Cover Page
Cover Page - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Jun. 30, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Document Annual Report | true | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Dec. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-11178 | |
Entity Registrant Name | Revlon, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | One New York Plaza | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10004 | |
City Area Code | 212- | |
Local Phone Number | 527-4000 | |
Entity Tax Identification Number | 13-3662955 | |
Title of 12(b) Security | Class A Common Stock | |
Trading Symbol | REV | |
Security Exchange Name | NYSE | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
ICFR Auditor Attestation Flag | true | |
Entity Public Float | $ 95,393,958 | |
Entity Common Stock, Shares Outstanding | 53,666,613 | |
Documents Incorporated by Reference | Portions of Revlon, Inc.’s definitive Proxy Statement to be delivered to stockholders in connection with its Annual Stockholders' Meeting to be held on or about June 2, 2022 are incorporated by reference into Part III of this Form 10-K. | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | FY | |
Entity Central Index Key | 0000887921 | |
Entity Voluntary Filers | No | |
Revlon Consumer Products Corporation | ||
Document Information [Line Items] | ||
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 33-59650 | |
Entity Registrant Name | Revlon Consumer Products Corporation | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | One New York Plaza | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10004 | |
City Area Code | 212- | |
Local Phone Number | 527-4000 | |
Entity Tax Identification Number | 13-3662953 | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
ICFR Auditor Attestation Flag | false | |
Entity Common Stock, Shares Outstanding | 5,260 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | FY | |
Entity Central Index Key | 0000890547 | |
Entity Voluntary Filers | No |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor [Line Items] | |
Auditor Firm ID | 185 |
Auditor Name | KPMG LLP |
Auditor Location | New York, New York |
Revlon Consumer Products Corporation | |
Auditor [Line Items] | |
Auditor Firm ID | 185 |
Auditor Name | KPMG LLP |
Auditor Location | New York, New York |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 102.4 | $ 97.1 |
Trade receivables (net of allowance for doubtful accounts of $9.0 and $13.0, respectively) | 383.8 | 352.3 |
Inventories, net | 417.4 | 462.6 |
Prepaid expenses and other assets | 136 | 134.4 |
Total current assets | 1,039.6 | 1,046.4 |
Property, plant and equipment (net of accumulated depreciation of $551.3 and $528.9, respectively) | 297.3 | 352 |
Deferred income taxes | 42.8 | 25.7 |
Goodwill | 562.8 | 563.7 |
Intangible assets (net of accumulated amortization and impairment of $326.4 and $296.8, respectively) | 392.2 | 430.8 |
Other assets | 97.8 | 109.1 |
Total assets | 2,432.5 | 2,527.7 |
Current liabilities: | ||
Short-term borrowings | 0.7 | 2.5 |
Current portion of long-term debt | 137.2 | 217.5 |
Accounts payable | 217.7 | 203.3 |
Accrued expenses and other current liabilities | 432 | 420.9 |
Total current liabilities | 787.6 | 844.2 |
Long-term debt | 3,305.5 | 3,105 |
Long-term pension and other post-retirement plan liabilities | 147.3 | 212.4 |
Other long-term liabilities | 206.2 | 228.1 |
Stockholders’ deficiency: | ||
Class A Common Stock, par value $0.01 per share: 900,000,000 shares authorized; 58,005,142 and 56,742,513 shares issued, respectively | 0.5 | 0.5 |
Additional paid-in capital | 1,096.3 | 1,082.3 |
Treasury stock, at cost: 1,992,957 and 1,774,200 shares of Class A Common Stock, respectively | (37.6) | (35.2) |
Accumulated deficit | (2,838.6) | (2,631.7) |
Accumulated other comprehensive loss | (234.7) | (277.9) |
Total stockholders’ deficiency | (2,014.1) | (1,862) |
Total liabilities and stockholder’s (deficiency) equity | $ 2,432.5 | $ 2,527.7 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Trade receivables, allowance for doubtful accounts | $ 9 | $ 13 |
Property, plant and equipment, accumulated depreciation | 551.3 | 528.9 |
Intangible assets, accumulated amortization and impairment | $ 326.4 | $ 296.8 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 900,000,000 | 900,000,000 |
Common stock, issued (in shares) | 58,005,142 | 56,742,513 |
Treasury stock (in shares) | 1,992,957 | 1,774,200 |
CONSOLIDATED BALANCE SHEETS - R
CONSOLIDATED BALANCE SHEETS - REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 102.4 | $ 97.1 |
Trade receivables (net of allowance for doubtful accounts of $9.0 and $13.0, respectively) | 383.8 | 352.3 |
Inventories, net | 417.4 | 462.6 |
Prepaid expenses and other assets | 136 | 134.4 |
Total current assets | 1,039.6 | 1,046.4 |
Property, plant and equipment (net of accumulated depreciation of $551.3 and $528.9, respectively) | 297.3 | 352 |
Deferred income taxes | 42.8 | 25.7 |
Goodwill | 562.8 | 563.7 |
Intangible assets (net of accumulated amortization and impairment of $326.4 and $296.8, respectively) | 392.2 | 430.8 |
Other assets | 97.8 | 109.1 |
Total assets | 2,432.5 | 2,527.7 |
Current liabilities: | ||
Short-term borrowings | 0.7 | 2.5 |
Current portion of long-term debt | 137.2 | 217.5 |
Accounts payable | 217.7 | 203.3 |
Accrued expenses and other current liabilities | 432 | 420.9 |
Total current liabilities | 787.6 | 844.2 |
Long-term debt | 3,305.5 | 3,105 |
Long-term pension and other post-retirement plan liabilities | 147.3 | 212.4 |
Other long-term liabilities | 206.2 | 228.1 |
Stockholders’ deficiency: | ||
Products Corporation Common Stock, par value $1.00 per share; 10,000 shares authorized; 5,260 shares issued and outstanding | 0.5 | 0.5 |
Additional paid-in capital | 1,096.3 | 1,082.3 |
Accumulated deficit | (2,838.6) | (2,631.7) |
Accumulated other comprehensive loss | (234.7) | (277.9) |
Total stockholders’ deficiency | (2,014.1) | (1,862) |
Total liabilities and stockholder’s (deficiency) equity | 2,432.5 | 2,527.7 |
Revlon Consumer Products Corporation | ||
Current assets: | ||
Cash and cash equivalents | 102.4 | 97.1 |
Trade receivables (net of allowance for doubtful accounts of $9.0 and $13.0, respectively) | 383.8 | 352.3 |
Inventories, net | 417.4 | 462.6 |
Prepaid expenses and other assets | 131.8 | 130.5 |
Receivable from Revlon, Inc. | 165 | 170 |
Total current assets | 1,200.4 | 1,212.5 |
Property, plant and equipment (net of accumulated depreciation of $551.3 and $528.9, respectively) | 297.3 | 352 |
Deferred income taxes | 51.6 | 34.1 |
Goodwill | 562.8 | 563.7 |
Intangible assets (net of accumulated amortization and impairment of $326.4 and $296.8, respectively) | 392.2 | 430.8 |
Other assets | 97.8 | 109.1 |
Total assets | 2,602.1 | 2,702.2 |
Current liabilities: | ||
Short-term borrowings | 0.7 | 2.5 |
Current portion of long-term debt | 137.2 | 217.5 |
Accounts payable | 217.7 | 203.3 |
Accrued expenses and other current liabilities | 432.1 | 423.2 |
Total current liabilities | 787.7 | 846.5 |
Long-term debt | 3,305.5 | 3,105 |
Long-term pension and other post-retirement plan liabilities | 147.3 | 212.4 |
Other long-term liabilities | 218.8 | 241.3 |
Stockholders’ deficiency: | ||
Products Corporation Preferred stock, par value $1.00 per share; 1,000 shares authorized; 546 shares issued and outstanding | 54.6 | 54.6 |
Products Corporation Common Stock, par value $1.00 per share; 10,000 shares authorized; 5,260 shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 1,020.9 | 1,006.9 |
Accumulated deficit | (2,698) | (2,486.6) |
Accumulated other comprehensive loss | (234.7) | (277.9) |
Total stockholders’ deficiency | (1,857.2) | (1,703) |
Total liabilities and stockholder’s (deficiency) equity | $ 2,602.1 | $ 2,702.2 |
CONSOLIDATED BALANCE SHEETS -_2
CONSOLIDATED BALANCE SHEETS - REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Trade receivables, allowance for doubtful accounts | $ 9 | $ 13 |
Property, plant and equipment, accumulated depreciation | 551.3 | 528.9 |
Intangible assets, accumulated amortization and impairment | $ 326.4 | $ 296.8 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 900,000,000 | 900,000,000 |
Common stock, issued (in shares) | 58,005,142 | 56,742,513 |
Revlon Consumer Products Corporation | ||
Trade receivables, allowance for doubtful accounts | $ 9 | $ 13 |
Property, plant and equipment, accumulated depreciation | 551.3 | 528.9 |
Intangible assets, accumulated amortization and impairment | $ 326.4 | $ 296.8 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, authorized (in shares) | 1,000 | 1,000 |
Preferred stock, issued (in shares) | 546 | 546 |
Preferred stock, outstanding (in shares) | 546 | 546 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, authorized (in shares) | 10,000 | 10,000 |
Common stock, issued (in shares) | 5,260 | 5,260 |
Common stock, outstanding (in shares) | 5,260 | 5,260 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Income Statement [Abstract] | |||
Net sales | $ 2,078.7 | $ 1,904.3 | |
Cost of sales | 849.1 | 860.5 | |
Gross profit | 1,229.6 | 1,043.8 | |
Selling, general and administrative expenses | 1,099.1 | 1,071.8 | |
Acquisition, integration and divestiture costs | 2.3 | 5 | |
Restructuring charges and other, net | 26.1 | 49.7 | |
Impairment charges | 0 | 144.1 | |
Gain on divested assets | (1.1) | (0.5) | |
Operating income (loss) | 103.2 | (226.3) | |
Other expenses: | |||
Interest expense, net | 247.7 | 243.3 | |
Amortization of debt issuance costs | 39.6 | 26.8 | |
Gain on early extinguishment of debt | 0 | (43.1) | |
Foreign currency losses (gains), net | 10.6 | (6) | |
Miscellaneous, net | 6 | 12.9 | |
Other expense (income), net | 303.9 | 233.9 | |
(Loss) income from operations before income taxes | (200.7) | (460.2) | |
Provision for income taxes | 6.2 | 158.8 | |
Net (loss) income | (206.9) | (619) | |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (8.7) | 10.2 | |
Amortization of pension related costs, net of tax | [1],[2] | 13.8 | 11.4 |
Pension re-measurement, net of tax | [3] | 38.1 | (52.1) |
Other comprehensive (loss) income, net | [4] | 43.2 | (30.5) |
Total comprehensive (loss) income | $ (163.7) | $ (649.5) | |
Basic net loss (in dollars per share) | $ (3.84) | $ (11.59) | |
Diluted Net loss (in dollars per share) | $ (3.84) | $ (11.59) | |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 53,934,179 | 53,401,324 | |
Diluted (in shares) | 53,934,179 | 53,401,324 | |
[1] | Net of tax benefit of nil for each of the years ended December 31, 2021 and 2020. | ||
[2] | This amount is included in the computation of net periodic benefit costs (income). See Note 11, "Pension and Post-Retirement Benefits," for additional information regarding net periodic benefit costs (income). | ||
[3] | Net of tax expense of $0.3 million and tax benefit of $1.9 million for the years ended December 31, 2021 and 2020, respectively. | ||
[4] | See Note 14, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during the years ended December 31, 2021 and 2020, respectively. |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||
Amortization of pension related costs, tax expense (benefit) | $ 0 | $ 0 |
Pension re-measurement, tax expense (benefit) | $ 300,000 | $ (1,900,000) |
CONSOLIDATED STATEMENTS OF OP_3
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Net sales | $ 2,078.7 | $ 1,904.3 | ||
Cost of sales | 849.1 | 860.5 | ||
Gross profit | 1,229.6 | 1,043.8 | ||
Selling, general and administrative expenses | 1,099.1 | 1,071.8 | ||
Acquisition, integration and divestiture costs | 2.3 | 5 | ||
Restructuring charges and other, net | 26.1 | 49.7 | ||
Impairment charges | 0 | 144.1 | ||
Gain on divested assets | (1.1) | (0.5) | ||
Operating income (loss) | 103.2 | (226.3) | ||
Other expenses: | ||||
Interest expense, net | 247.7 | 243.3 | ||
Amortization of debt issuance costs | 39.6 | 26.8 | ||
Gain on early extinguishment of debt | 0 | (43.1) | ||
Foreign currency losses (gains), net | 10.6 | (6) | ||
Miscellaneous, net | 6 | 12.9 | ||
Other expense (income), net | 303.9 | 233.9 | ||
(Loss) income from operations before income taxes | (200.7) | (460.2) | ||
Provision for income taxes | 6.2 | 158.8 | ||
Net (loss) income | (206.9) | (619) | ||
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (8.7) | 10.2 | ||
Amortization of pension related costs, net of tax | [1],[2] | 13.8 | 11.4 | |
Pension re-measurement, net of tax | [3] | 38.1 | (52.1) | |
Other comprehensive (loss) income, net | [4] | 43.2 | (30.5) | |
Total comprehensive (loss) income | (163.7) | (649.5) | ||
Revlon Consumer Products Corporation | ||||
Net sales | 2,078.7 | 1,904.3 | ||
Cost of sales | 849.1 | 860.5 | ||
Gross profit | 1,229.6 | 1,043.8 | ||
Selling, general and administrative expenses | 1,091.5 | 1,064.6 | ||
Acquisition, integration and divestiture costs | 2.3 | 5 | ||
Restructuring charges and other, net | 26.1 | 49.7 | ||
Impairment charges | 0 | 144.1 | ||
Gain on divested assets | (1.1) | (0.5) | ||
Operating income (loss) | 110.8 | (219.1) | ||
Other expenses: | ||||
Interest expense, net | 247.7 | 243.3 | ||
Amortization of debt issuance costs | 39.6 | 26.8 | ||
Gain on early extinguishment of debt | 0 | (43.1) | ||
Foreign currency losses (gains), net | 10.6 | (6) | ||
Miscellaneous, net | 21.1 | 12.9 | ||
Other expense (income), net | 319 | 233.9 | ||
(Loss) income from operations before income taxes | (208.2) | (453) | ||
Provision for income taxes | 3.2 | 140.5 | ||
Net (loss) income | (211.4) | (593.5) | ||
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (8.7) | 10.2 | ||
Amortization of pension related costs, net of tax | [5],[6] | 13.8 | 11.4 | |
Pension re-measurement, net of tax | [7] | 38.1 | (52.1) | |
Other comprehensive (loss) income, net | 43.2 | (30.5) | [8] | |
Total comprehensive (loss) income | $ (168.2) | $ (624) | ||
[1] | Net of tax benefit of nil for each of the years ended December 31, 2021 and 2020. | |||
[2] | This amount is included in the computation of net periodic benefit costs (income). See Note 11, "Pension and Post-Retirement Benefits," for additional information regarding net periodic benefit costs (income). | |||
[3] | Net of tax expense of $0.3 million and tax benefit of $1.9 million for the years ended December 31, 2021 and 2020, respectively. | |||
[4] | See Note 14, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during the years ended December 31, 2021 and 2020, respectively. | |||
[5] | Net of tax benefit of nil for each of the years ended December 31, 2021 and 2020. | |||
[6] | This amount is included in the computation of net periodic benefit costs (income). See Note 11, "Pension and Post-Retirement Benefits," for additional information regarding net periodic benefit costs (income). | |||
[7] | Net of tax expense of $0.3 million and tax benefit of $1.9 million for the years ended December 31, 2021 and 2020, respectively. | |||
[8] | See Note 14, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during the years ended December 31, 2021 and 2020, respectively. |
CONSOLIDATED STATEMENTS OF OP_4
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Amortization of pension related costs, tax expense (benefit) | $ 0 | $ 0 |
Pension re-measurement, tax expense (benefit) | 300,000 | (1,900,000) |
Revlon Consumer Products Corporation | ||
Amortization of pension related costs, tax expense (benefit) | 0 | 0 |
Pension re-measurement, tax expense (benefit) | $ 300,000 | $ (1,900,000) |
CONSOLIDATED STATEMENT OF STOCK
CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | $ (1,862) | $ (1,221.2) | ||
Treasury stock acquired, at cost | [1] | (2.4) | (1.7) | |
Stock-based compensation amortization | 14 | 10.4 | ||
Net loss | (206.9) | (619) | ||
Other comprehensive (loss) income | [2] | 43.2 | (30.5) | |
Ending balance | (2,014.1) | (1,862) | ||
Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 0.5 | 0.5 | ||
Ending balance | 0.5 | 0.5 | ||
Additional Paid-In Capital | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 1,082.3 | 1,071.9 | ||
Stock-based compensation amortization | 14 | 10.4 | ||
Ending balance | 1,096.3 | 1,082.3 | ||
Treasury Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (35.2) | (33.5) | ||
Treasury stock acquired, at cost | (2.4) | (1.7) | [1] | |
Ending balance | (37.6) | (35.2) | ||
Accumulated Deficit | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (2,631.7) | (2,012.7) | ||
Net loss | (206.9) | (619) | ||
Ending balance | (2,838.6) | (2,631.7) | ||
Accumulated Other Comprehensive (Loss) Income | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (277.9) | (247.4) | ||
Other comprehensive (loss) income | 43.2 | (30.5) | [2] | |
Ending balance | $ (234.7) | $ (277.9) | ||
[1] | Pursuant to the share withholding provisions of the Fourth Amended and Restated Revlon, Inc. Stock Plan (as amended, the "Stock Plan"), the Company withheld an aggregate of 218,757 and 148,620 shares of Revlon Class A Common Stock during the years ended December 31, 2021 and 2020, respectively, to satisfy certain minimum statutory tax withholding requirements related to the vesting of restricted shares and restricted stock units ("RSUs") for certain senior executives and employees. These withheld shares were recorded as treasury stock using the cost method, at a weighted-average price per share of $11.19 and $10.98 during the years ended December 31, 2021 and 2020, respectively, based on the closing price of Revlon Class A Common Stock as reported on the New York Stock Exchange (the "NYSE") consolidated tape on each respective vesting date, for a total of approximately $2.4 million and $1.7 million during the years ended December 31, 2021 and 2020. See Note 12, "Stock Compensation Plan," for details regarding restricted stock awards and RSUs under the Stock Plan. | |||
[2] | See Note 14, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during the years ended December 31, 2021 and 2020, respectively. |
CONSOLIDATED STATEMENT OF STO_2
CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Tax withholdings related to net share settlements of restricted stock units and awards | $ 2.4 | $ 1.7 |
Treasury Stock | ||
Shares withheld for withholding taxes (in shares) | 218,757 | 148,620 |
Treasury Stock | Restricted Stock and Restricted Stock Units | Class A Common Stock | ||
Share repurchase price (in dollars per share) | $ 11.19 | $ 10.98 |
CONSOLIDATED STATEMENT OF STO_3
CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY - REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | $ (1,862) | $ (1,221.2) | ||||
Stock-based compensation amortization | 14 | 10.4 | ||||
Net loss | (206.9) | (619) | ||||
Other comprehensive (loss) income | [1] | 43.2 | (30.5) | |||
Ending balance | $ (2,014.1) | (2,014.1) | (1,862) | |||
Additional Paid-In Capital | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 1,082.3 | 1,071.9 | ||||
Stock-based compensation amortization | 14 | 10.4 | ||||
Ending balance | 1,096.3 | 1,096.3 | 1,082.3 | |||
Accumulated Deficit | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | (2,631.7) | (2,012.7) | ||||
Net loss | (206.9) | (619) | ||||
Ending balance | (2,838.6) | (2,838.6) | (2,631.7) | |||
Accumulated Other Comprehensive (Loss) Income | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | (277.9) | (247.4) | ||||
Other comprehensive (loss) income | 43.2 | (30.5) | [1] | |||
Ending balance | (234.7) | (234.7) | (277.9) | |||
Revlon Consumer Products Corporation | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | (1,703) | (1,089.4) | ||||
Stock-based compensation amortization | 14 | 10.4 | ||||
Net loss | (211.4) | (211.4) | (593.5) | |||
Other comprehensive (loss) income | 43.2 | [2] | 43.2 | (30.5) | [2] | |
Ending balance | (1,857.2) | (1,857.2) | (1,703) | |||
Revlon Consumer Products Corporation | Preferred Stock | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 54.6 | 54.6 | ||||
Ending balance | 54.6 | 54.6 | 54.6 | |||
Revlon Consumer Products Corporation | Additional Paid-In Capital | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 1,006.9 | 996.5 | ||||
Stock-based compensation amortization | 14 | 10.4 | ||||
Ending balance | 1,020.9 | 1,020.9 | 1,006.9 | |||
Revlon Consumer Products Corporation | Accumulated Deficit | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | (2,486.6) | (1,893.1) | ||||
Net loss | (211.4) | (593.5) | ||||
Ending balance | (2,698) | (2,698) | (2,486.6) | |||
Revlon Consumer Products Corporation | Accumulated Other Comprehensive (Loss) Income | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | (277.9) | (247.4) | ||||
Other comprehensive (loss) income | [2] | 43.2 | (30.5) | |||
Ending balance | $ (234.7) | $ (234.7) | $ (277.9) | |||
[1] | See Note 14, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during the years ended December 31, 2021 and 2020, respectively. | |||||
[2] | See Note 14, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during the years ended December 31, 2021 and 2020, respectively. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (206.9) | $ (619) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 125.7 | 143.3 | |
Foreign currency losses (gains) from re-measurement | 10.6 | (6) | |
Amortization of debt discount | 0.9 | 1.4 | |
Stock-based compensation amortization | 14 | 10.4 | |
Impairment charges | 0 | 144.1 | |
Provision for (benefit from) deferred income taxes | (20) | 152.8 | |
Gain on early extinguishment of debt | 0 | (43.1) | |
Amortization of debt issuance costs | 39.6 | 26.8 | |
Gain on divested assets | (1.1) | (0.5) | |
Pension and other post-retirement cost | 4.8 | 4 | |
Paid-in-kind interest expense on the 2020 BrandCo Facilities | 18.8 | 10.8 | |
Change in assets and liabilities: | |||
(Increase) decrease in trade receivables | (38.6) | 76.7 | |
Decrease (increase) in inventories | 35.1 | (8.4) | |
(Increase) decrease in prepaid expenses and other current assets | (3.4) | 8 | |
Increase (decrease) in accounts payable | 30.5 | (53.1) | |
Increase (decrease) in accrued expenses and other current liabilities | 7.3 | (9.9) | |
Increase (decrease) in deferred revenue | (4.2) | 71.6 | |
Pension and other post-retirement plan contributions | (22.5) | (9.8) | |
Purchases of permanent displays | (24.9) | (30.8) | |
Other, net | 23.3 | 33.4 | |
Net cash used in operating activities | (11) | (97.3) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (14.2) | (10.3) | |
Proceeds from the sale of certain assets | 2.1 | 0 | |
Net cash used in investing activities | (12.1) | (10.3) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net decrease in short-term borrowings and overdraft | (13.7) | 4.3 | |
Borrowings on term loans | 305 | 880 | |
Repayments on term loans | [1] | (197.2) | (524.3) |
(Repayments) under the revolving credit facilities | (29.3) | (133.5) | |
Payment of financing costs | (17.9) | (122) | |
Tax withholdings related to net share settlements of restricted stock and RSUs | (2.4) | (1.7) | |
Other financing activities | (0.3) | (0.3) | |
Net cash provided by (used in) financing activities | 44.2 | 102.5 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2.7) | 3.1 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 18.4 | (2) | |
Cash, cash equivalents and restricted cash at beginning of period | [2] | 102.5 | 104.5 |
Cash, cash equivalents and restricted cash at end of period | [2] | 120.9 | 102.5 |
Cash paid during the period for: | |||
Interest | 241.5 | 238.6 | |
Income taxes, net of refunds | 9.6 | 18.6 | |
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 | 846 | |
Paid-in-kind interest capitalized to the 2020 BrandCo Facilities | 18.8 | 9.6 | |
2020 BrandCo Facilities | |||
Supplemental schedule of non-cash investing and financing activities: | |||
Paid-in-kind debt issuance costs/fees | 0 | 29.1 | |
B-2 Loans | |||
Supplemental schedule of non-cash investing and financing activities: | |||
Paid-in-kind debt issuance costs/fees | $ 0 | $ 17.5 | |
[1] | Repayments on term loans for the year ended December 31, 2020 includes the repayment of the 2019 Term Loan Facility, repayment under the 2018 Foreign Asset-Based Term Loan and repayments under the 2016 Term Loan Facility of $200.0 million, $31.4 million and $11.5 million, respectively, as well as repurchases of the 5.75% Senior Notes of $281.4 million. During 2020, the Company used a portion of the proceeds from the 2020 BrandCo Facility to repurchase and subsequently cancel a portion of its 5.75% Senior Notes. See Note 8, "Debt" in the Company's 2020 Form 10-K for additional information. | ||
[2] | These amounts include restricted cash of $18.5 million and $5.4 million as of December 31, 2021 and 2020, respectively. The balance as of December 31, 2021 represents: (i) cash on deposit in lieu of a mandatory prepayment and loan proceeds held in escrow until certain collateral perfection requirements are satisfied under the 2021 Foreign Asset-Based Term Agreement; and (ii) cash on deposit to support outstanding undrawn letters of credit. The balance as of December 31, 2020 represents: (i) cash on deposit in lieu of a mandatory prepayment under the 2018 Foreign Asset-Based Term Facility; and (ii) cash on deposit to support outstanding undrawn letters of credit. These balances were included within prepaid expenses and other current assets and other assets in the Company's Consolidated Balance Sheets as of December 31, 2021 and December 31, 2020, respectively. |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Repayments on term loans | [1] | $ 197.2 | $ 524.3 |
Restricted cash | $ 18.5 | 5.4 | |
2019 Term Loan Facility | |||
Repayments on term loans | 200 | ||
2018 Foreign Asset-Based Term Facility | |||
Repayments on term loans | 31.4 | ||
2016 Term Loan Facility | |||
Repayments on term loans | 11.5 | ||
5.75% Senior Notes | |||
Repayments on term loans | $ 281.4 | ||
Stated interest rate (as a percent) | 5.75% | ||
[1] | Repayments on term loans for the year ended December 31, 2020 includes the repayment of the 2019 Term Loan Facility, repayment under the 2018 Foreign Asset-Based Term Loan and repayments under the 2016 Term Loan Facility of $200.0 million, $31.4 million and $11.5 million, respectively, as well as repurchases of the 5.75% Senior Notes of $281.4 million. During 2020, the Company used a portion of the proceeds from the 2020 BrandCo Facility to repurchase and subsequently cancel a portion of its 5.75% Senior Notes. See Note 8, "Debt" in the Company's 2020 Form 10-K for additional information. |
CONSOLIDATED STATEMENTS OF CA_3
CONSOLIDATED STATEMENTS OF CASH FLOWS - REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (206.9) | $ (619) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 125.7 | 143.3 | |
Foreign currency losses (gains) from re-measurement | 10.6 | (6) | |
Amortization of debt discount | 0.9 | 1.4 | |
Stock-based compensation amortization | 14 | 10.4 | |
Impairment charges | 0 | 144.1 | |
Provision for (benefit from) deferred income taxes | (20) | 152.8 | |
Gain on early extinguishment of debt | 0 | (43.1) | |
Amortization of debt issuance costs | 39.6 | 26.8 | |
Gain on divested assets | (1.1) | (0.5) | |
Pension and other post-retirement cost | 4.8 | 4 | |
Paid-in-kind interest expense on the 2020 BrandCo Facilities | 18.8 | 10.8 | |
Change in assets and liabilities: | |||
(Increase) decrease in trade receivables | (38.6) | 76.7 | |
Decrease (increase) in inventories | 35.1 | (8.4) | |
Increase in prepaid expenses and other current assets | (3.4) | 8 | |
Increase (decrease) in accounts payable | 30.5 | (53.1) | |
Increase (decrease) in accrued expenses and other current liabilities | 7.3 | (9.9) | |
Increase (decrease) in deferred revenue | (4.2) | 71.6 | |
Pension and other post-retirement plan contributions | (22.5) | (9.8) | |
Purchases of permanent displays | (24.9) | (30.8) | |
Other, net | 23.3 | 33.4 | |
Net cash used in operating activities | (11) | (97.3) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (14.2) | (10.3) | |
Proceeds from the sale of certain assets | 2.1 | 0 | |
Net cash used in investing activities | (12.1) | (10.3) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net decrease in short-term borrowings and overdraft | (13.7) | 4.3 | |
Borrowings on term loans | 305 | 880 | |
Repayments on term loans | [1] | (197.2) | (524.3) |
(Repayments) under the revolving credit facilities | (29.3) | (133.5) | |
Payment of financing costs | (17.9) | (122) | |
Tax withholdings related to net share settlements of restricted stock and RSUs | (2.4) | (1.7) | |
Other financing activities | (0.3) | (0.3) | |
Net cash provided by (used in) financing activities | 44.2 | 102.5 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2.7) | 3.1 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 18.4 | (2) | |
Cash, cash equivalents and restricted cash at beginning of period | [2] | 102.5 | 104.5 |
Cash, cash equivalents and restricted cash at end of period | [2] | 120.9 | 102.5 |
Cash paid during the period for: | |||
Interest | 241.5 | 238.6 | |
Income taxes, net of refunds | 9.6 | 18.6 | |
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 | 846 | |
Paid-in-kind interest capitalized to the 2020 BrandCo Facilities | 18.8 | 9.6 | |
2020 BrandCo Facilities | |||
Supplemental schedule of non-cash investing and financing activities: | |||
Paid-in-kind debt issuance costs/fees | 0 | 29.1 | |
B-2 Loans | |||
Supplemental schedule of non-cash investing and financing activities: | |||
Paid-in-kind debt issuance costs/fees | 0 | 17.5 | |
Revlon Consumer Products Corporation | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | (211.4) | (593.5) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 125.7 | 143.3 | |
Foreign currency losses (gains) from re-measurement | 10.6 | (6) | |
Amortization of debt discount | 0.9 | 1.4 | |
Stock-based compensation amortization | 14 | 10.4 | |
Impairment charges | 0 | 144.1 | |
Provision for (benefit from) deferred income taxes | (19.6) | 134.9 | |
Gain on early extinguishment of debt | 0 | (43.1) | |
Amortization of debt issuance costs | 39.6 | 26.8 | |
Gain on divested assets | (1.1) | (0.5) | |
Pension and other post-retirement cost | 4.8 | 4 | |
Paid-in-kind interest expense on the 2020 BrandCo Facilities | 18.8 | 10.8 | |
Change in assets and liabilities: | |||
(Increase) decrease in trade receivables | (38.6) | 76.7 | |
Decrease (increase) in inventories | 35.1 | (8.4) | |
Increase in prepaid expenses and other current assets | 1.6 | (0.9) | |
Increase (decrease) in accounts payable | 30.5 | (53.1) | |
Increase (decrease) in accrued expenses and other current liabilities | 4.4 | (9.9) | |
Increase (decrease) in deferred revenue | (4.2) | 71.6 | |
Pension and other post-retirement plan contributions | (22.5) | (9.8) | |
Purchases of permanent displays | (24.9) | (30.8) | |
Other, net | 25.3 | 34.7 | |
Net cash used in operating activities | (11) | (97.3) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (14.2) | (10.3) | |
Proceeds from the sale of certain assets | 2.1 | 0 | |
Net cash used in investing activities | (12.1) | (10.3) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net decrease in short-term borrowings and overdraft | (13.7) | 4.3 | |
Borrowings on term loans | 305 | 880 | |
Repayments on term loans | [3] | (197.2) | (524.3) |
(Repayments) under the revolving credit facilities | (29.3) | (133.5) | |
Payment of financing costs | (17.9) | (122) | |
Tax withholdings related to net share settlements of restricted stock and RSUs | (2.4) | (1.7) | |
Other financing activities | (0.3) | (0.3) | |
Net cash provided by (used in) financing activities | 44.2 | 102.5 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2.7) | 3.1 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 18.4 | (2) | |
Cash, cash equivalents and restricted cash at beginning of period | [4] | 102.5 | 104.5 |
Cash, cash equivalents and restricted cash at end of period | [4] | 120.9 | 102.5 |
Cash paid during the period for: | |||
Interest | 241.5 | 238.6 | |
Income taxes, net of refunds | 9.6 | 18.6 | |
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 | 846 | |
Paid-in-kind interest capitalized to the 2020 BrandCo Facilities | 18.8 | 9.6 | |
Revlon Consumer Products Corporation | 2020 BrandCo Facilities | |||
Supplemental schedule of non-cash investing and financing activities: | |||
Paid-in-kind debt issuance costs/fees | 0 | 29.1 | |
Revlon Consumer Products Corporation | B-2 Loans | |||
Supplemental schedule of non-cash investing and financing activities: | |||
Paid-in-kind debt issuance costs/fees | $ 0 | $ 17.5 | |
[1] | Repayments on term loans for the year ended December 31, 2020 includes the repayment of the 2019 Term Loan Facility, repayment under the 2018 Foreign Asset-Based Term Loan and repayments under the 2016 Term Loan Facility of $200.0 million, $31.4 million and $11.5 million, respectively, as well as repurchases of the 5.75% Senior Notes of $281.4 million. During 2020, the Company used a portion of the proceeds from the 2020 BrandCo Facility to repurchase and subsequently cancel a portion of its 5.75% Senior Notes. See Note 8, "Debt" in the Company's 2020 Form 10-K for additional information. | ||
[2] | These amounts include restricted cash of $18.5 million and $5.4 million as of December 31, 2021 and 2020, respectively. The balance as of December 31, 2021 represents: (i) cash on deposit in lieu of a mandatory prepayment and loan proceeds held in escrow until certain collateral perfection requirements are satisfied under the 2021 Foreign Asset-Based Term Agreement; and (ii) cash on deposit to support outstanding undrawn letters of credit. The balance as of December 31, 2020 represents: (i) cash on deposit in lieu of a mandatory prepayment under the 2018 Foreign Asset-Based Term Facility; and (ii) cash on deposit to support outstanding undrawn letters of credit. These balances were included within prepaid expenses and other current assets and other assets in the Company's Consolidated Balance Sheets as of December 31, 2021 and December 31, 2020, respectively. | ||
[3] | Repayments on term loans for the year ended December 31, 2020 includes the repayment of the 2019 Term Loan Facility, repayment under the 2018 Foreign Asset-Based Term Loan and repayments under the 2016 Term Loan Facility of $200.0 million, $31.4 million and $11.5 million, respectively, as well as repurchases of the 5.75% Senior Notes of $281.4 million. During 2020, the Company used a portion of the proceeds from the 2020 BrandCo Facility to repurchase and subsequently cancel a portion of its 5.75% Senior Notes. See Note 8, "Debt" in the Company's 2020 Form 10-K for additional information. | ||
[4] | These amounts include restricted cash of $18.5 million and $5.4 million as of December 31, 2021 and 2020, respectively. The balance as of December 31, 2021 represents: (i) cash on deposit in lieu of a mandatory prepayment and loan proceeds held in escrow until certain collateral perfection requirements are satisfied under the 2021 Foreign Asset-Based Term Agreement; and (ii) cash on deposit to support outstanding undrawn letters of credit. The balance as of December 31, 2020 represents: (i) cash on deposit in lieu of a mandatory prepayment under the 2018 Foreign Asset-Based Term Facility; and (ii) cash on deposit to support outstanding undrawn letters of credit. These balances were included within prepaid expenses and other current assets and other assets in the Company's Consolidated Balance Sheets as of December 31, 2021 and December 31, 2020, respectively |
CONSOLIDATED STATEMENTS OF CA_4
CONSOLIDATED STATEMENTS OF CASH FLOWS - REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Oct. 23, 2020 | ||
Repayments on term loans | [1] | $ 197.2 | $ 524.3 | |
Restricted cash | 18.5 | 5.4 | ||
2019 Term Loan Facility | ||||
Repayments on term loans | 200 | |||
2018 Foreign Asset-Based Term Facility | ||||
Repayments on term loans | 31.4 | |||
2016 Term Loan Facility | ||||
Repayments on term loans | 11.5 | |||
5.75% Senior Notes | ||||
Repayments on term loans | $ 281.4 | |||
Stated interest rate (as a percent) | 5.75% | |||
Revlon Consumer Products Corporation | ||||
Repayments on term loans | [2] | 197.2 | $ 524.3 | |
Restricted cash | $ 18.5 | 5.4 | ||
Revlon Consumer Products Corporation | 2019 Term Loan Facility | ||||
Repayments on term loans | 200 | |||
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 | 11.5 | |||
Revlon Consumer Products Corporation | 5.75% Senior Notes | ||||
Repayments on term loans | $ 281.4 | |||
Stated interest rate (as a percent) | 5.75% | 5.75% | ||
[1] | Repayments on term loans for the year ended December 31, 2020 includes the repayment of the 2019 Term Loan Facility, repayment under the 2018 Foreign Asset-Based Term Loan and repayments under the 2016 Term Loan Facility of $200.0 million, $31.4 million and $11.5 million, respectively, as well as repurchases of the 5.75% Senior Notes of $281.4 million. During 2020, the Company used a portion of the proceeds from the 2020 BrandCo Facility to repurchase and subsequently cancel a portion of its 5.75% Senior Notes. See Note 8, "Debt" in the Company's 2020 Form 10-K for additional information. | |||
[2] | Repayments on term loans for the year ended December 31, 2020 includes the repayment of the 2019 Term Loan Facility, repayment under the 2018 Foreign Asset-Based Term Loan and repayments under the 2016 Term Loan Facility of $200.0 million, $31.4 million and $11.5 million, respectively, as well as repurchases of the 5.75% Senior Notes of $281.4 million. During 2020, the Company used a portion of the proceeds from the 2020 BrandCo Facility to repurchase and subsequently cancel a portion of its 5.75% Senior Notes. See Note 8, "Debt" in the Company's 2020 Form 10-K for additional information. |
DESCRIPTION OF BUSINESS AND SUM
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 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 Company operates in four brand-centric reporting units that are aligned with its organizational structure based on four global brand teams: Revlon; Elizabeth Arden; Portfolio; and Fragrances, which represent the Company's four reporting segments. For further information, refer to Note 16, "Segment Data and Related Information." Unless the context otherwise requires, all references to the Company mean Revlon and its subsidiaries, including, without limitation, its wholly-owned operating subsidiary, Products Corporation. Revlon as a public holding company, has no business operations of its own and owns, as its only material asset, all of the outstanding capital stock of Products Corporation. As such, its net income/(loss) has historically consisted predominantly of the net income/(loss) of Products Corporation and included expenses incidental to being a public holding company and certain tax adjustments, amounting to $7.5 million income and $7.2 million expense for December 31, 2021 and 2020, respectively. The accompanying Consolidated Financial Statements include the Company's accounts after the elimination of all material intercompany balances and transactions. In management's opinion, all adjustments necessary for a fair presentation of the Company's financial information have been made. 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. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include cash in banks and highly liquid investments with original maturity dates of three months or less. Accounts payable include $3.3 million and $15.2 million of outstanding checks not yet presented for payment at December 31, 2021 and 2020, respectively. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statements of financial position that sum to the total of the same such amounts shown in the statements of cash flows: December 31, 2021 2020 Cash and cash equivalents $ 102.4 $ 97.1 Restricted cash (a) 18.5 5.4 Total cash, cash equivalents and restricted cash $ 120.9 $ 102.5 (a) Amounts included in restricted cash represent cash on deposit to support the Company's letters of credit and is included within other assets in the Company's consolidated balance sheets. Trade Receivables Trade receivables represent payments due to the Company for previously recognized net sales, reduced by an allowance for doubtful accounts for balances which are estimated to be uncollectible at period end. The Company grants credit terms in the normal course of business to its customers. Trade credit is extended based upon periodically updated evaluations of each customer's ability to perform its payment obligations. The Company does not normally require collateral or other security to support credit sales. The Company's three largest customers accounted for an aggregate of approximately 41% of the Company's outstanding trade receivables at both December 31, 2021 and 2020. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is based on standard cost and production variances, which approximates actual cost on the first-in, first-out method. Cost components include direct materials, direct labor and direct overhead, as well as in-bound freight. The Company records adjustments to the value of its inventory based upon its forecasted plans to sell products included in inventory, as well as planned product discontinuances. The physical condition (e.g., age and quality) of the inventories is also considered in establishing its valuation. These adjustments are estimates, which could vary significantly, either favorably or unfavorably, from the amounts that the Company may ultimately realize upon the disposition of inventories if future economic conditions, customer inventory levels, product discontinuances, sales return levels or competitive conditions differ from the Company's estimates and expectations. Property, Plant and Equipment and Other Assets Property, plant and equipment is recorded at cost and is depreciated on a straight-line basis over the estimated useful lives of such assets as follows: land improvements, 20 to 30 years; buildings and improvements, 5 to 50 years; machinery and equipment, 3 to 15 years; counters and trade fixtures, 3 to 5 years; office furniture and fixtures, 3 to 15 years; and capitalized software, 2 to 10 years. Leasehold improvements and building improvements are amortized over their estimated useful lives or over the terms of the leases or remaining life of the original structure, whichever is shorter. Repairs and maintenance are charged to the statement of operations as incurred, and expenditures for additions and improvements are capitalized. Counters and trade fixtures are amortized over their estimated useful life of the in-store counter and display related assets. The estimated useful life may be subject to change based upon declines in net sales and/or changes in merchandising programs. See Note 5, "Property, Plant and Equipment," for further discussion. Included in other assets are permanent wall displays amounting to $64.3 million and $82.2 million as of December 31, 2021 and 2020, respectively, which are amortized generally over a period of 1 to 3 years. In the event of product discontinuances, from time-to-time, the Company may accelerate the amortization of related permanent wall displays based on the estimated remaining useful life of the asset. Amortization expense for permanent wall displays was $40.3 million and $50.1 million for 2021 and 2020, respectively. Long-lived assets, such as property, plant and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, the Company estimates the undiscounted future cash flows (excluding interest) resulting from the use of the asset and its ultimate disposition. If the sum of the undiscounted cash flows (excluding interest) is less than the carrying value, the Company recognizes an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the asset. There were no impairment charges to long-lived assets during the years ended December 31, 2021 and 2020, respectively. Deferred Financing Costs The Company capitalizes financing costs and amortizes such costs over the terms of the related debt instruments using the effective-interest method. Capitalized financing costs were $16.8 million and $119.3 million during 2021 and 2020, respectively. Leases The Company determines if an arrangement is a lease at inception, considering whether the contract conveys a right to control the use of the identified asset for a period of time in exchange for consideration. Operating leases are included in ROU assets, recorded within “Property, Plant and Equipment,” and operating lease liabilities are recorded within either " Accrued expenses and other current liabilities Other long-term liabilities Accrued expenses and other current liabilities Other long-term liabilities As most of the Company’s leases do not provide the lease implicit rates, the Company uses its incremental borrowing rates as the discount rate, adjusted as applicable, based on the information available at the lease commencement dates to determine the present value of lease payments. The Company may use the lease implicit rate, when readily determinable, as the discount rate to determine the present value of lease payments. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the applicable lease term. At lease commencement, for initial measurement, variable lease payments that do not depend on an index or rate, if any, are excluded from lease payments. Subsequent to initial measurement, these variable payments are recognized when the event determining the amount of the variable consideration to be paid occurs. Leases with an initial lease term of 12 months or less are not included in the lease liability or ROU asset. The Company’s ROU assets for operating or finance leases are subject to the impairment guidance in ASC 360, Property, Plant, and Equipment. See Note 5, "Property, Plant and Equipment," for further information on the Company's leases. Goodwill Goodwill represents the excess purchase price for businesses acquired over the fair value of net assets acquired. Goodwill is not amortized, but rather it is reviewed annually for impairment at the reporting unit level using October 1st carrying values, or when there is evidence that events or changes in circumstances indicate that the Company’s carrying amount may not be recovered. In accordance with ASC Topic 350, “Intangibles – Goodwill and Other,” the Company performs its annual impairment test during the fourth quarter of each year. The Company also reviews goodwill for impairment whenever events or changes in circumstances indicate that the carrying value of its goodwill may not be recoverable. After the close of each interim quarter, management assesses whether there exists any indicators of impairment requiring the Company to perform an interim goodwill impairment analysis. In performing its goodwill impairment assessments, the Company uses the simplified approach allowed under ASU No. 2017-04, "Simplifying the Test for Goodwill Impairment." Following the results of such assessments, the Company records non-cash impairment charges in the amount by which the carrying value of each reporting unit exceeded its respective fair value, limited to the amount of each reporting unit's goodwill. Impairment charges are included as a separate component of operating income within the "Impairment charges" caption on the face of the Company's Consolidated Statement of Operations and Comprehensive Loss for the applicable quarter-to-date and year-to-date periods. For 2021, in assessing whether goodwill was impaired in connection with its annual impairment testing performed during the fourth quarter of 2021 using October 1st, 2021 carrying values, the Company, in accordance with ASC 350, performed a qualitative assessment for its Revlon reporting unit and a quantitative assessment for its (i) Elizabeth Arden Skin & Color, (ii) Elizabeth Arden Fragrances, (iii) Professional Portfolio and (iv) Fragrances reporting units. The Mass Portfolio reporting unit's goodwill was written down to nil during the first quarter of 2020. In performing its 2021 annual qualitative goodwill assessment, the Company considered, among other factors, the financial performance of the Revlon reporting unit, expected future cash flows and the results of previous quantitative assessments of the Revlon reporting unit. Based upon such assessment, the Company determined that it was more likely than not that the fair value of its Revlon reporting unit exceeded its respective carrying amount for 2021. In performing its 2021 quantitative goodwill assessments, the Company used the simplified approach allowed under ASU No. 2017-04 to test its (i) Elizabeth Arden Skin and Color, (ii) Elizabeth Arden Fragrances, (iii) Professional Portfolio and (iv) Fragrances reporting units for impairment. Based upon such assessment, the Company determined that it was more likely than not that the fair value of each of such aforementioned reporting units exceeded their respective carrying amounts for 2021. During 2020, the Company performed interim goodwill impairment analyses during the first, second and third quarters of the year, which resulted in the recognition of $99.8 million and $11.2 million of non-cash goodwill impairment charges in the first and second quarter of 2020, respectively, as further specified in Note 6, "Goodwill and Intangible Assets, Net". In assessing whether goodwill was impaired in connection with its annual impairment testing performed during the fourth quarter of 2020 using October 1, 2020 carrying values, the Company, in accordance with Financial Accounting Standards Board ("FASB"), Accounting Standard Codification ("ASC") 350, Intangibles - Goodwill and Other ("ASC 350"), performed a qualitative assessment for its Revlon reporting unit and quantitative assessments for its (i) Elizabeth Arden Skin and Color, (ii) Elizabeth Arden Fragrances, (iii) Fragrances, and (iv) Professional Portfolio reporting units . As further specified in Note 6, "Goodwill", the Mass Portfolio reporting unit no longer has any goodwill associated with it starting from the second quarter of 2020. See Note 6, "Goodwill and Intangible Assets, Net," for further information on the Company's goodwill and annual impairment testing. Intangible Assets, net Intangible Assets, net, include trade names and trademarks, customer relationships, patents and internally developed intellectual property ("IP") and acquired licenses. Indefinite-lived intangible assets, consisting of certain trade names, are not amortized, but rather are tested for impairment annually during the fourth quarter using October 1 st carrying values similar to goodwill, in accordance with ASC 350, and the Company recognizes an impairment if the carrying amount of its intangible assets exceeds its fair value. Intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values. The Company writes off the gross carrying amount and accumulated amortization for intangible assets in the year in which the asset becomes fully amortized. Finite-lived intangible assets are considered for impairment under ASC 360-10, Impairment and Disposal of Long-Lived Assets ("ASC 360"), upon the occurrence of certain "triggering events" and the Company recognizes an impairment if the carrying amount of the long-lived asset group exceeds the Company's estimate of the asset group's undiscounted future cash flows. For 2021, no impairment was recognized related to the carrying value of any of the Company's finite or indefinite-lived intangible assets as a result of the annual impairment testing. During 2020, in connection with the interim goodwill impairment assessments during the first, second and third quarters of 2020, the Company also reviewed indefinite-lived and finite-lived intangible assets for impairment. These interim reviews resulted in no interim impairment charges in connection with the carrying value of any of the Company's finite-lived intangible assets and in $24.5 million and $8.6 million of interim non-cash impairment charges in the first and second quarter of 2020, respectively, in connection with the Company's indefinite-lived intangible assets, as further specified in Note 6, "Goodwill and Intangible Assets, Net". For 2021 and 2020, no impairment was recognized related to the carrying value of any of the Company's finite or indefinite-lived intangible assets as a result of the annual impairment testing. See Note 6, "Goodwill and Intangible Assets, Net," for further discussion of the Company's intangible assets, including a summary of finite-lived and indefinite-lived intangible assets. Revenue Recognition and Sales Returns The Company follows ASU No. 2014-09, "Revenue from Contracts with Customers". In accordance with the guidance, the Company's policy is to recognize revenue at an amount that reflects the consideration that the Company expects that it will be entitled to receive in exchange for transferring goods or services to its customers. The Company's policy is to record revenue when control of the goods transfers to the customer. Net sales are comprised of gross revenues from sales of products less expected product returns, trade discounts and customer allowances, which include costs associated with off-invoice mark-downs and other price reductions, as well as trade promotions and coupons. The Company allows customers to return their unsold products if and when they meet certain Company-established criteria as set forth in the Company's trade terms. The Company regularly reviews and revises, when deemed necessary, its estimates of sales returns based primarily upon the historical rate of actual product returns, planned product discontinuances, new product launches and estimates of customer inventory and promotional sales. For returned products that the Company expects to resell at a profit, the Company records, in addition to sales returns as a reduction to sales and cost of sales and an increase to accrued liabilities for the amount expected to be refunded to the customer, an increase to the asset account used to reflect the Company's right to recover products. The amount of the asset account is valued based upon the former carrying amount of the product (i.e., inventory), less any expected costs to recover the products. As the estimated product returns that are expected to be resold at a profit do not comprise a significant amount of the Company's net sales or assets, the Company does not separately report these amounts. The Company's revenues are also net of certain marketing arrangements with its retail customers. Pursuant to its trade terms with these retail customers, the Company reimburses them for a portion of their advertising costs, which provide advertising benefits to the Company. These arrangements are in the form of marketing development funds and/or cooperative advertising programs and are used by the Company to drive sales. The advertising programs follow an annual schedule of planned events that is continually updated based on the Company's perceived needs and contractual terms. As these marketing expenditures cannot be directly linked to product sales, the Company records these expenses as a reduction of revenue at the higher of actual spend or estimated costs based on a reserve rate methodology. In limited instances when products are sold under consignment arrangements, the Company does not recognize revenue until control over such products has transferred to the end consumer. Other revenues, primarily royalties, do not comprise a material amount of the Company's net sales. The Company incurs costs associated with product distribution, such as freight and handling costs. The Company has elected to treat these costs as fulfillment activities and recognizes these costs at the same time that it recognizes the underlying product revenue. See Note 16, "Segment Data and Related Information," for additional disclosures related to ASU No. 2014-09, "Revenue from Contracts with Customers". Cost of Sales Cost of sales includes all of the costs to manufacture the Company's products. For products manufactured in the Company's own facilities, such costs include raw materials and supplies, direct labor and factory overhead. For products manufactured for the Company by third-party contractors, such cost represents the amounts invoiced by the contractors. Cost of sales also includes the cost of refurbishing products returned by customers that will be offered for resale and the cost of inventory write-downs associated with adjustments of held inventories to their net realizable value. These costs are reflected in the Company’s consolidated statements of operations and comprehensive (loss) income when the product is sold and net sales revenues are recognized or, in the case of inventory write-downs, when circumstances indicate that the carrying value of inventories is in excess of their recoverable value. Additionally, cost of sales reflects the costs associated with certain free products included as sales and promotional incentives. These incentive costs are recognized at the same time that the Company recognizes the related revenue. Selling, General and Administrative Expenses Selling, general and administrative ("SG&A") expenses include expenses to advertise the Company's products, such as television advertising production costs and air-time costs, print advertising costs, digital marketing costs, promotional displays and consumer promotions. SG&A expenses also include the amortization of permanent wall displays and finite-lived intangible assets, depreciation of certain fixed assets, distribution costs (such as freight and handling), non-manufacturing overhead (principally personnel and related expenses), selling and trade educations fees, insurance and professional service fees. Advertising Advertising within SG&A expenses includes television, print, digital marketing and other advertising production costs that are expensed the first time the advertising takes place. The costs of promotional displays are expensed in the period in which they are shipped to customers. Advertising expenses were $388.6 million and $332.1 million for 2021 and 2020, respectively, which were included in SG&A expenses in the Company's consolidated statements of operations and comprehensive (loss) income. The Company also has various arrangements with customers pursuant to its trade terms to reimburse them for a portion of their advertising costs, which provide advertising benefits to the Company. Additionally, from time-to-time, the Company may pay fees to customers in order to expand or maintain shelf space for its products. The costs that the Company incurs for "cooperative" advertising programs, end cap placement, shelf placement costs, slotting fees and marketing development funds, if any, are expensed as incurred and are recorded as a reduction within net sales. Distribution Costs Costs associated with product distribution, such as freight and handling costs, are recorded within SG&A expenses when incurred. Distribution costs were $113.9 million and $106.9 million for 2021 and 2020, respectively. Income Taxes Income taxes are calculated using the asset and liability method. Under this method, the Company recognizes deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company recognizes the effect of a change in income tax rates on deferred tax assets and liabilities in income in the period that includes the enactment date. The Company records valuation allowances to reduce deferred tax assets when management determines that it was more likely than not that a tax benefit will not be realized. The Company recognizes a tax position in its financial statements when management determines that it was more likely than not that the position will be sustained upon examination, based on the merits of such position. The Company recognizes liabilities for unrecognized tax positions in the U.S. and other tax jurisdictions based on an estimate of whether and the extent to which additional taxes will be due. If payment of these amounts is ultimately not required, the reversal of the liabilities would result in additional tax benefits recognized in the period in which the Company determines that the liabilities are no longer required. If the estimate of tax liabilities is ultimately less than the final assessment, this will result in a further charge to expense. The Company recognizes interest and penalties related to income tax matters in income tax expense. See Note 13, "Income Taxes," for additional disclosures. Research and Development Research and development expenditures are expensed as incurred and included within SG&A expenses. The amounts charged in 2021 and 2020 for research and development expenditures were $32.5 million and $29.3 million, respectively. Foreign Currency Translation Assets and liabilities of foreign operations, whose functional currency is the local currency, are translated into U.S. Dollars at the rates of exchange in effect at the balance sheet date. Income and expense items are translated at the weighted-average exchange rates prevailing during each period presented. Gains and losses resulting from foreign currency transactions are included in the results of operations. Gains and losses resulting from translation of financial statements of foreign subsidiaries and branches operating in non-hyperinflationary economies are recorded as a component of accumulated other comprehensive loss until either the sale or upon the complete or substantially complete liquidation by the Company of its investment in a foreign entity. To the extent that foreign subsidiaries and branches operate in hyperinflationary economies, non-monetary assets and liabilities are translated at historical rates and translation adjustments are included in the Company's results of operations. Basic and Diluted Earnings per Common Share and Classes of Stock Shares used in basic earnings per share are computed using the weighted-average number of common shares outstanding during each period. Shares used in diluted earnings per share include the dilutive effect of unvested restricted shares and restricted stock units ("RSUs") issued under the Stock Plan using the treasury stock method. (See Note 17, "Revlon, Inc. Basic and Diluted Earnings (Loss) Per Common Share"). Stock-Based Compensation The Company recognizes stock-based compensation costs for its restricted stock and restricted stock units, measured at the fair value of each award at the time of grant, as an expense over the period during which an employee is required to provide service. Upon the vesting of restricted stock and RSUs, any resulting tax benefits are recognized in the consolidated statements of operations and comprehensive (loss) income as the awards vest or are settled. The Company reflects such excess tax benefits as cash flows from financing activities in the consolidated statements of cash flows. The Company accounts for forfeitures as a reduction of compensation cost in the period when such forfeitures occur. Liquidity and Ability to Continue as a Going Concern The ongoing and prolonged COVID-19 pandemic has continued to adversely impact the Company’s business in 2021 and beyond, as social-distancing restrictions and related actions designed to curb the spread of the virus have remained in place or have been reinstated as the COVID-19 pandemic spikes across the globe. These adverse economic conditions have resulted in the general slowdown of the global economy, in turn contributing to a significant decline in net sales within each of the Company’s reporting segments and regions. However, as COVID-19 restrictions are eased, 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 . On October 23, 2020, Products Corporation commenced an amended exchange offer (as amended, the “Exchange Offer”) to exchange any and all of its outstanding 5.75% Senior Notes due 2021 (the “5.75% Senior Notes”), which closed on November 13, 2020. In the Exchange Offer, for each $1,000 principal amount of 5.75% Senior Notes validly tendered, holders received either, at their option, (i) $275 in cash (plus a $50 early tender/consent fee payable if such 5.75% Senior Notes were tendered at or before 11:59 p.m. New York City time on November 10, 2020 (the “Expiration Time”)), for an aggregate of $325 in cash (the “Cash Consideration”), or (ii) if the holder was an Eligible Holder, a combination of (1) $200 in cash (plus a $50 early tender/consent fee payable if such 5.75% Senior Notes were tendered at or before the Expiration Time), for an aggregate of $250 in cash, plus, (2) (A) the Per $1,000 Pro Rata Share (as hereinafter defined) of $50 million aggregate principal amount of new 2020 ABL FILO Term Loans (as hereinafter defined) and (B) the Per $1,000 Pro Rata Share of $75 million aggregate principal amount of the New BrandCo Second-Lien Term Loans (the “Mixed Consideration”). A holder was considered an “Eligible Holder” if the holder was: (a)(i) a qualified institutional buyer as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); (ii) an institutional accredited investor within the meaning of Rule 501(a)(1), (a)(2), (a)(3) or (a)(7) of the Securities Act; or (iii) a person that is not a “U.S. person” within the meaning of Regulation S under the Securities Act, (b) not a natural person and (c) not a “Disqualified Institution” (as defined under the Amended 2016 Revolving Credit Facility (as hereinafter defined) and related security documents and intercreditor agreements or the 2020 BrandCo Term Loan Facility (as hereinafter defined) and related security documents and intercreditor agreements). The “Per $1,000 Pro Rata Share” is (1) $1,000, divided by (2) the aggregate principal amount of 5.75% Senior Notes tendered for Mixed Consideration by all Eligible Holders and accepted for payment by Products Corporation. On November 13, 2020, the Company announced that the Exchange Offer was successfully consummated and that Products Corporation had accepted $236 million in aggregate principal amount of 5.75% Senior Notes tendered in the Exchange Offer. Products Corporation used cash on hand to redeem, effective as of November 13, 2020, the remaining $106.8 million in aggregate principal amount of 5.75% Senior Notes pursuant to the terms of the indenture governing the 5.75% Senior Notes. Following the consummation of the Exchange Offer and the satisfaction and discharge of the remaining 5.75% Senior Notes, no 5.75% Senior Notes remained outstanding. On March 8, 2021, the Company amended its Amended 2016 Revolving Credit Facility to, among other things, extend the maturity date of the revolving facility thereunder from September 7, 2021 to June 8, 2023. On May 7, 2021, the Company further amended the Amended 2016 Revolving Credit Facility to, among other things, extend the maturity date to May 7, 2024 (subject to ce |
RESTRUCTURING CHARGES
RESTRUCTURING CHARGES | 12 Months Ended |
Dec. 31, 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 the RGGA program 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 December 31, 2021, the Company recorded pre-tax restructuring and related charges of $101.9 million in connection with RGGA, consisting primarily of (i) $76.6 million of employee severance, other personnel benefits and other costs; and (ii) $25.3 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 December 31, 2021 is presented in the following table: Restructuring Charges and Other, Net Employee Severance and Other Personnel Benefits Other Costs Total Restructuring Charges Leases (a) Other Related Charges (b) Total Restructuring and Related Charges Charges incurred through December 31, 2020 $ 48.6 $ 1.9 $ 50.5 $ 12.6 $ 5.7 $ 68.8 Charges incurred during the year ended December 31, 2021 4.1 22.0 $ 26.1 5.1 1.9 33.1 Cumulative charges incurred through December 31, 2021 $ 52.7 $ 23.9 $ 76.6 $ 17.7 $ 7.6 $ 101.9 (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 December 31, 2021 by reportable segment is presented in the following table: Charges incurred during the year ended December 31, 2021 Cumulative charges incurred through December 31, 2021 Revlon $ 7.3 $ 28.0 Elizabeth Arden 9.6 19.0 Portfolio 4.4 18.0 Fragrances 4.8 11.6 Total $ 26.1 $ 76.6 Restructuring Reserve The liability balance and related activity for each of the Company's restructuring programs are presented in the following table: Utilized, Net Liability Expense, Net Cash Liability Balance at December 31, 2021 RGGA: Employee severance and other personnel benefits $ 12.6 $ 4.1 $ (14.8) $ 1.9 Other — 22.0 (22.0) — Total RGGA 12.6 26.1 (36.8) 1.9 Other restructuring initiatives: Employee severance and other personnel benefits 1.2 — (0.4) 0.8 Total restructuring reserve $ 13.8 $ 26.1 $ (37.2) $ 2.7 Utilized, Net Liability Expense, Net Foreign Currency Translation Cash Liability Balance at December 31, 2020 RGGA (Previously "Revlon 2020 Restructuring Program") Employee severance and other personnel benefits $ — $ 48.6 $ — $ (36.0) $ 12.6 Other — 1.9 — (1.9) — Total RGGA — 50.5 — (37.9) 12.6 2018 Optimization Program: Employee severance and other personnel benefits 5.7 (0.6) — (4.0) 1.1 Total 2018 Optimization Program 5.7 (0.6) — (4.0) 1.1 Other restructuring initiatives (a) : Employee severance and other personnel benefits 4.3 (0.2) 0.2 (4.2) 0.1 Total restructuring reserve $ 10.0 $ 49.7 $ 0.2 $ (46.1) $ 13.8 (a) The balance of other restructuring initiatives primarily consists of balances outstanding under the EA Integration Restructuring Program implemented by the Company in December 2016, which was completed by December 2018. The reversal of charges and payments made during the year ended December 31, 2020 primarily related to other individually and collectively immaterial restructuring initiatives. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES The Company's net inventory balances consisted of the following: December 31, December 31, 2021 2020 Finished goods 277.0 $ 356.7 Raw materials and supplies 125.3 97.1 Work-in-process 15.1 8.8 $ 417.4 $ 462.6 |
PREPAID EXPENSES AND OTHER
PREPAID EXPENSES AND OTHER | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAID EXPENSES AND OTHER | PREPAID EXPENSES AND OTHER The Company's prepaid expenses and other balances were as follows: December 31, 2021 2020 Prepaid expenses $ 52.3 $ 66.7 Taxes (a) 36.2 36.1 Other 47.5 31.6 $ 136.0 $ 134.4 (a) Taxes for Products Corporation as of December 31, 2021 and December 31, 2020 were $32.0 million and $32.1 million, respectively. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 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: December 31, 2021 2020 Land and improvements $ 10.8 $ 11.4 Building and improvements 43.5 48.3 Machinery and equipment 82.2 98.7 Office furniture, fixtures and capitalized software 62.6 76.2 Leasehold improvements 18.0 21.3 Construction-in-progress 8.8 9.1 Right-of-Use assets 71.4 87.0 Property, plant and equipment and Right-of-Use assets, net $ 297.3 $ 352.0 Depreciation and amortization expense on property, plant and equipment and right-of-use assets for the years ended December 31, 2021 and December 31, 2020 was $66.5 million and $76.3 million, respectively. Accumulated depreciation and amortization was $551.3 million and $528.9 million as of December 31, 2021 and December 31, 2020, respectively. Leases The Company leases facilities for executive offices, warehousing, research and development and sales operations and leases various types of equipment under operating and finance lease agreements. The majority of the Company’s real estate leases, in terms of total undiscounted payments, are located in the U.S. Impairment Considerations In accordance with ASC Topic 360, "Property, Plant and Equipment," and in conjunction with the performance of its annual impairment assessment, the Company considered whether indicators of impairment existed as of December 31, 2021 for its Property, Plant and Equipment ("PP&E"), including its Right-of-Use ("ROU") assets consisting of the Company's leases as described above. For purposes of recognition and measurement of an impairment loss, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. An impairment loss is recognized only if the carrying amount of a long-lived asset and/or asset group is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset and/or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset and/or asset group and the impairment loss is measured as the amount by which the carrying amount of a long-lived asset and/or asset group exceeds its fair value. In performing such review, the Company 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. Following its annual assessment, the Company concluded that the carrying amounts of its PP&E, including its lease ROU assets, were not impaired as of December 31, 2021. The following table includes disclosure related to the ASC 842 lease standard for the periods presented, after application of the applicable practical expedients and short-term lease considerations: Year Ended December 31, 2021 December 31, 2020 Lease Cost: Finance Lease Cost: Amortization of ROU assets $ 0.2 $ 0.3 Interest on lease liabilities 0.1 0.1 Operating Lease Cost 33.7 38.9 Total Lease Cost $ 34.0 $ 39.3 Other Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases 0.1 0.1 Operating cash flows from operating leases 36.3 36.3 Financing cash flows from finance leases 0.3 0.2 December 31, 2021 December 31, 2020 ROU assets for finance leases 0.3 0.6 ROU assets for operating leases 71.0 86.3 Accumulated amortization on ROU assets for finance leases 0.8 0.6 Accumulated amortization on ROU assets for operating leases 55.9 39.9 Weighted-average remaining lease term - finance leases 1.1 years 2.1 years Weighted-average remaining lease term - operating leases 6.2 years 6.5 years Weighted-average discount rate - finance leases 15.0 % 15.0 % Weighted-average discount rate - operating leases 15.8 % 15.8 % Maturities of lease liabilities as of December 31, 2021 were as follows: Operating Leases Finance Leases 2022 $ 28.7 $ 0.3 2023 24.1 — 2024 19.4 — 2025 13.8 — 2026 12.3 — Thereafter 40.6 — Total undiscounted cash flows $ 138.9 $ 0.3 Present value: Short-term lease liability $ 12.7 $ 0.2 Long-term lease liability 72.0 0.1 Total lease liability $ 84.7 $ 0.3 Difference between undiscounted cash flows and discounted cash flows $ 54.2 $ — |
GOODWILL AND INTANGIBLE ASSETS,
GOODWILL AND INTANGIBLE ASSETS, NET | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS, NET | GOODWILL AND INTANGIBLE ASSETS, NET 2021 Annual Impairment Testing For 2021, in assessing whether goodwill was impaired in connection with its annual impairment testing performed during the fourth quarter of 2021 using October 1st, 2021 carrying values, the Company, in accordance with ASC 350, performed a qualitative assessment for its Revlon reporting unit and a quantitative assessment for its (i) Elizabeth Arden Skin & Color, (ii) Elizabeth Arden Fragrances, (iii) Professional Portfolio and (iv) Fragrances reporting units. The Mass Portfolio reporting unit's goodwill was written down to nil during the first quarter of 2020. In performing its 2021 annual qualitative goodwill assessment, the Company considered, among other factors, the financial performance of the Revlon reporting unit, expected future cash flows and the results of previous quantitative assessments of the Revlon reporting unit. Based upon such assessment, the Company determined that it was more likely than not that the fair value of its Revlon reporting unit exceeded its respective carrying amount for 2021. In performing its 2021 quantitative goodwill assessments, the Company used the simplified approach allowed under ASU No. 2017-04 to test its (i) Elizabeth Arden Skin and Color, (ii) Elizabeth Arden Fragrances, (iii) Professional Portfolio and (iv) Fragrances reporting units for impairment. Based upon such assessment, the Company determined that it was more likely than not that the fair value of each of such aforementioned reporting units exceeded their respective carrying amounts for 2021. Consequently, no impairment changes were recognized during the 2021 annual goodwill impairment assessment test. 2020 Interim Goodwill Assessments As of March 31, 2020, June 30, 2020 and September 30, 2020, as a result of COVID-19’s impact on the Company’s operations, the Company determined that indicators of potential impairment existed requiring the Company to perform interim goodwill impairment analyses. These indicators included a deterioration in the general economic conditions, adverse developments in equity and credit markets, deterioration in some of the economic channels in which the Company's operates (especially in the mass retail channel), the recent trading values of the Company's capital stock and the corresponding decline in the Company’s market capitalization and the revision of the Company's internal forecasts as a result of the ongoing and prolonged COVID- 19 pandemic. For its first and second quarter of 2020 interim assessments, the Company examined and performed quantitative interim goodwill impairment assessments for all its reporting units, namely: (i) Revlon; (ii) Elizabeth Arden Skin and Color; (iii) Elizabeth Arden Fragrances; (iv) Fragrances; (v) Mass Portfolio; and (vi) Professional Portfolio. For the first quarter of 2020, as of March 31, 2020: • The Company determined that it was more likely than not that the fair values of each of its: (i) Revlon; (ii) Elizabeth Arden Skin and Color; and (iii) Fragrances reporting units exceeded their respective carrying amounts for the first quarter of 2020. As of March 31, 2020, prior to the recording of any impairment charges, the Revlon, Elizabeth Arden Skin and Color and Fragrances reporting units had goodwill balances of $264.7 million, $67.4 million and $120.8 million, respectively; and • The Company also determined that indicators of impairment existed for each of its: (i) Elizabeth Arden Fragrances; (ii) Mass Portfolio; and (iii) Professional Portfolio reporting units. Accordingly, for the three months ended March 31, 2020, the Company recognized a total of $99.8 million of non-cash goodwill impairment charges consisting of: $54.3 million and $19.6 million for the Mass Portfolio and Professional Portfolio reporting units, respectively, within the Company's Portfolio segment and $25.9 million for the Elizabeth Arden Fragrances reporting unit within the Company's Elizabeth Arden segment. Following the recognition of these non-cash goodwill impairment charges, as of March 31, 2020, the Elizabeth Arden Fragrances, Mass Portfolio and Professional Portfolio reporting units had approximately $23.5 million, nil and $97.2 million, respectively, in remaining goodwill. For the second quarter of 2020, as of June 30, 2020: • The Company determined that it was more likely than not that the fair values of each of its: (i) Revlon; (ii) Elizabeth Arden Skin and Color; and (iii) Fragrances reporting units exceeded their respective carrying amounts for the second quarter of 2020. As of June 30, 2020, prior to the recording of any impairment charges, the Revlon, Elizabeth Arden Skin and Color and Fragrances reporting units had goodwill balances of $264.9 million, $67.4 million and $120.8 million, respectively; and • Primarily due to the continued worldwide effects of the ongoing and prolonged COVID-19 pandemic, the Company also determined that indicators of impairment existed for each of its: (i) Elizabeth Arden Fragrances; and (ii) Professional Portfolio reporting units. Accordingly, for the three months ended June 30, 2020, the Company recognized a total of $11.2 million of non-cash goodwill impairment charges consisting of: $9.6 million for the Professional Portfolio reporting unit within the Company's Portfolio segment and $1.6 million for the Elizabeth Arden Fragrances reporting unit within the Company's Elizabeth Arden segment. Following the recognition of these non-cash goodwill impairment charges, as of June 30, 2020, the Elizabeth Arden Fragrances and Professional Portfolio reporting units had approximately $22.0 million and $87.6 million, respectively, in remaining goodwill. For its third quarter of 2020 interim assessment, the Company, in accordance with ASC 350, performed qualitative analyses for its (i) Revlon; (ii) Elizabeth Arden Skin and Color; (iii) Elizabeth Arden Fragrances; (iv) Professional Portfolio; and (v) Fragrances reporting units. As discussed above, the Mass Portfolio reporting unit's goodwill was written down to nil during the first quarter of 2020. In performing its third quarter of 2020 qualitative interim goodwill assessment, the Company considered, among other factors, the financial performance of each of its reporting units, the Company's revised expected future cash flows as affected by the ongoing and prolonged COVID-19 pandemic, as well as the results of the second quarter of 2020 quantitative interim analysis. For the third quarter of 2020, as of September 30, 2020: • The Company, in accordance with ASC 350, performed qualitative analyses for its: (i) Revlon; (ii) Elizabeth Arden Skin and Color; (iii) Elizabeth Arden Fragrances; (iv) Professional Portfolio; and (v) Fragrances reporting units; and • Based upon such assessment, the Company determined that it was more likely than not that the fair value of each of its previously mentioned reporting units exceeded their respective carrying amounts as of September 30, 2020. Consequently, no impairment changes were recognized during the three months ended September 30, 2020. 2020 Annual Goodwill Impairment Testing In assessing whether goodwill was impaired in connection with its annual impairment testing performed during the fourth quarter of 2020 using October 1, 2020 carrying values, the Company, in accordance with ASC 350, performed a qualitative assessment for its Revlon reporting unit and quantitative assessments for its (i) Elizabeth Arden Skin and Color, (ii) Elizabeth Arden Fragrances, (iii) Fragrances, and (iv) Professional Portfolio reporting units (as previously noted, the Mass Portfolio reporting unit no longer has any goodwill associated with it starting from the second quarter of 2020). In performing its 2020 annual qualitative goodwill assessment, the Company considered, among other factors, the financial performance of the Revlon reporting unit, the Company's revised expected future cash flows as affected by the ongoing and prolonged COVID-19 pandemic, as well as the results of the second quarter of 2020 quantitative interim analysis. Based upon such assessment, the Company determined that it was more likely than not that the fair value of its Revlon reporting unit exceeded its respective carrying amount for 2020. In performing its 2020 quantitative assessments, the Company used the simplified approach allowed under ASU No. 2017-04 to test its (i) Elizabeth Arden Skin and Color, (ii) Elizabeth Arden Fragrances, (iii) Fragrances, and (iv) Professional Portfolio reporting units for impairment. Based upon such assessment, the Company determined that it was more likely than not that the fair value of each of such aforementioned reporting units exceeded their respective carrying amounts for 2020. Consequently, no additional impairment changes were recognized during the 2020 annual impairment assessment test. 2021 Annual Impairment Assessment Inputs and Assumptions Considerations The above-mentioned fair values were primarily determined using a weighted average market and income approach. The income approach requires several assumptions including those regarding future sales growth, EBITDA (earnings before interest, taxes, depreciation and amortization) margins, and capital expenditures, which are the basis for the information used in the discounted cash flow model. The weighted-average cost of capital used in the income approach ranged from 8.5% to 10.0%, with a perpetual growth rate of 2%. For the market approach, the Company considered the market comparable method based upon total enterprise value multiples of other comparable publicly-traded companies. The key assumptions used to determine the estimated fair values of the Company's reporting units for its annual assessment included the expected success of the Company's future new product launches, the Company's achievement of its expansion plans, the Company's realization of its cost reduction initiatives and other efficiency efforts, as well as certain assumptions regarding the COVID-19 pandemic's expected impact on the Company. If such plans and assumptions do not materialize as anticipated, or if there are further challenges in the business environment in which the Company's reporting units operate, a resulting change in actual results from the Company's key assumptions could have a negative impact on the estimated fair values of the reporting units, which could require the Company to recognize additional impairment charges in future reporting periods. The inputs and assumptions utilized in the impairment analysis are classified as Level 3 inputs in the fair value hierarchy as defined in ASC Topic 820, “Fair Value Measurements.” The following table presents the changes in goodwill by segment for the year ended December 31, 2021: Revlon Portfolio Elizabeth Arden Fragrances Total Balance at January 1, 2020 $ 264.9 $ 171.1 $ 116.9 $ 120.8 $ 673.7 Foreign currency translation adjustment 0.5 0.3 0.1 0.1 1.0 Goodwill impairment charge (a) — (83.5) (27.5) — (111.0) Balance at December 31, 2020 $ 265.4 $ 87.9 $ 89.5 $ 120.9 $ 563.7 Foreign currency translation adjustment (0.4) (0.1) (0.2) (0.2) (0.9) Balance at December 31, 2021 $ 265.0 $ 87.8 $ 89.3 $ 120.7 $ 562.8 Cumulative goodwill impairment charges (a) $ (166.2) (a) Amount refers to cumulative goodwill impairment charges related to impairments recognized in 2015, 2017, 2018 and 2020; nil impairment charges were recognized during the year ended December 31, 2021. In connection with recognizing the goodwill impairment charges during 2020, the Company recognized a tax benefit of approximately $9.2 million, since a portion of the goodwill is amortizable for tax purposes. Intangible Assets, Net Finite-Lived Intangibles 2021 Annual Impairment Test In accordance with ASC Topic 360, and in conjunction with the performance of its 2021 annual goodwill impairment assessment, the Company reviewed its finite-lived intangible assets for impairment. In performing its review, the Company makes judgments about the recoverability of its purchased finite-lived intangible assets whenever events or changes in circumstances indicate that an impairment to its finite-lived intangible assets may exist. The Company also considers several indicators of impairment, including, among other factors, the following: (i) whether there exists any significant adverse change in the extent or manner in which a long-lived asset and/or asset group is being used; (ii) whether there exists any projection or forecast demonstrating losses associated with the use of a long-lived asset and/or asset group; and (iii) whether there exists a current expectation that, more likely than not, a long-lived asset and/or asset group will be sold or otherwise disposed of significantly before the end of its previously-estimated useful life. The carrying amount of a finite-lived intangible asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the finite-lived intangible asset and/or asset group and the impairment loss is measured as the amount by which the carrying amount of the finite-lived intangible asset exceeds its fair value. No impairment charges were recognized related to the carrying value of any of the Company's finite-lived intangible assets as a result of the 2021 annual impairment test. 2020 Annual and Interim Impairment Tests No impairment charges were recognized related to the carrying value of any of the Company's finite-lived intangible assets as a result of the 2020 annual and interim impairment tests. Indefinite-Lived Intangibles 2021 Annual Impairment Test In accordance with ASC Topic 350, and in conjunction with the performance of its 2021 annual goodwill impairment assessment, the Company also quantitatively reviewed indefinite-lived intangible assets, consisting of certain trade names, using October 1, 2021 carrying values, similar to goodwill. The Company performed quantitative and qualitative assessments of its indefinite-lived intangible assets considering, among other factors, the financial performance of certain asset groups within its reporting units and the Company's expected future cash flows. No impairment charges were recognized related to the carrying value of any of the Company's indefinite-lived intangible assets as a result of the 2021 annual impairment test. 2020 Annual and Interim Impairment Tests In connection with the interim goodwill impairment assessment for the first and second quarters of 2020, the Company quantitatively reviewed indefinite-lived intangible assets, consisting of certain trade names, using March 31, 2020 and June 30, 2020 carrying values, respectively, similar to goodwill, in accordance with ASC Topic 350. As a result of COVID-19’s impact on the Company’s operations and on the expected future cash flows of certain asset groups, the quantitative interim assessments of indefinite-lived intangible assets in the first and second quarters of 2020 resulted in the recognition of: • $24.5 million of total non-cash impairment charges related to certain indefinite-lived intangible assets within the Company's Mass Portfolio, Elizabeth Arden Fragrances and Elizabeth Arden Skin and Color reporting units in the first quarter of 2020; and • $8.6 million of total non-cash impairment charges related to certain indefinite-lived intangible assets within the Company's Elizabeth Arden Fragrances and Elizabeth Arden Skin and Color reporting units in the second quarter of 2020. For the third and fourth quarter of 2020, in accordance with the approaches followed for the third quarter interim goodwill assessment and for the 2020 annual goodwill impairment testing, the Company performed qualitative and quantitative assessments, respectively, of its indefinite-lived intangible assets considering, among other factors, the financial performance of certain asset groups within its reporting units, the Company's revised, expected future cash flows (also as affected by COVID-19), as well as the results of the second quarter of 2021 quantitative interim analysis of indefinite-lived intangibles. No impairment charges were recognized related to the carrying value of any of the Company's indefinite-lived intangible assets as a result of these impairment assessments. Consequently, total non-cash impairment charges recorded on the Company's indefinite-lived intangible assets were $33.1 million during the year ended December 31, 2020. Inputs and Assumptions Considerations The fair values of the Company's intangible assets were determined based on the undiscounted cash flows method for its finite-lived intangibles and based on the relief from royalty method for its indefinite-lived intangibles, respectively. The inputs and assumptions utilized in the impairment analyses are classified as Level 3 inputs in the fair value hierarchy as defined in ASC Topic 820, “Fair Value Measurements.” The 2020 impairment charges were included as a separate component of operating income within the "Impairment charges" caption on the face of the Company's Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2020. No impairment charges were recognized related to the carrying value of any of the Company's indefinite-lived intangible assets during the year ended December 31, 2021. A summary of such impairment charges by segments is included in the following table: Year Ended December 31, 2020 Revlon Portfolio Elizabeth Arden Fragrances Total Indefinite-lived intangible assets $ — $ (2.5) $ (30.6) $ — $ (33.1) Total Intangibles Impairment $ — $ (2.5) $ (30.6) $ — $ (33.1) In connection with recognizing the intangible assets impairment charges during 2020, the Company recognized a tax benefit of approximately $6.9 million. The following tables present details of the Company's total intangible assets as of December 31, 2021 and December 31, 2020: December 31, 2021 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Weighted-Average Useful Life (in Years) Finite-lived intangible assets: Trademarks and licenses $ 270.8 $ (142.9) $ — $ 127.9 12 Customer relationships 247.2 (122.7) — 124.5 10 Patents and internally-developed intellectual property 23.8 (17.4) — 6.4 5 Distribution rights 31.0 (9.2) — 21.8 13 Other 1.3 (1.3) — — 0 Total finite-lived intangible assets $ 574.1 $ (293.5) $ — $ 280.6 Indefinite-lived intangible assets: Trade names $ 144.7 N/A $ (33.1) $ 111.6 Total indefinite-lived intangible assets $ 144.7 N/A $ (33.1) $ 111.6 Total intangible assets $ 718.8 $ (293.5) $ (33.1) $ 392.2 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 $ 272.8 $ (128.6) $ — $ 144.2 12 Customer relationships 249.9 (110.7) — 139.2 11 Patents and internally-developed intellectual property 23.6 (15.6) — 8.0 5 Distribution rights 31.0 (7.5) — 23.5 14 Other 1.3 (1.3) — — 0 Total finite-lived intangible assets $ 578.6 $ (263.7) $ — $ 314.9 Indefinite-lived intangible assets: Trade names $ 149.0 N/A $ (33.1) $ 115.9 Total indefinite-lived intangible assets $ 149.0 N/A $ (33.1) $ 115.9 Total intangible assets $ 727.6 $ (263.7) $ (33.1) $ 430.8 Amortization expense for finite-lived intangible assets was $34.4 million and $34.2 million for the year ended December 31, 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 December 31, 2021: Estimated Amortization Expense 2022 $ 32.5 2023 30.8 2024 27.6 2025 26.4 2026 25.3 Thereafter 138.0 Total $ 280.6 |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES The Company's accrued expenses and other current liabilities consisted of the following: December 31, December 31, 2021 2020 Advertising, marketing and promotional costs $ 113.3 $ 96.3 Sales returns and allowances 92.3 95.5 Taxes (a) 52.8 41.8 Compensation and related benefits 33.7 50.1 Interest 31.3 29.6 Freight and distribution costs 18.4 9.5 Professional services and insurance 28.5 18.6 Short-term lease liability 12.9 16.6 Restructuring reserve 2.7 13.8 Software 2.2 3.1 Other (b) 43.9 46.0 Total $ 432.0 $ 420.9 (a) Accrued Taxes for Products Corporation as of December 31, 2021 and December 31, 2020 were $52.8 million and $44.8 million, respectively, (b) Accrued Other for Products Corporation as of December 31, 2021 and December 31, 2020 were $44.0 million and $46.0 million, respectively. On December 22, 2020, certain of the Company's subsidiaries and Helen of Troy Limited (the “Licensee”) entered into a Trademark License Agreement (the “License Agreement”) to combine and revise the existing licenses that are in place between the parties. The License Agreement grants the Licensee the exclusive right to use the “Revlon” brand in connection with the manufacture, display, advertising, promotion, labeling, sale, marketing and distribution of certain hair and grooming products until December 31, 2060 (with 3 additional 20-year renewal periods) in exchange for a one-time, upfront cash fee of $72.5 million, which is included as deferred revenue within Other long-term liabilities and Accrued expenses and other current liabilities on the Company's Consolidated Balance Sheets. The deferred revenue will be amortized to royalty income within "Net Sales" on the Company's Consolidated Statement of Operations over a period of 26 years, estimated based on the point in time in which 90% of the total discounted cash flows is captured. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT The table below details the Company's debt balances, net of discounts and debt issuance costs. December 31, December 31, 2021 2020 Amended 2016 Revolving Credit Facility (Tranche A) due 2024 (a) $ 108.0 $ 136.7 SISO Term Loan Facility due 2024 (a) 126.2 — 2021 Foreign Asset-Based Term Facility due 2024 (b) 71.2 — 2020 ABL FILO Term Loans due 2023 (d) 50.0 50.0 2020 Troubled-debt-restructuring: future interest (c) 42.6 57.8 2020 BrandCo Term Loan Facility due 2025 (d)(e) 1,749.7 1,719.8 2016 Term Loan Facility: 2016 Term Loan due 2023 and 2025 (f) 867.9 874.8 2018 Foreign Asset-Based Term Facility due 2021 (g) — 57.7 6.25% Senior Notes due 2024 (i) 426.9 425.4 Spanish Government Loan due 2025 0.2 0.3 Debt $ 3,442.7 $ 3,322.5 Less current portion (*) (137.2) (217.5) Long-term debt $ 3,305.5 $ 3,105.0 Short-term borrowings (**) $ 0.7 $ 2.5 (*) At December 31, 2021, the Company classified $137.2 million as its current portion of long-term debt, comprised primarily of $108.0 million of net borrowings under the Amended 2016 Revolving Credit Facility, net of debt issuance costs, $18.5 million of payments under the 2020 BrandCo Term Loan Facility due within one year and $9.2 million of payments on the 2016 Term Loan Facility due within one year. At December 31, 2020, the Company classified $217.5 million as its current portion of long-term debt, comprised primarily of $136.7 million of net borrowings under the Amended 2016 Revolving Credit Facility, net of debt issuance costs, $57.7 million of the 2018 Foreign Asset-Based Term Facility, net of debt issuance costs and debt discount, $13.7 million of payments under the 2020 BrandCo Term Facility and $9.2 million of payments on the 2016 Term Loan Facility. See below in this Note 8, "Debt," for details regarding the Company's recent debt-related transactions. (**) The weighted average interest rate on these short-term borrowings outstanding at December 31, 2021 and 2020 was 11.4% and 11.7%, respectively. Current Year Debt Transactions (a) 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 Term Loan 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" ) was 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 2016 Term Loan Facility on 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 were reduced from $300 million to $270 million and under the SISO Term Loan Facility were upsized from $100 million to $130 million, (iii) the financial covenant was 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 were increased, and (v) the perpetual cash dominion requirement was 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 Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 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 Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 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 Term Loan 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 Term Loan 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 Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 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 within "Amortization of debt issuance costs” (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 Term Loan Facility. Additionally, approximately $0.4 million of fees paid to third parties were expensed within SG&A on the Company's Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2021. (a) 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 Term Loan 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 Term Loan 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 Term Loan 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 Term Loan Facility with the new lenders, which are amortized in accordance with the effective interest method over the term of the facility. (b) 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. Such perfection actions were subsequently completed, and the escrowed funds were released to the ABTL Borrower. 