QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
For the quarterly period ended | ||||||||
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 | Registrant; State of Incorporation; Address and Telephone Number | IRS Employer Identification No. | ||||||||||||||||||
Securities registered pursuant to Section 12(b) or 12(g) of the Act: | ||||||||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||||||||
Revlon, Inc. | ||||||||||||||||||||
Revlon Consumer Products Corporation | None | N/A | N/A |
Revlon, Inc. | No ☐ | |||||||
Revlon Consumer Products Corporation | Yes ☐ |
Large accelerated filer | Smaller Reporting Company | Emerging Growth Company | |||||||||||||||||||||||||||||||||||||||
Revlon, Inc. | Yes ☐ No ☒ | Yes ☒ No ☐ | Yes ☐ No ☒ | Yes | No ☐ | Yes | No ☒ | ||||||||||||||||||||||||||||||||||
Revlon Consumer Products Corporation | Yes ☐ No ☒ | Yes ☐ No ☒ | Yes ☒ No ☐ | Yes | No ☐ | Yes | No ☒ |
Revlon, Inc. | Yes | No ☒ | |||||||||
Revlon Consumer Products Corporation | Yes | No ☒ |
Revlon, Inc. Class A Common Stock: | |||||
Revlon Consumer Products Corporation Common Stock: |
PART I - Financial Information | ||||||||
Item 1. | Financial Statements of Revlon, Inc. and Subsidiaries | |||||||
Financial Statements of Revlon Consumer Products Corporation and Subsidiaries | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II - Other Information | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Trade receivables, less allowance for doubtful accounts of $ | |||||||||||
Inventories, net | |||||||||||
Prepaid expenses and other assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net of accumulated depreciation of $ | |||||||||||
Deferred income taxes | |||||||||||
Goodwill | |||||||||||
Intangible assets, net of accumulated amortization and impairment of $ | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | |||||||||||
Current liabilities: | |||||||||||
Short-term borrowings | $ | $ | |||||||||
Current portion of long-term debt | |||||||||||
Accounts payable | |||||||||||
Accrued expenses and other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Long-term pension and other post-retirement plan liabilities | |||||||||||
Other long-term liabilities | |||||||||||
Stockholders’ deficiency: | |||||||||||
Class A Common Stock, par value $ | |||||||||||
Additional paid-in capital | |||||||||||
Treasury stock, at cost: | ( | ( | |||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total stockholders’ deficiency | ( | ( | |||||||||
Total liabilities and stockholders’ deficiency | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net sales | $ | $ | $ | $ | ||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||
Gross profit | ||||||||||||||||||||||||||
Selling, general and administrative expenses | ||||||||||||||||||||||||||
Acquisition, integration and divestiture costs | ||||||||||||||||||||||||||
Restructuring charges and other, net | ||||||||||||||||||||||||||
Impairment charges | ||||||||||||||||||||||||||
(Gain) loss on divested assets | ( | ( | ( | |||||||||||||||||||||||
Operating income (loss) | ( | ( | ||||||||||||||||||||||||
Other expenses: | ||||||||||||||||||||||||||
Interest expense, net | ||||||||||||||||||||||||||
Amortization of debt issuance costs | ||||||||||||||||||||||||||
Gain on early extinguishment of debt | ( | ( | ||||||||||||||||||||||||
Foreign currency (gains) losses, net | ( | |||||||||||||||||||||||||
Miscellaneous, net | ||||||||||||||||||||||||||
Other expenses | ||||||||||||||||||||||||||
Loss from operations before income taxes | ( | ( | ( | ( | ||||||||||||||||||||||
Provision for (benefit from) income taxes | ( | ( | ||||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | ||||||||||||||||||||||||
Amortization of pension related costs, net of tax(a)(b) | ||||||||||||||||||||||||||
Other comprehensive loss, net | ||||||||||||||||||||||||||
Total comprehensive loss | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Basic and Diluted (loss) earnings per common share: | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||
Diluted |
Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive (Loss) Income | Total Stockholders’ Deficiency | ||||||||||||||||||||||||||||||
Balance, January 1, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||
Treasury stock acquired, at cost (a) | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation amortization | — | — | — | — | |||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Other comprehensive (loss) income, net (b) | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance, March 31, 2021 | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Treasury stock acquired, at cost (a) | — | — | — | — | |||||||||||||||||||||||||||||||
Stock-based compensation amortization | — | — | — | — | |||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Other comprehensive (loss) income, net (b) | — | — | — | — | |||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive (Loss) Income | Total Stockholders’ Deficiency | ||||||||||||||||||||||||||||||
Balance, January 1, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||
Treasury stock acquired, at cost (a) | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation amortization | — | — | — | — | |||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Other comprehensive (loss) income, net (b) | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance, March 31, 2020 | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Treasury stock acquired, at cost (a) | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Stock-based compensation amortization | — | — | — | — | |||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Other comprehensive (loss) income, net (b) | — | — | — | — | |||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Foreign currency losses from re-measurement | |||||||||||
Amortization of debt discount | |||||||||||
Stock-based compensation amortization | |||||||||||
Impairment charges | |||||||||||
Provision for (benefit from) deferred income taxes | ( | ||||||||||
Gain on early extinguishment of debt | ( | ||||||||||
Amortization of debt issuance costs | |||||||||||
(Gain) loss on divested assets | ( | ||||||||||
Pension and other post-retirement cost | |||||||||||
Paid-in-kind interest expense on the 2020 BrandCo Facilities | |||||||||||
Change in assets and liabilities: | |||||||||||
Decrease in trade receivables | |||||||||||
Decrease (increase) in inventories | ( | ||||||||||
Increase in prepaid expenses and other current assets | ( | ( | |||||||||
Decrease in accounts payable | ( | ( | |||||||||
Decrease in accrued expenses and other current liabilities | ( | ( | |||||||||
Decrease in deferred revenue | ( | ||||||||||
Pension and other post-retirement plan contributions | ( | ( | |||||||||
Purchases of permanent displays | ( | ( | |||||||||
Other, net | ( | ||||||||||
Net cash used in operating activities | ( | ( | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Proceeds from the sale of certain assets | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Net decrease in short-term borrowings and overdraft | ( | ( | |||||||||
Borrowings on term loans | |||||||||||
Repayments on term loans (a) | ( | ( | |||||||||
Net (repayments) borrowings under the revolving credit facilities | ( | ( | |||||||||
Payment of financing costs | ( | ( | |||||||||
Tax withholdings related to net share settlements of restricted stock and RSUs | ( | ( | |||||||||
Other financing activities | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | ( | |||||||||
Net decrease in cash, cash equivalents and restricted cash | |||||||||||
Cash, cash equivalents and restricted cash at beginning of period (b) | |||||||||||
Cash, cash equivalents and restricted cash at end of period (b) | $ | $ | |||||||||
Supplemental schedule of cash flow information: | |||||||||||
Cash paid during the period for: | |||||||||||
Interest | $ | $ | |||||||||
Income taxes, net of refunds | |||||||||||
Supplemental schedule of non-cash investing and financing activities: | |||||||||||
Non-cash roll-up of participating lenders from the 2016 Term Loan Facility to the 2020 BrandCo Facilities | $ | $ | |||||||||
Paid-in-kind debt issuance costs capitalized to the 2020 BrandCo Facilities | |||||||||||
Paid-in-kind interest capitalized to the 2020 BrandCo Facilities | |||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Trade receivables, less allowance for doubtful accounts of $ | |||||||||||
Inventories, net | |||||||||||
Prepaid expenses and other assets | |||||||||||
Receivable from Revlon, Inc. | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net of accumulated depreciation of $ | |||||||||||
Deferred income taxes | |||||||||||
Goodwill | |||||||||||
Intangible assets, net of accumulated amortization and impairment of $ | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDER'S DEFICIENCY | |||||||||||
Current liabilities: | |||||||||||
Short-term borrowings | $ | $ | |||||||||
Current portion of long-term debt | |||||||||||
Accounts payable | |||||||||||
Accrued expenses and other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Long-term pension and other post-retirement plan liabilities | |||||||||||
Other long-term liabilities | |||||||||||
Stockholder's deficiency: | |||||||||||
Products Corporation Preferred stock, par value $ | |||||||||||
Products Corporation Common Stock, par value $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total stockholder's deficiency | ( | ( | |||||||||
Total liabilities and stockholder's deficiency | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Net sales | $ | $ | $ | $ | ||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||
Gross profit | ||||||||||||||||||||||||||
Selling, general and administrative expenses | ||||||||||||||||||||||||||
Acquisition, integration and divestiture costs | ||||||||||||||||||||||||||
Restructuring charges and other, net | ||||||||||||||||||||||||||
Impairment charges | ||||||||||||||||||||||||||
(Gain) loss on divested assets | ( | ( | ( | |||||||||||||||||||||||
Operating loss | ( | ( | ||||||||||||||||||||||||
Other expenses: | ||||||||||||||||||||||||||
Interest expense, net | ||||||||||||||||||||||||||
Amortization of debt issuance costs | ||||||||||||||||||||||||||
Gain on early extinguishment of debt | ( | ( | ||||||||||||||||||||||||
Foreign currency (gains) losses, net | ( | |||||||||||||||||||||||||
Miscellaneous, net | ||||||||||||||||||||||||||
Other expenses | ||||||||||||||||||||||||||
Loss from operations before income taxes | ( | ( | ( | ( | ||||||||||||||||||||||
Provision for (benefit from) from income taxes | ( | ( | ||||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | ||||||||||||||||||||||||
Amortization of pension related costs, net of tax(a)(b) | ||||||||||||||||||||||||||
Other comprehensive loss, net | ||||||||||||||||||||||||||
Total comprehensive loss | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Preferred Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive (Loss) Income | Total Stockholder's Deficiency | |||||||||||||||||||||||||
Balance, January 1, 2021 | $ | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||
Stock-based compensation amortization | — | — | — | ||||||||||||||||||||||||||
Net loss | — | — | ( | — | ( | ||||||||||||||||||||||||
Other comprehensive (loss) income, net (a) | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance, March 31, 2021 | ( | ( | ( | ||||||||||||||||||||||||||
Stock-based compensation amortization | — | — | — | ||||||||||||||||||||||||||
Net loss | — | — | ( | — | ( | ||||||||||||||||||||||||
Other comprehensive (loss) income, net (a) | — | — | — | ||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | ( | $ | ( | $ | ( |
Preferred Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive (Loss) Income | Total Stockholder's Deficiency | |||||||||||||||||||||||||
Balance, January 1, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||
Stock-based compensation amortization | — | — | — | ||||||||||||||||||||||||||
Net loss | — | — | ( | — | ( | ||||||||||||||||||||||||
Other comprehensive (loss) income, net (a) | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance, March 31, 2020 | ( | ( | ( | ||||||||||||||||||||||||||
Stock-based compensation amortization | — | — | — | ||||||||||||||||||||||||||
Net loss | — | — | ( | — | ( | ||||||||||||||||||||||||
Other comprehensive (loss) income, net (a) | — | — | — | ||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Foreign currency losses from re-measurement | |||||||||||
Amortization of debt discount | |||||||||||
Stock-based compensation amortization | |||||||||||
Impairment charges | |||||||||||
Benefit from deferred income taxes | ( | ||||||||||
Gain on early extinguishment of debt | ( | ||||||||||
Amortization of debt issuance costs | |||||||||||
(Gain) loss on divested assets | ( | ||||||||||
Pension and other post-retirement cost | |||||||||||
Paid-in-kind interest expense on the 2020 BrandCo Facilities | |||||||||||
Change in assets and liabilities: | |||||||||||
Decrease in trade receivables | |||||||||||
Decrease (increase) in inventories | ( | ||||||||||
Increase in prepaid expenses and other current assets | ( | ( | |||||||||
Decrease in accounts payable | ( | ( | |||||||||
Decrease in accrued expenses and other current liabilities | ( | ( | |||||||||
Decrease in deferred revenue | ( | ||||||||||
Pension and other post-retirement plan contributions | ( | ( | |||||||||
Purchases of permanent displays | ( | ( | |||||||||
Other, net | ( | ||||||||||
Net cash used in operating activities | ( | ( | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Proceeds from the sale of certain assets | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Net decrease in short-term borrowings and overdraft | ( | ( | |||||||||
Borrowings on term loans | |||||||||||
Repayments on term loans (a) | ( | ( | |||||||||
Net (repayments) borrowings under the revolving credit facilities | ( | ( | |||||||||
Payment of financing costs | ( | ( | |||||||||
Tax withholdings related to net share settlements of restricted stock and RSUs | ( | ( | |||||||||
Other financing activities | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | ( | |||||||||
Net decrease in cash, cash equivalents and restricted cash | |||||||||||
Cash, cash equivalents and restricted cash at beginning of period (b) | |||||||||||
Cash, cash equivalents and restricted cash at end of period (b) | $ | $ | |||||||||
Supplemental schedule of cash flow information: | |||||||||||
Cash paid during the period for: | |||||||||||
Interest | $ | $ | |||||||||
Income taxes, net of refunds | |||||||||||
Supplemental schedule of non-cash investing and financing activities: | |||||||||||
Non-cash roll-up of participating lenders from the 2016 Term Loan Facility to the 2020 BrandCo Facilities | $ | ||||||||||
Paid-in-kind debt issuance costs capitalized to the 2020 BrandCo Facilities | |||||||||||
Paid-in-kind interest capitalized to the 2020 BrandCo Facilities | |||||||||||
Restructuring Charges and Other, Net | |||||||||||||||||||||||||||||||||||
Employee Severance and Other Personnel Benefits | Other Costs | Total Restructuring Charges | Leases (a) | Other Related Charges (b) | Total Restructuring and Related Charges | ||||||||||||||||||||||||||||||
Charges incurred through December 31, 2020 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Charges incurred during the six months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
Cumulative charges incurred through June 30, 2021 | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Charges incurred in the six months ended June 30, 2021 | Cumulative charges incurred through June 30, 2021 | |||||||
Revlon | $ | $ | ||||||
Elizabeth Arden | ||||||||
Portfolio | ||||||||
Fragrances | ||||||||
Total | $ | $ |
Utilized, Net | |||||||||||||||||||||||||||||||||||
Liability Balance at January 1, 2021 | Expense, Net | Foreign Currency Translation | Cash | Non-cash | Liability Balance at June 30, 2021 | ||||||||||||||||||||||||||||||
RGGA: | |||||||||||||||||||||||||||||||||||
Employee severance and other personnel benefits | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
Other | ( | ||||||||||||||||||||||||||||||||||
Total RGGA | ( | ||||||||||||||||||||||||||||||||||
Other immaterial actions: | |||||||||||||||||||||||||||||||||||
Employee severance and other personnel benefits | ( | ||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||
Total other immaterial actions | ( | ||||||||||||||||||||||||||||||||||
Total restructuring reserve | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
June 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Finished goods | $ | ||||||||||
Raw materials and supplies | |||||||||||
Work-in-process | |||||||||||
$ | $ |
June 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Land and improvements | $ | $ | |||||||||
Building and improvements | |||||||||||
Machinery and equipment | |||||||||||
Office furniture, fixtures and capitalized software | |||||||||||
Leasehold improvements | |||||||||||
Construction-in-progress | |||||||||||
Right-of-Use assets | |||||||||||
Property, plant and equipment and Right-of-Use assets, net | $ | $ | |||||||||
Revlon | Portfolio | Elizabeth Arden | Fragrances | Total | |||||||||||||||||||||||||
Balance at January 1, 2021 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Foreign currency translation adjustment | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Cumulative goodwill impairment charges(a) | $ | ( | |||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Impairment | Net Carrying Amount | Weighted-Average Useful Life (in Years) | |||||||||||||||||||||||||
Finite-lived intangible assets: | |||||||||||||||||||||||||||||
Trademarks and licenses | $ | $ | ( | $ | $ | ||||||||||||||||||||||||
Customer relationships | ( | ||||||||||||||||||||||||||||
Patents and internally-developed intellectual property | ( | ||||||||||||||||||||||||||||
Distribution rights | ( | ||||||||||||||||||||||||||||
Other | ( | ||||||||||||||||||||||||||||
Total finite-lived intangible assets | $ | $ | ( | $ | $ | ||||||||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||||||||
Trade names | $ | N/A | $ | ( | $ | ||||||||||||||||||||||||
Total indefinite-lived intangible assets | $ | N/A | $ | ( | $ | ||||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Impairment | Net Carrying Amount | Weighted-Average Useful Life (in Years) | |||||||||||||||||||||||||
Finite-lived intangible assets: | |||||||||||||||||||||||||||||
Trademarks and licenses | $ | $ | ( | $ | $ | ||||||||||||||||||||||||
Customer relationships | ( | ||||||||||||||||||||||||||||
Patents and internally-developed intellectual property | ( | ||||||||||||||||||||||||||||
Distribution rights | ( | ||||||||||||||||||||||||||||
Other | ( | ||||||||||||||||||||||||||||
Total finite-lived intangible assets | $ | $ | ( | $ | $ | ||||||||||||||||||||||||
Indefinite-lived intangible assets: | |||||||||||||||||||||||||||||
Trade names | $ | N/A | $ | ( | $ | ||||||||||||||||||||||||
Total indefinite-lived intangible assets | $ | N/A | $ | ( | $ | ||||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||
Estimated Amortization Expense | |||||
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
Total | $ |
June 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Sales returns and allowances | $ | $ | |||||||||
Advertising, marketing and promotional costs | |||||||||||
Taxes (a) | |||||||||||
Compensation and related benefits | |||||||||||
Interest | |||||||||||
Professional services and insurance | |||||||||||
Short-term lease liability | |||||||||||
Freight and distribution costs | |||||||||||
Restructuring reserve | |||||||||||
Software | |||||||||||
Other | |||||||||||
Total | $ | $ |
June 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
Amended 2016 Revolving Credit Facility (Tranche A) due 2024 | $ | $ | |||||||||
SISO Term Loan Facility due 2024 | |||||||||||
2021 Foreign Asset-Based Term Facility due 2024 | |||||||||||
2020 ABL FILO Term Loans due 2023 | |||||||||||
2020 Troubled-debt-restructuring: future interest | |||||||||||
2020 BrandCo Term Loan Facility due 2025 | |||||||||||
2016 Term Loan Facility: 2016 Term Loan due 2023 and 2025 | |||||||||||
