after-tax loss of $51 ($34 in other expense, net and $17 in income taxes) in the first quarter of 2013, primarily reflecting the write-down of monetary assets and liabilities and deferred tax benefits. Additionally, certain non-monetary assets are carried at the U.S. historic dollar cost subsequent to the devaluation. Therefore, these costs will impact the income statement during 2013 at a disproportionate rate as they will not be devalued based on the new exchange rates, but will be expensed at the historic dollar value. As a result of using the U.S. historic dollar cost basis of non-monetary assets, such as inventory, acquired prior to the devaluation, first quarter 2013 operating profit and net income were negatively impacted by $13, for the difference between the historical cost at the previous official exchange rate of 4.30 and the new official exchange rate of 6.30. We expect an additional negative impact of approximately $37 to 2013 operating profit and net income, primarily during the second and third quarters of 2013, for the difference between the historical cost at the previous official exchange rate of 4.30 and the new official exchange rate of 6.30.

In addition, revenue and operating profit for Avon's Venezuela operations will be negatively impacted when translated into dollars at the new official exchange rate of 6.30. This could be partially offset by the favorable impact of any operating performance improvements, however, there is no assurance we will be able to effect such performance improvements. Results for periods prior to 2013 were not impacted by the change in the official rate in February of 2013.

In March 2013, the first auction of U.S. dollars under the SICAD framework was held, however an established rate for the SICAD market has not yet been set and this market is not yet widely available. The Venezuelan government has imposed volume restrictions on trading activity, limiting an entity’s activity bid in the first auction to a maximum of $2.0; however, the frequency and future maximum amounts have not been established. There can be no assurance that the SICAD market will provide a currency exchange in a manner widely available to the extent that our Venezuela operations will be able to obtain sufficient U.S. dollars to meet their requirements. If there are not sufficient U.S dollars available in the SICAD market, there may be a negative impact on Avon Venezuela’s future operations. Given that the SICAD market has not provided a widely available source of currency exchange during the first quarter of 2013, we have not remeasured any of our U.S. dollar-

29

AVON PRODUCTS, INC.

MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Dollars in millions, except per share data)

denominated liabilities to a rate different than the 6.30 rate. If the SICAD market or an alternative source of exchange becomes widely available at a more unfavorable rate than 6.30 Bolívares to the U.S. dollar, our results would be negatively impacted. There is no assurance that the Company will be able to recover the higher cost of obtaining foreign currency as compared to the official rate through operating activities, such as increased pricing or cost reductions in other areas.

At March 31, 2013, we had a net asset position of $318 associated with our operations in Venezuela, which included cash balances of approximately $115 of which approximately $114 was denominated in Bolívares remeasured at the March 31, 2013 official exchange rate of 6.30. Of the $318 net asset position, approximately $106 was associated with Bolívar-denominated monetary net assets and deferred income taxes. During the first three months of 2013 Avon Venezuela represented approximately 4% of Avon’s consolidated revenue and 4% of Avon’s consolidated Adjusted operating profit. The costs associated with acquiring goods that required settlement in U.S. dollars included within Venezuela's operating profit were not significant during the three months ended March 31, 2013, and were approximately $4 during the three months ended March 31, 2012.

To illustrate our sensitivity to potential future changes in the official exchange rate in Venezuela, if the official exchange rate was further devalued by 50% as of March 31, 2013, or from the official rate of 6.3 to a rate of 12.6 Bolívares to the U.S. dollar, our results will be negatively impacted as follows:

• As a result of the use of a further devalued exchange rate for the remeasurement of Avon Venezuela's revenues and profits, Avon's annualized consolidated revenues would likely be negatively impacted by approximately 2% and annualized consolidated operating profit would likely be negatively impacted by approximately 3% prospectively, assuming no operational improvements occurred to offset the negative impact of a further devaluation.

• Avon's consolidated operating profit during the first twelve months following the devaluation, in this example, would likely be negatively impacted by approximately 12%, assuming no offsetting operational improvements. The larger negative impact on operating profit during the first twelve months as compared to the prospective impact is caused by costs of non-monetary assets being carried at historical dollar cost in accordance with the requirement to account for Venezuela as a highly inflationary economy while revenue would be remeasured at the further devalued rate.

• We would likely incur an immediate charge of approximately $47 (approximately $32 in other expense, net and approximately $15 in income taxes) associated with the $106 of Bolívar-denominated monetary net assets and deferred income taxes.

Additionally, if the SICAD rate or an alternative source of exchange were to become widely available at 12.6 Bolívares to the U.S. dollar, which would represent a 50% devaluation from the official exchange rate for the existing U.S. dollar-denominated liabilities, as of March 31, 2013, we would likely incur an immediate charge of approximately $5, as well as higher ongoing costs.

At March 31, 2013, Avon Venezuela had pending requests submitted with an agency of the Venezuelan government for approximately $54 for remittance of dividends and royalties to its parent company in the U.S. These outstanding requests had been periodically submitted between 2005 and 2012. We are currently unable to predict the likelihood of government approvals of these requests, or if approved, the estimated time for remittance.

In late 2011, the Argentine government introduced restrictive currency exchange controls. Unless foreign exchange is made more readily available at the official exchange rate, Avon Argentina's operations may be negatively impacted. At March 31, 2013, we had a net asset position of $85 associated with our operations in Argentina. During the first three months of 2013 Avon Argentina represented approximately 3% of Avon’s consolidated revenue and 4% of Avon’s consolidated Adjusted operating profit.

30

AVON PRODUCTS, INC.

MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Dollars in millions, except per share data)

Europe, Middle East & Africa

	Three Months Ended March 31,
							%/Point Change
	2013			2012			US$		Constant $
Total revenue	$	733.1		$	724.6		1	%	3	%
Operating profit	111.4			56.5			97	%	113	%
CTI restructuring	9.2			4.6
Adjusted operating profit	$	120.7		$	61.1		98	%	112	%
Operating margin	15.2		%	7.8		%	7.4		7.7
CTI restructuring	1.3			.6
Adjusted operating margin	16.5		%	8.4		%	8.1		8.3
Active Representatives									4	%
Units sold									4	%

Amounts in the table above may not necessarily sum due to rounding.

Total revenue increased 1% compared to the prior-year period despite the negative impact from unfavorable foreign exchange. On a Constant $ basis, revenue increased 3% primarily due to an increase in Active Representatives. The region’s Constant $ revenue benefited from growth in Russia and South Africa. This growth was partially offset by declines in the United Kingdom and Turkey.

In Russia, revenue grew 3%, or 4% on a Constant $ basis, as an increase in Active Representatives was partially offset by a lower average order. In the United Kingdom, revenue declined 9%, or 8% on a Constant $ basis, negatively impacted by a decrease in Active Representatives. In Turkey, revenue and Constant $ revenue declined 2%, as lower average order was partially offset by an increase in Active Representatives. In South Africa, revenue declined 11%, impacted by unfavorable foreign exchange. On a Constant $ basis, South Africa’s revenue grew 2% due to higher average order, which was partially offset by a decrease in Active Representatives primarily as a result of tightening credit policies.

Operating margin was negatively impacted by .7 points as compared to the prior-year period from higher CTI restructuring. Adjusted operating margin increased 8.1 points, or 8.3 points on a Constant $ basis, primarily as a result of:

• a benefit of 5.6 points due to higher gross margin caused primarily by 6.7 points from lower supply chain costs, primarily due to lower material and overhead costs including the benefits from productivity initiatives, as well as the favorable impact of foreign exchange. These items were partially offset by the unfavorable net impact of mix and pricing of .6 points;

• a benefit of 1.4 points from lower selling expenses caused primarily by 2.4 points from lower bad debt expense primarily due to a higher provision in the first quarter of 2012 to increase reserves for bad debt in South Africa as a result of growth in new territories, of which 2.0 points was an out-of-period adjustment. This was partially offset by a decline of .7 points from higher field compensation; and

• a benefit of 1.0 point from lower marketing expenses caused primarily by .6 points from lower net brochure costs.

31

AVON PRODUCTS, INC.

MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Dollars in millions, except per share data)

North America

	Three Months Ended March 31,
							%/Point Change
	2013			2012			US$		Constant $
Total revenue	$	406.2		$	479.6		(15	)%	(15	)%
Operating (loss) profit	(11.2		)	3.8			*		*
CTI restructuring	5.8			4.4
Adjusted operating (loss) profit	$	(5.4	)	$	8.2		*		*
Operating margin	(2.8		)%	.8		%	(3.6	)	(3.6	)
CTI restructuring	1.4			.9
Adjusted operating margin	(1.3		)%	1.7		%	(3.0	)	(3.0	)
Active Representatives									(13	)%
Units sold									(13	)%

* Calculation not meaningful

Amounts in the table above may not necessarily sum due to rounding.

Total revenue decreased 15% on both a reported and Constant $ basis compared to the prior-year period, primarily due to a decrease in Active Representatives and, to a lesser extent, lower average order. The North America segment consists of the North America Avon business and includes the North America Silpada business. Revenue in the North America Avon business declined 15% on both a reported and Constant $ basis, primarily due to a decrease in Active Representatives and, to a lesser extent, lower average order. Revenue in the North America Silpada business declined 21% on both a reported and Constant $ basis, impacted by lower average order. Sales from Beauty products declined 16%, on both a reported and Constant $ basis. Sales from non-Beauty (Fashion and Home) products declined 14%, on both a reported and Constant $ basis, due to the declines in both the North America Avon business and the North America Silpada business.

Operating margin was negatively impacted by .5 points as compared to the prior-year period from higher CTI restructuring. Adjusted operating margin declined 3.0 points on both a reported and Constant $ basis, primarily as a result of:

• a decline of 1.5 points due to the impact of revenue deleverage on our fixed expenses, which was partially offset by lower expenses resulting from our cost savings initiatives; and

• a decline of 1.5 points due to lower gross margin caused primarily by the North America Silpada business, primarily due to a cash incentive program for Representatives, which reduced revenue, and higher obsolescence costs.

We continue to expect challenging financial results within the North America Avon business, partially as a result of the ongoing impact of field transformation and redistricting in the U.S., as well as other operational challenges.

32

AVON PRODUCTS, INC.

MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Dollars in millions, except per share data)

Asia Pacific

	Three Months Ended March 31,
							%/Point Change
	2013			2012			US$		Constant $
Total revenue	$	200.0		$	221.7		(10	)%	(12	)%
Operating profit	11.1			15.4			(28	)%	(33	)%
CTI restructuring	4.8			.7
Adjusted operating profit	$	15.9		$	16.1		(1	)%	(8	)%
Operating margin	5.6		%	6.9		%	(1.3	)	(1.7	)
CTI restructuring	2.4			.3
Adjusted operating margin	8.0		%	7.3		%	.7		.4
Active Representatives(1)									(4	)%
Units sold									(11	)%

(1) Excludes China. See the "Overview" section of this MD&A for a discussion of the update to the definition of Change in Active Representatives and rationale for exclusion of China from the calculation of Active Representatives.

Amounts in the table above may not necessarily sum due to rounding.

Total revenue declined 10% compared to the prior-year period, or 12% on a Constant $ basis, due to lower average order and a decrease in Active Representatives. The revenue decline was primarily due to the unfavorable results of our China and Philippines operations. Revenue in China declined 30%, or 31% in Constant $, primarily due to declines in unit sales and the transition to a retail incentive model. Revenue in the Philippines declined 1%, or 6% in Constant $, as the market has experienced operational challenges, including weaker service levels. The region's revenue was also impacted by approximately 1 point due to lower revenue as a result of our decision to exit the South Korea and Vietnam markets.

Operating margin was negatively impacted by 2.1 points as compared to the prior-year period from higher CTI restructuring. Adjusted operating margin increased .7 points, or .4 points on a Constant $ basis, primarily as a result of:

• a benefit of 1.3 points from lower administrative expenses, primarily due to benefits from restructuring savings and lower incentive compensation;

• a benefit of .7 points from lower selling expenses, primarily due to China as we transition to a retail compensation model in that market; and

• a decline of 1.4 points due to lower gross margin caused primarily by product mix.

Global Expenses

	Three Months Ended March 31,
	2013			2012			% Change
Total global expenses	$	140.7		$	165.5		(15	)%
Allocated to segments	(100.1		)	(110.5		)	(9	)%
Net global expenses	$	40.6		$	55.0		(26	)%
CTI restructuring	2.3			12.9
Adjusted net global expenses	$	38.3		$	42.1		(9	)%

Amounts in the table above may not necessarily sum due to rounding.

Total global expenses decreased compared to the prior-year period primarily due to lower professional and related fees associated with the FCPA investigations and compliance reviews as well as lower costs to implement restructuring initiatives. Amounts allocated to segments decreased compared to the prior-year period primarily due to the decrease in budgeted marketing and research and development costs, which are costs that are allocated to segments. Professional and related fees associated with the FCPA investigations and compliance reviews described in Note 5 to the consolidated financial statements included herein, amounted to approximately $7 during the three months ended March 31, 2013, as compared to approximately $23 in the same period of 2012. While these fees are difficult to predict, we expect ongoing fees may vary during the course of these investigations and reviews. These fees were not allocated to the segments. Please see "Risk Factors - We are currently

33

AVON PRODUCTS, INC.

MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Dollars in millions, except per share data)

conducting an internal investigation and compliance reviews focused on compliance with the Foreign Corrupt Practices Act ("FCPA") and related United States ("U.S.") and foreign laws and we are in discussions with the United States Securities and Exchange Commission ("SEC") and the United States Department of Justice ("DOJ") regarding resolving their investigations of these matters. Based on our most recent communications with the SEC and the DOJ, we believe it is probable that we will incur a loss related to the government investigations. We are unable to reasonably estimate the amount or range of such loss; however, such loss could be material." contained in our 2012 Form 10-K, and Note 5, Contingencies, to the consolidated financial statements included herein, for more information regarding the FCPA investigations, compliance reviews, and other related matters, including our expectations with respect to future professional and related fees related to the FCPA investigations and compliance reviews.

LIQUIDITY AND CAPITAL RESOURCES

Our principal sources of funds historically have been cash flows from operations, commercial paper, borrowings under lines of credit, public offerings of notes, bank financings, and a private placement. At March 31, 2013, we had cash and cash equivalents totaling $1,488. As disclosed in the "Segment Review - Latin America" section of this MD&A, we held cash balances associated with our Venezuela operations denominated in Bolívares amounting to approximately $114 when translated at the official exchange rate at March 31, 2013. In February 2013, the Venezuelan government devalued its currency by approximately 32%. Currency restrictions enacted by the Venezuelan government have limited our ability to repatriate dividends and royalties from our Venezuelan operations. For more details with respect to these currency restrictions and the currency devaluation, see the "Segment Review - Latin America" section of this MD&A above, and for more information regarding risks with respect to these currency restrictions, see "Risk Factors - We are subject to financial risks related to our international operations, including exposure to foreign currency fluctuations" contained in our 2012 Form 10-K.

In March 2013, we renewed the revolving credit facility (as defined below) and issued $1.5 billion aggregate principal amount of Notes (as defined below), which improved our capital structure and extended the maturity profile of our long-term debt. The proceeds from the Notes have been or are intended to be used to repay existing debt and for general corporate purposes. See Note 13, Debt, to the consolidated financial statements included herein.

In March 2013, we issued a notice of prepayment for the 2014 Notes, and on April 15, 2013 we prepaid the 2014 Notes. Also in the second quarter of 2013, we expect to repay in full at maturity our $125.0 outstanding principal amount of 4.625% Notes, due May 15, 2013. See Note 13, Debt, to the consolidated financial statements included herein.

We may seek to repurchase our equity or to retire our outstanding debt in open market purchases, privately negotiated transactions, through derivative instruments or otherwise. Repurchases of equity and debt will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors, and the amounts involved may be material. We may also elect to incur additional debt or issue equity or convertible securities to finance ongoing operations or to meet our other liquidity needs. Any issuances of equity securities or convertible securities could have a dilutive effect on the ownership interest of our current shareholders and may adversely impact earnings per share in future periods.For more information regarding risks associated with our ability to refinance our debt or access certain debt markets, including the commercial paper market, see "Risk Factors - Our indebtedness and debt service obligations could materially adversely affect our business, prospects, financial condition, liquidity, results of operations and cash flows," "Risk Factors - To service our debt obligations, we will require a significant amount of cash. Our ability to generate cash depends on many factors beyond our control. Any failure to meet our debt service obligations, or to refinance or repay our outstanding indebtedness as it matures, could materially adversely impact our business, prospects, financial condition, liquidity, results of operations and cash flows," and "Risk Factors - A general economic downturn, a recession globally or in one or more of our geographic regions or sudden disruption in business conditions or other challenges may adversely affect our business, our access to liquidity and capital, and our credit ratings," contained in our 2012 Form 10-K.

Our liquidity could also be negatively impacted by restructuring initiatives, dividends, capital expenditures, acquisitions, and certain contingencies, including any legal or regulatory settlements, described more fully in Note 5, Contingencies, to the consolidated financial statements included herein. See our Cautionary Statement for purposes of the “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995 contained in this report.

Cash Flows

Net Cash Used by Operating Activities

During the first three months of 2013, operating activities used $118.9 of cash as compared to $33.0 during the first three months of 2012. Operating cash flow during the first three months of 2013 was unfavorably impacted primarily by the make-whole premium on the Private Notes, higher payments for employee incentive compensation and restructuring, and higher

34

AVON PRODUCTS, INC.

MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Dollars in millions, except per share data)

inventory levels. Partially offsetting these unfavorable impacts was higher levels of accounts payable and lower income tax payments.

Net Cash Used by Investing Activities

Net cash used by investing activities during the first three months of 2013 was $5.4 lower than during the first three months of 2012, primarily due to lower capital expenditures and the sale of the Springdale, OH manufacturing facility in the U.S. in the first quarter of 2013.

Net Cash Provided by Financing Activities

Net cash provided by financing activities of $495.2 during the first three months of 2013 was substantially higher compared to net cash provided by financing activities of $13.7 during the first three months of 2012. This was primarily due to proceeds of $1.5 billion related to issuance of the Notes, lower dividend payments and higher issuances of commercial paper, partially offset by the prepayment of $535.0 principal amount of the Private Notes, the repayment of $380.0 of the outstanding principal amount of the term loan agreement, and the scheduled repayment of $250.0 principal amount of the 4.80% Notes. See Note 13, Debt, to the consolidated financial statements included herein. In addition, in the first three months of 2013 we had proceeds of $88.1 related to the termination of interest-rate swap agreements designated as fair value hedges, compared to $43.6 in the first three months of 2012. See Note 12, Derivative Instruments and Hedging Activities, to the consolidated financial statements included herein for further details.

As part of an overall review of our capital structure, on November 1, 2012, we announced a decrease in the quarterly dividend to $.06 per share for the fourth-quarter dividend paid in December 2012. We maintained the dividend of $.06 for the first quarter of 2013. During the first quarter of 2012 our dividend payments were $.23 per share.

Capital Resources

Revolving Credit Facility

In March 2013, we entered into a four-year $1 billion revolving credit facility (the “revolving credit facility”), which expires in March 2017. The revolving credit facility replaced the previous $1 billion revolving credit facility (the "2010 revolving credit facility"), which was terminated in March 2013 prior to its scheduled expiration in November 2013. There were no amounts drawn under the 2010 revolving credit facility on the date of termination and no early termination penalties were incurred. In the first quarter of 2013, $1.2 was recorded for the write-off of issuance costs related to the 2010 revolving credit facility. As discussed below, the $1 billion available under the revolving credit facility is effectively reduced by the principal amount of any commercial paper outstanding. Borrowings under the revolving credit facility bear interest, at our option, at a rate per annum equal to LIBOR plus an applicable margin or a floating base rate plus an applicable margin, in each case subject to adjustment based on our credit ratings. As of March 31, 2013, there were no amounts outstanding under the revolving credit facility.