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 2018 Foreign Asset-Based Term Facility (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 $1.0 million of pre-existing unamortized deferred financing costs were expensed within "Amortization of Debt Issuance Costs" on the Company’s Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 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 Consolidated Balance Sheet as of December 31, 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 within "Amortization of debt issuance costs" in accordance with the effective interest method over the term of the facility. (c) 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 year ended December 31, 2021, the Company recorded $15.2 million of amortization of such future interest as an offset within "Interest expense, net" on the Company's Consolidated Statement of Operations and Comprehensive Loss. Previous Years' Debt Related Transactions (d) 5.75% Senior Notes Exchange Offer On November 13, 2020, Products Corporation completed its previously-announced offer to exchange (as amended, the “Exchange Offer”) any and all of the then-outstanding $342.8 million aggregate principal amount of its 5.75% Senior Notes scheduled to mature on February 15, 2021 (see hereinafter under "Previous Year Debt Related Transaction" for more details on the 5.75% Senior Notes), on terms set forth in the amended and restated Offering Memorandum and Consent Solicitation Statement dated October 23, 2020. Concurrently with the Exchange Offer, Products Corporation solicited consents (the “Consent Solicitation”) to adopt certain proposed amendments to the indenture governing the 5.75% Senior Notes , dated as of February 13, 2013, among Products Corporation, the guarantors party thereto and U.S. Bank National Association (the “5.75% Senior Notes Indenture”) to eliminate substantially all of the restricted covenants and certain events of default provisions from the 5.75% Senior Notes Indenture . The Exchange Offer and Consent Solicitation expired at 11:59 p.m., New York City time, on November 10, 2020 (the “Expiration Time”). For each $1,000 principal amount of 5.75% Senior Notes validly tendered before the Expiration Time, holders received either, at their option, (i) $275 in cash (plus a $50 early tender/consent fee payable for an aggregate of $325 in cash, or (ii) if the holder was an Eligible Holder (as hereinafter defined), a combination of (1) $200 in cash (plus a $50 early tender/consent fee, for an aggregate of $250 in cash, plus, (2) (A) the Per $1,000 Pro Rata Share (as hereinafter defined) of $50 million in aggregate principal amount of new 2020 ABL FILO Term Loans (as hereinafter defined) and (B) the Per $1,000 Pro Rata Share of $75 million in aggregate principal amount of the New BrandCo Second-Lien Term Loans (as hereinafter defined) (the “Mixed Consideration”). At the Expiration Time, $236 million in aggregate principal amount of 5.75% Senior Notes, representing 68.8% of the total outstanding principal amount of the 5.75% Senior Notes, was validly tendered and not validly withdrawn. On November 13, 2020, immediately after Products Corporation accepted for exchange the 5.75% Senior Notes that were validly tendered and made payment therefore, Products Corporation used cash on hand to redeem, effective as of November 13, 2020, the remaining $106.8 million in aggregate principal amount of 5.75% Senior Notes pursuant to the terms of the 5.75% Senior Notes Indenture. Following the consummation of the Exchange Offer and the satisfaction and full discharge of the 5.75% Senior Notes, no 5.75% Senior Notes remained outstanding. Accrued and unpaid interest on the 5.75% Senior Notes that were tendered in the Exchange Offer was paid to, but not including, the settlement date of the Exchange Offer. The 2020 ABL FILO Term Loans are new “Tranche B” term loans in the aggregate principal amount of $50 million, ranking junior in right of payment to the “Tranche A” revolving loans under the Amended 2016 Revolving Credit Agreement (as hereinafter defined) and equal in right of payment with all existing and future unsubordinated indebtedness of Products Corporation and the guarantors under the Amended 2016 Revolving Credit Agreement (such new Tranche B term loans, the “2020 ABL FILO Term Loans”). The 2020 ABL FILO Term Loans will mature the earlier of December 15, 2023 and six months after the maturity date of the Tranche A Loans (and any extension thereof in part or in whole). The 2020 ABL FILO Term Loans bear interest at a rate of LIBOR (subject to a 1.75% floor) plus 8.50% per annum, accruing from the settlement date of the Exchange Offer. The borrowing base for the 2020 ABL FILO Term Loans consists of an advance rate of 100% of eligible collateral with a customary push down reserve, with collateral consisting of: (i) a first-priority lien on accounts receivable, inventory, cash, negotiable instruments, chattel paper, investment property (other than capital stock), equipment and real property of Products Corporation and the subsidiary guarantors, subject to customary exceptions (the “Priority Collateral”); and (ii) a second-priority lien on substantially all tangible and intangible personal property of Products Corporation and the subsidiary guarantors, subject to customary exclusions (other than the Priority Collateral). The New BrandCo Second Lien Term Loans issued pursuant to the Exchange Offer are “Term B-2 Loans” in the aggregate principal amount of $75 million (ranking junior to the Term B-1 Loans and senior to the Term B-3 Loans with respect to liens on certain specified collateral) under the 2020 BrandCo Term Loan Facility (such Term B-2 Loans, the “New BrandCo Second-Lien Term Loans”). The Exchange Offer with respect to the tendering holders represented a Troubled Debt Restructuring ("TDR") in accordance with ASC 470, Debt, as both criteria for a TDR were met, namely: (i) the creditors granted a concession, and (ii) the Company was experiencing financial difficulties. Since the expected future undiscounted cash flows under the New 2020 ABL FILO Term Loan and the New BrandCo Second-Lien Term Loans exchanged in the transaction are higher than the net carrying value of the original 5.75% Senior Notes remaining after any partial cash settlement (once prior loans with same lenders have also been considered, as applicable), no gain was recorded and a new effective interest rate was established based on the revised cash flows and the remaining net carrying value of the original 5.75% Senior Notes. Following the closing of the Exchange Offer, as of December 31, 2020, the following aggregate principal amounts are outstanding: • $50.0 million of New 2020 ABL FILO Term Loans; and • $75.0 million of New BrandCo Second-Lien Term Loans. Following the applicability of the TDR guidance and based on a net carrying value of the original 5.75% Senior Notes of approximately $175.5 million remaining after partial cash settlements, future interest payments of approximately $50.5 million were also included in the carrying value of the restructured debt as of the day of closing of the Exchange Offer. Additionally, to the amounts stated above, $17.5 million of New BrandCo Second-Lien Term Loans was added following the recognition of Paid-In-Kind ("PIK") consent fees that were earned by the lenders on the day of closing of the Exchange Offer, (which are amortized over the term of the restructured debt agreements), in accordance with the BrandCo TSA as defined further below in this Note 8, "Debt", within "Subsequent Amendments to the 2020 BrandCo Term Loan Facility". In accordance with the aforementioned TDR guidance, fees and expenses incurred to third parties in connection with consummating the Exchange Offer of approximately $13.8 million were expensed as professional fees within SG&A on the Company's Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2020. (e) 2020 BrandCo Refinancing Transactions On May 7, 2020 (the “BrandCo 2020 Facilities Closing Date”), Products Corporation entered into a term credit agreement (the “2020 BrandCo Credit Agreement”) with Jefferies Finance LLC, as administrative agent and collateral agent, and certain financial institutions (the “2020 Facilities Lenders”) that are lenders or the affiliates of lenders under Products Corporation’s Term Loan Credit Agreement, dated as of September 7, 2016 and amended on April 30, 2020 and as amended on the BrandCo 2020 Facilities Closing Date, as further described below (as amended to date, the “2016 Term Loan Facility”) and the Amended 2016 Revolving Credit Facility, collectively referred to as the "2016 Senior Credit Facilities"). Pursuant to the 2020 BrandCo Credit Agreement, the 2020 Facilities Lenders provided Products Corporation with new and roll-up senior secured term loan facilities (the “2020 BrandCo Facilities” and, collectively, the "2020 BrandCo Term Loan Facility" and, together with the use of proceeds thereof and the Extension Amendment, the “2020 BrandCo Refinancing Transactions”). Principal and Maturity: The 2020 BrandCo Facilities consist of: (i) a senior secured term loan facility in an aggregate principal amount outstanding on the BrandCo 2020 Facilities Closing Date of $815.0 million, plus the amount of certain fees and accrued interest that have been capitalized (the “2020 BrandCo Facility”); (ii) commitments in respect of a senior secured term loan facility in an aggregate principal amount of $950 million (the “Roll-up BrandCo Facility”); and (iii) a senior secured term loan facility in an aggregate principal amount outstanding on the BrandCo 2020 Facilities Closing Date of $3.0 million (the “Junior Roll-up BrandCo Facility”). Additionally, on May 28, 2020, Products Corporation borrowed from the 2020 Facilities Lenders an additional $65.0 million of term loans under the 2020 BrandCo Facility to repay in full the 2020 Incremental Facility under the 2016 Term Loan Facility, as a result of which the 2020 BrandCo Facility at June 30, 2020 had an aggregate principal amount outstanding of $910.6 million (including paid-in-kind closing fees of $29.1 million and paid-in-kind interest of $1.5 million that were capitalized). Additionally, during 2020, certain lenders under the 2016 Term Loan Facility, representing $846.0 million in aggregate principal outstanding, rolled-up to the Roll-up BrandCo Facility and the Junior Roll-up BrandCo Facility, as a result of which the Roll-up BrandCo Facility and the Junior Roll-up BrandCo Facility at September 30, 2020 had an aggregate principal amount outstanding of $846.0 million. T he Company determined that the roll-up of such 2016 Term Loan Facility lenders into the Roll-up BrandCo Facility and the Junior Roll-up BrandCo Facility represented a debt modification under U.S. GAAP, as the cash flow effect between the amount that Products Corporation owed to the participating lenders under the old debt instrument (i.e., the 2016 Term Loan Facility) and the amount that Products Corporation owed to such lenders after the consummation of the roll-up into the new debt instrument (i.e., the Roll-up BrandCo Facility and the Junior Roll-up BrandCo Facility) on a present value basis was less than 10% and, thus, the debt instruments were not considered to be substantially different within the meaning of ASC 470, Debt, under U.S. GAAP. The proceeds of the 2020 BrandCo Facility were used: (i) to repay in full approximately $200 million of indebtedness outstanding under Products Corporation’s 2019 Term Loan Facility; (ii) to repay in full and terminate commitments under the 2020 Incremental Facility; and (iii) to pay fees and expenses in connection with the 2020 BrandCo Facilities and the 2020 BrandCo Refinancing Transactions. The Company will use the remaining net proceeds for general corporate purposes. The proceeds of the Roll-up BrandCo Facility are available prior to the third anniversary of the BrandCo 2020 Facilities Closing Date to purchase at par an equivalent amount of any remaining term loans under the 2016 Term Loan Facility held by the lenders participating in the 2020 BrandCo Facility or their transferees. During the three months ended June 30, 2020 and the three months ended September 30, 2020, certain lenders under the 2016 Term Loan Facility due June 2023, representing $846.0 million in aggregate principal outstanding, rolled-up to the Roll-up BrandCo Facility and the Junior Roll-up BrandCo Facility due June 2025 , as a result of which the Roll-up BrandCo Facility and the Junior Roll-up BrandCo Facility at September 30, 2020 have an aggregate principal amount outstanding of $846.0 million, with a remaining capacity for the roll-up of loans under the 2016 Term Loan Facility of $107.0 million. See “Subsequent Amendments to the 2020 BrandCo Term Loan Facility” regarding the Supporting BrandCo Lenders subsequently relinquishing certain Roll-up Rights and Products Corporation’s issuance of the BrandCo Support and Consent Consideration. The 2020 BrandCo Facilities will mature on June 30, 2025, subject to a springing maturity 91 days prior to the August 1, 2024 maturity date of Products Corporation’s 6.25% Senior Notes if, on such date, $100 million or more in aggregate principal amount of the 6.25% Senior Notes remain outstanding. The Company incurred approximately $119.3 million of new debt issuance costs in connection with closing the 2020 BrandCo Facility, which include paid-in kind amounts that are recorded as an adjustment to the carrying amount of the related liability and amortized to interest expense in accor |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 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 December 31, 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 December 31, 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: December 31, 2021 Fair Value Level 1 Level 2 Level 3 Total Carrying Value Liabilities: Long-term debt, including current portion (a) $ — $ 2,864.0 $ — $ 2,864.0 $ 3,442.7 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: December 31, 2020 Fair Value Level 1 Level 2 Level 3 Total Carrying Value Liabilities: Long-term debt, including current portion (a) $ — $ 2,168.9 $ — $ 2,168.9 $ 3,322.5 (a) The fair value of the Company's long-term debt, including the current portion of long-term debt, is based on quoted market prices for similar issuances and maturities. The carrying amounts of the Company's cash and cash equivalents, trade receivables, notes receivable, accounts payable and short-term borrowings approximate their respective fair values. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and December 31, 2020, respectively. Included in these amounts are approximately $6.1 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 December 31, 2021 and December 31, 2020, respectively. At December 31, 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 BEN
PENSION AND POST-RETIREMENT BENEFITS | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
PENSION AND POST-RETIREMENT BENEFITS | PENSION AND POST-RETIREMENT BENEFITS Savings Plan: The Company offers a qualified defined contribution plan for its U.S.-based employees, the Revlon Employees' Savings, Investment and Profit Sharing Plan (as amended, the "Savings Plan"), which allows eligible participants to contribute up to 25%, and highly compensated participants to contribute up to 12%, of eligible compensation through payroll deductions, subject to certain annual dollar limitations imposed by the Internal Revenue Service (the "IRS"). The Company matches employee contributions at fifty cents for each dollar contributed up to the first 6% of eligible compensation. The Company made cash matching contributions to the Savings Plan of $3.7 million and $1.4 million during 2021 and 2020, respectively. The Company also offers a non-qualified defined contribution plan (the "Excess Savings Plan") providing benefits for certain U.S. employees who are in excess of IRS limitations. These non-qualified defined contribution benefits are funded from the Company's general assets. Beginning January 1, 2022, the following changes are in effect: (i) the Company will match employee contributions at $1 dollar for each dollar contributed up to the first 6% of eligible compensation; (ii) highly compensated participants may contribute up to 25% of eligible compensation through payroll deductions to the Savings Plan; and (iii) highly compensated participants may contribute up to 12% to the Excess Saving Plan when the maximum contributions to the Savings Plan have been met. The Company’s qualified and non-qualified defined contribution savings plans for its U.S.-based employees contain a discretionary profit-sharing component that enables the Company, should it elect to do so, to make discretionary profit-sharing contributions. For 2021, the Company made discretionary profit-sharing contributions to the Savings Plan and Excess Savings Plan of $5.4 million of which $4.0 million was paid in 2021 and $1.4 million was paid in January 2022, or up to 3% of eligible compensation, which was credited on a quarterly basis. For 2020, the Company did not make discretionary profit-sharing contributions to the Savings Plan and Excess Savings Plan. Effective January 1, 2022, the Company will no longer make discretionary profit-sharing contributions to the Savings Plan and Excess Savings Plan. Pension Benefits: In 2009, Products Corporation’s U.S. qualified defined benefit pension plan (the Revlon Employees’ Retirement Plan, which covered a substantial portion of the Company's employees in the U.S.) and its non-qualified pension plan (the Revlon Pension Equalization Plan) were amended to cease future benefit accruals under such plans after December 31, 2009. No additional benefits have accrued since December 31, 2009, other than interest credits on participant account balances under the cash balance program of the Company’s U.S. pension plans. Also, service credits for vesting and early retirement eligibility will continue to accrue in accordance with the terms of the respective plans. In 2010, the Company amended its Canadian defined benefit pension plan (the Affiliated Revlon Companies Employment Plan) to reduce future benefit accruals under such plan after December 31, 2010. Additionally, while the Company closed its U.K. defined pension plan to new entrants in 2002, then-existing participants continue to accrue pension benefits. Products Corporation also sponsors two U.S. qualified defined benefit pension plans, has non-qualified pension plans that provide benefits for certain U.S. and non-U.S. employees, and for U.S. employees in excess of IRS limitations in the U.S. and in certain limited cases contractual benefits for certain former officers of the Company. These non-qualified plans are funded from the Company's general assets. Post-retirement Benefits: The Company previously sponsored an unfunded retiree benefit plan, which provides death benefits payable to beneficiaries of a very limited number of former employees. Participation in this plan was limited to participants enrolled as of December 31, 1993. The Company also administers an unfunded medical insurance plan on behalf of Revlon Holdings, certain costs of which have been apportioned to Revlon Holdings under the transfer agreements among Revlon, Products Corporation and MacAndrews & Forbes. (See Note 19, "Related Party Transactions"). The following table provides an aggregate reconciliation of the projected benefit obligations, plan assets, funded status and amounts recognized in the Company’s Consolidated Financial Statements related to the Company's significant pension and other post-retirement benefit plans: Pension Plans Other Post-Retirement Benefit Plans December 31, 2021 2020 2021 2020 Change in Benefit Obligation: Benefit obligation - beginning of year $ (666.5) $ (629.7) $ (14.5) $ (13.4) Service cost (1.4) (1.7) — — Interest cost (9.1) (15.0) (0.2) (0.3) Actuarial (loss) gain 23.1 (65.8) 1.6 (1.5) Settlement and Curtailment gain 2.6 5.5 — — Benefits paid 42.1 44.0 0.7 0.7 Plan Amendments (1.0) 0.2 — — Plan participant contributions (0.3) (0.5) — — Foreign currency translation adjustments 1.2 (3.5) — — Benefit obligation - end of year $ (609.3) $ (666.5) $ (12.4) $ (14.5) Change in Plan Assets: Fair value of plan assets - beginning of year $ 463.0 $ 462.4 $ — $ — Actual return (loss) on plan assets 33.9 35.9 — — Employer contributions 21.8 9.1 0.7 0.7 Settlement gain (2.1) (4.1) — — Benefits paid (42.1) (44.0) (0.7) (0.7) Plan participant contributions 0.3 0.5 — — Foreign currency translation adjustments (0.8) 3.2 — — Fair value of plan assets - end of year $ 474.0 $ 463.0 $ — $ — Unfunded status of plans at December 31, 2021 $ (135.3) $ (203.5) $ (12.4) $ (14.5) With respect to the Company's pension plans and other post-retirement benefit plans, amounts recognized in the Company’s Consolidated Balance Sheets at December 31, 2021 and 2020 consisted of the following: Pension Plans Other Post-Retirement Benefit Plans December 31, 2021 2020 2021 2020 Other long-term assets $ 6.8 $ 1.3 $ — $ — Accrued expenses and other (6.3) (6.2) (0.9) (0.7) Pension and other post-retirement benefit liabilities (135.8) (198.6) (11.5) (13.8) Total liability $ (135.3) $ (203.5) $ (12.4) $ (14.5) Accumulated other comprehensive loss, gross $ 257.6 $ 307.5 $ 2.9 $ 5.1 Income tax benefit (50.3) (50.6) (1.1) (0.9) Portion allocated to Revlon Holdings (0.9) (0.8) 0.4 0.2 Accumulated other comprehensive loss, net $ 206.4 $ 256.1 $ 2.2 $ 4.4 With respect to the above accrued expenses and other, the Company has recorded receivables from affiliates of $2.0 million and $2.2 million at December 31, 2021 and 2020, respectively, relating to pension plan liabilities retained by such affiliates. The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company's pension plans are as follows: December 31, 2021 2020 Projected benefit obligation $ 609.3 $ 666.5 Accumulated benefit obligation 607.0 663.6 Fair value of plan assets 474.0 463.0 The $57.2 million decrease in the Company’s projected pension benefit obligation at December 31, 2021 as compared to December 31, 2020, is primarily due to the increase in the discount rates, which had the effect of decreasing the Company’s projected pension benefit obligation by approximately $25.0 million. 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 year ended December 31, 2021 and 2020, respectively, were as follows: Pension Plans Other Year Ended December 31, 2021 2020 2021 2020 Net periodic benefit costs: Service cost $ 1.4 $ 1.7 $ — $ — Interest cost 9.1 15.0 0.2 0.3 Expected return on plan assets (19.7) (22.8) — — Amortization of actuarial loss 13.3 11.0 0.6 0.4 Curtailment and Settlement gain — (1.5) — — Total net periodic benefit costs prior to allocation $ 4.1 $ 3.4 $ 0.8 $ 0.7 Portion allocated to Revlon Holdings (0.1) (0.1) — — Total net periodic benefit costs $ 4.0 $ 3.3 $ 0.8 $ 0.7 In the year ended December 31, 2021, the Company recognized net periodic benefit cost of $4.8 million, compared to net periodic benefit cost of $4.0 million in the year ended December 31, 2020, primarily due to higher expected return on plan assets in 2020, higher amortization of actuarial loss in 2021 and curtailment and settlement gains in 2020, partially offset by lower interest cost in 2021. Net periodic benefit costs are reflected in the Company's Consolidated Financial Statements as follows for the periods presented: Year Ended December 31, 2021 2020 Net periodic benefit costs: Selling, general and administrative expense $ 1.4 $ 1.7 Miscellaneous, net 3.4 2.3 Total net periodic benefit costs $ 4.8 $ 4.0 Amounts recognized in accumulated other comprehensive loss at December 31, 2021 with respect to the Company’s pension plans and other post-retirement plans, which have not yet been recognized as a component of net periodic benefit cost, were as follows: Pension Benefits Post-Retirement Benefits Total 2021 Net actuarial loss $ 255.7 $ 2.9 $ 258.6 Prior service cost 1.9 — 1.9 Accumulated Other Comprehensive Loss, Gross 257.6 2.9 260.5 Income tax benefit (50.3) (1.1) (51.4) Portion allocated (to) from Revlon Holdings (0.9) 0.4 (0.5) Accumulated Other Comprehensive Loss, Net $ 206.4 $ 2.2 $ 208.6 Pension Benefits Post-Retirement Benefits Total 2020 Net actuarial loss $ 306.6 $ 5.1 $ 311.7 Prior service cost 0.9 — 0.9 Accumulated Other Comprehensive Loss, Gross 307.5 5.1 312.6 Pension Plan Assumptions: The following weighted average assumptions were used to determine the Company’s projected benefit obligation of the Company’s U.S. and International pension plans at the end of the respective years: U.S. Plans International Plans 2021 2020 2021 2020 Discount rate 2.59 % 2.18 % 1.74 % 1.33 % Rate of future compensation increases N/A N/A 1.81 % 1.81 % The following weighted average assumptions were used to determine the Company’s net periodic benefit (income) cost of the Company’s U.S. and International pension plans during the respective years: U.S. Plans International Plans 2021 2020 2021 2020 Discount rate 2.18 % 3.01 % 1.33 % 1.81 % Expected long-term return on plan assets 4.50 % 5.50 % 3.46 % 3.39 % Rate of future compensation increases N/A N/A 1.81 % 2.02 % The Company uses the "full yield curve" method to calculate the service and interest components of net periodic benefit cost for the Company's pension and other post-retirement benefits. Under the "full yield curve" method, the discount rate assumption was built through the application of specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows for each of the Company's pension and other post-retirement plans. In selecting its expected long-term rate of return on its pension plan assets, the Company considers a number of factors, including, without limitation, recent and historical performance of pension plan assets, the pension plan portfolios' asset allocations over a variety of time periods compared with third-party studies, the performance of the capital markets in recent years and other factors, as well as advice from various third parties, such as the pension plans' advisors, investment managers and actuaries. While the Company considered both the recent performance and the historical performance of pension plan assets, the Company’s assumptions are based primarily on its estimates of long-term, prospective rates of return. Using the aforementioned methodologies, the Company selected a 4.50% and 3.46% weighted-average long-term rate of return on plan assets assumption during 2021 for the U.S. and International pension plans, respectively. Differences between actual and expected asset returns are recognized in the net periodic benefit cost over the remaining service period of the active participating employees. The rate of future compensation increases is an assumption used by the actuarial consultants for pension accounting and is determined based on the Company’s current expectation for such increases. Investment Policy: The Investment Committee for the Company's U.S. pension plans (the "Investment Committee") has adopted (and revises from time-to-time) an investment policy for the Company's U.S. pension plans with the objective of realizing a long-term rate of return on pension plan assets that meets or exceeds, over time, the expected long-term rate of return on plan assets assumption, weighed against a reasonable risk level. In connection with this objective, the Investment Committee retains a professional investment advisor who recommends investment managers that invest plan assets in the following asset classes: common and preferred stock, mutual funds, fixed income securities, common and collective funds, hedge funds, group annuity contracts and cash and other investments. The Company’s International plans follow a similar methodology in conjunction with local actuarial consultants and asset managers. The investment policy adopted by the Investment Committee provides for investments in a broad range of publicly-traded securities, among other things. The investments are in domestic and international stocks, ranging from small to large capitalization stocks, debt securities ranging from domestic and international treasury issues, corporate debt securities, mortgages and asset-backed issues. Other investments may include cash and cash equivalents and hedge funds. The investment policy also allows for investments in private equity funds that are not covered in investments described above, provided that the Investment Committee approves any such investments prior to their selection. Also, global balanced strategies are utilized to provide for investments in a broad range of publicly-traded stocks and bonds in both domestic and international markets, as described above. In addition, the global balanced strategies can include commodities, provided that the Investment Committee approves any such investments prior to their selection. The Investment Committee’s investment policy does not allow the use of derivatives for speculative purposes, but such policy does allow its investment managers to use derivatives for the purpose of reducing risk exposures or to replicate exposures of a particular asset class. The Company’s U.S. and International pension plans have target asset allocation ranges that are intended to be flexible guidelines for allocating the plans’ assets among various classes of assets. These target ranges are reviewed periodically and considered for readjustment when an asset class weighting is outside of its target range (recognizing that these are flexible target ranges that may vary from time-to-time) with the objective of meeting or exceeding the expected long-term rate of return on plan assets assumption, weighed against a reasonable risk level. The target ranges per asset class in effect for 2021 were as follows: Target Ranges U.S. Plans International Plans Asset Class: Common and preferred stock 0% - 10% — Mutual funds 15% - 35% — Fixed income securities 0% - 20% — Common and collective funds 50% - 75% 100% Hedge funds 0% - 15% — Cash and other investments 0% - 10% — Fair Value of Pension Plan Assets: The following table presents information on the fair value of the Company's U.S. and International pension plan assets at December 31, 2021 and 2020: U.S. Plans International Plans 2021 2020 2021 2020 Fair value of plan assets $ 391.7 $ 377.6 $ 82.3 $ 85.4 The Company determines the fair values of the Company’s U.S. and International pension plan assets as follows: • Mutual funds: The fair values of the investments included in the mutual funds asset class are determined using net asset value (“NAV”) provided by the administrator of the funds. The NAV is based on the closing price reported on the major market where the individual securities within the mutual fund are traded. The Company classifies mutual fund investments within Level 1 of the fair value hierarchy. • Fixed income securities: The fair values of the investments included in the fixed income securities asset class are based on a compilation of primarily observable market information and/or broker quotes. The Company classifies fixed income securities investments within Level 2 of the fair value hierarchy. • Common and collective funds: The fair values of the investments included in the common and collective funds asset class are determined using NAV provided by the administrator of the funds. The NAV is based on the value of the underlying assets owned by the common and collective fund, minus its liabilities, and then divided by the number of shares outstanding. The redemption frequencies for the investments in the common and collective funds asset class range from daily to monthly, with redemption notice periods that range from 2 to 10 business days. The Company classifies common and collective fund investments within Level 1 or Level 2 of the fair value hierarchy, depending on whether certain criteria are met. Some common and collective funds for which fair value is not readily determinable are recorded using NAV per share or its equivalent, as permitted by the practical expedient, provided by ASU No. 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset per Share (or Its Equivalent) (the “ASU No. 2015-07 practical expedient”). These investments are not assigned a fair value hierarchy level. • Hedge funds: The hedge funds asset class includes hedge funds that primarily invest in a grouping of equities, fixed income instruments, currencies, derivatives and/or commodities. The fair values of investments included in the hedge funds class are determined using NAV provided by the administrator of the funds. The hedge fund investments in the hedge funds asset class may employ leverage, generally can be sold on a quarterly or monthly basis and have redemption notice periods that range up to 90 business days. Hedge fund investments are generally recorded using NAV per share or its equivalent, as permitted by the ASU No. 2015-07 practical expedient, and are not assigned a fair value hierarchy level. • Cash and cash equivalents: Cash and cash equivalents are measured at cost, which approximates fair value. The Company classifies cash and cash equivalents within Level 1 of the fair value hierarchy. The fair values of the assets within the Company's U.S. and International pension plans at December 31, 2021 by asset category were as follows: Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Total Level 1 Level 2 Level 3 Mutual Funds (a) : Corporate Bonds 21.9 21.9 — — Government Bonds 25.4 25.4 — — U.S. Large Cap Equity 0.7 0.7 — — International Equities 15.8 15.8 — — Emerging Markets International Equity 2.8 2.8 — — U.S. Small/Mid Cap Equity 0.6 0.6 — — Cash and Cash Equivalents 0.3 0.3 — — Other (b) 1.2 1.2 — — Fixed Income Securities: Government Bonds 85.9 — 85.9 — Common and Collective Funds (a) : Corporate Bonds 27.5 15.8 11.7 — Government Bonds 42.1 5.1 37.0 — U.S. Large Cap Equity 98.4 91.9 6.5 — U.S. Small/Mid Cap Equity 19.4 19.4 — — International Equities 74.8 3.3 71.5 — Emerging Markets International Equity 27.5 20.4 7.1 — Cash and Cash Equivalents 2.8 2.8 — — Other (b) (0.4) — (0.4) — Cash and Cash Equivalents 7.6 7.6 — — Total Plan Assets in the fair value hierarchy $ 454.3 $ 235.0 $ 219.3 — Investments measured at Net Asset Value (c) Common and Collective Funds 19.7 Hedge Funds — Total Plan Assets measured at Net Asset Value $ 19.7 Total Plan Assets at Fair Value $ 474.0 $ 235.0 $ 219.3 — (a) The investments in mutual funds and common and collective funds are disclosed above within the respective underlying investments’ class (i.e., various equities, corporate bonds, government bonds and other investment classes), while the fair value hierarchy levels of the investments are based on the respective trust’s direct ownership unit of account. (b) Comprised of investments in equities, fixed income instruments, currencies, derivatives and/or commodities. (c) These investments are presented for reconciliation purposes, but are not required to be categorized in the fair value hierarchy as they are measured at fair value using the net asset per share or its equivalent, as permitted by the ASU No. 2015-07 practical expedient. The fair values of the assets within the Company's U.S. and International pension plans at December 31, 2020 by asset category were as follows: Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Total Level 1 Level 2 Level 3 Mutual Funds (a) : Corporate Bonds 10.8 10.8 — — Government Bonds 15.8 15.8 — — U.S. Large Cap Equity — — — — International Equities 21.7 21.7 — — Emerging Markets International Equity 1.7 1.7 — — U.S. Small/Mid Cap Equity 1.1 1.1 Cash and Cash Equivalents 6.0 6.0 — — Other (b) 1.2 1.2 — — Fixed Income Securities: Government Bonds 68.1 — 68.1 — Common and Collective Funds (a) : Corporate Bonds 34.6 20.7 13.9 — Government Bonds 38.7 4.8 33.9 — U.S. Large Cap Equity 59.0 51.0 8.0 — U.S. Small/Mid Cap Equity 24.6 24.6 — — International Equities 72.7 4.4 68.3 — Emerging Markets International Equity 24.5 19.1 5.4 — Cash and Cash Equivalents 1.8 1.8 — — Other (b) 0.6 — 0.6 — Cash and Cash Equivalents 5.0 5.0 — — Total Plan Assets in the fair value hierarchy $ 387.9 $ 189.7 $ 198.2 — Investments measured at Net Asset Value (c) Common and Collective Funds 45.9 Hedge Funds 29.2 Total Plan Assets measured at Net Asset Value $ 75.1 Total Plan Assets at Fair Value $ 463.0 $ 189.7 $ 198.2 — (a) The investments in mutual funds and common and collective funds are disclosed above within the respective underlying investments’ class (i.e., various equities, corporate bonds, government bonds and other investment classes), while the fair value hierarchy levels of the investments are based on the respective trust’s direct ownership unit of account. (b) Comprised of investments in equities, fixed income instruments, currencies, derivatives and/or commodities. (c) These investments are presented for reconciliation purposes, but are not required to be categorized in the fair value hierarchy as they are measured at fair value using the net asset per share or its equivalent, as permitted by the ASU No. 2015-07 practical expedient. There were no transfers into or out of Level 3 assets in the Company's U.S. and International pension plan's fair value hierarchy during 2021 or 2020. Estimated Future Benefit Payments: The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid out of the Company’s pension and other post-retirement benefit plans: Total Pension Benefits Total Other Benefits 2022 $ 47.4 $ 1.4 2023 $ 43.6 $ 1.3 2024 $ 41.3 $ 1.2 2025 $ 40.4 $ 1.2 2026 $ 39.0 $ 1.1 Years 2027 to 2031 $ 180.8 $ 4.3 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 year ended December 31, 2021, $21.8 million and $0.7 million were contributed to the Company’s pension plans and other post-retirement benefit plans, respectively. During 2022, the Company expects to contribute approximately $8.1 million in the aggregate to its pension and other post-retirement benefit plans. |
STOCK COMPENSATION PLAN
STOCK COMPENSATION PLAN | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK COMPENSATION PLAN | STOCK COMPENSATION PLAN Revlon maintains the Fourth Amended and Restated Revlon, Inc. Stock Plan (as amended, the "Stock Plan"), which provides for awards of stock options, stock appreciation rights, restricted or unrestricted stock and restricted stock units ("RSUs") to eligible employees and directors of Revlon and its affiliates, including Products Corporation. 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. An aggregate of 8,565,000 shares were reserved for issuance as Awards under the Stock Plan, of which there remained approximately 2.7 million shares available for grant as of December 31, 2021. In July 2014, the Stock Plan was amended to renew the Stock Plan for a 7-year renewal term expiring on April 14, 2021. In September 2019 the Stock Plan was amended in connection with the 2019 TIP, described below, to: (1) allow the Compensation Committee to delegate to Revlon’s Chief Executive Officer the authority to grant RSUs to the Company’s employees, other than its officers who are subject to Section 16 of the Securities Exchange Act of 1934, as amended (i.e., the Company’s Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer & Controller); (2) allow for accelerated vesting of equity awards upon a termination without cause; (3) change the minimum vesting period for specified equity awards from 3 years to 2 years; and (4) to increase by 250,000 shares the number of shares of Revlon common stock that are not subject to the Stock Plan’s minimum vesting requirements. Stock options: Non-qualified stock options granted under the Stock Plan, if granted, are granted at prices that equal or exceed the fair market value of Class A Common Stock on the grant date and have a term of 7 years. Option grants generally vest over service periods that range from 1 year to 4 years. At December 31, 2021 and 2020, there were no options exercisable under the Stock Plan and there was no stock option activity for 2021 and 2020. Restricted stock awards and restricted stock units: A summary of the restricted stock and RSU activity for each of 2021 and 2020 is presented in the following table: Restricted Stock and RSUs (000's) Weighted Average Grant Date Fair Value Per Share Outstanding at January 1, 2020 2,021.6 20.93 Granted (a) 1,065.3 14.91 Vested (b) (494.7) 20.52 Forfeited (a) (793.3) 20.00 Outstanding at December 31, 2020 1,798.9 17.89 Granted (a) 1,782.2 10.72 Vested (b) (519.0) 18.61 Forfeited (519.6) 16.15 Outstanding at December 31, 2021 2,542.5 13.07 (a) The 2020 grants include nil restricted stock awards and 1,065,319 RSUs, the latter granted pursuant to the Long-Term Incentive Program and the 2019 Transaction Incentive Program under the Stock Plan, as discussed below. The 2021 grants include 20,442 restricted stock awards and 1,761,779 RSUs, the latter granted pursuant to the Long-Term Incentive Program and the 2019 Transaction Incentive Program under the Stock Plan, as discussed below. (b) Of the amounts that vested during 2021 and 2020, 218,757 and 148,620 shares, respectively, were withheld by the Company to satisfy certain grantees’ minimum withholding tax requirements, which withheld shares became Revlon treasury stock and are not sold on the open market. (See discussion under "Treasury Stock" in Note 15, "Stockholders' Deficiency"). The Company recognizes non-cash compensation expense related to restricted stock awards and RSUs under the Stock Plan using the straight-line method over the remaining service period. The Company recorded compensation expense under the Stock Plan of $14.0 million and $10.4 million during 2021 and 2020, respectively. The 2021 total compensation expense consisted of $0.6 million related to restricted stock awards and $1.1 million and $12.3 million related to the Revlon 2019 Transaction Incentive Program and the Long-Term Incentive Program, respectively, discussed below. The total fair value of restricted stock and RSUs that vested during 2021 and 2020 was $9.7 million and $10.2 million, respectively. The deferred stock-based compensation balance related to restricted stock awards was $23.3 million at December 31, 2021. Of this balance, $1.4 million related to restricted stock awards and $21.9 million related to RSUs granted under the Revlon 2019 Transaction Incentive Program and the Long-Term Incentive Program, and they will be amortized ratably to compensation expense over a weighted-average remaining vesting period of 1.12 years. The Stock Plan allows for awards of restricted stock and RSUs to employees and directors of Revlon and its affiliates, including Products Corporation. The restricted stock awards granted under the Stock Plan vest over service periods that generally range from 2 years to 5 years. The Company granted 20,442 shares of restricted stock to certain executives during 2021, which vests ratably over a 12-month period, with the first tranche of such grants having vested in May 2021. The Company granted no shares of restricted stock to certain executives during 2020. Revlon 2019 Transaction Incentive Program In August 2019, it was disclosed that MacAndrews & Forbes and Revlon determined to explore strategic transactions involving Revlon and third parties (the "Strategic Review"). In light of this, the Compensation Committee of Revlon’s Board of Directors approved a Revlon 2019 Transaction Incentive Program (the “2019 TIP”) that enables the Company to award cash-based and RSU-based retention grants and transaction bonus awards, as well as providing for the accelerated vesting of time-based RSUs and restricted shares following a termination without cause or due to death or disability. Each Tier 1 participant’s 2019 TIP award is payable two-thirds in cash and one-third in RSUs vesting in 50% tranches on each of December 31, 2020 and December 31, 2021, while Tier 2 awards are payable 100% in cash in one lump-sum on December 31, 2020, in each case subject to certain earlier vesting for a change of control or termination of employment without cause, as described below. As of September 5, 2019, the Company approved a total of 206,812 time-based RSUs under Tier 1 of the 2019 TIP, which are scheduled to vest in equivalent amounts on each of December 31, 2020 and December 31, 2021, subject to continued employment (the “2019 TIP RSUs”). The Company granted approximately 78,000 TIP awards during 2021, 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. As of December 31, 2021, a total of 74,597 time-based RSUs under Tier 1 of the 2019 TIP had been granted and are outstanding. The Company’s President and Chief Executive Officer declined an award under the retention program and will receive a transaction bonus only if the Company completes a transaction. See the roll-forward table in the following sections of this Note 12 for activity related to the year ended December 31, 2021. The 2019 TIP RSUs vest in full upon an involuntary termination, other than if due to cause; provided that if a change of control occurs or a brand or business segment is sold and (i) the impacted grantee accepts an offer of employment from the buyer, then: (A) if the buyer assumes the 2019 TIP RSUs, the grantee will continue to vest in the assumed awards (with the grantee having the continued right to accelerated vesting upon an involuntary termination, other than if due to cause); and (B) if the buyer does not assume the 2019 TIP RSUs, the grantee’s 2019 TIP RSUs will vest upon closing the change of control; and (ii) the impacted grantee declines an offer of employment from the buyer for substantially comparable total compensation and benefits, the grantee will forfeit their unvested 2019 TIP RSUs (collectively, the “Special Vesting Rules”). The 2019 TIP also provides for the following cash-based awards payable to certain employees, subject to continued employment through the respective vesting dates: (i) Tier 1 - $6.8 million payable in two equal installments as of December 31, 2020 and December 31, 2021; and (ii) Tier 2 - $2.5 million payable in one installment as of December 31, 2020. Such cash-based awards follow the Special Vesting Rules following a termination without cause or due to death or disability. Since inception in 2019 and through December 31, 2021, the Company granted $3.9 million, net of forfeitures, under Tier 1, of which $1.4 million was amortized over the period from the grant date to December 31, 2021. Since inception in 2019 and through December 31, 2021, $2.1 million cash-based awards, net of forfeitures, under Tier 2, was amortized over the period from the grant date to December 31, 2020. The total amount amortized for these cash-based awards since the program's inception and through December 31, 2021 is approximately $7.5 million, of which $2.1 million were recorded during the year ended December 31, 2021, within "Acquisition, integration and divestiture costs" in the Company's Consolidated Statements of Operations and Comprehensive Loss. Long-Term Incentive Program The Company's LTIP RSUs consist of time-based RSUs and performance-based RSUs. Time-based RSUs are generally scheduled to vest ratably over a 3-year service period, while performance-based RSUs are scheduled to vest based on the achievement of certain Company performance metrics and cliff-vest at the completion of a 3-year performance period. The fair value of the LTIP and TIP RSUs is determined based on the NYSE closing share price on the grant date. In connection with the announcement of the 2019 TIP, in August 2019 the Company also approved applying the Special Vesting Rules to outstanding, pre-existing LTIP RSUs, except that accelerated vesting in the case of termination of employment without cause will apply only to any tranche of outstanding, pre-existing LTIP RSUs scheduled to vest in the 12-month period following termination, with any future tranches being forfeited. Prior to the approval of these Special Vesting Rules, while the outstanding, pre-existing LTIP RSUs would generally have accelerated vesting upon a change of control, they did not feature accelerated vesting for termination and, in such cases, they were entirely forfeited upon termination. During 2021, the Company granted approximately 1.7 million time-based RSU awards under the Stock Plan (the "2021 LTIP RSUs") to certain employees. The 2021 LTIP RSUs are 100% time-based and vests as follows: 50% in March 2022; 25% in March 2023; 25% in March 2024. Acceleration of Vesting Under the aforementioned provisions for acceleration of vesting, as of December 31, 2021 and since the time these provisions became effective in September 2019, 57,763 LTIP RSUs and 47,743 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, since the time these provisions became effective in September 2019 and through December 31, 2021 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 was recorded in connection with the cash portion of the 2019 TIP Tier 1 awards during the year ended December 31, 2021. See the roll-forward table in the following sections of this Note 12 for activity related to the year ended December 31, 2021. During the year ended December 31, 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: 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) 58.8 $ 15.95 n/a $ — LTIP RSUs: 2020 496.5 14.96 462.9 14.96 2019 169.3 22.55 255.3 22.55 2018 66.4 19.40 215.9 19.42 Total LTIP RSUs 732.2 934.1 Total LTIP and TIP RSUs Outstanding as of December 31, 2020 791.0 934.1 Granted 2019 TIP RSUs Granted (a) 80.1 13.11 n/a — LTIP RSUs: 2021 1,681.7 10.59 — — 2020 — — — — 2019 — — — — 2018 — — — — Total LTIP RSUs Granted 1,681.7 — Vested 2019 TIP RSUs Vested (a)(b) (53.0) 15.53 — — LTIP RSUs: 2020 (b) (182.7) 14.96 — — 2019 (b) (91.4) 22.53 — — 2018 (b) (65.9) 19.42 (38.5) 19.44 Total LTIP RSUs Vested (340.0) (38.5) Forfeited/Canceled 2019 TIP RSUs Forfeited/Canceled (a) (11.2) 15.12 — — LTIP RSUs: 2021 (133.1) 10.69 — — 2020 (59.9) 14.96 (85.2) 14.96 2019 (8.1) 22.55 (44.2) 22.55 2018 (0.5) 16.80 (177.4) 19.42 Total LTIP RSUs Forfeited/Canceled (201.6) (306.8) Outstanding as of December 31, 2021 2019 TIP RSUs 74.6 13.16 — LTIP RSUs: 2021 1,548.6 10.58 — — 2020 253.9 14.96 377.7 14.96 2019 69.8 22.58 211.2 22.55 2018 — — — Total LTIP RSUs 1,872.3 588.9 Total LTIP and TIP RSUs Outstanding as of December 31, 2021 1,946.9 588.9 (a) The 2019 TIP provides for RSU awards that are only time-based. (b) Includes acceleration of vesting upon involuntary terminations for the year ended December 31, 2021 of 8,121 RSUs under the 2019 and 2018 LTIPs and of 6,540 RSUs under the 2019 TIP Tier I awards. Time-Based LTIP and TIP RSUs The Company recognized $12.0 million of net compensation expense related to the time-based LTIP and TIP RSUs for the year ended December 31, 2021, respectively. As of December 31, 2021, the Company had $11.4 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 $1.5 million of net compensation expense related to the performance-based LTIP RSUs for the year ended December 31, 2021, respectively. The amount of net compensation expense recognized during the year ended December 31, 2021 was affected by adjustments to the awards' expected achievement rates made primarily as a result of the ongoing adverse impact of COVID-19 on the Company's results of operations. As of December 31, 2021, the Company had $10.5 million of total deferred compensation expense related to non-vested, performance-based LTIP RSUs. The cost is recognized over the service period of the awards, as described above. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company's income before income taxes and the applicable provision for income taxes are as follows: Year Ended December 31, 2021 2020 Loss from continuing operations before income taxes: United States $ (217.0) $ (357.0) Foreign 16.3 (103.2) $ (200.7) $ (460.2) Provision for income taxes: United States federal $ 4.8 $ 143.5 State and local 0.5 8.1 Foreign 0.9 7.2 $ 6.2 $ 158.8 Current: United States federal $ 4.8 $ 3.5 State and local 1.4 1.8 Foreign 20.0 (2.0) $ 26.2 $ 3.3 Deferred: United States federal $ — $ 140.1 State and local (0.9) 6.3 Foreign (19.1) 9.1 $ (20.0) $ 155.5 Total provision for income taxes $ 6.2 $ 158.8 The Company's provision for income taxes represents federal, foreign, state and local income taxes. The Company’s tax provision changes quarterly based on various factors including, but not limited to, the geographical level and mix of earnings; enacted tax legislation; foreign, state and local income taxes; tax audit settlements; and the interaction of various global tax strategies. The Company recorded a provision for income taxes of $6.2 million (Products Corporation - $3.2 million) for the year ended December 31, 2021 and a provision for income taxes of $158.8 million (Products Corporation - $140.5 million) for the year ended December 31, 2020. The $152.6 million decrease (Products Corporation - $137.3 million) in the provision from income taxes in the year ended December 31, 2021, compared to the year ended December 31, 2020, was primarily due to: the establishment of a valuation allowance on net federal deferred tax assets in the prior year. The Company's effective tax rate for the year ended December 31, 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 year ended December 31, 2020 was lower than the federal statutory rate of 21% primarily due to the increase in the valuation allowance recorded on the net federal deferred tax assets and the impact of non-deductible impairment charges, which was 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. . As of December 31, 2021, the Company is indefinitely reinvested in the accumulated undistributed earnings of all of its foreign subsidiaries. If earnings are repatriated, any excess of financial reporting over tax basis could be subject to federal, state and foreign withholding taxes. At this time, the determination of deferred tax liabilities on the amount of financial reporting over tax basis is not practicable. The actual tax on income before income taxes is reconciled to the applicable statutory federal income tax rate in the following table: Year Ended December 31, 2021 2020 Computed income tax benefit $ (42.1) $ (96.6) State and local taxes, net of U.S. federal income tax benefit 0.2 1.8 Foreign rate differential and other foreign adjustments 7.9 23.8 Net establishment of valuation allowance 25.2 193.7 Net establishment of uncertain tax positions 4.8 4.4 Foreign dividends and earnings taxable in the U.S. 6.2 7.9 Impairment for which there is no tax benefit — 17.0 Other 4.0 6.8 Total provision for income taxes $ 6.2 $ 158.8 Deferred taxes are the result of temporary differences between the bases of assets and liabilities for financial reporting and income tax purposes. The Company's deferred tax assets and liabilities at December 31, 2021 and 2020 were comprised of the following: December 31, 2021 2020 Deferred tax assets: Inventories $ 15.8 $ 19.0 Net operating loss carryforwards - U.S. (a) 192.9 174.5 Net operating loss carryforwards - foreign 59.3 51.4 Disallowed Interest Carryover - U.S. 89.0 61.2 Employee benefits 43.8 58.1 Sales-related reserves 13.6 16.2 Lease liability 24.1 26.6 Deferred revenue 16.9 17.2 Restructuring - debt refinancing 13.0 14.2 Other 76.8 58.8 Total gross deferred tax assets 545.2 497.2 Less valuation allowance (401.9) (369.4) Total deferred tax assets, net of valuation allowance 143.3 $ 127.8 Deferred tax liabilities: Plant, equipment and other assets (32.1) (34.9) Intangibles (61.5) (62.8) Other (7.9) (7.6) Total gross deferred tax liabilities (101.5) (105.3) Net deferred tax assets 41.8 $ 22.5 (a) Net operating loss carryforwards - U.S. for Products Corporation as of December 31, 2021 and December 31, 2020 were $179.6 million and $158.9 million, respectively. In assessing the recoverability of its deferred tax assets, the Company continually evaluates all available positive and negative evidence to assess the amount of deferred tax assets for which it is more likely than not to realize a benefit. For any deferred tax asset in excess of the amount for which it is more likely than not that the Company will realize a benefit, the Company establishes a valuation allowance. A valuation allowance is a non-cash charge, and it in no way limits the Company's ability to utilize its deferred tax assets, including its ability to utilize tax loss and credit carryforward amounts. As of December 31, 2021, the Company concluded that, based on its evaluation of objectively verifiable evidence, it is not more likely than not that its net federal deferred tax assets are recoverable and has recorded valuation allowance against them. In assessing the realizability of deferred tax assets, the key assumptions used to determine positive and negative evidence included the Company’s cumulative taxable loss for the past three years, future reversals of existing taxable temporary differences, the Company's cost reduction initiatives and efficiency efforts, as well as the ongoing and prolonged impact COVID-19 pandemic on the Company. As of December 31, 2021, the Company recorded a charge of $25.2 million (2020 - $189.5 million) as a reserve against its net federal deferred tax assets. A valuation allowance has been established for those deferred tax assets for which, in the opinion of the Company's management, it was more likely than not that a benefit will not be realized. At December 31, 2021, the deferred tax valuation allowance primarily represented amounts for its net U.S. federal deferred tax assets for which the Company has determined it is more likely than not they will not be recoverable, foreign jurisdictions where, as of the end of 2021, the Company had a three-year cumulative loss, and for certain U.S. state jurisdictions where the Company had tax loss carryforwards and other tax attributes which may expire prior to being utilized. The deferred tax valuation allowance increased by $32.5 million and $206.1 million during 2021 and 2020, respectively. The increase in the deferred tax valuation allowance during 2021 was primarily associated with the assessment of the realizability of the federal deferred tax assets for which the Company has determined it is more likely than not that it will not receive a benefit. As of December 31, 2021, the Company had domestic (federal) and foreign net operating loss carryforwards of $1,060.1 million, of which $296.3 million are foreign and $763.9 million are domestic (federal). These losses expire in future years as follows: 2022- $1.6 million; 2023- $0.6 million; 2024 and beyond- $724.7 million; and no expiration- $333.2 million. The Company also has certain state net operating loss carryforwards that expire between 2022 and 2039. The Company could receive the benefit of such tax loss carryforwards only to the extent it has taxable income during the carryforward periods in the applicable tax jurisdictions. As of December 31, 2021, there were no consolidated federal net operating losses available from the MacAndrews & Forbes Group (as hereinafter defined) from periods prior to the March 25, 2004 deconsolidation (as described below). The Company has acquired entities that had carryforward balances for tax losses, tax credits and other tax attributes at the time of the acquisition. U.S. federal and certain state and foreign jurisdictions impose limitations on the amount of these tax losses, tax credits and other carryforward balances that may be utilized after an acquisition. The Company has evaluated the impact of these limitations and has established a valuation allowance to reduce the deferred tax assets to the amount that the Company expects will be realized. The Company remains subject to examination of its income tax returns in various jurisdictions, including: the U.S. (federal) for the tax years ended December 31, 2019 and forward; Spain for the tax years ended December 31, 2016 and forward; Canada for the tax years ended December 31, 2015 and forward; Australia for the tax years ended December 31, 2018 and forward; Switzerland for the tax years ended June 30, 2017 and forward; Japan for the tax years ended December 31, 2017 and forward; and the U.K. for the tax years ended December 31, 2019 and forward. At December 31, 2021 and 2020, the Company had unrecognized tax benefits of $87.0 million and $84.4 million, respectively, including $16.1 million and $15.6 million, respectively, of accrued interest and penalties. Of the $87.0 million of unrecognized tax benefits as of December 31, 2021, $17.1 million would affect the Company's effective tax rate, if recognized, and the remaining $69.9 million would affect the Company's deferred tax accounts. The Company classifies interest and penalties as a component of the provision for income taxes. The Company recognized in the Consolidated Statements of Operations and Comprehensive (Loss) Income an expense of $0.5 million and $3.9 million in 2021 and 2020, respectively. A reconciliation of the beginning and ending amounts of the unrecognized tax benefits is provided in the following table: Tax Interest and Penalties Total Balance at January 1, 2020 $ 66.3 $ 11.7 78.0 Increase based on tax positions taken in a prior year 3.5 6.4 9.9 Decrease based on tax positions taken in a prior year (3.3) (1.0) (4.3) Increase based on tax positions taken in the current year 5.5 — 5.5 Decrease resulting from the lapse of statutes of limitations (3.2) (1.5) (4.7) Balance at December 31, 2020 $ 68.8 $ 15.6 $ 84.4 Increase based on tax positions taken in a prior year 1.6 3.5 5.1 Decrease based on tax positions taken in a prior year (3.0) (1.0) (4.0) Increase based on tax positions taken in the current year 7.1 — 7.1 Decrease resulting from the lapse of statutes of limitations (3.6) (2.0) (5.6) Balance at December 31, 2021 $ 70.9 $ 16.1 $ 87.0 In addition, the Company believes that it is reasonably possible that its unrecognized tax benefits will decrease in 2022 by approximately $4.3 million due to the expiration of statutes of limitation. As a result of the closing of the 2004 Revlon Exchange Transactions (as hereinafter defined in Note 19, "Related Party Transactions - Tax Sharing Agreements"), as of March 25, 2004, Revlon, Products Corporation and their U.S. subsidiaries were no longer included in the affiliated group of which MacAndrews & Forbes was the common parent (the "MacAndrews & Forbes Group") for federal income tax purposes. Revlon Holdings (as hereinafter defined in Note 19, "Related Party Transactions - Transfer Agreements"), Revlon, Products Corporation and certain of its subsidiaries, and MacAndrews & Forbes Incorporated entered into a tax sharing agreement (as subsequently amended and restated, the "MacAndrews & Forbes Tax Sharing Agreement"), for taxable periods beginning on or after January 1, 1992 through and including March 25, 2004, during which Revlon and Products Corporation or a subsidiary of Products Corporation was a member of the MacAndrews & Forbes Group. In these taxable periods, Revlon's and Products Corporation's federal taxable income and loss were included in such group's consolidated tax return filed by MacAndrews & Forbes Incorporated. During such period, Revlon and Products Corporation were also included in certain state and local tax returns of MacAndrews & Forbes Incorporated or its subsidiaries. Revlon and Products Corporation remain liable under the MacAndrews & Forbes Tax Sharing Agreement for all such taxable periods through and including March 25, 2004 for amounts determined to be due as a result of a redetermination arising from an audit or otherwise, equal to the taxes that Revlon or Products Corporation would otherwise have had to pay if it were to have filed separate federal, state or local income tax returns for such periods. MacAndrews & Forbes’ current ownership does not require the Company to file a U.S. federal consolidated tax return with them. However, in certain U.S. states and in certain local and foreign jurisdictions the Company is required to file consolidated, combined, unitary or similar returns. The liability for these state, local and foreign liabilities is also governed by the MacAndrews & Forbes Tax Sharing Agreement. The Company accounts for its tax liabilities in these jurisdictions as if it were a separate filer, and the Company's tax accounts are presented as if it were a separate filer. During 2021, the Company's cash tax payments included less than $0.1 million of payments made to MacAndrews & Forbes in connection with these filings, and the Company's ending tax asset, which is a component of prepaid and other current assets, includes an insignificant amount related to future payments to be received from MacAndrews & Forbes in connection with these filings. Following the closing of the 2004 Revlon Exchange Transactions, Revlon became the parent of a new consolidated group for federal income tax purposes and Products Corporation's federal taxable income and loss are included in such group's consolidated tax returns. Accordingly, Revlon and Products Corporation entered into a tax sharing agreement (the "Revlon Tax Sharing Agreement") pursuant to which Products Corporation is required to pay to Revlon amounts equal to the taxes that Products Corporation would otherwise have had to pay if Products Corporation were to file separate federal, state or local income tax returns, limited to the amount, and payable only at such times, as Revlon will be required to make payments to the applicable taxing authorities. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended |
Dec. 31, 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 December 31, 2021 is as follows: Foreign Currency Translation Actuarial (Loss) Gain on Post-retirement Benefits Other Accumulated Other Comprehensive Loss Balance at January 1, 2020 $ (27.3) $ (219.8) $ (0.3) $ (247.4) Foreign currency translation adjustment, net of tax (b) 10.2 — — 10.2 Amortization of pension related costs, net of tax (a) (b) — 11.4 — 11.4 Pension re-measurement, net of tax of $1.9 million — (52.1) — (52.1) Other comprehensive (loss) income $ 10.2 $ (40.7) $ — $ (30.5) Balance at January 1, 2021 $ (17.1) $ (260.5) $ (0.3) $ (277.9) Foreign currency translation adjustment, net of tax (b) (8.7) — — (8.7) Amortization of pension related costs, net of tax (a) (b) — 13.8 — 13.8 Pension re-measurement, net of tax of $0.3 million — 38.1 — 38.1 Other comprehensive (loss) income $ (8.7) $ 51.9 $ — $ 43.2 Balance at December 31, 2021 $ (25.8) $ (208.6) $ (0.3) $ (234.7) (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 11, "Pension and Post-retirement Benefits," for further information on the Company’s pension and other post-retirement plans. (b) Amounts presented are net of tax expense of nil for each of the years ended December 31, 2021 and 2020. For the years ended December 31, 2021 and 2020, the Company did not have any activity related to derivative instruments. |
STOCKHOLDERS' DEFICIENCY
STOCKHOLDERS' DEFICIENCY | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS' DEFICIENCY | STOCKHOLDERS' DEFICIENCY Information about the Company's common and treasury stock issued and/or outstanding is presented in the following table: Class A Common Stock Treasury Stock Balance, January 1, 2020 56,470,490 1,625,580 Restricted stock grants (a) 1,065,319 — Restricted stock forfeitures (793,296) — Withholding of restricted stock to satisfy taxes — 148,620 Balance, December 31, 2020 56,742,513 1,774,200 Restricted stock grants (a) 1,782,221 — Restricted stock forfeitures (519,592) — Withholding of restricted stock to satisfy taxes — 218,757 Balance, December 31, 2021 58,005,142 1,992,957 (a) The 2020 and 2021 grants include nil and 20,442 restricted stock awards, respectively, and 1,065,319 and 1,761,779 RSUs, respectively, the latter granted pursuant to the 2019 TIP and LTIP programs under the Stock Plan. See Note 12., "Stock Compensation Plan," for further discussion of the Company's Stock Plan. Common Stock As of December 31, 2021, Revlon's authorized common stock consisted of 900 million shares of Class A Common Stock, with a par value of $0.01 per share (the "Class A Common Stock"), and 200 million shares of Class B common stock, par value $0.01 per share ("Class B Common Stock" and together with the Class A Common Stock, the "Common Stock"). As of December 31, 2021, MacAndrews & Forbes beneficially owned approximately 86.1% of Revlon's Class A Common Stock, which at such date was Revlon's only class of capital stock outstanding. Treasury Stock |
SEGMENT DATA AND RELATED INFORM
SEGMENT DATA AND RELATED INFORMATION | 12 Months Ended |
Dec. 31, 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. As of December 31, 2021, the Company’s operations are organized into the following reportable segments: • Revlon - The Revlon segment is comprised of the Company's flagship Revlon brands. Revlon segment products are primarily marketed, distributed and sold in the mass retail channel, large volume retailers, chain drug and food stores, chemist shops, hypermarkets, general merchandise stores, e-commerce sites, television shopping, department stores, professional hair and nail salons, one-stop shopping beauty retailers and specialty cosmetic stores in the U.S. and internationally under brands such as Revlon in color cosmetics; Revlon ColorSilk and Revlon Professional in hair color; and Revlon in beauty tools. • Elizabeth Arden - The Elizabeth Arden segment is comprised of the Company's Elizabeth Arden branded products. The Elizabeth Arden segment markets, distributes and sells fragrances, skin care and color cosmetics primarily to prestige retailers, department and specialty stores, perfumeries, boutiques, e-commerce sites, the mass retail channel, travel retailers and distributors, as well as direct sales to consumers via its Elizabeth Arden branded retail stores and elizabetharden.com e-commerce website, in the U.S. and internationally, under brands such as Elizabeth Arden Ceramide, Prevage, Eight Hour, SUPERSTART, Visible Difference and Skin Illuminating in the Elizabeth Arden skin care brands; and Elizabeth Arden White Tea, Elizabeth Arden Red Door, Elizabeth Arden 5th Avenue and Elizabeth Arden Green Tea in Elizabeth Arden fragrances. • Portfolio - The Company’s Portfolio segment markets, distributes and sells a comprehensive line of premium, specialty and mass products primarily to the mass retail channel, hair and nail salons and professional salon distributors in the U.S. and internationally and large volume retailers, specialty and department stores under brands such as Almay and SinfulColors in color cosmetics; American Crew in men's grooming products (which are also sold direct-to-consumer on its americancrew.com website); CND in nail polishes, gel nail color and nail enhancements; Cutex nail care products; and Mitchum in anti-perspirant deodorants. The Portfolio segment also includes a multi-cultural hair care line consisting of Creme of Nature hair care products, which are sold in both professional salons and in large volume retailers and other retailers, primarily in the U.S.; and a hair color line under the Llongueras brand (licensed from a third party) that is sold in the mass retail channel, large volume retailers and other retailers, primarily in Spain. • Fragrances - The Fragrances segment includes the development, marketing and distribution of certain owned and licensed fragrances as well as the distribution of prestige fragrance brands owned by third parties. These products are typically sold to retailers in the U.S. and internationally, including prestige retailers, specialty stores, e-commerce sites, the mass retail channel, travel retailers and other international retailers. The owned and licensed fragrances include brands such as : (i) Juicy Couture (which are also sold direct-to-consumer on its juicycouturebeauty.com website), John Varvatos and AllSaints in prestige fragrances; (ii) Britney Spears , Elizabeth Taylor , Christina Aguilera , Jennifer Aniston and Mariah Carey in celebrity fragrances; and (iii) Curve , Giorgio Beverly Hills , Ed Hardy , Charlie , Lucky Brand , ‹PS› (logo of former Paul Sebastian brand), Alfred Sung , Halston , Geoffrey Beene and White Diamonds in mass fragrances. The Company's management evaluates segment profit for each of the Company's reportable segments. The Company allocates corporate expenses to each reportable segment to arrive at segment profit, and these expenses are included in the internal measure of segment operating performance. The Company defines segment profit as income from continuing operations before interest, taxes, depreciation, amortization, stock-based compensation expense, gains/losses on foreign currency fluctuations, gains/losses on the early extinguishment of debt and miscellaneous expenses. Segment profit also excludes the impact of certain items that are not directly attributable to the reportable segments' underlying operating performance. Such items are shown below in the table reconciling segment profit to consolidated income from continuing operations before income taxes. The Company does not have any material inter-segment sales. The accounting policies for each of the reportable segments are the same as those described in Note 1, "Description of Business and Summary of Significant Accounting Policies." The Company's assets and liabilities are managed centrally and are reported internally in the same manner as the 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. Year Ended December 31, 2021 2020 Segment Net Sales: Revlon $ 727.9 $ 688.4 Elizabeth Arden 532.3 463.5 Portfolio 419.1 401.3 Fragrances 399.4 351.1 Total $ 2,078.7 $ 1,904.3 Segment Profit: Revlon $ 86.8 $ 86.5 Elizabeth Arden 62.8 39.6 Portfolio 71.0 47.4 Fragrances 72.3 66.6 Total $ 292.9 $ 240.1 Reconciliation: Total Segment Profit $ 292.9 $ 240.1 Less: Depreciation and amortization 125.7 143.3 Non-cash stock compensation expense 14.0 10.4 Non-Operating items: Restructuring and related charges 33.0 68.7 Acquisition, integration and divestiture costs 2.3 5.0 Gain on divested assets (1.1) (0.5) Financial control remediation and sustainability actions and related charges 0.5 9.6 Excessive coupon redemptions — 4.2 COVID-19 charges 6.1 46.3 Capital structure and related charges 9.2 35.3 Impairment charges — 144.1 Operating income (loss) 103.2 (226.3) Less: Interest Expense 247.7 243.3 Amortization of debt issuance costs 39.6 26.8 Gain on early extinguishment of debt — (43.1) Foreign currency losses (gains), net 10.6 (6.0) Miscellaneous, net 6.0 12.9 Loss from operations before income taxes $ (200.7) $ (460.2) Products Corporation Year Ended December 31, 2021 2020 Segment Net Sales: Revlon $ 727.9 $ 688.4 Elizabeth Arden 532.3 463.5 Portfolio 419.1 401.3 Fragrances 399.4 351.1 Total $ 2,078.7 $ 1,904.3 Segment Profit: Revlon $ 89.5 $ 89.1 Elizabeth Arden 64.7 41.4 Portfolio 72.5 48.9 Fragrances 73.8 67.9 Total $ 300.5 $ 247.3 Reconciliation: Total Segment Profit $ 300.5 $ 247.3 Less: Depreciation and amortization 125.7 143.3 Non-cash stock compensation expense 14.0 10.4 Non-Operating items: Restructuring and related charges 33.0 68.7 Acquisition, integration and divestiture costs 2.3 5.0 Gain on divested assets (1.1) (0.5) Financial control remediation and sustainability actions and related charges 0.5 9.6 Excessive coupon redemptions — 4.2 COVID-19 charges 6.1 46.3 Capital structure and related charges 9.2 35.3 Impairment charge — 144.1 Operating income (loss) 110.8 (219.1) Less: Interest Expense 247.7 243.3 Amortization of debt issuance costs 39.6 26.8 Gain on early extinguishment of debt — (43.1) Foreign currency losses (gains), net 10.6 (6.0) Miscellaneous, net 21.1 12.9 Loss from operations before income taxes $ (208.2) $ (453.0) As of December 31, 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. Walmart and its affiliates worldwide accounted for approximately 14% and 18% of the Company’s worldwide net sales in 2021 and 2020, respectively. 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: Year Ended December 31, 2021 Revlon Elizabeth Arden Portfolio Fragrances Total Geographic Area: Net Sales North America $ 389.4 $ 109.8 $ 274.0 $ 282.9 $ 1,056.1 EMEA* 170.6 116.5 111.7 78.5 477.3 Asia 40.1 276.2 2.8 14.4 333.5 Latin America* 57.3 7.6 16.5 10.8 92.2 Pacific* 70.5 22.2 14.1 12.8 119.6 $ 727.9 $ 532.3 $ 419.1 $ 399.4 $ 2,078.7 Year Ended December 31, 2020 Revlon Elizabeth Arden Portfolio Fragrances Total Geographic Area: Net Sales North America $ 381.0 $ 104.4 $ 247.9 $ 253.4 $ 986.7 EMEA* 146.3 95.7 122.9 69.9 434.8 Asia 49.9 239.2 2.2 10.9 302.2 Latin America* 50.9 5.8 16.2 4.7 77.6 Pacific* 60.3 18.4 12.1 12.2 103.0 $ 688.4 $ 463.5 $ 401.3 $ 351.1 $ 1,904.3 * 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. Year Ended December 31, 2021 2020 Classes of similar products: Net sales: Color cosmetics $ 526.8 25% $ 452.0 24% Fragrance 580.1 28% 486.1 25% Hair care 472.1 23% 456.1 24% Beauty care 166.4 8% 189.0 10% Skin care 333.3 16% 321.1 17% $ 2,078.7 $ 1,904.3 The following table presents the Company's long-lived assets by geographic area: December 31, 2021 December 31, 2020 Long-lived assets, net: United States $ 1,134.3 84% $ 1,194.9 82% International 215.8 16% 260.7 18% $ 1,350.1 $ 1,455.6 |
REVLON, INC. BASIC AND DILUTED
REVLON, INC. BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE | 12 Months Ended |
Dec. 31, 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 Shares used in calculating Revlon's basic loss per share are computed using the weighted-average number of Revlon's shares of Class A Common Stock outstanding during each period. Shares used in diluted loss per share include the dilutive effect of unvested restricted stock, LTIP RSUs and TIP RSUs under the Company’s Stock Plan using the treasury stock method. For the years ended December 31, 2021 and 2020, Revlon's diluted loss per share equals basic loss per share, as the assumed vesting of restricted stock, LTIP RSUs and TIP RSUs would have an anti-dilutive effect. As of December 31, 2021 and 2020, there were no outstanding stock options under the Company's Stock Plan. See Note 12, "Stock Compensation Plan," for information on the LTIP and TIP RSUs. Following are the components of Revlon's basic and diluted loss per common share for the periods presented: Year Ended December 31, 2021 2020 Numerator: Loss from operations, net of taxes $ (206.9) $ (619.0) Net loss $ (206.9) $ (619.0) Denominator: Weighted-average common shares outstanding – Basic 53,934,179 53,401,324 Effect of dilutive restricted stock and RSUs — — Weighted-average common shares outstanding – Diluted 53,934,179 53,401,324 Basic and Diluted (loss) earnings per common share: Net loss per common share $ (3.84) $ (11.59) Unvested restricted stock and RSUs under the Stock Plan (a) 681,023 — (a) These are outstanding common stock equivalents that were not included in the computation of Revlon's diluted earnings per common share because their inclusion would have had an anti-dilutive effect. |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 31, 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
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS As of December 31, 2021, MacAndrews & Forbes and its affiliates collectively beneficially owned approximately 86.1% 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 and its affiliates are 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 Product Corporation's Board of Directors. 5.75% Senior Notes Exchange Offer MacAndrews & Forbes tendered approximately $15.5 million of 5.75% Senior Notes into the Exchange Offer during 2020 and, in exchange, received the Mixed Consideration as described herein, in accordance with the terms and conditions of the Exchange Offer. Additionally, MacAndrews & Forbes acquired the rights to the Mixed Consideration to be received by certain holders in the Exchange Offer. Subsequently, MacAndrews & Forbes sold its interest in the ABL FILO Term Loans and the New BrandCo Second-Lien Term Loans in the open market, according to disclosures by MacAndrews & Forbes in Amendment No. 15 to their Schedule 13D. 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 payments of approximately $5.3 million to MacAndrews & Forbes under the Reimbursement Agreements. During 2021, the Company made a payment of approximately $1.3 million in respect of its participation in the D&O Insurance Program. Consequently, as of December 31, 2021, the Company has no balance outstanding in respect of its participation in the D&O Insurance Program. In June 1992, Revlon and Products Corporation entered into an asset transfer agreement (“Transfer Agreement”) with Revlon Holdings Inc. ("Revlon Holdings"), which is an affiliate of MacAndrews & Forbes. Revlon Holdings transferred certain assets to Revlon and Products Corporation and Revlon and Products Corporation assumed all of the liabilities of Revlon Holdings, other than certain specifically excluded assets and liabilities. The net activity related to services purchased under the Transfer and Reimbursement Agreements during the year ended December 31, 2021 and 2020 was $0.2 million income and $0.8 million income, respectively. As of both December 31, 2021 and December 31, 2020, a receivable balance of $0.1 million from MacAndrews & Forbes were included in the Company's 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. See Note 13, "Income Taxes," for further discussion on these agreements and related transactions in 2021 and 2020. 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. 2020 Restated Line of Credit Facility See Note 8, "Debt," regarding the 2020 Restated Line of Credit Facility between Products Corporation and MacAndrews & Forbes Group, LLC. 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. See Note 8, "Debt," for a discussion of the terms of the 2016 Credit Agreements and Senior Notes. During the year ended December 31, 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 $12.7 million and $32.6 million of coupon redemptions for the Company's retail customers for the year ended December 31, 2021 and 2020, respectively, for which the Company incurred fees of approximately $0.3 million and $0.9 million for the year ended December 31, 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 $0.5 million and $0.3 million for the year ended December 31, 2021 and 2020, respectively. As of December 31, 2021 and December 31, 2020, a payable balance of approximately $4.2 million and $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. As previously disclosed by the Company, the Company took several organizational measures in response to COVID-19 in 2020, including instituting salary reductions for members of the Company’s Executive Leadership Team. Also, as previously disclosed by the Company, in the third quarter, the salary reductions for members of the Company’s Executive Leadership Team were partially adjusted. Also in connection with such COVID-19 organizational measures, in March 2020, the Company agreed in writing with each of Ms. Mitra Hormozi and Mr. E. Scott Beattie, a member of the Board of Directors of the Company, that, effective April 1, 2020, their provision of advisory services to the Company was suspended, and payment of their consulting fees was also suspended. In connection with Ms. Hormozi’s resignation from the Board in July 2020, the Company and Ms. Hormozi terminated her Consulting Agreement, dated as of November 7, 2019, as amended. As previously disclosed in the Company’s 2019 Form 10-K, prior to this suspension of services and payments, in March 2020, the Company and Mr. Beattie entered into an Amended and Restated Consulting Agreement (the “2020 Consulting Agreement”), pursuant to which he was scheduled to serve as Senior Advisor to the Company’s CEO for an additional year, subject to automatic 1-year renewals, unless either party elects not to renew, and subject to certain standard termination rights, in consideration for which, the Company would pay Mr. Beattie a fee of $250,000 per year, supplemental to the Board’s compensation program for non-employee directors. The foregoing description of the 2020 Consulting Agreement is qualified in its entirety by reference to the full text of such agreement, a copy of which was filed with the SEC on March 12, 2020 together with the Company’s 2019 Form 10-K. On January 1, 2021, the Company reinstated Mr. Beattie’s advisory services and payment of his consulting fees and extended the term of his 2020 Consulting Agreement to March 31, 2021. |
PRODUCTS CORPORATION AND SUBSID
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and December 31, 2020, and for each of the years ended December 31, 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. Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets As of December 31, 2021 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 4.0 $ 2.1 $ 96.3 $ — $ 102.4 Trade receivables, less allowances for doubtful accounts 114.6 102.4 166.8 — 383.8 Inventories, net 129.3 127.9 160.2 — 417.4 Prepaid expenses and other 222.8 5.7 68.3 — 296.8 Intercompany receivables 4,542.8 4,396.2 700.5 (9,639.5) — Investment in subsidiaries 1,055.5 (218.9) — (836.6) — Property, plant and equipment, net 157.6 59.9 79.8 — 297.3 Deferred income taxes — 7.7 43.9 — 51.6 Goodwill 404.8 30.0 128.0 — 562.8 Intangible assets, net 20.3 170.3 201.6 — 392.2 Other assets 57.7 12.2 27.9 — 97.8 Total assets $ 6,709.4 $ 4,695.5 $ 1,673.3 $ (10,476.1) $ 2,602.1 LIABILITIES AND STOCKHOLDER’S DEFICIENCY Short-term borrowings $ — $ — $ 0.7 $ — $ 0.7 Current portion of long-term debt 137.1 — 0.1 — 137.2 Accounts payable 89.8 42.1 85.8 — 217.7 Accrued expenses and other 161.9 84.9 185.3 — 432.1 Intercompany payables 4,737.2 4,045.5 856.5 (9,639.2) — Long-term debt 3,234.1 — 71.4 — 3,305.5 Other long-term liabilities 176.8 115.7 73.6 — 366.1 Total liabilities 8,536.9 4,288.2 1,273.4 (9,639.2) 4,459.3 Stockholder’s (deficiency) equity (1,827.5) 407.3 399.9 (836.9) (1,857.2) Total liabilities and stockholder’s (deficiency) equity $ 6,709.4 $ 4,695.5 $ 1,673.3 $ (10,476.1) $ 2,602.1 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 $ 5.5 $ 2.5 $ 89.1 $ — $ 97.1 Trade receivables, less allowances for doubtful accounts 86.0 95.7 170.6 — 352.3 Inventories, net 121.3 147.7 193.6 — 462.6 Prepaid expenses and other 220.6 24.6 55.3 — 300.5 Intercompany receivables 3,592.2 3,549.6 614.1 (7,755.9) — Investment in subsidiaries 1,653.6 2.3 — (1,655.9) — Property, plant and equipment, net 178.5 72.1 101.4 — 352.0 Deferred income taxes — 10.6 23.5 — 34.1 Goodwill 48.9 264.0 250.8 — 563.7 Intangible assets, net 10.0 187.8 233.0 — 430.8 Other assets 67.9 9.3 31.9 — 109.1 Total assets $ 5,984.5 $ 4,366.2 $ 1,763.3 $ (9,411.8) $ 2,702.2 LIABILITIES AND STOCKHOLDER’S DEFICIENCY Short-term borrowings $ — $ — $ 2.5 $ — $ 2.5 Current portion of long-term debt 159.2 — 58.3 — 217.5 Accounts payable 72.5 48.0 82.8 — 203.3 Accrued expenses and other 144.1 61.7 217.4 — 423.2 Intercompany payables 3,897.1 3,162.0 696.6 (7,755.7) — Long-term debt 3,104.7 — 0.3 — 3,105.0 Other long-term liabilities 377.3 33.8 42.6 — 453.7 Total liabilities 7,754.9 3,305.5 1,100.5 (7,755.7) 4,405.2 Stockholder’s (deficiency) equity (1,770.4) 1,060.7 662.8 (1,656.1) (1,703.0) Total liabilities and stockholder’s (deficiency) equity $ 5,984.5 $ 4,366.2 $ 1,763.3 $ (9,411.8) $ 2,702.2 Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Year Ended December 31, 2021 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net Sales $ 446.0 $ 581.4 $ 1,051.3 $ — $ 2,078.7 Cost of sales 206.7 265.0 377.4 — 849.1 Gross profit 239.3 316.4 673.9 — 1,229.6 Selling, general and administrative expenses 345.5 251.4 494.6 — 1,091.5 Acquisition, integration and divestiture costs 2.2 — 0.1 — 2.3 Restructuring charges and other, net 14.6 2.7 8.8 — 26.1 (Gain) loss on divested assets (1.1) — — — (1.1) Operating (loss) income (121.9) 62.3 170.4 — 110.8 Other (income) expense: Intercompany interest, net (5.0) 2.5 2.5 — — Interest expense 240.2 — 7.5 — 247.7 Amortization of debt issuance costs 39.6 — — — 39.6 Foreign currency losses, net (3.2) (0.7) 14.5 — 10.6 Miscellaneous, net 88.8 4.5 (72.2) — 21.1 Other expense (income), net 360.4 6.3 (47.7) — 319.0 (Loss) income from operations before income taxes (482.3) 56.0 218.1 — (208.2) Provision for (benefit from) for income taxes (10.5) 12.8 0.9 — 3.2 (Loss) income from operations, net of taxes (471.8) 43.2 217.2 — (211.4) Equity in income (loss) of subsidiaries 258.3 112.7 — (371.0) — Net (loss) income $ (213.5) $ 155.9 $ 217.2 $ (371.0) $ (211.4) Other comprehensive (loss) income 43.2 14.7 2.3 (17.0) 43.2 Total comprehensive (loss) income $ (170.3) $ 170.6 $ 219.5 $ (388.0) $ (168.2) Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Year Ended December 31, 2020 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net Sales $ 433.8 $ 523.0 $ 947.5 $ — $ 1,904.3 Cost of sales 213.4 273.7 373.4 — 860.5 Gross profit 220.4 249.3 574.1 — 1,043.8 Selling, general and administrative expenses 363.0 234.0 467.6 — 1,064.6 Acquisition, integration and divestiture costs 4.8 — 0.2 — 5.0 Restructuring charges and other, net 23.7 11.2 14.8 — 49.7 Impairment charges 112.1 22.0 10.0 — 144.1 Loss on divested assets (0.5) — — — (0.5) Operating (loss) income (282.7) (17.9) 81.5 — (219.1) Other (income) expenses: Intercompany interest, net (3.6) 2.3 1.3 — — Interest expense 236.8 — 6.5 — 243.3 Amortization of debt issuance costs 26.8 — — — 26.8 Gain on early extinguishment of debt, net (43.1) — — — (43.1) Foreign currency losses, net 5.2 0.3 (11.5) — (6.0) Miscellaneous, net (3.1) (89.4) 105.4 — 12.9 Other expense (income), net 219.0 (86.8) 101.7 — 233.9 Loss from operations before income taxes (501.7) 68.9 (20.2) — (453.0) Benefit from income taxes 174.5 (44.9) 10.9 — 140.5 (Loss) income from operations, net of taxes (676.2) 113.8 (31.1) — (593.5) Equity in (loss) income of subsidiaries 88.3 (29.0) — (59.3) — Net (loss) income $ (587.9) $ 84.8 $ (31.1) $ (59.3) $ (593.5) Other comprehensive (loss) income (30.5) (4.7) 5.0 (0.3) (30.5) Total comprehensive (loss) income $ (618.4) $ 80.1 $ (26.1) $ (59.6) $ (624.0) Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2021 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ (456.7) $ 110.5 $ 335.2 $ — $ (11.0) CASH FLOWS FROM INVESTING ACTIVITIES: Net cash (used in) provided by investing activities (7.2) (1.2) (3.7) — (12.1) CASH FLOWS FROM FINANCING ACTIVITIES: Net decrease in short-term borrowings and overdraft (5.5) (5.8) (2.4) — (13.7) Borrowings on term loans 305.0 — — — 305.0 Repayments on term loans (197.2) — — — (197.2) Net (repayments) borrowings under the revolving credit facilities (29.3) — — — (29.3) Payment of financing costs (17.9) — — — (17.9) Tax withholdings related to net share settlements of restricted stock and RSUs (2.4) — — — (2.4) Other financing activities (0.2) (0.1) — — (0.3) Net cash provided by (used in) financing activities 52.5 (5.9) (2.4) — 44.2 Effect of exchange rate changes on cash, cash equivalents and restricted cash 349.6 (115.1) (237.2) — (2.7) Net increase (decrease) in cash, cash equivalents and restricted cash (61.8) (11.7) 91.9 — 18.4 Cash, cash equivalents and restricted cash at beginning of period $ 6.5 $ 7.8 $ 88.2 $ — $ 102.5 Cash, cash equivalents and restricted cash at end of period $ (55.3) $ (3.9) $ 180.1 $ — $ 120.9 Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2020 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash (used in) provided by operating activities $ (91.4) $ — $ (5.9) $ — $ (97.3) CASH FLOWS FROM INVESTING ACTIVITIES: Net cash (used in) provided by investing activities (7.7) (0.3) (2.3) — (10.3) CASH FLOWS FROM FINANCING ACTIVITIES: Net decrease in short-term borrowings and overdraft 4.6 (0.4) 0.1 — 4.3 Borrowings on term loans 880.0 — — — 880.0 Repayments on Term Loans (524.3) — — — (524.3) Net (repayments) borrowings under the revolving credit facilities (133.5) — — — (133.5) Payments of financing costs (122.7) — 0.7 — (122.0) Tax withholdings related to net share settlements of restricted stock and RSUs (1.7) — — — (1.7) Other financing activities (0.1) (0.1) (0.1) — (0.3) Net cash provided by (used in) financing activities 102.3 (0.5) 0.7 — 102.5 Effect of exchange rate changes on cash, cash equivalents and restricted cash 2.4 2.1 (1.4) — 3.1 Net increase (decrease) in cash, cash equivalents and restricted cash 5.6 1.3 (8.9) — (2.0) Cash, cash equivalents and restricted cash at beginning of period $ 0.9 $ 6.5 97.1 $ — 104.5 Cash, cash equivalents and restricted cash at end of period $ 6.5 $ 7.8 $ 88.2 $ — $ 102.5 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On March 2, 2022, the Company announced that it is extending and expanding its existing Revlon Global Growth Accelerator (“RGGA”) program through 2024. The extension and expansion will allow the Company to continue to focus on identifying and implementing new opportunities programmatically. The extension and expansion will provide an additional year to implement larger projects and help make up for supply chain headwinds and the extended COVID restrictions throughout the globe. The major initiatives underlying the RGGA Program will remain and include: • Strategic Growth: Boost organic sales growth behind our strategic pillars – brands, markets, and channels -- to deliver mid-single digit Compound Average Annual Growth Rate through 2024. • Operating Efficiencies : Drive additional operational efficiencies and cost savings for margin improvement and to fuel investments in growth. • Build Capabilities: Build capabilities and embed the Revlon culture of one vision, one team. |
DESCRIPTION OF BUSINESS AND S_2
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 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. |
Cash and Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted CashCash and cash equivalents include cash in banks and highly liquid investments with original maturity dates of three months or less. |
Trade Receivables | Trade ReceivablesTrade receivables represent payments due to the Company for previously recognized net sales, reduced by an allowance for doubtful accounts for balances which are estimated to be uncollectible at period end. The Company grants credit terms in the normal course of business to its customers. Trade credit is extended based upon periodically updated evaluations of each customer's ability to perform its payment obligations. The Company does not normally require collateral or other security to support credit sales. |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is based on standard cost and production variances, which approximates actual cost on the first-in, first-out method. Cost components include direct materials, direct labor and direct overhead, as well as in-bound freight. The Company records adjustments to the value of its inventory based upon its forecasted plans to sell products included in inventory, as well as planned product discontinuances. The physical condition (e.g., age and quality) of the inventories is also considered in establishing its valuation. These adjustments are estimates, which could vary significantly, either favorably or unfavorably, from the amounts that the Company may ultimately realize upon the disposition of inventories if future economic conditions, customer inventory levels, product discontinuances, sales return levels or competitive conditions differ from the Company's estimates and expectations. |
Property, Plant and Equipment | Property, plant and equipment is recorded at cost and is depreciated on a straight-line basis over the estimated useful lives of such assets as follows: land improvements, 20 to 30 years; buildings and improvements, 5 to 50 years; machinery and equipment, 3 to 15 years; counters and trade fixtures, 3 to 5 years; office furniture and fixtures, 3 to 15 years; and capitalized software, 2 to 10 years. Leasehold improvements and building improvements are amortized over their estimated useful lives or over the terms of the leases or remaining life of the original structure, whichever is shorter. Repairs and maintenance are charged to the statement of operations as incurred, and expenditures for additions and improvements are capitalized. Counters and trade fixtures are amortized over their estimated useful life of the in-store counter and display related assets. The estimated useful life may be subject to change based upon declines in net sales and/or changes in merchandising programs. See Note 5, "Property, Plant and Equipment," for further discussion. |
Other Assets | Included in other assets are permanent wall displays amounting to $64.3 million and $82.2 million as of December 31, 2021 and 2020, respectively, which are amortized generally over a period of 1 to 3 years. In the event of product discontinuances, from time-to-time, the Company may accelerate the amortization of related permanent wall displays based on the estimated remaining useful life of the asset. |
Impairment of Long-Lived Assets | Long-lived assets, such as property, plant and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, the Company estimates the undiscounted future cash flows (excluding interest) resulting from the use of the asset and its ultimate disposition. If the sum of the undiscounted cash flows (excluding interest) is less than the carrying value, the Company recognizes an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the asset. |
Deferred Financing Costs | Deferred Financing CostsThe Company capitalizes financing costs and amortizes such costs over the terms of the related debt instruments using the effective-interest method. |
Leases | Leases The Company determines if an arrangement is a lease at inception, considering whether the contract conveys a right to control the use of the identified asset for a period of time in exchange for consideration. Operating leases are included in ROU assets, recorded within “Property, Plant and Equipment,” and operating lease liabilities are recorded within either " Accrued expenses and other current liabilities Other long-term liabilities Accrued expenses and other current liabilities Other long-term liabilities As most of the Company’s leases do not provide the lease implicit rates, the Company uses its incremental borrowing rates as the discount rate, adjusted as applicable, based on the information available at the lease commencement dates to determine the present value of lease payments. The Company may use the lease implicit rate, when readily determinable, as the discount rate to determine the present value of lease payments. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease expense is recognized on a straight-line basis over the applicable lease term. At lease commencement, for initial measurement, variable lease payments that do not depend on an index or rate, if any, are excluded from lease payments. Subsequent to initial measurement, these variable payments are recognized when the event determining the amount of the variable consideration to be paid occurs. Leases with an initial lease term of 12 months or less are not included in the lease liability or ROU asset. |
Goodwill | Goodwill Goodwill represents the excess purchase price for businesses acquired over the fair value of net assets acquired. Goodwill is not amortized, but rather it is reviewed annually for impairment at the reporting unit level using October 1st carrying values, or when there is evidence that events or changes in circumstances indicate that the Company’s carrying amount may not be recovered. In accordance with ASC Topic 350, “Intangibles – Goodwill and Other,” the Company performs its annual impairment test during the fourth quarter of each year. The Company also reviews goodwill for impairment whenever events or changes in circumstances indicate that the carrying value of its goodwill may not be recoverable. After the close of each interim quarter, management assesses whether there exists any indicators of impairment requiring the Company to perform an interim goodwill impairment analysis. In performing its goodwill impairment assessments, the Company uses the simplified approach allowed under ASU No. 2017-04, "Simplifying the Test for Goodwill Impairment." Following the results of such assessments, the Company records non-cash impairment charges in the amount by which the carrying value of each reporting unit exceeded its respective fair value, limited to the amount of each reporting unit's goodwill. Impairment charges are included as a separate component of operating income within the "Impairment charges" caption on the face of the Company's Consolidated Statement of Operations and Comprehensive Loss for the applicable quarter-to-date and year-to-date periods. For 2021, in assessing whether goodwill was impaired in connection with its annual impairment testing performed during the fourth quarter of 2021 using October 1st, 2021 carrying values, the Company, in accordance with ASC 350, performed a qualitative assessment for its Revlon reporting unit and a quantitative assessment for its (i) Elizabeth Arden Skin & Color, (ii) Elizabeth Arden Fragrances, (iii) Professional Portfolio and (iv) Fragrances reporting units. The Mass Portfolio reporting unit's goodwill was written down to nil during the first quarter of 2020. In performing its 2021 annual qualitative goodwill assessment, the Company considered, among other factors, the financial performance of the Revlon reporting unit, expected future cash flows and the results of previous quantitative assessments of the Revlon reporting unit. Based upon such assessment, the Company determined that it was more likely than not that the fair value of its Revlon reporting unit exceeded its respective carrying amount for 2021. In performing its 2021 quantitative goodwill assessments, the Company used the simplified approach allowed under ASU No. 2017-04 to test its (i) Elizabeth Arden Skin and Color, (ii) Elizabeth Arden Fragrances, (iii) Professional Portfolio and (iv) Fragrances reporting units for impairment. Based upon such assessment, the Company determined that it was more likely than not that the fair value of each of such aforementioned reporting units exceeded their respective carrying amounts for 2021. During 2020, the Company performed interim goodwill impairment analyses during the first, second and third quarters of the year, which resulted in the recognition of $99.8 million and $11.2 million of non-cash goodwill impairment charges in the first and second quarter of 2020, respectively, as further specified in Note 6, "Goodwill and Intangible Assets, Net". In assessing whether goodwill was impaired in connection with its annual impairment testing performed during the fourth quarter of 2020 using October 1, 2020 carrying values, the Company, in accordance with Financial Accounting Standards Board ("FASB"), Accounting Standard Codification ("ASC") 350, Intangibles - Goodwill and Other ("ASC 350"), performed a qualitative assessment for its Revlon reporting unit and quantitative assessments for its (i) Elizabeth Arden Skin and Color, (ii) Elizabeth Arden Fragrances, (iii) Fragrances, and (iv) Professional Portfolio reporting units . As further specified in Note 6, |
Intangible Assets, Net | Intangible Assets, net Intangible Assets, net, include trade names and trademarks, customer relationships, patents and internally developed intellectual property ("IP") and acquired licenses. Indefinite-lived intangible assets, consisting of certain trade names, are not amortized, but rather are tested for impairment annually during the fourth quarter using October 1 st carrying values similar to goodwill, in accordance with ASC 350, and the Company recognizes an impairment if the carrying amount of its intangible assets exceeds its fair value. Intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values. The Company writes off the gross carrying amount and accumulated amortization for intangible assets in the year in which the asset becomes fully amortized. |
Revenue Recognition and Sales Returns, Costs of Sales, and Distribution Costs | Revenue Recognition and Sales Returns The Company follows ASU No. 2014-09, "Revenue from Contracts with Customers". In accordance with the guidance, the Company's policy is to recognize revenue at an amount that reflects the consideration that the Company expects that it will be entitled to receive in exchange for transferring goods or services to its customers. The Company's policy is to record revenue when control of the goods transfers to the customer. Net sales are comprised of gross revenues from sales of products less expected product returns, trade discounts and customer allowances, which include costs associated with off-invoice mark-downs and other price reductions, as well as trade promotions and coupons. The Company allows customers to return their unsold products if and when they meet certain Company-established criteria as set forth in the Company's trade terms. The Company regularly reviews and revises, when deemed necessary, its estimates of sales returns based primarily upon the historical rate of actual product returns, planned product discontinuances, new product launches and estimates of customer inventory and promotional sales. For returned products that the Company expects to resell at a profit, the Company records, in addition to sales returns as a reduction to sales and cost of sales and an increase to accrued liabilities for the amount expected to be refunded to the customer, an increase to the asset account used to reflect the Company's right to recover products. The amount of the asset account is valued based upon the former carrying amount of the product (i.e., inventory), less any expected costs to recover the products. As the estimated product returns that are expected to be resold at a profit do not comprise a significant amount of the Company's net sales or assets, the Company does not separately report these amounts. The Company's revenues are also net of certain marketing arrangements with its retail customers. Pursuant to its trade terms with these retail customers, the Company reimburses them for a portion of their advertising costs, which provide advertising benefits to the Company. These arrangements are in the form of marketing development funds and/or cooperative advertising programs and are used by the Company to drive sales. The advertising programs follow an annual schedule of planned events that is continually updated based on the Company's perceived needs and contractual terms. As these marketing expenditures cannot be directly linked to product sales, the Company records these expenses as a reduction of revenue at the higher of actual spend or estimated costs based on a reserve rate methodology. In limited instances when products are sold under consignment arrangements, the Company does not recognize revenue until control over such products has transferred to the end consumer. Other revenues, primarily royalties, do not comprise a material amount of the Company's net sales. The Company incurs costs associated with product distribution, such as freight and handling costs. The Company has elected to treat these costs as fulfillment activities and recognizes these costs at the same time that it recognizes the underlying product revenue. See Note 16, "Segment Data and Related Information," for additional disclosures related to ASU No. 2014-09, "Revenue from Contracts with Customers". Cost of Sales Cost of sales includes all of the costs to manufacture the Company's products. For products manufactured in the Company's own facilities, such costs include raw materials and supplies, direct labor and factory overhead. For products manufactured for the Company by third-party contractors, such cost represents the amounts invoiced by the contractors. Cost of sales also includes the cost of refurbishing products returned by customers that will be offered for resale and the cost of inventory write-downs associated with adjustments of held inventories to their net realizable value. These costs are reflected in the Company’s consolidated statements of operations and comprehensive (loss) income when the product is sold and net sales revenues are recognized or, in the case of inventory write-downs, when circumstances indicate that the carrying value of inventories is in excess of their recoverable value. Additionally, cost of sales reflects the costs associated with certain free products included as sales and promotional incentives. These incentive costs are recognized at the same time that the Company recognizes the related revenue. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative ("SG&A") expenses include expenses to advertise the Company's products, such as television advertising production costs and air-time costs, print advertising costs, digital marketing costs, promotional displays and consumer promotions. SG&A expenses also include the amortization of permanent wall displays and finite-lived intangible assets, depreciation of certain fixed assets, distribution costs (such as freight and handling), non-manufacturing overhead (principally personnel and related expenses), selling and trade educations fees, insurance and professional service fees. |
Advertising | Advertising Advertising within SG&A expenses includes television, print, digital marketing and other advertising production costs that are expensed the first time the advertising takes place. The costs of promotional displays are expensed in the period in which they are shipped to customers. Advertising expenses were $388.6 million and $332.1 million for 2021 and 2020, respectively, which were included in SG&A expenses in the Company's consolidated statements of operations and comprehensive (loss) income. The Company also has various arrangements with customers pursuant to its trade terms to reimburse them for a portion of their advertising costs, which provide advertising benefits to the Company. Additionally, from time-to-time, the Company may pay fees to customers in order to expand or maintain shelf space for its products. The costs that the Company incurs for "cooperative" advertising programs, end cap placement, shelf placement costs, slotting fees and marketing development funds, if any, are expensed as incurred and are recorded as a reduction within net sales. |
Income Taxes | Income Taxes Income taxes are calculated using the asset and liability method. Under this method, the Company recognizes deferred tax assets and liabilities for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. The Company measures deferred tax assets and liabilities using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company recognizes the effect of a change in income tax rates on deferred tax assets and liabilities in income in the period that includes the enactment date. The Company records valuation allowances to reduce deferred tax assets when management determines that it was more likely than not that a tax benefit will not be realized. The Company recognizes a tax position in its financial statements when management determines that it was more likely than not that the position will be sustained upon examination, based on the merits of such position. The Company recognizes liabilities for unrecognized tax positions in the U.S. and other tax |
Research and Development | Research and DevelopmentResearch and development expenditures are expensed as incurred and included within SG&A expenses. |