2018 Foreign Asset-Based Term Facility due 2021 | |||||||||||
Spanish Government Loan due 2025 | |||||||||||
Debt | $ | $ | |||||||||
Less current portion | ( | ( | |||||||||
Long-term debt | $ | $ | |||||||||
Short-term borrowings (*) | $ | $ | |||||||||
Commitment | Borrowing Base | Aggregate principal amount outstanding at June 30, 2021 | Availability at June 30, 2021 (a) | ||||||||||||||||||||
Tranche A Revolving Credit Facility | $ | $ | $ | $ | |||||||||||||||||||
SISO Term Loan Facility | |||||||||||||||||||||||
2020 ABL FILO Term Loans | $ | $ |
June 30, 2021 | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Carrying Value | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Long-term debt, including current portion(a) | $ | $ | $ | $ | $ |
December 31, 2020 | |||||||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Carrying Value | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Long-term debt, including current portion(a) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Pension Plans | Other Post-Retirement Benefit Plans | ||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net periodic benefit costs: | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | $ | ||||||||||||||||||||
Amortization of actuarial loss | |||||||||||||||||||||||
Total net periodic benefit costs prior to allocation | $ | $ | $ | $ | |||||||||||||||||||
Portion allocated to Revlon Holdings | ( | ( | |||||||||||||||||||||
Total net periodic benefit costs | $ | $ | $ | $ | |||||||||||||||||||
Pension Plans | Other Post-Retirement Benefit Plans | ||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net periodic benefit costs: | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Amortization of actuarial loss | |||||||||||||||||||||||
Total net periodic benefit costs prior to allocation | $ | $ | $ | $ | |||||||||||||||||||
Portion allocated to Revlon Holdings | ( | ( | |||||||||||||||||||||
Total net periodic benefit costs | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net periodic benefit costs: | |||||||||||||||||||||||
Selling, general and administrative expense | $ | $ | $ | $ | |||||||||||||||||||
Miscellaneous, net | |||||||||||||||||||||||
Total net periodic benefit costs | $ | $ | $ | $ | |||||||||||||||||||
Time-Based LTIP | Performance-Based LTIP | ||||||||||||||||||||||
RSUs (000's) | Weighted-Average Grant Date Fair Value per RSU | RSUs (000's) | Weighted-Average Grant Date Fair Value per RSU | ||||||||||||||||||||
Outstanding as of December 31, 2020 | |||||||||||||||||||||||
2019 TIP RSUs (a) | $ | n/a | $ | — | |||||||||||||||||||
LTIP RSUs: | |||||||||||||||||||||||
2020 | |||||||||||||||||||||||
2019 | |||||||||||||||||||||||
2018 | |||||||||||||||||||||||
Total LTIP RSUs | |||||||||||||||||||||||
Total LTIP and TIP RSUs Outstanding as of December 31, 2020 | |||||||||||||||||||||||
Granted | |||||||||||||||||||||||
2019 TIP RSUs Granted | n/a | — | |||||||||||||||||||||
LTIP RSUs: | |||||||||||||||||||||||
2021 | |||||||||||||||||||||||
2020 | |||||||||||||||||||||||
2019 | |||||||||||||||||||||||
2018 | |||||||||||||||||||||||
Total LTIP RSUs Granted | |||||||||||||||||||||||
Vested | |||||||||||||||||||||||
2019 TIP RSUs Vested (b) | ( | — | — | ||||||||||||||||||||
LTIP RSUs: | |||||||||||||||||||||||
2020 (b) | ( | ||||||||||||||||||||||
2019 (b) | ( | ||||||||||||||||||||||
2018)(b) | ( | ( | |||||||||||||||||||||
Total LTIP RSUs Vested | ( | ( | |||||||||||||||||||||
Forfeited/Canceled | |||||||||||||||||||||||
2019 TIP RSUs Forfeited/Canceled (a) | ( | n/a | — | ||||||||||||||||||||
LTIP RSUs: | |||||||||||||||||||||||
2021 | ( | ||||||||||||||||||||||
2020 | ( | ( | |||||||||||||||||||||
2019 | ( | ( | |||||||||||||||||||||
2018 | ( | ( | |||||||||||||||||||||
Total LTIP RSUs Forfeited/Canceled | ( | ( | |||||||||||||||||||||
Outstanding as of June 30, 2021 | |||||||||||||||||||||||
2019 TIP RSUs | n/a | — | |||||||||||||||||||||
LTIP RSUs: | |||||||||||||||||||||||
2021 | |||||||||||||||||||||||
2020 | |||||||||||||||||||||||
2019 | |||||||||||||||||||||||
2018 | |||||||||||||||||||||||
Total LTIP RSUs | |||||||||||||||||||||||
Total LTIP and TIP RSUs Outstanding as of June 30, 2021 |
Foreign Currency Translation | Actuarial (Loss) Gain on Post-retirement Benefits | Other | Accumulated Other Comprehensive Loss | ||||||||||||||||||||
Balance at January 1, 2021 | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Foreign currency translation adjustment, net of tax | ( | — | — | ( | |||||||||||||||||||
Amortization of pension related costs, net of tax (a) | — | — | |||||||||||||||||||||
Other comprehensive (loss) gain | $ | ( | $ | $ | $ | ||||||||||||||||||
Balance at June 30, 2021 | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Segment Net Sales: | |||||||||||||||||||||||
Revlon | $ | $ | $ | $ | |||||||||||||||||||
Elizabeth Arden | |||||||||||||||||||||||
Portfolio | |||||||||||||||||||||||
Fragrances | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Segment Profit: | |||||||||||||||||||||||
Revlon | $ | $ | $ | $ | |||||||||||||||||||
Elizabeth Arden | |||||||||||||||||||||||
Portfolio | |||||||||||||||||||||||
Fragrances | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Reconciliation: | |||||||||||||||||||||||
Total Segment Profit | $ | $ | $ | $ | |||||||||||||||||||
Less: | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Non-cash stock compensation expense | |||||||||||||||||||||||
Non-Operating items: | |||||||||||||||||||||||
Restructuring and related charges | |||||||||||||||||||||||
Acquisition, integration and divestiture costs | |||||||||||||||||||||||
(Gain) loss on divested assets | ( | ( | ( | ||||||||||||||||||||
Financial control remediation and sustainability actions and related charges | |||||||||||||||||||||||
Excessive coupon redemptions | |||||||||||||||||||||||
COVID-19 charges | |||||||||||||||||||||||
Capital structure and related charges | |||||||||||||||||||||||
Impairment charges | |||||||||||||||||||||||
Operating income (loss) | ( | ( | |||||||||||||||||||||
Less: | |||||||||||||||||||||||
Interest Expense | |||||||||||||||||||||||
Amortization of debt issuance costs | |||||||||||||||||||||||
Gain on early extinguishment of debt | ( | ( | |||||||||||||||||||||
Foreign currency (gains) losses, net | ( | ||||||||||||||||||||||
Miscellaneous, net | |||||||||||||||||||||||
Loss from operations before income taxes | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Segment Net Sales: | |||||||||||||||||||||||
Revlon | $ | $ | $ | $ | |||||||||||||||||||
Elizabeth Arden | |||||||||||||||||||||||
Portfolio | |||||||||||||||||||||||
Fragrances | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Segment Profit: | |||||||||||||||||||||||
Revlon | $ | $ | $ | $ | |||||||||||||||||||
Elizabeth Arden | |||||||||||||||||||||||
Portfolio | |||||||||||||||||||||||
Fragrances | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Reconciliation: | |||||||||||||||||||||||
Total Segment Profit | $ | $ | $ | $ | |||||||||||||||||||
Less: | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Non-cash stock compensation expense | |||||||||||||||||||||||
Non-Operating items: | |||||||||||||||||||||||
Restructuring and related charges | |||||||||||||||||||||||
Acquisition, integration and divestiture costs | |||||||||||||||||||||||
(Gain) loss on divested assets | ( | ( | ( | ||||||||||||||||||||
Financial control remediation and sustainability actions and related charges | |||||||||||||||||||||||
Excessive coupon redemptions | |||||||||||||||||||||||
COVID-19 charges | |||||||||||||||||||||||
Capital structure and related charges | |||||||||||||||||||||||
Impairment charge | |||||||||||||||||||||||
Operating income (loss) | ( | ( | |||||||||||||||||||||
Less: | |||||||||||||||||||||||
Interest Expense | |||||||||||||||||||||||
Amortization of debt issuance costs | |||||||||||||||||||||||
Gain on early extinguishment of debt | ( | ( | |||||||||||||||||||||
Foreign currency (gains) losses, net | ( | ||||||||||||||||||||||
Miscellaneous, net | |||||||||||||||||||||||
Loss from operations before income taxes | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revlon | Elizabeth Arden | Portfolio | Fragrances | Total | Revlon | Elizabeth Arden | Portfolio | Fragrances | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Geographic Area: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
EMEA* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Latin America* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pacific* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revlon | Elizabeth Arden | Portfolio | Fragrances | Total | Revlon | Elizabeth Arden | Portfolio | Fragrances | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Geographic Area: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
North America | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
EMEA* | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Latin America* | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pacific* | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Classes of similar products: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net sales: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Color cosmetics | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
Fragrance | ||||||||||||||||||||||||||||||||||||||||||||||||||
Hair care | ||||||||||||||||||||||||||||||||||||||||||||||||||
Beauty care | ||||||||||||||||||||||||||||||||||||||||||||||||||
Skin care | ||||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Long-lived assets, net: | |||||||||||||||||||||||
United States | $ | $ | |||||||||||||||||||||
International | |||||||||||||||||||||||
$ | $ |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted-average common shares outstanding – Basic | |||||||||||||||||||||||
Effect of dilutive restricted stock and RSUs | |||||||||||||||||||||||
Weighted-average common shares outstanding – Diluted | |||||||||||||||||||||||
Basic and Diluted (loss) earnings per common share: | |||||||||||||||||||||||
Net loss per common share | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Unvested restricted stock and RSUs under the Stock Plan(a) |
Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets | |||||||||||||||||||||||||||||
As of June 30, 2021 | |||||||||||||||||||||||||||||
Products Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Trade receivables, less allowances for doubtful accounts | |||||||||||||||||||||||||||||
Inventories, net | |||||||||||||||||||||||||||||
Prepaid expenses and other | |||||||||||||||||||||||||||||
Intercompany receivables | ( | ||||||||||||||||||||||||||||
Investment in subsidiaries | ( | ||||||||||||||||||||||||||||
Property, plant and equipment, net | |||||||||||||||||||||||||||||
Deferred income taxes | |||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||
Intangible assets, net | |||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
LIABILITIES AND STOCKHOLDER’S DEFICIENCY | |||||||||||||||||||||||||||||
Short-term borrowings | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Current portion of long-term debt | |||||||||||||||||||||||||||||
Accounts payable | |||||||||||||||||||||||||||||
Accrued expenses and other | |||||||||||||||||||||||||||||
Intercompany payables | ( | ||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||
Other long-term liabilities | ( | ||||||||||||||||||||||||||||
Total liabilities | ( | ||||||||||||||||||||||||||||
Stockholder’s (deficiency) equity | ( | ( | ( | ||||||||||||||||||||||||||
Total liabilities and stockholder’s (deficiency) equity | $ | $ | $ | $ | ( | $ |
Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets | |||||||||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||
Products Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Trade receivables, less allowances for doubtful accounts | |||||||||||||||||||||||||||||
Inventories, net | |||||||||||||||||||||||||||||
Prepaid expenses and other | |||||||||||||||||||||||||||||
Intercompany receivables | ( | ||||||||||||||||||||||||||||
Investment in subsidiaries | ( | ||||||||||||||||||||||||||||
Property, plant and equipment, net | |||||||||||||||||||||||||||||
Deferred income taxes | |||||||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||||
Intangible assets, net | |||||||||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
LIABILITIES AND STOCKHOLDER’S DEFICIENCY | |||||||||||||||||||||||||||||
Short-term borrowings | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Current portion of long-term debt | |||||||||||||||||||||||||||||
Accounts payable | |||||||||||||||||||||||||||||
Accrued expenses and other | |||||||||||||||||||||||||||||
Intercompany payables | ( | ||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||
Other long-term liabilities | |||||||||||||||||||||||||||||
Total liabilities | ( | ||||||||||||||||||||||||||||
Stockholder’s (deficiency) equity | ( | ( | ( | ||||||||||||||||||||||||||
Total liabilities and stockholder’s (deficiency) equity | $ | $ | $ | $ | ( | $ |
Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income | |||||||||||||||||||||||||||||
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
Products Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||
Net Sales | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Cost of sales | |||||||||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||||||||
Acquisition and integration costs | |||||||||||||||||||||||||||||
Restructuring charges and other, net | |||||||||||||||||||||||||||||
Impairment charges | |||||||||||||||||||||||||||||
Gain on divested assets | ( | ( | |||||||||||||||||||||||||||
Operating (loss) income | ( | ||||||||||||||||||||||||||||
Other (income) expense: | |||||||||||||||||||||||||||||
Intercompany interest, net | ( | ( | |||||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||
Amortization of debt issuance costs | |||||||||||||||||||||||||||||
Gain on early extinguishment of debt | |||||||||||||||||||||||||||||
Foreign currency losses (gains), net | ( | ( | |||||||||||||||||||||||||||
Miscellaneous, net | ( | ( | |||||||||||||||||||||||||||
Other expense (income), net | ( | ( | |||||||||||||||||||||||||||
(Loss) income from continuing operations before income taxes | ( | ( | |||||||||||||||||||||||||||
(Benefit from) provision for income taxes | ( | ||||||||||||||||||||||||||||
(Loss) income from continuing operations, net of taxes | ( | ( | |||||||||||||||||||||||||||
Equity in income (loss) of subsidiaries | ( | ||||||||||||||||||||||||||||
Net (loss) income | $ | ( | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | |||||||||||||||||||||||||||
Total comprehensive (loss) income | $ | ( | $ | $ | $ | ( | $ | ( |
Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income | |||||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
Products Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||
Net Sales | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Cost of sales | |||||||||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||||||||
Acquisition and integration costs | ( | ( | |||||||||||||||||||||||||||
Restructuring charges and other, net | |||||||||||||||||||||||||||||
Impairment charges | |||||||||||||||||||||||||||||
Gain on divested assets | ( | ( | |||||||||||||||||||||||||||
Operating (loss) income | ( | ( | ( | ||||||||||||||||||||||||||
Other (income) expense: | |||||||||||||||||||||||||||||
Intercompany interest, net | ( | ( | |||||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||
Amortization of debt issuance costs | |||||||||||||||||||||||||||||
Gain on early extinguishment of debt, net | ( | ( | |||||||||||||||||||||||||||
Foreign currency losses (gains), net | ( | ||||||||||||||||||||||||||||
Miscellaneous, net | ( | ||||||||||||||||||||||||||||
Other expense (income), net | ( | ( | |||||||||||||||||||||||||||
(Loss) income from continuing operations before income taxes | ( | ( | ( | ||||||||||||||||||||||||||
(Benefit from) provision for income taxes | ( | ( | |||||||||||||||||||||||||||
Loss (income) from continuing operations, net of taxes | ( | ( | ( | ||||||||||||||||||||||||||
Equity in income (loss) of subsidiaries | ( | ||||||||||||||||||||||||||||
Net (loss) income | $ | ( | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||
Other comprehensive income (loss) | ( | ||||||||||||||||||||||||||||
Total comprehensive (loss) income | $ | ( | $ | ( | $ | $ | ( | $ | ( |
Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
Products Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||
Net Sales | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Cost of sales | |||||||||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||||||||
Acquisition, integration and divestiture costs | |||||||||||||||||||||||||||||
Restructuring charges and other, net | |||||||||||||||||||||||||||||
(Gain) loss on divested assets | ( | ( | |||||||||||||||||||||||||||
Operating (loss) income | ( | ||||||||||||||||||||||||||||
Other (income) expense: | |||||||||||||||||||||||||||||
Intercompany interest, net | ( | ( | |||||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||
Amortization of debt issuance costs | |||||||||||||||||||||||||||||
Foreign currency losses, net | ( | ( | |||||||||||||||||||||||||||
Miscellaneous, net | ( | ( | |||||||||||||||||||||||||||
Other expense (income), net | ( | ( | |||||||||||||||||||||||||||
(Loss) income from operations before income taxes | ( | ( | |||||||||||||||||||||||||||
Provision for (benefit from) for income taxes | |||||||||||||||||||||||||||||
(Loss) income from operations, net of taxes | ( | ( | |||||||||||||||||||||||||||
Equity in income (loss) of subsidiaries | ( | ||||||||||||||||||||||||||||
Net (loss) income | $ | ( | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||
Other comprehensive (loss) income | ( | ||||||||||||||||||||||||||||
Total comprehensive (loss) income | $ | ( | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||
Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
Products Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||
Net Sales | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Cost of sales | ( | ||||||||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||||||||
Acquisition, integration and divestiture costs | |||||||||||||||||||||||||||||
Restructuring charges and other, net | |||||||||||||||||||||||||||||
Impairment charges | |||||||||||||||||||||||||||||
Loss on divested assets | |||||||||||||||||||||||||||||
Operating (loss) income | ( | ( | ( | ||||||||||||||||||||||||||
Other (income) expenses: | |||||||||||||||||||||||||||||
Intercompany interest, net | ( | ||||||||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||||||||
Amortization of debt issuance costs | |||||||||||||||||||||||||||||
Loss on early extinguishment of debt, net | ( | ( | |||||||||||||||||||||||||||
Foreign currency losses, net | |||||||||||||||||||||||||||||
Miscellaneous, net | ( | ||||||||||||||||||||||||||||
Other expense (income), net | ( | ||||||||||||||||||||||||||||
Loss from operations before income taxes | ( | ( | ( | ( | |||||||||||||||||||||||||
Benefit from income taxes | ( | ( | |||||||||||||||||||||||||||
(Loss) income from operations, net of taxes | ( | ( | ( | ( | |||||||||||||||||||||||||
Equity in (loss) income of subsidiaries | ( | ( | |||||||||||||||||||||||||||
Net (loss) income | $ | ( | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||
Other comprehensive (loss) income | ( | ||||||||||||||||||||||||||||
Total comprehensive (loss) income | $ | ( | $ | ( | $ | ( | $ | $ | ( |
Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
Products Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | ( | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | ( | ( | ( | ||||||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||
Net decrease in short-term borrowings and overdraft | ( | ( | ( | ( | |||||||||||||||||||||||||
Borrowings on term loans | |||||||||||||||||||||||||||||
Repayments on term loans | ( | ( | |||||||||||||||||||||||||||
Net (repayments) borrowings under the revolving credit facilities | ( | ( | |||||||||||||||||||||||||||
Payment of financing costs | ( | ( | |||||||||||||||||||||||||||