Term Loan Agreement

On June 29, 2012, we entered into a $500.0 term loan agreement (the “term loan agreement”). Subsequently on August 2, 2012, we borrowed an incremental $50.0 of principal from subscriptions by new lenders under the term loan agreement. In March 2013, we entered into the first amendment to the term loan agreement. This amendment primarily relates to (i) adding a provision whereby the lenders may, at our election, decide to decline receipt of prepayments, and (ii) adding a subsidiary debt covenant and conforming the interest coverage ratio and leverage ratio covenants to those contained in the revolving credit facility (discussed below). Later in March 2013, we repaid $380.0 of the outstanding principal amount of the term loan agreement with a portion of the proceeds from the issuance of the Notes (as defined below), which repayment resulted in a loss in the first quarter of 2013 of $1.6 on extinguishment of debt associated with the write-off of debt issuance costs related to the term loan agreement. At March 31, 2013, the outstanding principal balance under the term loan agreement was $170.0.

Pursuant to the term loan agreement, we are required to repay an amount equal to 25% of the aggregate remaining principal amount of the term loan on June 29, 2014, and the remaining outstanding principal amount of the term loan on June 29, 2015. Amounts repaid or prepaid under the term loan agreement may not be reborrowed. Borrowings under the term loan agreement bear interest, at our option, at a rate per annum equal to LIBOR plus an applicable margin or a floating base rate plus an applicable margin, in each case subject to adjustment based on our credit ratings. The term loan agreement also provides for mandatory prepayments and voluntary prepayments. Subject to certain exceptions (including the issuance of commercial paper and draw-downs on our revolving credit facility), we are required to prepay the term loan in an amount equal to 50% of the net cash proceeds received from any incurrence of debt for borrowed money in excess of $500.

35

AVON PRODUCTS, INC.

MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Dollars in millions, except per share data)

Debt Covenants

The revolving credit facility and the term loan agreement (collectively, "the debt agreements") contain covenants limiting our ability to incur liens and enter into mergers and consolidations or sales of our assets substantially as an entirety. The debt agreements also contain covenants that limit Avon's subsidiary debt to existing subsidiary debt at February 28, 2013 plus $500.0, with certain other exceptions. In addition, the debt agreements contain financial covenants which require our interest coverage ratio at the end of each fiscal quarter to equal or exceed 4:1 and our leverage ratio to not be greater than 4.25:1 at the end of the fiscal quarter ended March 31, 2013, 4:1 at the end of each subsequent fiscal quarter on or prior to September 30, 2013, 3.75:1 at the end of each subsequent fiscal quarter on or prior to September 30, 2014, and 3.5:1 at the end of each fiscal quarter thereafter. In addition, the debt agreements contain customary events of default and cross-default provisions. The interest coverage ratio is determined by dividing our consolidated EBIT (as defined in the debt agreements) by our consolidated interest expense, in each case for the period of four fiscal quarters ending on the date of determination. The leverage ratio is determined by dividing the amount of our consolidated funded debt on the date of determination by our consolidated EBITDA (as defined in the debt agreements) for the period of four fiscal quarters ending on the date of determination. When calculating the interest coverage and leverage ratios, the debt agreements allow us, subject to certain conditions and limitations, to add back to our consolidated net income, among other items: (i) extraordinary and other non-cash losses and expenses, (ii) one-time fees, cash charges and other cash expenses, premiums or penalties incurred in connection with any asset sale, equity issuance or incurrence or repayment of debt or refinancing or modification or amendment of any debt instrument and (iii) cash charges and other cash expenses, premiums or penalties incurred in connection with any restructuring or relating to any legal or regulatory action, settlement, judgment or ruling, in an aggregate amount not to exceed $400.0 for the period from October 1, 2012 until the termination of commitments under the debt agreements provided, that restructuring charges incurred after December 31, 2014 shall not be added back to our consolidated net income. As of March 31, 2013, and based on then interest rates, an additional approximate $855 of the $1 billion revolving credit facility could have been drawn down without violating any covenant. We were in compliance with our interest coverage and leverage ratios under the debt agreements for the four fiscal quarters ended March 31, 2013. If the 2014 Notes (as defined below) had been redeemed prior to the end of the first quarter, as of March 31, 2013, the full $1 billion revolving credit facility, less the principal amount of commercial paper outstanding (which was $89.5 at March 31, 2013), could have been drawn down without violating any covenant.

Private Notes

On November 23, 2010, we issued, in a private placement exempt from registration under the Securities Act of 1933, as amended, $142.0 principal amount of 2.60% Senior Notes, Series A, due November 23, 2015, $290.0 principal amount of 4.03% Senior Notes, Series B, due November 23, 2020, and $103.0 principal amount of 4.18% Senior Notes, Series C, due November 23, 2022 (collectively, the "Private Notes"). The proceeds from the sale of the Private Notes were used to repay existing debt and for general corporate purposes.

On March 29, 2013, we prepaid our Private Notes. The prepayment price was equal to 100% of the principal amount of $535.0, plus accrued interest of $6.9 and a make-whole premium of $68.0. In connection with the prepayment of our Private Notes, we incurred a loss on extinguishment of debt of $71.4 in the first quarter of 2013, which included the make-whole premium and the write-off of $3.4 of debt issuance costs related to the Private Notes.

Public Notes

In May and June 2003, respectively, we issued, in public offerings, $250.0 principal amount of 4.20% Notes, due July 15, 2018 and $125.0 principal amount of 4.625% Notes, due May 15, 2013. In March 2008, we issued, in a public offering, $250.0 principal amount of 4.80% Notes, due March 1, 2013 and $250.0 principal amount of 5.75% Notes, due March 1, 2018. In March 2009, we issued, in a public offering, $500.0 principal amount of 5.625% Notes, due March 1, 2014 (the "2014 Notes") and $350.0 principal amount of 6.50% Notes, due March 1, 2019. The net proceeds from these offerings were used to repay indebtedness outstanding under our commercial paper program and for general corporate purposes.

The 4.80% Notes due March 1, 2013 were repaid in full at maturity. Later in March 2013, we issued a notice of prepayment for the 2014 Notes, and on April 15, 2013 we prepaid the 2014 Notes. The prepayment price was equal to 100% of the principal amount of $500.0, plus accrued interest of $3 and a make-whole premium of $22. In connection with the prepayment of our 2014 Notes, we expect to incur a loss on extinguishment of debt of approximately $13 in the second quarter of 2013 consisting of the $22 make-whole premium for the 2014 Notes and the write-off of approximately $1 of debt issuance costs and discounts related to the initial issuance of the 2014 Notes, partially offset by a deferred gain of approximately $10 associated with the January 2013 interest-rate swap agreement termination (see Note 12, Derivative Instruments and Hedging Activities).

36

AVON PRODUCTS, INC.

MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Dollars in millions, except per share data)

In March 2013, we issued, in a public offering, $250.0 principal amount of 2.375% Notes, due March 15, 2016, $500.0 principal amount of 4.60% Notes, due March 15, 2020, $500.0 principal amount of 5.00% Notes, due March 15, 2023 and $250.0 principal amount of 6.95% Notes, due March 15, 2043 (collectively, the "Notes"). The net proceeds from these Notes were used, or are intended to be used, to repay $380.0 of the outstanding principal amount of the term loan agreement, to prepay the Private Notes (plus make-whole premium and accrued interest), to repay the 4.625% Notes, due May 15, 2013 at maturity, and for general corporate purposes. Interest on the Notes is payable semi-annually on March 15 and September 15 of each year.

Commercial Paper Program

We also maintain a $1 billion commercial paper program, which is supported by the revolving credit facility. Under this program, we may issue from time to time unsecured promissory notes in the commercial paper market in private placements exempt from registration under federal and state securities laws, for a cumulative face amount not to exceed $1 billion outstanding at any one time and with maturities not exceeding 270 days from the date of issue. The commercial paper short-term notes issued under the program are not redeemable prior to maturity and are not subject to voluntary prepayment. Outstanding commercial paper effectively reduces the amount available for borrowing under the revolving credit facility. At March 31, 2013, there was $89.5 of outstanding commercial paper under this program. Beginning in 2012 and continuing into 2013, the demand for our commercial paper declined, partially impacted by the rating agency action described below.

Additional Information

Our long-term credit ratings are Baa2 (Stable Outlook) with Moody's and BBB- (Negative Outlook) with S&P, which are on the low end of investment grade, and BB+ (Stable Outlook) with Fitch, which is below investment grade. In February 2013, Fitch lowered their long-term credit rating from BBB- (Negative Outlook) to BB+ (Stable Outlook) and Moody's lowered their long-term credit rating from Baa1 (Negative Outlook) to Baa2 (Stable Outlook). Additional rating agency reviews could result in a further change in outlook or downgrade, which would most likely result in an increase in financing costs, including interest expense under certain of our debt instruments, and reduced access to lending sources, including the commercial paper market. For more information regarding risks associated with our ability to refinance debt or access certain debt markets, including the commercial paper market, see "Risk Factors - Our indebtedness and debt service obligationscould materially adversely affect our business, prospects, financial condition, liquidity, results of operations and cash flows," "Risk Factors - To service our debt obligations, we will require a significant amount of cash. Our ability to generate cash depends on many factors beyond our control. Any failure to meet our debt service obligations, or to refinance or repay our outstanding indebtedness as it matures, could materially adversely impact our business, prospects, financial condition, liquidity, results of operations and cash flows," and "Risk Factors - A general economic downturn, a recession globally or in one or more of our geographic regions or sudden disruption in business conditions or other challenges may adversely affect our business, our access to liquidity and capital, and our credit ratings" included in Item 1A on pages 8 through 18 of our 2012 Form 10-K.

FINANCIAL INSTRUMENTS AND RISK MANAGEMENT STRATEGIES

Interest Rate Risk

We use interest-rate swaps to manage our interest rate exposure. The interest-rate swaps are used to either convert our fixed rate borrowing to a variable interest rate or to unwind an existing variable interest-rate swap on a fixed rate borrowing. At March 31, 2013 and December 31, 2012, we held interest-rate swap agreements that effectively converted approximately 7% and 62%, respectively, of our outstanding long-term, fixed-rate borrowings to a variable interest rate based on LIBOR. Our total exposure to floating interest rates was 31% at March 31, 2013 and 69% at December 31, 2012.

Foreign Currency Risk

We conduct business globally, with operations in various locations around the world. Over the past three years, approximately 84% of our consolidated revenue was derived from operations of subsidiaries outside of the U.S. The functional currency for most of our foreign operations is their local currency. We may reduce our exposure to fluctuations in cash flows associated with changes in foreign exchange rates by creating offsetting positions through the use of derivative financial instruments.

CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

Statements in this report that are not historical facts or information may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "estimate," "forecast," "plan," "believe," "may," "expect," "anticipate," "intend," "potential," "can," "could," "will," "would," and similar expressions, or the negative of those

37

AVON PRODUCTS, INC.

MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Dollars in millions, except per share data)

expressions, may identify forward-looking statements. They include, among other things, statements regarding our anticipated or expected results, future financial performance, various strategies and initiatives (including our stabilization strategies, cost savings initiative, multi-year restructuring programs and other initiatives and related actions), liquidity, cash flow and uses of cash, our ability to service our debt obligations or obtain additional financing, costs and cost savings, competitive advantages, impairments, the impact of currency devaluations and other laws and regulations, government investigations, internal investigations and compliance reviews, results of litigation, contingencies, taxes and tax rates, potential acquisitions or divestitures, hedging and risk management strategies, pension, postretirement and incentive compensation plans, supply chain and the legal status of our Representatives. Such forward-looking statements are based on management's reasonable current assumptions, expectations, plans and forecasts regarding the Company's current or future results and future business and economic conditions more generally. Such forward-looking statements involve risks, uncertainties and other factors, which may cause the actual results, levels of activity, performance or achievement of Avon to be materially different from any future results expressed or implied by such forward-looking statements, and there can be no assurance that actual results will not differ materially from management's expectations. Such factors include, among others, the following:

• our ability to improve our financial and operational performance and execute fully our global business strategy, including our ability to implement the key initiatives of, and realize the projected benefits (in the amounts and time schedules we expect) from, our stabilization strategies, cost savings initiative, multi-year restructuring programs and other initiatives, product mix and pricing strategies, enterprise resource planning, customer service initiatives, sales and operation planning process, outsourcing strategies, Internet platform and technology strategies, information technology and related system enhancements and cash management, tax, foreign currency hedging and risk management strategies, and any plans to invest these projected benefits ahead of future growth;

• the possibility of business disruption in connection with our stabilization strategies, cost savings initiative, multi-year restructuring programs or other initiatives;

• our ability to improve our business in North America, including enhancing our Leadership model;

• our ability to improve working capital and effectively manage doubtful accounts and inventory and implement initiatives to reduce inventory levels, including the potential impact on cash flows and obsolescence;

• our ability to reverse declines in Active Representatives, to implement our Leadership program globally, to generate Representative activity, to increase the number of consumers served per Representative and their engagement online, to enhance the Representative and consumer experience and increase Representative productivity through field activation programs and technology tools and enablers, execution of Service Model Transformation and other investments in the direct-selling channel, and to compete with other direct-selling organizations to recruit, retain and service Representatives and to continue to innovate the direct-selling model;

• our ability to reverse declining margins and net income;

• general economic and business conditions in our markets, including social, economic and political uncertainties in the international markets in our portfolio;

• our ability to achieve profitable growth, particularly in our largest markets, such as Brazil and the United States ("U.S."), and developing and emerging markets, such as Mexico and Russia, and our ability to realize sustainable growth from our investments in our brand and the direct-selling channel;

• the effect of economic factors, including inflation and fluctuations in interest rates and currency exchange rates, as well as the designation of Venezuela as a highly inflationary economy and the devaluation of its currency, foreign exchange restrictions and the potential effect of such factors on our business, results of operations and financial condition;

• any developments in or consequences of investigations and compliance reviews, and any litigation related thereto, including the ongoing investigations and compliance reviews of FCPA and related U.S. and foreign law matters in China and additional countries, as well as any disruption or adverse consequences resulting from such investigations, reviews, related actions or litigation;

• a general economic downturn, a recession globally or in one or more of our geographic regions, or sudden disruption in business conditions, and the ability of our broad-based geographic portfolio to withstand an economic downturn, recession, cost inflation, commodity cost pressures, economic or political instability, competitive or other market pressures or conditions;

38

AVON PRODUCTS, INC.

MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Dollars in millions, except per share data)

• the effect of political, legal, tax and regulatory risks imposed on us in the U.S. and abroad, our operations or our Representatives, including foreign exchange or other restrictions, adoption, interpretation and enforcement of foreign laws, including in non-U.S. jurisdictions such as Brazil, Russia, Venezuela and Argentina, and any changes thereto, as well as reviews and investigations by government regulators that have occurred or may occur from time to time, including, for example, local regulatory scrutiny in China;

• the impact of changes in tax rates on the value of our deferred tax assets and declining earnings on our ability to realize foreign tax credits in the U.S.;

• our access to cash, short-term financing, and ability to secure financing or financing at attractive rates;

• any changes to our credit ratings and the impact of such changes on our financing costs, rates, terms, debt service obligations and access to lending sources;

• the impact of any significant restructuring charges or significant legal or regulatory settlements on our ability to comply with certain covenants in our debt instruments;

• our ability to attract and retain key personnel;

• competitive uncertainties in our markets, including competition from companies in the cosmetics, fragrances, skincare and toiletries industry, some of which are larger than we are and have greater resources;

• the impact of the typically seasonal nature of our business, adverse effect of rising energy, commodity and raw material prices, changes in market trends, purchasing habits of our consumers and changes in consumer preferences, particularly given the global nature of our business and the conduct of our business in primarily one channel;

• other sudden disruption in business operations beyond our control as a result of events such as acts of terrorism or war, natural disasters, pandemic situations, large-scale power outages and similar events;

• key information technology systems, process or site outages and disruptions;

• the risk of product or ingredient shortages resulting from our concentration of sourcing in fewer suppliers;

• the impact of possible pension funding obligations, increased pension expense and any changes in pension regulations or interpretations thereof on our cash flow and results of operations;

• our ability to successfully identify new business opportunities and strategic alternatives and identify and analyze acquisition candidates, secure financing on favorable terms and negotiate and consummate acquisitions, as well as to successfully integrate or manage any acquired business;

• the challenges to our businesses, such as Silpada and China, including the effects of rising costs, macro-economic pressures, competition, any potential outcome of the review of strategic alternatives for Silpada, and the impact of declines in expected future cash flows and growth rates, and a change in the discount rate used to determine the fair value of expected future cash flows, which have impacted, and may continue to impact, the estimated fair value of the recorded goodwill and intangible assets;

• disruption in our supply chain or manufacturing and distribution operations;

• the quality, safety and efficacy of our products;

• the success of our research and development activities;

• our ability to protect our intellectual property rights; and

• the risk of an adverse outcome in any material pending and future litigations or with respect to the legal status of Representatives.

Additional information identifying such factors is contained in Item 1A of our 2012 Form 10-K. We undertake no obligation to update any such forward-looking statements.

39

AVON PRODUCTS, INC.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in market risk from the information provided in Item 7A, Quantitative and Qualitative Disclosures About Market Risk, of our 2012 Form 10-K.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report, our principal executive and principal financial officers carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In designing and evaluating our disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management was required to apply its judgment in evaluating and implementing possible controls and procedures. Based upon their evaluation, the principal executive and principal financial officers concluded that our disclosure controls and procedures were effective as of March 31, 2013, at the reasonable assurance level. Disclosure controls and procedures are designed to ensure that information relating to Avon (including our consolidated subsidiaries) required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the United States Securities and Exchange Commission’s rules and forms and to ensure that information required to be disclosed is accumulated and communicated to management to allow timely decisions regarding disclosure.

Changes in Internal Control over Financial Reporting

Our management has evaluated, with the participation of our principal executive and principal financial officers, whether any changes in our internal control over financial reporting that occurred during our last fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Based on the evaluation we conducted, our management has concluded that no such changes have occurred.

We also continue to implement an enterprise resource planning ("ERP") system on a worldwide basis, which is expected to improve the efficiency of our supply chain and financial transaction processes. The implementation is expected to occur in phases over the next several years. The implementation of a worldwide ERP system will likely affect the processes that constitute our internal control over financial reporting and will require testing for effectiveness.

We completed implementation in certain significant markets and will continue to roll-out the ERP system over the next several years. As with any new information technology application we implement, this application, along with the internal controls over financial reporting included in this process, were tested for effectiveness prior to and concurrent with the implementation in these countries. We concluded, as part of our evaluation described in the above paragraph, that the implementation of an ERP system in these countries is not reasonably likely to materially affect our internal control over financial reporting.

40

AVON PRODUCTS, INC.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

See Note 5, Contingencies, to the consolidated financial statements included herein.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

(c) Repurchases

The table below sets forth the information with respect to purchases made by or on behalf of the Company of its common stock during the quarterly period ended March 31, 2013.

	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Programs	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
1/1 - 1/31/13	121,973	(1)	$	15.46	*	*
2/1 - 2/28/13	25,359	(2)	16.52		*	*
3/1 - 3/31/13	225,061	(3)	19.63		*	*
Total	372,393		$	18.05	*	*

* These amounts are not applicable as the Company does not have a share repurchase program in effect.

(1) Includes 5,203 shares purchased in private transactions with a broker in connection with stock based obligations under our Deferred Compensation Plan and 116,770 shares that were repurchased by the Company in connection with employee elections to use shares to pay withholding taxes upon the vesting of their restricted stock units.

(2) Includes 22,170 shares purchased in private transactions with a broker in connection with stock based obligations under our Deferred Compensation Plan and 3,189 shares that were repurchased by the Company in connection with employee elections to use shares to pay withholding taxes upon the vesting of their restricted stock units.

(3) All shares were repurchased by the Company in connection with employee elections to use shares to pay withholding taxes upon the vesting of their restricted stock units.

ITEM 6. EXHIBITS

See Exhibit Index.

41

AVON PRODUCTS, INC.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		AVON PRODUCTS, INC.
		(Registrant)
Date:	April 30, 2013	/s/ Robert Loughran
		Robert Loughran
		Vice President and
		Corporate Controller
		Signed both on behalf of the
		registrant and as chief
		accounting officer.

42

AVON PRODUCTS, INC.