Foreign Currency Translation | Foreign Currency Translation Assets and liabilities of foreign operations, whose functional currency is the local currency, are translated into U.S. Dollars at the rates of exchange in effect at the balance sheet date. Income and expense items are translated at the weighted-average exchange rates prevailing during each period presented. Gains and losses resulting from foreign currency transactions are included in the results of operations. Gains and losses resulting from translation of financial statements of foreign subsidiaries and branches operating in non-hyperinflationary economies are recorded as a component of accumulated other comprehensive loss until either the sale or upon the complete or substantially complete liquidation by the Company of its investment in a foreign entity. To the extent that foreign subsidiaries and branches operate in hyperinflationary economies, non-monetary assets and liabilities are translated at historical rates and translation adjustments are included in the Company's results of operations. |
Basic and Diluted Earnings Per Common Share and Classes of Stock | Basic and Diluted Earnings per Common Share and Classes of Stock Shares used in basic earnings per share are computed using the weighted-average number of common shares outstanding during each period. Shares used in diluted earnings per share include the dilutive effect of unvested restricted shares and restricted stock units ("RSUs") issued under the Stock Plan using the treasury stock method. (See Note 17, "Revlon, Inc. Basic and Diluted Earnings (Loss) Per Common Share"). |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes stock-based compensation costs for its restricted stock and restricted stock units, measured at the fair value of each award at the time of grant, as an expense over the period during which an employee is required to provide service. Upon the vesting of restricted stock and RSUs, any resulting tax benefits are recognized in the consolidated statements of operations and comprehensive (loss) income as the awards vest or are settled. The Company reflects such excess tax benefits as cash flows from financing activities in the consolidated statements of cash flows. The Company accounts for forfeitures as a reduction of compensation cost in the period when such forfeitures occur. |
Recently Evaluated and/or Adopted and Recently Issued Accounting Pronouncements | Recently Evaluated and/or Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes," which removes certain exceptions for recognizing deferred taxes for investments, performing intra-period allocations, calculating income taxes in interim periods and how a company accounts for future events. This ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. 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). The Company made an initial assessment of the impact of the new credit loss model and does not expect a material impact as the majority of the receivables are short-term. The Company will continue to assess the impact that this new guidance is expected to have on the Company’s results of operations, financial condition and/or financial statement disclosures. |
DESCRIPTION OF BUSINESS AND S_3
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the statements of financial position that sum to the total of the same such amounts shown in the statements of cash flows: December 31, 2021 2020 Cash and cash equivalents $ 102.4 $ 97.1 Restricted cash (a) 18.5 5.4 Total cash, cash equivalents and restricted cash $ 120.9 $ 102.5 (a) Amounts included in restricted cash represent cash on deposit to support the Company's letters of credit and is included within other assets in the Company's consolidated balance sheets. |
RESTRUCTURING CHARGES (Tables)
RESTRUCTURING CHARGES (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 is presented in the following table: Restructuring Charges and Other, Net Employee Severance and Other Personnel Benefits Other Costs Total Restructuring Charges Leases (a) Other Related Charges (b) Total Restructuring and Related Charges Charges incurred through December 31, 2020 $ 48.6 $ 1.9 $ 50.5 $ 12.6 $ 5.7 $ 68.8 Charges incurred during the year ended December 31, 2021 4.1 22.0 $ 26.1 5.1 1.9 33.1 Cumulative charges incurred through December 31, 2021 $ 52.7 $ 23.9 $ 76.6 $ 17.7 $ 7.6 $ 101.9 (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 December 31, 2021 by reportable segment is presented in the following table: Charges incurred during the year ended December 31, 2021 Cumulative charges incurred through December 31, 2021 Revlon $ 7.3 $ 28.0 Elizabeth Arden 9.6 19.0 Portfolio 4.4 18.0 Fragrances 4.8 11.6 Total $ 26.1 $ 76.6 |
Schedule of Liability Balance and Activity of Restructuring Programs | The liability balance and related activity for each of the Company's restructuring programs are presented in the following table: Utilized, Net Liability Expense, Net Cash Liability Balance at December 31, 2021 RGGA: Employee severance and other personnel benefits $ 12.6 $ 4.1 $ (14.8) $ 1.9 Other — 22.0 (22.0) — Total RGGA 12.6 26.1 (36.8) 1.9 Other restructuring initiatives: Employee severance and other personnel benefits 1.2 — (0.4) 0.8 Total restructuring reserve $ 13.8 $ 26.1 $ (37.2) $ 2.7 Utilized, Net Liability Expense, Net Foreign Currency Translation Cash Liability Balance at December 31, 2020 RGGA (Previously "Revlon 2020 Restructuring Program") Employee severance and other personnel benefits $ — $ 48.6 $ — $ (36.0) $ 12.6 Other — 1.9 — (1.9) — Total RGGA — 50.5 — (37.9) 12.6 2018 Optimization Program: Employee severance and other personnel benefits 5.7 (0.6) — (4.0) 1.1 Total 2018 Optimization Program 5.7 (0.6) — (4.0) 1.1 Other restructuring initiatives (a) : Employee severance and other personnel benefits 4.3 (0.2) 0.2 (4.2) 0.1 Total restructuring reserve $ 10.0 $ 49.7 $ 0.2 $ (46.1) $ 13.8 (a) The balance of other restructuring initiatives primarily consists of balances outstanding under the EA Integration Restructuring Program implemented by the Company in December 2016, which was completed by December 2018. The reversal of charges and payments made during the year ended December 31, 2020 primarily related to other individually and collectively immaterial restructuring initiatives. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | The Company's net inventory balances consisted of the following: December 31, December 31, 2021 2020 Finished goods 277.0 $ 356.7 Raw materials and supplies 125.3 97.1 Work-in-process 15.1 8.8 $ 417.4 $ 462.6 |
PREPAID EXPENSES AND OTHER (Tab
PREPAID EXPENSES AND OTHER (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other | The Company's prepaid expenses and other balances were as follows: December 31, 2021 2020 Prepaid expenses $ 52.3 $ 66.7 Taxes (a) 36.2 36.1 Other 47.5 31.6 $ 136.0 $ 134.4 (a) Taxes for Products Corporation as of December 31, 2021 and December 31, 2020 were $32.0 million and $32.1 million, respectively. |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2021 2020 Land and improvements $ 10.8 $ 11.4 Building and improvements 43.5 48.3 Machinery and equipment 82.2 98.7 Office furniture, fixtures and capitalized software 62.6 76.2 Leasehold improvements 18.0 21.3 Construction-in-progress 8.8 9.1 Right-of-Use assets 71.4 87.0 Property, plant and equipment and Right-of-Use assets, net $ 297.3 $ 352.0 |
Schedule of Lease Cost and Other Information | The following table includes disclosure related to the ASC 842 lease standard for the periods presented, after application of the applicable practical expedients and short-term lease considerations: Year Ended December 31, 2021 December 31, 2020 Lease Cost: Finance Lease Cost: Amortization of ROU assets $ 0.2 $ 0.3 Interest on lease liabilities 0.1 0.1 Operating Lease Cost 33.7 38.9 Total Lease Cost $ 34.0 $ 39.3 Other Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases 0.1 0.1 Operating cash flows from operating leases 36.3 36.3 Financing cash flows from finance leases 0.3 0.2 December 31, 2021 December 31, 2020 ROU assets for finance leases 0.3 0.6 ROU assets for operating leases 71.0 86.3 Accumulated amortization on ROU assets for finance leases 0.8 0.6 Accumulated amortization on ROU assets for operating leases 55.9 39.9 Weighted-average remaining lease term - finance leases 1.1 years 2.1 years Weighted-average remaining lease term - operating leases 6.2 years 6.5 years Weighted-average discount rate - finance leases 15.0 % 15.0 % Weighted-average discount rate - operating leases 15.8 % 15.8 % |
Schedule of Finance Lease Maturities | Maturities of lease liabilities as of December 31, 2021 were as follows: Operating Leases Finance Leases 2022 $ 28.7 $ 0.3 2023 24.1 — 2024 19.4 — 2025 13.8 — 2026 12.3 — Thereafter 40.6 — Total undiscounted cash flows $ 138.9 $ 0.3 Present value: Short-term lease liability $ 12.7 $ 0.2 Long-term lease liability 72.0 0.1 Total lease liability $ 84.7 $ 0.3 Difference between undiscounted cash flows and discounted cash flows $ 54.2 $ — |
Schedule of Operating Lease Maturities | Maturities of lease liabilities as of December 31, 2021 were as follows: Operating Leases Finance Leases 2022 $ 28.7 $ 0.3 2023 24.1 — 2024 19.4 — 2025 13.8 — 2026 12.3 — Thereafter 40.6 — Total undiscounted cash flows $ 138.9 $ 0.3 Present value: Short-term lease liability $ 12.7 $ 0.2 Long-term lease liability 72.0 0.1 Total lease liability $ 84.7 $ 0.3 Difference between undiscounted cash flows and discounted cash flows $ 54.2 $ — |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill by Segment | The following table presents the changes in goodwill by segment for the year ended December 31, 2021: Revlon Portfolio Elizabeth Arden Fragrances Total Balance at January 1, 2020 $ 264.9 $ 171.1 $ 116.9 $ 120.8 $ 673.7 Foreign currency translation adjustment 0.5 0.3 0.1 0.1 1.0 Goodwill impairment charge (a) — (83.5) (27.5) — (111.0) Balance at December 31, 2020 $ 265.4 $ 87.9 $ 89.5 $ 120.9 $ 563.7 Foreign currency translation adjustment (0.4) (0.1) (0.2) (0.2) (0.9) Balance at December 31, 2021 $ 265.0 $ 87.8 $ 89.3 $ 120.7 $ 562.8 Cumulative goodwill impairment charges (a) $ (166.2) |
Schedule of Impaired Intangible Assets | A summary of such impairment charges by segments is included in the following table: Year Ended December 31, 2020 Revlon Portfolio Elizabeth Arden Fragrances Total Indefinite-lived intangible assets $ — $ (2.5) $ (30.6) $ — $ (33.1) Total Intangibles Impairment $ — $ (2.5) $ (30.6) $ — $ (33.1) |
Summary of Finite-Lived Intangible Assets | The following tables present details of the Company's total intangible assets as of December 31, 2021 and December 31, 2020: December 31, 2021 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Weighted-Average Useful Life (in Years) Finite-lived intangible assets: Trademarks and licenses $ 270.8 $ (142.9) $ — $ 127.9 12 Customer relationships 247.2 (122.7) — 124.5 10 Patents and internally-developed intellectual property 23.8 (17.4) — 6.4 5 Distribution rights 31.0 (9.2) — 21.8 13 Other 1.3 (1.3) — — 0 Total finite-lived intangible assets $ 574.1 $ (293.5) $ — $ 280.6 Indefinite-lived intangible assets: Trade names $ 144.7 N/A $ (33.1) $ 111.6 Total indefinite-lived intangible assets $ 144.7 N/A $ (33.1) $ 111.6 Total intangible assets $ 718.8 $ (293.5) $ (33.1) $ 392.2 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 $ 272.8 $ (128.6) $ — $ 144.2 12 Customer relationships 249.9 (110.7) — 139.2 11 Patents and internally-developed intellectual property 23.6 (15.6) — 8.0 5 Distribution rights 31.0 (7.5) — 23.5 14 Other 1.3 (1.3) — — 0 Total finite-lived intangible assets $ 578.6 $ (263.7) $ — $ 314.9 Indefinite-lived intangible assets: Trade names $ 149.0 N/A $ (33.1) $ 115.9 Total indefinite-lived intangible assets $ 149.0 N/A $ (33.1) $ 115.9 Total intangible assets $ 727.6 $ (263.7) $ (33.1) $ 430.8 |
Summary of Indefinite-Lived Intangible Assets | The following tables present details of the Company's total intangible assets as of December 31, 2021 and December 31, 2020: December 31, 2021 Gross Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Weighted-Average Useful Life (in Years) Finite-lived intangible assets: Trademarks and licenses $ 270.8 $ (142.9) $ — $ 127.9 12 Customer relationships 247.2 (122.7) — 124.5 10 Patents and internally-developed intellectual property 23.8 (17.4) — 6.4 5 Distribution rights 31.0 (9.2) — 21.8 13 Other 1.3 (1.3) — — 0 Total finite-lived intangible assets $ 574.1 $ (293.5) $ — $ 280.6 Indefinite-lived intangible assets: Trade names $ 144.7 N/A $ (33.1) $ 111.6 Total indefinite-lived intangible assets $ 144.7 N/A $ (33.1) $ 111.6 Total intangible assets $ 718.8 $ (293.5) $ (33.1) $ 392.2 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 $ 272.8 $ (128.6) $ — $ 144.2 12 Customer relationships 249.9 (110.7) — 139.2 11 Patents and internally-developed intellectual property 23.6 (15.6) — 8.0 5 Distribution rights 31.0 (7.5) — 23.5 14 Other 1.3 (1.3) — — 0 Total finite-lived intangible assets $ 578.6 $ (263.7) $ — $ 314.9 Indefinite-lived intangible assets: Trade names $ 149.0 N/A $ (33.1) $ 115.9 Total indefinite-lived intangible assets $ 149.0 N/A $ (33.1) $ 115.9 Total intangible assets $ 727.6 $ (263.7) $ (33.1) $ 430.8 |
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 December 31, 2021: Estimated Amortization Expense 2022 $ 32.5 2023 30.8 2024 27.6 2025 26.4 2026 25.3 Thereafter 138.0 Total $ 280.6 |
ACCRUED EXPENSES AND OTHER CU_2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, December 31, 2021 2020 Advertising, marketing and promotional costs $ 113.3 $ 96.3 Sales returns and allowances 92.3 95.5 Taxes (a) 52.8 41.8 Compensation and related benefits 33.7 50.1 Interest 31.3 29.6 Freight and distribution costs 18.4 9.5 Professional services and insurance 28.5 18.6 Short-term lease liability 12.9 16.6 Restructuring reserve 2.7 13.8 Software 2.2 3.1 Other (b) 43.9 46.0 Total $ 432.0 $ 420.9 (a) Accrued Taxes for Products Corporation as of December 31, 2021 and December 31, 2020 were $52.8 million and $44.8 million, respectively, |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 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. December 31, December 31, 2021 2020 Amended 2016 Revolving Credit Facility (Tranche A) due 2024 (a) $ 108.0 $ 136.7 SISO Term Loan Facility due 2024 (a) 126.2 — 2021 Foreign Asset-Based Term Facility due 2024 (b) 71.2 — 2020 ABL FILO Term Loans due 2023 (d) 50.0 50.0 2020 Troubled-debt-restructuring: future interest (c) 42.6 57.8 2020 BrandCo Term Loan Facility due 2025 (d)(e) 1,749.7 1,719.8 2016 Term Loan Facility: 2016 Term Loan due 2023 and 2025 (f) 867.9 874.8 2018 Foreign Asset-Based Term Facility due 2021 (g) — 57.7 6.25% Senior Notes due 2024 (i) 426.9 425.4 Spanish Government Loan due 2025 0.2 0.3 Debt $ 3,442.7 $ 3,322.5 Less current portion (*) (137.2) (217.5) Long-term debt $ 3,305.5 $ 3,105.0 Short-term borrowings (**) $ 0.7 $ 2.5 (*) At December 31, 2021, the Company classified $137.2 million as its current portion of long-term debt, comprised primarily of $108.0 million of net borrowings under the Amended 2016 Revolving Credit Facility, net of debt issuance costs, $18.5 million of payments under the 2020 BrandCo Term Loan Facility due within one year and $9.2 million of payments on the 2016 Term Loan Facility due within one year. At December 31, 2020, the Company classified $217.5 million as its current portion of long-term debt, comprised primarily of $136.7 million of net borrowings under the Amended 2016 Revolving Credit Facility, net of debt issuance costs, $57.7 million of the 2018 Foreign Asset-Based Term Facility, net of debt issuance costs and debt discount, $13.7 million of payments under the 2020 BrandCo Term Facility and $9.2 million of payments on the 2016 Term Loan Facility. See below in this Note 8, "Debt," for details regarding the Company's recent debt-related transactions. (**) The weighted average interest rate on these short-term borrowings outstanding at December 31, 2021 and 2020 was 11.4% and 11.7%, respectively. |
Schedule of Debt Instrument Redemption | Corporation may redeem the 6.25% Senior Notes at its option, at any time as a whole, or from time to time in part, at the following redemption prices (expressed as percentages of principal amount), plus accrued interest to (but not including) the date of redemption, if redeemed during the 12-month period beginning on August 1 of the years indicated below: Period Optimal Redemption Premium Percentage 2020 103.125 % 2021 101.563 % 2022 and thereafter 100.000 % |
Schedule of Line of Credit Facilities | At December 31, 2021, the aggregate principal amounts outstanding and availability under Products Corporation’s various revolving credit facilities were as follows: Commitment Borrowing Base Aggregate principal amount outstanding at December 31, 2021 Availability at December 31, 2021 (a) Tranche A Revolving Credit Facility $ 270.0 $ 182.0 $ 109.6 $ 72.4 SISO Term Loan Facility 130.0 130.0 130.0 — 2020 ABL FILO Term Loans 50.0 48.0 50.0 — |
Schedule of Maturities of Long-term Debt | The aggregate amounts of contractual long-term debt maturities at December 31, 2021 in the years 2022 through 2025 and thereafter are as follows: Years Ended December 31, Long-Term Debt Maturities 2022 $ 137.4 (a) 2023 904.4 (b) 2024 655.2 (c) 2025 1,847.1 (d) Thereafter — Total long-term debt 3,544.1 Discounts and deferred finance charges (101.4) Total long-term debt, net of discounts and deferred finance charges $ 3,442.7 (a) Amount consists primarily of: (i) $109.6 million aggregate principal amount outstanding at December 31, 2021 under the Amended 2016 Revolving Credit Facility (Tranche A) due 2024; (ii) $18.5 million of quarterly amortization payments due in 2022 under the 2020 BrandCo Facility; and (iii) $9.2 million of quarterly amortization payments due under the 2016 Term Loan Facility during 2022. (b) Amount consists primarily of: (i) $835.5 million aggregate principal amount outstanding at December 31, 2021 under the 2016 Term Loan Facility due in 2023; (ii) $50.0 million aggregate principal amount outstanding at December 31, 2021 under the 2020 New ABL FILO Term Loans due in 2023 and (iii) $18.5 million of quarterly amortization payments due in 2023 under the 2020 BrandCo Facility. (c) Amount consists primarily of: (i) $431.3 million aggregate principal amount outstanding at December 31, 2021 under the 6.25% Senior Notes, which are scheduled to mature in August 2024; (ii) $130.0 million aggregate principal amount outstanding at December 31, 2021 under the 2021 SISO Term Loan Facility due 2024; (iii) $75.0 million aggregate principal amount outstanding at December 31, 2021 under the 2021 Foreign Asset-Based Term Facility due 2023 and (iv) $18.5 million of quarterly amortization payments due in 2023 under the 2020 BrandCo Facility. (d) Amount consists primarily of: (i) $1,817.7 million aggregate principal amount outstanding at December 31, 2021 under the 2020 BrandCo Facility; and (ii) $29.4 million remaining aggregate principal amount outstanding at December 31, 2021 under the 2016 Term Loan Facility due in 2025. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value | As of December 31, 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: December 31, 2021 Fair Value Level 1 Level 2 Level 3 Total Carrying Value Liabilities: Long-term debt, including current portion (a) $ — $ 2,864.0 $ — $ 2,864.0 $ 3,442.7 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: December 31, 2020 Fair Value Level 1 Level 2 Level 3 Total Carrying Value Liabilities: Long-term debt, including current portion (a) $ — $ 2,168.9 $ — $ 2,168.9 $ 3,322.5 (a) The fair value of the Company's long-term debt, including the current portion of long-term debt, is based on quoted market prices for similar issuances and maturities. |
PENSION AND POST-RETIREMENT B_2
PENSION AND POST-RETIREMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Reconciliation of the Projected Benefit Obligations, Plan Assets, Funded Status and Amounts Recognized in the Consolidated Financial Statements | The following table provides an aggregate reconciliation of the projected benefit obligations, plan assets, funded status and amounts recognized in the Company’s Consolidated Financial Statements related to the Company's significant pension and other post-retirement benefit plans: Pension Plans Other Post-Retirement Benefit Plans December 31, 2021 2020 2021 2020 Change in Benefit Obligation: Benefit obligation - beginning of year $ (666.5) $ (629.7) $ (14.5) $ (13.4) Service cost (1.4) (1.7) — — Interest cost (9.1) (15.0) (0.2) (0.3) Actuarial (loss) gain 23.1 (65.8) 1.6 (1.5) Settlement and Curtailment gain 2.6 5.5 — — Benefits paid 42.1 44.0 0.7 0.7 Plan Amendments (1.0) 0.2 — — Plan participant contributions (0.3) (0.5) — — Foreign currency translation adjustments 1.2 (3.5) — — Benefit obligation - end of year $ (609.3) $ (666.5) $ (12.4) $ (14.5) Change in Plan Assets: Fair value of plan assets - beginning of year $ 463.0 $ 462.4 $ — $ — Actual return (loss) on plan assets 33.9 35.9 — — Employer contributions 21.8 9.1 0.7 0.7 Settlement gain (2.1) (4.1) — — Benefits paid (42.1) (44.0) (0.7) (0.7) Plan participant contributions 0.3 0.5 — — Foreign currency translation adjustments (0.8) 3.2 — — Fair value of plan assets - end of year $ 474.0 $ 463.0 $ — $ — Unfunded status of plans at December 31, 2021 $ (135.3) $ (203.5) $ (12.4) $ (14.5) |
Schedule of Amounts Recognized in the Consolidated Balance Sheets | With respect to the Company's pension plans and other post-retirement benefit plans, amounts recognized in the Company’s Consolidated Balance Sheets at December 31, 2021 and 2020 consisted of the following: Pension Plans Other Post-Retirement Benefit Plans December 31, 2021 2020 2021 2020 Other long-term assets $ 6.8 $ 1.3 $ — $ — Accrued expenses and other (6.3) (6.2) (0.9) (0.7) Pension and other post-retirement benefit liabilities (135.8) (198.6) (11.5) (13.8) Total liability $ (135.3) $ (203.5) $ (12.4) $ (14.5) Accumulated other comprehensive loss, gross $ 257.6 $ 307.5 $ 2.9 $ 5.1 Income tax benefit (50.3) (50.6) (1.1) (0.9) Portion allocated to Revlon Holdings (0.9) (0.8) 0.4 0.2 Accumulated other comprehensive loss, net $ 206.4 $ 256.1 $ 2.2 $ 4.4 |
Schedule of Projected Benefit Obligation, Accumulated Benefit Obligation and Fair Value of Plan Assets | The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company's pension plans are as follows: December 31, 2021 2020 Projected benefit obligation $ 609.3 $ 666.5 Accumulated benefit obligation 607.0 663.6 Fair value of plan assets 474.0 463.0 |
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 year ended December 31, 2021 and 2020, respectively, were as follows: Pension Plans Other Year Ended December 31, 2021 2020 2021 2020 Net periodic benefit costs: Service cost $ 1.4 $ 1.7 $ — $ — Interest cost 9.1 15.0 0.2 0.3 Expected return on plan assets (19.7) (22.8) — — Amortization of actuarial loss 13.3 11.0 0.6 0.4 Curtailment and Settlement gain — (1.5) — — Total net periodic benefit costs prior to allocation $ 4.1 $ 3.4 $ 0.8 $ 0.7 Portion allocated to Revlon Holdings (0.1) (0.1) — — Total net periodic benefit costs $ 4.0 $ 3.3 $ 0.8 $ 0.7 |
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: Year Ended December 31, 2021 2020 Net periodic benefit costs: Selling, general and administrative expense $ 1.4 $ 1.7 Miscellaneous, net 3.4 2.3 Total net periodic benefit costs $ 4.8 $ 4.0 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Amounts recognized in accumulated other comprehensive loss at December 31, 2021 with respect to the Company’s pension plans and other post-retirement plans, which have not yet been recognized as a component of net periodic benefit cost, were as follows: Pension Benefits Post-Retirement Benefits Total 2021 Net actuarial loss $ 255.7 $ 2.9 $ 258.6 Prior service cost 1.9 — 1.9 Accumulated Other Comprehensive Loss, Gross 257.6 2.9 260.5 Income tax benefit (50.3) (1.1) (51.4) Portion allocated (to) from Revlon Holdings (0.9) 0.4 (0.5) Accumulated Other Comprehensive Loss, Net $ 206.4 $ 2.2 $ 208.6 Pension Benefits Post-Retirement Benefits Total 2020 Net actuarial loss $ 306.6 $ 5.1 $ 311.7 Prior service cost 0.9 — 0.9 Accumulated Other Comprehensive Loss, Gross 307.5 5.1 312.6 |
Schedule of Defined Benefit Plan Assumptions | The following weighted average assumptions were used to determine the Company’s projected benefit obligation of the Company’s U.S. and International pension plans at the end of the respective years: U.S. Plans International Plans 2021 2020 2021 2020 Discount rate 2.59 % 2.18 % 1.74 % 1.33 % Rate of future compensation increases N/A N/A 1.81 % 1.81 % The following weighted average assumptions were used to determine the Company’s net periodic benefit (income) cost of the Company’s U.S. and International pension plans during the respective years: U.S. Plans International Plans 2021 2020 2021 2020 Discount rate 2.18 % 3.01 % 1.33 % 1.81 % Expected long-term return on plan assets 4.50 % 5.50 % 3.46 % 3.39 % Rate of future compensation increases N/A N/A 1.81 % 2.02 % Target Ranges U.S. Plans International Plans Asset Class: Common and preferred stock 0% - 10% — Mutual funds 15% - 35% — Fixed income securities 0% - 20% — Common and collective funds 50% - 75% 100% Hedge funds 0% - 15% — Cash and other investments 0% - 10% — |
Schedule of Changes in Fair Value of Plan Assets | The following table presents information on the fair value of the Company's U.S. and International pension plan assets at December 31, 2021 and 2020: U.S. Plans International Plans 2021 2020 2021 2020 Fair value of plan assets $ 391.7 $ 377.6 $ 82.3 $ 85.4 |
Schedule of Allocation of Plan Assets | The fair values of the assets within the Company's U.S. and International pension plans at December 31, 2021 by asset category were as follows: Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Total Level 1 Level 2 Level 3 Mutual Funds (a) : Corporate Bonds 21.9 21.9 — — Government Bonds 25.4 25.4 — — U.S. Large Cap Equity 0.7 0.7 — — International Equities 15.8 15.8 — — Emerging Markets International Equity 2.8 2.8 — — U.S. Small/Mid Cap Equity 0.6 0.6 — — Cash and Cash Equivalents 0.3 0.3 — — Other (b) 1.2 1.2 — — Fixed Income Securities: Government Bonds 85.9 — 85.9 — Common and Collective Funds (a) : Corporate Bonds 27.5 15.8 11.7 — Government Bonds 42.1 5.1 37.0 — U.S. Large Cap Equity 98.4 91.9 6.5 — U.S. Small/Mid Cap Equity 19.4 19.4 — — International Equities 74.8 3.3 71.5 — Emerging Markets International Equity 27.5 20.4 7.1 — Cash and Cash Equivalents 2.8 2.8 — — Other (b) (0.4) — (0.4) — Cash and Cash Equivalents 7.6 7.6 — — Total Plan Assets in the fair value hierarchy $ 454.3 $ 235.0 $ 219.3 — Investments measured at Net Asset Value (c) Common and Collective Funds 19.7 Hedge Funds — Total Plan Assets measured at Net Asset Value $ 19.7 Total Plan Assets at Fair Value $ 474.0 $ 235.0 $ 219.3 — (a) The investments in mutual funds and common and collective funds are disclosed above within the respective underlying investments’ class (i.e., various equities, corporate bonds, government bonds and other investment classes), while the fair value hierarchy levels of the investments are based on the respective trust’s direct ownership unit of account. (b) Comprised of investments in equities, fixed income instruments, currencies, derivatives and/or commodities. (c) These investments are presented for reconciliation purposes, but are not required to be categorized in the fair value hierarchy as they are measured at fair value using the net asset per share or its equivalent, as permitted by the ASU No. 2015-07 practical expedient. The fair values of the assets within the Company's U.S. and International pension plans at December 31, 2020 by asset category were as follows: Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs Significant Unobservable Inputs Total Level 1 Level 2 Level 3 Mutual Funds (a) : Corporate Bonds 10.8 10.8 — — Government Bonds 15.8 15.8 — — U.S. Large Cap Equity — — — — International Equities 21.7 21.7 — — Emerging Markets International Equity 1.7 1.7 — — U.S. Small/Mid Cap Equity 1.1 1.1 Cash and Cash Equivalents 6.0 6.0 — — Other (b) 1.2 1.2 — — Fixed Income Securities: Government Bonds 68.1 — 68.1 — Common and Collective Funds (a) : Corporate Bonds 34.6 20.7 13.9 — Government Bonds 38.7 4.8 33.9 — U.S. Large Cap Equity 59.0 51.0 8.0 — U.S. Small/Mid Cap Equity 24.6 24.6 — — International Equities 72.7 4.4 68.3 — Emerging Markets International Equity 24.5 19.1 5.4 — Cash and Cash Equivalents 1.8 1.8 — — Other (b) 0.6 — 0.6 — Cash and Cash Equivalents 5.0 5.0 — — Total Plan Assets in the fair value hierarchy $ 387.9 $ 189.7 $ 198.2 — Investments measured at Net Asset Value (c) Common and Collective Funds 45.9 Hedge Funds 29.2 Total Plan Assets measured at Net Asset Value $ 75.1 Total Plan Assets at Fair Value $ 463.0 $ 189.7 $ 198.2 — (a) The investments in mutual funds and common and collective funds are disclosed above within the respective underlying investments’ class (i.e., various equities, corporate bonds, government bonds and other investment classes), while the fair value hierarchy levels of the investments are based on the respective trust’s direct ownership unit of account. (b) Comprised of investments in equities, fixed income instruments, currencies, derivatives and/or commodities. (c) These investments are presented for reconciliation purposes, but are not required to be categorized in the fair value hierarchy as they are measured at fair value using the net asset per share or its equivalent, as permitted by the ASU No. 2015-07 practical expedient. |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid out of the Company’s pension and other post-retirement benefit plans: Total Pension Benefits Total Other Benefits 2022 $ 47.4 $ 1.4 2023 $ 43.6 $ 1.3 2024 $ 41.3 $ 1.2 2025 $ 40.4 $ 1.2 2026 $ 39.0 $ 1.1 Years 2027 to 2031 $ 180.8 $ 4.3 |
STOCK COMPENSATION PLAN (Tables
STOCK COMPENSATION PLAN (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Restricted Stock and RSU Activity | A summary of the restricted stock and RSU activity for each of 2021 and 2020 is presented in the following table: Restricted Stock and RSUs (000's) Weighted Average Grant Date Fair Value Per Share Outstanding at January 1, 2020 2,021.6 20.93 Granted (a) 1,065.3 14.91 Vested (b) (494.7) 20.52 Forfeited (a) (793.3) 20.00 Outstanding at December 31, 2020 1,798.9 17.89 Granted (a) 1,782.2 10.72 Vested (b) (519.0) 18.61 Forfeited (519.6) 16.15 Outstanding at December 31, 2021 2,542.5 13.07 (a) The 2020 grants include nil restricted stock awards and 1,065,319 RSUs, the latter granted pursuant to the Long-Term Incentive Program and the 2019 Transaction Incentive Program under the Stock Plan, as discussed below. The 2021 grants include 20,442 restricted stock awards and 1,761,779 RSUs, the latter granted pursuant to the Long-Term Incentive Program and the 2019 Transaction Incentive Program under the Stock Plan, as discussed below. (b) Of the amounts that vested during 2021 and 2020, 218,757 and 148,620 shares, respectively, were withheld by the Company to satisfy certain grantees’ minimum withholding tax requirements, which withheld shares became Revlon treasury stock and are not sold on the open market. (See discussion under "Treasury Stock" in Note 15, "Stockholders' Deficiency"). During the year ended December 31, 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: 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) 58.8 $ 15.95 n/a $ — LTIP RSUs: 2020 496.5 14.96 462.9 14.96 2019 169.3 22.55 255.3 22.55 2018 66.4 19.40 215.9 19.42 Total LTIP RSUs 732.2 934.1 Total LTIP and TIP RSUs Outstanding as of December 31, 2020 791.0 934.1 Granted 2019 TIP RSUs Granted (a) 80.1 13.11 n/a — LTIP RSUs: 2021 1,681.7 10.59 — — 2020 — — — — 2019 — — — — 2018 — — — — Total LTIP RSUs Granted 1,681.7 — Vested 2019 TIP RSUs Vested (a)(b) (53.0) 15.53 — — LTIP RSUs: 2020 (b) (182.7) 14.96 — — 2019 (b) (91.4) 22.53 — — 2018 (b) (65.9) 19.42 (38.5) 19.44 Total LTIP RSUs Vested (340.0) (38.5) Forfeited/Canceled 2019 TIP RSUs Forfeited/Canceled (a) (11.2) 15.12 — — LTIP RSUs: 2021 (133.1) 10.69 — — 2020 (59.9) 14.96 (85.2) 14.96 2019 (8.1) 22.55 (44.2) 22.55 2018 (0.5) 16.80 (177.4) 19.42 Total LTIP RSUs Forfeited/Canceled (201.6) (306.8) Outstanding as of December 31, 2021 2019 TIP RSUs 74.6 13.16 — LTIP RSUs: 2021 1,548.6 10.58 — — 2020 253.9 14.96 377.7 14.96 2019 69.8 22.58 211.2 22.55 2018 — — — Total LTIP RSUs 1,872.3 588.9 Total LTIP and TIP RSUs Outstanding as of December 31, 2021 1,946.9 588.9 (a) The 2019 TIP provides for RSU awards that are only time-based. (b) Includes acceleration of vesting upon involuntary terminations for the year ended December 31, 2021 of 8,121 RSUs under the 2019 and 2018 LTIPs and of 6,540 RSUs under the 2019 TIP Tier I awards. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Before Income Taxes and Provision for Income Taxes | The Company's income before income taxes and the applicable provision for income taxes are as follows: Year Ended December 31, 2021 2020 Loss from continuing operations before income taxes: United States $ (217.0) $ (357.0) Foreign 16.3 (103.2) $ (200.7) $ (460.2) Provision for income taxes: United States federal $ 4.8 $ 143.5 State and local 0.5 8.1 Foreign 0.9 7.2 $ 6.2 $ 158.8 Current: United States federal $ 4.8 $ 3.5 State and local 1.4 1.8 Foreign 20.0 (2.0) $ 26.2 $ 3.3 Deferred: United States federal $ — $ 140.1 State and local (0.9) 6.3 Foreign (19.1) 9.1 $ (20.0) $ 155.5 Total provision for income taxes $ 6.2 $ 158.8 |
Reconciliation of Statutory Federal Income Tax Rate | The actual tax on income before income taxes is reconciled to the applicable statutory federal income tax rate in the following table: Year Ended December 31, 2021 2020 Computed income tax benefit $ (42.1) $ (96.6) State and local taxes, net of U.S. federal income tax benefit 0.2 1.8 Foreign rate differential and other foreign adjustments 7.9 23.8 Net establishment of valuation allowance 25.2 193.7 Net establishment of uncertain tax positions 4.8 4.4 Foreign dividends and earnings taxable in the U.S. 6.2 7.9 Impairment for which there is no tax benefit — 17.0 Other 4.0 6.8 Total provision for income taxes $ 6.2 $ 158.8 |
Components of deferred Tax Assets and Liabilities | The Company's deferred tax assets and liabilities at December 31, 2021 and 2020 were comprised of the following: December 31, 2021 2020 Deferred tax assets: Inventories $ 15.8 $ 19.0 Net operating loss carryforwards - U.S. (a) 192.9 174.5 Net operating loss carryforwards - foreign 59.3 51.4 Disallowed Interest Carryover - U.S. 89.0 61.2 Employee benefits 43.8 58.1 Sales-related reserves 13.6 16.2 Lease liability 24.1 26.6 Deferred revenue 16.9 17.2 Restructuring - debt refinancing 13.0 14.2 Other 76.8 58.8 Total gross deferred tax assets 545.2 497.2 Less valuation allowance (401.9) (369.4) Total deferred tax assets, net of valuation allowance 143.3 $ 127.8 Deferred tax liabilities: Plant, equipment and other assets (32.1) (34.9) Intangibles (61.5) (62.8) Other (7.9) (7.6) Total gross deferred tax liabilities (101.5) (105.3) Net deferred tax assets 41.8 $ 22.5 (a) Net operating loss carryforwards - U.S. for Products Corporation as of December 31, 2021 and December 31, 2020 were $179.6 million and $158.9 million, respectively. |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of the unrecognized tax benefits is provided in the following table: Tax Interest and Penalties Total Balance at January 1, 2020 $ 66.3 $ 11.7 78.0 Increase based on tax positions taken in a prior year 3.5 6.4 9.9 Decrease based on tax positions taken in a prior year (3.3) (1.0) (4.3) Increase based on tax positions taken in the current year 5.5 — 5.5 Decrease resulting from the lapse of statutes of limitations (3.2) (1.5) (4.7) Balance at December 31, 2020 $ 68.8 $ 15.6 $ 84.4 Increase based on tax positions taken in a prior year 1.6 3.5 5.1 Decrease based on tax positions taken in a prior year (3.0) (1.0) (4.0) Increase based on tax positions taken in the current year 7.1 — 7.1 Decrease resulting from the lapse of statutes of limitations (3.6) (2.0) (5.6) Balance at December 31, 2021 $ 70.9 $ 16.1 $ 87.0 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 is as follows: Foreign Currency Translation Actuarial (Loss) Gain on Post-retirement Benefits Other Accumulated Other Comprehensive Loss Balance at January 1, 2020 $ (27.3) $ (219.8) $ (0.3) $ (247.4) Foreign currency translation adjustment, net of tax (b) 10.2 — — 10.2 Amortization of pension related costs, net of tax (a) (b) — 11.4 — 11.4 Pension re-measurement, net of tax of $1.9 million — (52.1) — (52.1) Other comprehensive (loss) income $ 10.2 $ (40.7) $ — $ (30.5) Balance at January 1, 2021 $ (17.1) $ (260.5) $ (0.3) $ (277.9) Foreign currency translation adjustment, net of tax (b) (8.7) — — (8.7) Amortization of pension related costs, net of tax (a) (b) — 13.8 — 13.8 Pension re-measurement, net of tax of $0.3 million — 38.1 — 38.1 Other comprehensive (loss) income $ (8.7) $ 51.9 $ — $ 43.2 Balance at December 31, 2021 $ (25.8) $ (208.6) $ (0.3) $ (234.7) (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 11, "Pension and Post-retirement Benefits," for further information on the Company’s pension and other post-retirement plans. (b) Amounts presented are net of tax expense of nil for each of the years ended December 31, 2021 and 2020. |
STOCKHOLDERS' DEFICIENCY (Table
STOCKHOLDERS' DEFICIENCY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Common and Treasury Stock Issued and/or Outstanding | Information about the Company's common and treasury stock issued and/or outstanding is presented in the following table: Class A Common Stock Treasury Stock Balance, January 1, 2020 56,470,490 1,625,580 Restricted stock grants (a) 1,065,319 — Restricted stock forfeitures (793,296) — Withholding of restricted stock to satisfy taxes — 148,620 Balance, December 31, 2020 56,742,513 1,774,200 Restricted stock grants (a) 1,782,221 — Restricted stock forfeitures (519,592) — Withholding of restricted stock to satisfy taxes — 218,757 Balance, December 31, 2021 58,005,142 1,992,957 (a) The 2020 and 2021 grants include nil and 20,442 restricted stock awards, respectively, and 1,065,319 and 1,761,779 RSUs, respectively, the latter granted pursuant to the 2019 TIP and LTIP programs under the Stock Plan. See Note 12., "Stock Compensation Plan," for further discussion of the Company's Stock Plan. |
SEGMENT DATA AND RELATED INFO_2
SEGMENT DATA AND RELATED INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 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. Year Ended December 31, 2021 2020 Segment Net Sales: Revlon $ 727.9 $ 688.4 Elizabeth Arden 532.3 463.5 Portfolio 419.1 401.3 Fragrances 399.4 351.1 Total $ 2,078.7 $ 1,904.3 Segment Profit: Revlon $ 86.8 $ 86.5 Elizabeth Arden 62.8 39.6 Portfolio 71.0 47.4 Fragrances 72.3 66.6 Total $ 292.9 $ 240.1 Reconciliation: Total Segment Profit $ 292.9 $ 240.1 Less: Depreciation and amortization 125.7 143.3 Non-cash stock compensation expense 14.0 10.4 Non-Operating items: Restructuring and related charges 33.0 68.7 Acquisition, integration and divestiture costs 2.3 5.0 Gain on divested assets (1.1) (0.5) Financial control remediation and sustainability actions and related charges 0.5 9.6 Excessive coupon redemptions — 4.2 COVID-19 charges 6.1 46.3 Capital structure and related charges 9.2 35.3 Impairment charges — 144.1 Operating income (loss) 103.2 (226.3) Less: Interest Expense 247.7 243.3 Amortization of debt issuance costs 39.6 26.8 Gain on early extinguishment of debt — (43.1) Foreign currency losses (gains), net 10.6 (6.0) Miscellaneous, net 6.0 12.9 Loss from operations before income taxes $ (200.7) $ (460.2) Products Corporation Year Ended December 31, 2021 2020 Segment Net Sales: Revlon $ 727.9 $ 688.4 Elizabeth Arden 532.3 463.5 Portfolio 419.1 401.3 Fragrances 399.4 351.1 Total $ 2,078.7 $ 1,904.3 Segment Profit: Revlon $ 89.5 $ 89.1 Elizabeth Arden 64.7 41.4 Portfolio 72.5 48.9 Fragrances 73.8 67.9 Total $ 300.5 $ 247.3 Reconciliation: Total Segment Profit $ 300.5 $ 247.3 Less: Depreciation and amortization 125.7 143.3 Non-cash stock compensation expense 14.0 10.4 Non-Operating items: Restructuring and related charges 33.0 68.7 Acquisition, integration and divestiture costs 2.3 5.0 Gain on divested assets (1.1) (0.5) Financial control remediation and sustainability actions and related charges 0.5 9.6 Excessive coupon redemptions — 4.2 COVID-19 charges 6.1 46.3 Capital structure and related charges 9.2 35.3 Impairment charge — 144.1 Operating income (loss) 110.8 (219.1) Less: Interest Expense 247.7 243.3 Amortization of debt issuance costs 39.6 26.8 Gain on early extinguishment of debt — (43.1) Foreign currency losses (gains), net 10.6 (6.0) Miscellaneous, net 21.1 12.9 Loss from operations before income taxes $ (208.2) $ (453.0) |
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: Year Ended December 31, 2021 Revlon Elizabeth Arden Portfolio Fragrances Total Geographic Area: Net Sales North America $ 389.4 $ 109.8 $ 274.0 $ 282.9 $ 1,056.1 EMEA* 170.6 116.5 111.7 78.5 477.3 Asia 40.1 276.2 2.8 14.4 333.5 Latin America* 57.3 7.6 16.5 10.8 92.2 Pacific* 70.5 22.2 14.1 12.8 119.6 $ 727.9 $ 532.3 $ 419.1 $ 399.4 $ 2,078.7 Year Ended December 31, 2020 Revlon Elizabeth Arden Portfolio Fragrances Total Geographic Area: Net Sales North America $ 381.0 $ 104.4 $ 247.9 $ 253.4 $ 986.7 EMEA* 146.3 95.7 122.9 69.9 434.8 Asia 49.9 239.2 2.2 10.9 302.2 Latin America* 50.9 5.8 16.2 4.7 77.6 Pacific* 60.3 18.4 12.1 12.2 103.0 $ 688.4 $ 463.5 $ 401.3 $ 351.1 $ 1,904.3 * 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: December 31, 2021 December 31, 2020 Long-lived assets, net: United States $ 1,134.3 84% $ 1,194.9 82% International 215.8 16% 260.7 18% $ 1,350.1 $ 1,455.6 |
Schedule of Net Sales by Classes of Similar Products | Year Ended December 31, 2021 2020 Classes of similar products: Net sales: Color cosmetics $ 526.8 25% $ 452.0 24% Fragrance 580.1 28% 486.1 25% Hair care 472.1 23% 456.1 24% Beauty care 166.4 8% 189.0 10% Skin care 333.3 16% 321.1 17% $ 2,078.7 $ 1,904.3 |
REVLON, INC. BASIC AND DILUTE_2
REVLON, INC. BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 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: Year Ended December 31, 2021 2020 Numerator: Loss from operations, net of taxes $ (206.9) $ (619.0) Net loss $ (206.9) $ (619.0) Denominator: Weighted-average common shares outstanding – Basic 53,934,179 53,401,324 Effect of dilutive restricted stock and RSUs — — Weighted-average common shares outstanding – Diluted 53,934,179 53,401,324 Basic and Diluted (loss) earnings per common share: Net loss per common share $ (3.84) $ (11.59) Unvested restricted stock and RSUs under the Stock Plan (a) 681,023 — (a) These are outstanding common stock equivalents that were not included in the computation of Revlon's diluted earnings per common share because their inclusion would have had an anti-dilutive effect. |
PRODUCTS CORPORATION AND SUBS_2
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Consolidating Balance Sheets | Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets As of December 31, 2021 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 4.0 $ 2.1 $ 96.3 $ — $ 102.4 Trade receivables, less allowances for doubtful accounts 114.6 102.4 166.8 — 383.8 Inventories, net 129.3 127.9 160.2 — 417.4 Prepaid expenses and other 222.8 5.7 68.3 — 296.8 Intercompany receivables 4,542.8 4,396.2 700.5 (9,639.5) — Investment in subsidiaries 1,055.5 (218.9) — (836.6) — Property, plant and equipment, net 157.6 59.9 79.8 — 297.3 Deferred income taxes — 7.7 43.9 — 51.6 Goodwill 404.8 30.0 128.0 — 562.8 Intangible assets, net 20.3 170.3 201.6 — 392.2 Other assets 57.7 12.2 27.9 — 97.8 Total assets $ 6,709.4 $ 4,695.5 $ 1,673.3 $ (10,476.1) $ 2,602.1 LIABILITIES AND STOCKHOLDER’S DEFICIENCY Short-term borrowings $ — $ — $ 0.7 $ — $ 0.7 Current portion of long-term debt 137.1 — 0.1 — 137.2 Accounts payable 89.8 42.1 85.8 — 217.7 Accrued expenses and other 161.9 84.9 185.3 — 432.1 Intercompany payables 4,737.2 4,045.5 856.5 (9,639.2) — Long-term debt 3,234.1 — 71.4 — 3,305.5 Other long-term liabilities 176.8 115.7 73.6 — 366.1 Total liabilities 8,536.9 4,288.2 1,273.4 (9,639.2) 4,459.3 Stockholder’s (deficiency) equity (1,827.5) 407.3 399.9 (836.9) (1,857.2) Total liabilities and stockholder’s (deficiency) equity $ 6,709.4 $ 4,695.5 $ 1,673.3 $ (10,476.1) $ 2,602.1 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 $ 5.5 $ 2.5 $ 89.1 $ — $ 97.1 Trade receivables, less allowances for doubtful accounts 86.0 95.7 170.6 — 352.3 Inventories, net 121.3 147.7 193.6 — 462.6 Prepaid expenses and other 220.6 24.6 55.3 — 300.5 Intercompany receivables 3,592.2 3,549.6 614.1 (7,755.9) — Investment in subsidiaries 1,653.6 2.3 — (1,655.9) — Property, plant and equipment, net 178.5 72.1 101.4 — 352.0 Deferred income taxes — 10.6 23.5 — 34.1 Goodwill 48.9 264.0 250.8 — 563.7 Intangible assets, net 10.0 187.8 233.0 — 430.8 Other assets 67.9 9.3 31.9 — 109.1 Total assets $ 5,984.5 $ 4,366.2 $ 1,763.3 $ (9,411.8) $ 2,702.2 LIABILITIES AND STOCKHOLDER’S DEFICIENCY Short-term borrowings $ — $ — $ 2.5 $ — $ 2.5 Current portion of long-term debt 159.2 — 58.3 — 217.5 Accounts payable 72.5 48.0 82.8 — 203.3 Accrued expenses and other 144.1 61.7 217.4 — 423.2 Intercompany payables 3,897.1 3,162.0 696.6 (7,755.7) — Long-term debt 3,104.7 — 0.3 — 3,105.0 Other long-term liabilities 377.3 33.8 42.6 — 453.7 Total liabilities 7,754.9 3,305.5 1,100.5 (7,755.7) 4,405.2 Stockholder’s (deficiency) equity (1,770.4) 1,060.7 662.8 (1,656.1) (1,703.0) Total liabilities and stockholder’s (deficiency) equity $ 5,984.5 $ 4,366.2 $ 1,763.3 $ (9,411.8) $ 2,702.2 |
Condensed Consolidating Statement of Operations and and Comprehensive (Loss) Income | Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Year Ended December 31, 2021 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net Sales $ 446.0 $ 581.4 $ 1,051.3 $ — $ 2,078.7 Cost of sales 206.7 265.0 377.4 — 849.1 Gross profit 239.3 316.4 673.9 — 1,229.6 Selling, general and administrative expenses 345.5 251.4 494.6 — 1,091.5 Acquisition, integration and divestiture costs 2.2 — 0.1 — 2.3 Restructuring charges and other, net 14.6 2.7 8.8 — 26.1 (Gain) loss on divested assets (1.1) — — — (1.1) Operating (loss) income (121.9) 62.3 170.4 — 110.8 Other (income) expense: Intercompany interest, net (5.0) 2.5 2.5 — — Interest expense 240.2 — 7.5 — 247.7 Amortization of debt issuance costs 39.6 — — — 39.6 Foreign currency losses, net (3.2) (0.7) 14.5 — 10.6 Miscellaneous, net 88.8 4.5 (72.2) — 21.1 Other expense (income), net 360.4 6.3 (47.7) — 319.0 (Loss) income from operations before income taxes (482.3) 56.0 218.1 — (208.2) Provision for (benefit from) for income taxes (10.5) 12.8 0.9 — 3.2 (Loss) income from operations, net of taxes (471.8) 43.2 217.2 — (211.4) Equity in income (loss) of subsidiaries 258.3 112.7 — (371.0) — Net (loss) income $ (213.5) $ 155.9 $ 217.2 $ (371.0) $ (211.4) Other comprehensive (loss) income 43.2 14.7 2.3 (17.0) 43.2 Total comprehensive (loss) income $ (170.3) $ 170.6 $ 219.5 $ (388.0) $ (168.2) Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Year Ended December 31, 2020 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net Sales $ 433.8 $ 523.0 $ 947.5 $ — $ 1,904.3 Cost of sales 213.4 273.7 373.4 — 860.5 Gross profit 220.4 249.3 574.1 — 1,043.8 Selling, general and administrative expenses 363.0 234.0 467.6 — 1,064.6 Acquisition, integration and divestiture costs 4.8 — 0.2 — 5.0 Restructuring charges and other, net 23.7 11.2 14.8 — 49.7 Impairment charges 112.1 22.0 10.0 — 144.1 Loss on divested assets (0.5) — — — (0.5) Operating (loss) income (282.7) (17.9) 81.5 — (219.1) Other (income) expenses: Intercompany interest, net (3.6) 2.3 1.3 — — Interest expense 236.8 — 6.5 — 243.3 Amortization of debt issuance costs 26.8 — — — 26.8 Gain on early extinguishment of debt, net (43.1) — — — (43.1) Foreign currency losses, net 5.2 0.3 (11.5) — (6.0) Miscellaneous, net (3.1) (89.4) 105.4 — 12.9 Other expense (income), net 219.0 (86.8) 101.7 — 233.9 Loss from operations before income taxes (501.7) 68.9 (20.2) — (453.0) Benefit from income taxes 174.5 (44.9) 10.9 — 140.5 (Loss) income from operations, net of taxes (676.2) 113.8 (31.1) — (593.5) Equity in (loss) income of subsidiaries 88.3 (29.0) — (59.3) — Net (loss) income $ (587.9) $ 84.8 $ (31.1) $ (59.3) $ (593.5) Other comprehensive (loss) income (30.5) (4.7) 5.0 (0.3) (30.5) Total comprehensive (loss) income $ (618.4) $ 80.1 $ (26.1) $ (59.6) $ (624.0) |
Condensed Consolidating Statements of Cash Flows | Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2021 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash provided by (used in) operating activities $ (456.7) $ 110.5 $ 335.2 $ — $ (11.0) CASH FLOWS FROM INVESTING ACTIVITIES: Net cash (used in) provided by investing activities (7.2) (1.2) (3.7) — (12.1) CASH FLOWS FROM FINANCING ACTIVITIES: Net decrease in short-term borrowings and overdraft (5.5) (5.8) (2.4) — (13.7) Borrowings on term loans 305.0 — — — 305.0 Repayments on term loans (197.2) — — — (197.2) Net (repayments) borrowings under the revolving credit facilities (29.3) — — — (29.3) Payment of financing costs (17.9) — — — (17.9) Tax withholdings related to net share settlements of restricted stock and RSUs (2.4) — — — (2.4) Other financing activities (0.2) (0.1) — — (0.3) Net cash provided by (used in) financing activities 52.5 (5.9) (2.4) — 44.2 Effect of exchange rate changes on cash, cash equivalents and restricted cash 349.6 (115.1) (237.2) — (2.7) Net increase (decrease) in cash, cash equivalents and restricted cash (61.8) (11.7) 91.9 — 18.4 Cash, cash equivalents and restricted cash at beginning of period $ 6.5 $ 7.8 $ 88.2 $ — $ 102.5 Cash, cash equivalents and restricted cash at end of period $ (55.3) $ (3.9) $ 180.1 $ — $ 120.9 Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2020 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash (used in) provided by operating activities $ (91.4) $ — $ (5.9) $ — $ (97.3) CASH FLOWS FROM INVESTING ACTIVITIES: Net cash (used in) provided by investing activities (7.7) (0.3) (2.3) — (10.3) CASH FLOWS FROM FINANCING ACTIVITIES: Net decrease in short-term borrowings and overdraft 4.6 (0.4) 0.1 — 4.3 Borrowings on term loans 880.0 — — — 880.0 Repayments on Term Loans (524.3) — — — (524.3) Net (repayments) borrowings under the revolving credit facilities (133.5) — — — (133.5) Payments of financing costs (122.7) — 0.7 — (122.0) Tax withholdings related to net share settlements of restricted stock and RSUs (1.7) — — — (1.7) Other financing activities (0.1) (0.1) (0.1) — (0.3) Net cash provided by (used in) financing activities 102.3 (0.5) 0.7 — 102.5 Effect of exchange rate changes on cash, cash equivalents and restricted cash 2.4 2.1 (1.4) — 3.1 Net increase (decrease) in cash, cash equivalents and restricted cash 5.6 1.3 (8.9) — (2.0) Cash, cash equivalents and restricted cash at beginning of period $ 0.9 $ 6.5 97.1 $ — 104.5 Cash, cash equivalents and restricted cash at end of period $ 6.5 $ 7.8 $ 88.2 $ — $ 102.5 |
DESCRIPTION OF BUSINESS AND S_4
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) | Nov. 13, 2020USD ($) | Nov. 10, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($)reporting_unitsegment | Dec. 31, 2020USD ($) | Mar. 02, 2021USD ($) | Nov. 14, 2020USD ($) | Oct. 23, 2020USD ($) | Dec. 31, 2019USD ($) |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Number of reporting units | reporting_unit | 4 | |||||||||||||
Number of reporting segments | segment | 4 | |||||||||||||
Public holding company expenses and certain tax adjustments | $ 7,500,000 | $ 7,200,000 | ||||||||||||
Outstanding checks | $ 3,300,000 | $ 15,200,000 | $ 15,200,000 | 3,300,000 | 15,200,000 | |||||||||
Amortization expense | 125,700,000 | 143,300,000 | ||||||||||||
Impairment of Long-lived assets | 0 | 0 | ||||||||||||
Net deferred financing costs | $ 16,800,000 | $ 119,300,000 | $ 119,300,000 | $ 16,800,000 | $ 119,300,000 | |||||||||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities | |||||||||
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term liabilities | Other long-term liabilities | Other long-term liabilities | Other long-term liabilities | Other long-term liabilities | |||||||||
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities | |||||||||
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other long-term liabilities | Other long-term liabilities | Other long-term liabilities | Other long-term liabilities | Other long-term liabilities | |||||||||
Goodwill | $ 562,800,000 | $ 563,700,000 | $ 563,700,000 | $ 562,800,000 | $ 563,700,000 | $ 673,700,000 | ||||||||
Goodwill impairment charge | 0 | 0 | $ 0 | $ 11,200,000 | $ 99,800,000 | 0 | 111,000,000 | |||||||
Finite and indefinite-lived intangible assets impairment | 0 | 0 | 33,100,000 | |||||||||||