Tax withholdings related to net share settlements of restricted stock and RSUs | ( | ( | |||||||||||||||||||||||||||
Other financing activities | ( | ( | |||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | ( | ( | |||||||||||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | ( | ( | ||||||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | |||||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | $ | $ | $ |
Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows | |||||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||
Products Corporation | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | ( | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | ( | ( | |||||||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||||||||||||
Net (decrease) increase in short-term borrowings and overdraft | ( | ( | ( | ||||||||||||||||||||||||||
Net borrowings under the Amended 2016 Revolving Credit Facility | ( | ( | |||||||||||||||||||||||||||
Borrowings under the 2020 BrandCo Facilities | |||||||||||||||||||||||||||||
Repurchases of the 5.75% Senior Notes | ( | ( | |||||||||||||||||||||||||||
Repayment of the 2019 Term Loan Facility | ( | ( | |||||||||||||||||||||||||||
Repayments under the 2018 Foreign Asset-Based Term Loan | ( | ( | |||||||||||||||||||||||||||
Repayments under the 2016 Term Loan Facility | ( | ( | |||||||||||||||||||||||||||
Payments of financing costs | ( | ( | |||||||||||||||||||||||||||
Tax withholdings related to net share settlements of restricted stock and RSUs | ( | ( | |||||||||||||||||||||||||||
Other financing activities | ( | ( | |||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||||||||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | ( | ( | |||||||||||||||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ( | |||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | $ | $ | $ | ||||||||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | $ | $ | $ |
Net Sales | Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Change | XFX Change (a) | Three Months Ended June 30, | Change | XFX Change (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | $ | % | 2021 | 2020 | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revlon | $ | 186.8 | $ | 135.0 | $ | 51.8 | 38.4 | % | $ | 43.4 | 32.1 | % | $ | 21.2 | $ | 12.3 | $ | 8.9 | 72.4 | % | $ | 7.1 | 57.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Elizabeth Arden | 124.7 | 80.9 | 43.8 | 54.1 | % | 35.5 | 43.9 | % | 11.6 | 10.8 | 0.8 | 7.4 | % | (0.5) | (4.6) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio | 98.7 | 88.5 | 10.2 | 11.5 | % | 7.0 | 7.9 | % | 11.1 | 14.5 | (3.4) | (23.4) | % | (4.0) | (27.6) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fragrances | 87.2 | 43.2 | 44.0 | 101.9 | % | 41.5 | 96.1 | % | 20.0 | 7.8 | 12.2 | 156.4 | % | 11.8 | 151.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 497.4 | $ | 347.6 | $ | 149.8 | 43.1 | % | $ | 127.4 | 36.7 | % | $ | 63.9 | $ | 45.4 | $ | 18.5 | 40.7 | % | $ | 14.4 | 31.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | Segment Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Change | XFX Change (a) | Six Months Ended June 30, | Change | XFX Change (a) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | $ | % | 2021 | 2020 | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revlon | $ | 348.8 | $ | 316.8 | $ | 32.0 | 10.1 | % | $ | 18.2 | 5.7 | % | $ | 29.2 | $ | 27.9 | $ | 1.3 | 4.7 | % | $ | (1.5) | (5.4) | % | |||||||||||||||||||||||||||||||||||||||||||||||
Elizabeth Arden | 236.9 | 176.1 | 60.8 | 34.5 | % | 46.9 | 26.6 | % | 20.8 | 15.0 | 5.8 | 38.7 | % | 3.1 | 20.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portfolio | 194.7 | 198.5 | (3.8) | (1.9) | % | (9.1) | (4.6) | % | 24.2 | 21.7 | 2.5 | 11.5 | % | 1.4 | 6.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fragrances | 162.0 | 109.2 | 52.8 | 48.4 | % | 48.9 | 44.8 | % | 27.9 | 9.2 | 18.7 | 203.3 | % | 18.1 | 196.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 942.4 | $ | 800.6 | $ | 141.8 | 17.7 | % | $ | 104.9 | 13.1 | % | $ | 102.1 | $ | 73.8 | $ | 28.3 | 38.3 | % | $ | 21.1 | 28.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Change | XFX Change (a) | |||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | $ | % | ||||||||||||||||||||||||||||||
Revlon | |||||||||||||||||||||||||||||||||||
North America | $ | 99.5 | $ | 80.1 | $ | 19.4 | 24.2 | % | $ | 18.4 | 23.0 | % | |||||||||||||||||||||||
International | 87.3 | 54.9 | 32.4 | 59.0 | % | 25.0 | 45.5 | % | |||||||||||||||||||||||||||
Elizabeth Arden | |||||||||||||||||||||||||||||||||||
North America | $ | 20.2 | $ | 15.0 | $ | 5.2 | 34.7 | % | $ | 4.6 | 30.7 | % | |||||||||||||||||||||||
International | 104.5 | 65.9 | 38.6 | 58.6 | % | 30.9 | 46.9 | % | |||||||||||||||||||||||||||
Portfolio | |||||||||||||||||||||||||||||||||||
North America | $ | 63.2 | $ | 52.1 | $ | 11.1 | 21.3 | % | $ | 10.9 | 20.9 | % | |||||||||||||||||||||||
International | 35.5 | 36.4 | (0.9) | (2.5) | % | (3.9) | (10.7) | % | |||||||||||||||||||||||||||
Fragrance | |||||||||||||||||||||||||||||||||||
North America | $ | 61.0 | $ | 29.7 | $ | 31.3 | 105.4 | % | $ | 31.3 | 105.4 | % | |||||||||||||||||||||||
International | 26.2 | 13.5 | 12.7 | 94.1 | % | 10.2 | 75.6 | % | |||||||||||||||||||||||||||
Total Net Sales | $ | 497.4 | $ | 347.6 | $ | 149.8 | 43.1 | % | $ | 127.4 | 36.7 | % | |||||||||||||||||||||||
Six Months Ended June 30, | Change | XFX Change (a) | |||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | $ | % | ||||||||||||||||||||||||||||||
Revlon | |||||||||||||||||||||||||||||||||||
North America | $ | 182.5 | $ | 179.2 | $ | 3.3 | 1.8 | % | $ | 2.1 | 1.2 | % | |||||||||||||||||||||||
International | 166.3 | 137.6 | 28.7 | 20.9 | % | 16.1 | 11.7 | % | |||||||||||||||||||||||||||
Elizabeth Arden | |||||||||||||||||||||||||||||||||||
North America | $ | 48.6 | $ | 36.4 | $ | 12.2 | 33.5 | % | $ | 10.8 | 29.7 | % | |||||||||||||||||||||||
International | 188.3 | 139.7 | 48.6 | 34.8 | % | 36.1 | 25.8 | % | |||||||||||||||||||||||||||
Portfolio | |||||||||||||||||||||||||||||||||||
North America | $ | 126.7 | $ | 122.9 | $ | 3.8 | 3.1 | % | $ | 3.1 | 2.5 | % | |||||||||||||||||||||||
International | 68.0 | 75.6 | (7.6) | (10.1) | % | (12.2) | (16.1) | % | |||||||||||||||||||||||||||
Fragrances | |||||||||||||||||||||||||||||||||||
North America | $ | 112.3 | $ | 71.9 | $ | 40.4 | 56.2 | % | $ | 40.1 | 55.8 | % | |||||||||||||||||||||||
International | 49.7 | 37.3 | 12.4 | 33.2 | % | 8.8 | 23.6 | % | |||||||||||||||||||||||||||
Total Net Sales | $ | 942.4 | $ | 800.6 | $ | 141.8 | 17.7 | % | $ | 104.9 | 13.1 | % | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Gross profit | $ | 301.1 | $ | 179.0 | $ | 122.1 | $ | 554.9 | $ | 434.2 | $ | 120.7 | |||||||||||||||||||||||
Percentage of net sales | 60.5 | % | 51.5 | % | 9.0 | % | 58.9 | % | 54.2 | % | 4.7 | % | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
SG&A expenses | $ | 279.4 | $ | 196.3 | $ | 83.1 | $ | 539.9 | $ | 485.7 | $ | 54.2 | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Restructuring charges and other, net | $ | 8.4 | $ | 20.7 | $ | (12.3) | $ | 13.8 | $ | 45.5 | $ | (31.7) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||
Impairment charges | $ | — | $ | 19.8 | $ | (19.8) | $ | — | $ | 144.1 | $ | (144.1) | ||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||
Interest expense | $ | 61.9 | $ | 60.9 | $ | 1.0 | $ | 120.8 | $ | 109.3 | $ | 11.5 | ||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Gain on early extinguishment of debt | — | $ | (11.9) | $ | 11.9 | $ | — | $ | (11.9) | $ | 11.9 | ||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||||||||||||||||||
Provision for (benefit from) income taxes | $ | 7.2 | $ | (9.9) | $ | 17.1 | $ | 18.4 | $ | (47.1) | $ | 65.5 | ||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net loss - Revlon, Inc. | $ | (67.7) | $ | (126.8) | $ | (163.7) | $ | (340.7) | |||||||||||||||
Selling, general and administrative expenses - public company costs | 1.7 | 1.9 | 2.7 | 3.9 | |||||||||||||||||||
Provision for income taxes | (0.1) | (0.3) | — | (0.6) | |||||||||||||||||||
Net loss - Products Corporation | $ | (66.1) | $ | (125.2) | $ | (161.0) | $ | (337.4) |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Net cash used in operating activities | $ | (39.3) | $ | (164.2) | |||||||
Net cash used in investing activities | (0.8) | (2.7) | |||||||||
Net cash provided by financing activities | 67.0 | 408.4 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (1.0) | (2.1) | |||||||||
Net decrease in cash, cash equivalents and restricted cash | 25.9 | 239.4 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 102.5 | 104.5 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 128.4 | $ | 343.9 |
Commitment | Borrowing Base | Aggregate principal amount outstanding at June 30, 2021 | Availability at June 30, 2021 (a) | ||||||||||||||||||||
Tranche A Revolving Credit Facility | $ | 270.0 | $ | 155.6 | $ | 102.1 | $ | 53.5 | |||||||||||||||
SISO Term Loan Facility | 130.0 | 130.0 | 130.0 | — | |||||||||||||||||||
2020 ABL FILO Term Loans | 50.0 | 44.3 | 50.0 | — |
4. | Instruments Defining the Rights of Security Holders, Including Indentures. | ||||
4.1 | Amendment No. 8, dated as of May 7, 2021, to the Asset-Based Revolving Credit Agreement, dated as of September 7, 2016 (as amended), by and among Products Corporation, Revlon, certain lenders party thereto and MidCap Funding IV Trust, as administrative agent and collateral agent (incorporated by reference to Exhibit 4.2 to Revlon’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021 filed with the SEC on May 10, 2021). | ||||
10. | Material Contracts. | ||||
10.1 | |||||
*31.1 | |||||
*31.2 | |||||
*31.3 | |||||
*31.4 | |||||
**32.1 | |||||
**32.2 | |||||
**32.3 | |||||
**32.4 | |||||
*101.INS | Inline XBRL Instance Document | ||||
*101.SCH | Inline XBRL Taxonomy Extension Schema | ||||
*101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase | ||||
*101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase | ||||
*101.LAB | Inline XBRL Taxonomy Extension Label Linkbase | ||||
*101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase | ||||
*104 | Cover Page Interactive Data File, formatted in Inline XBRL and contained in Exhibit 101 | ||||
Revlon, Inc. | ||||||||||||||
(Registrant) | ||||||||||||||
By: /s/ Debra Perelman | By: /s/ Victoria Dolan | |||||||||||||
Debra Perelman | Victoria Dolan | |||||||||||||
President, Chief Executive Officer & | Chief Financial Officer | |||||||||||||
Director | ||||||||||||||
Revlon Consumer Products Corporation | ||||||||||||||
(Registrant) | ||||||||||||||
By: /s/ Debra Perelman | By: /s/ Victoria Dolan | |||||||||||||
Debra Perelman | Victoria Dolan | |||||||||||||
President, Chief Executive Officer & | Chief Financial Officer | |||||||||||||
Director | ||||||||||||||
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|||||||||||||||
Net sales | $ 497.4 | $ 347.6 | $ 942.4 | $ 800.6 | ||||||||||||||
Cost of sales | 196.3 | 168.6 | 387.5 | 366.4 | ||||||||||||||
Gross profit | 301.1 | 179.0 | 554.9 | 434.2 | ||||||||||||||
Selling, general and administrative expenses | 279.4 | 196.3 | 539.9 | 485.7 | ||||||||||||||
Acquisition, integration and divestiture costs | 0.6 | 1.2 | 1.2 | 3.3 | ||||||||||||||
Restructuring charges and other, net | 8.4 | 20.7 | 13.8 | 45.5 | ||||||||||||||
Impairment charges | 0.0 | 19.8 | 0.0 | 144.1 | ||||||||||||||
(Gain) loss on divested assets | (1.8) | (0.2) | (1.8) | 0.6 | ||||||||||||||
Operating income (loss) | 14.5 | (58.8) | 1.8 | (245.0) | ||||||||||||||
Other expenses: | ||||||||||||||||||
Interest expense, net | 61.9 | 60.9 | 120.8 | 109.3 | ||||||||||||||
Amortization of debt issuance costs | 13.3 | 6.0 | 22.0 | 10.0 | ||||||||||||||
Gain on early extinguishment of debt | 0.0 | (11.9) | 0.0 | (11.9) | ||||||||||||||
Foreign currency (gains) losses, net | (1.7) | 2.3 | 1.6 | 18.9 | ||||||||||||||
Miscellaneous, net | 1.5 | 20.6 | 2.7 | 16.5 | ||||||||||||||
Other expense (income), net | 75.0 | 77.9 | 147.1 | 142.8 | ||||||||||||||
(Loss) income from operations before income taxes | (60.5) | (136.7) | (145.3) | (387.8) | ||||||||||||||
Provision for (benefit from) income taxes | 7.2 | (9.9) | 18.4 | (47.1) | ||||||||||||||
Net (loss) income | (67.7) | (126.8) | (163.7) | (340.7) | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||
Foreign currency translation adjustments | (0.5) | 10.3 | (5.4) | 5.1 | ||||||||||||||
Amortization of pension related costs, net of tax | [1],[2] | 3.5 | 4.0 | 7.0 | 6.5 | |||||||||||||
Other comprehensive loss, net | 3.0 | [3] | 14.3 | [3] | 1.6 | 11.6 | ||||||||||||
Total comprehensive (loss) income | $ (64.7) | $ (112.5) | $ (162.1) | $ (329.1) | ||||||||||||||
Basic (loss) earnings per common share (in dollars per share) | $ (1.25) | $ (2.37) | $ (3.04) | $ (6.39) | ||||||||||||||
Diluted (loss) earnings per common share (in dollars per share) | $ (1.25) | $ (2.37) | $ (3.04) | $ (6.39) | ||||||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||||
Basic (in shares) | 54,015,794 | 53,471,004 | 53,835,622 | 53,319,228 | ||||||||||||||
Diluted (in shares) | 54,015,794 | 53,471,004 | 53,835,622 | 53,319,228 | ||||||||||||||
Revlon Consumer Products Corporation | ||||||||||||||||||
Net sales | $ 497.4 | $ 347.6 | $ 942.4 | $ 800.6 | ||||||||||||||
Cost of sales | 196.3 | 168.6 | 387.5 | 366.4 | ||||||||||||||
Gross profit | 301.1 | 179.0 | 554.9 | 434.2 | ||||||||||||||
Selling, general and administrative expenses | 277.7 | 194.4 | 537.2 | 481.8 | ||||||||||||||
Acquisition, integration and divestiture costs | 0.6 | 1.2 | 1.2 | 3.3 | ||||||||||||||
Restructuring charges and other, net | 8.4 | 20.7 | 13.8 | 45.5 | ||||||||||||||
Impairment charges | 0.0 | 19.8 | 0.0 | 144.1 | ||||||||||||||
(Gain) loss on divested assets | (1.8) | (0.2) | (1.8) | 0.6 | ||||||||||||||
Operating income (loss) | 16.2 | (56.9) | 4.5 | (241.1) | ||||||||||||||
Other expenses: | ||||||||||||||||||
Interest expense, net | 61.9 | 60.9 | 120.8 | 109.3 | ||||||||||||||
Amortization of debt issuance costs | 13.3 | 6.0 | 22.0 | 10.0 | ||||||||||||||
Gain on early extinguishment of debt | 0.0 | (11.9) | 0.0 | (11.9) | ||||||||||||||
Foreign currency (gains) losses, net | (1.7) | 2.3 | 1.6 | 18.9 | ||||||||||||||
Miscellaneous, net | 1.5 | 20.6 | 2.7 | 16.5 | ||||||||||||||
Other expense (income), net | 75.0 | 77.9 | 147.1 | 142.8 | ||||||||||||||
(Loss) income from operations before income taxes | (58.8) | (134.8) | (142.6) | (383.9) | ||||||||||||||
Provision for (benefit from) income taxes | 7.3 | (9.6) | 18.4 | (46.5) | ||||||||||||||
Net (loss) income | (66.1) | (125.2) | (161.0) | (337.4) | ||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||
Foreign currency translation adjustments | (0.5) | 10.3 | (5.4) | 5.1 | ||||||||||||||
Amortization of pension related costs, net of tax | [4],[5] | 3.5 | 4.0 | 7.0 | 6.5 | |||||||||||||
Other comprehensive loss, net | 3.0 | [6] | 14.3 | [6] | 1.6 | 11.6 | ||||||||||||
Total comprehensive (loss) income | $ (63.1) | $ (110.9) | $ (159.4) | $ (325.8) | ||||||||||||||
|
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Amortization of pension related costs, tax benefit | $ 0.0 | $ 1.5 | $ 0.0 | $ 1.2 |
Revlon Consumer Products Corporation | ||||
Amortization of pension related costs, tax benefit | $ 0.0 | $ 1.5 | $ 0.0 | $ 1.2 |
UNAUDITED CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Beginning balance | $ (1,958.7) | $ (1,862.0) | $ (1,435.8) | $ (1,221.2) | $ (1,862.0) | $ (1,221.2) | ||||||||||
Treasury stock acquired, at cost | [1] | 0.0 | (2.4) | (1.3) | (0.4) | |||||||||||
Stock-based compensation amortization | 3.4 | 3.1 | 1.1 | 2.4 | ||||||||||||
Net loss | (67.7) | (96.0) | (126.8) | (213.9) | (163.7) | (340.7) | ||||||||||
Other comprehensive (loss) income | 3.0 | [2] | (1.4) | [2] | 14.3 | [2] | (2.7) | [2] | 1.6 | 11.6 | ||||||
Ending balance | (2,020.0) | (1,958.7) | (1,548.5) | (1,435.8) | (2,020.0) | (1,548.5) | ||||||||||
Common Stock | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Beginning balance | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | ||||||||||
Ending balance | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | ||||||||||
Additional Paid-In Capital | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Beginning balance | 1,085.4 | 1,082.3 | 1,074.3 | 1,071.9 | 1,082.3 | 1,071.9 | ||||||||||
Stock-based compensation amortization | 3.4 | 3.1 | 1.1 | 2.4 | ||||||||||||
Ending balance | 1,088.8 | 1,085.4 | 1,075.4 | 1,074.3 | 1,088.8 | 1,075.4 | ||||||||||
Treasury Stock | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Beginning balance | (37.6) | (35.2) | (33.9) | (33.5) | (35.2) | (33.5) | ||||||||||
Treasury stock acquired, at cost | [1] | 0.0 | (2.4) | (1.3) | (0.4) | |||||||||||
Ending balance | (37.6) | (37.6) | (35.2) | (33.9) | (37.6) | (35.2) | ||||||||||
Accumulated Deficit | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Beginning balance | (2,727.7) | (2,631.7) | (2,226.6) | (2,012.7) | (2,631.7) | (2,012.7) | ||||||||||
Net loss | (67.7) | (96.0) | (126.8) | (213.9) | ||||||||||||
Ending balance | (2,795.4) | (2,727.7) | (2,353.4) | (2,226.6) | (2,795.4) | (2,353.4) | ||||||||||
Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Beginning balance | (279.3) | (277.9) | (250.1) | (247.4) | (277.9) | (247.4) | ||||||||||
Other comprehensive (loss) income | [2] | 3.0 | (1.4) | 14.3 | (2.7) | |||||||||||
Ending balance | (276.3) | (279.3) | (235.8) | (250.1) | (276.3) | (235.8) | ||||||||||
Revlon Consumer Products Corporation | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Beginning balance | (1,796.2) | (1,703.0) | (1,301.9) | (1,089.4) | (1,703.0) | (1,089.4) | ||||||||||
Stock-based compensation amortization | 3.4 | 3.1 | 1.1 | 2.4 | ||||||||||||
Net loss | (66.1) | (94.9) | (125.2) | (212.2) | (161.0) | (337.4) | ||||||||||
Other comprehensive (loss) income | 3.0 | [3] | (1.4) | [3] | 14.3 | [3] | (2.7) | [3] | 1.6 | 11.6 | ||||||
Ending balance | (1,855.9) | (1,796.2) | (1,411.7) | (1,301.9) | (1,855.9) | (1,411.7) | ||||||||||
Revlon Consumer Products Corporation | Preferred Stock | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Beginning balance | 54.6 | 54.6 | 54.6 | 54.6 | 54.6 | 54.6 | ||||||||||
Ending balance | 54.6 | 54.6 | 54.6 | 54.6 | 54.6 | 54.6 | ||||||||||
Revlon Consumer Products Corporation | Additional Paid-In Capital | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Beginning balance | 1,010.0 | 1,006.9 | 998.9 | 996.5 | 1,006.9 | 996.5 | ||||||||||
Stock-based compensation amortization | 3.4 | 3.1 | 1.1 | 2.4 | ||||||||||||
Ending balance | 1,013.4 | 1,010.0 | 1,000.0 | 998.9 | 1,013.4 | 1,000.0 | ||||||||||
Revlon Consumer Products Corporation | Accumulated Deficit | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Beginning balance | (2,581.5) | (2,486.6) | (2,105.3) | (1,893.1) | (2,486.6) | (1,893.1) | ||||||||||
Net loss | (66.1) | (94.9) | (125.2) | (212.2) | ||||||||||||
Ending balance | (2,647.6) | (2,581.5) | (2,230.5) | (2,105.3) | (2,647.6) | (2,230.5) | ||||||||||
Revlon Consumer Products Corporation | Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Beginning balance | (279.3) | (277.9) | (250.1) | (247.4) | (277.9) | (247.4) | ||||||||||
Other comprehensive (loss) income | [3] | 3.0 | (1.4) | 14.3 | (2.7) | |||||||||||
Ending balance | $ (276.3) | $ (279.3) | $ (235.8) | $ (250.1) | $ (276.3) | $ (235.8) | ||||||||||
|
UNAUDITED CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY (Parenthetical) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Tax withholdings related to net share settlements of restricted stock units and awards | $ 0 | $ 1,200,000 | $ 2,400,000 | $ 1,600,000 |
Treasury Stock | ||||
Shares withheld for withholding taxes (in shares) | 0 | 79,554 | 162,496 | 94,531 |
Treasury Stock | Restricted Stock and Restricted Stock Units | Class A Common Stock | ||||
Share repurchase price (in dollars per share) | $ 0 | $ 11.76 | $ 14.95 | $ 13.62 |
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) |
6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
|||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||
Net loss | $ (163,700,000) | $ (340,700,000) | ||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||