EXHIBIT INDEX

4.1	Indenture, dated as of February 27, 2008, between the Company and Deutsche Bank Trust Company Americas, as Trustee (Incorporated by reference to Exhibit 4.5 to the Company's Form 8-K filed with the Securities and Exchange Commission on March 4, 2008).
4.2	Fifth Supplemental Indenture, dated as of March 12, 2013, between the Company and Deutsche Bank Trust Company Americas, as Trustee (Incorporated by reference to Exhibit 4.2 to the Company's Form 8-K filed with the Securities and Exchange Commission on March 13, 2013).
4.3	Sixth Supplemental Indenture, dated as of March 12, 2013, between the Company and Deutsche Bank Trust Company Americas, as Trustee (Incorporated by reference to Exhibit 4.3 to the Company's Form 8-K filed with the Securities and Exchange Commission on March 13, 2013).
4.4	Seventh Supplemental Indenture, dated as of March 12, 2013, between the Company and Deutsche Bank Trust Company Americas, as Trustee (Incorporated by reference to Exhibit 4.4 to the Company's Form 8-K filed with the Securities and Exchange Commission on March 13, 2013).
4.5	Eighth Supplemental Indenture, dated as of March 12, 2013, between the Company and Deutsche Bank Trust Company Americas, as Trustee (Incorporated by reference to Exhibit 4.5 to the Company's Form 8-K filed with the Securities and Exchange Commission on March 13, 2013).
4.6	Form of 2016 Note (included in Exhibit 4.2).
4.7	Form of 2020 Note (included in Exhibit 4.3).
4.8	Form of 2023 Note (included in Exhibit 4.4).
4.9	Form of 2043 Note (included in Exhibit 4.5).
10.1	Revolving Credit Agreement, dated as of March 13, 2013, among Avon Products, Inc., Avon Capital Corporation, the banks and other lenders party thereto and Citibank, N.A., as Administrative Agent (Incorporated by reference to Exhibit 10.1 to the Company's Form 8-K filed with the Securities and Exchange Commission on March 13, 2013).
10.2	Amendment No. 1 to the Term Loan Agreement, dated as of March 12, 2013, among Avon Products, Inc., the banks, financial institutions and other institutional lenders party thereto and Citibank, N.A., as Administrative Agent (Incorporated by reference to Exhibit 10.2 to the Company's Form 8-K filed with the Securities and Exchange Commission on March 13, 2013).
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101	The following materials formatted in Extensible Business Reporting Language (XBRL): (i) Consolidated Statements of Income, (ii) Consolidated Statements of Comprehensive Income, (iii) Consolidated Balance Sheets, (iv) Consolidated Statements of Cash Flows and (v) Notes to Consolidated Financial Statements.

43

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Sherilyn S. McCoy, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Avon Products, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 30, 2013

/s/ Sherilyn S. McCoy

Sherilyn S. McCoy

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Kimberly Ross, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Avon Products, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 30, 2013

/s/ Kimberly Ross

Kimberly Ross

Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Avon Products, Inc. (the “Company”) on Form 10-Q for the period ending March 31, 2013, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Sherilyn S. McCoy, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Sherilyn S. McCoy

Sherilyn S. McCoy

Chief Executive Officer

April 30, 2013

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Avon Products, Inc. (the “Company”) on Form 10-Q for the period ending March 31, 2013, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Kimberly Ross, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Kimberly Ross

Kimberly Ross

Executive Vice President and Chief Financial Officer

April 30, 2013

XML

Contingencies (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013
Assessment for 2002 [Member]
Assessment Of Contingencies, Prior to Reductions	$ 76
Assessment of contingencies, including penalties and accruing interest, reduced	32
IPI [Member] | Assessment for 2012 [Member]
Loss Contingency, Estimate of Possible Loss	401
PIS [Member] | Assessment for 2012 [Member]
Loss Contingency, Estimate of Possible Loss	60
COFINS [Member] | Assessment for 2012 [Member]
Loss Contingency, Estimate of Possible Loss	$ 277

XML

Goodwill and Intangible Assets (Estimated Amortization Expense) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013
Finite-Lived Intangible Assets [Line Items]
Remainder of 2013	$ 6.1
2014	7.3
2015	6.7
2016	5.9
2017	$ 5.5

XML

Restructuring Initiatives Restructuring Initiatives (Charges Reportable by Business Segment for $400M Cost Savings Initiative) (Details) ($400M Cost Savings Initiative [Member], USD $) In Millions, unless otherwise specified	6 Months Ended
	Mar. 31, 2013
Restructuring Cost and Reserve [Line Items]
Estimated charges to be incurred on approved initiatives	$ 19.0
Latin America [Member]
Restructuring Cost and Reserve [Line Items]
Estimated charges to be incurred on approved initiatives	7.1
Europe Middle East & Africa [Member]
Restructuring Cost and Reserve [Line Items]
Estimated charges to be incurred on approved initiatives	18.6
North America [Member]
Restructuring Cost and Reserve [Line Items]
Estimated charges to be incurred on approved initiatives	(3.4)
Asia Pacific [Member]
Restructuring Cost and Reserve [Line Items]
Estimated charges to be incurred on approved initiatives	(3.3)
Corporate [Member]
Restructuring Cost and Reserve [Line Items]
Estimated charges to be incurred on approved initiatives	$ 0

XML

Fair Value Fair Value (Narrative) (Details) (USD $) In Millions, unless otherwise specified			3 Months Ended		12 Months Ended						12 Months Ended
	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012 China [Member]	Dec. 31, 2011 China [Member]	Dec. 31, 2012 Silpada [Member]	Dec. 31, 2011 Silpada [Member]	Sep. 30, 2012 Fair Value, Inputs, Level 3 [Member] China [Member]	Dec. 31, 2012 Fair Value, Inputs, Level 3 [Member] Silpada [Member]	Mar. 31, 2013 Customer Relationships [Member]	Dec. 31, 2012 Customer Relationships [Member]	Dec. 31, 2012 Customer Relationships [Member] Silpada [Member]	Nov. 30, 2012 Customer Relationships [Member] Silpada [Member]	Dec. 31, 2012 Customer Relationships [Member] Fair Value, Inputs, Level 3 [Member] Silpada [Member]
Goodwill	$ 361.2	$ 374.9	$ 37.3	$ 81.3	$ 44.6	$ 116.7	$ 37.3	$ 44.6
Goodwill, Impairment Loss					72.1
Indefinite-Lived Trademarks	63.0	64.4			40.0	85.0		40.0
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)					45.0
Goodwill and Intangible Asset Impairment			44.0
Finite-Lived Intangible Assets, Net												131.9
Finite-Lived Intangible Assets, Gross	230.5	235.9							91.8	93.5	40.0		40.0
Impairment of Intangible Assets, Finite-lived											$ 91.9

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Restructuring Initiatives Restructuring Initiatives (Liability Balances for $400M Cost Savings Initiative) (Details) ($400M Cost Savings Initiative [Member], USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013
Balance December 31, 2012	$ 43.0
2013 Charges	20.0
Adjustments	(7.0)
Cash payments	(14.7)
Non-cash Write-offs	0.3
Foreign exchange	0.1
Balance March 31, 2013	41.7
Employee-Related Costs [Member]
Balance December 31, 2012	41.3
2013 Charges	19.4
Adjustments	(6.0)
Cash payments	(13.9)
Non-cash Write-offs	0
Foreign exchange	0.1
Balance March 31, 2013	40.9
Inventory Write-offs [Member]
Balance December 31, 2012	0
2013 Charges	0.2
Adjustments	(0.5)
Cash payments	0
Non-cash Write-offs	0.3
Foreign exchange	0
Balance March 31, 2013	0
Contract Terminations / Other [Member]
Balance December 31, 2012	1.7
2013 Charges	0.4
Adjustments	(0.5)
Cash payments	(0.8)
Non-cash Write-offs	0
Foreign exchange	0
Balance March 31, 2013	$ 0.8

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Accounting Policies Schedule of Accounting Policies (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Feb. 13, 2013
Venezuela foreign currency devaluation		32.00%
Exchange rate net charges, total	$ 51
Exchange rate net charges on other expense, net	34
Exchange rate net charges on income taxes	$ 17

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Fair Value Fair Value (Fair Value Of Assets And Liabilities Measured On A Nonrecurring Basis) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012 China [Member]	Dec. 31, 2011 China [Member]	Sep. 30, 2012 China [Member] Level 1 [Member]	Sep. 30, 2012 China [Member] Level 2 [Member]	Sep. 30, 2012 China [Member] Fair Value, Inputs, Level 3 [Member]	Dec. 31, 2012 Silpada [Member]	Dec. 31, 2011 Silpada [Member]	Dec. 31, 2012 Silpada [Member] Level 1 [Member]	Dec. 31, 2012 Silpada [Member] Level 2 [Member]	Dec. 31, 2012 Silpada [Member] Fair Value, Inputs, Level 3 [Member]	Mar. 31, 2013 Customer Relationships [Member]	Dec. 31, 2012 Customer Relationships [Member]	Dec. 31, 2012 Customer Relationships [Member] Silpada [Member]	Dec. 31, 2012 Customer Relationships [Member] Silpada [Member] Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Goodwill	$ 361.2	$ 374.9	$ 37.3	$ 81.3	$ 0	$ 0	$ 37.3	$ 44.6	$ 116.7	$ 0	$ 0	$ 44.6
Total			37.3		0	0	37.3	124.6		0	0	124.6
Indefinite-Lived Trademarks	63.0	64.4						40.0	85.0	0	0	40.0
Finite-Lived Intangible Assets, Gross	$ 230.5	$ 235.9								$ 0	$ 0		$ 91.8	$ 93.5	$ 40.0	$ 40.0

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Employee Benefit Plans (Tables)

3 Months Ended

Mar. 31, 2013

General Discussion of Pension and Other Postretirement Benefits [Abstract]

Components of Net Periodic Benefit Cost

	Three Months Ended March 31,
	Pension Benefits
Net Periodic Benefit Costs	U.S. Plans						Non-U.S. Plans						Postretirement Benefits
	2013			2012			2013			2012			2013			2012
Service cost	$	5.0		$	3.8		$	4.8		$	4.5		$	.5		$	.5
Interest cost	6.6			7.4			9.1			9.8			1.4			1.5
Expected return on plan assets	(9.4		)	(9.2		)	(9.8		)	(9.8		)	—			—
Amortization of prior service credit	(.1		)	(.1		)	(.3		)	(.4		)	(1.2		)	(3.3		)
Amortization of net actuarial losses	11.3			11.8			4.6			4.4			.8			1.0
Net periodic benefit costs	$	13.4		$	13.7		$	8.4		$	8.5		$	1.5		$	(.3	)

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Restructuring Initiatives (Liability Balances for 2005 and 2009 Restructuring Programs) (Details) (2005 And 2009 Restructuring Programs [Member], USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013
2005 And 2009 Restructuring Programs [Member]
Balance December 31, 2012	$ 21.0
Restructuring Charges	0.5
Adjustments	(0.7)
Cash payments	(13.0)
Foreign exchange	(0.1)
Balance March 31, 2013	$ 7.7

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Segment Information (Revenue by Product Category) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
Net sales	$ 2,432.0		$ 2,532.8
Other Revenue, Net	51.7		42.6	[1]
Revenues	2,483.7		2,575.4
Beauty [Member]
Net sales	1,768.2	[2]	1,858.6	[2]
Fashion [Member]
Net sales	429.8	[3]	449.6	[3]
Home [Member]
Net sales	$ 234.0	[4]	$ 224.6	[4]

[1] Other revenue primarily includes shipping and handling and order processing fees billed to Representatives.

[2] Beauty includes color cosmetics, fragrances, skincare and personal care.

[3] Fashion includes jewelry, watches, apparel, footwear, accessories and children’s products.

[4] Home includes gift and decorative products, housewares, entertainment and leisure products, children's products and nutritional products.

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Employee Benefit Plans (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013
Anticipated pension contribution to be made to United Kingdom trust	$ 25
U.S. Pension and Postretirement Plans [Member]
Employer contribution	8
Estimated future employer contributions in next fiscal year minimum remaining	47
Estimated future employer contributions in next fiscal year maximum remaining	52
International Pension and Postretirement Plans [Member]
Employer contribution	7
Estimated future employer contributions in next fiscal year minimum remaining	58
Estimated future employer contributions in next fiscal year maximum remaining	$ 63

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Goodwill and Intangible Assets (Schedule of Goodwill) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013
Gross balance at December 31, 2012	$ 689.0
Accumulated impairments	(314.1)
Net balance at December 31, 2012	374.9
Other	(13.7)	[1]
Gross balance at March 31, 2013	675.3
Accumulated impairments	(314.1)
Net balance at March 31, 2013	361.2
Latin America [Member]
Gross balance at December 31, 2012	122.8
Accumulated impairments	0
Net balance at December 31, 2012	122.8
Other	(4.3)	[1]
Gross balance at March 31, 2013	118.5
Accumulated impairments	0
Net balance at March 31, 2013	118.5
Europe Middle East & Africa [Member]
Gross balance at December 31, 2012	167.3
Accumulated impairments	0
Net balance at December 31, 2012	167.3
Other	(9.6)	[1]
Gross balance at March 31, 2013	157.7
Accumulated impairments	0
Net balance at March 31, 2013	157.7
North America [Member]
Gross balance at December 31, 2012	314.7
Accumulated impairments	(270.1)
Net balance at December 31, 2012	44.6
Other	0	[1]
Gross balance at March 31, 2013	314.7
Accumulated impairments	(270.1)
Net balance at March 31, 2013	44.6
Asia Pacific [Member]
Gross balance at December 31, 2012	84.2
Accumulated impairments	(44.0)
Net balance at December 31, 2012	40.2
Other	0.2	[1]
Gross balance at March 31, 2013	84.4
Accumulated impairments	(44.0)
Net balance at March 31, 2013	$ 40.4

[1] Other is primarily comprised of foreign currency translation.

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Debt (Details) (USD $)	3 Months Ended			3 Months Ended			3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Dec. 31, 2012	Mar. 31, 2013 Revolving Credit Facility [Member]	Mar. 31, 2013 Private Placement [Member]	Nov. 23, 2010 Private Placement [Member]	Mar. 31, 2013 Term Loan [Member]	Mar. 31, 2013 Revolving credit facility and term loan agreement [Member]	Nov. 23, 2010 Two Point Six Percent Notes, Due November Two Thousand Fifteen [Member]	Nov. 23, 2010 Four Point Zero Three Percent Notes, Due November Two Thousand Twenty [Member]	Nov. 23, 2010 Four Point One Eight Percent Notes, Due November Two Thousand Twenty Two [Member]	Mar. 31, 2009 Five Point Six Two Five Percent Notes, Due March Two Thousand Fourteen [Member]	Mar. 31, 2009 Six Point Five Percent Notes Due March Two Thousand Nineteen [Member]	Mar. 31, 2008 Four Point Eight Percent Notes Due March Two Thousand Thirteen [Member]	Mar. 31, 2008 Five Point Seven Five Percent Notes, Due March Two Thousand Eighteen [Member]	Jun. 30, 2003 Four Point Two Percent Notes, Due July Two Thousand Eighteen [Member]	May 31, 2003 Four Point Six Two Five Percent Notes, Due May Two Thousand Thirteen [Member]	Mar. 31, 2013 Two Point Three Seven Five Percent Notes, Due March Two Thousand Sixteen [Member]	Mar. 31, 2013 Four Point Six Zero Percent Notes, Due March Two Thousand Twenty [Member]	Mar. 31, 2013 Five Point Zero Percent Notes, Due March Two Thousand Twenty-Three [Member]	Mar. 31, 2013 Six Point Nine Five Percent Notes, Due March Two Thousand Forty-Three [Member]
Debt Instrument [Line Items]
Revolving credit facility draw down amount without violating covenant	$ 1,000,000,000
2014 Notes acceleration of interest-rate swap gain, expected	10,000,000
Line of Credit Facility, Maximum Borrowing Capacity	1,000,000,000						500,000,000
2010 Revolving Credit Facility			1,000,000,000
Term loan incremental draw down							50,000,000
Minimum Compliance Of Interest Coverage Ratio Numerator								4
Minimum Compliance Interest Coverage Ratio Denominator								1
Revolving credit facility draw down amount without violating covenant	855,000,000
Long-term Line of Credit, Noncurrent							170,000,000
Maximum leverage ratio numerator March 2013								4.25
Maximum leverage ratio denominator March 2013								1
Maximum leverage ratio numerator Dec 2013								4
Maximum leverage ratio denominator Dec 2013								1
Maximum leverage ratio numerator March 2014								3.75
Maximum leverage ratio denominator March 2014								1
Maximum leverage ratio numerator Dec 2014								3.5
Long-term Debt, Maturities, Repayment Terms							Pursuant to the term loan agreement, we are required to repay an amount equal to 25% of the aggregate remaining principal amount of the term loan on June 29, 2014, and the remaining outstanding principal amount of the term loan on June 29, 2015.
Term Loan prepayment percentage of proceeds received from incurrence of debt	50.00%
Amount in excess requiring prepayment of Term Loan	0
Limits of subsidiary debt plus existing at February 28, 2013								500,000,000
Private Placement Notes						535,000,000
Debt Instrument, Face Amount									142,000,000	290,000,000	103,000,000	500,000,000	350,000,000	0	0	0	0	250,000,000	500,000,000	500,000,000	250,000,000
Debt Instrument, Interest Rate, Stated Percentage									2.60%	4.03%	4.18%	5.625%	6.50%	480.00%	575.00%	420.00%	462.50%	2.375%	4.60%	5.00%	6.95%
Private Notes prepayment percent	100.00%
2014 Notes prepayment percent	100.00%
2014 Notes accrued interest to be paid April 2013	3,000,000
2014 Notes Make Whole Premium	22,000,000
2014 Notes loss on debt extinguishment, expected	13,000,000
2014 Notes write-off debt issuance costs, expected	1,000,000
Commercial Paper Program	1,000,000,000
Commercial Paper	89,500,000
Debt Instrument, Credit Rating	Our long-term credit ratings are Baa2 (Stable Outlook) with Moody's and BBB- (Negative Outlook) with S&P, which are on the low end of investment grade, and BB+ (Stable Outlook) with Fitch, which is below investment grade. In February 2013, Fitch lowered their long-term credit rating from BBB- (Negative Outlook) to BB+ (Stable Outlook) and Moody's lowered their long-term credit rating from Baa1 (Negative Outlook) to Baa2 (Stable Outlook).
Line of Credit Facility, Amount Outstanding	0
Maximum leverage ratio denominator Dec 2014								1
Interest coverage ratio add back maximum of restructuring or legal or regulatory action								400,000,000
Private Notes accrued interest paid March 2013			6,900,000
Private Notes Make Whole Premium	68,000,000
Repayments of Long-term Debt							380,000,000
Loss on extinguishment of debt	73,000,000	0			71,400,000		1,600,000
Write off of Deferred Debt Issuance Cost				$ 1,200,000	$ 3,400,000

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Restructuring Initiatives Schedule of Restructuring Costs related to the $400M Savings Initiative (Details) ($400M Cost Savings Initiative [Member], USD $) In Millions, unless otherwise specified	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
Restructuring Cost and Reserve [Line Items]
Charges recorded to date	$ 13.0	$ 61.5	$ 48.5
Estimated charges to be incurred on approved initiatives		19.0
Total expected charges on approved initiatives		80.5
Employee-Related Costs [Member]
Restructuring Cost and Reserve [Line Items]
Charges recorded to date		58.6
Estimated charges to be incurred on approved initiatives		3.7
Total expected charges on approved initiatives		62.3
Inventory/ Asset Write-offs [Member]
Restructuring Cost and Reserve [Line Items]
Charges recorded to date		1.1
Estimated charges to be incurred on approved initiatives		0.6
Total expected charges on approved initiatives		1.7
Currency Translation Adjustment Write Offs [Member]
Restructuring Cost and Reserve [Line Items]
Charges recorded to date		0
Estimated charges to be incurred on approved initiatives		2.8
Total expected charges on approved initiatives		2.8
Contract Terminations / Other [Member]
Restructuring Cost and Reserve [Line Items]
Charges recorded to date		1.8
Estimated charges to be incurred on approved initiatives		11.9
Total expected charges on approved initiatives		13.7
Latin America [Member]
Restructuring Cost and Reserve [Line Items]
Charges recorded to date	(1.1)	11.8	12.9
Estimated charges to be incurred on approved initiatives		7.1
Total expected charges on approved initiatives		18.9
Europe Middle East & Africa [Member]
Restructuring Cost and Reserve [Line Items]
Charges recorded to date	9.0	10.1	1.1
Estimated charges to be incurred on approved initiatives		18.6
Total expected charges on approved initiatives		28.7
North America [Member]
Restructuring Cost and Reserve [Line Items]
Charges recorded to date	1.5	19.5	18.0
Estimated charges to be incurred on approved initiatives		(3.4)
Total expected charges on approved initiatives		16.1
Asia Pacific [Member]
Restructuring Cost and Reserve [Line Items]
Charges recorded to date	1.5	14.4	12.9
Estimated charges to be incurred on approved initiatives		(3.3)
Total expected charges on approved initiatives		11.1
Corporate [Member]
Restructuring Cost and Reserve [Line Items]
Charges recorded to date	2.1	5.7	3.6
Estimated charges to be incurred on approved initiatives		0
Total expected charges on approved initiatives		$ 5.7

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Earnings per Share and Share Repurchases

3 Months Ended

Mar. 31, 2013

Earnings Per Share Reconciliation [Abstract]

Earnings per Share and Share Repurchases

EARNINGS PER SHARE AND SHARE REPURCHASES

We compute (loss) earnings per share ("EPS") using the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities. Our participating securities are our grants of restricted stock and restricted stock units, which contain non-forfeitable rights to dividend equivalents. We compute basic EPS by dividing net income allocated to common shareholders by the weighted-average number of shares outstanding during the year. Diluted EPS is calculated to give effect to all potentially dilutive common shares that were outstanding during the period.