Finite-lived intangible assets impairment | 0 | $ 0 | 0 | 0 | 0 | |||||||||
Indefinite-lived intangible assets impairment | 0 | 0 | 0 | 33,100,000 | ||||||||||
Advertising expenses | 388,600,000 | 332,100,000 | ||||||||||||
Distribution costs | 113,900,000 | 106,900,000 | ||||||||||||
Research and development expenditures | 32,500,000 | 29,300,000 | ||||||||||||
Outstanding borrowings | 3,442,700,000 | 3,322,500,000 | 3,322,500,000 | 3,442,700,000 | 3,322,500,000 | |||||||||
Liquidity position | 171,500,000 | 171,500,000 | ||||||||||||
Cash and cash equivalents | 102,400,000 | 97,100,000 | 97,100,000 | 102,400,000 | 97,100,000 | |||||||||
Portfolio | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Goodwill | 87,800,000 | 87,900,000 | 87,900,000 | 87,800,000 | 87,900,000 | $ 171,100,000 | ||||||||
Goodwill impairment charge | 83,500,000 | |||||||||||||
Finite and indefinite-lived intangible assets impairment | 2,500,000 | |||||||||||||
Indefinite-lived intangible assets impairment | 2,500,000 | |||||||||||||
Foreign Subsidiaries | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Cash and cash equivalents | 97,200,000 | 97,200,000 | ||||||||||||
Revlon Consumer Products Corporation | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Amortization expense | 125,700,000 | 143,300,000 | ||||||||||||
Goodwill | 562,800,000 | 563,700,000 | 563,700,000 | 562,800,000 | 563,700,000 | |||||||||
Cash and cash equivalents | 102,400,000 | $ 97,100,000 | $ 97,100,000 | 102,400,000 | $ 97,100,000 | |||||||||
5.75% Senior Notes | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | 5.75% | |||||||||||
5.75% Senior Notes | Revlon Consumer Products Corporation | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | 5.75% | 5.75% | ||||||||||
Debt conversion, original debt amount | $ 236,000,000 | $ 236,000,000 | ||||||||||||
Debt redeemed | 106,800,000 | |||||||||||||
Outstanding borrowings | 175,500,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 342,800,000 | ||||||||
5.75% Senior Notes | Revlon Consumer Products Corporation | 2020 | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Cash per $1,000 principal amount | 275 | |||||||||||||
Early tender/consent fee payable per $1,000 principal amount | 50 | |||||||||||||
Aggregate cash per $1,000 principal | 325 | |||||||||||||
5.75% Senior Notes | Revlon Consumer Products Corporation | 2021 | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Cash per $1,000 principal amount | 200 | |||||||||||||
Early tender/consent fee payable per $1,000 principal amount | 50 | |||||||||||||
Aggregate cash per $1,000 principal | $ 250 | |||||||||||||
2020 ABL FILO Term Loans due 2023 | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Outstanding borrowings | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||
2020 ABL FILO Term Loans due 2023 | Revlon Consumer Products Corporation | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Commitment | 50,000,000 | 50,000,000 | ||||||||||||
Available borrowing capacity | 0 | 0 | ||||||||||||
Amount drawn | 50,000,000 | 50,000,000 | ||||||||||||
2020 ABL FILO Term Loans due 2023 | Revlon Consumer Products Corporation | Revolving credit facility | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Aggregate principal amount | 50,000,000 | |||||||||||||
Outstanding borrowings | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||||
2020 ABL FILO Term Loans due 2023 | Revlon Consumer Products Corporation | Revolving credit facility | 2021 | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Aggregate principal amount | 50,000,000 | |||||||||||||
2020 New BrandCo Second-Lien Term Loans due 2025 | Revlon Consumer Products Corporation | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Aggregate principal amount | $ 75,000,000 | 75,000,000 | ||||||||||||
Outstanding borrowings | 75,000,000 | 75,000,000 | 75,000,000 | |||||||||||
2020 New BrandCo Second-Lien Term Loans due 2025 | Revlon Consumer Products Corporation | 2021 | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Aggregate principal amount | $ 75,000,000 | |||||||||||||
2021 Foreign Asset-Based Term Facility due 2024 | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Outstanding borrowings | 71,200,000 | 0 | 0 | 71,200,000 | 0 | |||||||||
2021 Foreign Asset-Based Term Facility due 2024 | Revlon Consumer Products Corporation | Secured debt | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Commitment | $ 75,000,000 | |||||||||||||
2016 Revolving Credit Agreement due 2024 | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Available borrowing capacity | 72,400,000 | 72,400,000 | ||||||||||||
Amount drawn | 289,600,000 | $ 289,600,000 | ||||||||||||
Mass Portfolio, Elizabeth Arden Fragrances and Elizabeth Arden Skin and Color Reporting Units | COVID-19 | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Indefinite-lived intangible assets impairment | 24,500,000 | |||||||||||||
Elizabeth Arden Fragrances and Elizabeth Arden Skin And Color Reporting Units | COVID-19 | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Indefinite-lived intangible assets impairment | $ 8,600,000 | |||||||||||||
Mass Portfolio Reporting Unit | Portfolio | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Goodwill | 0 | |||||||||||||
Goodwill impairment charge | $ 54,300,000 | |||||||||||||
Land improvements | Minimum | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Useful life | 20 years | |||||||||||||
Land improvements | Maximum | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Useful life | 30 years | |||||||||||||
Building and improvements | Minimum | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Useful life | 5 years | |||||||||||||
Building and improvements | Maximum | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Useful life | 50 years | |||||||||||||
Machinery and equipment | Minimum | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Useful life | 3 years | |||||||||||||
Machinery and equipment | Maximum | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Useful life | 15 years | |||||||||||||
Counters and trade fixtures | Minimum | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Useful life | 3 years | |||||||||||||
Counters and trade fixtures | Maximum | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Useful life | 5 years | |||||||||||||
Office furniture and fixtures | Minimum | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Useful life | 3 years | |||||||||||||
Office furniture and fixtures | Maximum | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Useful life | 15 years | |||||||||||||
Capitalized software | Minimum | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Useful life | 2 years | |||||||||||||
Capitalized software | Maximum | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Useful life | 10 years | |||||||||||||
Wall displays | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Other assets | $ 64,300,000 | $ 82,200,000 | $ 82,200,000 | $ 64,300,000 | 82,200,000 | |||||||||
Amortization expense | $ 40,300,000 | $ 50,100,000 | ||||||||||||
Wall displays | Minimum | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Useful life | 1 year | |||||||||||||
Wall displays | Maximum | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Useful life | 3 years | |||||||||||||
Three Largest Customers | Trade Receivables | Customer Concentration Risk | ||||||||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||||
Concentration risk percentage | 41.00% | 41.00% |
DESCRIPTION OF BUSINESS AND S_5
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 102.4 | $ 97.1 | ||
Restricted cash | 18.5 | 5.4 | ||
Total cash, cash equivalents and restricted cash | [1] | $ 120.9 | $ 102.5 | $ 104.5 |
[1] | These amounts include restricted cash of $18.5 million and $5.4 million as of December 31, 2021 and 2020, respectively. The balance as of December 31, 2021 represents: (i) cash on deposit in lieu of a mandatory prepayment and loan proceeds held in escrow until certain collateral perfection requirements are satisfied under the 2021 Foreign Asset-Based Term Agreement; and (ii) cash on deposit to support outstanding undrawn letters of credit. The balance as of December 31, 2020 represents: (i) cash on deposit in lieu of a mandatory prepayment under the 2018 Foreign Asset-Based Term Facility; and (ii) cash on deposit to support outstanding undrawn letters of credit. These balances were included within prepaid expenses and other current assets and other assets in the Company's Consolidated Balance Sheets as of December 31, 2021 and December 31, 2020, respectively. |
RESTRUCTURING CHARGES - Narrati
RESTRUCTURING CHARGES - Narrative (Details) - RGGA Program - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs recognized to date | $ 101.9 | $ 68.8 |
Employee severance, other personnel benefits and other costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs recognized to date | 76.6 | $ 50.5 |
Lease and other restructuring-related charges | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs recognized to date | $ 25.3 |
RESTRUCTURING CHARGES - Restruc
RESTRUCTURING CHARGES - Restructuring and Related Charges Activity (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Reserve [Roll Forward] | ||
Charges incurred during period | $ 26.1 | $ 49.7 |
RGGA Program | ||
Restructuring Reserve [Roll Forward] | ||
Charges incurred through beginning of period | 68.8 | |
Charges incurred during period | 33.1 | |
Charges incurred through end of period | 101.9 | 68.8 |
RGGA Program | Total Restructuring Charges | ||
Restructuring Reserve [Roll Forward] | ||
Charges incurred through beginning of period | 50.5 | |
Charges incurred during period | 26.1 | 50.5 |
Charges incurred through end of period | 76.6 | 50.5 |
RGGA Program | Employee Severance and Other Personnel Benefits | ||
Restructuring Reserve [Roll Forward] | ||
Charges incurred through beginning of period | 48.6 | |
Charges incurred during period | 4.1 | 48.6 |
Charges incurred through end of period | 52.7 | 48.6 |
RGGA Program | Other | ||
Restructuring Reserve [Roll Forward] | ||
Charges incurred through beginning of period | 1.9 | |
Charges incurred during period | 22 | 1.9 |
Charges incurred through end of period | 23.9 | 1.9 |
RGGA Program | Leases | ||
Restructuring Reserve [Roll Forward] | ||
Charges incurred through beginning of period | 12.6 | |
Charges incurred during period | 5.1 | |
Charges incurred through end of period | 17.7 | 12.6 |
RGGA Program | Other Related Charges | ||
Restructuring Reserve [Roll Forward] | ||
Charges incurred through beginning of period | 5.7 | |
Charges incurred during period | 1.9 | |
Charges incurred through end of period | $ 7.6 | $ 5.7 |
RESTRUCTURING CHARGES - Restr_2
RESTRUCTURING CHARGES - Restructuring and Related Charges by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Cost and Reserve [Line Items] | ||
Charges incurred during period | $ 26.1 | $ 49.7 |
RGGA Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Charges incurred during period | 33.1 | |
Cumulative charges incurred | 101.9 | 68.8 |
Total Restructuring Charges | RGGA Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Charges incurred during period | 26.1 | 50.5 |
Cumulative charges incurred | 76.6 | $ 50.5 |
Total Restructuring Charges | RGGA Program | Operating segments | ||
Restructuring Cost and Reserve [Line Items] | ||
Charges incurred during period | 26.1 | |
Cumulative charges incurred | 76.6 | |
Total Restructuring Charges | RGGA Program | Operating segments | Revlon | ||
Restructuring Cost and Reserve [Line Items] | ||
Charges incurred during period | 7.3 | |
Cumulative charges incurred | 28 | |
Total Restructuring Charges | RGGA Program | Operating segments | Elizabeth Arden | ||
Restructuring Cost and Reserve [Line Items] | ||
Charges incurred during period | 9.6 | |
Cumulative charges incurred | 19 | |
Total Restructuring Charges | RGGA Program | Operating segments | Portfolio | ||
Restructuring Cost and Reserve [Line Items] | ||
Charges incurred during period | 4.4 | |
Cumulative charges incurred | 18 | |
Total Restructuring Charges | RGGA Program | Operating segments | Fragrance | ||
Restructuring Cost and Reserve [Line Items] | ||
Charges incurred during period | 4.8 | |
Cumulative charges incurred | $ 11.6 |
RESTRUCTURING CHARGES - Restr_3
RESTRUCTURING CHARGES - Restructuring Reserve (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Restructuring Reserve [Roll Forward] | ||
Liability Balance at period start | $ 13.8 | $ 10 |
Expense, Net | 26.1 | 49.7 |
Foreign Currency Translation | 0.2 | |
Cash Utilized, Net | (37.2) | (46.1) |
Liability Balance at period end | 2.7 | 13.8 |
RGGA: | ||
Restructuring Reserve [Roll Forward] | ||
Expense, Net | 33.1 | |
RGGA: | Total Restructuring Charges | ||
Restructuring Reserve [Roll Forward] | ||
Liability Balance at period start | 12.6 | 0 |
Expense, Net | 26.1 | 50.5 |
Foreign Currency Translation | 0 | |
Cash Utilized, Net | (36.8) | (37.9) |
Liability Balance at period end | 1.9 | 12.6 |
RGGA: | Employee severance and other personnel benefits | ||
Restructuring Reserve [Roll Forward] | ||
Liability Balance at period start | 12.6 | 0 |
Expense, Net | 4.1 | 48.6 |
Foreign Currency Translation | 0 | |
Cash Utilized, Net | (14.8) | (36) |
Liability Balance at period end | 1.9 | 12.6 |
RGGA: | Other | ||
Restructuring Reserve [Roll Forward] | ||
Liability Balance at period start | 0 | 0 |
Expense, Net | 22 | 1.9 |
Foreign Currency Translation | 0 | |
Cash Utilized, Net | (22) | (1.9) |
Liability Balance at period end | 0 | 0 |
2018 Optimization Program: | Total Restructuring Charges | ||
Restructuring Reserve [Roll Forward] | ||
Liability Balance at period start | 1.1 | 5.7 |
Expense, Net | (0.6) | |
Foreign Currency Translation | 0 | |
Cash Utilized, Net | (4) | |
Liability Balance at period end | 1.1 | |
2018 Optimization Program: | Employee severance and other personnel benefits | ||
Restructuring Reserve [Roll Forward] | ||
Liability Balance at period start | 1.1 | 5.7 |
Expense, Net | (0.6) | |
Foreign Currency Translation | 0 | |
Cash Utilized, Net | (4) | |
Liability Balance at period end | 1.1 | |
Other restructuring initiatives: | Employee severance and other personnel benefits | ||
Restructuring Reserve [Roll Forward] | ||
Liability Balance at period start | 1.2 | |
Expense, Net | 0 | |
Cash Utilized, Net | (0.4) | |
Liability Balance at period end | 0.8 | 1.2 |
Other restructuring initiatives: | Employee severance and other personnel benefits | ||
Restructuring Reserve [Roll Forward] | ||
Liability Balance at period start | $ 0.1 | 4.3 |
Expense, Net | (0.2) | |
Foreign Currency Translation | 0.2 | |
Cash Utilized, Net | (4.2) | |
Liability Balance at period end | $ 0.1 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 277 | $ 356.7 |
Raw materials and supplies | 125.3 | 97.1 |
Work-in-process | 15.1 | 8.8 |
Inventories | $ 417.4 | $ 462.6 |
PREPAID EXPENSES AND OTHER (Det
PREPAID EXPENSES AND OTHER (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Prepaid expenses | $ 52.3 | $ 66.7 |
Taxes | 36.2 | 36.1 |
Other | 47.5 | 31.6 |
Prepaid expenses and other | 136 | 134.4 |
Revlon Consumer Products Corporation | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Taxes | 32 | 32.1 |
Prepaid expenses and other | $ 131.8 | $ 130.5 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Right-of-Use assets | $ 71.4 | $ 87 |
Property, plant and equipment and Right-of-Use assets, net | 297.3 | 352 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 10.8 | 11.4 |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 43.5 | 48.3 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 82.2 | 98.7 |
Office furniture, fixtures and capitalized software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 62.6 | 76.2 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | 18 | 21.3 |
Construction-in-progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, net | $ 8.8 | $ 9.1 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expense | $ 66,500,000 | $ 76,300,000 |
Property, plant and equipment, accumulated depreciation | 551,300,000 | 528,900,000 |
Impairment of PP&E, including lease ROU assets | $ 0 | $ 0 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT - Lease Disclosure (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finance Lease Cost: | ||
Amortization of ROU assets | $ 0.2 | $ 0.3 |
Interest on lease liabilities | 0.1 | 0.1 |
Operating Lease Cost | 33.7 | 38.9 |
Total Lease Cost | 34 | 39.3 |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from finance leases | 0.1 | 0.1 |
Operating cash flows from operating leases | 36.3 | 36.3 |
Financing cash flows from finance leases | 0.3 | 0.2 |
ROU assets for finance leases | 0.3 | 0.6 |
ROU assets for operating leases | 71 | 86.3 |
Accumulated amortization on ROU assets for finance leases | 0.8 | 0.6 |
Accumulated amortization on ROU assets for operating leases | $ 55.9 | $ 39.9 |
Weighted-average remaining lease term - finance leases | 1 year 1 month 6 days | 2 years 1 month 6 days |
Weighted-average remaining lease term - operating leases | 6 years 2 months 12 days | 6 years 6 months |
Weighted-average discount rate - finance leases | 15.00% | 15.00% |
Weighted-average discount rate - operating leases | 15.80% | 15.80% |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT - Maturities of Lease Liabilities (Details) $ in Millions | Dec. 31, 2021USD ($) |
Operating Leases | |
2022 | $ 28.7 |
2023 | 24.1 |
2024 | 19.4 |
2025 | 13.8 |
2026 | 12.3 |
Thereafter | 40.6 |
Total undiscounted cash flows | 138.9 |
Present value: | |
Short-term lease liability | 12.7 |
Long-term lease liability | 72 |
Total lease liability | 84.7 |
Difference between undiscounted cash flows and discounted cash flows | 54.2 |
Finance Leases | |
2022 | 0.3 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 0 |
Total undiscounted cash flows | 0.3 |
Present value: | |
Short-term lease liability | 0.2 |
Long-term lease liability | 0.1 |
Total lease liability | 0.3 |
Difference between undiscounted cash flows and discounted cash flows | $ 0 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS, NET - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | |||||||||
Goodwill | $ 562,800,000 | $ 563,700,000 | $ 563,700,000 | $ 562,800,000 | $ 563,700,000 | $ 673,700,000 | |||
Goodwill impairment charge | 0 | 0 | $ 0 | $ 11,200,000 | $ 99,800,000 | 0 | 111,000,000 | ||
Tax benefit | (6,200,000) | (158,800,000) | |||||||
Finite-lived intangible assets impairment | 0 | $ 0 | 0 | 0 | 0 | ||||
Indefinite-lived intangible assets impairment | $ 0 | 0 | 0 | 33,100,000 | |||||
Amortization expense | $ 34,400,000 | 34,200,000 | |||||||
Goodwill | |||||||||
Goodwill [Line Items] | |||||||||
Tax benefit | 9,200,000 | ||||||||
Intangible assets | |||||||||
Goodwill [Line Items] | |||||||||
Tax benefit | 6,900,000 | ||||||||
Perpetual growth rate | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill measurement input | 2.00% | 2.00% | |||||||
Minimum | Weighted-average cost of capital | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill measurement input | 8.50% | 8.50% | |||||||
Maximum | Weighted-average cost of capital | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill measurement input | 10.00% | 10.00% | |||||||
Revlon Reporting Unit | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill | 264,900,000 | 264,700,000 | |||||||
Elizabeth Arden Skin and Color Reporting Unit | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill | 67,400,000 | 67,400,000 | |||||||
Fragrances Reporting Unit | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill | 120,800,000 | 120,800,000 | |||||||
Mass Portfolio, Elizabeth Arden Fragrances and Elizabeth Arden Skin and Color Reporting Units | COVID-19 | |||||||||
Goodwill [Line Items] | |||||||||
Indefinite-lived intangible assets impairment | 24,500,000 | ||||||||
Elizabeth Arden Fragrances and Elizabeth Arden Skin And Color Reporting Units | COVID-19 | |||||||||
Goodwill [Line Items] | |||||||||
Indefinite-lived intangible assets impairment | 8,600,000 | ||||||||
Portfolio | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill | $ 87,800,000 | 87,900,000 | 87,900,000 | $ 87,800,000 | 87,900,000 | 171,100,000 | |||
Goodwill impairment charge | 83,500,000 | ||||||||
Indefinite-lived intangible assets impairment | 2,500,000 | ||||||||
Portfolio | Mass Portfolio Reporting Unit | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill | 0 | ||||||||
Goodwill impairment charge | 54,300,000 | ||||||||
Portfolio | Professional Portfolio Reporting Unit | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill | 87,600,000 | 97,200,000 | |||||||
Goodwill impairment charge | 9,600,000 | 19,600,000 | |||||||
Elizabeth Arden | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill | $ 89,300,000 | $ 89,500,000 | $ 89,500,000 | $ 89,300,000 | 89,500,000 | $ 116,900,000 | |||
Goodwill impairment charge | 27,500,000 | ||||||||
Indefinite-lived intangible assets impairment | $ 30,600,000 | ||||||||
Elizabeth Arden | Elizabeth Arden Fragrances Reporting Unit | |||||||||
Goodwill [Line Items] | |||||||||
Goodwill | 22,000,000 | 23,500,000 | |||||||
Goodwill impairment charge | $ 1,600,000 | $ 25,900,000 |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS, NET - Changes in Goodwill by Segment (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Roll Forward] | |||||||
Beginning Balance | $ 673,700,000 | $ 563,700,000 | $ 673,700,000 | ||||
Foreign currency translation adjustment | (900,000) | 1,000,000 | |||||
Goodwill impairment charge | $ 0 | $ 0 | $ 0 | $ (11,200,000) | (99,800,000) | 0 | (111,000,000) |
Ending Balance | 562,800,000 | 563,700,000 | 562,800,000 | 563,700,000 | |||
Cumulative goodwill impairment charges | (166,200,000) | (166,200,000) | |||||
Revlon | |||||||
Goodwill [Roll Forward] | |||||||
Beginning Balance | 264,900,000 | 265,400,000 | 264,900,000 | ||||
Foreign currency translation adjustment | (400,000) | 500,000 | |||||
Goodwill impairment charge | 0 | ||||||
Ending Balance | 265,000,000 | 265,400,000 | 265,000,000 | 265,400,000 | |||
Portfolio | |||||||
Goodwill [Roll Forward] | |||||||
Beginning Balance | 171,100,000 | 87,900,000 | 171,100,000 | ||||
Foreign currency translation adjustment | (100,000) | 300,000 | |||||
Goodwill impairment charge | (83,500,000) | ||||||
Ending Balance | 87,800,000 | 87,900,000 | 87,800,000 | 87,900,000 | |||
Elizabeth Arden | |||||||
Goodwill [Roll Forward] | |||||||
Beginning Balance | 116,900,000 | 89,500,000 | 116,900,000 | ||||
Foreign currency translation adjustment | (200,000) | 100,000 | |||||
Goodwill impairment charge | (27,500,000) | ||||||
Ending Balance | 89,300,000 | 89,500,000 | 89,300,000 | 89,500,000 | |||
Fragrance | |||||||
Goodwill [Roll Forward] | |||||||
Beginning Balance | $ 120,800,000 | 120,900,000 | 120,800,000 | ||||
Foreign currency translation adjustment | (200,000) | 100,000 | |||||
Goodwill impairment charge | 0 | ||||||
Ending Balance | $ 120,700,000 | $ 120,900,000 | $ 120,700,000 | $ 120,900,000 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS, NET - Summary of Impairment Charges (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Indefinite-lived intangible assets | $ 0 | $ 0 | $ 0 | $ (33,100,000) | |
Total Intangibles Impairment | $ 0 | $ 0 | (33,100,000) | ||
Revlon | |||||
Segment Reporting Information [Line Items] | |||||
Indefinite-lived intangible assets | 0 | ||||
Total Intangibles Impairment | 0 | ||||
Portfolio | |||||
Segment Reporting Information [Line Items] | |||||
Indefinite-lived intangible assets | (2,500,000) | ||||
Total Intangibles Impairment | (2,500,000) | ||||
Elizabeth Arden | |||||
Segment Reporting Information [Line Items] | |||||
Indefinite-lived intangible assets | (30,600,000) | ||||
Total Intangibles Impairment | (30,600,000) | ||||
Fragrance | |||||
Segment Reporting Information [Line Items] | |||||
Indefinite-lived intangible assets | 0 | ||||
Total Intangibles Impairment | $ 0 |
GOODWILL AND INTANGIBLE ASSET_6
GOODWILL AND INTANGIBLE ASSETS, NET - Summary of Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 574.1 | $ 578.6 |
Accumulated Amortization | (293.5) | (263.7) |
Impairment | 0 | 0 |
Net Carrying Amount | 280.6 | 314.9 |
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 144.7 | 149 |
Impairment | (33.1) | (33.1) |
Net Carrying Amount | 111.6 | 115.9 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Gross Carrying Amount | 718.8 | 727.6 |
Accumulated Amortization | (293.5) | (263.7) |
Impairment | (33.1) | (33.1) |
Net Carrying Amount | 392.2 | 430.8 |
Trade names | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 144.7 | 149 |
Impairment | (33.1) | (33.1) |
Net Carrying Amount | 111.6 | 115.9 |
Trademarks and licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 270.8 | 272.8 |
Accumulated Amortization | (142.9) | (128.6) |
Impairment | 0 | 0 |
Net Carrying Amount | $ 127.9 | $ 144.2 |
Weighted-Average Useful Life (in Years) | 12 years | 12 years |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Accumulated Amortization | $ (142.9) | $ (128.6) |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 247.2 | 249.9 |
Accumulated Amortization | (122.7) | (110.7) |
Impairment | 0 | 0 |
Net Carrying Amount | $ 124.5 | $ 139.2 |
Weighted-Average Useful Life (in Years) | 10 years | 11 years |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Accumulated Amortization | $ (122.7) | $ (110.7) |
Patents and internally-developed intellectual property | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 23.8 | 23.6 |
Accumulated Amortization | (17.4) | (15.6) |
Impairment | 0 | 0 |
Net Carrying Amount | $ 6.4 | $ 8 |
Weighted-Average Useful Life (in Years) | 5 years | 5 years |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Accumulated Amortization | $ (17.4) | $ (15.6) |
Distribution rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 31 | 31 |
Accumulated Amortization | (9.2) | (7.5) |
Impairment | 0 | 0 |
Net Carrying Amount | $ 21.8 | $ 23.5 |
Weighted-Average Useful Life (in Years) | 13 years | 14 years |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Accumulated Amortization | $ (9.2) | $ (7.5) |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1.3 | 1.3 |
Accumulated Amortization | (1.3) | (1.3) |
Impairment | 0 | 0 |
Net Carrying Amount | $ 0 | $ 0 |
Weighted-Average Useful Life (in Years) | 0 years | 0 years |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||
Accumulated Amortization | $ (1.3) | $ (1.3) |
GOODWILL AND INTANGIBLE ASSET_7
GOODWILL AND INTANGIBLE ASSETS, NET - Estimated Future Amortization Expense (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2022 | $ 32.5 | |
2023 | 30.8 | |
2024 | 27.6 | |
2025 | 26.4 | |
2026 | 25.3 | |
Thereafter | 138 | |
Net Carrying Amount | $ 280.6 | $ 314.9 |
ACCRUED EXPENSES AND OTHER CU_3
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Accrued Liabilities [Line Items] | ||
Advertising, marketing and promotional costs | $ 113.3 | $ 96.3 |
Sales returns and allowances | 92.3 | 95.5 |
Taxes | 52.8 | 41.8 |
Compensation and related benefits | 33.7 | 50.1 |
Interest | 31.3 | 29.6 |
Freight and distribution costs | 18.4 | 9.5 |
Professional services and insurance | 28.5 | 18.6 |
Short-term lease liability | 12.9 | 16.6 |
Restructuring reserve | 2.7 | 13.8 |
Software | 2.2 | 3.1 |
Other | 43.9 | 46 |
Total | 432 | 420.9 |
Revlon Consumer Products Corporation | ||
Schedule of Accrued Liabilities [Line Items] | ||
Taxes | 52.8 | 44.8 |
Other | 44 | 46 |
Total | $ 432.1 | $ 423.2 |
ACCRUED EXPENSES AND OTHER CU_4
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Narrative (Details) - Helen of Troy Limited - Licensing agreements $ in Millions | Dec. 22, 2020USD ($)period |
Schedule of Accrued Liabilities [Line Items] | |
Number of renewal periods | period | 3 |
Term of renewal periods | 20 years |
One-time, upfront cash fee | $ | $ 72.5 |
Deferred revenue amortization period | 26 years |
Amortization period estimation, threshold percentage of total discounted cash flows captured | 90.00% |
DEBT - Components of Long-term
DEBT - Components of Long-term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total long-term debt, net of discounts and deferred finance charges | $ 3,442.7 | $ 3,322.5 |
Less current portion | (137.2) | (217.5) |
Long-term debt | 3,305.5 | 3,105 |
Short-term borrowings | $ 0.7 | $ 2.5 |
Weighted-average interest rate (as a percent) | 11.40% | 11.70% |
Amended 2016 Revolving Credit Facility (Tranche A) due 2024 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, net of discounts and deferred finance charges | $ 108 | $ 136.7 |
Less current portion | (108) | (136.7) |
SISO Term Loan Facility due 2024 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, net of discounts and deferred finance charges | 126.2 | 0 |
2021 Foreign Asset-Based Term Facility due 2024 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, net of discounts and deferred finance charges | 71.2 | 0 |
2020 ABL FILO Term Loans due 2023 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, net of discounts and deferred finance charges | 50 | 50 |
2020 Troubled-debt-restructuring: future interest | ||
Debt Instrument [Line Items] | ||
Total long-term debt, net of discounts and deferred finance charges | 42.6 | 57.8 |
2020 BrandCo Term Loan Facility due 2025 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, net of discounts and deferred finance charges | 1,749.7 | 1,719.8 |
Less current portion | (18.5) | (13.7) |
2016 Term Loan Facility: 2016 Term Loan due 2023 and 2025 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, net of discounts and deferred finance charges | 867.9 | 874.8 |
Less current portion | (9.2) | (9.2) |
2018 Foreign Asset-Based Term Facility due 2021 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, net of discounts and deferred finance charges | $ 0 | 57.7 |
Less current portion | (57.7) | |
6.25% Senior Notes due 2024 | ||
Debt Instrument [Line Items] | ||
Stated interest rate (as a percent) | 6.25% | |
Total long-term debt, net of discounts and deferred finance charges | $ 426.9 | 425.4 |
Spanish Government Loan due 2025 | ||
Debt Instrument [Line Items] | ||
Total long-term debt, net of discounts and deferred finance charges | $ 0.2 | $ 0.3 |
DEBT - Amendment No. 8 to the A
DEBT - Amendment No. 8 to the Amended 2016 Revolving Credit Agreement: Tranche A - Revolving Credit Facility and Second-In, Second-Out ("SISO") Term Loan Facility (Details) | May 07, 2021USD ($) | May 06, 2021USD ($) | Mar. 08, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Line of Credit Facility [Line Items] | |||||
Selling, general and administrative expenses | $ 1,099,100,000 | $ 1,071,800,000 | |||
Amortization of debt issuance costs | 39,600,000 | 26,800,000 | |||
Revlon Consumer Products Corporation | |||||
Line of Credit Facility [Line Items] | |||||
Selling, general and administrative expenses | 1,091,500,000 | 1,064,600,000 | |||
Amortization of debt issuance costs | 39,600,000 | $ 26,800,000 | |||
2016 Revolving Credit Agreement due 2024 | Revolving credit facility | Revlon Consumer Products Corporation | |||||
Line of Credit Facility [Line Items] | |||||
Covenant springing maturity, number of days prior to the maturity date | 91 days | ||||
Springing minimum fixed charge coverage ratio based on excess availability triggering event | 1 | ||||
Springing minimum fixed charge cover ratio triggering event, excess availability threshold | $ 27,500,000 | ||||
Springing cash dominion requirement triggering event, excess availability threshold | 45,000,000 | ||||
Tranche A Revolving Credit Facility | Revolving credit facility | Revlon Consumer Products Corporation | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 300,000,000 | $ 300,000,000 | |||
Deferred financing cots incurred | 4,200,000 | ||||
Unamortized deferred financing costs | $ 5,100,000 | ||||
Tranche A Revolving Credit Facility | Revolving credit facility | Revlon Consumer Products Corporation | Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable interest rate | 2.50% | ||||
Tranche A Revolving Credit Facility | Revolving credit facility | Revlon Consumer Products Corporation | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable interest rate | 3.00% | ||||
Tranche A Revolving Credit Facility | Revolving credit facility | Revlon Consumer Products Corporation | LIBOR | |||||
Line of Credit Facility [Line Items] | |||||
Variable rate floor | 1.75% | ||||
Tranche A Revolving Credit Facility | Revolving credit facility | Revlon Consumer Products Corporation | LIBOR | Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable interest rate | 2.50% | ||||
Tranche A Revolving Credit Facility | Revolving credit facility | Revlon Consumer Products Corporation | LIBOR | Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable interest rate | 3.00% | ||||
2016 Revolving Credit Agreement due 2023 | Revolving credit facility | Revlon Consumer Products Corporation | |||||
Line of Credit Facility [Line Items] | |||||
Minimum excess available reserve requirement, fixed charge coverage ratio greater than 1.0 | $ 20,000,000 | ||||
Minimum excess available reserve requirement, fixed charge coverage ratio less than 1.00x | 30,000,000 | ||||
Tranche A Revolving Credit Facility due 2024 | Revolving credit facility | Revlon Consumer Products Corporation | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | 270,000,000 | 270,000,000 | |||
Selling, general and administrative expenses | 800,000 | ||||
Amortization of debt issuance costs | 4,700,000 | ||||
Deferred financing cots incurred | $ 2,100,000 | ||||
Tranche A Revolving Credit Facility due 2024 | Revolving credit facility | Revlon Consumer Products Corporation | LIBOR | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable interest rate | 3.75% | ||||
Variable rate floor | 0.50% | ||||
Revolving Credit Facility Due 2023, SISO Facility [Member] | Revolving credit facility | Revlon Consumer Products Corporation | |||||
Line of Credit Facility [Line Items] | |||||
Deferred financing cots incurred | $ 4,300,000 | ||||
Revolving Credit Facility Due 2023, SISO Facility [Member] | Secured debt | Revlon Consumer Products Corporation | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | 100,000,000 | $ 100,000,000 | |||
Unamortized deferred financing costs | $ 4,000,000 | ||||
Revolving Credit Facility Due 2023, SISO Facility [Member] | Secured debt | Revlon Consumer Products Corporation | LIBOR | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable interest rate | 5.75% | ||||
Variable rate floor | 1.75% | ||||
SISO Term Loan Facility due 2024 | Secured debt | Revlon Consumer Products Corporation | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 130,000,000 | 130,000,000 | |||
Selling, general and administrative expenses | 400,000 | ||||
Amortization of debt issuance costs | $ 1,400,000 | ||||
Deferred financing cots incurred | $ 900,000 |
DEBT - Amendment No. 7 to the A
DEBT - Amendment No. 7 to the Amended 2016 Revolving Credit Agreement: Tranche A - Revolving Credit Facility and SISO Term Loan Facility (Details) - Revlon Consumer Products Corporation - USD ($) $ in Millions | May 06, 2021 | Mar. 08, 2021 | May 07, 2020 | Mar. 07, 2021 |
Amended 2016 Revolving Credit Agreement, Tranche A | Revolving credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 400 | |||
Increase in interest margin | 0.75% | |||
Unamortized deferred financing costs | $ 0.8 | |||
Tranche A Revolving Credit Facility | Revolving credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 300 | $ 300 | ||
Increase in interest margin | 0.50% | |||
Unamortized deferred financing costs | $ 5.1 | |||
Deferred financing cots incurred | $ 4.2 | |||
Tranche A Revolving Credit Facility | Revolving credit facility | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable interest rate | 2.50% | |||
Tranche A Revolving Credit Facility | Revolving credit facility | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable interest rate | 3.00% | |||
Tranche A Revolving Credit Facility | Revolving credit facility | LIBOR | ||||
Line of Credit Facility [Line Items] | ||||
Variable rate floor | 1.75% | |||
Tranche A Revolving Credit Facility | Revolving credit facility | LIBOR | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable interest rate | 2.50% | |||
Tranche A Revolving Credit Facility | Revolving credit facility | LIBOR | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread on variable interest rate | 3.00% | |||
SISO Term Loan Facility due 2023 | Revolving credit facility | ||||
Line of Credit Facility [Line Items] | ||||
Deferred financing cots incurred | $ 4.3 | |||
SISO Term Loan Facility due 2023 | Secured debt | ||||
Line of Credit Facility [Line Items] | ||||
Maximum borrowing capacity | $ 100 | 100 | ||
Proceeds from long-term lines of credit | $ 100 | |||
Unamortized deferred financing costs | $ 4 | |||
SISO Term Loan Facility due 2023 | Secured debt | LIBOR | ||||
Line of Credit Facility [Line Items] | ||||
Variable rate floor | 1.75% | |||
Basis spread on variable interest rate | 5.75% |
DEBT - 2021 Foreign Asset-Based
DEBT - 2021 Foreign Asset-Based Term Facility (Details) - USD ($) | Mar. 02, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Line of Credit Facility [Line Items] | |||
Held in escrow | $ 18,500,000 | $ 5,400,000 | |
Amortization of debt issuance costs | 39,600,000 | 26,800,000 | |
Revlon Consumer Products Corporation | |||
Line of Credit Facility [Line Items] | |||
Held in escrow | 18,500,000 | 5,400,000 | |
Amortization of debt issuance costs | 39,600,000 | $ 26,800,000 | |
2021 Foreign Asset-Based Term Facility | Secured debt | Revlon Consumer Products Corporation | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 75,000,000 | ||
Held in escrow | $ 7,500,000 | 13,800,000 | |
Borrowing base calculation, percentage of eligible accounts receivable | 80.00% | ||
Borrowing base calculation, percentage of eligible inventory | 65.00% | ||
Borrowing base calculation, percentage of eligible real property | 45.00% | ||
Prepayment premium, first year after the closing date | 3.00% | ||
Prepayment premium, second year after the closing date | 2.00% | ||
Prepayment premium, third year after the closing date and thereafter | 1.00% | ||
Covenant, minimum cash and cash equivalents | $ 3,500,000 | ||
Covenant, minimum cash and cash equivalents, business days prior to month end | 10 days | ||
Amortization of debt issuance costs | $ 1,000,000 | ||
Deferred financing cots incurred | $ 3,200,000 | ||
2021 Foreign Asset-Based Term Facility | Secured debt | Revlon Consumer Products Corporation | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Variable rate floor | 1.50% | ||
Basis spread on variable interest rate | 8.50% |
DEBT - 2020 Troubled Debt Restr
DEBT - 2020 Troubled Debt Restructuring (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Nov. 13, 2020 | Oct. 23, 2020 | |
5.75% Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 5.75% | |||
5.75% Senior Notes | Revlon Consumer Products Corporation | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate (as a percent) | 5.75% | 5.75% | ||
Future interest payments included in restructured debt | $ 50.5 | |||
2020 Troubled-debt-restructuring: future interest | ||||
Debt Instrument [Line Items] | ||||
Future interest payments included in restructured debt | $ 57.8 | |||
Future interest amortization | $ 15.2 |
DEBT - 5.75% Senior Notes Excha
DEBT - 5.75% Senior Notes Exchange Offer (Details) - USD ($) | Dec. 31, 2020 | Nov. 13, 2020 | Nov. 10, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 14, 2020 | Oct. 23, 2020 |
Debt Instrument [Line Items] | |||||||
Outstanding borrowings | $ 3,322,500,000 | $ 3,442,700,000 | $ 3,322,500,000 | ||||
5.75% Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | |||||
5.75% Senior Notes | Revlon Consumer Products Corporation | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | 5.75% | ||||
Outstanding borrowings | $ 0 | $ 175,500,000 | $ 0 | $ 0 | $ 342,800,000 | ||
Debt conversion, original debt amount | 236,000,000 | $ 236,000,000 | |||||
Percentage of outstanding principal | 68.80% | ||||||
Debt redeemed | 106,800,000 | ||||||
Future interest payments included in restructured debt | $ 50,500,000 | ||||||
Professional fees | 13,800,000 | ||||||
5.75% Senior Notes | Revlon Consumer Products Corporation | 2020 | |||||||
Debt Instrument [Line Items] | |||||||
Cash per $1,000 principal amount | $ 275 | ||||||
Early tender/consent fee payable per $1,000 principal amount | 50 | ||||||
Aggregate cash per $1,000 principal | 325 | ||||||
5.75% Senior Notes | Revlon Consumer Products Corporation | 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Cash per $1,000 principal amount | 200 | ||||||
Early tender/consent fee payable per $1,000 principal amount | 50 | ||||||
Aggregate cash per $1,000 principal | $ 250 | ||||||
2020 ABL FILO Term Loans due 2023 | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding borrowings | 50,000,000 | 50,000,000 | 50,000,000 | ||||
2020 ABL FILO Term Loans due 2023 | Revlon Consumer Products Corporation | Revolving credit facility | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding borrowings | 50,000,000 | 50,000,000 | |||||
Aggregate principal amount | 50,000,000 | ||||||
Borrowing base, eligible collateral percent | 100.00% | ||||||
Gain on restructured debt | $ 0 | ||||||
2020 ABL FILO Term Loans due 2023 | Revlon Consumer Products Corporation | LIBOR | Revolving credit facility | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate floor | 1.75% | ||||||
Basis spread on variable interest rate | 8.50% | ||||||
2020 ABL FILO Term Loans due 2023 | Revlon Consumer Products Corporation | 2021 | Revolving credit facility | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | 50,000,000 | ||||||
2020 New BrandCo Second-Lien Term Loans due 2025 | |||||||
Debt Instrument [Line Items] | |||||||
Paid-in kind fees | 0 | 17,500,000 | |||||
2020 New BrandCo Second-Lien Term Loans due 2025 | Revlon Consumer Products Corporation | |||||||
Debt Instrument [Line Items] | |||||||
Outstanding borrowings | $ 75,000,000 | 75,000,000 | |||||
Aggregate principal amount | $ 75,000,000 | 75,000,000 | |||||
Gain on restructured debt | 0 | ||||||
Paid-in kind fees | $ 17,500,000 | $ 0 | $ 17,500,000 | ||||
2020 New BrandCo Second-Lien Term Loans due 2025 | Revlon Consumer Products Corporation | 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ 75,000,000 |
DEBT - 2020 BrandCo Refinancing
DEBT - 2020 BrandCo Refinancing Transactions (Details) - USD ($) | Nov. 13, 2020 | Nov. 10, 2020 | May 28, 2020 | May 07, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 23, 2020 | Dec. 31, 2016 | Aug. 04, 2016 |
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount outstanding | $ 3,544,100,000 | ||||||||||
Paid-in-kind interest expense on the 2020 BrandCo Facilities | 18,800,000 | $ 10,800,000 | |||||||||
Aggregate principal amount rolled-up | 0 | 846,000,000 | |||||||||
Revlon Consumer Products Corporation | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Paid-in-kind interest expense on the 2020 BrandCo Facilities | 18,800,000 | 10,800,000 | |||||||||
Aggregate principal amount rolled-up | 0 | 846,000,000 | |||||||||
2020 BrandCo Facility due 2025 | Revlon Consumer Products Corporation | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 200,000,000 | ||||||||||
2020 BrandCo Facility due 2025 | Revlon Consumer Products Corporation | Secured debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount outstanding | $ 815,000,000 | $ 910,600,000 | |||||||||
Proceeds from long-term lines of credit | $ 65,000,000 | ||||||||||
Paid-in kind fees | 29,100,000 | ||||||||||
Paid-in-kind interest expense on the 2020 BrandCo Facilities | $ 1,500,000 | ||||||||||
Covenant springing maturity, number of days prior to the maturity date | 91 days | ||||||||||
Covenant springing maturity threshold amount, minimum one | $ 100,000,000 | ||||||||||
Debt Issuance costs | $ 119,300,000 | ||||||||||
2020 BrandCo Facility due 2025 | Revlon Consumer Products Corporation | Secured debt | LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate floor | 1.50% | ||||||||||
Basis spread on variable interest rate | 10.50% | ||||||||||
Basis spread on variable rate, payment In kind | 2.00% | ||||||||||
Roll-up BrandCo Facility due 2025 | Revlon Consumer Products Corporation | Secured debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 950,000,000 | ||||||||||
Roll-up BrandCo Facility due 2025 | Revlon Consumer Products Corporation | Secured debt | LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate floor | 0.75% | ||||||||||
Basis spread on variable interest rate | 3.50% | ||||||||||
Junior Roll-up BrandCo Facility due 2025 | Revlon Consumer Products Corporation | Secured debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 3,000,000 | ||||||||||
Junior Roll-up BrandCo Facility due 2025 | Revlon Consumer Products Corporation | Secured debt | LIBOR | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Variable rate floor | 0.75% | ||||||||||
Basis spread on variable interest rate | 3.50% | ||||||||||
Roll-up and Junior Roll-up BrandCo Facilities due 2025 | Revlon Consumer Products Corporation | Secured debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount outstanding | $ 846,000,000 | $ 846,000,000 | |||||||||
Aggregate principal amount rolled-up | 846,000,000 | ||||||||||
Remaining borrowing capacity | $ 107,000,000 | ||||||||||
2019 Term Loan Facility due 2023 | Revlon Consumer Products Corporation | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Repayments of senior debt | $ 200,000,000 | ||||||||||
6.25% Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (as a percent) | 6.25% | ||||||||||
6.25% Senior Notes | Revlon Consumer Products Corporation | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount outstanding | $ 431,300,000 | ||||||||||
Stated interest rate (as a percent) | 6.25% | 6.25% | |||||||||
Aggregate principal amount | $ 450,000,000 | $ 450,000,000 | |||||||||
Debt conversion, original debt amount | $ 18,700,000 | ||||||||||
Future interest payments included in restructured debt | 8,700,000 | ||||||||||
2020 BrandCo Term Loan Facility due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Paid-in kind fees | $ 0 | 29,100,000 | |||||||||
2020 BrandCo Term Loan Facility due 2025 | Revlon Consumer Products Corporation | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Paid-in kind fees | 0 | $ 29,100,000 | |||||||||
2020 BrandCo Term Loan Facility due 2025 | Revlon Consumer Products Corporation | All BrandCo Lenders | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Fees and expenses incurred | 2,500,000 | ||||||||||
2020 BrandCo Term Loan Facility due 2025 | Revlon Consumer Products Corporation | Secured debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount outstanding | 1,873,200,000 | ||||||||||
5.75% Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (as a percent) | 5.75% | ||||||||||
5.75% Senior Notes | Revlon Consumer Products Corporation | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | |||||||||
Debt conversion, original debt amount | 236,000,000 | $ 236,000,000 | |||||||||
Future interest payments included in restructured debt | 50,500,000 | ||||||||||
2020 New BrandCo Second-Lien Term Loans due 2025 | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Paid-in kind fees | 0 | $ 17,500,000 | |||||||||
2020 New BrandCo Second-Lien Term Loans due 2025 | Revlon Consumer Products Corporation | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Paid-in kind fees | 17,500,000 | $ 0 | $ 17,500,000 | ||||||||
Aggregate principal amount rolled-up | 10,000,000 | ||||||||||
Aggregate principal amount | 75,000,000 | $ 75,000,000 | |||||||||
Gain on restructured debt | 0 | ||||||||||
2020 New BrandCo Second-Lien Term Loans due 2025 | Revlon Consumer Products Corporation | Supporting BrandCo Lenders | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | 12,500,000 | ||||||||||
2020 New BrandCo Second-Lien Term Loans due 2025 | Revlon Consumer Products Corporation | All BrandCo Lenders | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Aggregate principal amount | $ 5,000,000 |
DEBT - 2016 Term Loan Facility
DEBT - 2016 Term Loan Facility Extension Amendment (Details) - USD ($) $ in Millions | May 07, 2020 | Sep. 07, 2016 | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 04, 2016 |
Debt Instrument [Line Items] | |||||
Aggregate principal amount outstanding | $ 3,544.1 | ||||
Interest paid | 241.5 | $ 238.6 | |||
Revlon Consumer Products Corporation | |||||
Debt Instrument [Line Items] | |||||
Interest paid | 241.5 | 238.6 | |||
Extended Term Loans due 2025 | Revlon Consumer Products Corporation | |||||
Debt Instrument [Line Items] | |||||
Covenant springing maturity threshold amount, minimum one | $ 75 | ||||
Covenant springing maturity, number of days prior to the maturity date | 91 days | ||||
Covenant springing maturity threshold amount, minimum two | $ 100 | ||||
Aggregate principal amount outstanding | $ 30.3 | $ 30.6 | |||
Extended Term Loans due 2025 | Revlon Consumer Products Corporation | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Variable rate floor | 0.75% | ||||
Basis spread on variable interest rate | 3.50% | ||||
6.25% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate (as a percent) | 6.25% | ||||
6.25% Senior Notes | Revlon Consumer Products Corporation | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate (as a percent) | 6.25% | 6.25% | |||
Aggregate principal amount outstanding | $ 431.3 | ||||
2016 Term Loan Facility: 2016 Term Loan due 2023 and 2025 | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount outstanding | 874.7 | ||||
2016 Term Loan Facility: 2016 Term Loan due 2023 and 2025 | Revlon Consumer Products Corporation | |||||
Debt Instrument [Line Items] | |||||
Interest paid | $ 17 | ||||
2016 Term Loan Facility due 2023 | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount outstanding | 874.7 | ||||
2016 Term Loan Facility due 2023 | Revlon Consumer Products Corporation | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount outstanding | $ 844.4 | ||||
2016 Term Loan Facility due 2023 | Revlon Consumer Products Corporation | LIBOR | |||||
Debt Instrument [Line Items] | |||||
Variable rate floor | 0.75% | ||||
Basis spread on variable interest rate | 3.50% |
DEBT - Repurchases of 5.75% Sen
DEBT - Repurchases of 5.75% Senior Notes due 2021 (Details) - USD ($) | May 07, 2020 | Jul. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 14, 2020 | Nov. 13, 2020 | Oct. 23, 2020 |
Debt Instrument [Line Items] | |||||||||
Interest paid | $ 241,500,000 | $ 238,600,000 | |||||||
Gain on extinguishment of debt | 0 | 43,100,000 | |||||||
Outstanding borrowings | $ 3,322,500,000 | $ 3,322,500,000 | 3,442,700,000 | 3,322,500,000 | |||||
Revlon Consumer Products Corporation | |||||||||
Debt Instrument [Line Items] | |||||||||
Interest paid | 241,500,000 | 238,600,000 | |||||||
Gain on extinguishment of debt | $ 0 | $ 43,100,000 | |||||||
5.75% Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | 5.75% | ||||||
5.75% Senior Notes | Revlon Consumer Products Corporation | |||||||||
Debt Instrument [Line Items] | |||||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | 5.75% | 5.75% | |||||
Debt repurchased | $ 50,000,000 | $ 62,800,000 | $ 44,400,000 | $ 157,200,000 | |||||
Interest paid | $ 700,000 | ||||||||
Gain on extinguishment of debt | 43,100,000 | ||||||||
Outstanding borrowings | $ 0 | $ 0 | $ 0 | $ 0 | $ 175,500,000 | $ 342,800,000 |
DEBT - Prepayment of the 2019 T
DEBT - Prepayment of the 2019 Term Loan Facility due 2023 (Details) - USD ($) $ in Millions | May 07, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Interest paid | $ 241.5 | $ 238.6 | |
Revlon Consumer Products Corporation | |||
Debt Instrument [Line Items] | |||
Interest paid | $ 241.5 | $ 238.6 | |
2019 Term Loan Facility due 2023 | Revlon Consumer Products Corporation | |||
Debt Instrument [Line Items] | |||
Repayments of senior debt | $ 200 | ||
Interest paid | 1.3 | ||
2020 BrandCo Facility due 2025 | Revlon Consumer Products Corporation | |||
Debt Instrument [Line Items] | |||
Debt issuance costs, prepayment premiums | 33.5 | ||
Debt issuance costs, lenders fees | 10.3 | ||
2020 BrandCo Facility due 2025 | Revlon Consumer Products Corporation | Secured debt | |||
Debt Instrument [Line Items] | |||
Debt issuance costs, prepayment premiums | 33.5 | ||
Debt issuance costs, lenders fees | 10.3 | ||
Legal Fees | 0.3 | ||
Other third party fees | 2 | ||
Debt Issuance costs | $ 119.3 |
DEBT - Amendment to the 2018 Fo
DEBT - Amendment to the 2018 Foreign Asset-Based Term Facility (Details) € in Millions, $ in Millions | May 04, 2020USD ($) | May 04, 2020EUR (€) | May 03, 2020 | Jun. 30, 2020EUR (€) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Oct. 23, 2020 | Jul. 31, 2018EUR (€) |