Depreciation and amortization | 65,600,000 | 73,200,000 | ||||||||
Foreign currency losses from re-measurement | 1,600,000 | 18,900,000 | ||||||||
Amortization of debt discount | 600,000 | 800,000 | ||||||||
Stock-based compensation amortization | 6,500,000 | 3,500,000 | ||||||||
Impairment charges | 0 | 144,100,000 | ||||||||
Provision for (benefit from) deferred income taxes | 3,500,000 | (56,600,000) | ||||||||
Gain on early extinguishment of debt | 0 | (11,900,000) | ||||||||
Amortization of debt issuance costs | 22,000,000.0 | 10,000,000.0 | ||||||||
(Gain) loss on divested assets | (1,800,000) | 600,000 | ||||||||
Pension and other post-retirement cost | 2,300,000 | 2,700,000 | ||||||||
Paid-in-kind interest expense on the 2020 BrandCo Facilities | 9,300,000 | 1,500,000 | ||||||||
Change in assets and liabilities: | ||||||||||
Decrease in trade receivables | 36,600,000 | 126,300,000 | ||||||||
Decrease (increase) in inventories | 14,400,000 | (70,600,000) | ||||||||
Increase in prepaid expenses and other current assets | (1,200,000) | (7,400,000) | ||||||||
Decrease in accounts payable | (100,000) | (13,300,000) | ||||||||
Decrease in accrued expenses and other current liabilities | (21,500,000) | (23,500,000) | ||||||||
Decrease in deferred revenue | (2,800,000) | 0 | ||||||||
Pension and other post-retirement plan contributions | (17,200,000) | (5,500,000) | ||||||||
Purchases of permanent displays | (8,900,000) | (12,700,000) | ||||||||
Other, net | 15,500,000 | (3,600,000) | ||||||||
Net cash used in operating activities | (39,300,000) | (164,200,000) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||
Capital expenditures | (2,900,000) | (2,700,000) | ||||||||
Proceeds from the sale of certain assets | 2,100,000 | 0 | ||||||||
Net cash used in investing activities | (800,000) | (2,700,000) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
Net decrease in short-term borrowings and overdraft | (6,700,000) | (7,000,000.0) | ||||||||
Borrowings on term loans | 305,000,000.0 | 880,000,000.0 | ||||||||
Repayments on term loans | [1] | (176,100,000) | (337,900,000) | |||||||
Net (repayments) borrowings under the revolving credit facilities | (36,800,000) | (22,900,000) | ||||||||
Payment of financing costs | (15,800,000) | (101,200,000) | ||||||||
Tax withholdings related to net share settlements of restricted stock and RSUs | (2,400,000) | (1,600,000) | ||||||||
Other financing activities | (200,000) | (1,000,000.0) | ||||||||
Net cash provided by (used in) financing activities | 67,000,000.0 | 408,400,000 | ||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,000,000.0) | (2,100,000) | ||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 25,900,000 | 239,400,000 | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | [2] | 102,500,000 | 104,500,000 | |||||||
Cash, cash equivalents and restricted cash at end of period | [2] | 128,400,000 | 343,900,000 | |||||||
Cash paid during the period for: | ||||||||||
Interest | 117,600,000 | 105,900,000 | ||||||||
Income taxes, net of refunds | 6,600,000 | 8,000,000.0 | ||||||||
Supplemental schedule of non-cash investing and financing activities: | ||||||||||
Non-cash roll-up of participating lenders from the 2016 Term Loan Facility to the 2020 BrandCo Facilities | 0 | 809,800,000 | ||||||||
Paid-in-kind debt issuance costs capitalized to the 2020 BrandCo Facilities | 0 | 29,100,000 | ||||||||
Paid-in-kind interest capitalized to the 2020 BrandCo Facilities | 9,300,000 | 0 | ||||||||
Revlon Consumer Products Corporation | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||
Net loss | (161,000,000.0) | (337,400,000) | ||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||
Depreciation and amortization | 65,600,000 | 73,200,000 | ||||||||
Foreign currency losses from re-measurement | 1,600,000 | 18,900,000 | ||||||||
Amortization of debt discount | 600,000 | 800,000 | ||||||||
Stock-based compensation amortization | 6,500,000 | 3,500,000 | ||||||||
Impairment charges | 0 | 144,100,000 | ||||||||
Provision for (benefit from) deferred income taxes | 4,000,000.0 | (55,700,000) | ||||||||
Gain on early extinguishment of debt | 0 | (11,900,000) | ||||||||
Amortization of debt issuance costs | 22,000,000.0 | 10,000,000.0 | ||||||||
(Gain) loss on divested assets | (1,800,000) | 600,000 | ||||||||
Pension and other post-retirement cost | 2,300,000 | 2,700,000 | ||||||||
Paid-in-kind interest expense on the 2020 BrandCo Facilities | 9,300,000 | 1,500,000 | ||||||||
Change in assets and liabilities: | ||||||||||
Decrease in trade receivables | 36,600,000 | 126,300,000 | ||||||||
Decrease (increase) in inventories | 14,400,000 | (70,600,000) | ||||||||
Increase in prepaid expenses and other current assets | (6,300,000) | (13,000,000.0) | ||||||||
Decrease in accounts payable | (100,000) | (13,300,000) | ||||||||
Decrease in accrued expenses and other current liabilities | (21,500,000) | (22,100,000) | ||||||||
Decrease in deferred revenue | (2,800,000) | 0 | ||||||||
Pension and other post-retirement plan contributions | (17,200,000) | (5,500,000) | ||||||||
Purchases of permanent displays | (8,900,000) | (12,700,000) | ||||||||
Other, net | 17,400,000 | (3,600,000) | ||||||||
Net cash used in operating activities | (39,300,000) | (164,200,000) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||
Capital expenditures | (2,900,000) | (2,700,000) | ||||||||
Proceeds from the sale of certain assets | 2,100,000 | 0 | ||||||||
Net cash used in investing activities | (800,000) | (2,700,000) | ||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||
Net decrease in short-term borrowings and overdraft | (6,700,000) | (7,000,000.0) | ||||||||
Borrowings on term loans | 305,000,000.0 | 880,000,000.0 | ||||||||
Repayments on term loans | [3] | (176,100,000) | (337,900,000) | |||||||
Net (repayments) borrowings under the revolving credit facilities | (36,800,000) | (22,900,000) | ||||||||
Payment of financing costs | (15,800,000) | (101,200,000) | ||||||||
Tax withholdings related to net share settlements of restricted stock and RSUs | (2,400,000) | (1,600,000) | ||||||||
Other financing activities | (200,000) | (1,000,000.0) | ||||||||
Net cash provided by (used in) financing activities | 67,000,000.0 | 408,400,000 | ||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,000,000.0) | (2,100,000) | ||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 25,900,000 | 239,400,000 | ||||||||
Cash, cash equivalents and restricted cash at beginning of period | [4] | 102,500,000 | 104,500,000 | |||||||
Cash, cash equivalents and restricted cash at end of period | [4] | 128,400,000 | 343,900,000 | |||||||
Cash paid during the period for: | ||||||||||
Interest | 117,600,000 | 105,900,000 | ||||||||
Income taxes, net of refunds | 6,600,000 | 8,000,000.0 | ||||||||
Supplemental schedule of non-cash investing and financing activities: | ||||||||||
Non-cash roll-up of participating lenders from the 2016 Term Loan Facility to the 2020 BrandCo Facilities | 0 | 809,800,000 | ||||||||
Paid-in-kind debt issuance costs capitalized to the 2020 BrandCo Facilities | 0 | 29,100,000 | ||||||||
Paid-in-kind interest capitalized to the 2020 BrandCo Facilities | $ 9,300,000 | $ 0 | ||||||||
|
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions |
6 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|||||
Repayments on term loans | [1] | $ 176.1 | $ 337.9 | ||||
Restricted cash | $ 18.6 | 5.4 | |||||
2019 Term Loan Facility | |||||||
Repayments on term loans | 200.0 | ||||||
2018 Foreign Asset-Based Term Facility | |||||||
Repayments on term loans | 31.4 | ||||||
2016 Term Loan Facility | |||||||
Repayments on term loans | 6.9 | ||||||
5.75% Senior Notes | |||||||
Repayments on term loans | 99.6 | ||||||
Stated interest rate (as a percent) | 5.75% | ||||||
Revlon Consumer Products Corporation | |||||||
Repayments on term loans | [2] | $ 176.1 | 337.9 | ||||
Restricted cash | $ 18.6 | 5.4 | |||||
Revlon Consumer Products Corporation | 2019 Term Loan Facility | |||||||
Repayments on term loans | 200.0 | ||||||
Revlon Consumer Products Corporation | 2018 Foreign Asset-Based Term Facility | |||||||
Repayments on term loans | 31.4 | ||||||
Revlon Consumer Products Corporation | 2016 Term Loan Facility | |||||||
Repayments on term loans | 6.9 | ||||||
Revlon Consumer Products Corporation | 5.75% Senior Notes | |||||||
Repayments on term loans | $ 99.6 | ||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | |||||
|
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revlon, Inc. ("Revlon" and together with its subsidiaries, the "Company") conducts its business exclusively through its direct wholly-owned operating subsidiary, Revlon Consumer Products Corporation ("Products Corporation") and its subsidiaries. Revlon is an indirect majority-owned subsidiary of MacAndrews & Forbes Incorporated (together with certain of its affiliates other than the Company, "MacAndrews & Forbes"), a corporation beneficially owned by Ronald O. Perelman. Mr. Perelman is Chairman of Revlon's and Products Corporation's Board of Directors. The Company is a leading global beauty company with an iconic portfolio of brands that develops, manufactures, markets, distributes and sells an extensive array of color cosmetics; hair color, hair care and hair treatments; fragrances; skin care; beauty tools; men’s grooming products; anti-perspirant deodorants; and other beauty care products across a variety of distribution channels. The accompanying Consolidated Financial Statements are unaudited. In management's opinion, all adjustments necessary for a fair presentation of the Company's financial information have been made. The Unaudited Consolidated Financial Statements include the Company's accounts after the elimination of all material intercompany balances and transactions. Certain prior year amounts have been reclassified to conform to the current year presentation. The preparation of the Company's Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the Consolidated Financial Statements in the period they are determined to be necessary. Significant estimates made in the accompanying Consolidated Financial Statements include, but are not limited to: expected sales returns; certain assumptions related to the valuation of acquired intangible and long-lived assets and the recoverability of goodwill, intangible and long-lived assets; income taxes, including deferred tax valuation allowances and reserves for estimated tax liabilities; and certain estimates and assumptions used in the calculation of the net periodic benefit (income) costs and the projected benefit obligations for the Company’s pension and other post-retirement plans, including the expected long-term return on pension plan assets and the discount rate used to value the Company’s pension benefit obligations. The Unaudited Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and related notes contained in Revlon's Annual Report on Form 10-K for the fiscal year ended December 31, 2020 ("2020 Form 10-K"). The Company's results of operations and financial position for the interim periods are not indicative of those to be expected for the full year. Liquidity and Ability to Continue as a Going Concern The ongoing COVID-19 pandemic has continued to adversely impact the Company’s business in 2021. The COVID-19 pandemic’s adverse impact has resulted in significant and extended quarantines, stay-at-home orders and other social distancing measures; closures and bankruptcies of retailers, beauty salons, spas, offices and manufacturing facilities; increased levels of unemployment; travel and transportation restrictions leading to declines in consumer traffic in key shopping and tourist areas around the globe; and import and export restrictions. These adverse conditions have resulted in the general slowdown of the global economy, in turn contributing to declines in net sales within some of the Company’s reporting segments and regions. However, as COVID-19 restrictions are lifted, the Company is seeing a resumption in consumer spending and consumption. The Company continues to closely monitor the associated impacts and take appropriate actions in an effort to mitigate the COVID-19 pandemic’s negative effects on the Company’s operations and financial results. Each reporting period, the Company assesses its ability to continue as a going concern for one year from the date the financial statements are issued. At June 30, 2021, the Company had a liquidity position of $153.1 million, consisting of: (i) $109.8 million of unrestricted cash and cash equivalents (with approximately $97.3 million held outside the U.S.); (ii) $53.5 million in available borrowing capacity under the Amendment No.8 to the Amended 2016 Revolving Credit Facility (which had $282.1 million drawn at such date); and less (iii) approximately $10.2 million of outstanding checks. The Company's evaluation includes its ability to meet its future contractual obligations and other conditions and events that may impact its liquidity. The Company continues to focus on cost reduction and risk mitigation actions to address the ongoing impact from the COVID-19 pandemic as well as other risks in the business environment. It expects to generate additional liquidity through continued cost control initiatives as well as funds provided by selling certain assets or other strategic transactions in connection with the Company's ongoing Strategic Review. If sales continue to decline, the Company’s cost control initiatives may include reductions in discretionary spend and reductions in investments in capital and permanent displays. Management believes that the debt transactions completed in the first half of 2021, along with existing cash and cash equivalents and cost control initiatives provides the Company with sufficient liquidity to meet its obligations and maintain business operations for the next twelve months. However, there can be no assurance that available funds will be sufficient to meet the Company’s cash requirements on a consolidated basis, as, among other things, the Company’s liquidity can be impacted by a number of factors, including its level of sales, costs and expenditures, as well as accounts receivable and inventory, which serve as the principal variables impacting the amount of liquidity available under the Amended 2016 Revolving Credit Facility and the 2021 Foreign Asset-Based Term Facility. For example, subject to certain exceptions, revolving loans under the Amended 2016 Revolving Credit Facility and term loans under the 2021 Foreign Asset-Based Term Facility must be prepaid to the extent that such outstanding loans exceed the applicable borrowing base, consisting of certain accounts receivable, inventory and real estate. Recently Evaluated and/or Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standard Board ("FASB") issued Accounting Standard Update ("ASU") No. 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes," which removes certain exceptions for recognizing deferred taxes for investments, performing intra-period allocations, calculating income taxes in interim periods and how a company accounts for future events. This ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. The Company adopted this guidance as of January 1, 2021. The adoption of this new guidance did not have any significant impacts on the Company’s results of operations, financial condition and/or financial statement disclosures. Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The new guidance under ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is in the process of assessing the impact, if any, that ASU No. 2020-04 is expected to have on the Company’s results of operations, financial condition and/or financial statement disclosures. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," which was subsequently amended in November 2018 through ASU No. 2018-19, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses." ASU No. 2016-13 will require entities to estimate lifetime expected credit losses for trade and other receivables, net investments in leases, financing receivables, debt securities and other instruments, which will result in earlier recognition of credit losses. Further, the new credit loss model will affect how entities in all industries estimate their allowance for losses for receivables that are current with respect to their payment terms. In November 2019, the FASB issued ASU No. 2019-10, which, among other things, deferred the application of the new guidance on credit losses for smaller reporting companies ("SRC") to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. This guidance will be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., a modified-retrospective approach). Under the above-mentioned deferral, the Company expects to adopt ASU No. 2016-03, and the related ASU No. 2018-19 amendments, beginning as of January 1, 2023 and is in the process of assessing the impact, if any, that this new guidance is expected to have on the Company’s results of operations, financial condition and/or financial statement disclosures.
|
RESTRUCTURING CHARGES |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RESTRUCTURING CHARGES | RESTRUCTURING CHARGES Revlon Global Growth Accelerator Program On May 10, 2021, the Company announced that it was expanding the existing Revlon 2020 Restructuring Program through 2023. The Company renamed the revised program the Revlon Global Growth Accelerator (“RGGA”). RGGA includes a reinvestment strategy to strengthen our brands and drive long-term profitable margin and revenue growth through realized incremental productivity initiatives and enhanced capabilities. The major initiatives underlying RGGA include: •Strategic Growth: Boost organic sales growth behind our strategic pillars – brands, markets, and channels – to deliver an approximate mid-single digit compound average annual growth rate through 2023; •Operating Efficiencies: Drive additional operational efficiencies and cost savings to fuel investments in revenue growth; and •Build Capabilities: Enhance capabilities and up-skill employees in order to evolve our culture to promote agility and deliver transformational change. Since inception and through June 30, 2021, the Company recorded pre-tax restructuring and related charges of $86.0 million in connection with RGGA, consisting primarily of (i) $64.3 million of employee severance, other personnel benefits and other costs; and (ii) $21.7 million of lease and other restructuring-related charges that were recorded within Selling, general & administrative expenses ("SG&A") and Cost of sales. A summary of the RGGA charges incurred since its inception in March 2020 and through June 30, 2021 is presented in the following table:
(a) Lease-related charges are recorded within SG&A in the Company’s Consolidated Statement of Operations and Comprehensive Loss. (b) Other related charges are recorded within SG&A and cost of sales in the Company’s Consolidated Statement of Operations and Comprehensive Loss. A summary of the RGGA restructuring charges incurred since its inception in March 2020 and through June 30, 2021 by reportable segment is presented in the following table:
Restructuring Reserve The liability balance and related activity for each of the Company's restructuring programs are presented in the following table:
|
INVENTORIES |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | INVENTORIES The Company's net inventory balances consisted of the following:
|
PROPERTY, PLANT AND EQUIPMENT |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT The Company's property, plant and equipment, net balances consisted of the following:
Depreciation and amortization expense on property, plant and equipment and right-of-use assets for the three months ended June 30, 2021 and June 30, 2020 was $17.1 million and $23.9 million, respectively. Depreciation and amortization expense on property, plant and equipment and right-of-use assets for the six months ended June 30, 2021 and June 30, 2020 was $34.2 million and $40.9 million, respectively. Accumulated depreciation and amortization was $549.1 million and $528.9 million as of June 30, 2021 and December 31, 2020, respectively.