	Three Months Ended
	March 31,
(Shares in millions)	2013			2012
Numerator:
Net (loss) income attributable to Avon	$	(13.7	)	$	26.5
Less: Loss (earnings) allocated to participating securities	.1			(.8		)
(Loss) income allocated to common shareholders	(13.6		)	25.7
Denominator:
Basic EPS weighted-average shares outstanding	432.5			431.3
Diluted effect of assumed conversion of stock options	—			.8
Diluted EPS adjusted weighted-average shares outstanding	432.5			432.1
(Loss) Earnings per Common Share attributable to Avon:
Basic	$	(.03	)	$	.06
Diluted	$	(.03	)	$	.06

At March 31, 2013 and 2012, we did not include stock options to purchase 20.0 million shares and 22.0 million shares of Avon common stock, respectively, in the calculations of diluted EPS because the exercise prices of those options were greater than the average market price, and therefore, their inclusion would have been anti-dilutive. We also did not include stock options to purchase .7 million shares for the three months ended March 31, 2013, as we had a net loss attributable to Avon and the inclusion of these shares would decrease the net loss per share. Since this would be anti-dilutive, such shares are excluded from the calculation.

We purchased approximately .4 million shares of Avon common stock for $6.7 during the first three months of 2013, as compared to approximately .4 million shares of Avon common stock for $7.4 during the first three months of 2012, primarily through acquisition of stock from employees in connection with tax payments upon vesting of restricted stock units and private transactions with a broker in connection with stock based obligations under our Deferred Compensation Plan. During the first three months of 2012, shares were also purchased under our previously announced share repurchase program, which expired in the fourth quarter of 2012.

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Subsequent Events (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2009 Five Point Six Two Five Percent Notes, Due March Two Thousand Fourteen [Member]
Subsequent Event [Line Items]
2014 Notes prepayment percent	100.00%
Debt Instrument, Face Amount		$ 500.0
2014 Notes accrued interest to be paid April 2013	3
2014 Notes Make Whole Premium	22
2014 Notes loss on debt extinguishment, expected	$ 13

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Supplemental Balance Sheet Information (Components of Prepaid Expenses and Other) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Components Of Prepaid Expenses And Other Current Assets [Line Items]
Deferred tax assets	$ 239.1	$ 273.5
Receivables other than trade	141.9	131.9
Prepaid taxes and tax refunds receivable	139.8	141.4
Prepaid brochure costs, paper and other literature	107.7	112.1
Healthcare trust assets	20.6	26.9
Short-term investments	18.4	16.5
Interest-rate swap agreements (Notes 11 and 12)	3.8	19.5
Other	115.8	110.2
Prepaid expenses and other	$ 787.1	$ 832.0

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Restructuring Initiatives (Tables)

3 Months Ended

Mar. 31, 2013

Restructuring Charges [Abstract]

Schedule of Liability for $400M Cost Savings Initiative [Table Text Block]

The liability balance for the $400M Cost Savings Initiative as of March 31, 2013 is as follows:

	Employee- Related Costs			Inventory Write-offs			Contract Terminations/Other			Total
Balance at December 31, 2012	$	41.3		$	—		$	1.7		$	43.0
2013 charges	19.4			.2			.4			20.0
Adjustments	(6.0		)	(.5		)	(.5		)	(7.0		)
Cash payments	(13.9		)	—			(.8		)	(14.7		)
Non-cash write-offs	—			.3			—			.3
Foreign exchange	.1			—			—			.1
Balance at March 31, 2013	$	40.9		$	—		$	.8		$	41.7

Schedule of Restructuring and Related Costs Related to $400M Cost Savings Initiative [Table Text Block]

The following table presents the restructuring charges incurred to-date, net of adjustments, under our $400M Cost Savings Initiative, along with the estimated charges expected to be incurred on approved initiatives under the plan:

	Employee- Related Costs		Inventory/Asset Write-offs		Currency Translation Adjustment Write-offs		Contract Terminations/ Other		Total
Charges incurred to date	$	58.6	$	1.1	$	—	$	1.8	$	61.5
Estimated charges to be incurred on approved initiatives	3.7		.6		2.8		11.9		19.0
Total expected charges on approved initiatives	$	62.3	$	1.7	$	2.8	$	13.7	$	80.5

Schedule of Charges Reportable by Business Segment Under $400M Cost Savings Initiative [Table Text Block]

The charges, net of adjustments, of initiatives under the $400M Cost Savings Initiative by reportable business segment were as follows:

	Latin America			Europe, Middle East & Africa		North America			Asia Pacific			Corporate		Total
2012	$	12.9		$	1.1	$	18.0		$	12.9		$	3.6	$	48.5
First quarter 2013	(1.1		)	9.0		1.5			1.5			2.1		13.0
Charges incurred to date	11.8			10.1		19.5			14.4			5.7		61.5
Estimated charges to be incurred on approved initiatives	7.1			18.6		(3.4		)	(3.3		)	—		19.0
Total expected charges on approved initiatives	$	18.9		$	28.7	$	16.1		$	11.1		$	5.7	$	80.5

Liability Balances For Other Restructuring Initiatives

The liability balance for these various restructuring initiatives as of March 31, 2013 is as follows:

	Employee- Related Costs			Contract Terminations/Other			Total
Balance at December 31, 2012	$	17.6		$	11.8		$	29.4
2013 charges	—			.1			.1
Cash payments	(7.6		)	(1.4		)	(9.0		)
Foreign exchange	(.1		)	—			(.1		)
Balance at March 31, 2013	$	9.9		$	10.5		$	20.4

Liability Balances for 2005 and 2009 Restructuring Programs

The liability balances, which primarily consist of employee-related costs, for the initiatives under the 2005 and 2009 Restructuring Programs are shown below:

	Total
Balance December 31, 2012	$	21.0
2013 charges	.5
Adjustments	(.7		)
Cash payments	(13.0		)
Foreign exchange	(.1		)
Balance at March 31, 2013	$	7.7

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Supplemental Balance Sheet Information (Tables)

3 Months Ended

Mar. 31, 2013

Balance Sheet Related Disclosures [Abstract]

Components of Prepaid Expenses and Other

At March 31, 2013 and December 31, 2012, prepaid expenses and other included the following:

Components of Prepaid Expenses and Other	March 31, 2013		December 31, 2012
Deferred tax assets	$	239.1	$	273.5
Receivables other than trade	141.9		131.9
Prepaid taxes and tax refunds receivable	139.8		141.4
Prepaid brochure costs, paper, and other literature	107.7		112.1
Healthcare trust assets	20.6		26.9
Short-term investments	18.4		16.5
Interest-rate swap agreements, including interest (Notes 11 and 12)	3.8		19.5
Other	115.8		110.2
Prepaid expenses and other	$	787.1	$	832.0

Components of Other Assets

At March 31, 2013 and December 31, 2012, other assets included the following:

Components of Other Assets	March 31, 2013		December 31, 2012
Deferred tax assets	$	853.3	$	827.2
Capitalized software	242.0		235.4
Long-term receivables	177.3		174.9
Investments	45.2		44.5
Interest-rate swap agreements (Notes 11 and 12)	—		94.8
Other	45.2		31.4
Other assets	$	1,363.0	$	1,408.2

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Fair Value (Fair Value Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Money market funds	$ 20.7	$ 26.9
Total Assets	28.5	128.5
Total Liabilities	4.6	3.2
Available-for-sale Securities [Member]
Available-for-sale securities	2.1	1.9
Interest-Rate Swap Agreements [Member]
Derivative Assets	1.0	94.8
Derivative Liabilities	0.6	1.7
Foreign Exchange Forward Contracts [Member]
Derivative Assets	4.7	4.9
Derivative Liabilities	4.0	1.5
Level 1 [Member]
Money market funds	20.7	26.9
Total Assets	22.8	28.8
Total Liabilities	0	0
Level 1 [Member] | Available-for-sale Securities [Member]
Available-for-sale securities	2.1	1.9
Level 1 [Member] | Interest-Rate Swap Agreements [Member]
Derivative Assets	0	0
Derivative Liabilities	0	0
Level 1 [Member] | Foreign Exchange Forward Contracts [Member]
Derivative Assets	0	0
Derivative Liabilities	0	0
Level 2 [Member]
Money market funds	0	0
Total Assets	5.7	99.7
Total Liabilities	4.6	3.2
Level 2 [Member] | Available-for-sale Securities [Member]
Available-for-sale securities	0	0
Level 2 [Member] | Interest-Rate Swap Agreements [Member]
Derivative Assets	1.0	94.8
Derivative Liabilities	0.6	1.7
Level 2 [Member] | Foreign Exchange Forward Contracts [Member]
Derivative Assets	4.7	4.9
Derivative Liabilities	$ 4.0	$ 1.5

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Supplemental Balance Sheet Information (Components of Other Assets) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Schedule Of Other Assets [Line Items]
Deferred tax assets	$ 853.3	$ 827.2
Capitalized software	242.0	235.4
Long-term receivables	177.3	174.9
Investments	45.2	44.5
Interest-rate swap agreements (Notes 11 and 12)	0	94.8
Other	45.2	31.4
Other assets	$ 1,363.0	$ 1,408.2

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Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Goodwill

	Latin America			Europe, Middle East & Africa			North America			Asia Pacific			Total
Gross balance at December 31, 2012	$	122.8		$	167.3		$	314.7		$	84.2		$	689.0
Accumulated impairments	—			—			(270.1		)	(44.0		)	(314.1		)
Net balance at December 31, 2012	$	122.8		$	167.3		$	44.6		$	40.2		$	374.9
Changes during the period ended March 31, 2013:
Other(1)	(4.3		)	(9.6		)	—			.2			(13.7		)
Gross balance at March 31, 2013	$	118.5		$	157.7		$	314.7		$	84.4		$	675.3
Accumulated impairments	—			—			(270.1		)	(44.0		)	(314.1		)
Net balance at March 31, 2013	$	118.5		$	157.7		$	44.6		$	40.4		$	361.2

(1) Other is primarily comprised of foreign currency translation.

Schedule of Intangible Assets

Other intangible assets

	March 31, 2013					December 31, 2012
	Gross Amount		Accumulated Amortization			Gross Amount		Accumulated Amortization
Finite-Lived Intangible Assets
Customer relationships	$	91.8	$	(47.4	)	$	93.5	$	(47.1	)
Licensing agreements	60.7		(52.3		)	62.8		(53.6		)
Noncompete agreements	8.4		(8.4		)	8.6		(8.6		)
Trademarks	6.6		(6.6		)	6.6		(6.3		)
Indefinite-Lived Trademarks	63.0		—			64.4		—
Total	$	230.5	$	(114.7	)	$	235.9	$	(115.6	)

Estimated Amortization Expense

Estimated Amortization Expense:
Remainder of 2013	$	6.1
2014	7.3
2015	6.7
2016	5.9
2017	5.5

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Fair Value (Tables)

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value Assets and Liabilities Measured at Fair Value on a Recurring Basis

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2013:

	Level 1		Level 2		Total
Assets:
Money market funds	$	20.7	$	—	$	20.7
Available-for-sale securities	2.1		—		2.1
Interest-rate swap agreements	—		1.0		1.0
Foreign exchange forward contracts	—		4.7		4.7
Total	$	22.8	$	5.7	$	28.5
Liabilities:
Interest-rate swap agreements	$	—	$	.6	$	.6
Foreign exchange forward contracts	—		4.0		4.0
Total	$	—	$	4.6	$	4.6

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2012:

	Level 1		Level 2		Total
Assets:
Money market funds	$	26.9	$	—	$	26.9
Available-for-sale securities	1.9		—		1.9
Interest-rate swap agreements	—		94.8		94.8
Foreign exchange forward contracts	—		4.9		4.9
Total	$	28.8	$	99.7	$	128.5
Liabilities:
Interest-rate swap agreements	$	—	$	1.7	$	1.7
Foreign exchange forward contracts	—		1.5		1.5
Total	$	—	$	3.2	$	3.2

The money market funds are held in a Healthcare trust in order to fund future benefit payments for both active and retiree benefit plans.

Fair Value Measurements, Nonrecurring [Table Text Block]

Assets and Liabilities Recorded at Fair Value on a Non-recurring Basis

December 31, 2012 - Silpada

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2012, and indicates the placement in the fair value hierarchy of the valuation techniques utilized to determine such fair value:

	Level 1		Level 2		Level 3		Total
Assets:
Silpada goodwill	$	—	$	—	$	44.6	$	44.6
Silpada indefinite-lived trademark	—		—		40.0		40.0
Silpada finite-lived customer relationships	—		—		40.0		40.0
Total	$	—	$	—	$	124.6	$	124.6

In the fourth quarter of 2012, we completed the annual goodwill and indefinite-lived intangible assets impairment assessments and subsequently determined that the goodwill, indefinite-lived trademark, and finite-lived customer relationships associated with Silpada were impaired. As a result, the carrying amount of Silpada’s goodwill was reduced from $116.7 to its estimated fair value of $44.6, resulting in a non-cash impairment charge of $72.1. In addition, the carrying amount of Silpada’s indefinite-lived trademark was reduced from $85.0 to its estimated fair value of $40.0, resulting in a non-cash impairment charge of $45.0, and the carrying amount of Silpada’s finite-lived customer relationships was reduced from $131.9 to its estimated fair value of $40.0, resulting in a non-cash impairment charge of $91.9.

September 30, 2012 - China

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis as of September 30, 2012, and indicates the placement in the fair value hierarchy of the valuation techniques utilized to determine such fair value:

	Level 1		Level 2		Level 3		Total
Assets:
China goodwill	$	—	$	—	$	37.3	$	37.3
Total	$	—	$	—	$	37.3	$	37.3

In the third quarter of 2012, we completed an interim impairment assessment of the fair value of goodwill related to China and subsequently determined that the goodwill associated with China was impaired. As a result, the carrying amount of China's goodwill was reduced from $81.3 to its estimated fair value of $37.3, resulting in a non-cash impairment charge of $44.0.

Fair Value Measurement - Silpada and China

The impairment analyses performed for goodwill and intangible assets require several estimates in computing the estimated fair value of a reporting unit, an indefinite-lived intangible asset, and a finite-lived intangible asset. We use a discounted cash flow ("DCF") approach to estimate the fair value of a reporting unit, which we believe is the most reliable indicator of fair value of a business, and is most consistent with the approach a marketplace participant would use. The estimation of fair value utilizing a DCF approach includes numerous uncertainties which require our significant judgment when making assumptions of expected growth rates and the selection of discount rates, as well as assumptions regarding general economic and business conditions, among other factors. Key assumptions used in measuring the fair values of Silpada and China included the discount rate (based on the weighted-average cost of capital) and revenue growth, as well as silver prices and Representative growth and activity rates for Silpada. The fair value of Silpada's indefinite-lived trademark was determined using a risk-adjusted DCF model under the relief-from-royalty method. The royalty rate used was based on a consideration of market rates. The fair value of the Silpada finite-lived customer relationships was determined using a DCF model under the multi-period excess earnings method. A significant decline in expected future cash flows and growth rates or a change in the discount rate used to fair value expected future cash flows, or any potential outcome of the review of strategic alternatives for Silpada, may result in future impairment charges.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Our financial instruments include cash and cash equivalents, available-for-sale securities, short-term investments, money market funds, accounts receivable, loans receivable, debt maturing within one year, accounts payable, long-term debt, foreign exchange forwards contracts, and interest-rate swap agreements. The carrying value for cash and cash equivalents, accounts receivable, accounts payable, and short-term investments approximate fair value because of the short-term nature of these instruments. The net asset (liability) amounts recorded in the balance sheet (carrying amount) and the estimated fair values of our remaining financial instruments at March 31, 2013 and December 31, 2012, respectively, consisted of the following:

	March 31, 2013						December 31, 2012
	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Available-for-sale securities	$	2.1		$	2.1		$	1.9		$	1.9
Money market funds	20.7			20.7			26.9			26.9
Debt maturing within one year(1)	(949.4		)	(966.3		)	(572.0		)	(572.2		)
Long-term debt(1)	(2,685.5		)	(2,682.2		)	(2,623.9		)	(2,547.8		)
Foreign exchange forward contracts	.7			.7			3.4			3.4
Interest-rate swap agreements	.4			.4			93.1			93.1

(1) The carrying value of debt maturing within one year and long-term debt includes any related discount or premium, unamortized deferred gains on terminated interest-rate swap agreements, and unrealized losses from interest-rate swap agreements.

The methods and assumptions used to estimate fair value are as follows:

Available-for-sale securities and money market funds - The fair values of these investments were the quoted market prices for issues listed on securities exchanges.

Debt maturing within one year and long-term debt - The fair values of all debt and other financing were determined using Level 2 inputs based on indicative market prices.

Foreign exchange forward contracts - The fair values of forward contracts were estimated based on quoted forward foreign exchange prices at the reporting date.

Interest-rate swap agreements - The fair values of interest-rate swap agreements were estimated based on LIBOR yield curves at the reporting date.

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Accounting Policies

3 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Accounting Policies

ACCOUNTING POLICIES

Basis of Presentation

We prepare our unaudited interim consolidated financial statements in conformity with accounting principles generally accepted in the United States ("GAAP"). We consistently applied the accounting policies described in our 2012 Annual Report on Form 10-K, as amended ("2012 Form 10-K") in preparing these unaudited financial statements. In our opinion, we made all adjustments of a normal recurring nature that are necessary for a fair statement of the results for the interim periods. Results for interim periods are not necessarily indicative of results for a full year. You should read these unaudited interim consolidated financial statements in conjunction with our consolidated financial statements contained in our 2012 Form 10-K. When used in this report, the terms "Avon," "Company," "we" or "us" mean Avon Products, Inc.

For interim consolidated financial statement purposes, our tax provision is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. We also provide for accruals under our various employee benefit plans for each quarter based on one quarter of the estimated annual expense.

Venezuela Currency

Effective February 13, 2013, the Venezuelan government devalued its currency by approximately 32% and as such we recorded a one-time, after-tax loss of $51 ($34 in other expense, net and $17 in income taxes) in the first quarter of 2013, primarily reflecting the write-down of monetary assets and liabilities and deferred tax benefits. In addition, as a result of using the U.S. historic dollar cost basis of non-monetary assets, such as inventory, acquired prior to the devaluation, first quarter 2013 operating profit and net income were negatively impacted.

New Accounting Standard Implemented

In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 requires entities to report, either on the face of the income statement or in the notes, the effect of significant reclassifications out of accumulated other comprehensive income ("AOCI") on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety from accumulated other comprehensive income to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. See Note 6, Accumulated Other Comprehensive Income, for the required disclosures. ASU 2013-02 is effective as of January 1, 2013 for Avon and did not have a significant impact on our financial statements, other than presentation.