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount outstanding | $ | $ 3,544.1 | |||||||
2018 Foreign Asset-Based Term Facility due 2021 | Revlon Consumer Products Corporation | Secured debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | € | € 77 | € 77 | ||||||
Variable rate floor | 0.50% | 0.50% | ||||||
Basis spread on variable interest rate | 7.00% | 7.00% | ||||||
Borrowing base calculation, percentage of eligible accounts receivable | 78.75% | 85.00% | ||||||
Borrowing base calculation, percentage of eligible inventory | 80.00% | 90.00% | ||||||
Covenant springing maturity, number of days prior to the maturity date | 91 days | 91 days | ||||||
Mandatory prepayment | € | € 5 | |||||||
Fees paid | $ | $ 0.4 | |||||||
Aggregate principal amount outstanding | $ | $ 59.2 | |||||||
Repayments of senior debt | € | € 28.5 | |||||||
2018 Foreign Asset-Based Term Facility due 2021 | Revlon Consumer Products Corporation | Secured debt | EURIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable rate floor | 0.50% | |||||||
Basis spread on variable interest rate | 6.50% | |||||||
5.75% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate (as a percent) | 5.75% | |||||||
5.75% Senior Notes | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate (as a percent) | 5.75% | 5.75% |
DEBT - Amendments to 2016 Revol
DEBT - Amendments to 2016 Revolving Credit Facility Agreement (Details) - USD ($) | May 07, 2021 | Nov. 13, 2020 | Oct. 23, 2020 | May 17, 2020 | May 07, 2020 | Apr. 17, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 07, 2021 | Mar. 31, 2019 |
Line of Credit Facility [Line Items] | ||||||||||
Outstanding borrowings | $ 3,442,700,000 | $ 3,322,500,000 | ||||||||
Repayments of long-term lines of credit | 29,300,000 | 133,500,000 | ||||||||
Aggregate principal amount outstanding | 3,544,100,000 | |||||||||
2020 ABL FILO Term Loans due 2023 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Outstanding borrowings | 50,000,000 | 50,000,000 | ||||||||
Tranche A Revolving Credit Facility due 2024 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Outstanding borrowings | 108,000,000 | 136,700,000 | ||||||||
Revlon Consumer Products Corporation | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Repayments of long-term lines of credit | 29,300,000 | 133,500,000 | ||||||||
Revlon Consumer Products Corporation | 2020 ABL FILO Term Loans due 2023 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maximum borrowing capacity | 50,000,000 | |||||||||
Revolving credit facility | Revlon Consumer Products Corporation | 2020 ABL FILO Term Loans due 2023 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Aggregate principal amount | $ 50,000,000 | |||||||||
Excess Availability | 85,000,000 | |||||||||
As-Adjusted Liquidity | 175,000,000 | |||||||||
Maximum cash or Cash Equivalents | 100,000,000 | |||||||||
Reserve | 30,000,000 | |||||||||
Outstanding borrowings | $ 50,000,000 | |||||||||
Aggregate principal amount outstanding | 50,000,000 | |||||||||
Revolving credit facility | Revlon Consumer Products Corporation | 2020 ABL FILO Term Loans due 2023 | LIBOR | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Variable rate floor | 1.75% | |||||||||
Revolving credit facility | Revlon Consumer Products Corporation | Amended 2016 Revolving Credit Agreement, Tranche A | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Debt repaid | $ 35,000,000 | |||||||||
Increase in interest margin | 0.75% | |||||||||
Maximum borrowing capacity | $ 400,000,000 | |||||||||
Revolving credit facility | Revlon Consumer Products Corporation | Amended 2016 Revolving Credit Facility, Tranche B | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Increase in interest margin | 0.75% | |||||||||
Lenders fees | $ 1,100,000 | |||||||||
Outstanding borrowings | $ 36,300,000 | |||||||||
Maximum borrowing capacity | $ 41,500,000 | |||||||||
Repayments of long-term lines of credit | $ 5,200,000 | |||||||||
Revolving credit facility | Revlon Consumer Products Corporation | Amended 2016 Revolving Credit Facility, Tranche B | LIBOR | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Variable rate floor | 0.75% | |||||||||
Revolving credit facility | Revlon Consumer Products Corporation | Tranche A Revolving Credit Facility due 2024 | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Maximum borrowing capacity | $ 270,000,000 | 270,000,000 | ||||||||
Aggregate principal amount outstanding | $ 109,600,000 | |||||||||
Revolving credit facility | Revlon Consumer Products Corporation | Tranche A Revolving Credit Facility due 2024 | LIBOR | ||||||||||
Line of Credit Facility [Line Items] | ||||||||||
Variable rate floor | 0.50% |
DEBT - MacAndrews & Forbes 2020
DEBT - MacAndrews & Forbes 2020 Restated Line of Credit Facility (Details) - USD ($) | Sep. 28, 2020 | Dec. 31, 2021 | Jul. 09, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Outstanding borrowings | $ 3,442,700,000 | $ 3,322,500,000 | ||
New European ABL FILO Facility | Secured debt | Revlon Consumer Products Corporation | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 30,000,000 | |||
New European ABL FILO Facility | Secured debt | Revlon Consumer Products Corporation | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable interest rate | 10.00% | |||
2020 ABL FILO Term Loans | Secured debt | Revlon Consumer Products Corporation | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 30,000,000 | |||
Outstanding borrowings | $ 0 | |||
Future Refinanced European ABL Facility | Secured debt | Revlon Consumer Products Corporation | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 35,000,000 | |||
Higher borrowing capacity option | $ 65,000,000 |
DEBT - Incremental Revolving Cr
DEBT - Incremental Revolving Credit Facility under the 2016 Term Loan Agreement (Details) - 2020 Incremental Facility due 2021 - Revolving credit facility - Revlon Consumer Products Corporation - USD ($) $ in Millions | May 28, 2020 | May 11, 2020 | Apr. 30, 2020 |
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 65 | ||
Proceeds from long-term lines of credit | $ 1.5 | $ 63.5 | |
Upfront commitment fees | $ 2.9 | ||
LIBOR | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable interest rate | 16.00% | ||
Alternate base rate | |||
Line of Credit Facility [Line Items] | |||
Basis spread on variable interest rate | 15.00% |
DEBT - 2019 Term Loan Facility
DEBT - 2019 Term Loan Facility and 2019 Senior Line of Credit Facility Agreement (Details) - USD ($) | May 07, 2020 | Nov. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 07, 2019 | Jun. 30, 2019 |
Debt Instrument [Line Items] | |||||||
Interest paid | $ 241,500,000 | $ 238,600,000 | |||||
Outstanding borrowings | 3,442,700,000 | 3,322,500,000 | |||||
Revlon Consumer Products Corporation | |||||||
Debt Instrument [Line Items] | |||||||
Interest paid | $ 241,500,000 | $ 238,600,000 | |||||
2020 BrandCo Facility due 2025 | Revlon Consumer Products Corporation | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ 200,000,000 | ||||||
Debt issuance costs, prepayment premiums | 33,500,000 | ||||||
Debt issuance costs, lenders fees | 10,300,000 | ||||||
2020 BrandCo Facility due 2025 | Revlon Consumer Products Corporation | Secured debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt issuance costs, prepayment premiums | 33,500,000 | ||||||
Debt issuance costs, lenders fees | 10,300,000 | ||||||
Legal Fees | 300,000 | ||||||
Other third party fees | 2,000,000 | ||||||
Debt Issuance costs | 119,300,000 | ||||||
2019 Term Loan Facility due 2023 | Revlon Consumer Products Corporation | |||||||
Debt Instrument [Line Items] | |||||||
Repayments of senior debt | 200,000,000 | ||||||
Interest paid | $ 1,300,000 | ||||||
2019 Senior Line of Credit Agreement | Line of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 30,000,000 | ||||||
Extension term | 1 year | ||||||
Outstanding borrowings | $ 0 | $ 0 | |||||
Debt repaid | $ 0 | ||||||
Stated interest rate (as a percent) | 8.00% |
DEBT - March 2019 Amendment to
DEBT - March 2019 Amendment to the 2016 Revolving Credit Facility Agreement (Details) - Revolving credit facility - Amended 2016 Revolving Credit Facility, Tranche B - Revlon Consumer Products Corporation $ in Millions | Feb. 28, 2019USD ($) | Mar. 31, 2019USD ($)day |
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 41.5 | |
Potential increase of maximum borrowing capacity | 5.00% | |
Covenant terms, liquidity | $ 35 | $ 50 |
Covenant terms, percentage of maximum | 10.00% | 15.00% |
Remaining borrowing capacity | $ 37.3 | |
Current borrowing capacity | $ 41.3 | |
Covenant terms, consolidated fixed charge coverage ratio | 100.00% | |
Covenant terms, liquidity threshold, consecutive business days | day | 20 |
DEBT - 2018 Foreign Asset-Based
DEBT - 2018 Foreign Asset-Based Term Loan Credit Agreement (Details) - 2018 Foreign Asset-Based Term Facility - Revlon Consumer Products Corporation - Secured debt € in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2018USD ($) | May 04, 2020EUR (€) | Jul. 31, 2018EUR (€) | |
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | € | € 77 | € 77 | |
Debt issuance costs - capitalized and expensed | $ | $ 5.7 |
DEBT - 2016 Term Loan Facilit_2
DEBT - 2016 Term Loan Facility (Details) - USD ($) $ in Millions | May 11, 2020 | May 07, 2020 | Apr. 30, 2020 | Sep. 07, 2016 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2016 | Aug. 04, 2016 |
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount outstanding | $ 3,544.1 | |||||||
Interest paid | 241.5 | $ 238.6 | ||||||
Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest paid | 241.5 | 238.6 | ||||||
2016 Term Loan Facility due 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount outstanding | 874.7 | |||||||
2016 Term Loan Facility due 2023 | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount | $ 1,800 | |||||||
Original issue discount percentage | 0.50% | |||||||
Maximum borrowing capacity, base for calculation of potential increase | $ 450 | |||||||
Maximum borrowing capacity, addition for calculation of potential increase, percentage of pro forma consolidated EBITDA | 90.00% | |||||||
First lien leverage ratio | 3.5 | |||||||
Secured leverage ratio | 4.25 | |||||||
Maximum borrowing capacity, additional potential increase if other debt repaid and terminated | $ 400 | |||||||
Aggregate principal amount outstanding | 844.4 | |||||||
Equity of first tier foreign subsidiaries in excess of voting equity interests | 65.00% | |||||||
Covenant terms, available amount base, percentage of cumulative consolidated net income | 50.00% | |||||||
Covenant terms, available amount addition | $ 200 | |||||||
Covenant terms, net debt to consolidated EBITDA ratio | 5 | |||||||
2016 Term Loan Facility due 2023 | Revlon Consumer Products Corporation | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable rate floor | 0.75% | |||||||
Basis spread on variable interest rate | 3.50% | |||||||
2016 Term Loan Facility due 2023 | Revlon Consumer Products Corporation | Alternate base rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable interest rate | 2.50% | |||||||
2020 Incremental Facility due 2021 | Revlon Consumer Products Corporation | Revolving credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Proceeds from long-term lines of credit | $ 1.5 | $ 63.5 | ||||||
2020 Incremental Facility due 2021 | Revlon Consumer Products Corporation | LIBOR | Revolving credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable interest rate | 16.00% | |||||||
2020 Incremental Facility due 2021 | Revlon Consumer Products Corporation | Alternate base rate | Revolving credit facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable interest rate | 15.00% | |||||||
Extended Term Loans due 2025 | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount outstanding | $ 30.3 | $ 30.6 | ||||||
Covenant springing maturity threshold amount, minimum one | $ 75 | |||||||
Covenant springing maturity, number of days prior to the maturity date | 91 days | |||||||
Covenant springing maturity threshold amount, minimum two | $ 100 | |||||||
Extended Term Loans due 2025 | Revlon Consumer Products Corporation | LIBOR | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable rate floor | 0.75% | |||||||
Basis spread on variable interest rate | 3.50% | |||||||
6.25% Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate (as a percent) | 6.25% | |||||||
6.25% Senior Notes | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount | $ 450 | $ 450 | ||||||
Aggregate principal amount outstanding | $ 431.3 | |||||||
Stated interest rate (as a percent) | 6.25% | 6.25% | ||||||
2016 Term Loan Facility: 2016 Term Loan due 2023 and 2025 | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount outstanding | $ 874.7 | |||||||
2016 Term Loan Facility: 2016 Term Loan due 2023 and 2025 | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest paid | $ 17 |
DEBT - 6.25% Senior Notes (Deta
DEBT - 6.25% Senior Notes (Details) - USD ($) $ in Millions | Nov. 13, 2020 | Aug. 04, 2016 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 23, 2020 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||||
Aggregate principal amount rolled-up | $ 0 | $ 846 | ||||
Aggregate principal amount outstanding | $ 3,544.1 | |||||
6.25% Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate (as a percent) | 6.25% | |||||
Revlon Consumer Products Corporation | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount rolled-up | $ 0 | $ 846 | ||||
Revlon Consumer Products Corporation | 6.25% Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate (as a percent) | 6.25% | 6.25% | ||||
Aggregate principal amount | $ 450 | $ 450 | ||||
Frequency of interest payments | 6 months | |||||
Redemption price percentage, change of control | 101.00% | |||||
Debt conversion, original debt amount | $ 18.7 | |||||
Aggregate principal amount outstanding | $ 431.3 | |||||
Revlon Consumer Products Corporation | 2020 New BrandCo Second-Lien Term Loans due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal amount | 75 | $ 75 | ||||
Aggregate principal amount rolled-up | $ 10 |
DEBT - Debt Redemption Prices (
DEBT - Debt Redemption Prices (Details) - Revlon Consumer Products Corporation - 6.25% Senior Notes | 12 Months Ended |
Dec. 31, 2021 | |
2020 | |
Debt Instrument, Redemption [Line Items] | |
Optimal Redemption Premium Percentage | 103.125% |
2021 | |
Debt Instrument, Redemption [Line Items] | |
Optimal Redemption Premium Percentage | 101.563% |
2022 and thereafter | |
Debt Instrument, Redemption [Line Items] | |
Optimal Redemption Premium Percentage | 100.00% |
DEBT - Covenants (Details)
DEBT - Covenants (Details) - USD ($) | Dec. 31, 2021 | May 07, 2021 | Aug. 04, 2016 |
6.25% Senior Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 6.25% | ||
Revlon Consumer Products Corporation | 6.25% Senior Notes | |||
Debt Instrument [Line Items] | |||
Stated interest rate (as a percent) | 6.25% | 6.25% | |
Revlon Consumer Products Corporation | 2020 ABL FILO Term Loans | |||
Debt Instrument [Line Items] | |||
Commitment | $ 50,000,000 | ||
Borrowing Base | 48,000,000 | ||
Aggregate principal amount outstanding | 50,000,000 | ||
Availability | 0 | ||
Reserve for shortfall of the borrowing base | 2,000,000 | ||
Revlon Consumer Products Corporation | Revolving credit facility | Tranche A Revolving Credit Facility due 2024 | |||
Debt Instrument [Line Items] | |||
Commitment | 270,000,000 | $ 270,000,000 | |
Borrowing Base | 182,000,000 | ||
Aggregate principal amount outstanding | 109,600,000 | ||
Availability | 72,400,000 | ||
Revlon Consumer Products Corporation | Secured debt | SISO Term Loan Facility due 2024 | |||
Debt Instrument [Line Items] | |||
Commitment | 130,000,000 | $ 130,000,000 | |
Borrowing Base | 130,000,000 | ||
Aggregate principal amount outstanding | 130,000,000 | ||
Availability | $ 0 |
DEBT - Foreign Subsidiaries (De
DEBT - Foreign Subsidiaries (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Cash and cash equivalents | $ 102.4 | $ 97.1 |
Foreign Subsidiaries | ||
Debt Instrument [Line Items] | ||
Cash and cash equivalents | $ 97.2 |
DEBT - Long-Term Debt Maturitie
DEBT - Long-Term Debt Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
2022 | $ 137.4 | |
2023 | 904.4 | |
2024 | 655.2 | |
2025 | 1,847.1 | |
Thereafter | 0 | |
Total long-term debt | 3,544.1 | |
Discounts and deferred finance charges | (101.4) | |
Total long-term debt, net of discounts and deferred finance charges | 3,442.7 | $ 3,322.5 |
Amended 2016 Revolving Credit Facility (Tranche A) due 2024 | ||
Debt Instrument [Line Items] | ||
2022 | 109.6 | |
Total long-term debt, net of discounts and deferred finance charges | 108 | 136.7 |
2020 BrandCo Term Loan Facility due 2025 | ||
Debt Instrument [Line Items] | ||
2022 | 18.5 | |
2023 | 18.5 | |
2024 | 18.5 | |
2025 | 1,817.7 | |
Total long-term debt, net of discounts and deferred finance charges | 1,749.7 | 1,719.8 |
2016 Term Loan Facility: 2016 Term Loan due 2023 and 2025 | ||
Debt Instrument [Line Items] | ||
2022 | 9.2 | |
2023 | 835.5 | |
2025 | 29.4 | |
Total long-term debt | 874.7 | |
Total long-term debt, net of discounts and deferred finance charges | 867.9 | 874.8 |
2020 ABL FILO Term Loans due 2023 | ||
Debt Instrument [Line Items] | ||
2023 | 50 | |
Total long-term debt, net of discounts and deferred finance charges | 50 | 50 |
6.25% Senior Notes due 2024 | ||
Debt Instrument [Line Items] | ||
2024 | 431.3 | |
Total long-term debt, net of discounts and deferred finance charges | $ 426.9 | 425.4 |
Stated interest rate (as a percent) | 6.25% | |
SISO Term Loan Facility due 2024 | ||
Debt Instrument [Line Items] | ||
2024 | $ 130 | |
Total long-term debt, net of discounts and deferred finance charges | 126.2 | 0 |
2021 Foreign Asset-Based Term Facility due 2024 | ||
Debt Instrument [Line Items] | ||
2024 | 75 | |
Total long-term debt, net of discounts and deferred finance charges | $ 71.2 | $ 0 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) | Dec. 31, 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 | 2,864,000,000 | 2,168,900,000 |
Long-term debt, including current portion, Carrying Value | 3,442,700,000 | 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 | 2,864,000,000 | 2,168,900,000 |
Level 3 | ||
Liabilities: | ||
Long-term debt, including current portion, Fair Value | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS (Details)
FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Millions | Dec. 31, 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 | $ 6.1 | $ 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 B_3
PENSION AND POST-RETIREMENT BENEFITS - Narrative (Details) | Jan. 01, 2022USD ($) | Jan. 31, 2022USD ($) | Dec. 31, 2021USD ($)plan | Dec. 31, 2020USD ($)plan |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Increase (decrease) in projected benefit obligation | $ (57,200,000) | |||
Increase (decrease) in projected benefit obligation due to reduction in discount rates | (25,000,000) | |||
Net periodic benefit cost | 4,800,000 | $ 4,000,000 | ||
Minimum | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Estimated contributions in next fiscal year | 8,100,000 | |||
Pension Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net periodic benefit cost | 4,000,000 | 3,300,000 | ||
Employer contributions | $ 21,800,000 | 9,100,000 | ||
Pension Plans | Hedge Funds | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Redemption notice period | 90 days | |||
Pension Plans | Minimum | Common and Collective Funds | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Redemption notice period | 2 days | |||
Pension Plans | Maximum | Common and Collective Funds | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Redemption notice period | 10 days | |||
Other Post-Retirement Benefit Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net periodic benefit cost | $ 800,000 | 700,000 | ||
Employer contributions | $ 700,000 | $ 700,000 | ||
U.S. Plans | Pension Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expected long-term return on plan assets | 4.50% | 5.50% | ||
International Plans | Pension Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expected long-term return on plan assets | 3.46% | 3.39% | ||
Pension plan liabilities retained by affiliates | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Receivables from affiliates | $ 2,000,000 | $ 2,200,000 | ||
Qualified Plan | Pension Plans | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Number of qualified defined benefit plans | plan | 2 | 2 | ||
Employer contributions, deferral in 2020, CARES Act | $ 11,800,000 | |||
Savings Plan and Excess Savings Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Employer discretionary profit sharing contributions | $ 5,400,000 | 0 | ||
Employer discretionary profit sharing contributions paid | $ 4,000,000 | |||
Employer discretionary profit sharing contributions, percentage of employee gross pay | 3.00% | |||
Savings Plan and Excess Savings Plan | Subsequent Event | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Employer discretionary profit sharing contributions paid | $ 1,400,000 | |||
Savings Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Company matching contribution per dollar contributed | $ 0.50 | |||
Percent of eligible compensation Company matches | 6.00% | |||
Employer matching cash contributions | $ 3,700,000 | $ 1,400,000 | ||
Savings Plan | Subsequent Event | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Company matching contribution per dollar contributed | $ 1 | |||
Percent of eligible compensation Company matches | 6.00% | |||
Savings Plan | Non highly compensated participants | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Employee maximum contribution as a percent of eligible compensation | 25.00% | |||
Savings Plan | Highly compensated participants | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Employee maximum contribution as a percent of eligible compensation | 12.00% | |||
Savings Plan | Highly compensated participants | Subsequent Event | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Employee maximum contribution as a percent of eligible compensation | 25.00% | |||
Excess Savings Plan | Highly compensated participants | Subsequent Event | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Employee maximum contribution as a percent of eligible compensation | 12.00% |
PENSION AND POST-RETIREMENT B_4
PENSION AND POST-RETIREMENT BENEFITS - Aggregate Reconciliation of Projected Benefit Obligations, Plan Assets, Funded Status and Amounts Recognized (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Change in Benefit Obligation: | ||
Benefit obligation - beginning of year | $ (666.5) | |
Benefit obligation - end of year | (609.3) | $ (666.5) |
Change in Plan Assets: | ||
Fair value of plan assets - beginning of year | 463 | |
Fair value of plan assets - end of year | 474 | 463 |
Pension Plans | ||
Change in Benefit Obligation: | ||
Benefit obligation - beginning of year | (666.5) | (629.7) |
Service cost | (1.4) | (1.7) |
Interest cost | (9.1) | (15) |
Actuarial (loss) gain | 23.1 | (65.8) |
Settlement and Curtailment gain | 2.6 | 5.5 |
Benefits paid | 42.1 | 44 |
Plan Amendments | (1) | 0.2 |
Plan participant contributions | (0.3) | (0.5) |
Foreign currency translation adjustments | 1.2 | (3.5) |
Benefit obligation - end of year | (609.3) | (666.5) |
Change in Plan Assets: | ||
Fair value of plan assets - beginning of year | 463 | 462.4 |
Actual return (loss) on plan assets | 33.9 | 35.9 |
Employer contributions | 21.8 | 9.1 |
Settlement gain | (2.1) | (4.1) |
Benefits paid | (42.1) | (44) |
Plan participant contributions | 0.3 | 0.5 |
Foreign currency translation adjustments | (0.8) | 3.2 |
Fair value of plan assets - end of year | 474 | 463 |
Total liability | (135.3) | (203.5) |
Other Post-Retirement Benefit Plans | ||
Change in Benefit Obligation: | ||
Benefit obligation - beginning of year | (14.5) | (13.4) |
Service cost | 0 | 0 |
Interest cost | (0.2) | (0.3) |
Actuarial (loss) gain | 1.6 | (1.5) |
Settlement and Curtailment gain | 0 | 0 |
Benefits paid | 0.7 | 0.7 |
Plan Amendments | 0 | 0 |
Plan participant contributions | 0 | 0 |
Foreign currency translation adjustments | 0 | 0 |
Benefit obligation - end of year | (12.4) | (14.5) |
Change in Plan Assets: | ||
Fair value of plan assets - beginning of year | 0 | 0 |
Actual return (loss) on plan assets | 0 | 0 |
Employer contributions | 0.7 | 0.7 |
Settlement gain | 0 | 0 |
Benefits paid | (0.7) | (0.7) |
Plan participant contributions | 0 | 0 |
Foreign currency translation adjustments | 0 | 0 |
Fair value of plan assets - end of year | 0 | 0 |
Total liability | $ (12.4) | $ (14.5) |
PENSION AND POST-RETIREMENT B_5
PENSION AND POST-RETIREMENT BENEFITS - Summary of Amounts Recognized in Respect to Pension Plans and Other Post-retirement Benefit Plans (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Other long-term assets | $ 97.8 | $ 109.1 |
Accrued expenses and other | (432) | (420.9) |
Pension and other post-retirement benefit liabilities | (147.3) | (212.4) |
Accumulated other comprehensive loss, gross | 260.5 | 312.6 |
Income tax benefit | (51.4) | |
Portion allocated to Revlon Holdings | (0.5) | |
Accumulated other comprehensive loss, net | 208.6 | |
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other long-term assets | 6.8 | 1.3 |
Accrued expenses and other | (6.3) | (6.2) |
Pension and other post-retirement benefit liabilities | (135.8) | (198.6) |
Total liability | (135.3) | (203.5) |
Accumulated other comprehensive loss, gross | 257.6 | 307.5 |
Income tax benefit | (50.3) | (50.6) |
Portion allocated to Revlon Holdings | (0.9) | (0.8) |
Accumulated other comprehensive loss, net | 206.4 | 256.1 |
Other Post-Retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other long-term assets | 0 | 0 |
Accrued expenses and other | (0.9) | (0.7) |
Pension and other post-retirement benefit liabilities | (11.5) | (13.8) |
Total liability | (12.4) | (14.5) |
Accumulated other comprehensive loss, gross | 2.9 | 5.1 |
Income tax benefit | (1.1) | (0.9) |
Portion allocated to Revlon Holdings | 0.4 | 0.2 |
Accumulated other comprehensive loss, net | $ 2.2 | $ 4.4 |
PENSION AND POST-RETIREMENT B_6
PENSION AND POST-RETIREMENT BENEFITS - Projected Benefit Obligation, Accumulated Benefit Obligation, and Fair Value of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 609.3 | $ 666.5 |
Accumulated benefit obligation | 607 | 663.6 |
Fair value of plan assets | $ 474 | $ 463 |
PENSION AND POST-RETIREMENT B_7
PENSION AND POST-RETIREMENT BENEFITS - Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Net periodic benefit costs: | ||
Total net periodic benefit costs | $ 4.8 | $ 4 |
Pension Plans | ||
Net periodic benefit costs: | ||
Service cost | 1.4 | 1.7 |
Interest cost | 9.1 | 15 |
Expected return on plan assets | (19.7) | (22.8) |
Amortization of actuarial loss | 13.3 | 11 |
Curtailment and Settlement gain | 0 | (1.5) |
Total net periodic benefit costs prior to allocation | 4.1 | 3.4 |
Portion allocated to Revlon Holdings | (0.1) | (0.1) |
Total net periodic benefit costs | 4 | 3.3 |
Other Post-Retirement Benefit Plans | ||
Net periodic benefit costs: | ||
Service cost | 0 | 0 |
Interest cost | 0.2 | 0.3 |
Expected return on plan assets | 0 | 0 |
Amortization of actuarial loss | 0.6 | 0.4 |
Curtailment and Settlement gain | 0 | 0 |
Total net periodic benefit costs prior to allocation | 0.8 | 0.7 |
Portion allocated to Revlon Holdings | 0 | 0 |
Total net periodic benefit costs | $ 0.8 | $ 0.7 |
PENSION AND POST-RETIREMENT B_8
PENSION AND POST-RETIREMENT BENEFITS - Classification of Net Periodic Benefit Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total net periodic benefit costs | $ 4.8 | $ 4 |
Selling, general and administrative expense | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total net periodic benefit costs | 1.4 | 1.7 |
Miscellaneous, net | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Total net periodic benefit costs | $ 3.4 | $ 2.3 |
PENSION AND POST-RETIREMENT B_9
PENSION AND POST-RETIREMENT BENEFITS - Summary of Unrecognized Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ 258.6 | $ 311.7 |
Prior service cost | 1.9 | 0.9 |
Accumulated Other Comprehensive Loss, Gross | 260.5 | 312.6 |
Income tax benefit | (51.4) | |
Portion allocated (to) from Revlon Holdings | (0.5) | |
Accumulated other comprehensive loss, net | 208.6 | |
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 255.7 | 306.6 |
Prior service cost | 1.9 | 0.9 |
Accumulated Other Comprehensive Loss, Gross | 257.6 | 307.5 |
Income tax benefit | (50.3) | (50.6) |
Portion allocated (to) from Revlon Holdings | (0.9) | (0.8) |
Accumulated other comprehensive loss, net | 206.4 | 256.1 |
Other Post-Retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 2.9 | 5.1 |
Prior service cost | 0 | 0 |
Accumulated Other Comprehensive Loss, Gross | 2.9 | 5.1 |
Income tax benefit | (1.1) | (0.9) |
Portion allocated (to) from Revlon Holdings | 0.4 | 0.2 |
Accumulated other comprehensive loss, net | $ 2.2 | $ 4.4 |
PENSION AND POST-RETIREMENT _10
PENSION AND POST-RETIREMENT BENEFITS - Weighted-average Assumptions Used to Determine Projected Benefit Obligation (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
U.S. Plans | Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.59% | 2.18% |
International Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of future compensation increases | 1.81% | 1.81% |
International Plans | Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 1.74% | 1.33% |
PENSION AND POST-RETIREMENT _11
PENSION AND POST-RETIREMENT BENEFITS - Weighted-average Assumptions Used to Determine Net Periodic Benefit (Income) Cost (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
U.S. Plans | Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 2.18% | 3.01% |
Expected long-term return on plan assets | 4.50% | 5.50% |
International Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Rate of future compensation increases | 1.81% | 2.02% |
International Plans | Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 1.33% | 1.81% |
Expected long-term return on plan assets | 3.46% | 3.39% |
PENSION AND POST-RETIREMENT _12
PENSION AND POST-RETIREMENT BENEFITS - Weighted Average Risk Target Ranges Per Asset Class (Details) - Pension Plans | Dec. 31, 2021 |
U.S. Plans | Minimum | Common and preferred stock | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Ranges | 0.00% |
U.S. Plans | Minimum | Mutual funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Ranges | 15.00% |
U.S. Plans | Minimum | Fixed income securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Ranges | 0.00% |
U.S. Plans | Minimum | Common and collective funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Ranges | 50.00% |
U.S. Plans | Minimum | Hedge funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Ranges | 0.00% |
U.S. Plans | Minimum | Cash and other investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Ranges | 0.00% |
U.S. Plans | Maximum | Common and preferred stock | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Ranges | 10.00% |
U.S. Plans | Maximum | Mutual funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Ranges | 35.00% |
U.S. Plans | Maximum | Fixed income securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Ranges | 20.00% |
U.S. Plans | Maximum | Common and collective funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Ranges | 75.00% |
U.S. Plans | Maximum | Hedge funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Ranges | 15.00% |
U.S. Plans | Maximum | Cash and other investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Ranges | 10.00% |
International Plans | Common and collective funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Target Ranges | 100.00% |
PENSION AND POST-RETIREMENT _13
PENSION AND POST-RETIREMENT BENEFITS - Fair Value of Pension Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 474 | $ 463 | |
Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 474 | 463 | $ 462.4 |
U.S. Plans | Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 391.7 | 377.6 | |
International Plans | Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 82.3 | $ 85.4 |
PENSION AND POST-RETIREMENT _14
PENSION AND POST-RETIREMENT BENEFITS - Fair Value of Asset Categories (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | $ 474 | $ 463 | |
Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 474 | 463 | $ 462.4 |
Pension Plans | Total | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 454.3 | 387.9 | |
Pension Plans | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 235 | 189.7 | |
Pension Plans | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 219.3 | 198.2 | |
Pension Plans | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 19.7 | 75.1 | |
Pension Plans | Mutual Funds, Corporate Bonds | Total | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 21.9 | 10.8 | |
Pension Plans | Mutual Funds, Corporate Bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 21.9 | 10.8 | |
Pension Plans | Mutual Funds, Corporate Bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Mutual Funds, Corporate Bonds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Mutual Funds, Government Bonds | Total | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 25.4 | 15.8 | |
Pension Plans | Mutual Funds, Government Bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 25.4 | 15.8 | |
Pension Plans | Mutual Funds, Government Bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Mutual Funds, Government Bonds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Mutual Funds, U.S. Large Cap Equiy | Total | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0.7 | 0 | |
Pension Plans | Mutual Funds, U.S. Large Cap Equiy | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0.7 | 0 | |
Pension Plans | Mutual Funds, U.S. Large Cap Equiy | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Mutual Funds, U.S. Large Cap Equiy | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Mutual Funds, International Equities | Total | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 15.8 | 21.7 | |
Pension Plans | Mutual Funds, International Equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 15.8 | 21.7 | |
Pension Plans | Mutual Funds, International Equities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Mutual Funds, International Equities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Mutual Funds, Emerging Markets International Equity | Total | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 2.8 | 1.7 | |
Pension Plans | Mutual Funds, Emerging Markets International Equity | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 2.8 | 1.7 | |
Pension Plans | Mutual Funds, Emerging Markets International Equity | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Mutual Funds, Emerging Markets International Equity | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Mutual Funds, U.S., Small/Mid Cap Equity | Total | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0.6 | 1.1 | |
Pension Plans | Mutual Funds, U.S., Small/Mid Cap Equity | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0.6 | 1.1 | |
Pension Plans | Mutual Funds, U.S., Small/Mid Cap Equity | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | ||
Pension Plans | Mutual Funds, U.S., Small/Mid Cap Equity | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | ||
Pension Plans | Mutual Funds, Cash and Cash Equivalents | Total | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0.3 | 6 | |
Pension Plans | Mutual Funds, Cash and Cash Equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0.3 | 6 | |
Pension Plans | Mutual Funds, Cash and Cash Equivalents | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Mutual Funds, Cash and Cash Equivalents | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Mutual Funds, Other | Total | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 1.2 | 1.2 | |
Pension Plans | Mutual Funds, Other | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 1.2 | 1.2 | |
Pension Plans | Mutual Funds, Other | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Mutual Funds, Other | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Fixed Income Securities, Government Bonds | Total | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 85.9 | 68.1 | |
Pension Plans | Fixed Income Securities, Government Bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Fixed Income Securities, Government Bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 85.9 | 68.1 | |
Pension Plans | Fixed Income Securities, Government Bonds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Common and Collective Funds, Corporate Bonds | Total | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 27.5 | 34.6 | |
Pension Plans | Common and Collective Funds, Corporate Bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 15.8 | 20.7 | |
Pension Plans | Common and Collective Funds, Corporate Bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 11.7 | 13.9 | |
Pension Plans | Common and Collective Funds, Corporate Bonds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Common and Collective Funds, Government Bonds | Total | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 42.1 | 38.7 | |
Pension Plans | Common and Collective Funds, Government Bonds | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 5.1 | 4.8 | |
Pension Plans | Common and Collective Funds, Government Bonds | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 37 | 33.9 | |
Pension Plans | Common and Collective Funds, Government Bonds | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Common and Collective Funds, U.S. Large Cap Equity | Total | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 98.4 | 59 | |
Pension Plans | Common and Collective Funds, U.S. Large Cap Equity | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 91.9 | 51 | |
Pension Plans | Common and Collective Funds, U.S. Large Cap Equity | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 6.5 | 8 | |
Pension Plans | Common and Collective Funds, U.S. Large Cap Equity | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Common and Collective Funds, U.S. Small/Mid Cap Equity | Total | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 19.4 | 24.6 | |
Pension Plans | Common and Collective Funds, U.S. Small/Mid Cap Equity | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 19.4 | 24.6 | |
Pension Plans | Common and Collective Funds, U.S. Small/Mid Cap Equity | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Common and Collective Funds, U.S. Small/Mid Cap Equity | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Common and Collective Funds, International Equities | Total | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 74.8 | 72.7 | |
Pension Plans | Common and Collective Funds, International Equities | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 3.3 | 4.4 | |
Pension Plans | Common and Collective Funds, International Equities | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 71.5 | 68.3 | |
Pension Plans | Common and Collective Funds, International Equities | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Common and Collective Funds, Emerging Markets International Equity | Total | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 27.5 | 24.5 | |
Pension Plans | Common and Collective Funds, Emerging Markets International Equity | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 20.4 | 19.1 | |
Pension Plans | Common and Collective Funds, Emerging Markets International Equity | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 7.1 | 5.4 | |
Pension Plans | Common and Collective Funds, Emerging Markets International Equity | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Common and Collective Funds, Cash and Cash Equivalents | Total | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 2.8 | 1.8 | |
Pension Plans | Common and Collective Funds, Cash and Cash Equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 2.8 | 1.8 | |
Pension Plans | Common and Collective Funds, Cash and Cash Equivalents | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Common and Collective Funds, Cash and Cash Equivalents | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Common and Collective Funds, Other | Total | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | (0.4) | 0.6 | |
Pension Plans | Common and Collective Funds, Other | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Common and Collective Funds, Other | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | (0.4) | 0.6 | |
Pension Plans | Common and Collective Funds, Other | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Cash and Cash Equivalents | Total | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 7.6 | 5 | |
Pension Plans | Cash and Cash Equivalents | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 7.6 | 5 | |
Pension Plans | Cash and Cash Equivalents | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Cash and Cash Equivalents | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 0 | 0 | |
Pension Plans | Common and Collective Funds | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | 19.7 | 45.9 | |
Pension Plans | Hedge Funds | Investments measured at Net Asset Value | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets at Fair Value | $ 0 | $ 29.2 |
PENSION AND POST-RETIREMENT _15
PENSION AND POST-RETIREMENT BENEFITS - Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2021USD ($) |
Total Pension Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 47.4 |
2023 | 43.6 |
2024 | 41.3 |
2025 | 40.4 |
2026 | 39 |
Years 2027 to 2031 | 180.8 |
Total Other Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 1.4 |
2023 | 1.3 |
2024 | 1.2 |
2025 | 1.2 |
2026 | 1.1 |
Years 2027 to 2031 | $ 4.3 |
STOCK COMPENSATION PLAN - Narra
STOCK COMPENSATION PLAN - Narrative (Details) $ in Millions | Jun. 03, 2021shares | Sep. 05, 2019shares | Aug. 31, 2019 | Sep. 30, 2019shares | Jul. 31, 2014 | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)installmentshares | Dec. 31, 2021USD ($)shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Compensation expense | $ 14 | $ 10.4 | |||||||
Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Deferred stock-based compensation | $ 1.4 | $ 1.4 | |||||||
Deferred stock-based compensation, recognition period | 1 year 1 month 13 days | ||||||||
Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Deferred stock-based compensation | $ 21.9 | 21.9 | |||||||
Awards granted (in shares) | shares | 1,761,779 | 1,065,319 | |||||||
Accelerated cost | 2 | ||||||||
Restricted Stock and Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Fair value of restricted stock and restricted stock units vested | $ 9.7 | $ 10.2 | |||||||
Deferred stock-based compensation | $ 23.3 | $ 23.3 | |||||||
Awards granted (in shares) | shares | 1,782,200 | 1,065,300 | |||||||
Awards granted and outstanding (in shares) | shares | 2,542,500 | 1,798,900 | 2,021,600 | 2,542,500 | |||||
Stock Plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Additional shares reserved (in shares) | shares | 2,000,000 | ||||||||
Shares reserved for issuance (in shares) | shares | 8,565,000 | 8,565,000 | |||||||
Shares remaining available for grants (in shares) | shares | 2,700,000 | 2,700,000 | |||||||
Renewal term | 7 years | ||||||||
Vesting period | 3 years | 2 years | |||||||
Common stock not subject to vesting requirements (in shares) | shares | 250,000 | ||||||||
Options exercisable (in shares) | shares | 0 | 0 | 0 | ||||||
Compensation expense | $ 14 | $ 10.4 | |||||||
Stock Plan | Stock options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award requisite service period | 7 years | ||||||||
Stock Plan | Stock options | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 1 year | ||||||||
Stock Plan | Stock options | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 4 years | ||||||||
Stock Plan | Restricted Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 12 months | ||||||||
Compensation expense | $ 0.6 | ||||||||
Awards granted (in shares) | shares | 20,442 | 0 | |||||||
Stock Plan | Restricted Stock | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 2 years | ||||||||
Stock Plan | Restricted Stock | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 5 years | ||||||||
Revlon 2019 Transaction Incentive Program | Acquisition, Integration and Divestiture Costs | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Cash-based awards granted, amortization expense | $ 2.1 | $ 7.5 | |||||||
Revlon 2019 Transaction Incentive Program | Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Compensation expense | $ 1.1 | ||||||||
Accelerated cost | 1.8 | ||||||||
Revlon 2019 Transaction Incentive Program | Time-Based RSUs | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Awards granted (in shares) | shares | 78,000 | ||||||||
Revlon 2019 Transaction Incentive Program | Time-Based RSUs | First Tranche | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 50.00% | ||||||||
Revlon 2019 Transaction Incentive Program | Time-Based RSUs | Second Tranche | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 50.00% | ||||||||
Revlon 2019 Transaction Incentive Program, Tier 1 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Cash-based awards | $ 6.8 | ||||||||
Number of installments | installment | 2 | ||||||||
Cash-based awards granted, net of forfeitures | 3.9 | ||||||||
Cash-based awards granted, amortization expense | $ 1.4 | ||||||||
Revlon 2019 Transaction Incentive Program, Tier 1 | Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Proportion settled in cash | 67.00% | ||||||||
Proportion settled in RSU's | 33.00% | ||||||||
Accelerated vesting, number of awards (in shares) | shares | 6,540 | 47,743 | |||||||
Accelerated cost | $ 0.2 | ||||||||
Revlon 2019 Transaction Incentive Program, Tier 1 | Restricted Stock Units | First Tranche | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 50.00% | ||||||||
Revlon 2019 Transaction Incentive Program, Tier 1 | Restricted Stock Units | Second Tranche | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 50.00% | ||||||||
Revlon 2019 Transaction Incentive Program, Tier 1 | Time-Based RSUs | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized (in shares) | shares | 206,812 | ||||||||
Awards granted and outstanding (in shares) | shares | 74,597 | 74,597 | |||||||
Revlon 2019 Transaction Incentive Program, Tier 2 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Cash-based awards | $ 2.5 | ||||||||
Number of installments | installment | 1 | ||||||||
Cash-based awards granted, amortization expense | $ 2.1 | ||||||||
Revlon 2019 Transaction Incentive Program, Tier 2 | Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 100.00% | ||||||||
LTIP Plan | Restricted Stock Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Compensation expense | $ 12.3 | ||||||||
Accelerated vesting, number of awards (in shares) | shares | 8,121 | 57,763 | |||||||
LTIP Plan | Time-Based RSUs | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 3 years | ||||||||
Awards granted (in shares) | shares | 1,700,000 | ||||||||
Period remaining after termination date for accelerated vesting to apply | 12 months | ||||||||
LTIP Plan | Time-Based RSUs | First Tranche | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 50.00% | ||||||||
LTIP Plan | Time-Based RSUs | Second Tranche | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 25.00% | ||||||||
LTIP Plan | Time-Based RSUs | Third Tranche | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting percentage | 25.00% | ||||||||
LTIP Plan | Performance-Based RSUs | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Vesting period | 3 years | ||||||||
Compensation expense | $ 1.5 | ||||||||
Deferred stock-based compensation | 10.5 | $ 10.5 | |||||||
Total LTIP and TIP RSU's | Time-Based RSUs | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Compensation expense | 12 | ||||||||
Deferred stock-based compensation | $ 11.4 | $ 11.4 |
STOCK COMPENSATION PLAN - Restr
STOCK COMPENSATION PLAN - Restricted Stock and Restricted Stock Unit Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Treasury Stock | ||
Weighted Average Grant Date Fair Value Per RSU | ||
Shares withheld for withholding taxes (in shares) | 218,757 | 148,620 |
Restricted Stock and Restricted Stock Units | ||
Restricted Stock and RSUs | ||
Outstanding, beginning of period (in shares) | 1,798,900 | 2,021,600 |
Granted (in shares) | 1,782,200 | 1,065,300 |
Vested (in shares) | (519,000) | (494,700) |
Forfeited (in shares) | (519,600) | (793,300) |
Outstanding, end of period (in shares) | 2,542,500 | 1,798,900 |
Weighted Average Grant Date Fair Value Per RSU | ||
Outstanding, weighted average grant date fair value (in dollars per share) | $ 17.89 | $ 20.93 |
Granted (in dollars per share) | 10.72 | 14.91 |
Vested (in dollars per share) | 18.61 | 20.52 |
Forfeited (in dollars per share) | 16.15 | 20 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 13.07 | $ 17.89 |
Restricted Stock | Stock Plan | ||
Restricted Stock and RSUs | ||
Granted (in shares) | 20,442 | 0 |
Restricted Stock Units | ||
Restricted Stock and RSUs | ||
Granted (in shares) | 1,761,779 | 1,065,319 |
STOCK COMPENSATION PLAN - Activ
STOCK COMPENSATION PLAN - Activity Related to Time-based and Performance-based RSUs and the Grant Date Fair Value (Details) - $ / shares | 12 Months Ended | 28 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | |
Restricted Stock Units | |||
Restricted Stock Units | |||
Awards granted (in shares) | 1,761,779 | 1,065,319 | |
Revlon 2019 Transaction Incentive Program | 2019 | Time-Based LTIP | |||
Restricted Stock Units | |||
Outstanding, beginning of period (in shares) | 58,800 | ||
Awards granted (in shares) | 80,100 | ||
Awards vested (in shares) | (53,000) | ||
Awards forfeited/canceled (in shares) | (11,200) | ||
Outstanding, end of period (in shares) | 74,600 | 58,800 | 74,600 |
Weighted Average Grant Date Fair Value Per RSU | |||
Outstanding, weighted average grant date fair value (in dollars per share) | $ 15.95 | ||
Awards granted, weighted average grant date fair value (in dollars per share) | 13.11 | ||
Awards vested, weighted average grant date fair value (in dollars per share) | 15.53 | ||
Awards forfeited/canceled, weighted average grant date fair value (in dollars per share) | 15.12 | ||
Outstanding, weighted average grant date fair value (in dollars per share) | $ 13.16 | $ 15.95 | $ 13.16 |
Revlon 2019 Transaction Incentive Program, Tier 1 | Restricted Stock Units | |||
Weighted Average Grant Date Fair Value Per RSU | |||
Accelerated vesting, number of awards (in shares) | 6,540 | 47,743 | |
LTIP Plan | Restricted Stock Units | |||
Weighted Average Grant Date Fair Value Per RSU | |||
Accelerated vesting, number of awards (in shares) | 8,121 | 57,763 | |
LTIP Plan | Time-Based LTIP | |||
Restricted Stock Units | |||
Outstanding, beginning of period (in shares) | 732,200 | ||
Awards granted (in shares) | 1,681,700 | ||
Awards vested (in shares) | (340,000) | ||
Awards forfeited/canceled (in shares) | (201,600) | ||
Outstanding, end of period (in shares) | 1,872,300 | 732,200 | 1,872,300 |
LTIP Plan | Performance-Based LTIP | |||
Restricted Stock Units | |||
Outstanding, beginning of period (in shares) | 934,100 | ||
Awards granted (in shares) | 0 | ||
Awards vested (in shares) | (38,500) | ||
Awards forfeited/canceled (in shares) | (306,800) | ||
Outstanding, end of period (in shares) | 588,900 | 934,100 | 588,900 |
LTIP Plan | 2018 | Time-Based LTIP | |||
Restricted Stock Units | |||
Outstanding, beginning of period (in shares) | 66,400 | ||
Awards granted (in shares) | 0 | ||
Awards vested (in shares) | (65,900) | ||
Awards forfeited/canceled (in shares) | (500) | ||
Outstanding, end of period (in shares) | 0 | 66,400 | 0 |
Weighted Average Grant Date Fair Value Per RSU | |||
Outstanding, weighted average grant date fair value (in dollars per share) | $ 19.40 | ||
Awards granted, weighted average grant date fair value (in dollars per share) | 0 | ||
Awards vested, weighted average grant date fair value (in dollars per share) | 19.42 | ||
Awards forfeited/canceled, weighted average grant date fair value (in dollars per share) | 16.80 | ||
Outstanding, weighted average grant date fair value (in dollars per share) | $ 19.40 | ||
LTIP Plan | 2018 | Performance-Based LTIP | |||
Restricted Stock Units | |||
Outstanding, beginning of period (in shares) | 215,900 | ||
Awards granted (in shares) | 0 | ||
Awards vested (in shares) | (38,500) | ||
Awards forfeited/canceled (in shares) | (177,400) | ||
Outstanding, end of period (in shares) | 0 | 215,900 | 0 |
Weighted Average Grant Date Fair Value Per RSU | |||
Outstanding, weighted average grant date fair value (in dollars per share) | $ 19.42 | ||
