RESTRUCTURING INITIATIVES

6 Months Ended

Jun. 30, 2021

Restructuring and Related Activities [Abstract]

In late 2017, we began a business transformation to drive profitable sales growth, increase operational excellence, enhance our approach to innovation and improve organizational effectiveness. The primary focus of the plan is the Beauty + Home segment; however, certain global general and administrative functions are also being addressed. For the three and six months ended June 30, 2021, we recognized $4.9 million and $8.5 million of restructuring costs related to this plan, respectively. For the three and six months ended June 30, 2020, we recognized $7.3 million and $12.2 million of restructuring costs related to this plan, respectively. Using current exchange rates, we estimate total implementation costs of approximately $125 million for these initiatives, including costs that have been recognized to date. The cumulative expense incurred as of June 30, 2021 was $121.5 million. We have also made total capital investments related to this plan of approximately $50 million, with no further significant capital investments expected.

As of June 30, 2021 we have recorded the following activity associated with the business transformation:


	Beginning Reserve at 12/31/2020		Net Charges for the Six Months Ended 6/30/2021		Cash Paid		Interest and FX Impact		Ending Reserve at 6/30/2021
Employee severance	$	7,956	$	144	$	(3,616)	$	(130)	$	4,354
Professional fees and other costs	2,533		8,404		(9,431)		(26)		1,480
Totals	$	10,489	$	8,548	$	(13,047)	$	(156)	$	5,834