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Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2013

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

Fair Value of Derivative Instruments Outstanding

Derivatives are recognized on the balance sheet at their fair values. The following table presents the fair value of derivative instruments outstanding at March 31, 2013:

	Asset			Liability
	Balance Sheet Classification	Fair Value		Balance Sheet Classification	Fair Value
Derivatives designated as hedges:
Interest-rate swap agreements	Prepaid expenses and other	$	.4	Other liabilities	$	—
Total derivatives designated as hedges		$	.4		$	—
Derivatives not designated as hedges:
Interest-rate swap agreements	Prepaid expenses and other	$	.6	Accounts payable	$	.6
Foreign exchange forward contracts	Prepaid expenses and other	4.7		Accounts payable	4.0
Total derivatives not designated as hedges		$	5.3		$	4.6
Total derivatives		$	5.7		$	4.6

The following table presents the fair value of derivative instruments outstanding at December 31, 2012:

	Asset			Liability
	Balance Sheet Classification	Fair Value		Balance Sheet Classification	Fair Value
Derivatives designated as hedges:
Interest-rate swap agreements	Other assets/ Prepaid expenses and other	$	93.1	Other liabilities	$	—
Total derivatives designated as hedges		$	93.1		$	—
Derivatives not designated as hedges:
Interest-rate swap agreements	Prepaid expenses and other	$	1.7	Accounts payable	$	1.7
Foreign exchange forward contracts	Prepaid expenses and other	4.9		Accounts payable	1.5
Total derivatives not designated as hedges		$	6.6		$	3.2
Total derivatives		$	99.7		$	3.2

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Accumulated Other Comprehensive Income (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
Change in derivative losses on cash flow hedges, taxes	$ 0.4		$ 0.5
Adjustments of and amortization of net actuarial loss, prior service costs, and transition obligation, taxes	5.0		4.4
Balance at December 31, 2012	(876.7)
Other comprehensive loss other than reclassifications	(23.4)
Derivative losses on cash flow hedges, net of tax	0.8	[1]	1.0
Amortization of net actuarial loss, prior service cost, and transition obligation, net of tax	10.1	[2]	9.3
Total reclassification into earnings	10.9
Balance at March 31, 2013	(889.2)
Pension and Postretirement Plans [Member]
Balance at December 31, 2012	(548.0)
Other comprehensive loss other than reclassifications	0
Derivative losses on cash flow hedges, net of tax	0
Amortization of net actuarial loss, prior service cost, and transition obligation, net of tax	10.1	[2]
Total reclassification into earnings	10.1
Balance at March 31, 2013	(537.9)
Net Investment Hedging [Member]
Balance at December 31, 2012	(4.3)
Other comprehensive loss other than reclassifications	0
Derivative losses on cash flow hedges, net of tax	0
Amortization of net actuarial loss, prior service cost, and transition obligation, net of tax	0
Total reclassification into earnings	0
Balance at March 31, 2013	(4.3)
Cash Flow Hedge [Member]
Balance at December 31, 2012	(6.8)
Other comprehensive loss other than reclassifications	0
Derivative losses on cash flow hedges, net of tax	0.8	[1]
Amortization of net actuarial loss, prior service cost, and transition obligation, net of tax	0
Total reclassification into earnings	0.8
Balance at March 31, 2013	(6.0)
Foreign Currency Gain (Loss) [Member]
Balance at December 31, 2012	(317.6)
Other comprehensive loss other than reclassifications	(23.4)
Derivative losses on cash flow hedges, net of tax	0
Amortization of net actuarial loss, prior service cost, and transition obligation, net of tax	0
Total reclassification into earnings	0
Balance at March 31, 2013	$ (341.0)

[1] Gross amount reclassified to interest expense, and related taxes reclassified to income taxes.

[2] Gross amount reclassified to pension and postretirement expense, within selling, general & administrative expenses, and related taxes reclassified to income taxes.

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Goodwill and Intangible Assets (Schedule of Intangible Assets) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Gross Amount	$ 230.5	$ 235.9
Accumulated Amortization	(114.7)	(115.6)
Indefinite Lived Trademarks	63.0	64.4
Customer Relationships [Member]
Gross Amount	91.8	93.5
Accumulated Amortization	(47.4)	(47.1)
Licensing Agreements [Member]
Gross Amount	60.7	62.8
Accumulated Amortization	(52.3)	(53.6)
Noncompete Agreements [Member]
Gross Amount	8.4	8.6
Accumulated Amortization	(8.4)	(8.6)
Trademarks [Member]
Gross Amount	6.6	6.6
Accumulated Amortization	$ (6.6)	$ (6.3)

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Consolidated Statements of Income (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Income Statement [Abstract]
Net sales	$ 2,432.0	$ 2,532.8
Other revenue	51.7	42.6	[1]
Total revenue	2,483.7	2,575.4
Costs, expenses and other:
Cost of sales	941.6	1,009.8
Selling, general and administrative expenses	1,370.0	1,494.1
Operating profit	172.1	71.5
Interest expense	29.4	24.6
Loss on extinguishment of debt	73.0	0
Interest income	(2.0)	(3.9)
Other expense, net	44.4	10.0
Total other expenses	144.8	30.7
Income before taxes	27.3	40.8
Income taxes	(39.9)	(13.2)
Net (loss) income	(12.6)	27.6
Net income attributable to noncontrolling interest	(1.1)	(1.1)
Net (loss) income attributable to Avon	$ (13.7)	$ 26.5
(Loss) earnings per share:
Basic attributable to Avon	$ (0.03)	$ 0.06
Diluted attributable to Avon	$ (0.03)	$ 0.06
Cash dividends per common share	$ 0.06	$ 0.23

[1] Other revenue primarily includes shipping and handling and order processing fees billed to Representatives.

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Restructuring Initiatives (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended						6 Months Ended	12 Months Ended	3 Months Ended		6 Months Ended	3 Months Ended												6 Months Ended	12 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended	6 Months Ended
	Mar. 31, 2013 2005 And 2009 Restructuring Programs [Member]	Mar. 31, 2012 2005 And 2009 Restructuring Programs [Member]	Mar. 31, 2012 2005 And 2009 Restructuring Programs [Member] Employee-Related Costs [Member]	Mar. 31, 2012 2005 And 2009 Restructuring Programs [Member] Professional Fees [Member]	Mar. 31, 2012 2005 And 2009 Restructuring Programs [Member] Accelerated Depreciation [Member]	Mar. 31, 2013 $400M Cost Savings Initiative [Member]	Mar. 31, 2013 $400M Cost Savings Initiative [Member]	Dec. 31, 2012 $400M Cost Savings Initiative [Member]	Mar. 31, 2013 $400M Cost Savings Initiative [Member] Inventory Write-offs [Member]	Mar. 31, 2013 $400M Cost Savings Initiative [Member] Employee-Related Costs [Member]	Mar. 31, 2013 $400M Cost Savings Initiative [Member] Employee-Related Costs [Member]	Mar. 31, 2013 $400M Cost Savings Initiative [Member] Professional Fees [Member]	Mar. 31, 2013 $400M Cost Savings Initiative [Member] Accelerated Depreciation [Member]	Mar. 31, 2013 Other Restructuring Initiatives [Member]	Mar. 31, 2012 Other Restructuring Initiatives [Member]	Mar. 31, 2013 Other Restructuring Initiatives [Member] Employee-Related Costs [Member]	Mar. 31, 2012 Other Restructuring Initiatives [Member] Employee-Related Costs [Member]	Mar. 31, 2012 Other Restructuring Initiatives [Member] Professional Fees [Member]	Mar. 31, 2012 Selling, General and Administrative Expenses [Member] 2005 And 2009 Restructuring Programs [Member]	Mar. 31, 2013 Selling, General and Administrative Expenses [Member] $400M Cost Savings Initiative [Member]	Mar. 31, 2012 Cost of Sales [Member] 2005 And 2009 Restructuring Programs [Member]	Mar. 31, 2013 Cost of Sales [Member] $400M Cost Savings Initiative [Member]	Mar. 31, 2013 Latin America [Member] $400M Cost Savings Initiative [Member]	Mar. 31, 2013 Latin America [Member] $400M Cost Savings Initiative [Member]	Dec. 31, 2012 Latin America [Member] $400M Cost Savings Initiative [Member]	Mar. 31, 2013 Europe Middle East & Africa [Member] $400M Cost Savings Initiative [Member]	Mar. 31, 2013 Europe Middle East & Africa [Member] $400M Cost Savings Initiative [Member]	Dec. 31, 2012 Europe Middle East & Africa [Member] $400M Cost Savings Initiative [Member]	Mar. 31, 2013 North America [Member] $400M Cost Savings Initiative [Member]	Mar. 31, 2013 North America [Member] $400M Cost Savings Initiative [Member]	Dec. 31, 2012 North America [Member] $400M Cost Savings Initiative [Member]	Mar. 31, 2013 Asia Pacific [Member] $400M Cost Savings Initiative [Member]	Mar. 31, 2013 Asia Pacific [Member] $400M Cost Savings Initiative [Member]	Dec. 31, 2012 Asia Pacific [Member] $400M Cost Savings Initiative [Member]	Mar. 31, 2013 Corporate [Member] $400M Cost Savings Initiative [Member]	Mar. 31, 2013 Corporate [Member] $400M Cost Savings Initiative [Member]	Dec. 31, 2012 Corporate [Member] $400M Cost Savings Initiative [Member]	Mar. 31, 2013 Minimum [Member] $400M Cost Savings Initiative [Member]	Mar. 31, 2013 Maximum [Member] $400M Cost Savings Initiative [Member]
Expected total restructuring charges and other costs							$ 80.5				$ 62.3													$ 18.9			$ 28.7			$ 16.1			$ 11.1			$ 5.7		$ 100.0	$ 110.0
Estimated charges to be incurred on approved initiatives							19.0				3.7													7.1			18.6			(3.4)			(3.3)			0		29.0	39.0
Expected annualized savings before taxes							125
Restructuring charges and other costs recorded in period	(0.2)	5.5	(1.1)	4.3	2.3	20.3	71.0		0.3	13.3		0.4	6.9	0.2	21.8		18.8	3.0	2.8		2.7
Charges recorded to date						13.0	61.5	48.5			58.6												(1.1)	11.8	12.9	9.0	10.1	1.1	1.5	19.5	18.0	1.5	14.4	12.9	2.1	5.7	3.6
2013 Charges	$ 0.5					$ 20.0			$ 0.2	$ 19.4				$ 0.1		$ 0				$ 20.6		$ 0.3

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Consolidated Statements of Cash Flows (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
Cash Flows from Operating Activities
Net (loss) income	$ (12.6)		$ 27.6
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	57.0		60.5
Provision for doubtful accounts	52.0		74.0
Provision for obsolescence	29.6		28.3
Share-based compensation	11.8		10.7
Deferred income taxes	(2.8)		(26.2)
Charge for Venezuelan monetary assets and liabilities	34.1		0
Other	21.6		13.4
Changes in assets and liabilities:
Accounts receivable	(62.9)		(44.0)
Inventories	(111.3)		(80.1)
Prepaid expenses and other	(0.5)		37.2
Accounts payable and accrued liabilities	(98.8)		(60.7)
Income and other taxes	(15.3)		(46.6)
Noncurrent assets and liabilities	(20.8)		(27.1)
Net cash used by operating activities	(118.9)		(33.0)
Cash Flows from Investing Activities
Capital expenditures	(43.5)		(45.7)
Disposal of assets	9.3		4.5
Purchases of investments	(4.2)		(0.1)
Proceeds from sale of investments	2.5		0
Net cash used by investing activities	(35.9)		(41.3)
Cash Flows from Financing Activities
Cash dividends	(26.2)	[1]	(100.0)	[1]
Debt, net (maturities of three months or less)	118.7	[1]	50.2	[1]
Proceeds from debt	1,485.3	[1]	66.4	[1]
Repayment of debt	(1,173.3)	[1]	(41.1)	[1]
Interest rate swap termination	88.1	[1]	43.6	[1]
Proceeds from exercise of stock options	9.5	[1]	4.2	[1]
Excess tax benefit realized from share-based compensation	(0.1)	[1]	(2.2)	[1]
Repurchase of common stock	(6.8)	[1]	(7.4)	[1]
Net cash provided by financing activities	495.2	[1]	13.7	[1]
Cash Flows from Discontinued Operations
Effect of exchange rate changes on cash and equivalents	(61.6)		30.7
Net increase (decrease) in cash and equivalents	278.8		(29.9)
Cash and equivalents at beginning of year	1,209.6		1,245.1
Cash and equivalents at end of period	$ 1,488.4		$ 1,215.2

[1] Non-cash financing activities in the three months ended March 31, 2013 and 2012 included the change in fair market value of interest-rate swap agreements of $(.7) and $(4.5), respectively.

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Derivative Instruments and Hedging Activities (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Jan. 31, 2013	Dec. 31, 2012
Minimum Cumulative Rate Percentage of Fair Value Derivative to Qualify as Highly Effective Derivative Instrument	85.00%
Maximum Cumulative Rate Percentage of Fair Value Derivative to Qualify as Highly Effective Derivative Instrument	125.00%
Percentage of long-term, fixed-rate borrowings converted to variable interest rate instruments using interest rate swaps	7.00%			62.00%
Total exposure to floating rate interest rates	31.00%			69.00%
Notional Amount Related to Discontinuation of Interest Rate Fair Value Hedge		$ 350.0	$ 1,000.0
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge		46.1
Interest Rate Swap Termination Fee		2.5
Notional amount of interest-rate swap agreements designated as fair value hedges of fixed rate debt	125
Change in fair market value of interest-rate swap agreements	(0.7)	(4.5)
Notional amount of interest-rate swap agreements not designated as fair value hedges of fixed rate debt	250
Gain (Loss) on Interest Rate Fair Value Hedge Ineffectiveness	0	0
Notional amounts of foreign currency exchange contracts	238
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion	0	(0.3)
Intercompany Loans [Member]
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	(3.0)	3.4
Gain (loss) due to the effect of foreign currency exchange rates on intercompany loans	3.1	(2.9)
January 2013 Interest-Rate Swap Termination [Member]
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge	85.2		90.4
Interest Rate Swap Termination Fee	2.3
Amortization of Interest Rate Swap Gains	5.2
March 2012 Interest-Rate Swap Termination [Member]
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge	40.2
Amortization of Interest Rate Swap Gains	1.5
Short-term Debt [Member] | January 2013 Interest-Rate Swap Termination [Member]
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge	10.3
Long-term Debt [Member] | January 2013 Interest-Rate Swap Termination [Member]
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge	$ 74.9

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Earnings per Share and Share Repurchases (Components of Basic and Diluted Earnings per Share) (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
ScheduleOfEarningsPerShareBasicandDilutedByCommonClass [Line Items]
Net (loss) income attributable to Avon	$ (13.7)	$ 26.5
Less: (Loss) earnings allocated to participating securities	0.1	(0.8)
(Loss) income allocated to common shareholders	$ (13.6)	$ 25.7
Basic EPS weighted-average shares outstanding	432.5	431.3
Diluted effect of assumed conversion of stock options	0	0.8
Diluted EPS adjusted weighted-average shares outstanding	432.5	432.1
(Loss) Earnings per Common Share attributable to Avon, Basic	$ (0.03)	$ 0.06
(Loss) Earnings per Common Share attributable to Avon, Diluted	$ (0.03)	$ 0.06

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Accounting Policies (Policy)

3 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Basis of Presentation [Policy Text Block]

Basis of Presentation

We prepare our unaudited interim consolidated financial statements in conformity with accounting principles generally accepted in the United States ("GAAP"). We consistently applied the accounting policies described in our 2012 Annual Report on Form 10-K, as amended ("2012 Form 10-K") in preparing these unaudited financial statements. In our opinion, we made all adjustments of a normal recurring nature that are necessary for a fair statement of the results for the interim periods. Results for interim periods are not necessarily indicative of results for a full year. You should read these unaudited interim consolidated financial statements in conjunction with our consolidated financial statements contained in our 2012 Form 10-K. When used in this report, the terms "Avon," "Company," "we" or "us" mean Avon Products, Inc.

For interim consolidated financial statement purposes, our tax provision is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. We also provide for accruals under our various employee benefit plans for each quarter based on one quarter of the estimated annual expense.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Venezuela Currency

Effective February 13, 2013, the Venezuelan government devalued its currency by approximately 32% and as such we recorded a one-time, after-tax loss of $51 ($34 in other expense, net and $17 in income taxes) in the first quarter of 2013, primarily reflecting the write-down of monetary assets and liabilities and deferred tax benefits. In addition, as a result of using the U.S. historic dollar cost basis of non-monetary assets, such as inventory, acquired prior to the devaluation, first quarter 2013 operating profit and net income were negatively impacted.

New Accounting Standards Implemented

New Accounting Standard Implemented

In February 2013, the FASB issued ASU 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-02 requires entities to report, either on the face of the income statement or in the notes, the effect of significant reclassifications out of accumulated other comprehensive income ("AOCI") on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety from accumulated other comprehensive income to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. See Note 6, Accumulated Other Comprehensive Income, for the required disclosures. ASU 2013-02 is effective as of January 1, 2013 for Avon and did not have a significant impact on our financial statements, other than presentation.

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Inventories (Components of Inventories) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Inventory [Line Items]
Raw materials	$ 413.9	$ 393.4
Finished goods	800.3	742.0
Total	$ 1,214.2	$ 1,135.4

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Inventories (Tables)

3 Months Ended

Mar. 31, 2013

Inventory, Net [Abstract]

Components of Inventories

Components of Inventories	March 31, 2013		December 31, 2012
Raw materials	$	413.9	$	393.4
Finished goods	800.3		742.0
Total	$	1,214.2	$	1,135.4

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Consolidated Statement of Cash Flows paranthetical (Parentheticals) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Change in fair market value of interest-rate swap agreements	$ (0.7)	$ (4.5)

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Consolidated Statements Of Comprehensive Income (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
Net (loss) income	$ (12.6)		$ 27.6
Foreign currency translation adjustments	(23.4)		124.9
Change in derivative losses on cash flow hedges, net of taxes	0.8	[1]	1.0
Change in derivative losses on net investment hedges	0		(0.3)
Adjustments of and amortization of net actuarial loss, prior service cost, and transition obligation, net of taxes	10.1	[2]	9.3
Total other comprehensive (loss) income, net of taxes	(12.5)		134.9
Comprehensive (loss) income	(25.1)		162.5
Less: comprehensive income attributable to noncontrolling interest	0.9		0.6
Comprehensive (loss) income attributable to Avon	$ (26.0)		$ 161.9

[1] Gross amount reclassified to interest expense, and related taxes reclassified to income taxes.

[2] Gross amount reclassified to pension and postretirement expense, within selling, general & administrative expenses, and related taxes reclassified to income taxes.

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Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

Goodwill

	Latin America			Europe, Middle East & Africa			North America			Asia Pacific			Total
Gross balance at December 31, 2012	$	122.8		$	167.3		$	314.7		$	84.2		$	689.0
Accumulated impairments	—			—			(270.1		)	(44.0		)	(314.1		)
Net balance at December 31, 2012	$	122.8		$	167.3		$	44.6		$	40.2		$	374.9
Changes during the period ended March 31, 2013:
Other(1)	(4.3		)	(9.6		)	—			.2			(13.7		)
Gross balance at March 31, 2013	$	118.5		$	157.7		$	314.7		$	84.4		$	675.3
Accumulated impairments	—			—			(270.1		)	(44.0		)	(314.1		)
Net balance at March 31, 2013	$	118.5		$	157.7		$	44.6		$	40.4		$	361.2

(1) Other is primarily comprised of foreign currency translation.

Other intangible assets

	March 31, 2013					December 31, 2012
	Gross Amount		Accumulated Amortization			Gross Amount		Accumulated Amortization
Finite-Lived Intangible Assets
Customer relationships	$	91.8	$	(47.4	)	$	93.5	$	(47.1	)
Licensing agreements	60.7		(52.3		)	62.8		(53.6		)
Noncompete agreements	8.4		(8.4		)	8.6		(8.6		)
Trademarks	6.6		(6.6		)	6.6		(6.3		)
Indefinite-Lived Trademarks	63.0		—			64.4		—
Total	$	230.5	$	(114.7	)	$	235.9	$	(115.6	)

Aggregate amortization expense was $2.1 and $5.4 for the three months ended March 31, 2013 and 2012, respectively.

Estimated Amortization Expense:
Remainder of 2013	$	6.1
2014	7.3
2015	6.7
2016	5.9
2017	5.5

Actual amortization expense may differ from the amounts above due to, among other things, future acquisitions, disposals, impairments, accelerated amortization or fluctuations in foreign currency exchange rates.