Awards granted, weighted average grant date fair value (in dollars per share) | 0 | ||
Awards vested, weighted average grant date fair value (in dollars per share) | 19.44 | ||
Awards forfeited/canceled, weighted average grant date fair value (in dollars per share) | 19.42 | ||
Outstanding, weighted average grant date fair value (in dollars per share) | $ 0 | $ 19.42 | $ 0 |
LTIP Plan | 2019 | Time-Based LTIP | |||
Restricted Stock Units | |||
Outstanding, beginning of period (in shares) | 169,300 | ||
Awards granted (in shares) | 0 | ||
Awards vested (in shares) | (91,400) | ||
Awards forfeited/canceled (in shares) | (8,100) | ||
Outstanding, end of period (in shares) | 69,800 | 169,300 | 69,800 |
Weighted Average Grant Date Fair Value Per RSU | |||
Outstanding, weighted average grant date fair value (in dollars per share) | $ 22.55 | ||
Awards granted, weighted average grant date fair value (in dollars per share) | 0 | ||
Awards vested, weighted average grant date fair value (in dollars per share) | 22.53 | ||
Awards forfeited/canceled, weighted average grant date fair value (in dollars per share) | 22.55 | ||
Outstanding, weighted average grant date fair value (in dollars per share) | $ 22.58 | $ 22.55 | $ 22.58 |
LTIP Plan | 2019 | Performance-Based LTIP | |||
Restricted Stock Units | |||
Outstanding, beginning of period (in shares) | 255,300 | ||
Awards granted (in shares) | 0 | ||
Awards vested (in shares) | 0 | ||
Awards forfeited/canceled (in shares) | (44,200) | ||
Outstanding, end of period (in shares) | 211,200 | 255,300 | 211,200 |
Weighted Average Grant Date Fair Value Per RSU | |||
Outstanding, weighted average grant date fair value (in dollars per share) | $ 22.55 | ||
Awards granted, weighted average grant date fair value (in dollars per share) | 0 | ||
Awards vested, weighted average grant date fair value (in dollars per share) | 0 | ||
Awards forfeited/canceled, weighted average grant date fair value (in dollars per share) | 22.55 | ||
Outstanding, weighted average grant date fair value (in dollars per share) | $ 22.55 | $ 22.55 | $ 22.55 |
LTIP Plan | 2020 | Time-Based LTIP | |||
Restricted Stock Units | |||
Outstanding, beginning of period (in shares) | 496,500 | ||
Awards granted (in shares) | 0 | ||
Awards vested (in shares) | (182,700) | ||
Awards forfeited/canceled (in shares) | (59,900) | ||
Outstanding, end of period (in shares) | 253,900 | 496,500 | 253,900 |
Weighted Average Grant Date Fair Value Per RSU | |||
Outstanding, weighted average grant date fair value (in dollars per share) | $ 14.96 | ||
Awards granted, weighted average grant date fair value (in dollars per share) | 0 | ||
Awards vested, weighted average grant date fair value (in dollars per share) | 14.96 | ||
Awards forfeited/canceled, weighted average grant date fair value (in dollars per share) | 14.96 | ||
Outstanding, weighted average grant date fair value (in dollars per share) | $ 14.96 | $ 14.96 | $ 14.96 |
LTIP Plan | 2020 | Performance-Based LTIP | |||
Restricted Stock Units | |||
Outstanding, beginning of period (in shares) | 462,900 | ||
Awards granted (in shares) | 0 | ||
Awards vested (in shares) | 0 | ||
Awards forfeited/canceled (in shares) | (85,200) | ||
Outstanding, end of period (in shares) | 377,700 | 462,900 | 377,700 |
Weighted Average Grant Date Fair Value Per RSU | |||
Outstanding, weighted average grant date fair value (in dollars per share) | $ 14.96 | ||
Awards granted, weighted average grant date fair value (in dollars per share) | 0 | ||
Awards vested, weighted average grant date fair value (in dollars per share) | 0 | ||
Awards forfeited/canceled, weighted average grant date fair value (in dollars per share) | 14.96 | ||
Outstanding, weighted average grant date fair value (in dollars per share) | $ 14.96 | $ 14.96 | $ 14.96 |
LTIP Plan | 2021 | Time-Based LTIP | |||
Restricted Stock Units | |||
Awards granted (in shares) | 1,681,700 | ||
Awards forfeited/canceled (in shares) | (133,100) | ||
Outstanding, end of period (in shares) | 1,548,600 | 1,548,600 | |
Weighted Average Grant Date Fair Value Per RSU | |||
Awards granted, weighted average grant date fair value (in dollars per share) | $ 10.59 | ||
Awards forfeited/canceled, weighted average grant date fair value (in dollars per share) | 10.69 | ||
Outstanding, weighted average grant date fair value (in dollars per share) | $ 10.58 | $ 10.58 | |
LTIP Plan | 2021 | Performance-Based LTIP | |||
Restricted Stock Units | |||
Awards granted (in shares) | 0 | ||
Awards forfeited/canceled (in shares) | 0 | ||
Outstanding, end of period (in shares) | 0 | 0 | |
Weighted Average Grant Date Fair Value Per RSU | |||
Awards granted, weighted average grant date fair value (in dollars per share) | $ 0 | ||
Awards forfeited/canceled, weighted average grant date fair value (in dollars per share) | 0 | ||
Outstanding, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 | |
Total LTIP and TIP RSU's | Time-Based LTIP | |||
Restricted Stock Units | |||
Outstanding, beginning of period (in shares) | 791,000 | ||
Outstanding, end of period (in shares) | 1,946,900 | 791,000 | 1,946,900 |
Total LTIP and TIP RSU's | Performance-Based LTIP | |||
Restricted Stock Units | |||
Outstanding, beginning of period (in shares) | 934,100 | ||
Outstanding, end of period (in shares) | 588,900 | 934,100 | 588,900 |
INCOME TAXES - Income Before In
INCOME TAXES - Income Before Income Taxes and Provision for Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loss from continuing operations before income taxes: | ||
United States | $ (217) | $ (357) |
Foreign | 16.3 | (103.2) |
(Loss) income from operations before income taxes | (200.7) | (460.2) |
Provision for income taxes: | ||
United States federal | 4.8 | 143.5 |
State and local | 0.5 | 8.1 |
Foreign | 0.9 | 7.2 |
Total provision for income taxes | 6.2 | 158.8 |
Current: | ||
United States federal | 4.8 | 3.5 |
State and local | 1.4 | 1.8 |
Foreign | 20 | (2) |
Current | 26.2 | 3.3 |
Deferred: | ||
United States federal | 0 | 140.1 |
State and local | (0.9) | 6.3 |
Foreign | (19.1) | 9.1 |
Deferred | $ (20) | $ 155.5 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Line Items] | |||
Provision for income taxes | $ 6.2 | $ 158.8 | |
Increase (decrease) in provision (benefit) from income taxes | (152.6) | ||
Valuation allowance assumption, period of taxable loss | 3 years | ||
Increase (decrease) in deferred tax valuation allowance | 32.5 | $ 206.1 | |
Tax loss carryforwards | 1,060.1 | ||
Tax loss carryforwards - expiring 2022 | 1.6 | ||
Tax loss carryforwards - expiring 2023 | 0.6 | ||
Tax loss carryforwards - expiring 2024 and beyond | 724.7 | ||
Tax loss carryforwards - no expiration | 333.2 | ||
Unrecognized tax benefits | 87 | 84.4 | $ 78 |
Income tax penalties and interest accrued | 16.1 | 15.6 | $ 11.7 |
Unrecognized tax benefits that would impact effective tax rate | 17.1 | ||
Tax deferred expense | 69.9 | ||
Unrecognized tax benefits, expense recognized | 0.5 | 3.9 | |
Decrease in unrecognized tax benefits in the next year | 4.3 | ||
Tax Payment | MacAndrews & Forbes | |||
Income Tax Disclosure [Line Items] | |||
Payments to related party (less than) | $ 0.1 | ||
Foreign | |||
Income Tax Disclosure [Line Items] | |||
Period of cumulative losses | 3 years | ||
Tax loss carryforwards | $ 296.3 | ||
Federal | |||
Income Tax Disclosure [Line Items] | |||
Increase (decrease) in deferred tax valuation allowance | 25.2 | 189.5 | |
Tax loss carryforwards | 763.9 | ||
Revlon Consumer Products Corporation | |||
Income Tax Disclosure [Line Items] | |||
Provision for income taxes | 3.2 | $ 140.5 | |
Increase (decrease) in provision (benefit) from income taxes | $ (137.3) |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Tax Expense to Statutory Federal Income Tax Rate (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Computed income tax benefit | $ (42.1) | $ (96.6) |
State and local taxes, net of U.S. federal income tax benefit | 0.2 | 1.8 |
Foreign rate differential and other foreign adjustments | 7.9 | 23.8 |
Net establishment of valuation allowance | 25.2 | 193.7 |
Net establishment of uncertain tax positions | 4.8 | 4.4 |
Foreign dividends and earnings taxable in the U.S. | 6.2 | 7.9 |
Impairment for which there is no tax benefit | 0 | 17 |
Other | 4 | 6.8 |
Total provision for income taxes | $ 6.2 | $ 158.8 |
INCOME TAXES - Components of De
INCOME TAXES - Components of Deferred Taxes (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Inventories | $ 15.8 | $ 19 |
Net operating loss carryforwards - U.S. | 192.9 | 174.5 |
Net operating loss carryforwards - foreign | 59.3 | 51.4 |
Disallowed Interest Carryover - U.S. | 89 | 61.2 |
Employee benefits | 43.8 | 58.1 |
Sales-related reserves | 13.6 | 16.2 |
Lease liability | 24.1 | 26.6 |
Deferred revenue | 16.9 | 17.2 |
Restructuring - debt refinancing | 13 | 14.2 |
Other | 76.8 | 58.8 |
Total gross deferred tax assets | 545.2 | 497.2 |
Less valuation allowance | (401.9) | (369.4) |
Total deferred tax assets, net of valuation allowance | 143.3 | 127.8 |
Deferred tax liabilities: | ||
Plant, equipment and other assets | (32.1) | (34.9) |
Intangibles | (61.5) | (62.8) |
Other | (7.9) | (7.6) |
Total gross deferred tax liabilities | (101.5) | (105.3) |
Net deferred tax assets | 41.8 | 22.5 |
Revlon Consumer Products Corporation | ||
Deferred tax assets: | ||
Net operating loss carryforwards - U.S. | $ 179.6 | $ 158.9 |
INCOME TAXES - Unrecognized Tax
INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Tax | ||
Beginning Balance | $ 68.8 | $ 66.3 |
Increase based on tax positions taken in a prior year | 1.6 | 3.5 |
Decrease based on tax positions taken in a prior year | (3) | (3.3) |
Increase based on tax positions taken in the current year | 7.1 | 5.5 |
Decrease resulting from the lapse of statutes of limitations | (3.6) | (3.2) |
Ending Balance | 70.9 | 68.8 |
Interest and Penalties | ||
Beginning Balance | 15.6 | 11.7 |
Increase based on tax positions taken in a prior year | 3.5 | 6.4 |
Decrease based on tax positions taken in a prior year | (1) | (1) |
Increase based on tax positions taken in the current year | 0 | 0 |
Decrease resulting from the lapse of statutes of limitations | (2) | (1.5) |
Ending Balance | 16.1 | 15.6 |
Total | ||
Beginning balance | 84.4 | 78 |
Increase based on tax positions taken in a prior year | 5.1 | 9.9 |
Decrease based on tax positions taken in a prior year | (4) | (4.3) |
Increase based on tax positions taken in the current year | 7.1 | 5.5 |
Decrease resulting from the lapse of statutes of limitations | (5.6) | (4.7) |
Ending balance | $ 87 | $ 84.4 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Roll-forward of Accumulated Other Comprehensive Loss (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | $ (1,862,000,000) | $ (1,221,200,000) | ||
Foreign currency translation adjustment, net of tax | (8,700,000) | 10,200,000 | ||
Amortization of pension related costs, net of tax | [1],[2] | 13,800,000 | 11,400,000 | |
Pension re-measurement, net of tax | [3] | 38,100,000 | (52,100,000) | |
Other comprehensive (loss) income, net | [4] | 43,200,000 | (30,500,000) | |
Ending balance | (2,014,100,000) | (1,862,000,000) | ||
Pension re-measurement, tax expense (benefit) | 300,000 | (1,900,000) | ||
Foreign currency translation adjustment, tax expense (benefit) | 0 | 0 | ||
Amortization of pension related costs, tax expense (benefit) | 0 | 0 | ||
Accumulated Other Comprehensive (Loss) Income | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (277,900,000) | (247,400,000) | ||
Other comprehensive (loss) income, net | 43,200,000 | (30,500,000) | [4] | |
Ending balance | (234,700,000) | (277,900,000) | ||
Foreign Currency Translation | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (17,100,000) | (27,300,000) | ||
Foreign currency translation adjustment, net of tax | (8,700,000) | 10,200,000 | ||
Other comprehensive (loss) income, net | (8,700,000) | 10,200,000 | ||
Ending balance | (25,800,000) | (17,100,000) | ||
Actuarial (Loss) Gain on Post-retirement Benefits | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (260,500,000) | (219,800,000) | ||
Amortization of pension related costs, net of tax | 13,800,000 | 11,400,000 | ||
Pension re-measurement, net of tax | 38,100,000 | (52,100,000) | ||
Other comprehensive (loss) income, net | 51,900,000 | (40,700,000) | ||
Ending balance | (208,600,000) | (260,500,000) | ||
Pension re-measurement, tax expense (benefit) | 300,000 | (1,900,000) | ||
Other | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Beginning balance | (300,000) | (300,000) | ||
Other comprehensive (loss) income, net | 0 | 0 | ||
Ending balance | $ (300,000) | $ (300,000) | ||
[1] | Net of tax benefit of nil for each of the years ended December 31, 2021 and 2020. | |||
[2] | This amount is included in the computation of net periodic benefit costs (income). See Note 11, "Pension and Post-Retirement Benefits," for additional information regarding net periodic benefit costs (income). | |||
[3] | Net of tax expense of $0.3 million and tax benefit of $1.9 million for the years ended December 31, 2021 and 2020, respectively. | |||
[4] | See Note 14, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during the years ended December 31, 2021 and 2020, respectively. |
STOCKHOLDERS' DEFICIENCY - Comm
STOCKHOLDERS' DEFICIENCY - Common and Treasury Stock Issued and/or Outstanding (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Stock | Stock Plan | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Awards granted | 20,442 | 0 |
Restricted Stock Units | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Awards granted | 1,761,779 | 1,065,319 |
Treasury Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 1,774,200 | 1,625,580 |
Withholding of restricted stock to satisfy taxes | 218,757 | 148,620 |
Ending balance | 1,992,957 | 1,774,200 |
Class A Common Stock | Common Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 56,742,513 | 56,470,490 |
Restricted stock grants | 1,782,221 | 1,065,319 |
Restricted stock forfeitures | (519,592) | (793,296) |
Ending balance | 58,005,142 | 56,742,513 |
STOCKHOLDERS' DEFICIENCY - Narr
STOCKHOLDERS' DEFICIENCY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||
Common stock, authorized (in shares) | 900,000,000 | 900,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Tax withholdings related to net share settlements of restricted stock units and awards | $ 2.4 | $ 1.7 |
Treasury Stock | ||
Class of Stock [Line Items] | ||
Shares withheld for withholding taxes (in shares) | 218,757 | 148,620 |
Class A Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, authorized (in shares) | 900,000,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | |
Percentage ownership of outstanding common stock | 86.10% | |
Class A Common Stock | Treasury Stock | Restricted Stock and Restricted Stock Units | ||
Class of Stock [Line Items] | ||
Share repurchase price (in dollars per share) | $ 11.19 | $ 10.98 |
Class B Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, authorized (in shares) | 200,000,000 | |
Common stock, par value (in dollars per share) | $ 0.01 |
SEGMENT DATA AND RELATED INFO_3
SEGMENT DATA AND RELATED INFORMATION - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2021reporting_unitbrand_teamcountry | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Number of reporting units | reporting_unit | 4 | |
Number of global brand teams | brand_team | 4 | |
Walmart | Net sales | Customer Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Concentration risk percentage | 14.00% | 18.00% |
International | ||
Segment Reporting Information [Line Items] | ||
Number of countries in which entity operates | country | 25 |
SEGMENT DATA AND RELATED INFO_4
SEGMENT DATA AND RELATED INFORMATION - Net Sales and Segment Profit (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 2,078.7 | $ 1,904.3 |
Segment profit | 103.2 | (226.3) |
Depreciation and amortization | 125.7 | 143.3 |
Non-Operating items: | ||
Restructuring and related charges | 26.1 | 49.7 |
Acquisition, integration and divestiture costs | 2.3 | 5 |
Gain on divested assets | (1.1) | (0.5) |
Impairment charges | 0 | 144.1 |
Operating income (loss) | 103.2 | (226.3) |
Interest Expense | 247.7 | 243.3 |
Amortization of debt issuance costs | 39.6 | 26.8 |
Gain on early extinguishment of debt | 0 | (43.1) |
Foreign currency losses (gains), net | 10.6 | (6) |
Miscellaneous, net | 6 | 12.9 |
(Loss) income from operations before income taxes | (200.7) | (460.2) |
Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 2,078.7 | 1,904.3 |
Segment profit | 292.9 | 240.1 |
Non-Operating items: | ||
Operating income (loss) | 292.9 | 240.1 |
Segment reconciling items | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 125.7 | 143.3 |
Non-cash stock compensation expense | 14 | 10.4 |
Non-Operating items: | ||
Restructuring and related charges | 33 | 68.7 |
Acquisition, integration and divestiture costs | 2.3 | 5 |
Gain on divested assets | (1.1) | (0.5) |
Financial control remediation and sustainability actions and related charges | 0.5 | 9.6 |
Excessive coupon redemptions | 0 | 4.2 |
COVID-19 charges | 6.1 | 46.3 |
Capital structure and related charges | 9.2 | 35.3 |
Impairment charges | 0 | 144.1 |
Revlon | ||
Segment Reporting Information [Line Items] | ||
Net sales | 727.9 | 688.4 |
Revlon | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 727.9 | 688.4 |
Segment profit | 86.8 | 86.5 |
Non-Operating items: | ||
Operating income (loss) | 86.8 | 86.5 |
Elizabeth Arden | ||
Segment Reporting Information [Line Items] | ||
Net sales | 532.3 | 463.5 |
Elizabeth Arden | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 532.3 | 463.5 |
Segment profit | 62.8 | 39.6 |
Non-Operating items: | ||
Operating income (loss) | 62.8 | 39.6 |
Portfolio | ||
Segment Reporting Information [Line Items] | ||
Net sales | 419.1 | 401.3 |
Portfolio | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 419.1 | 401.3 |
Segment profit | 71 | 47.4 |
Non-Operating items: | ||
Operating income (loss) | 71 | 47.4 |
Fragrance | ||
Segment Reporting Information [Line Items] | ||
Net sales | 399.4 | 351.1 |
Fragrance | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 399.4 | 351.1 |
Segment profit | 72.3 | 66.6 |
Non-Operating items: | ||
Operating income (loss) | 72.3 | 66.6 |
Revlon Consumer Products Corporation | ||
Segment Reporting Information [Line Items] | ||
Net sales | 2,078.7 | 1,904.3 |
Segment profit | 110.8 | (219.1) |
Depreciation and amortization | 125.7 | 143.3 |
Non-cash stock compensation expense | 14 | 10.4 |
Non-Operating items: | ||
Acquisition, integration and divestiture costs | 2.3 | 5 |
Gain on divested assets | (1.1) | (0.5) |
Impairment charges | 0 | 144.1 |
Operating income (loss) | 110.8 | (219.1) |
Interest Expense | 247.7 | 243.3 |
Amortization of debt issuance costs | 39.6 | 26.8 |
Gain on early extinguishment of debt | 0 | (43.1) |
Foreign currency losses (gains), net | 10.6 | (6) |
Miscellaneous, net | 21.1 | 12.9 |
(Loss) income from operations before income taxes | (208.2) | (453) |
Revlon Consumer Products Corporation | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 2,078.7 | 1,904.3 |
Segment profit | 300.5 | 247.3 |
Non-Operating items: | ||
Operating income (loss) | 300.5 | 247.3 |
Revlon Consumer Products Corporation | Segment reconciling items | ||
Non-Operating items: | ||
Restructuring and related charges | 33 | 68.7 |
Acquisition, integration and divestiture costs | 2.3 | 5 |
Gain on divested assets | (1.1) | (0.5) |
Financial control remediation and sustainability actions and related charges | 0.5 | 9.6 |
Excessive coupon redemptions | 0 | 4.2 |
COVID-19 charges | 6.1 | 46.3 |
Capital structure and related charges | 9.2 | 35.3 |
Impairment charges | 0 | 144.1 |
Revlon Consumer Products Corporation | Revlon | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 727.9 | 688.4 |
Segment profit | 89.5 | 89.1 |
Non-Operating items: | ||
Operating income (loss) | 89.5 | 89.1 |
Revlon Consumer Products Corporation | Elizabeth Arden | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 532.3 | 463.5 |
Segment profit | 64.7 | 41.4 |
Non-Operating items: | ||
Operating income (loss) | 64.7 | 41.4 |
Revlon Consumer Products Corporation | Portfolio | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 419.1 | 401.3 |
Segment profit | 72.5 | 48.9 |
Non-Operating items: | ||
Operating income (loss) | 72.5 | 48.9 |
Revlon Consumer Products Corporation | Fragrance | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 399.4 | 351.1 |
Segment profit | 73.8 | 67.9 |
Non-Operating items: | ||
Operating income (loss) | $ 73.8 | $ 67.9 |
SEGMENT DATA AND RELATED INFO_5
SEGMENT DATA AND RELATED INFORMATION - Schedule of Net Sales and Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 2,078.7 | $ 1,904.3 |
Long-lived assets | 1,350.1 | 1,455.6 |
North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 1,056.1 | 986.7 |
EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 477.3 | 434.8 |
Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 333.5 | 302.2 |
Latin America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 92.2 | 77.6 |
Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 119.6 | 103 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 1,134.3 | $ 1,194.9 |
Percentage of long lived assets by geographic location | 84.00% | 82.00% |
International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 215.8 | $ 260.7 |
Percentage of long lived assets by geographic location | 16.00% | 18.00% |
Revlon | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 727.9 | $ 688.4 |
Revlon | North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 389.4 | 381 |
Revlon | EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 170.6 | 146.3 |
Revlon | Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 40.1 | 49.9 |
Revlon | Latin America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 57.3 | 50.9 |
Revlon | Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 70.5 | 60.3 |
Elizabeth Arden | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 532.3 | 463.5 |
Elizabeth Arden | North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 109.8 | 104.4 |
Elizabeth Arden | EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 116.5 | 95.7 |
Elizabeth Arden | Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 276.2 | 239.2 |
Elizabeth Arden | Latin America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 7.6 | 5.8 |
Elizabeth Arden | Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 22.2 | 18.4 |
Portfolio | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 419.1 | 401.3 |
Portfolio | North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 274 | 247.9 |
Portfolio | EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 111.7 | 122.9 |
Portfolio | Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 2.8 | 2.2 |
Portfolio | Latin America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 16.5 | 16.2 |
Portfolio | Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 14.1 | 12.1 |
Fragrance | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 399.4 | 351.1 |
Fragrance | North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 282.9 | 253.4 |
Fragrance | EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 78.5 | 69.9 |
Fragrance | Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 14.4 | 10.9 |
Fragrance | Latin America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 10.8 | 4.7 |
Fragrance | Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 12.8 | $ 12.2 |
SEGMENT DATA AND RELATED INFO_6
SEGMENT DATA AND RELATED INFORMATION - Schedule of Net Sales by Classes of Similar Products (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from External Customer [Line Items] | ||
Net sales | $ 2,078.7 | $ 1,904.3 |
Color cosmetics | ||
Revenue from External Customer [Line Items] | ||
Net sales | $ 526.8 | $ 452 |
Percentage of net sales by classes of similar products | 25.00% | 24.00% |
Fragrance | ||
Revenue from External Customer [Line Items] | ||
Net sales | $ 580.1 | $ 486.1 |
Percentage of net sales by classes of similar products | 28.00% | 25.00% |
Hair care | ||
Revenue from External Customer [Line Items] | ||
Net sales | $ 472.1 | $ 456.1 |
Percentage of net sales by classes of similar products | 23.00% | 24.00% |
Beauty care | ||
Revenue from External Customer [Line Items] | ||
Net sales | $ 166.4 | $ 189 |
Percentage of net sales by classes of similar products | 8.00% | 10.00% |
Skin care | ||
Revenue from External Customer [Line Items] | ||
Net sales | $ 333.3 | $ 321.1 |
Percentage of net sales by classes of similar products | 16.00% | 17.00% |
REVLON, INC. BASIC AND DILUTE_3
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 | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator: | ||
Loss from operations, net of taxes | $ (206.9) | $ (619) |
Net (loss) income | $ (206.9) | $ (619) |
Denominator: | ||
Weighted-average common shares outstanding - Basic (in shares) | 53,934,179 | 53,401,324 |
Effect of dilutive restricted stock and RSUs (in shares) | 0 | 0 |
Weighted-average common shares outstanding - Diluted (in shares) | 53,934,179 | 53,401,324 |
Basic and Diluted (loss) earnings per common share: | ||
Basic net loss (in dollars per share) | $ (3.84) | $ (11.59) |
Diluted Net loss (in dollars per share) | $ (3.84) | $ (11.59) |
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) | 681,023 | 0 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) $ in Millions | Feb. 16, 2021USD ($) |
Pending litigation | |
Gain Contingencies [Line Items] | |
Damages sought | $ 504 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) | Nov. 13, 2020 | Nov. 10, 2020 | Mar. 31, 2020 | Oct. 31, 2013 | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2009 | Oct. 23, 2020 | Jan. 31, 2007 | Mar. 31, 2006 |
Related Party Transaction [Line Items] | |||||||||||
Reimbursement Agreements termination notice period | 90 days | ||||||||||
Conversion ratio, outstanding principal amount per share of common stock issued (in dollars per share) | $ 5.21 | ||||||||||
Number of days demand registration may be postponed | 30 days | ||||||||||
Products Corporation | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage of voting capital stock | 66.00% | ||||||||||
Registration Rights Agreement | 2003 Equity Rights Offering | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Equity right offering value | $ 50,000,000 | ||||||||||
Registration Rights Agreement | 2006 Equity Rights Offering | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Equity right offering value | $ 110,000,000 | ||||||||||
Registration Rights Agreement | 2007 Equity Rights Offering | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Equity right offering value | $ 100,000,000 | ||||||||||
MacAndrews & Forbes | Reimbursements | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related party income | $ 200,000 | $ 800,000 | |||||||||
Receivable from related party | $ 100,000 | 100,000 | 100,000 | ||||||||
MacAndrews & Forbes | Reimbursements, D&O Insurance Program | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Payments to related party | 1,300,000 | 5,300,000 | |||||||||
Payable to related party | 0 | 0 | |||||||||
Majority Shareholder | Related party expense, other advertising coupon redemption and raw material supply | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Payments to related party | 300,000 | 900,000 | |||||||||
Payable to related party | 500,000 | 500,000 | 300,000 | ||||||||
Related party expenses | 12,700,000 | 32,600,000 | |||||||||
Majority Shareholder | Related party expense, coupon redemption services | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Payable to related party | $ 4,200,000 | $ 4,200,000 | $ 600,000 | ||||||||
Mr. Beattie | 2020 Consulting Agreement | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Consulting agreement renewal term | 1 year | ||||||||||
Annual consulting fee | $ 250,000 | ||||||||||
5.75% Senior Notes | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Stated interest rate (as a percent) | 5.75% | ||||||||||
5.75% Senior Notes | Revlon Consumer Products Corporation | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | |||||||||
Debt conversion, original debt amount | $ 236,000,000 | $ 236,000,000 | |||||||||
5.75% Senior Notes | Revlon Consumer Products Corporation | MacAndrews & Forbes | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Debt conversion, original debt amount | $ 15,500,000 | ||||||||||
Class A Common Stock | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentage ownership of outstanding common stock | 86.10% | 86.10% | |||||||||
Shares converted in Offering | 3,125,000 | 9,336,905 |
PRODUCTS CORPORATION AND SUBS_3
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION - Narrative (Details) - 6.25% Senior Notes | Dec. 31, 2021 | Aug. 04, 2016 |
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% | 6.25% |
PRODUCTS CORPORATION AND SUBS_4
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION - Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | |||
Cash and cash equivalents | $ 102.4 | $ 97.1 | |
Trade receivables, less allowances for doubtful accounts | 383.8 | 352.3 | |
Inventories, net | 417.4 | 462.6 | |
Property, plant and equipment, net | 297.3 | 352 | |
Deferred income taxes | 42.8 | 25.7 | |
Goodwill | 562.8 | 563.7 | $ 673.7 |
Intangible assets, net | 392.2 | 430.8 | |
Other assets | 97.8 | 109.1 | |
Total assets | 2,432.5 | 2,527.7 | |
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | |||
Short-term borrowings | 0.7 | 2.5 | |
Current portion of long-term debt | 137.2 | 217.5 | |
Accounts payable | 217.7 | 203.3 | |
Accrued expenses and other current liabilities | 432 | 420.9 | |
Long-term debt | 3,305.5 | 3,105 | |
Stockholder’s (deficiency) equity | (2,014.1) | (1,862) | (1,221.2) |
Total liabilities and stockholder’s (deficiency) equity | 2,432.5 | 2,527.7 | |
Revlon Consumer Products Corporation | |||
ASSETS | |||
Cash and cash equivalents | 102.4 | 97.1 | |
Trade receivables, less allowances for doubtful accounts | 383.8 | 352.3 | |
Inventories, net | 417.4 | 462.6 | |
Prepaid expenses and other | 296.8 | 300.5 | |
Intercompany receivables | 0 | 0 | |
Investment in subsidiaries | 0 | 0 | |
Property, plant and equipment, net | 297.3 | 352 | |
Deferred income taxes | 51.6 | 34.1 | |
Goodwill | 562.8 | 563.7 | |
Intangible assets, net | 392.2 | 430.8 | |
Other assets | 97.8 | 109.1 | |
Total assets | 2,602.1 | 2,702.2 | |
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | |||
Short-term borrowings | 0.7 | 2.5 | |
Current portion of long-term debt | 137.2 | 217.5 | |
Accounts payable | 217.7 | 203.3 | |
Accrued expenses and other current liabilities | 432.1 | 423.2 | |
Intercompany payables | 0 | 0 | |
Long-term debt | 3,305.5 | 3,105 | |
Other long-term liabilities | 366.1 | 453.7 | |
Total liabilities | 4,459.3 | 4,405.2 | |
Stockholder’s (deficiency) equity | (1,857.2) | (1,703) | $ (1,089.4) |
Total liabilities and stockholder’s (deficiency) equity | 2,602.1 | 2,702.2 | |
Revlon Consumer Products Corporation | Eliminations | |||
ASSETS | |||
Cash and cash equivalents | 0 | 0 | |
Trade receivables, less allowances for doubtful accounts | 0 | 0 | |
Inventories, net | 0 | 0 | |
Prepaid expenses and other | 0 | 0 | |
Intercompany receivables | (9,639.5) | (7,755.9) | |
Investment in subsidiaries | (836.6) | (1,655.9) | |
Property, plant and equipment, net | 0 | 0 | |
Deferred income taxes | 0 | 0 | |
Goodwill | 0 | 0 | |
Intangible assets, net | 0 | 0 | |
Other assets | 0 | 0 | |
Total assets | (10,476.1) | (9,411.8) | |
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | |||
Short-term borrowings | 0 | 0 | |
Current portion of long-term debt | 0 | 0 | |
Accounts payable | 0 | 0 | |
Accrued expenses and other current liabilities | 0 | 0 | |
Intercompany payables | (9,639.2) | (7,755.7) | |
Long-term debt | 0 | 0 | |
Other long-term liabilities | 0 | 0 | |
Total liabilities | (9,639.2) | (7,755.7) | |
Stockholder’s (deficiency) equity | (836.9) | (1,656.1) | |
Total liabilities and stockholder’s (deficiency) equity | (10,476.1) | (9,411.8) | |
Revlon Consumer Products Corporation | Products Corporation | Reportable Legal Entities | |||
ASSETS | |||
Cash and cash equivalents | 4 | 5.5 | |
Trade receivables, less allowances for doubtful accounts | 114.6 | 86 | |
Inventories, net | 129.3 | 121.3 | |
Prepaid expenses and other | 222.8 | 220.6 | |
Intercompany receivables | 4,542.8 | 3,592.2 | |
Investment in subsidiaries | 1,055.5 | 1,653.6 | |
Property, plant and equipment, net | 157.6 | 178.5 | |
Deferred income taxes | 0 | 0 | |
Goodwill | 404.8 | 48.9 | |
Intangible assets, net | 20.3 | 10 | |
Other assets | 57.7 | 67.9 | |
Total assets | 6,709.4 | 5,984.5 | |
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | |||
Short-term borrowings | 0 | 0 | |
Current portion of long-term debt | 137.1 | 159.2 | |
Accounts payable | 89.8 | 72.5 | |
Accrued expenses and other current liabilities | 161.9 | 144.1 | |
Intercompany payables | 4,737.2 | 3,897.1 | |
Long-term debt | 3,234.1 | 3,104.7 | |
Other long-term liabilities | 176.8 | 377.3 | |
Total liabilities | 8,536.9 | 7,754.9 | |
Stockholder’s (deficiency) equity | (1,827.5) | (1,770.4) | |
Total liabilities and stockholder’s (deficiency) equity | 6,709.4 | 5,984.5 | |
Revlon Consumer Products Corporation | Guarantor Subsidiaries | Reportable Legal Entities | |||
ASSETS | |||
Cash and cash equivalents | 2.1 | 2.5 | |
Trade receivables, less allowances for doubtful accounts | 102.4 | 95.7 | |
Inventories, net | 127.9 | 147.7 | |
Prepaid expenses and other | 5.7 | 24.6 | |
Intercompany receivables | 4,396.2 | 3,549.6 | |
Investment in subsidiaries | (218.9) | 2.3 | |
Property, plant and equipment, net | 59.9 | 72.1 | |
Deferred income taxes | 7.7 | 10.6 | |
Goodwill | 30 | 264 | |
Intangible assets, net | 170.3 | 187.8 | |
Other assets | 12.2 | 9.3 | |
Total assets | 4,695.5 | 4,366.2 | |
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | |||
Short-term borrowings | 0 | 0 | |
Current portion of long-term debt | 0 | 0 | |
Accounts payable | 42.1 | 48 | |
Accrued expenses and other current liabilities | 84.9 | 61.7 | |
Intercompany payables | 4,045.5 | 3,162 | |
Long-term debt | 0 | 0 | |
Other long-term liabilities | 115.7 | 33.8 | |
Total liabilities | 4,288.2 | 3,305.5 | |
Stockholder’s (deficiency) equity | 407.3 | 1,060.7 | |
Total liabilities and stockholder’s (deficiency) equity | 4,695.5 | 4,366.2 | |
Revlon Consumer Products Corporation | Non-Guarantor Subsidiaries | Reportable Legal Entities | |||
ASSETS | |||
Cash and cash equivalents | 96.3 | 89.1 | |
Trade receivables, less allowances for doubtful accounts | 166.8 | 170.6 | |
Inventories, net | 160.2 | 193.6 | |
Prepaid expenses and other | 68.3 | 55.3 | |
Intercompany receivables | 700.5 | 614.1 | |
Investment in subsidiaries | 0 | 0 | |
Property, plant and equipment, net | 79.8 | 101.4 | |
Deferred income taxes | 43.9 | 23.5 | |
Goodwill | 128 | 250.8 | |
Intangible assets, net | 201.6 | 233 | |
Other assets | 27.9 | 31.9 | |
Total assets | 1,673.3 | 1,763.3 | |
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | |||
Short-term borrowings | 0.7 | 2.5 | |
Current portion of long-term debt | 0.1 | 58.3 | |
Accounts payable | 85.8 | 82.8 | |
Accrued expenses and other current liabilities | 185.3 | 217.4 | |
Intercompany payables | 856.5 | 696.6 | |
Long-term debt | 71.4 | 0.3 | |
Other long-term liabilities | 73.6 | 42.6 | |
Total liabilities | 1,273.4 | 1,100.5 | |
Stockholder’s (deficiency) equity | 399.9 | 662.8 | |
Total liabilities and stockholder’s (deficiency) equity | $ 1,673.3 | $ 1,763.3 |
PRODUCTS CORPORATION AND SUBS_5
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION - Statement of Operations and Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | ||||
Condensed Income Statements, Captions [Line Items] | ||||||
Net sales | $ 2,078.7 | $ 1,904.3 | ||||
Cost of sales | 849.1 | 860.5 | ||||
Gross profit | 1,229.6 | 1,043.8 | ||||
Selling, general and administrative expenses | 1,099.1 | 1,071.8 | ||||
Acquisition, integration and divestiture costs | 2.3 | 5 | ||||
Restructuring charges and other, net | 26.1 | 49.7 | ||||
Impairment charges | 0 | 144.1 | ||||
Gain on divested assets | (1.1) | (0.5) | ||||
Operating income (loss) | 103.2 | (226.3) | ||||
Other (income) expense: | ||||||
Interest Expense | 247.7 | 243.3 | ||||
Amortization of debt issuance costs | 39.6 | 26.8 | ||||
Gain on early extinguishment of debt | 0 | (43.1) | ||||
Foreign currency losses (gains), net | 10.6 | (6) | ||||
Miscellaneous, net | 6 | 12.9 | ||||
Other expense (income), net | 303.9 | 233.9 | ||||
(Loss) income from operations before income taxes | (200.7) | (460.2) | ||||
Provision for (benefit from) for income taxes | 6.2 | 158.8 | ||||
(Loss) income from continuing operations, net of taxes | (206.9) | (619) | ||||
Net (loss) income | (206.9) | (619) | ||||
Other comprehensive (loss) income | [1] | 43.2 | (30.5) | |||
Total comprehensive (loss) income | (163.7) | (649.5) | ||||
Revlon Consumer Products Corporation | ||||||
Condensed Income Statements, Captions [Line Items] | ||||||
Net sales | 2,078.7 | 1,904.3 | ||||
Cost of sales | 849.1 | 860.5 | ||||
Gross profit | 1,229.6 | 1,043.8 | ||||
Selling, general and administrative expenses | 1,091.5 | 1,064.6 | ||||
Acquisition, integration and divestiture costs | 2.3 | 5 | ||||
Restructuring charges and other, net | 26.1 | 49.7 | ||||
Impairment charges | 0 | 144.1 | ||||
Gain on divested assets | (1.1) | (0.5) | ||||
Operating income (loss) | 110.8 | (219.1) | ||||
Other (income) expense: | ||||||
Intercompany interest, net | 0 | 0 | ||||
Interest Expense | 247.7 | 243.3 | ||||
Amortization of debt issuance costs | 39.6 | 26.8 | ||||
Gain on early extinguishment of debt | 0 | (43.1) | ||||
Foreign currency losses (gains), net | 10.6 | (6) | ||||
Miscellaneous, net | 21.1 | 12.9 | ||||
Other expense (income), net | 319 | 233.9 | ||||
(Loss) income from operations before income taxes | (208.2) | (453) | ||||
Provision for (benefit from) for income taxes | 3.2 | 140.5 | ||||
(Loss) income from continuing operations, net of taxes | (211.4) | (593.5) | ||||
Equity in income (loss) of subsidiaries | 0 | 0 | ||||
Net (loss) income | $ (211.4) | (211.4) | (593.5) | |||
Other comprehensive (loss) income | $ 43.2 | [2] | 43.2 | (30.5) | [2] | |
Total comprehensive (loss) income | (168.2) | (624) | ||||
Revlon Consumer Products Corporation | Eliminations | ||||||
Condensed Income Statements, Captions [Line Items] | ||||||
Net sales | 0 | 0 | ||||
Cost of sales | 0 | 0 | ||||
Gross profit | 0 | 0 | ||||
Selling, general and administrative expenses | 0 | 0 | ||||
Acquisition, integration and divestiture costs | 0 | 0 | ||||
Restructuring charges and other, net | 0 | 0 | ||||
Impairment charges | 0 | |||||
Gain on divested assets | 0 | 0 | ||||
Operating income (loss) | 0 | 0 | ||||
Other (income) expense: | ||||||
Intercompany interest, net | 0 | 0 | ||||
Interest Expense | 0 | 0 | ||||
Amortization of debt issuance costs | 0 | 0 | ||||
Gain on early extinguishment of debt | 0 | |||||
Foreign currency losses (gains), net | 0 | 0 | ||||
Miscellaneous, net | 0 | 0 | ||||
Other expense (income), net | 0 | 0 | ||||
(Loss) income from operations before income taxes | 0 | 0 | ||||
Provision for (benefit from) for income taxes | 0 | 0 | ||||
(Loss) income from continuing operations, net of taxes | 0 | 0 | ||||
Equity in income (loss) of subsidiaries | (371) | (59.3) | ||||
Net (loss) income | (371) | (59.3) | ||||
Other comprehensive (loss) income | (17) | (0.3) | ||||
Total comprehensive (loss) income | (388) | (59.6) | ||||
Revlon Consumer Products Corporation | Products Corporation | Reportable Legal Entities | ||||||
Condensed Income Statements, Captions [Line Items] | ||||||
Net sales | 446 | 433.8 | ||||
Cost of sales | 206.7 | 213.4 | ||||
Gross profit | 239.3 | 220.4 | ||||
Selling, general and administrative expenses | 345.5 | 363 | ||||
Acquisition, integration and divestiture costs | 2.2 | 4.8 | ||||
Restructuring charges and other, net | 14.6 | 23.7 | ||||
Impairment charges | 112.1 | |||||
Gain on divested assets | (1.1) | (0.5) | ||||
Operating income (loss) | (121.9) | (282.7) | ||||
Other (income) expense: | ||||||
Intercompany interest, net | (5) | (3.6) | ||||
Interest Expense | 240.2 | 236.8 | ||||
Amortization of debt issuance costs | 39.6 | 26.8 | ||||
Gain on early extinguishment of debt | (43.1) | |||||
Foreign currency losses (gains), net | (3.2) | 5.2 | ||||
Miscellaneous, net | 88.8 | (3.1) | ||||
Other expense (income), net | 360.4 | 219 | ||||
(Loss) income from operations before income taxes | (482.3) | (501.7) | ||||
Provision for (benefit from) for income taxes | (10.5) | 174.5 | ||||
(Loss) income from continuing operations, net of taxes | (471.8) | (676.2) | ||||
Equity in income (loss) of subsidiaries | 258.3 | 88.3 | ||||
Net (loss) income | (213.5) | (587.9) | ||||
Other comprehensive (loss) income | 43.2 | (30.5) | ||||
Total comprehensive (loss) income | (170.3) | (618.4) | ||||
Revlon Consumer Products Corporation | Guarantor Subsidiaries | Reportable Legal Entities | ||||||
Condensed Income Statements, Captions [Line Items] | ||||||
Net sales | 581.4 | 523 | ||||
Cost of sales | 265 | 273.7 | ||||
Gross profit | 316.4 | 249.3 | ||||
Selling, general and administrative expenses | 251.4 | 234 | ||||
Acquisition, integration and divestiture costs | 0 | 0 | ||||
Restructuring charges and other, net | 2.7 | 11.2 | ||||
Impairment charges | 22 | |||||
Gain on divested assets | 0 | 0 | ||||
Operating income (loss) | 62.3 | (17.9) | ||||
Other (income) expense: | ||||||
Intercompany interest, net | 2.5 | 2.3 | ||||
Interest Expense | 0 | 0 | ||||
Amortization of debt issuance costs | 0 | 0 | ||||
Gain on early extinguishment of debt | 0 | |||||
Foreign currency losses (gains), net | (0.7) | 0.3 | ||||
Miscellaneous, net | 4.5 | (89.4) | ||||
Other expense (income), net | 6.3 | (86.8) | ||||
(Loss) income from operations before income taxes | 56 | 68.9 | ||||
Provision for (benefit from) for income taxes | 12.8 | (44.9) | ||||
(Loss) income from continuing operations, net of taxes | 43.2 | 113.8 | ||||
Equity in income (loss) of subsidiaries | 112.7 | (29) | ||||
Net (loss) income | 155.9 | 84.8 | ||||
Other comprehensive (loss) income | 14.7 | (4.7) | ||||
Total comprehensive (loss) income | 170.6 | 80.1 | ||||
Revlon Consumer Products Corporation | Non-Guarantor Subsidiaries | Reportable Legal Entities | ||||||
Condensed Income Statements, Captions [Line Items] | ||||||
Net sales | 1,051.3 | 947.5 | ||||
Cost of sales | 377.4 | 373.4 | ||||
Gross profit | 673.9 | 574.1 | ||||
Selling, general and administrative expenses | 494.6 | 467.6 | ||||
Acquisition, integration and divestiture costs | 0.1 | 0.2 | ||||
Restructuring charges and other, net | 8.8 | 14.8 | ||||
Impairment charges | 10 | |||||
Gain on divested assets | 0 | 0 | ||||
Operating income (loss) | 170.4 | 81.5 | ||||
Other (income) expense: | ||||||
Intercompany interest, net | 2.5 | 1.3 | ||||
Interest Expense | 7.5 | 6.5 | ||||
Amortization of debt issuance costs | 0 | 0 | ||||
Gain on early extinguishment of debt | 0 | |||||
Foreign currency losses (gains), net | 14.5 | (11.5) | ||||
Miscellaneous, net | (72.2) | 105.4 | ||||
Other expense (income), net | (47.7) | 101.7 | ||||
(Loss) income from operations before income taxes | 218.1 | (20.2) | ||||
Provision for (benefit from) for income taxes | 0.9 | 10.9 | ||||
(Loss) income from continuing operations, net of taxes | 217.2 | (31.1) | ||||
Equity in income (loss) of subsidiaries | 0 | 0 | ||||
Net (loss) income | 217.2 | (31.1) | ||||
Other comprehensive (loss) income | 2.3 | 5 | ||||
Total comprehensive (loss) income | $ 219.5 | $ (26.1) | ||||
[1] | See Note 14, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during the years ended December 31, 2021 and 2020, respectively. | |||||
[2] | See Note 14, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during the years ended December 31, 2021 and 2020, respectively. |
PRODUCTS CORPORATION AND SUBS_6
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION - Statement of Cash Flow (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net cash provided by (used in) operating activities | $ (11) | $ (97.3) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net cash (used in) provided by investing activities | (12.1) | (10.3) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net decrease in short-term borrowings and overdraft | (13.7) | 4.3 | |
Borrowings on term loans | 305 | 880 | |
Repayments on term loans | [1] | (197.2) | (524.3) |
(Repayments) under the revolving credit facilities | (29.3) | (133.5) | |
Payment of financing costs | (17.9) | (122) | |
Tax withholdings related to net share settlements of restricted stock and RSUs | (2.4) | (1.7) | |
Other financing activities | (0.3) | (0.3) | |
Net cash provided by (used in) financing activities | 44.2 | 102.5 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2.7) | 3.1 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 18.4 | (2) | |
Cash, cash equivalents and restricted cash at beginning of period | [2] | 102.5 | 104.5 |
Cash, cash equivalents and restricted cash at end of period | [2] | 120.9 | 102.5 |
Revlon Consumer Products Corporation | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net cash provided by (used in) operating activities | (11) | (97.3) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net cash (used in) provided by investing activities | (12.1) | (10.3) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net decrease in short-term borrowings and overdraft | (13.7) | 4.3 | |
Borrowings on term loans | 305 | 880 | |
Repayments on term loans | [3] | (197.2) | (524.3) |
(Repayments) under the revolving credit facilities | (29.3) | (133.5) | |
Payment of financing costs | (17.9) | (122) | |
Tax withholdings related to net share settlements of restricted stock and RSUs | (2.4) | (1.7) | |
Other financing activities | (0.3) | (0.3) | |
Net cash provided by (used in) financing activities | 44.2 | 102.5 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (2.7) | 3.1 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 18.4 | (2) | |
Cash, cash equivalents and restricted cash at beginning of period | [4] | 102.5 | 104.5 |
Cash, cash equivalents and restricted cash at end of period | [4] | 120.9 | 102.5 |
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 | 0 | |
(Repayments) 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 | |
Revlon Consumer Products Corporation | Products Corporation | Reportable Legal Entities | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net cash provided by (used in) operating activities | (456.7) | (91.4) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net cash (used in) provided by investing activities | (7.2) | (7.7) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net decrease in short-term borrowings and overdraft | (5.5) | 4.6 | |
Borrowings on term loans | 305 | 880 | |
Repayments on term loans | (197.2) | (524.3) | |
(Repayments) under the revolving credit facilities | (29.3) | (133.5) | |
Payment of financing costs | (17.9) | (122.7) | |
Tax withholdings related to net share settlements of restricted stock and RSUs | (2.4) | (1.7) | |
Other financing activities | (0.2) | (0.1) | |
Net cash provided by (used in) financing activities | 52.5 | 102.3 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 349.6 | 2.4 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (61.8) | 5.6 | |
Cash, cash equivalents and restricted cash at beginning of period | 6.5 | 0.9 | |
Cash, cash equivalents and restricted cash at end of period | (55.3) | 6.5 | |
Revlon Consumer Products Corporation | Guarantor Subsidiaries | Reportable Legal Entities | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net cash provided by (used in) operating activities | 110.5 | 0 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net cash (used in) provided by investing activities | (1.2) | (0.3) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net decrease in short-term borrowings and overdraft | (5.8) | (0.4) | |
Borrowings on term loans | 0 | 0 | |
Repayments on term loans | 0 | 0 | |
(Repayments) 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 | (0.1) | (0.1) | |
Net cash provided by (used in) financing activities | (5.9) | (0.5) | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (115.1) | 2.1 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (11.7) | 1.3 | |
Cash, cash equivalents and restricted cash at beginning of period | 7.8 | 6.5 | |
Cash, cash equivalents and restricted cash at end of period | (3.9) | 7.8 | |
Revlon Consumer Products Corporation | Non-Guarantor Subsidiaries | Reportable Legal Entities | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net cash provided by (used in) operating activities | 335.2 | (5.9) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Net cash (used in) provided by investing activities | (3.7) | (2.3) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net decrease in short-term borrowings and overdraft | (2.4) | 0.1 | |
Borrowings on term loans | 0 | 0 | |
Repayments on term loans | 0 | 0 | |
(Repayments) under the revolving credit facilities | 0 | 0 | |
Payment of financing costs | 0 | 0.7 | |
Tax withholdings related to net share settlements of restricted stock and RSUs | 0 | 0 | |
Other financing activities | 0 | (0.1) | |
Net cash provided by (used in) financing activities | (2.4) | 0.7 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (237.2) | (1.4) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 91.9 | (8.9) | |
Cash, cash equivalents and restricted cash at beginning of period | 88.2 | 97.1 | |
Cash, cash equivalents and restricted cash at end of period | $ 180.1 | $ 88.2 | |
[1] | Repayments on term loans for the year ended December 31, 2020 includes the repayment of the 2019 Term Loan Facility, repayment under the 2018 Foreign Asset-Based Term Loan and repayments under the 2016 Term Loan Facility of $200.0 million, $31.4 million and $11.5 million, respectively, as well as repurchases of the 5.75% Senior Notes of $281.4 million. During 2020, the Company used a portion of the proceeds from the 2020 BrandCo Facility to repurchase and subsequently cancel a portion of its 5.75% Senior Notes. See Note 8, "Debt" in the Company's 2020 Form 10-K for additional information. | ||
[2] | These amounts include restricted cash of $18.5 million and $5.4 million as of December 31, 2021 and 2020, respectively. The balance as of December 31, 2021 represents: (i) cash on deposit in lieu of a mandatory prepayment and loan proceeds held in escrow until certain collateral perfection requirements are satisfied under the 2021 Foreign Asset-Based Term Agreement; and (ii) cash on deposit to support outstanding undrawn letters of credit. The balance as of December 31, 2020 represents: (i) cash on deposit in lieu of a mandatory prepayment under the 2018 Foreign Asset-Based Term Facility; and (ii) cash on deposit to support outstanding undrawn letters of credit. These balances were included within prepaid expenses and other current assets and other assets in the Company's Consolidated Balance Sheets as of December 31, 2021 and December 31, 2020, respectively. | ||
[3] | Repayments on term loans for the year ended December 31, 2020 includes the repayment of the 2019 Term Loan Facility, repayment under the 2018 Foreign Asset-Based Term Loan and repayments under the 2016 Term Loan Facility of $200.0 million, $31.4 million and $11.5 million, respectively, as well as repurchases of the 5.75% Senior Notes of $281.4 million. During 2020, the Company used a portion of the proceeds from the 2020 BrandCo Facility to repurchase and subsequently cancel a portion of its 5.75% Senior Notes. See Note 8, "Debt" in the Company's 2020 Form 10-K for additional information. | ||
[4] | These amounts include restricted cash of $18.5 million and $5.4 million as of December 31, 2021 and 2020, respectively. The balance as of December 31, 2021 represents: (i) cash on deposit in lieu of a mandatory prepayment and loan proceeds held in escrow until certain collateral perfection requirements are satisfied under the 2021 Foreign Asset-Based Term Agreement; and (ii) cash on deposit to support outstanding undrawn letters of credit. The balance as of December 31, 2020 represents: (i) cash on deposit in lieu of a mandatory prepayment under the 2018 Foreign Asset-Based Term Facility; and (ii) cash on deposit to support outstanding undrawn letters of credit. These balances were included within prepaid expenses and other current assets and other assets in the Company's Consolidated Balance Sheets as of December 31, 2021 and December 31, 2020, respectively |