|
GOODWILL AND INTANGIBLE ASSETS, NET |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS, NET | GOODWILL AND INTANGIBLE ASSETS, NET In accordance with ASC Topic 350, “Intangibles – Goodwill and Other,” the Company performs its annual impairment test during the fourth quarter of each year. The Company also reviews goodwill for impairment whenever events or changes in circumstances indicate that the carrying value of its goodwill may not be recoverable. After the close of each interim quarter, management assesses whether there exists any indicators of impairment requiring the Company to perform an interim goodwill impairment analysis. As of June 30, 2021, the Company assessed that no indicators of impairment existed requiring the performance of a goodwill interim impairment analysis. No goodwill impairment charges were recorded during the three and six months ended June 30, 2021. The following table presents the changes in goodwill by segment for the six months ended June 30, 2021:
(a) Amount refers to cumulative goodwill impairment charges related to impairments recognized in 2015, 2017, 2018 and 2020. For the three and six months ended June 30, 2020, the Company recorded goodwill impairment charges of $11.2 million and $111.0 million, respectively. Intangible Assets, Net Finite-Lived Intangibles In accordance with ASC Topic 360, the Company makes judgments about the recoverability of its purchased finite-lived intangible assets whenever events or changes in circumstances indicate that an impairment to its finite-lived intangible assets may exist. The Company also considers several indicators of impairment, including, among other factors, the following: (i) whether there exists any significant adverse change in the extent or manner in which a long-lived asset and/or asset group is being used; (ii) whether there exists any projection or forecast demonstrating losses associated with the use of a long-lived asset and/or asset group; and (iii) whether there exists a current expectation that, more likely than not, a long-lived asset and/or asset group will be sold or otherwise disposed of significantly before the end of its previously-estimated useful life. The carrying amount of a finite-lived intangible asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the finite-lived intangible asset and/or asset group and the impairment loss is measured as the amount by which the carrying amount of the finite-lived intangible asset exceeds its fair value. As of June 30, 2021, the Company assessed that no indicators of impairment existed requiring the performance of a finite-lived intangibles interim impairment analysis. As a result, no impairment charges were recognized related to the carrying value of any of the Company's finite-lived intangible assets for the three and six months ended June 30, 2021 and 2020, respectively. Indefinite-Lived Intangibles As of June 30, 2021, the Company assessed that no indicators of impairment existed requiring the performance of an indefinite-lived intangibles interim impairment analysis. No intangibles impairment charges were recorded during the three and six months ended June 30, 2021. For the three and six months ended June 30, 2020, the Company recorded indefinite-lived intangible assets impairment charges of $8.6 million and $33.1 million, respectively. The following tables present details of the Company's total intangible assets as of June 30, 2021 and December 31, 2020:
Amortization expense for finite-lived intangible assets was $8.6 million and $8.2 million for the three months ended June 30, 2021 and 2020, respectively, and $17.0 million and $16.7 million for the six months ended June 30, 2021 and 2020, respectively. The following table reflects the estimated future amortization expense for each period presented, a portion of which is subject to exchange rate fluctuations, for the Company's finite-lived intangible assets as of June 30, 2021:
|
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ACCRUED EXPENSES AND OTHER CURRENT LIABILITIESThe Company's accrued expenses and other current liabilities consisted of the following:
|
DEBT |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT The table below details the Company's debt balances, net of discounts and debt issuance costs.
(*)The weighted average interest rate on these short-term borrowings outstanding at June 30, 2021 and December 31, 2020 was 11.4% and 11.7%, respectively. Amendment No. 8 to the Amended 2016 Revolving Credit Agreement: Tranche A - Revolving Credit Facility and Second-In, Second-Out ("SISO") Term Loan Facility On May 7, 2021, Products Corporation entered into Amendment No. 8 to the Amended 2016 Revolving Credit Agreement (“Amendment No. 8”). Amendment No. 8, among other things, made certain amendments pursuant to which: (i) the maturity date applicable to the “Tranche A” revolving loans and SISO facility (as defined further below in this section within "Amendment No. 7 to the Amended 2016 Revolving Credit Agreement: Tranche A - Revolving Credit Facility and SISO Term Loan Facility") is extended from June 8, 2023 to May 7, 2024, subject to a springing maturity to the earlier of: (x) 91 days prior to the maturity of the Company’s term loan facility due September 7, 2023, to the extent such term loans are then outstanding, and (y) to the extent the Company’s first-in, last-out term loans (the “2020 ABL FILO Term Loans”) are then outstanding, the earliest stated maturity of the 2020 ABL FILO Term Loans; (ii) the commitments under the “Tranche A” revolving facility are reduced from $300 million to $270 million and under the SISO Facility are upsized from $100 million to $130 million, (iii) the financial covenant is changed from (A)(x) a minimum excess availability requirement of $20 million when the fixed charge coverage ratio is greater than 1.00x or (y) a minimum excess availability requirement of $30 million when the fixed charge coverage ratio is less than 1.00x to (B) a springing minimum fixed charge coverage ratio of 1.00x when excess availability is less than $27.5 million, (iv) certain advance rates in respect of the borrowing base under the credit agreement are increased, and (v) the perpetual cash dominion requirement is replaced with a springing cash dominion requirement triggered only when excess availability is less than $45 million. In addition, Amendment No. 8 increased the interest rate margin applicable to the “Tranche A” revolving loans to 3.75% from a range of 2.50-3.00% and decreased the LIBOR “floor” applicable thereto from 1.75% to 0.50%. On May 7, 2021, the Company also entered into a successor agent appointment and agency transfer agreement pursuant to which MidCap Funding IV Trust ("MidCap") succeeded Citibank, N.A. as the collateral agent and administrative agent for the Amended 2016 Revolving Credit Agreement. Products Corporation has paid certain customary fees to MidCap and the lenders under the Amended 2016 Revolving Credit Facility in connection with Amendment No. 8. Amendment No. 8 included an extinguishment, as defined by ASC 470, Debt, with the prior lenders under the Company's Tranche A Revolving Credit facility and the substitution of such lenders under the revolving credit facility with a new lender, MidCap, with which the Company had no prior loans outstanding. In connection with this transaction: •Fees of $0.8 million paid to the old lenders that were extinguished under the Tranche A Revolving Credit facility were expensed within SG&A on the Company's Unaudited Consolidated Statement of Operations and Comprehensive Loss for the three and six months ended June 30, 2021; •Deferred financing costs associated with the extinguished, old lenders prior to the effective date of Amendment No. 8, amounting to approximately $4.7 million, were expensed within "Amortization of debt issuance costs” on the Company's Unaudited Consolidated Statement of Operations and Comprehensive Loss for the three and six months ended June 30, 2021; and •Fees of approximately $2.1 million paid to the new lender and third parties were recorded as deferred financing costs and are amortized in accordance with the straight-line method over the revised term of Tranche A through May 7, 2024. The above-mentioned Amendment No. 8 also included an extinguishment and a modification of a term loan in connection with the existing SISO facility. More specifically, in accordance with ASC 470, Debt: •Extinguishment accounting was applied to one existing prior lender, which is no longer involved with the SISO facility after Amendment No. 8. In connection with such extinguishment, deferred financing costs of approximately $1.4 million were expensed within "Amortization of debt issuance costs” on the Company's Unaudited Consolidated Statement of Operations and Comprehensive Loss for the three and six months ended June 30, 2021; and •Modification accounting was applied to those exiting lenders for which the cash flow effect between the amount owed to them before and after the consummation of Amendment No. 8, on a present value basis, was less than 10% and, thus, the debt instruments were not considered to be substantially different. In connection with such modification, fees of approximately $0.9 million paid to the lenders were recorded as deferred financing costs and are amortized to interest expense (together with previously exiting deferred financing costs associated with these lenders of approximately $4.0 million), in accordance with the new effective interest rate computed over the revised term of the SISO facility. Additionally, approximately $0.4 million of fees paid to third parties were expensed within SG&A on the Company's Unaudited Consolidated Statement of Operations and Comprehensive Loss for the three and six months ended June 30, 2021. Amendment No. 7 to the Amended 2016 Revolving Credit Agreement: Tranche A - Revolving Credit Facility and SISO Term Loan Facility On March 8, 2021, Products Corporation entered into Amendment No. 7 to the Amended 2016 Revolving Credit Agreement (“Amendment No. 7”). Amendment No. 7, among other things, made certain amendments pursuant to which: (i) the maturity date applicable to the “Tranche A” revolving loans under the Amended 2016 Revolving Credit Agreement was extended from September 7, 2021 to June 8, 2023; (ii) the commitments under the “Tranche A” revolving facility were reduced from $400 million to $300 million; and (iii) a new $100 million senior secured second-in, second-out term loan facility maturing June 8, 2023 (the “SISO Facility”) was established and Products Corporation borrowed $100 million of term loans thereunder. Except as to pricing, maturity, enforcement priority and certain voting rights, the terms of the SISO Facility are substantially consistent with the first-in, last-out “Tranche B” term loan facility under the Amended 2016 Revolving Credit Agreement, including as to guarantees and collateral. Term loans under the SISO Facility accrue interest at the LIBOR rate, subject to a floor of 1.75%, plus a margin of 5.75%. In addition, Amendment No. 7 increased the interest rate margin applicable to the “Tranche A” revolving loans by 0.50% to a range of 2.50% to 3.0%, depending on average excess revolving availability. Products Corporation paid certain customary fees to Citibank, N.A. and the lenders under the Amended 2016 Revolving Credit Facility in connection with Amendment No. 7. Amendment No. 7 represented an exchange of an existing revolving credit agreement with a new revolving credit agreement with the same lenders as defined by ASC 470, Debt, under the revolving credit facility. All pre-existing unamortized deferred financing costs associated with the old revolving credit agreement of approximately $0.8 million were added to the newly incurred deferred financing costs of approximately $4.2 million and their total of approximately $5.1 million started to be amortized in accordance with the straight-line method over the term of Tranche A through June 8, 2023. Additionally, approximately $4.3 million of new deferred financing costs were incurred in connection with the SISO Facility with the new lenders, which are amortized in accordance with the effective interest method over the term of the facility. 2021 Foreign Asset-Based Term Facility On March 2, 2021 (the “2021 ABTL Closing Date”), Revlon Finance LLC (the “ABTL Borrower”), a wholly owned indirect subsidiary of Products Corporation, certain foreign subsidiaries of Products Corporation party thereto as guarantors, the lenders party thereto and Blue Torch Finance LLC, as administrative agent and collateral agent (the “ABTL Agent”), entered into an Asset-Based Term Loan Credit Agreement (the “2021 Foreign Asset-Based Term Agreement”, and the term loan facility thereunder, the “2021 Foreign Asset-Based Term Facility”). Principal and Maturity: The 2021 Foreign Asset-Based Term Facility provides for a U.S. dollar-denominated senior secured asset-based term loan facility in an aggregate principal amount of $75 million, the full amount of which was funded on the closing of the facility. On the 2021 ABTL Closing Date, approximately $7.5 million of the proceeds of the 2021 Foreign Asset-Based Term Facility were deposited in an escrow account by the ABTL Agent pending completion of certain post-closing perfection actions with respect to certain foreign real property of the guarantors constituting collateral securing the 2021 Foreign Asset-Based Term Facility. The 2021 Foreign Asset-Based Term Facility has an uncommitted incremental facility pursuant to which it may be increased from time to time by up to the amount of the borrowing base in effect at the time such incremental facility is incurred, subject to certain conditions and the agreement of the lenders providing such increase. The proceeds of the loans under the 2021 Foreign Asset-Based Term Facility were used: (i) to repay in full the obligations under the Asset-Based Term Loan Credit Agreement, dated as of July 9, 2018, as amended, among the ABTL Borrower, the other subsidiaries of Products Corporation party thereto, the lenders party thereto and Citibank, N.A., as administrative agent and collateral agent (the “ABTL Refinancing”); (ii) to pay fees and expenses in connection with the 2021 Foreign Asset-Based Term Facility and the ABTL Refinancing; and (iii) for working capital and other general corporate purposes. The 2021 Foreign Asset-Based Term Facility matures on March 2, 2024, subject to a springing maturity date of August 1, 2023 if, on such date, any principal amount of loans under the 2016 Term Loan Agreement due September 7, 2023 remain outstanding. The 2021 Foreign Asset-Based Term Agreement requires the maintenance of a borrowing base supporting the borrowing thereunder, to be evidenced with the delivery of biweekly borrowing base certificates customary for facilities of this type, with more frequent reporting required upon the triggering of certain events. The borrowing base calculation under the 2021 Foreign Asset-Based Term Facility is based on the sum of: (i) 80% of eligible accounts receivable; (ii) 65% of the net orderly liquidation value of eligible finished goods inventory; and (iii) 45% of the mortgage value of eligible real property, in each case with respect to certain of Products Corporation’s subsidiaries organized in Australia, Bermuda, Germany, Italy, Spain and Switzerland (the “ABTL Borrowing Base Guarantors”). The borrowing bases in each jurisdiction are subject to certain customary availability reserves set by the ABTL Agent. Guarantees and Security: The 2021 Foreign Asset-Based Term Facility is guaranteed by the Borrowing Base Guarantors, as well as by the direct parent entities of each ABTL Borrowing Base Guarantor (not including Revlon, Inc. or Products Corporation) on a limited recourse basis (the “ABTL Parent Guarantors”) and by certain subsidiaries of Products Corporation organized in Mexico (the “ABTL Other Guarantors” and, together with the ABTL Borrower and the ABTL Borrowing Base Guarantors, the “ABTL Loan Parties”). The obligations of the ABTL Loan Parties and the ABTL Parent Guarantors under the 2021 Foreign Asset-Based Term Facility are secured by first-ranking pledges of the equity of each ABTL Loan Party (other than the Other Guarantors), the inventory and accounts receivable of the ABTL Borrowing Base Guarantors, the material bank accounts of each Loan Party, the material intercompany indebtedness owing to any Loan Party (including any intercompany loans made with the proceeds of the 2021 Foreign Asset-Based Term Facility) and certain other material assets of the ABTL Borrowing Base Guarantors, subject to customary exceptions and exclusions. The 2021 Foreign Asset-Based Term Facility includes a cash dominion feature customary for transactions of this type. Interest and Fees: Interest is payable on each interest payment date as set forth in the 2021 Foreign Asset-Based Term Agreement, and in any event at least quarterly, and accrues on borrowings under the 2021 Foreign Asset-Based Term Facility at a rate per annum equal to the LIBOR rate, with a floor of 1.50%, plus an applicable margin equal to 8.50%. The ABTL Borrower is obligated to pay certain fees and expenses in connection with the 2021 Foreign Asset-Based Term Facility, including a fee payable to Blue Torch Finance LLC for its services as Agent. Loans under the 2021 Foreign Asset-Based Term Facility may be prepaid without premium or penalty, subject to a prepayment premium equal to 3.0% of the aggregate principal amount of loans prepaid or repaid during the first year after the 2021 ABTL Closing Date, 2.0% of the aggregate principal amount of loans prepaid or repaid during the second year after the 2021 ABTL Closing Date and 1.0% of the aggregate principal amount of loans prepaid or repaid thereafter. Affirmative and Negative Covenants: The 2021 Foreign Asset-Based Term Agreement contains certain affirmative and negative covenants that, among other things, limit the ABTL Loan Parties’ ability to, subject to various exceptions and qualifications: (i) incur additional debt; (ii) incur liens; (iii) sell, transfer or dispose of assets; (iv) make investments; (v) make dividends and distributions on, or repurchases of, equity; (vi) make prepayments of contractually subordinated or junior lien debt; (vii) enter into certain transactions with their affiliates, including amending certain material intercompany agreements or trade terms; (viii) enter into sale-leaseback transactions; (ix) change their lines of business; (x) restrict dividends from their subsidiaries or restrict liens; (xi) change their fiscal year; and (xii) modify the terms of certain debt. The ABTL Parent Guarantors are subject to certain customary holding company covenants. The ability of the Loan Parties to make certain intercompany asset sales, investments, restricted payments and prepayments of intercompany debt is contingent on certain "cash movement conditions" or "payment conditions" being met, which among other things, require a certain level of liquidity for the applicable Loan Party to effect such type of transactions. The 2021 Foreign Asset-Based Term Agreement also contains a financial covenant requiring the ABTL Loan Parties to maintain a minimum average balance of cash and cash equivalents of $3.5 million, tested monthly, based on the last 10 business days of each month, subject to certain cure rights. The 2021 Foreign Asset-Based Term Agreement also contains certain customary representations, warranties and events of default. Prepayments: The ABTL Borrower must prepay loans under the 2021 Foreign Asset-Based Term Facility to the extent that outstanding loans exceed the borrowing base. In lieu of a mandatory prepayment, the Loan Parties may deposit cash into a designated U.S. bank account with the ABTL Agent that is subject to a control agreement (such cash, the “Qualified Cash”). If an event of default occurs and is continuing, the Qualified Cash may be applied, at the ABTL Agent’s option, to prepay the loans under the 2021 Foreign Asset-Based Term Facility. If the borrowing base subsequently exceeds the outstanding loans, the ABTL Borrower can withdraw Qualified Cash from such bank account to the extent of such excess. In addition, the 2021 Foreign Asset-Based Term Facility is subject to mandatory prepayments from the net proceeds from the incurrence by the Loan Parties of debt not permitted thereunder. As a result of the ABTL Refinancing and the closing of the 2021 Foreign Asset-Based Term Facility without the participation of MacAndrews & Forbes as a lender, MacAndrews & Forbes’ commitment in respect of the New European ABL FILO Facility under the 2020 Restated Line of Credit Facility terminated on the ABTL Closing Date in accordance with its terms. The proceeds from the 2021 Foreign Asset-Based Term Facility were used to extinguish the entire amount outstanding under the 2018 Foreign Asset-Based Term Facility as of the closing date, which was due on July 9, 2021. In connection with such extinguishment, approximately nil and $1.0 million of pre-existing unamortized deferred financing costs were expensed within "Amortization of Debt Issuance Costs" on the Company’s Unaudited Consolidated Statement of Operations and Comprehensive Loss for the three and six month periods ended June 30, 2021. In accordance with the terms of the 2021 Foreign Asset-Based Term Agreement, approximately $13.8 million of the proceeds from the transaction are held in escrow and are recorded within "Prepaid expenses and other assets" on the Company's Unaudited Consolidated Balance Sheet as of June 30, 2021. The Company incurred approximately $3.2 million of new debt issuance costs in connection with the closing of the 2021 Foreign Asset-Based Term Facility, which are amortized to interest expense in accordance with the effective interest method over the term of the facility. 2020 Troubled Debt Restructuring As a result of the 5.75% Senior Notes Exchange Offer, and following the applicability of the Troubled Debt Restructuring guidance in ASC 470, Debt, the Company recorded $57.8 million of future interest payments. During the three and six months ended June 30, 2021, the Company recorded $4.3 million and $7.9 million, respectively, of amortization of such future interest as an offset within "Interest expense, net" on the Company's Unaudited Consolidated Statement of Operations and Comprehensive Loss. Covenants Products Corporation was in compliance with all applicable covenants under the 2020 BrandCo Credit Agreement, 2016 Credit Agreements, the 2021 Foreign Asset-Based Term Facility, as well as with all applicable covenants under its 6.25% Senior Notes Indenture, in each case as of June 30, 2021. At June 30, 2021, the aggregate principal amounts outstanding and availability under Products Corporation’s various revolving credit facilities were as follows:
(a) Availability as of June 30, 2021 is based upon the Tranche A Revolving borrowing base then in effect under Amendment No.8 to the Amended 2016 Revolving Credit Facility of $155.6 million (which includes a $5.7 million reserve for the shortfall of the borrowing base that supports the 2020 ABL FILO Term Loans compared to the corresponding aggregate principal amount outstanding of $50 million), less $102.1 million then drawn. The Company’s foreign subsidiaries held $97.3 million out of the Company's total $109.8 million in cash and cash equivalents as of June 30, 2021. While the cash held by the Company’s foreign subsidiaries is primarily used to fund their operations, the Company regularly assesses its global cash needs and the available sources of cash to fund these needs, which regularly includes repatriating foreign-held cash to settle historical intercompany loans and other intercompany payables.