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Document And Entity Information	3 Months Ended
	Mar. 31, 2013
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1
Entity Registrant Name	AVON PRODUCTS INC
Entity Central Index Key	0000008868
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	433,104,988

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Fair Value

3 Months Ended

Mar. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value

FAIR VALUE

Assets and Liabilities Recorded at Fair Value

The fair value measurement provisions required by the Fair Value Measurements and Disclosures Topic of the Codification establish a fair value hierarchy, which prioritizes the inputs used in measuring fair value into three broad levels as follows:

• Level 1 - Quoted prices in active markets for identical assets or liabilities.

• Level 2 - Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.

• Level 3 - Unobservable inputs based on our own assumptions.

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2013:

	Level 1		Level 2		Total
Assets:
Money market funds	$	20.7	$	—	$	20.7
Available-for-sale securities	2.1		—		2.1
Interest-rate swap agreements	—		1.0		1.0
Foreign exchange forward contracts	—		4.7		4.7
Total	$	22.8	$	5.7	$	28.5
Liabilities:
Interest-rate swap agreements	$	—	$	.6	$	.6
Foreign exchange forward contracts	—		4.0		4.0
Total	$	—	$	4.6	$	4.6

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2012:

	Level 1		Level 2		Total
Assets:
Money market funds	$	26.9	$	—	$	26.9
Available-for-sale securities	1.9		—		1.9
Interest-rate swap agreements	—		94.8		94.8
Foreign exchange forward contracts	—		4.9		4.9
Total	$	28.8	$	99.7	$	128.5
Liabilities:
Interest-rate swap agreements	$	—	$	1.7	$	1.7
Foreign exchange forward contracts	—		1.5		1.5
Total	$	—	$	3.2	$	3.2

The money market funds are held in a Healthcare trust in order to fund future benefit payments for both active and retiree benefit plans.

Assets and Liabilities Recorded at Fair Value on a Non-recurring Basis

December 31, 2012 - Silpada

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis as of December 31, 2012, and indicates the placement in the fair value hierarchy of the valuation techniques utilized to determine such fair value:

	Level 1		Level 2		Level 3		Total
Assets:
Silpada goodwill	$	—	$	—	$	44.6	$	44.6
Silpada indefinite-lived trademark	—		—		40.0		40.0
Silpada finite-lived customer relationships	—		—		40.0		40.0
Total	$	—	$	—	$	124.6	$	124.6

In the fourth quarter of 2012, we completed the annual goodwill and indefinite-lived intangible assets impairment assessments and subsequently determined that the goodwill, indefinite-lived trademark, and finite-lived customer relationships associated with Silpada were impaired. As a result, the carrying amount of Silpada’s goodwill was reduced from $116.7 to its estimated fair value of $44.6, resulting in a non-cash impairment charge of $72.1. In addition, the carrying amount of Silpada’s indefinite-lived trademark was reduced from $85.0 to its estimated fair value of $40.0, resulting in a non-cash impairment charge of $45.0, and the carrying amount of Silpada’s finite-lived customer relationships was reduced from $131.9 to its estimated fair value of $40.0, resulting in a non-cash impairment charge of $91.9.

September 30, 2012 - China

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a non-recurring basis as of September 30, 2012, and indicates the placement in the fair value hierarchy of the valuation techniques utilized to determine such fair value:

	Level 1		Level 2		Level 3		Total
Assets:
China goodwill	$	—	$	—	$	37.3	$	37.3
Total	$	—	$	—	$	37.3	$	37.3

In the third quarter of 2012, we completed an interim impairment assessment of the fair value of goodwill related to China and subsequently determined that the goodwill associated with China was impaired. As a result, the carrying amount of China's goodwill was reduced from $81.3 to its estimated fair value of $37.3, resulting in a non-cash impairment charge of $44.0.

Fair Value Measurement - Silpada and China

The impairment analyses performed for goodwill and intangible assets require several estimates in computing the estimated fair value of a reporting unit, an indefinite-lived intangible asset, and a finite-lived intangible asset. We use a discounted cash flow ("DCF") approach to estimate the fair value of a reporting unit, which we believe is the most reliable indicator of fair value of a business, and is most consistent with the approach a marketplace participant would use. The estimation of fair value utilizing a DCF approach includes numerous uncertainties which require our significant judgment when making assumptions of expected growth rates and the selection of discount rates, as well as assumptions regarding general economic and business conditions, among other factors. Key assumptions used in measuring the fair values of Silpada and China included the discount rate (based on the weighted-average cost of capital) and revenue growth, as well as silver prices and Representative growth and activity rates for Silpada. The fair value of Silpada's indefinite-lived trademark was determined using a risk-adjusted DCF model under the relief-from-royalty method. The royalty rate used was based on a consideration of market rates. The fair value of the Silpada finite-lived customer relationships was determined using a DCF model under the multi-period excess earnings method. A significant decline in expected future cash flows and growth rates or a change in the discount rate used to fair value expected future cash flows, or any potential outcome of the review of strategic alternatives for Silpada, may result in future impairment charges.

Fair Value of Financial Instruments

Our financial instruments include cash and cash equivalents, available-for-sale securities, short-term investments, money market funds, accounts receivable, loans receivable, debt maturing within one year, accounts payable, long-term debt, foreign exchange forwards contracts, and interest-rate swap agreements. The carrying value for cash and cash equivalents, accounts receivable, accounts payable, and short-term investments approximate fair value because of the short-term nature of these instruments. The net asset (liability) amounts recorded in the balance sheet (carrying amount) and the estimated fair values of our remaining financial instruments at March 31, 2013 and December 31, 2012, respectively, consisted of the following:

	March 31, 2013						December 31, 2012
	Carrying Amount			Fair Value			Carrying Amount			Fair Value
Available-for-sale securities	$	2.1		$	2.1		$	1.9		$	1.9
Money market funds	20.7			20.7			26.9			26.9
Debt maturing within one year(1)	(949.4		)	(966.3		)	(572.0		)	(572.2		)
Long-term debt(1)	(2,685.5		)	(2,682.2		)	(2,623.9		)	(2,547.8		)
Foreign exchange forward contracts	.7			.7			3.4			3.4
Interest-rate swap agreements	.4			.4			93.1			93.1

(1) The carrying value of debt maturing within one year and long-term debt includes any related discount or premium, unamortized deferred gains on terminated interest-rate swap agreements, and unrealized losses from interest-rate swap agreements.

The methods and assumptions used to estimate fair value are as follows:

Available-for-sale securities and money market funds - The fair values of these investments were the quoted market prices for issues listed on securities exchanges.

Debt maturing within one year and long-term debt - The fair values of all debt and other financing were determined using Level 2 inputs based on indicative market prices.

Foreign exchange forward contracts - The fair values of forward contracts were estimated based on quoted forward foreign exchange prices at the reporting date.

Interest-rate swap agreements - The fair values of interest-rate swap agreements were estimated based on LIBOR yield curves at the reporting date.

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Consolidated Statements Of Comprehensive Income paranthetical (Parentheticals) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Change in derivative losses on cash flow hedges, taxes	$ 0.4	$ 0.5
Adjustments of and amortization of net actuarial loss, prior service costs, and transition obligation, taxes	$ 5.0	$ 4.4

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Contingencies

3 Months Ended

Mar. 31, 2013

Loss Contingency [Abstract]

Legal Matters and Contingencies [Text Block]

CONTINGENCIES

FCPA Investigations

As previously reported, we have engaged outside counsel to conduct an internal investigation and compliance reviews focused on compliance with the Foreign Corrupt Practices Act ("FCPA") and related U.S. and foreign laws in China and additional countries. The internal investigation, which is being conducted under the oversight of our Audit Committee, began in June 2008.

As previously reported in July 2009, in connection with the internal investigation, we commenced compliance reviews regarding the FCPA and related U.S. and foreign laws in additional countries in order to evaluate our compliance efforts. We are conducting these compliance reviews in a number of countries selected to represent each of the Company's international geographic segments. The internal investigation and compliance reviews are focused on reviewing certain expenses and books and records processes, including, but not limited to, travel, entertainment, gifts, use of third-party vendors and consultants and related due diligence, joint ventures and acquisitions, and payments to third-party agents and others, in connection with our business dealings, directly or indirectly, with foreign governments and their employees. The internal investigation and compliance reviews of these matters are ongoing. In connection with the internal investigation and compliance reviews, certain personnel actions, including termination of employment of certain senior members of management, have been taken, and additional personnel actions may be taken in the future. In connection with the internal investigation and compliance reviews, we continue to enhance our ethics and compliance program, including our policies and procedures, FCPA compliance-related training, FCPA third-party due diligence program and other compliance-related resources.

As previously reported in October 2008, we voluntarily contacted the United States Securities and Exchange Commission ("SEC") and the United States Department of Justice ("DOJ") to advise both agencies of our internal investigation.We have cooperated and continue to cooperate with investigations of these matters by the SEC and the DOJ. We have, among other things, signed tolling agreements, responded to inquiries, translated and produced documents, assisted with interviews, and provided information on our internal investigation and compliance reviews, personnel actions taken and steps taken to enhance our ethics and compliance program. As previously reported in August 2012, we are in discussions with the SEC and the DOJ regarding resolving the government investigations. These discussions are ongoing. There can be no assurance that a settlement with the SEC and the DOJ will be reached or, if a settlement is reached, the timing of any such settlement or the terms of any such settlement. We expect any such settlement may include civil and/or criminal fines and penalties as well as non-monetary remedies, such as oversight requirements and additional remediation and compliance requirements. We may be required to incur significant future costs to comply with the non-monetary terms of any settlement with the SEC and the DOJ. Under certain circumstances, we may also be required to advance significant professional fees and expenses to certain current and former Company employees in connection with these matters. Until any settlement or other resolution of these matters, we expect to continue to incur costs, primarily professional fees and expenses, which may be significant, in connection with the government investigations.

At this point we are unable to predict the developments in, outcome of, and economic and other consequences of the government investigations or their impact on our earnings, cash flow, liquidity, financial condition and ongoing business. However, based on our most recent communications with the DOJ and the SEC, the Company believes that it is probable that the Company will incur a loss related to the government investigations. We are unable to reasonably estimate the amount or range of such loss; however such loss could be material.

Litigation Matters

In July and August 2010, derivative actions were filed in state court against certain present or former officers and/or directors of the Company (Carol J. Parker, derivatively on behalf of Avon Products, Inc. v. W. Don Cornwell, et al. and Avon Products, Inc. as nominal defendant (filed in the New York Supreme Court, Nassau County, Index No. 600570/2010); Lynne Schwartz, derivatively on behalf of Avon Products, Inc. v. Andrea Jung, et al. and Avon Products, Inc. as nominal defendant (filed in the New York Supreme Court, New York County, Index No. 651304/2010)). These actions allege breach of fiduciary duty, abuse of control, waste of corporate assets, and, in one complaint, unjust enrichment, relating to the Company's compliance with the FCPA, including the adequacy of the Company's internal controls. The relief sought against the individual defendants in one or both of these derivative complaints includes certain declaratory and equitable relief, restitution, damages, exemplary damages and interest. The Company is a nominal defendant, and no relief is sought against the Company itself. In the Parker case, plaintiff has agreed that defendants' time to file an answer, motion to dismiss or other response is adjourned until plaintiff files an amended pleading. In Schwartz, the parties have agreed to defer the filing of an amended complaint and the defendants' response thereto until the parties submit a further stipulation addressing the scheduling of proceedings. On May 14, 2012, County of York Retirement Plan ("County of York") - which had been a plaintiff in a previously-filed but now discontinued derivative action - filed a complaint against the Company seeking enforcement of its demands for the inspection of certain of the Company's books and records (County of York Retirement Plan v. Avon Products, Inc., New York Supreme Court, New York County, Index No. 651673/2012). On July 10, 2012, the Company moved to dismiss County of York's complaint. We are unable to predict the outcome of these matters.

On July 6, 2011, a purported shareholder's class action complaint (City of Brockton Retirement System v. Avon Products, Inc., et al., No. 11-CIV-4665) was filed in the United States District Court for the Southern District of New York against certain present or former officers and/or directors of the Company. On September 29, 2011, the Court appointed LBBW Asset Management Investmentgesellschaft mbH and SGSS Deutschland Kapitalanlagegesellschaft mbH as lead plaintiffs and Motley Rice LLC as lead counsel. Lead plaintiffs have filed an amended complaint on behalf of a purported class consisting of all persons or entities who purchased or otherwise acquired shares of Avon's common stock from July 31, 2006 through and including October 26, 2011. The amended complaint names the Company and two individual defendants and asserts violations of Sections 10(b) and 20(a) of the Exchange Act based on allegedly false or misleading statements and omissions with respect to, among other things, the Company's compliance with the FCPA, including the adequacy of the Company's internal controls. Plaintiffs seek compensatory damages as well as injunctive relief. Defendants moved to dismiss the amended complaint on June 14, 2012. We are unable to predict the outcome of this matter. However, it is reasonably possible that we may incur a loss in connection with this matter. We are unable to reasonably estimate the amount or range of such reasonably possible loss.

In April 2012, several purported shareholders' actions were filed against the Company and certain present or former directors of the Company in New York Supreme Court, New York County (Pritika v. Jung, et al., Index No. 651072/2012; Feinman v. Avon Products, Inc., et al., Index No. 651087/2012; Gaines v. Jung, et al., Index No. 651097/2012; Schwartz v. Avon Products, Inc., et al., Index No. 651152/2012; Robaczynki, individually and on behalf of all others similarly situated and derivatively on behalf of Avon Products, Inc. v. Jung, et al., Index No. 651176/2012). On April 26, 2012, the actions were consolidated in New York Supreme Court, New York County (In re Avon Products, Inc. Shareholder Litigation, Consolidated Index No. 651087/2012E). An amended consolidated complaint was filed on May 18, 2012. The amended consolidated complaint asserts a derivative claim against the individual defendants based on alleged breaches of fiduciary duties in connection with indications of interest by Coty, Inc. in acquiring the Company. The Company is named as a nominal defendant on the purported derivative claim, and no relief appears to be sought against the Company on that claim. The amended consolidated complaint also asserts a purported direct claim on behalf of a class of shareholders against the individual defendants based on alleged breaches of such fiduciary duties. Plaintiffs seek compensatory damages as well as injunctive relief. On June 27, 2012, defendants moved to dismiss the consolidated action. By decision and order dated March 5, 2013, the court granted defendants' motion to dismiss the complaint with prejudice. On April 1, 2013, plaintiffs filed a notice of appeal from the court's order dismissing the complaint. We are unable to predict the outcome of this matter. However, it is reasonably possible that we may incur a loss in connection with this matter. We are unable to reasonably estimate the amount or range of such reasonably possible loss.

Under some circumstances, any losses incurred in connection with adverse outcomes in the litigation matters described above could be material.

Brazilian Tax Matters

In 2002, our Brazilian subsidiary received an excise tax (IPI) assessment from the Brazilian tax authorities for alleged tax deficiencies during the years 1997-1998. In December 2012, additional assessments were received for the year 2008 with respect to excise tax (IPI) and taxes charged on gross receipts (PIS and COFINS), totaling approximately $401, $60 and $277 each, including penalties and accrued interest, at the exchange rate on March 31, 2013. The 2002 and the 2012 assessments assert that the establishment in 1995 of separate manufacturing and distribution companies in that country was done without a valid business purpose and that Avon Brazil did not observe minimum pricing rules to define the taxable basis of excise tax. The structure adopted in 1995 is comparable to that used by many other companies in Brazil. We believe that our Brazilian corporate structure is appropriate, both operationally and legally, and that the 2002 and 2012 assessments are unfounded.

These matters are being vigorously contested. In January 2013, we filed a protest seeking a first administrative level review with respect to the 2012 assessments. In October 2010, the 2002 assessment was upheld at the first administrative level at an amount reduced to approximately $32 from approximately $76, including penalties and accruing interest, at the exchange rate on March 31, 2013. We have appealed this decision to the second administrative level. In the event that the 2002 or 2012 assessments are upheld at the third and last administrative level, it may be necessary for us to provide security to pursue further appeals, which, depending on the circumstances, may result in a charge to income.

It is not possible to reasonably estimate the amount or range of potential loss that we could incur related to the 2002 and 2012 assessments or any additional assessments that may be issued for subsequent periods (tax years up through 2007 are closed by statute). However, other similar excise tax (IPI) assessments involving different periods (1998-2001) have been canceled and officially closed in our favor by the second administrative level, and management believes that the likelihood that the 2002 and 2012 assessments will be upheld is remote.

Other Matters

Various other lawsuits and claims, arising in the ordinary course of business or related to businesses previously sold, are pending or threatened against Avon. In management's opinion, based on its review of the information available at this time, the total cost of resolving such other contingencies at March 31, 2013, is not expected to have a material adverse effect on our consolidated financial position, results of operations or cash flows.

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Employee Benefit Plans

3 Months Ended

Mar. 31, 2013

General Discussion of Pension and Other Postretirement Benefits [Abstract]

Employee Benefit Plans

EMPLOYEE BENEFIT PLANS

	Three Months Ended March 31,
	Pension Benefits
Net Periodic Benefit Costs	U.S. Plans						Non-U.S. Plans						Postretirement Benefits
	2013			2012			2013			2012			2013			2012
Service cost	$	5.0		$	3.8		$	4.8		$	4.5		$	.5		$	.5
Interest cost	6.6			7.4			9.1			9.8			1.4			1.5
Expected return on plan assets	(9.4		)	(9.2		)	(9.8		)	(9.8		)	—			—
Amortization of prior service credit	(.1		)	(.1		)	(.3		)	(.4		)	(1.2		)	(3.3		)
Amortization of net actuarial losses	11.3			11.8			4.6			4.4			.8			1.0
Net periodic benefit costs	$	13.4		$	13.7		$	8.4		$	8.5		$	1.5		$	(.3	)

As of March 31, 2013, we made approximately $8 and $7 of contributions to the U.S. and non-U.S. pension and postretirement plans, respectively. During the remainder of 2013, we anticipate contributing approximately $47 to $52 and $58 to $63 to fund our U.S. and non-U.S. pension and postretirement plans, respectively. The anticipated contributions to the non-U.S. pension and postretirement plans reflect $25 as a result of our decision in April 2013 to freeze our defined benefit pension plan in the United Kingdom. All future pension benefits in the United Kingdom will now accrue on a defined contribution basis rather than on a defined benefit basis. Our funding requirements may be impacted by regulations or interpretations thereof.

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Earnings per Share and Share Repurchases (Tables)

3 Months Ended

Mar. 31, 2013

Earnings Per Share Reconciliation [Abstract]

Components of Basic and Diluted Earnings per Share

	Three Months Ended
	March 31,
(Shares in millions)	2013			2012
Numerator:
Net (loss) income attributable to Avon	$	(13.7	)	$	26.5
Less: Loss (earnings) allocated to participating securities	.1			(.8		)
(Loss) income allocated to common shareholders	(13.6		)	25.7
Denominator:
Basic EPS weighted-average shares outstanding	432.5			431.3
Diluted effect of assumed conversion of stock options	—			.8
Diluted EPS adjusted weighted-average shares outstanding	432.5			432.1
(Loss) Earnings per Common Share attributable to Avon:
Basic	$	(.03	)	$	.06
Diluted	$	(.03	)	$	.06

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Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2013

General Discussion of Derivative Instruments and Hedging Activities [Abstract]

Derivative Instruments and Hedging Activities

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

We operate globally, with manufacturing and distribution facilities in various locations around the world. We may reduce our exposure to fluctuations in the fair value and cash flows associated with changes in interest rates and foreign exchange rates by creating offsetting positions through the use of derivative financial instruments. Since we use foreign currency-rate sensitive and interest-rate sensitive instruments to hedge a certain portion of our existing and forecasted transactions, we expect that any gain or loss in value of the hedge instruments generally would be offset by decreases or increases in the value of the underlying forecasted transactions.

We do not enter into derivative financial instruments for trading or speculative purposes, nor are we a party to leveraged derivatives. The master agreements governing our derivative contracts generally contain standard provisions that could trigger early termination of the contracts in certain circumstances, including if we were to merge with another entity and the creditworthiness of the surviving entity were to be "materially weaker" than that of Avon prior to the merger.

