Subsequent Events Subsequent Events

6 Months Ended

Jun. 30, 2015

Subsequent Event [Line Items]

Subsequent Events [Text Block]

SUBSEQUENT EVENTS

On July 9, 2015, the Company sold Liz Earle Beauty Co. Limited (“Liz Earle”) to Alliance Boots Holdings Limited for approximately $215, less expenses of approximately $5. Liz Earle has been reported within our Europe, Middle East & Africa segment. In the third quarter of 2015, we expect to record a gain on sale of approximately $45 before tax in other expense, net, and approximately $50 after tax, representing the difference between the proceeds and the estimated carrying value of the Liz Earle business on the date of sale. The assets and liabilities for Liz Earle have been reclassified to held for sale at June 30, 2015. Proceeds from the sale of Liz Earle will be used to fund a portion of the Company’s redemption of the $250 principal amount of its 2.375% Notes due March 15, 2016.

Subsequently in July 2015, we issued a notice of prepayment for the 2.375% Notes due March 15, 2016, and we expect to prepay the 2.375% Notes in August 2015. The prepayment price will be equal to 100% of the principal amount of $250, plus accrued interest of $3 and a make-whole premium of approximately $5. In connection with the prepayment of our 2.375% Notes, we expect to incur a loss on extinguishment of debt of approximately $5. See Note 13, Debt for further discussion.