|
FAIR VALUE MEASUREMENTS |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Assets and liabilities are required to be categorized into three levels of fair value based upon the assumptions used to value the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3, if applicable, generally would require significant management judgment. The three levels for categorizing the fair value measurement of assets and liabilities are as follows: •Level 1: Fair valuing the asset or liability using observable inputs, such as quoted prices in active markets for identical assets or liabilities; •Level 2: Fair valuing the asset or liability using inputs other than quoted prices that are observable for the applicable asset or liability, either directly or indirectly, such as quoted prices for similar (as opposed to identical) assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and •Level 3: Fair valuing the asset or liability using unobservable inputs that reflect the Company’s own assumptions regarding the applicable asset or liability. As of both June 30, 2021 and December 31, 2020, the Company did not have any financial assets and liabilities that were required to be measured at fair value. As of June 30, 2021, the fair value and carrying value of the Company’s long-term debt, including the current portion of long-term debt, are categorized in the table below:
As of December 31, 2020, the fair value and carrying value of the Company’s long-term debt, including the current portion of long-term debt, are categorized in the table below:
(a) The fair value of the Company's long-term debt, including the current portion of long-term debt, is based on quoted market prices for similar issuances and maturities. The carrying amounts of the Company's cash and cash equivalents, trade receivables, notes receivable, accounts payable and short-term borrowings approximate their respective fair values.
|
FINANCIAL INSTRUMENTS |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS Letters of Credit Products Corporation maintains standby and trade letters of credit for various corporate purposes under which Products Corporation is obligated, of which $8.4 million and $7.8 million (including amounts available under credit agreements in effect at that time) were maintained as of June 30, 2021 and December 31, 2020, respectively. Included in these amounts are approximately $5.9 million and $5.3 million in standby letters of credit that primarily support Products Corporation’s workers compensation, general liability and automobile insurance programs, in each case as outstanding as of June 30, 2021 and December 31, 2020, respectively. At June 30, 2021 and December 31, 2020, respectively, all of the outstanding letters of credit were collateralized with a deposit of cash at the issuing financial institution. The estimated liability under such programs is accrued by Products Corporation.
|
PENSION AND POST-RETIREMENT BENEFITS |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PENSION AND POST-RETIREMENT BENEFITS | PENSION AND POST-RETIREMENT BENEFITS Net Periodic Benefit Cost The components of net periodic benefit costs for the Company's pension and the other post-retirement benefit plans for the three months ended June 30, 2021 and 2020, respectively, were as follows:
In the three months ended June 30, 2021, the Company recognized net periodic benefit cost of $1.0 million, compared to net periodic benefit cost of $1.5 million in the three months ended June 30, 2020, primarily due to lower interest costs partially offset by lower expected return on plan assets and higher amortization of actuarial loss. The components of net periodic benefit costs for the Company's pension and the other post-retirement benefit plans for the six months ended June 30, 2021 and 2020, respectively, were as follows:
In the six months ended June 30, 2021, the Company recognized net periodic benefit cost of $2.3 million, compared to net periodic benefit cost of $2.7 million in the six months ended June 30, 2020, primarily due to lower interest costs partially offset by lower expected return on plan assets and higher amortization of actuarial loss. Net periodic benefit costs are reflected in the Company's Consolidated Financial Statements as follows for the periods presented:
The Company expects that it will have net periodic benefit cost of approximately $5 million for its pension and other post-retirement benefit plans for all of 2021, compared with net periodic benefit cost of $4.0 million in 2020. Contributions: The Company’s intent is to fund at least the minimum contributions required to meet applicable federal employee benefit laws and local laws, or to directly pay benefit payments where appropriate. During the three months ended June 30, 2021, $3.3 million and $0.2 million were contributed to the Company’s pension plans and other post-retirement benefit plans, respectively. During the six months ended June 30, 2021, $16.8 million and $0.4 million were contributed to the Company's pension plans and other post-retirement benefit plans, respectively. During 2021, the Company expects to contribute approximately $21 million to $24 million in the aggregate to its pension and other post-retirement benefit plans once given effect to the provision of the American Rescue Plan signed into law by President Biden on March 11, 2021. The American Rescue Plan includes pension funding relief for both single employer and multiemployer plans. The single employer provisions provide for higher interest rates and a longer shortfall amortization period to be used for funding valuation and benefit restriction purposes. By default, the interest rate changes will take effect for the 2020 plan year (for both minimum contribution and benefit restriction purposes) and the change in the shortfall amortization period will take effect for the 2022 plan year. However, plan sponsors can elect to defer the interest rate changes to as late as 2022 or accelerate the change in shortfall amortization period to as early as 2019. As a result, each plan sponsor will need to assess the optimal effective date(s) for the relief and make any appropriate elections. As a result of the CARES Act passed by the U.S. Congress in March 2020 to address the economic environment resulting from COVID-19, and in accordance with the Limited Relief for Pension Funding and Retirement Plan Distributions provision of such act, the Company deferred to 2021 approximately $11.8 million of contributions that were otherwise scheduled to be paid to its two qualified pension plans at different earlier dates during 2020. The deferral was in effect only for 2020 and under the CARES relief provisions the Company was required to pay the contributions by no later than January 4, 2021, including interest at the plans’ 2020 effective interest rate from the original due date to the actual payment date. The Company paid the contributions by the due date.
|
STOCK COMPENSATION PLAN |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK COMPENSATION PLAN | STOCK COMPENSATION PLAN Revlon's amended Stock Plan provides for awards of stock options, stock appreciation rights, restricted or unrestricted stock and restricted stock units ("RSUs") to eligible employees and directors of Revlon and its affiliates, including Products Corporation. On June 3, 2021 Revlon’s stockholders approved an amendment to the Stock Plan to reserve an additional 2,000,000 shares and extend the term until August 2030. As a result, an aggregate of 8,565,000 shares were reserved for issuance as Awards under the Stock Plan, of which there remained approximately 2.6 million shares available for grant as of June 30, 2021. 2019 Transaction Incentive Program As of June 30, 2021, a total of 126,275 time-based RSUs under Tier 1 of the Revlon 2019 Transaction Incentive Program (the "2019 TIP") had been granted and are outstanding under the Stock Plan. The 2019 TIP also provided for the following cash-based awards payable to certain employees, subject to continued employment through the respective vesting dates: (i) Tier 1 - $6.8 million payable in two equal installments as of December 31, 2020 and December 31, 2021; and (ii) Tier 2 - $2.5 million payable in one installment as of December 31, 2020. Such RSUs and cash-based awards are eligible for vesting following a termination without cause or due to death or disability or if not assumed upon a change in control (the “Special Vesting Rules”). Since inception and through June 30, 2021, the Company granted $1.5 million cash-based awards, net of forfeitures, under Tier 1, which are being amortized over the period from the grant dates to December 31, 2021. The total amount amortized for this Tier 1 cash-based awards since the program's inception and through June 30, 2021 is approximately $4.1 million, of which $0.4 million and $1.0 million were recorded during the three and six months ended June 30, 2021, respectively. The amortization of such awards is recorded within "Acquisition, integration and divestiture costs" in the Company's Consolidated Statements of Operations and Comprehensive Loss. Long-Term Incentive Program. During the first quarter of 2021, the Company granted approximately 1.5 million time-based RSU awards under the Stock Plan (the "2021 LTIP RSUs") to certain employees. During the second quarter of 2021, the Company granted approximately 35,000 time-based RSU awards under the 2021 LTIP RSUs. The 2021 LTIP RSUs are 100% time-based and vests as follows: 50% in March 2022; 25% in March 2023; 25% in March 2024. During the first quarter of 2020, the Company granted approximately 1.3 million time-based and performance-based RSU awards under the Stock Plan (the "2020 LTIP RSUs") to certain employees. During the second quarter of 2020, there were no grants of 2020 LTIP RSUs. During the second quarter of 2021, the Company granted approximately 78,000 TIP awards with both a cash component and RSU component, all pursuant to the Stock Plan. These TIP awards are 100% time-based and vests as follows: 50% in June 2022; 50% in June 2023. The awards are subject to continued employment through the respective vesting dates. Time-Based LTIP and TIP RSUs The Company recognized $3.3 million and $5.6 million of net compensation expense related to the time-based LTIP and TIP RSUs for the three and six months ended June 30, 2021, respectively. As of June 30, 2021, the Company had $18.1 million of total deferred compensation expense related to non-vested, time-based LTIP and TIP RSUs. The cost is recognized over the vesting period of the awards, as described above. Performance-based LTIP RSUs The Company recognized $0.1 million and $0.5 million of net compensation expense related to the performance-based LTIP RSUs for the three and six months ended June 30, 2021, respectively. As of June 30, 2021, the Company had $12.1 million of total deferred compensation expense related to non-vested, performance-based LTIP RSUs. The cost is recognized over the service period of the awards, as described above. Acceleration of Vesting Under the aforementioned provisions for acceleration of vesting, as of June 30, 2021 and since the time these provisions became effective in September 2019, 56,876 LTIP RSUs and 47,388 2019 TIP Tier 1 RSUs were vested on an accelerated basis due to involuntary terminations, resulting in accelerated amortization of approximately $2.0 million. In addition, for the six months ended June 30, 2021 and under the same accelerated vesting provisions, the Company also recorded approximately $1.8 million of accelerated amortization in connection with the cash portion of the 2019 TIP Tier 1 and Tier 2 awards that were vested on an accelerated basis due to involuntary terminations. Approximately $0.2 million in accelerated amortization were recorded in connection with the cash portion of the 2019 TIP Tier 1 awards during each of the three and six months ended June 30, 2021. See the roll-forward table in the following sections of this Note 11 for activity related to the six months ended June 30, 2021. During the six months ended June 30, 2021, the activity related to time-based and performance-based RSUs previously granted to eligible employees and the grant date fair value per share related to these RSUs were as follows under the LTIP and 2019 TIP programs, respectively:
((a) The 2019 TIP provides for RSU awards that are only time-based. (b) Includes acceleration of vesting upon involuntary terminations for the three and six months ended June 30, 2021 of 6,283 and 7,234 RSUs, respectively, under the 2019 and 2018 LTIPs as well as 5,475 and 6,185 RSUs, respectively, under the 2019 TIP Tier I awards.
|
INCOME TAXES |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company's provision for income taxes represents federal, foreign, state and local income taxes. The Company's effective tax rate differs from the applicable federal statutory rate due to the effect of state and local income taxes, tax rates and income in foreign jurisdictions. The Company’s tax provision changes quarterly based on various factors including, but not limited to, the geographical level and mix of earnings; enacted tax legislation; foreign, state and local income taxes; tax audit settlements; and the interaction of various global tax strategies. The Company recorded a provision for income taxes of $7.2 million (Products Corporation - provision for income taxes of $7.3 million) for the three months ended June 30, 2021 and a benefit from income taxes of $9.9 million (Products Corporation - benefit from income taxes $9.6 million) for the three months ended June 30, 2020, respectively. The $17.1 million increase (Products Corporation $16.9 million in the provision for income taxes in the three months ended June 30, 2021, compared to the three months ended June 30, 2020, was primarily due to an increase in losses for which no tax benefit can be recognized. The Company recorded a provision for income taxes of $18.4 million (Products Corporation - provision for income taxes of $18.4 million) for the six months ended June 30, 2021 and a benefit from income taxes of $47.1 million (Products Corporation - benefit from income taxes of $46.5 million) for the six months ended June 30, 2020, respectively. The $65.5 million increase (Products Corporation - $64.9 million) in the provision for income taxes in the six months ended June 30, 2021, compared to the six months ended June 30, 2020, was primarily due to an increase in losses for which no tax benefit can be recognized. For the three and six month periods ended June 30, 2020, the Company concluded that the use of the cut-off tax rate method was more appropriate than the annual effective tax rate method, because the annual effective tax rate method would have not been reliable due to its sensitivity to minimal changes in forecasted annual pre-tax earnings. The Company's effective tax rate for the three and six month periods ended June 30, 2021 was lower than the federal statutory rate of 21% primarily due to losses for which no tax benefit can be recognized. On March 11, 2021, President Biden signed into law the “American Rescue Plan Act of 2021” (the "ARPA") which expands the Employee Retention Credit and the roster of ‘covered employees’ under §162(m) deduction limits. The ARPA did not have a significant impact on the Company’s financial results. The Company's effective tax rate for the three and six month periods ended June 30, 2020 was lower than the federal statutory rate of 21% primarily due to the impact of non-deductible impairment charges and the valuation allowance related to the limitation on the deductibility of interest, partially offset by the impact of the "Coronavirus Aid, Relief and Economic Security Act" (the "CARES Act"), signed into law on March 27, 2020 by President Trump, which resulted in a partial release of a valuation allowance on the Company's 2019 federal tax attributes associated with the limitation on the deductibility of interest. The CARES Act, among other things, includes provisions providing for refundable payroll tax credits, the deferral of employer social security tax payments, acceleration of alternative minimum tax credit refunds and the increase of the net interest deduction limitation from 30% to 50%. The Company adopted the net interest deduction limitation of 50% for the taxable period ending December 31, 2020 as outlined in the CARES Act. In assessing the recoverability of its deferred tax assets, the Company continually evaluates all available positive and negative evidence to assess the amount of deferred tax assets for which it is more likely than not to realize a benefit. For any deferred tax asset in excess of the amount for which it is more likely than not that the Company will realize a benefit, the Company establishes a valuation allowance. A valuation allowance is a non-cash charge, and it in no way limits the Company's ability to utilize its deferred tax assets, including its ability to utilize tax loss and credit carryforward amounts. For further information, see Note 13, "Income Taxes," to the Consolidated Financial Statements in the Company's 2020 Form 10-K and Item 1A. “Risk Factors - Uncertainties in the interpretation and application of the income tax provisions could have a material impact on the Company's financial condition, results of operations and/or cash flows” in the Company's 2020 Form 10-K.
|
ACCUMULATED OTHER COMPREHENSIVE LOSS |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS A roll-forward of the Company's accumulated other comprehensive loss as of June 30, 2021 is as follows:
(a) Amounts represent the change in accumulated other comprehensive loss as a result of the amortization of actuarial losses (gains) arising during each year related to the Company’s pension and other post-retirement plans. See Note 10, "Pension and Post-retirement Benefits," for further information on the Company’s pension and other post-retirement plans. For the six months ended June 30, 2021 and 2020, the Company did not have any activity related to derivative instruments.
|
SEGMENT DATA AND RELATED INFORMATION |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT DATA AND RELATED INFORMATION | SEGMENT DATA AND RELATED INFORMATION Operating Segments Operating segments include components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (the Company's "Chief Executive Officer") in deciding how to allocate resources and in assessing the Company's performance. As a result of the similarities in the procurement, manufacturing and distribution processes for the Company’s products, much of the information provided in the Consolidated Financial Statements and provided in the segment table below is similar to, or the same as, that reviewed on a regular basis by the Company's Chief Executive Officer. The Company operates in four brand-centric reporting units that are aligned with its organizational structure based on four global brand teams: Revlon; Elizabeth Arden; Portfolio; and Fragrances, which represent the Company's four reporting segments. The Company's management evaluates segment profit for each of the Company's reportable segments. The Company allocates corporate expenses to each reportable segment to arrive at segment profit, and these expenses are included in the internal measure of segment operating performance. The Company defines segment profit as income from continuing operations before interest, taxes, depreciation, amortization, stock-based compensation expense, gains/losses on foreign currency fluctuations, gains/losses on the early extinguishment of debt and miscellaneous expenses. Segment profit also excludes the impact of certain items that are not directly attributable to the reportable segments' underlying operating performance. Such items are shown below in the table reconciling segment profit to consolidated income from continuing operations before income taxes. The Company does not have any material inter-segment sales. The accounting policies for each of the reportable segments are the same as those described in the Company's 2020 Form 10-K, in Note 1, "Description of Business and Summary of Significant Accounting Policies." The Company's assets and liabilities are managed centrally and are reported internally in the same manner as the Consolidated Financial Statements; thus, no additional information regarding assets and liabilities of the Company’s reportable segments is produced for the Company's Chief Executive Officer or included in these Consolidated Financial Statements. The following table is a comparative summary of the Company’s net sales and segment profit for Revlon and Products Corporation by reportable segment for the periods presented. Revlon, Inc.
Products Corporation
As of June 30, 2021, the Company had operations established in approximately 25 countries outside of the U.S. and its products are sold throughout the world. Generally, net sales by geographic area are presented by attributing revenues from external customers on the basis of where the products are sold. The following tables present the Company's segment net sales by geography and total net sales by classes of similar products for the periods presented:
* The EMEA region includes Europe, the Middle East and Africa; the Latin America region includes Mexico, Central America and South America; and the Pacific region includes Australia and New Zealand.