Derivatives are recognized on the balance sheet at their fair values. The following table presents the fair value of derivative instruments outstanding at March 31, 2013:

	Asset			Liability
	Balance Sheet Classification	Fair Value		Balance Sheet Classification	Fair Value
Derivatives designated as hedges:
Interest-rate swap agreements	Prepaid expenses and other	$	.4	Other liabilities	$	—
Total derivatives designated as hedges		$	.4		$	—
Derivatives not designated as hedges:
Interest-rate swap agreements	Prepaid expenses and other	$	.6	Accounts payable	$	.6
Foreign exchange forward contracts	Prepaid expenses and other	4.7		Accounts payable	4.0
Total derivatives not designated as hedges		$	5.3		$	4.6
Total derivatives		$	5.7		$	4.6

The following table presents the fair value of derivative instruments outstanding at December 31, 2012:

	Asset			Liability
	Balance Sheet Classification	Fair Value		Balance Sheet Classification	Fair Value
Derivatives designated as hedges:
Interest-rate swap agreements	Other assets/ Prepaid expenses and other	$	93.1	Other liabilities	$	—
Total derivatives designated as hedges		$	93.1		$	—
Derivatives not designated as hedges:
Interest-rate swap agreements	Prepaid expenses and other	$	1.7	Accounts payable	$	1.7
Foreign exchange forward contracts	Prepaid expenses and other	4.9		Accounts payable	1.5
Total derivatives not designated as hedges		$	6.6		$	3.2
Total derivatives		$	99.7		$	3.2

Accounting Policies

Derivatives are recognized on the balance sheet at their fair values. When we become a party to a derivative instrument and intend to apply hedge accounting, we designate the instrument, for financial reporting purposes, as a fair value hedge, a cash flow hedge, or a net investment hedge. The accounting for changes in fair value (gains or losses) of a derivative instrument depends on whether we had designated it and it qualified as part of a hedging relationship and further, on the type of hedging relationship. We apply the following accounting policies:

• Changes in the fair value of a derivative that is designated as a fair value hedge, along with the loss or gain on the hedged asset or liability that is attributable to the hedged risk are recorded in earnings.

• Changes in the fair value of a derivative that is designated as a cash flow hedge are recorded in AOCI to the extent effective and reclassified into earnings in the same period or periods during which the transaction hedged by that derivative also affects earnings.

• Changes in the fair value of a derivative that is designated as a hedge of a net investment in a foreign operation are recorded in foreign currency translation adjustments within AOCI to the extent effective as a hedge.

• Changes in the fair value of a derivative not designated as a hedging instrument are recognized in earnings in other expense, net on the Consolidated Statements of Income.

Realized gains and losses on a derivative are reported on the Consolidated Statements of Cash Flows consistent with the underlying hedged item.

For derivatives designated as hedges, we assess, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Highly effective means that cumulative changes in the fair value of the derivative are between 85% - 125% of the cumulative changes in the fair value of the hedged item. The ineffective portion of a derivative’s gain or loss, if any, is recorded in earnings in other expense, net on the Consolidated Statements of Income. In addition, when we determine that a derivative is not highly effective as a hedge, hedge accounting is discontinued. When it is probable that a hedged forecasted transaction will not occur, we discontinue hedge accounting for the affected portion of the forecasted transaction, and reclassify gains or losses that were accumulated in AOCI to earnings in other expense, net on the Consolidated Statements of Income.

Interest Rate Risk

A portion of our borrowings is subject to interest rate risk. We use interest-rate swap agreements, which effectively convert the fixed rate on long-term debt to a floating interest rate, to manage our interest rate exposure. The agreements are designated as fair value hedges. We held interest-rate swap agreements that effectively converted approximately 7% at March 31, 2013, and 62% at December 31, 2012, of our outstanding long-term, fixed-rate borrowings to a variable interest rate based on LIBOR. Our total exposure to floating interest rates was approximately 31% at March 31, 2013, and 69% at December 31, 2012.

In January 2013, we terminated eight of our interest-rate swap agreements designated as fair value hedges, with notional amounts totaling $1,000. As of the interest-rate swap agreements’ termination date, the aggregate favorable adjustment to the carrying value (deferred gain) of our debt was $90.4, which is being amortized as a reduction to interest expense over the remaining term of the underlying debt obligations. We incurred termination fees of $2.3 which were recorded in other expense, net. For the three months ended March 31, 2013, the net impact of the gain amortization was $5.2. The interest-rate swap agreements were terminated in order to improve our capital structure, including increasing our ratio of fixed-rate debt. At March 31, 2013, the unamortized deferred gain associated with the January 2013 interest-rate swap termination was $85.2, of which $10.3 was included within debt maturing within one year and $74.9 was included within long-term debt.

In March 2012, we terminated two of our interest-rate swap agreements designated as fair value hedges, with notional amounts totaling $350. As of the interest-rate swap agreements’ termination date, the aggregate favorable adjustment to the carrying value (deferred gain) of our debt was $46.1, which is being amortized as a reduction to interest expense over the remaining term of the underlying debt obligations through March 2019. We incurred termination fees of $2.5 which were recorded in other expense, net. For the three months ended March 31, 2013 and 2012, the net impact of the gain amortization was $1.5 and immaterial, respectively. The interest-rate swap agreements were terminated in order to increase our ratio of fixed-rate debt. At March 31, 2013, the unamortized deferred gain associated with the March 2012 interest-rate swap termination was $40.2, and was included within long-term debt.

At March 31, 2013, we had interest-rate swap agreements designated as fair value hedges of fixed-rate debt, with notional amounts totaling $125. During the three months ended March 31, 2013 and 2012, we recorded net losses of $.7 and $4.5, respectively, in interest expense for these interest-rate swap agreements designated as fair value hedges. The impact on interest expense of these interest-rate swap agreements was offset by an equal and offsetting impact in interest expense on our fixed-rate debt.

At times, we may de-designate the hedging relationship of a receive-fixed/pay-variable interest-rate swap agreement. In these cases, we enter into receive-variable/pay-fixed interest-rate swap agreements that are designated to offset the gain or loss on the de-designated contract. At March 31, 2013, we had interest-rate swap agreements that are not designated as hedges with notional amounts totaling $250. During the three months ended March 31, 2013 and 2012, we recorded an immaterial net loss and an immaterial net gain, respectively, in other expense, net associated with these undesignated interest-rate swap agreements.

There was no hedge ineffectiveness for the three months ended March 31, 2013 and 2012, related to these interest-rate swaps.

Foreign Currency Risk

At March 31, 2013, the primary currencies for which we had net underlying foreign currency exchange rate exposures were the Argentine peso, Australian dollar, Brazilian real, British pound, Canadian dollar, Chinese renminbi, Colombian peso, the Czech Republic koruna, the euro, Mexican peso, New Zealand dollar, Peruvian new sol, Philippine peso, Polish zloty, Russian ruble, South Africa rand, Turkish lira, Ukrainian hryvnia, and Venezuelan bolívar. We use foreign exchange forward contracts to manage a portion of our foreign currency exchange rate exposures. At March 31, 2013, we had outstanding foreign exchange forward contracts with notional amounts totaling approximately $238 for the Mexican peso, British pound, euro, Peruvian new sol, Romanian leu, Polish zloty, the Czech Republic koruna, and New Zealand dollar.

We use foreign exchange forward contracts to manage foreign currency exposure of intercompany loans. These contracts are not designated as hedges. The change in fair value of these contracts is immediately recognized in earnings and substantially offsets the foreign currency impact recognized in earnings relating to the intercompany loans. During the three months ended March 31, 2013 and 2012, we recorded a loss of $3.0 and a gain of $3.4, respectively, in other expense, net related to these undesignated foreign exchange forward contracts. During the three months ended March 31, 2013 and 2012, we recorded a gain of $3.1and a loss of $2.9, respectively, related to the intercompany loans, caused by changes in foreign currency exchange rates.

We also used a foreign exchange forward contract to hedge the foreign currency exposure related to the net assets of a foreign subsidiary, which was effective as a hedge. A loss of $.3 on the foreign exchange forward contract was recorded in foreign currency translation adjustments within AOCI for the three months ended March 31, 2012. The foreign exchange forward contract terminated in January 2012, and therefore no gain or loss was recorded for the three months ended March 31, 2013.

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Supplemental Balance Sheet Information

3 Months Ended

Mar. 31, 2013

Balance Sheet Related Disclosures [Abstract]

Supplemental Balance Sheet Information

SUPPLEMENTAL BALANCE SHEET INFORMATION

At March 31, 2013 and December 31, 2012, prepaid expenses and other included the following:

Components of Prepaid Expenses and Other	March 31, 2013		December 31, 2012
Deferred tax assets	$	239.1	$	273.5
Receivables other than trade	141.9		131.9
Prepaid taxes and tax refunds receivable	139.8		141.4
Prepaid brochure costs, paper, and other literature	107.7		112.1
Healthcare trust assets	20.6		26.9
Short-term investments	18.4		16.5
Interest-rate swap agreements, including interest (Notes 11 and 12)	3.8		19.5
Other	115.8		110.2
Prepaid expenses and other	$	787.1	$	832.0

At March 31, 2013 and December 31, 2012, other assets included the following:

Components of Other Assets	March 31, 2013		December 31, 2012
Deferred tax assets	$	853.3	$	827.2
Capitalized software	242.0		235.4
Long-term receivables	177.3		174.9
Investments	45.2		44.5
Interest-rate swap agreements (Notes 11 and 12)	—		94.8
Other	45.2		31.4
Other assets	$	1,363.0	$	1,408.2

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Derivative Instruments and Hedging Activities (Fair Value of Derivative Instruments Outstanding) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Derivatives designated as hedges, asset	$ 0.4	$ 93.1
Derivatives designated as hedges, liability	0	0
Derivatives not designated as hedges, asset	5.3	6.6
Derivatives not designated as hedges, liability	4.6	3.2
Total derivatives, asset	5.7	99.7
Total derivatives, liability	4.6	3.2
Interest-Rate Swap Agreements [Member] | Prepaid Expenses and Other [Member]
Derivatives designated as hedges, asset	0.4
Derivatives not designated as hedges, asset	0.6	1.7
Interest-Rate Swap Agreements [Member] | Other Assets [Member]
Derivatives designated as hedges, asset		93.1
Interest-Rate Swap Agreements [Member] | Other Liabilities [Member]
Derivatives designated as hedges, liability	0	0
Interest-Rate Swap Agreements [Member] | Accounts Payable [Member]
Derivatives not designated as hedges, liability	0.6	1.7
Foreign Exchange Forward Contracts [Member] | Prepaid Expenses and Other [Member]
Derivatives not designated as hedges, asset	4.7	4.9
Foreign Exchange Forward Contracts [Member] | Accounts Payable [Member]
Derivatives not designated as hedges, liability	$ 4.0	$ 1.5

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Accumulated Other Comprehensive Income (Notes)

3 Months Ended

Mar. 31, 2013

Accumlated Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive Income [Table Text Block]

ACCUMULATED OTHER COMPREHENSIVE INCOME

The table below presents the changes in AOCI by component and the reclassifications out of AOCI:

	Foreign Currency Translation Adjustments			Cash Flow Hedges			Net Investment Hedges			Pension and Postretirement Benefits			Total
Balance at December 31, 2012	$	(317.6	)	$	(6.8	)	$	(4.3	)	$	(548.0	)	$	(876.7	)
Other comprehensive loss other than reclassifications	(23.4		)	—			—			—			(23.4		)
Reclassifications into earnings:
Derivative losses on cash flow hedges, net of tax of $.4(1)	—			.8			—			—			.8
Amortization of net actuarial loss, prior service costs, and transition obligation, net of tax of $5.0(2)	—			—			—			10.1			10.1
Total reclassifications into earnings	—			.8			—			10.1			10.9
Balance at March 31, 2013	$	(341.0	)	$	(6.0	)	$	(4.3	)	$	(537.9	)	$	(889.2	)

(1) Gross amount reclassified to interest expense, and related taxes reclassified to income taxes.

(2) Gross amount reclassified to pension and postretirement expense, within selling, general & administrative expenses, and related taxes reclassified to income taxes.

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Segment Information

3 Months Ended

Mar. 31, 2013

Segment Reporting, Measurement Disclosures [Abstract]

Segment Information

SEGMENT INFORMATION

Summarized financial information concerning our reportable segments was as follows:

	Three Months Ended March 31,
	2013					2012
	Revenue		Operating Profit (Loss)			Revenue		Operating Profit (Loss)
Latin America	$	1,144.4	$	101.4		$	1,149.5	$	50.8
Europe, Middle East & Africa	733.1		111.4			724.6		56.5
North America	406.2		(11.2		)	479.6		3.8
Asia Pacific	200.0		11.1			221.7		15.4
Total from operations	$	2,483.7	$	212.7		$	2,575.4	$	126.5
Global and other	—		(40.6		)	—		(55.0		)
Total	$	2,483.7	$	172.1		$	2,575.4	$	71.5

Our consolidated net sales by classes of principal products were as follows:

	Three Months Ended March 31,
	2013		2012
Beauty(1)	$	1,768.2	$	1,858.6
Fashion(2)	429.8		449.6
Home(3)	234.0		224.6
Net sales	$	2,432.0	$	2,532.8
Other revenue(4)	51.7		42.6
Total revenue	$	2,483.7	$	2,575.4

(1) Beauty includes color cosmetics, fragrances, skincare and personal care.

(2) Fashion includes jewelry, watches, apparel, footwear, accessories and children’s products.

(3) Home includes gift and decorative products, housewares, entertainment and leisure products, children's products and nutritional products.

(4) Other revenue primarily includes shipping and handling and order processing fees billed to Representatives.

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Restructuring Initiatives

3 Months Ended

Mar. 31, 2013

Restructuring and Related Activities [Abstract]

Restructuring Initiatives

RESTRUCTURING INITIATIVES

$400M Cost Savings Initiative

In 2012, we announced a cost savings initiative (the "$400M Cost Savings Initiative"), in an effort to stabilize the business and return Avon to sustainable growth, which is expected to be achieved through restructuring actions as well as other cost-savings strategies that will not result in restructuring charges. The $400M Cost Savings Initiative is designed to reduce our operating expenses as a percentage of total revenue to help us achieve a targeted low double-digit operating margin by 2016. The restructuring actions under the $400M Cost Savings Initiative primarily consist of global headcount reductions and related actions, as well as the restructuring or closure of certain smaller, under-performing markets, including our exit from the South Korea, Vietnam and Republic of Ireland markets.

As a result of the actions approved to-date, we have recorded total costs to implement these restructuring initiatives of $71.0 before taxes, of which $20.3 before taxes was recorded in the first quarter of 2013. For the actions approved to-date, we expect our total costs to implement to be in the range of $100 to $110 before taxes. The additional charges not yet incurred associated with the actions approved to-date of approximately $29 to $39 before taxes are expected to be recorded primarily in 2013. At this time we are unable to quantify the total costs when the initiative is fully implemented. In connection with the restructuring actions approved to-date associated with the $400M Cost Savings Initiative, we expect to realize annualized savings of approximately $125 before taxes. For market closures, the annualized savings represent the foregone selling, general and administrative expenses as a result of no longer operating in the respective markets. For actions that did not result in the closure of a market, the annualized savings represent the net reduction of expenses that will no longer be incurred by Avon. The annualized savings do not incorporate the impact of the decline in revenue associated with these actions (including market closures), which is not expected to be material.

The total costs to implement recorded in the three months ended March 31, 2013, of $20.3 related to the $400M Cost Savings Initiative consisted of the following:

• net charge of $13.3 primarily for employee-related costs, including severance benefits;

• accelerated depreciation of $6.9 associated with the closure and rationalization of certain facilities;

• implementation costs of $.4 for professional service fees; and

• net benefit of $.3 related to inventory adjustments.

Of the total costs to implement, $20.6 was recorded in selling, general and administrative expenses and a net benefit of $.3 was recorded in cost of sales for the three months ended March 31, 2013. The majority of cash payments associated with these charges are expected to be made during 2013.

The liability balance for the $400M Cost Savings Initiative as of March 31, 2013 is as follows:

	Employee- Related Costs			Inventory Write-offs			Contract Terminations/Other			Total
Balance at December 31, 2012	$	41.3		$	—		$	1.7		$	43.0
2013 charges	19.4			.2			.4			20.0
Adjustments	(6.0		)	(.5		)	(.5		)	(7.0		)
Cash payments	(13.9		)	—			(.8		)	(14.7		)
Non-cash write-offs	—			.3			—			.3
Foreign exchange	.1			—			—			.1
Balance at March 31, 2013	$	40.9		$	—		$	.8		$	41.7

The following table presents the restructuring charges incurred to-date, net of adjustments, under our $400M Cost Savings Initiative, along with the estimated charges expected to be incurred on approved initiatives under the plan:

	Employee- Related Costs		Inventory/Asset Write-offs		Currency Translation Adjustment Write-offs		Contract Terminations/ Other		Total
Charges incurred to date	$	58.6	$	1.1	$	—	$	1.8	$	61.5
Estimated charges to be incurred on approved initiatives	3.7		.6		2.8		11.9		19.0
Total expected charges on approved initiatives	$	62.3	$	1.7	$	2.8	$	13.7	$	80.5

The charges, net of adjustments, of initiatives under the $400M Cost Savings Initiative by reportable business segment were as follows:

	Latin America			Europe, Middle East & Africa		North America			Asia Pacific			Corporate		Total
2012	$	12.9		$	1.1	$	18.0		$	12.9		$	3.6	$	48.5
First quarter 2013	(1.1		)	9.0		1.5			1.5			2.1		13.0
Charges incurred to date	11.8			10.1		19.5			14.4			5.7		61.5
Estimated charges to be incurred on approved initiatives	7.1			18.6		(3.4		)	(3.3		)	—		19.0
Total expected charges on approved initiatives	$	18.9		$	28.7	$	16.1		$	11.1		$	5.7	$	80.5

As noted previously, for the initiatives approved to date, we expect to record total costs to implement in the range of $100 to $110 before taxes under the $400M Cost Savings Initiative. The amounts shown in the tables above as charges recorded to date relate to initiatives that have been approved and recorded in the financial statements as the costs are probable and estimable. The amounts shown in the tables above as total expected charges on approved initiatives represent charges recorded to date plus charges yet to be recorded for approved initiatives as the relevant accounting criteria for recording an expense have not yet been met. In addition to the charges included in the tables above, we have incurred and will incur other costs to implement restructuring initiatives such as other professional services and accelerated depreciation.

Additional Restructuring Charges

In an effort to improve operating performance, we identified certain actions in 2012 that we believe will enhance our operating model, reduce costs, and improve efficiencies. In addition, management approved the relocation of our corporate headquarters in New York City.

Restructuring Charges – First Quarter 2013

As a result of the analysis and the actions taken, during the three months ended March 31, 2013, we recorded total costs to implement these various restructuring initiatives of $.2, in selling, general and administrative expenses. The majority of future cash payments associated with these charges are expected to be made during 2013.

Restructuring Charges – First Quarter 2012

As a result of the analysis and the actions taken, during the three months ended March 31, 2012, we recorded total costs to implement these various restructuring initiatives of $21.8, in selling, general and administrative expenses, associated with approved initiatives, and the costs consisted of the following:

• net charge of $18.8 primarily for employee-related costs; and

• implementation costs of $3.0 for professional service fees.

The liability balance for these various restructuring initiatives as of March 31, 2013 is as follows:

	Employee- Related Costs			Contract Terminations/Other			Total
Balance at December 31, 2012	$	17.6		$	11.8		$	29.4
2013 charges	—			.1			.1
Cash payments	(7.6		)	(1.4		)	(9.0		)
Foreign exchange	(.1		)	—			(.1		)
Balance at March 31, 2013	$	9.9		$	10.5		$	20.4

The actions associated with these various restructuring initiatives are substantially complete.

2005 and 2009 Restructuring Programs

We launched restructuring programs in 2005 and 2009 (collectively, the "2005 and 2009 Restructuring Programs") with initiatives designed to enhance our organizational effectiveness, implement a global manufacturing strategy and additional supply chain efficiencies in distribution, restructure our global supply chain operations, realign certain local business support functions to a more regional base, and streamline transactional and other services.