The following table presents the Company's long-lived assets by geographic area:
|
REVLON, INC. BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVLON, INC. BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE | REVLON, INC. BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE Following are the components of Revlon's basic and diluted loss per common share for the periods presented:
(a) These are outstanding common stock equivalents that were not included in the computation of Revlon's diluted earnings per common share because their inclusion would have had an anti-dilutive effect.
|
CONTINGENCIES |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES Citibank Litigation In the matter captioned In re Citibank August 11, 2020 Wire Transfers, No. 20-cv-06539-JMF (S.D.N.Y. Feb. 16, 2021) (the “Citi Decision”), the United States District Court for the Southern District of New York held that certain wire transfers mistakenly paid by Citibank, N.A. (“Citi”) from its own funds on August 11, 2020 to holders of term loans issued to Revlon under a Term Credit Agreement dated as of September 7, 2016 (as amended, the “2016 Facility”) were final and complete transactions not subject to revocation. The wire payments at issue were made to all lenders under the 2016 Facility in amounts equaling the principal and interest outstanding on the loans at that time. Certain lenders that received the payments returned the funds soon after the mistaken transfer, but holders of approximately $504 million did not, and as a result of the Citi Decision those lenders are entitled to keep the funds in discharge of their debt. Citi has appealed the Citi Decision. Citi has also asserted subrogation rights, but, as yet, there has been no determination of those rights (if any) under the 2016 Facility and Revlon has not taken a position on this issue. In these circumstances, it is the current intention of the Company to continue to make the scheduled payments under the 2016 Facility as if the full amount of the 2016 Facility remains outstanding. The Company is involved in various routine legal proceedings incidental to the ordinary course of its business. The Company believes that the outcome of all pending legal proceedings in the aggregate is not reasonably likely to have a material adverse effect on the Company’s business, prospects, results of operations, financial condition and/or cash flows. However, in light of the uncertainties involved in legal proceedings generally, the ultimate outcome of a particular matter could be material to the Company’s operating results for a particular period depending on, among other things, the size of the loss or the nature of the liability imposed and the level of the Company’s income for that particular period.
|
RELATED PARTY TRANSACTIONS |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Transfer and Reimbursement Agreements Revlon, Products Corporation and MacAndrews & Forbes have entered into reimbursement agreements (the "Reimbursement Agreements") pursuant to which: (i) MacAndrews & Forbes is obligated to provide (directly or through its affiliates) certain professional and administrative services, including, without limitation, employees, to the Company, and to purchase services from third-party providers, such as insurance, legal, accounting and air transportation services, on behalf of the Company, to the extent requested by Products Corporation; and (ii) Products Corporation is obligated to provide certain professional and administrative services, including, without limitation, employees, to MacAndrews & Forbes and to purchase services from third-party providers, such as insurance, legal and accounting services, on behalf of MacAndrews & Forbes, to the extent requested by MacAndrews & Forbes, provided that in each case the performance of such services does not cause an unreasonable burden to MacAndrews & Forbes or Products Corporation, as the case may be. The Company reimburses MacAndrews & Forbes for the allocable costs of the services that MacAndrews & Forbes purchases for or provides to the Company and for the reasonable out-of-pocket expenses that MacAndrews & Forbes incurs in connection with the provision of such services. MacAndrews & Forbes reimburses Products Corporation for the allocable costs of the services that Products Corporation purchases for or provides to MacAndrews & Forbes and for the reasonable out-of-pocket expenses incurred by Products Corporation in connection with the purchase or provision of such services. Each of the Company, on the one hand, and MacAndrews & Forbes, on the other, has agreed to indemnify the other party for losses arising out of the services provided by it under the Reimbursement Agreements, other than losses resulting from its willful misconduct or gross negligence. The Reimbursement Agreements may be terminated by either party on 90 days' notice. The Company does not intend to request services under the Reimbursement Agreements unless their costs would be at least as favorable to the Company as could be obtained from unaffiliated third parties. The Company participates in MacAndrews & Forbes' directors and officers liability insurance program (the "D&O Insurance Program"), as well as its other insurance coverages, such as property damage, business interruption, liability and other coverages, which cover the Company, as well as MacAndrews & Forbes and its subsidiaries. The limits of coverage for certain of the policies are available on an aggregate basis for losses to any or all of the participating companies and their respective directors and officers. The Company reimburses MacAndrews & Forbes from time-to-time for their allocable portion of the premiums for such coverage or the Company pays the insurers directly, which premiums the Company believes are more favorable than the premiums that the Company would pay were it to secure stand-alone coverage. Any amounts paid by the Company directly to MacAndrews & Forbes in respect of premiums are included in the amounts paid under the Reimbursement Agreements. To ensure the availability of directors and officers liability insurance coverage through January 2023, the Company and MacAndrews & Forbes agreed to collectively make payments under MacAndrews & Forbes’ D&O Insurance Program. In furtherance of such arrangement, during 2020, the Company made a payment of approximately $5.3 million to MacAndrews & Forbes under the Reimbursement Agreements. The Company expects to make a further payment of approximately $1.4 million in the second half of 2021 in respect of its participation in the D&O Insurance Program. The net activity related to services purchased under the Transfer and Reimbursement Agreements during the six months ended June 30, 2021 and 2020 was approximately $0.1 million and $0.3 million income, respectively. As of both June 30, 2021 and December 31, 2020, a receivable balance of $0.1 million from MacAndrews & Forbes was included in the Company's Unaudited Consolidated Balance Sheet for transactions subject to the Transfer and Reimbursement Agreements. Tax Sharing Agreements As a result of a debt-for-equity exchange transaction completed in March 2004 (the "2004 Revlon Exchange Transactions"), as of March 25, 2004, Revlon, Products Corporation and their U.S. subsidiaries were no longer included in the MacAndrews & Forbes Group for U.S. federal income tax purposes. Registration Rights Agreement Prior to the consummation of Revlon's initial public equity offering in February 1996, Revlon and Revlon Worldwide Corporation (which subsequently merged into REV Holdings LLC, a Delaware limited liability company and a wholly-owned subsidiary of MacAndrews & Forbes ("REV Holdings")), the then direct parent of Revlon entered into a registration rights agreement (the "Registration Rights Agreement"). In February 2003, MacAndrews & Forbes executed a joinder agreement to the Registration Rights Agreement, pursuant to which REV Holdings, MacAndrews & Forbes and certain transferees of Revlon's Common Stock held by REV Holdings (the "Holders") have the right to require Revlon to register under the Securities Act all or part of the Class A Common Stock owned by such Holders, including, without limitation, the shares of Class A Common Stock purchased by MacAndrews & Forbes in connection with Revlon's 2003 $50.0 million equity rights offering and the shares of Class A Common Stock which were issued to REV Holdings upon its conversion of all 3,125,000 shares of its Class B Common Stock in October 2013 (a "Demand Registration"). In connection with closing the 2004 Revlon Exchange Transactions and pursuant to the 2004 Investment Agreement, MacAndrews & Forbes executed a joinder agreement that provided that MacAndrews & Forbes would also be a Holder under the Registration Rights Agreement and that all shares acquired by MacAndrews & Forbes pursuant to the 2004 Investment Agreement are deemed to be registrable securities under the Registration Rights Agreement. This included all of the shares of Class A Common Stock acquired by MacAndrews & Forbes in connection with Revlon’s March 2006 $110 million rights offering of shares of its Class A Common Stock and related private placement to MacAndrews & Forbes, and Revlon’s January 2007 $100 million rights offering of shares of its Class A Common Stock and related private placement to MacAndrews & Forbes. Pursuant to the Registration Rights Agreement, in 2009 Revlon registered under the Securities Act all 9,336,905 shares of Class A Common Stock issued to MacAndrews & Forbes in the 2009 Exchange Offer, in which, among other things, Revlon issued to MacAndrews & Forbes shares of Class A Common Stock at a ratio of one share of Class A Common Stock for each $5.21 of outstanding principal amount of the then-outstanding Senior Subordinated Term Loan that MacAndrews & Forbes contributed to Revlon Revlon may postpone giving effect to a Demand Registration for a period of up to 30 days if Revlon believes such registration might have a material adverse effect on any plan or proposal by Revlon with respect to any financing, acquisition, recapitalization, reorganization or other material transaction, or if Revlon is in possession of material non-public information that, if publicly disclosed, could result in a material disruption of a major corporate development or transaction then pending or in progress or could result in other material adverse consequences to Revlon. In addition, the Holders have the right to participate in registrations by Revlon of its Class A Common Stock (a "Piggyback Registration"). The Holders will pay all out-of-pocket expenses incurred in connection with any Demand Registration. Revlon will pay any expenses incurred in connection with a Piggyback Registration, except for underwriting discounts, commissions and expenses attributable to the shares of Class A Common Stock sold by such Holders. As of June 30, 2021, MacAndrews & Forbes beneficially owned approximately 86.2% of Revlon's Class A Common Stock, which at such date was Revlon's only class of capital stock outstanding. As a result, MacAndrews & Forbes is able to elect Revlon’s entire Board of Directors and control the vote on all matters submitted to a vote of Revlon's stockholders. MacAndrews & Forbes is beneficially owned by Ronald O. Perelman. Mr. Perelman is Chairman of Revlon’s and Products Corporation's Board of Directors. Other Certain of Products Corporation’s debt obligations, including the 2016 Credit Agreements and Products Corporation's Senior Notes, have been, and may in the future be, supported by, among other things, guarantees from all of Products Corporation's domestic subsidiaries (subject to certain limited exceptions) and, for the 2016 Credit Agreements, guarantees from Revlon. The obligations under such guarantees are secured by, among other things, all of the capital stock of Products Corporation and, its domestic subsidiaries (subject to certain limited exceptions) and 66% of the capital stock of Products Corporation's and its domestic subsidiaries' first-tier foreign subsidiaries. During the six months ended June 30, 2021 and 2020, the Company engaged several companies in which MacAndrews & Forbes had a controlling interest to provide the Company with various ordinary course business services. These services included processing approximately $5.6 million and $14.2 million of coupon redemptions for the Company's retail customers for the six months ended June 30, 2021 and 2020, respectively, for which the Company incurred fees of approximately $0.2 million and $0.4 million for the six months ended June 30, 2021 and 2020, respectively, and other similar advertising, coupon redemption and raw material supply services, for which the Company had net payables aggregating to approximately $0.3 million as of both June 30, 2021 and December 31, 2020. As of June 30, 2021 and December 31, 2020, payable balances of $0.2 million and approximately $0.6 million, respectively, were included in the Company's Consolidated Balance Sheet for the aforementioned coupon redemption services. The Company believes that its engagement of each of these affiliates was on arm's length terms, taking into account each firm's expertise in its respective field, and that the fees paid or received were at least as favorable as those available from unaffiliated parties.
|
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION | PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION Products Corporation's 6.25% Senior Notes are fully and unconditionally guaranteed on a senior basis by certain of Products Corporation’s direct and indirect wholly-owned domestic subsidiaries (the "Guarantors Subsidiaries"). The following Condensed Consolidating Financial Statements present the financial information as of June 30, 2021 and December 31, 2020, and for each of the six months June 30, 2021 and 2020 for: (i) Products Corporation on a stand-alone basis; (ii) the Guarantor Subsidiaries on a stand-alone basis; (iii) the subsidiaries of Products Corporation that did not guarantee and do not guarantee Products Corporation's 6.25% Senior Notes (the "Non-Guarantor Subsidiaries") on a stand-alone basis; and; (iv) Products Corporation, the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries on a consolidated basis. The Condensed Consolidating Financial Statements are presented on the equity method, under which the investments in subsidiaries are recorded at cost and adjusted to the applicable share of the subsidiary's cumulative results of operations, capital contributions, distributions and other equity changes. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions.
|
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The preparation of the Company's Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the Consolidated Financial Statements in the period they are determined to be necessary. Significant estimates made in the accompanying Consolidated Financial Statements include, but are not limited to: expected sales returns; certain assumptions related to the valuation of acquired intangible and long-lived assets and the recoverability of goodwill, intangible and long-lived assets; income taxes, including deferred tax valuation allowances and reserves for estimated tax liabilities; and certain estimates and assumptions used in the calculation of the net periodic benefit (income) costs and the projected benefit obligations for the Company’s pension and other post-retirement plans, including the expected long-term return on pension plan assets and the discount rate used to value the Company’s pension benefit obligations. The Unaudited Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and related notes contained in Revlon's Annual Report on Form 10-K for the fiscal year ended December 31, 2020 ("2020 Form 10-K"). The Company's results of operations and financial position for the interim periods are not indicative of those to be expected for the full year.
|
Recently Evaluated and/or Adopted and Recently Issued Accounting Pronouncements | Recently Evaluated and/or Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standard Board ("FASB") issued Accounting Standard Update ("ASU") No. 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes," which removes certain exceptions for recognizing deferred taxes for investments, performing intra-period allocations, calculating income taxes in interim periods and how a company accounts for future events. This ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. The Company adopted this guidance as of January 1, 2021. The adoption of this new guidance did not have any significant impacts on the Company’s results of operations, financial condition and/or financial statement disclosures. Recently Issued Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The new guidance under ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is in the process of assessing the impact, if any, that ASU No. 2020-04 is expected to have on the Company’s results of operations, financial condition and/or financial statement disclosures. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," which was subsequently amended in November 2018 through ASU No. 2018-19, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses." ASU No. 2016-13 will require entities to estimate lifetime expected credit losses for trade and other receivables, net investments in leases, financing receivables, debt securities and other instruments, which will result in earlier recognition of credit losses. Further, the new credit loss model will affect how entities in all industries estimate their allowance for losses for receivables that are current with respect to their payment terms. In November 2019, the FASB issued ASU No. 2019-10, which, among other things, deferred the application of the new guidance on credit losses for smaller reporting companies ("SRC") to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. This guidance will be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., a modified-retrospective approach). Under the above-mentioned deferral, the Company expects to adopt ASU No. 2016-03, and the related ASU No. 2018-19 amendments, beginning as of January 1, 2023 and is in the process of assessing the impact, if any, that this new guidance is expected to have on the Company’s results of operations, financial condition and/or financial statement disclosures.
|
RESTRUCTURING CHARGES (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring and Related Charges | A summary of the RGGA charges incurred since its inception in March 2020 and through June 30, 2021 is presented in the following table:
(a) Lease-related charges are recorded within SG&A in the Company’s Consolidated Statement of Operations and Comprehensive Loss. (b) Other related charges are recorded within SG&A and cost of sales in the Company’s Consolidated Statement of Operations and Comprehensive Loss. A summary of the RGGA restructuring charges incurred since its inception in March 2020 and through June 30, 2021 by reportable segment is presented in the following table:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Liability Balance and Activity of Restructuring Programs | The liability balance and related activity for each of the Company's restructuring programs are presented in the following table:
|
INVENTORIES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Inventories | The Company's net inventory balances consisted of the following:
|
PROPERTY, PLANT AND EQUIPMENT (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Property, Plant and Equipment Balances | The Company's property, plant and equipment, net balances consisted of the following:
|
GOODWILL AND INTANGIBLE ASSETS, NET (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Goodwill by Segment | The following table presents the changes in goodwill by segment for the six months ended June 30, 2021:
(a) Amount refers to cumulative goodwill impairment charges related to impairments recognized in 2015, 2017, 2018 and 2020.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Finite-Lived Intangible Assets | The following tables present details of the Company's total intangible assets as of June 30, 2021 and December 31, 2020:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Indefinite-Lived Intangible Assets | The following tables present details of the Company's total intangible assets as of June 30, 2021 and December 31, 2020:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Estimated Future Amortization Expense | The following table reflects the estimated future amortization expense for each period presented, a portion of which is subject to exchange rate fluctuations, for the Company's finite-lived intangible assets as of June 30, 2021:
|
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Accrued Expenses and Other Current Liabilities | The Company's accrued expenses and other current liabilities consisted of the following:
|
DEBT (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Long-Term Debt | The table below details the Company's debt balances, net of discounts and debt issuance costs.
(*)The weighted average interest rate on these short-term borrowings outstanding at June 30, 2021 and December 31, 2020 was 11.4% and 11.7%, respectively.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Line of Credit Facilities | At June 30, 2021, the aggregate principal amounts outstanding and availability under Products Corporation’s various revolving credit facilities were as follows:
|
FAIR VALUE MEASUREMENTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value | As of June 30, 2021, the fair value and carrying value of the Company’s long-term debt, including the current portion of long-term debt, are categorized in the table below:
As of December 31, 2020, the fair value and carrying value of the Company’s long-term debt, including the current portion of long-term debt, are categorized in the table below:
(a) The fair value of the Company's long-term debt, including the current portion of long-term debt, is based on quoted market prices for similar issuances and maturities.
|
PENSION AND POST-RETIREMENT BENEFITS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Net Periodic Benefit Costs | The components of net periodic benefit costs for the Company's pension and the other post-retirement benefit plans for the three months ended June 30, 2021 and 2020, respectively, were as follows:
The components of net periodic benefit costs for the Company's pension and the other post-retirement benefit plans for the six months ended June 30, 2021 and 2020, respectively, were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Classification of Net Periodic Benefit Costs | Net periodic benefit costs are reflected in the Company's Consolidated Financial Statements as follows for the periods presented:
|
STOCK COMPENSATION PLAN (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units award activity | During the six months ended June 30, 2021, the activity related to time-based and performance-based RSUs previously granted to eligible employees and the grant date fair value per share related to these RSUs were as follows under the LTIP and 2019 TIP programs, respectively:
((a) The 2019 TIP provides for RSU awards that are only time-based. (b) Includes acceleration of vesting upon involuntary terminations for the three and six months ended June 30, 2021 of 6,283 and 7,234 RSUs, respectively, under the 2019 and 2018 LTIPs as well as 5,475 and 6,185 RSUs, respectively, under the 2019 TIP Tier I awards.
|
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | A roll-forward of the Company's accumulated other comprehensive loss as of June 30, 2021 is as follows:
(a) Amounts represent the change in accumulated other comprehensive loss as a result of the amortization of actuarial losses (gains) arising during each year related to the Company’s pension and other post-retirement plans. See Note 10, "Pension and Post-retirement Benefits," for further information on the Company’s pension and other post-retirement plans.
|
SEGMENT DATA AND RELATED INFORMATION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following table is a comparative summary of the Company’s net sales and segment profit for Revlon and Products Corporation by reportable segment for the periods presented. Revlon, Inc.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Sales and Long-Lived Assets by Geographic Area | The following tables present the Company's segment net sales by geography and total net sales by classes of similar products for the periods presented:
* The EMEA region includes Europe, the Middle East and Africa; the Latin America region includes Mexico, Central America and South America; and the Pacific region includes Australia and New Zealand. The following table presents the Company's long-lived assets by geographic area:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Sales by Classes of Similar Products |
|
REVLON, INC. BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Basic and Diluted Loss Per Share | Following are the components of Revlon's basic and diluted loss per common share for the periods presented:
(a) These are outstanding common stock equivalents that were not included in the computation of Revlon's diluted earnings per common share because their inclusion would have had an anti-dilutive effect.
|
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations and and Comprehensive (Loss) Income |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows |
|
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Liquidity position | $ 153.1 | |
Cash and cash equivalents | 109.8 | $ 97.1 |
Outstanding checks | 10.2 | |
2016 Revolving Credit Agreement | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Remaining borrowing capacity | 53.5 | |
Amount outstanding | 282.1 | |
Foreign Subsidiaries | ||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||
Cash and cash equivalents | $ 97.3 |
RESTRUCTURING CHARGES - Narrative (Details) - RGGA Program - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs recognized to date | $ 86.0 | $ 68.8 |
Employee severance, other personnel benefits and other costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs recognized to date | 64.3 | $ 50.5 |
Lease and other restructuring-related charges | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs recognized to date | $ 21.7 |
INVENTORIES (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 315.8 | $ 356.7 |
Raw materials and supplies | 103.9 | 97.1 |
Work-in-process | 22.2 | 8.8 |
Inventories | $ 441.9 | $ 462.6 |
PROPERTY, PLANT AND EQUIPMENT - Property, Plant and Equipment (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Right-of-Use assets | $ 80.7 | $ 87.0 |
Property, plant and equipment and Right-of-Use assets, net | 321.6 | 352.0 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 11.1 | 11.4 |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 45.8 | 48.3 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 90.7 | 98.7 |
Office furniture, fixtures and capitalized software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 68.3 | 76.2 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 19.6 | 21.3 |
Construction-in-progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | $ 5.4 | $ 9.1 |
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Property, Plant and Equipment [Abstract] | |||||
Depreciation and amortization expense | $ 17.1 | $ 23.9 | $ 34.2 | $ 40.9 | |
Accumulated depreciation and amortization | $ 549.1 | $ 549.1 | $ 528.9 |
GOODWILL AND INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill impairment charge | $ 0 | $ 11,200,000 | $ 0 | $ 111,000,000.0 |
Finite-lived intangible assets impairment | 0 | 0 | 0 | 0 |
Indefinite-lived intangible assets impairment | 0 | 8,600,000 | 0 | 33,100,000 |
Amortization expense | $ 8,600,000 | $ 8,200,000 | $ 17,000,000.0 | $ 16,700,000 |
GOODWILL AND INTANGIBLE ASSETS, NET - Changes in Goodwill by Segment (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Goodwill [Roll Forward] | |
Beginning Balance | $ 563.7 |
Ending Balance | 563.3 |
Operating segments | |
Goodwill [Roll Forward] | |
Beginning Balance | 563.7 |
Foreign currency translation adjustment | (0.4) |
Ending Balance | 563.3 |
Cumulative goodwill impairment charges | (166.2) |
Operating segments | Revlon | |
Goodwill [Roll Forward] | |
Beginning Balance | 265.4 |
Foreign currency translation adjustment | (0.1) |
Ending Balance | 265.3 |
Operating segments | Portfolio | |
Goodwill [Roll Forward] | |
Beginning Balance | 87.9 |
Foreign currency translation adjustment | (0.1) |
Ending Balance | 87.8 |
Operating segments | Elizabeth Arden | |
Goodwill [Roll Forward] | |
Beginning Balance | 89.5 |
Foreign currency translation adjustment | (0.1) |
Ending Balance | 89.4 |
Operating segments | Fragrance | |
Goodwill [Roll Forward] | |
Beginning Balance | 120.9 |
Foreign currency translation adjustment | (0.1) |
Ending Balance | $ 120.8 |
GOODWILL AND INTANGIBLE ASSETS, NET - Estimated Future Amortization Expense (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2021 | $ 16.6 | |
2022 | 32.6 | |
2023 | 30.9 | |
2024 | 27.6 | |
2025 | 26.4 | |
Thereafter | 163.7 | |
Net Carrying Amount | $ 297.8 | $ 314.9 |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Components of Accrued Expenses and Other (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Schedule of Accrued Liabilities [Line Items] | ||
Sales returns and allowances | $ 68.6 | $ 95.5 |
Advertising, marketing and promotional costs | 102.0 | 96.3 |
Taxes | 49.2 | 41.8 |
Compensation and related benefits | 49.1 | 50.1 |
Interest | 30.9 | 29.6 |
Professional services and insurance | 18.9 | 18.6 |
Short-term lease liability | 15.7 | 16.6 |
Freight and distribution costs | 14.7 | 9.5 |
Restructuring reserve | 5.5 | 13.8 |
Software | 3.2 | 3.1 |
Other | 46.1 | 46.0 |
Total | 403.9 | 420.9 |
Revlon Consumer Products Corporation | ||
Schedule of Accrued Liabilities [Line Items] | ||
Taxes | 61.0 | 44.8 |
Total | $ 415.7 | $ 423.2 |
DEBT - Foreign Subsidiaries (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Cash and cash equivalents | $ 109.8 | $ 97.1 |
Foreign Subsidiaries | ||
Debt Instrument [Line Items] | ||
Cash and cash equivalents | $ 97.3 |
FAIR VALUE MEASUREMENTS - Schedule of Fair Values of Financial Liabilities (Details) - USD ($) |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items] | ||
Financial assets required to be measured at fair value | $ 0 | $ 0 |
Financial liabilities required to be measured at fair value | 0 | 0 |
Liabilities: | ||
Long-term debt, including current portion, Fair Value | 2,649,700,000 | 2,168,900,000 |
Long-term debt, including current portion, Carrying Value | 3,429,100,000 | 3,322,500,000 |
Level 1 | ||
Liabilities: | ||
Long-term debt, including current portion, Fair Value | 0 | 0 |
Level 2 | ||
Liabilities: | ||
Long-term debt, including current portion, Fair Value | 2,649,700,000 | 2,168,900,000 |
Level 3 | ||
Liabilities: | ||
Long-term debt, including current portion, Fair Value | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Standby letters of credit which support products corporations workers compensation, general liability and automobile insurance programs | ||
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Standby and trade letters of credit for various corporate purposes | $ 5.9 | $ 5.3 |
Sublimit, letters of credit | ||
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Standby and trade letters of credit for various corporate purposes | $ 8.4 | $ 7.8 |
PENSION AND POST-RETIREMENT BENEFITS - Classification of Net Periodic Pension (Income) Costs (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total net periodic benefit costs | $ 1.0 | $ 1.5 | $ 2.3 | $ 2.7 | $ 4.0 |
Selling, general and administrative expense | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total net periodic benefit costs | 0.3 | 0.4 | 0.7 | 0.8 | |
Miscellaneous, net | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Total net periodic benefit costs | $ 0.7 | $ 1.1 | $ 1.6 | $ 1.9 |
INCOME TAXES (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Tax Disclosure [Line Items] | ||||
Provision for (benefit from) income taxes | $ 7.2 | $ (9.9) | $ 18.4 | $ (47.1) |
Increase in provision from income taxes | 17.1 | 65.5 | ||
Revlon Consumer Products Corporation | ||||
Income Tax Disclosure [Line Items] | ||||
Provision for (benefit from) income taxes | 7.3 | $ (9.6) | 18.4 | $ (46.5) |
Increase in provision from income taxes | $ 16.9 | $ 64.9 |
ACCUMULATED OTHER COMPREHENSIVE LOSS - Roll-forward of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||||||||
Beginning balance | $ (1,958.7) | $ (1,862.0) | $ (1,435.8) | $ (1,221.2) | $ (1,862.0) | $ (1,221.2) | ||||||||||
Foreign currency translation adjustment, net of tax | (0.5) | 10.3 | (5.4) | 5.1 | ||||||||||||
Amortization of pension related costs, net of tax | [1],[2] | 3.5 | 4.0 | 7.0 | 6.5 | |||||||||||
Other comprehensive loss, net | 3.0 | [3] | (1.4) | [3] | 14.3 | [3] | (2.7) | [3] | 1.6 | 11.6 | ||||||
Ending balance | (2,020.0) | (1,958.7) | (1,548.5) | (1,435.8) | (2,020.0) | (1,548.5) | ||||||||||
Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||||||||
Beginning balance | (279.3) | (277.9) | (250.1) | (247.4) | (277.9) | (247.4) | ||||||||||
Other comprehensive loss, net | [3] | 3.0 | (1.4) | 14.3 | (2.7) | |||||||||||
Ending balance | (276.3) | (279.3) | $ (235.8) | $ (250.1) | (276.3) | $ (235.8) | ||||||||||
Foreign Currency Translation | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||||||||
Beginning balance | (17.1) | (17.1) | ||||||||||||||
Foreign currency translation adjustment, net of tax | (5.4) | |||||||||||||||
Other comprehensive loss, net | (5.4) | |||||||||||||||
Ending balance | (22.5) | (22.5) | ||||||||||||||
Actuarial (Loss) Gain on Post-retirement Benefits | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||||||||
Beginning balance | (260.5) | (260.5) | ||||||||||||||
Amortization of pension related costs, net of tax | 7.0 | |||||||||||||||
Other comprehensive loss, net | 7.0 | |||||||||||||||
Ending balance | (253.5) | (253.5) | ||||||||||||||
Other | ||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||||||||
Beginning balance | $ (0.3) | (0.3) | ||||||||||||||
Other comprehensive loss, net | 0.0 | |||||||||||||||
Ending balance | $ (0.3) | $ (0.3) | ||||||||||||||
|
SEGMENT DATA AND RELATED INFORMATION - Narrative (Details) |
6 Months Ended |
---|---|
Jun. 30, 2021
reporting_unit
country
brand_team
| |
Segment Reporting Information [Line Items] | |
Number of reporting units | reporting_unit | 4 |
Number of global brand teams | brand_team | 4 |
International | |
Segment Reporting Information [Line Items] | |
Number of countries in which entity operates | country | 25 |
REVLON, INC. BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE - Components of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Numerator: | ||||||
Net loss | $ (67.7) | $ (96.0) | $ (126.8) | $ (213.9) | $ (163.7) | $ (340.7) |
Denominator: | ||||||
Weighted-average common shares outstanding - Basic (in shares) | 54,015,794 | 53,471,004 | 53,835,622 | 53,319,228 | ||
Effect of dilutive restricted stock and RSUs (in shares) | 0 | 0 | 0 | 0 | ||
Weighted-average common shares outstanding - Diluted (in shares) | 54,015,794 | 53,471,004 | 53,835,622 | 53,319,228 | ||
Basic and Diluted (loss) earnings per common share: | ||||||
Basic net loss per common share (in dollars per share) | $ (1.25) | $ (2.37) | $ (3.04) | $ (6.39) | ||
Diluted net loss per common share (in dollars per share) | $ (1.25) | $ (2.37) | $ (3.04) | $ (6.39) | ||
Restricted Stock and Restricted Stock Units | ||||||
Basic and Diluted (loss) earnings per common share: | ||||||
Unvested restricted stock and RSUs under the Stock Plan (in shares) | 667,978 | 0 | 504,499 | 56,058 |
CONTINGENCIES (Details) $ in Millions |
Feb. 16, 2021
USD ($)
|
---|---|
Pending litigation | |
Gain Contingencies [Line Items] | |
Damages sought | $ 504 |
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION - Narrative (Details) - 6.25% Senior Notes |
Jun. 30, 2021 |
---|---|
Condensed Financial Statements, Captions [Line Items] | |
Stated interest rate (as a percent) | 6.25% |
Revlon Consumer Products Corporation | |
Condensed Financial Statements, Captions [Line Items] | |
Stated interest rate (as a percent) | 6.25% |
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION - Statement of Cash Flow (Details) - USD ($) |
3 Months Ended | 6 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net cash provided by (used in) operating activities | $ (39,300,000) | $ (164,200,000) | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Net cash (used in) provided by investing activities | (800,000) | (2,700,000) | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Net decrease in short-term borrowings and overdraft | (6,700,000) | (7,000,000.0) | ||||||||||
Borrowings on term loans | 305,000,000.0 | 880,000,000.0 | ||||||||||
Repayments on term loans | [1] | (176,100,000) | (337,900,000) | |||||||||
Net (repayments) borrowings under the revolving credit facilities | (36,800,000) | (22,900,000) | ||||||||||
Payment of financing costs | (15,800,000) | (101,200,000) | ||||||||||
Tax withholdings related to net share settlements of restricted stock and RSUs | $ 0 | $ (1,200,000) | (2,400,000) | (1,600,000) | ||||||||
Other financing activities | (200,000) | (1,000,000.0) | ||||||||||
Net cash provided by (used in) financing activities | 67,000,000.0 | 408,400,000 | ||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,000,000.0) | (2,100,000) | ||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 25,900,000 | 239,400,000 | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period | [2] | 102,500,000 | 104,500,000 | |||||||||
Cash, cash equivalents and restricted cash at end of period | [2] | 128,400,000 | 343,900,000 | 128,400,000 | 343,900,000 | |||||||
5.75% Senior Notes | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | (99,600,000) | |||||||||||
2019 Term Loan Facility | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | (200,000,000.0) | |||||||||||
2018 Foreign Asset-Based Term Facility | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | (31,400,000) | |||||||||||
2016 Term Loan Facility | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | (6,900,000) | |||||||||||
Revlon Consumer Products Corporation | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net cash provided by (used in) operating activities | (39,300,000) | (164,200,000) | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Net cash (used in) provided by investing activities | (800,000) | (2,700,000) | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Net decrease in short-term borrowings and overdraft | (6,700,000) | (7,000,000.0) | ||||||||||
Borrowings on term loans | 305,000,000.0 | 880,000,000.0 | ||||||||||
Repayments on term loans | [3] | (176,100,000) | (337,900,000) | |||||||||
Net (repayments) borrowings under the revolving credit facilities | (36,800,000) | (22,900,000) | ||||||||||
Payment of financing costs | (15,800,000) | (101,200,000) | ||||||||||
Tax withholdings related to net share settlements of restricted stock and RSUs | (2,400,000) | (1,600,000) | ||||||||||
Other financing activities | (200,000) | (1,000,000.0) | ||||||||||
Net cash provided by (used in) financing activities | 67,000,000.0 | 408,400,000 | ||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,000,000.0) | (2,100,000) | ||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 25,900,000 | 239,400,000 | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period | [4] | 102,500,000 | 104,500,000 | |||||||||
Cash, cash equivalents and restricted cash at end of period | [4] | 128,400,000 | 343,900,000 | 128,400,000 | 343,900,000 | |||||||
Revlon Consumer Products Corporation | 5.75% Senior Notes | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | (99,600,000) | |||||||||||
Revlon Consumer Products Corporation | 2019 Term Loan Facility | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | (200,000,000.0) | |||||||||||
Revlon Consumer Products Corporation | 2018 Foreign Asset-Based Term Facility | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | (31,400,000) | |||||||||||
Revlon Consumer Products Corporation | 2016 Term Loan Facility | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | (6,900,000) | |||||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Products Corporation | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net cash provided by (used in) operating activities | (38,300,000) | (148,300,000) | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Net cash (used in) provided by investing activities | (600,000) | (2,700,000) | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Net decrease in short-term borrowings and overdraft | (200,000) | (1,300,000) | ||||||||||
Borrowings on term loans | 305,000,000.0 | 880,000,000.0 | ||||||||||
Repayments on term loans | (176,100,000) | |||||||||||
Net (repayments) borrowings under the revolving credit facilities | (36,800,000) | (22,900,000) | ||||||||||
Payment of financing costs | (15,800,000) | (101,200,000) | ||||||||||
Tax withholdings related to net share settlements of restricted stock and RSUs | (2,400,000) | (1,600,000) | ||||||||||
Other financing activities | (200,000) | (1,000,000.0) | ||||||||||
Net cash provided by (used in) financing activities | 73,500,000 | 414,100,000 | ||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (18,000,000.0) | 0 | ||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 16,600,000 | 263,100,000 | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 6,500,000 | 1,000,000.0 | ||||||||||
Cash, cash equivalents and restricted cash at end of period | 23,100,000 | 264,100,000 | 23,100,000 | 264,100,000 | ||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Products Corporation | 5.75% Senior Notes | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | (99,600,000) | |||||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Products Corporation | 2019 Term Loan Facility | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | (200,000,000.0) | |||||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Products Corporation | 2018 Foreign Asset-Based Term Facility | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | (31,400,000) | |||||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Products Corporation | 2016 Term Loan Facility | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | (6,900,000) | |||||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Guarantor Subsidiaries | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net cash provided by (used in) operating activities | (41,200,000) | 14,600,000 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Net cash (used in) provided by investing activities | 200,000 | 0 | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Net decrease in short-term borrowings and overdraft | (4,600,000) | (6,200,000) | ||||||||||
Borrowings on term loans | 0 | 0 | ||||||||||
Repayments on term loans | 0 | |||||||||||
Net (repayments) borrowings under the revolving credit facilities | 0 | 0 | ||||||||||
Payment of financing costs | 0 | 0 | ||||||||||
Tax withholdings related to net share settlements of restricted stock and RSUs | 0 | 0 | ||||||||||
Other financing activities | 0 | 0 | ||||||||||
Net cash provided by (used in) financing activities | (4,600,000) | (6,200,000) | ||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 47,700,000 | (9,000,000.0) | ||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 2,100,000 | (600,000) | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 7,800,000 | 6,400,000 | ||||||||||
Cash, cash equivalents and restricted cash at end of period | 9,900,000 | 5,800,000 | 9,900,000 | 5,800,000 | ||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Guarantor Subsidiaries | 5.75% Senior Notes | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | 0 | |||||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Guarantor Subsidiaries | 2019 Term Loan Facility | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | 0 | |||||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Guarantor Subsidiaries | 2018 Foreign Asset-Based Term Facility | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | 0 | |||||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Guarantor Subsidiaries | 2016 Term Loan Facility | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | 0 | |||||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net cash provided by (used in) operating activities | 40,200,000 | (30,500,000) | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Net cash (used in) provided by investing activities | (400,000) | 0 | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Net decrease in short-term borrowings and overdraft | (1,900,000) | 500,000 | ||||||||||
Borrowings on term loans | 0 | 0 | ||||||||||
Repayments on term loans | 0 | |||||||||||
Net (repayments) borrowings under the revolving credit facilities | 0 | 0 | ||||||||||
Payment of financing costs | 0 | 0 | ||||||||||
Tax withholdings related to net share settlements of restricted stock and RSUs | 0 | 0 | ||||||||||
Other financing activities | 0 | 0 | ||||||||||
Net cash provided by (used in) financing activities | (1,900,000) | 500,000 | ||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (30,700,000) | 6,900,000 | ||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 7,200,000 | (23,100,000) | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 88,200,000 | 97,200,000 | ||||||||||
Cash, cash equivalents and restricted cash at end of period | 95,400,000 | 74,100,000 | 95,400,000 | 74,100,000 | ||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Non-Guarantor Subsidiaries | 5.75% Senior Notes | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | 0 | |||||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Non-Guarantor Subsidiaries | 2019 Term Loan Facility | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | 0 | |||||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Non-Guarantor Subsidiaries | 2018 Foreign Asset-Based Term Facility | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | 0 | |||||||||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Non-Guarantor Subsidiaries | 2016 Term Loan Facility | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | 0 | |||||||||||
Revlon Consumer Products Corporation | Eliminations | ||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
Net cash provided by (used in) operating activities | 0 | 0 | ||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
Net cash (used in) provided by investing activities | 0 | 0 | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Net decrease in short-term borrowings and overdraft | 0 | 0 | ||||||||||
Borrowings on term loans | 0 | 0 | ||||||||||
Repayments on term loans | 0 | |||||||||||
Net (repayments) borrowings under the revolving credit facilities | 0 | 0 | ||||||||||
Payment of financing costs | 0 | 0 | ||||||||||
Tax withholdings related to net share settlements of restricted stock and RSUs | 0 | 0 | ||||||||||
Other financing activities | 0 | 0 | ||||||||||
Net cash provided by (used in) financing activities | 0 | 0 | ||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 | ||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 0 | 0 | ||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 0 | 0 | ||||||||||
Cash, cash equivalents and restricted cash at end of period | $ 0 | $ 0 | $ 0 | 0 | ||||||||
Revlon Consumer Products Corporation | Eliminations | 5.75% Senior Notes | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | 0 | |||||||||||
Revlon Consumer Products Corporation | Eliminations | 2019 Term Loan Facility | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | 0 | |||||||||||
Revlon Consumer Products Corporation | Eliminations | 2018 Foreign Asset-Based Term Facility | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | 0 | |||||||||||
Revlon Consumer Products Corporation | Eliminations | 2016 Term Loan Facility | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
Repayments on term loans | ||||||||||||
|
,D;UB&$-7O)71>R_ERX='>,!ZD_Y__S8;@(X*U@>2=R
MF/:KA<$[/DR.K/(G[=GD%=JW6&KS@,EKRV>.HM^)*K7$EB>:EC.83,I?L ?T
M/4Y^EHC)XWSI1=Q%[_->=_']9L+;;\Z[
<#V3H;)
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M 1+W2.7D8LYJE=
M>3-\GFW26X82<327IH0+ML&/G*MF_T'H\U-42U54V.F>NWA<&5TMV844!1O)
M/4M<(]5(7$9Y\51T5:^&ZHDX&0?3QJ.U=$@M;Y!_?U: 714P.<])@/6.?2WG
M6)0#<:(,<8[E:W [:"\/I3 +7
M6Z[CKXY5FBCY_R '9Z*L L3]XGNSK_M2O27[.MF6?9W\Y;*ONP9,8EGG\1%WE:B(W1URJ35B!G17J3FLP*
MO1"6*?2&LL'V_6VZ02[/5
D)I4_'\NZF!9>6ENU;^,
M1M*-_\K[K=/',=SYJW7]SVF> M%1C"Q-F416K$)K!X-]EMV2^;W]&O*&]7 @
M.@_Z^YO8@!,1T3@_$!\9[2/2:7 N\_LL+TCH9Q1G*F(R\WW6]$$/LQZ],,1L
M$! K.$8 A"B@\L;H"A6J[.FQ5\&87 GYX;Z2X,' F$[M^_OJ^@N,*&LE]'SR
M([X^)A=T)7^X+\SV9?+/6JU=EZ9USK-;R18H,G^>HBY>%^)^K7+&%E(1>Z8J8CO\\<,0KWW=N866$4[+OR-&O^Q5
MM:'_8 ?##YC3?P%02P,$% @ K#X%4^\\<"[+#@ ARX !D !X;"]W
M;W)K