Restructuring Charges – First Quarter 2013

During the three months ended March 31, 2013, we recorded a net benefit of $.2, in cost of sales, associated with previously approved initiatives that are part of our 2005 and 2009 Restructuring Programs.

Restructuring Charges – First Quarter 2012

During the three months ended March 31, 2012, we recorded total costs to implement of $5.5 associated with previously approved initiatives that are part of our 2005 and 2009 Restructuring Programs, and the costs consisted of the following:

• net benefit of $1.1 primarily for employee-related costs offset by adjustments to the reserve;

• implementation costs of $4.3 for professional service fees, primarily associated with our initiatives to outsource certain finance processes and realign certain distribution operations; and

• accelerated depreciation of $2.3 associated with our initiatives to realign certain distribution operations.

Of the total costs to implement, $2.8 was recorded in selling, general and administrative expenses and $2.7 was recorded in cost of sales for the three months ended March 31, 2012.

The liability balances, which primarily consist of employee-related costs, for the initiatives under the 2005 and 2009 Restructuring Programs are shown below:

	Total
Balance December 31, 2012	$	21.0
2013 charges	.5
Adjustments	(.7		)
Cash payments	(13.0		)
Foreign exchange	(.1		)
Balance at March 31, 2013	$	7.7

The 2005 and 2009 Restructuring Programs are substantially complete.

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Earnings per Share and Share Repurchases (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive stock options excluded from diluted earnings per share, shares	20.0	22.0
Stock Options Excluded from Computation of Earnings Per Share Due to Net Loss, shares	0.7
Stock repurchased during the period, shares	0.4	0.4
Stock repurchased during the period, value	$ 6.7	$ 7.4

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Goodwill and Intangible Assets Goodwill and Intangible Assets (Narrative Details) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Amortization of Intangible Assets	$ 2.1	$ 5.4

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Subsequent Events

3 Months Ended

Mar. 31, 2013

13. SUBSEQUENT EVENT [Abstract]

Subsequent Events [Text Block]

SUBSEQUENT EVENTS

On April 15, 2013, we prepaid the 2014 Notes. The prepayment price was equal to 100% of the principal amount of $500, plus accrued interest of $3 and a make-whole premium of $22. In connection with the prepayment of our 2014 Notes, we expect to incur a loss on extinguishment of debt of approximately $13 in the second quarter of 2013. See Note 13, Debt for further discussion.

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Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2013

Schedule of Amounts in Accumulated Other Comprehensive Income (Loss) to be Recognized over Next Fiscal Year [Table Text Block]

The table below presents the changes in AOCI by component and the reclassifications out of AOCI:

	Foreign Currency Translation Adjustments			Cash Flow Hedges			Net Investment Hedges			Pension and Postretirement Benefits			Total
Balance at December 31, 2012	$	(317.6	)	$	(6.8	)	$	(4.3	)	$	(548.0	)	$	(876.7	)
Other comprehensive loss other than reclassifications	(23.4		)	—			—			—			(23.4		)
Reclassifications into earnings:
Derivative losses on cash flow hedges, net of tax of $.4(1)	—			.8			—			—			.8
Amortization of net actuarial loss, prior service costs, and transition obligation, net of tax of $5.0(2)	—			—			—			10.1			10.1
Total reclassifications into earnings	—			.8			—			10.1			10.9
Balance at March 31, 2013	$	(341.0	)	$	(6.0	)	$	(4.3	)	$	(537.9	)	$	(889.2	)

(1) Gross amount reclassified to interest expense, and related taxes reclassified to income taxes.

(2) Gross amount reclassified to pension and postretirement expense, within selling, general & administrative expenses, and related taxes reclassified to income taxes.

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Restructuring Initiatives Restructuring Initivatives (Liability Balances for Other Restructuring Initiatives) (Details) (Other Restructuring Initiatives [Member], USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013
Balance December 31, 2012	$ 29.4
2013 Charges	0.1
Cash payments	(9.0)
Foreign exchange	(0.1)
Balance March 31, 2013	20.4
Contract Terminations / Other [Member]
Balance December 31, 2012	11.8
2013 Charges	0.1
Cash payments	(1.4)
Foreign exchange	0
Balance March 31, 2013	10.5
Employee-Related Costs [Member]
Balance December 31, 2012	17.6
2013 Charges	0
Cash payments	(7.6)
Foreign exchange	(0.1)
Balance March 31, 2013	$ 9.9

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Segment Information (Total Revenue and Operating Profit by Reporting Segment) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Revenue	$ 2,483.7	$ 2,575.4
Operating Profit (Loss)	172.1	71.5
Latin America [Member]
Revenue	1,144.4	1,149.5
Operating Profit (Loss)	101.4	50.8
Europe Middle East & Africa [Member]
Revenue	733.1	724.6
Operating Profit (Loss)	111.4	56.5
North America [Member]
Revenue	406.2	479.6
Operating Profit (Loss)	(11.2)	3.8
Asia Pacific [Member]
Revenue	200.0	221.7
Operating Profit (Loss)	11.1	15.4
Total from Operations [Member]
Revenue	2,483.7	2,575.4
Operating Profit (Loss)	212.7	126.5
Global and Other [Member]
Revenue	0	0
Operating Profit (Loss)	$ (40.6)	$ (55.0)

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Consolidated Balance Sheets (USD $) In Millions, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Current Assets
Cash and cash equivalents	$ 1,488.4	$ 1,209.6
Accounts receivable, net	742.9	751.9
Inventories	1,214.2	1,135.4
Prepaid expenses and other	787.1	832.0
Total current assets	4,232.6	3,928.9
Property, plant and equipment, at cost	2,618.0	2,711.8
Less accumulated depreciation	(1,116.9)	(1,161.6)
Property, plant and equipment, net	1,501.1	1,550.2
Goodwill	361.2	374.9
Other intangible assets, net	115.8	120.3
Other assets	1,363.0	1,408.2
Total assets	7,573.7	7,382.5
Current Liabilities
Debt maturing within one year	949.4	572.0
Accounts payable	890.3	920.0
Accrued compensation	222.3	266.6
Other accrued liabilities	585.7	661.0
Sales and taxes other than income	215.9	211.4
Income taxes	43.8	73.6
Total current liabilities	2,907.4	2,704.6
Long-term debt	2,685.5	2,623.9
Employee benefit plans	616.0	637.6
Long-term income taxes	51.9	52.0
Other liabilities	117.9	131.1
Total liabilities	6,378.7	6,149.2
Contingencies (Note 5)
Shareholders' Equity
Common stock	189.3	188.3
Additional paid-in capital	2,138.3	2,119.6
Retained earnings	4,318.1	4,357.8
Accumulated other comprehensive loss	(889.2)	(876.7)
Treasury stock, at cost	(4,578.6)	(4,571.9)
Total shareholders' equity	1,177.9	1,217.1
Noncontrolling interest	17.1	16.2
Total shareholders’ equity	1,195.0	1,233.3
Total liabilities and shareholders' equity	$ 7,573.7	$ 7,382.5

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Inventories

3 Months Ended

Mar. 31, 2013

Inventory, Net [Abstract]

Inventories

INVENTORIES

Components of Inventories	March 31, 2013		December 31, 2012
Raw materials	$	413.9	$	393.4
Finished goods	800.3		742.0
Total	$	1,214.2	$	1,135.4

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Fair Value (Fair Value of Financial Instruments) (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2013		Dec. 31, 2012
Money market funds	$ 20.7		$ 26.9
Carrying Amount [Member]
Available-for-sale securities	2.1		1.9
Money market funds	20.7		26.9
Debt maturing within one year	(949.4)	[1]	(572.0)	[1]
Long-term debt	(2,685.5)	[1]	(2,623.9)	[1]
Foreign exchange forward contracts	0.7		3.4
Interest-rate swap agreements	0.4		93.1
Fair Value [Member]
Available-for-sale securities	2.1		1.9
Money market funds	20.7		26.9
Debt maturing within one year	(966.3)		(572.2)
Long-term debt	(2,682.2)		(2,547.8)
Foreign exchange forward contracts	0.7		3.4
Interest-rate swap agreements	$ 0.4		$ 93.1

[1] (1) The carrying value of debt maturing within one year and long-term debt includes any related discount or premium, unamortized deferred gains on terminated interest-rate swap agreements, and unrealized losses from interest-rate swap agreements.

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2013

Segment Reporting, Measurement Disclosures [Abstract]

Total Revenue and Operating Profit by Reporting Segment

Summarized financial information concerning our reportable segments was as follows:

	Three Months Ended March 31,
	2013					2012
	Revenue		Operating Profit (Loss)			Revenue		Operating Profit (Loss)
Latin America	$	1,144.4	$	101.4		$	1,149.5	$	50.8
Europe, Middle East & Africa	733.1		111.4			724.6		56.5
North America	406.2		(11.2		)	479.6		3.8
Asia Pacific	200.0		11.1			221.7		15.4
Total from operations	$	2,483.7	$	212.7		$	2,575.4	$	126.5
Global and other	—		(40.6		)	—		(55.0		)
Total	$	2,483.7	$	172.1		$	2,575.4	$	71.5

Revenue by Product Category

Our consolidated net sales by classes of principal products were as follows:

	Three Months Ended March 31,
	2013		2012
Beauty(1)	$	1,768.2	$	1,858.6
Fashion(2)	429.8		449.6
Home(3)	234.0		224.6
Net sales	$	2,432.0	$	2,532.8
Other revenue(4)	51.7		42.6
Total revenue	$	2,483.7	$	2,575.4

(1) Beauty includes color cosmetics, fragrances, skincare and personal care.

(2) Fashion includes jewelry, watches, apparel, footwear, accessories and children’s products.

(3) Home includes gift and decorative products, housewares, entertainment and leisure products, children's products and nutritional products.

(4) Other revenue primarily includes shipping and handling and order processing fees billed to Representatives.

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Employee Benefit Plans (Components of Net Periodic Benefit Cost) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Pension Benefits U.S. Plans [Member]
Service cost	$ 5.0	$ 3.8
Interest cost	6.6	7.4
Expected return on plan assets	(9.4)	(9.2)
Amortization of prior service credit	(0.1)	(0.1)
Amortization of actuarial losses	11.3	11.8
Net periodic benefit costs	13.4	13.7
Pension Benefits Non-U.S. Plans [Member]
Service cost	4.8	4.5
Interest cost	9.1	9.8
Expected return on plan assets	(9.8)	(9.8)
Amortization of prior service credit	(0.3)	(0.4)
Amortization of actuarial losses	4.6	4.4
Net periodic benefit costs	8.4	8.5
Postretirement Benefits [Member]
Service cost	0.5	0.5
Interest cost	1.4	1.5
Expected return on plan assets	0	0
Amortization of prior service credit	(1.2)	(3.3)
Amortization of actuarial losses	0.8	1.0
Net periodic benefit costs	$ 1.5	$ (0.3)

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Debt

3 Months Ended

Mar. 31, 2013

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

DEBT

Revolving Credit Facility

In March 2013, we entered into a four-year $1 billion revolving credit facility (the “revolving credit facility”), which expires in March 2017. The revolving credit facility replaced the previous $1 billion revolving credit facility (the "2010 revolving credit facility"), which was terminated in March 2013 prior to its scheduled expiration in November 2013. There were no amounts drawn under the 2010 revolving credit facility on the date of termination and no early termination penalties were incurred. In the first quarter of 2013, $1.2 was recorded for the write-off of issuance costs related to the 2010 revolving credit facility. As discussed below, the $1 billion available under the revolving credit facility is effectively reduced by the principal amount of any commercial paper outstanding. Borrowings under the revolving credit facility bear interest, at our option, at a rate per annum equal to LIBOR plus an applicable margin or a floating base rate plus an applicable margin, in each case subject to adjustment based on our credit ratings. As of March 31, 2013, there were no amounts outstanding under the revolving credit facility.

Term Loan Agreement

On June 29, 2012, we entered into a $500.0 term loan agreement (the “term loan agreement”). Subsequently on August 2, 2012, we borrowed an incremental $50.0 of principal from subscriptions by new lenders under the term loan agreement. In March 2013, we entered into the first amendment to the term loan agreement. This amendment primarily relates to (i) adding a provision whereby the lenders may, at our election, decide to decline receipt of prepayments, and (ii) adding a subsidiary debt covenant and conforming the interest coverage ratio and leverage ratio covenants to those contained in the revolving credit facility (discussed below). Later in March 2013, we repaid $380.0 of the outstanding principal amount of the term loan agreement with a portion of the proceeds from the issuance of the Notes (as defined below), which repayment resulted in a loss in the first quarter of 2013 of $1.6 on extinguishment of debt associated with the write-off of debt issuance costs related to the term loan agreement. At March 31, 2013, the outstanding principal balance under the term loan agreement was $170.0.

Pursuant to the term loan agreement, we are required to repay an amount equal to 25% of the aggregate remaining principal amount of the term loan on June 29, 2014, and the remaining outstanding principal amount of the term loan on June 29, 2015. Amounts repaid or prepaid under the term loan agreement may not be reborrowed. Borrowings under the term loan agreement bear interest, at our option, at a rate per annum equal to LIBOR plus an applicable margin or a floating base rate plus an applicable margin, in each case subject to adjustment based on our credit ratings. The term loan agreement also provides for mandatory prepayments and voluntary prepayments. Subject to certain exceptions (including the issuance of commercial paper and draw-downs on our revolving credit facility), we are required to prepay the term loan in an amount equal to 50% of the net cash proceeds received from any incurrence of debt for borrowed money in excess of $500.

Debt Covenants

The revolving credit facility and the term loan agreement (collectively, "the debt agreements") contain covenants limiting our ability to incur liens and enter into mergers and consolidations or sales of our assets substantially as an entirety. The debt agreements also contain covenants that limit Avon's subsidiary debt to existing subsidiary debt at February 28, 2013 plus $500.0, with certain other exceptions. In addition, the debt agreements contain financial covenants which require our interest coverage ratio at the end of each fiscal quarter to equal or exceed 4:1 and our leverage ratio to not be greater than 4.25:1 at the end of the fiscal quarter ended March 31, 2013, 4:1 at the end of each subsequent fiscal quarter on or prior to September 30, 2013, 3.75:1 at the end of each subsequent fiscal quarter on or prior to September 30, 2014, and 3.5:1 at the end of each fiscal quarter thereafter. In addition, the debt agreements contain customary events of default and cross-default provisions. The interest coverage ratio is determined by dividing our consolidated EBIT (as defined in the debt agreements) by our consolidated interest expense, in each case for the period of four fiscal quarters ending on the date of determination. The leverage ratio is determined by dividing the amount of our consolidated funded debt on the date of determination by our consolidated EBITDA (as defined in the debt agreements) for the period of four fiscal quarters ending on the date of determination. When calculating the interest coverage and leverage ratios, the debt agreements allow us, subject to certain conditions and limitations, to add back to our consolidated net income, among other items: (i) extraordinary and other non-cash losses and expenses, (ii) one-time fees, cash charges and other cash expenses, premiums or penalties incurred in connection with any asset sale, equity issuance or incurrence or repayment of debt or refinancing or modification or amendment of any debt instrument and (iii) cash charges and other cash expenses, premiums or penalties incurred in connection with any restructuring or relating to any legal or regulatory action, settlement, judgment or ruling, in an aggregate amount not to exceed $400.0 for the period from October 1, 2012 until the termination of commitments under the debt agreements provided, that restructuring charges incurred after December 31, 2014 shall not be added back to our consolidated net income. As of March 31, 2013, and based on then interest rates, an additional approximate $855 of the $1 billion revolving credit facility could have been drawn down without violating any covenant. We were in compliance with our interest coverage and leverage ratios under the debt agreements for the four fiscal quarters ended March 31, 2013. If the 2014 Notes (as defined below) had been redeemed prior to the end of the first quarter, as of March 31, 2013, the full $1 billion revolving credit facility, less the principal amount of commercial paper outstanding (which was $89.5 at March 31, 2013), could have been drawn down without violating any covenant.

Private Notes

On November 23, 2010, we issued, in a private placement exempt from registration under the Securities Act of 1933, as amended, $142.0 principal amount of 2.60% Senior Notes, Series A, due November 23, 2015, $290.0 principal amount of 4.03% Senior Notes, Series B, due November 23, 2020, and $103.0 principal amount of 4.18% Senior Notes, Series C, due November 23, 2022 (collectively, the "Private Notes"). The proceeds from the sale of the Private Notes were used to repay existing debt and for general corporate purposes.

On March 29, 2013, we prepaid our Private Notes. The prepayment price was equal to 100% of the principal amount of $535.0, plus accrued interest of $6.9 and a make-whole premium of $68.0. In connection with the prepayment of our Private Notes, we incurred a loss on extinguishment of debt of $71.4 in the first quarter of 2013, which included the make-whole premium and the write-off of $3.4 of debt issuance costs related to the Private Notes.

Public Notes

In May and June 2003, respectively, we issued, in public offerings, $250.0 principal amount of 4.20% Notes, due July 15, 2018 and $125.0 principal amount of 4.625% Notes, due May 15, 2013. In March 2008, we issued, in a public offering, $250.0 principal amount of 4.80% Notes, due March 1, 2013 and $250.0 principal amount of 5.75% Notes, due March 1, 2018. In March 2009, we issued, in a public offering, $500.0 principal amount of 5.625% Notes, due March 1, 2014 (the "2014 Notes") and $350.0 principal amount of 6.50% Notes, due March 1, 2019. The net proceeds from these offerings were used to repay indebtedness outstanding under our commercial paper program and for general corporate purposes.

The 4.80% Notes due March 1, 2013 were repaid in full at maturity. Later in March 2013, we issued a notice of prepayment for the 2014 Notes, and on April 15, 2013 we prepaid the 2014 Notes. The prepayment price was equal to 100% of the principal amount of $500, plus accrued interest of $3 and a make-whole premium of $22. In connection with the prepayment of our 2014 Notes, we expect to incur a loss on extinguishment of debt of approximately $13 in the second quarter of 2013 consisting of the $22 make-whole premium for the 2014 Notes and the write-off of approximately $1 of debt issuance costs and discounts related to the initial issuance of the 2014 Notes, partially offset by a deferred gain of approximately $10 associated with the January 2013 interest-rate swap agreement termination (see Note 12, Derivative Instruments and Hedging Activities).

In March 2013, we issued, in a public offering, $250.0 principal amount of 2.375% Notes, due March 15, 2016, $500.0 principal amount of 4.60% Notes, due March 15, 2020, $500.0 principal amount of 5.00% Notes, due March 15, 2023 and $250.0 principal amount of 6.95% Notes, due March 15, 2043 (collectively, the "Notes"). The net proceeds from these Notes were used, or are intended to be used, to repay $380.0 of the outstanding principal amount of the term loan agreement, to prepay the Private Notes (plus make-whole premium and accrued interest), to repay the 4.625% Notes, due May 15, 2013 at maturity, and for general corporate purposes. Interest on the Notes is payable semi-annually on March 15 and September 15 of each year.

Commercial Paper Program

We also maintain a $1 billion commercial paper program, which is supported by the revolving credit facility. Under this program, we may issue from time to time unsecured promissory notes in the commercial paper market in private placements exempt from registration under federal and state securities laws, for a cumulative face amount not to exceed $1 billion outstanding at any one time and with maturities not exceeding 270 days from the date of issue. The commercial paper short-term notes issued under the program are not redeemable prior to maturity and are not subject to voluntary prepayment. Outstanding commercial paper effectively reduces the amount available for borrowing under the revolving credit facility. At March 31, 2013, there was $89.5 of outstanding commercial paper under this program. Beginning in 2012 and continuing into 2013, the demand for our commercial paper declined, partially impacted by the rating agency action described below.

Additional Information

Our long-term credit ratings are Baa2 (Stable Outlook) with Moody's and BBB- (Negative Outlook) with S&P, which are on the low end of investment grade, and BB+ (Stable Outlook) with Fitch, which is below investment grade. In February 2013, Fitch lowered their long-term credit rating from BBB- (Negative Outlook) to BB+ (Stable Outlook) and Moody's lowered their long-term credit rating from Baa1 (Negative Outlook) to Baa2 (Stable Outlook). Additional rating agency reviews could result in a further change in outlook or downgrade, which would most likely result in an increase in financing costs, including interest expense under certain of our debt instruments, and reduced access to lending sources, including the commercial paper market.