Cover Page
Cover Page - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Jun. 28, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-K | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2019 | |
Document Transition Report | false | |
Entity File Number | 33-59560 | |
Entity Registrant Name | Revlon Consumer Products Corporation | |
Entity Address, Address Line One | One New York Plaza | |
Entity Incorporation, State or Country Code | DE | |
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 | |
Title of 12(b) Security | Class A Common Stock | |
Trading Symbol | REV | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 5,260 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | FY | |
Entity Central Index Key | 0000890547 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Revlon, Inc. | ||
Document Information [Line Items] | ||
Entity File Number | 1-11178 | |
Entity Registrant Name | Revlon, Inc. | |
Entity Address, Address Line One | One New York Plaza | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, City or Town | New York | |
Entity Address, Postal Zip Code | 10004 | |
City Area Code | 212- | |
Local Phone Number | 527-4000 | |
Entity Tax Identification Number | 13-3662955 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 53,069,832 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | FY | |
Entity Central Index Key | 0000887921 | |
Entity Well-known Seasoned Issuer | No | |
Entity Public Float | $ 131,677,719 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 104.3 | $ 87.3 |
Trade receivables, less allowances for doubtful accounts | 423.4 | 431.3 |
Inventories | 448.4 | 523.2 |
Prepaid expenses and other assets | 135.3 | 152 |
Total current assets | 1,111.4 | 1,193.8 |
Property, Plant, and Equipment, net of accumulated depreciation | 408.6 | 354.5 |
Property, plant and equip, net of accumulated depreciation | 408.6 | 354.5 |
Deferred income taxes | 175.1 | 131.8 |
Goodwill | 673.7 | 673.9 |
Intangible assets, Net of accumulated amortization | 490.7 | 532 |
Other assets | 121.1 | 130.8 |
Total assets | 2,980.6 | 3,016.8 |
Current liabilities: | ||
Short-term borrowings | 2.2 | 9.3 |
Current portion of long-term debt | 288 | 348.1 |
Accounts payable | 251.8 | 332.1 |
Accrued expenses and other current liabilities | 414.9 | 430.9 |
Total current liabilities | 956.9 | 1,120.4 |
Long-term debt | 2,906.2 | 2,727.7 |
Long-term pension and other post-retirement plan liabilities | 181.2 | 169 |
Other long-term liabilities | 157.5 | 56.5 |
Stockholders’ deficiency: | ||
Common Stock | 0.5 | 0.5 |
Additional paid-in capital | 1,071.9 | 1,063.8 |
Treasury stock, at cost: 1,625,580 and 1,533,320 shares of Class A Common Stock as of December 31, 2019 and December 31, 2018, respectively | (33.5) | (31.9) |
Accumulated deficit | (2,012.7) | (1,855) |
Accumulated other comprehensive loss | (247.4) | (234.2) |
Total stockholders’ deficiency | (1,221.2) | (1,056.8) |
Total liabilities and stockholders’ deficiency | 2,980.6 | 3,016.8 |
Revlon Consumer Products Corporation | ||
Current assets: | ||
Cash and cash equivalents | 104.3 | 87.3 |
Trade receivables, less allowances for doubtful accounts | 423.4 | 431.3 |
Inventories | 448.4 | 523.2 |
Prepaid expenses and other assets | 131.4 | 148 |
Receivable from Revlon, Inc. | 161.2 | 151.7 |
Total current assets | 1,268.7 | 1,341.5 |
Property, Plant, and Equipment, net of accumulated depreciation | 408.6 | 354.5 |
Property, plant and equip, net of accumulated depreciation | 354.5 | |
Deferred income taxes | 158.1 | 114.8 |
Goodwill | 673.7 | 673.9 |
Intangible assets, Net of accumulated amortization | 490.7 | 532 |
Other assets | 121.1 | 130.8 |
Total assets | 3,120.9 | 3,147.5 |
Current liabilities: | ||
Short-term borrowings | 2.2 | 9.3 |
Current portion of long-term debt | 288 | 348.1 |
Accounts payable | 251.8 | 332.1 |
Accrued expenses and other current liabilities | 418.2 | 434.7 |
Total current liabilities | 960.2 | 1,124.2 |
Long-term debt | 2,906.2 | 2,727.7 |
Long-term pension and other post-retirement plan liabilities | 181.2 | 169 |
Other long-term liabilities | 162.7 | 59.7 |
Stockholders’ deficiency: | ||
Products Corporation Preferred stock, par value $1.00 per share; 1,000 shares authorized; 546 shares issued and outstanding as of December, 2019 and December 31, 2018, respectively | 54.6 | 54.6 |
Common Stock | 0 | 0 |
Additional paid-in capital | 996.5 | 988.4 |
Accumulated deficit | (1,893.1) | (1,741.9) |
Accumulated other comprehensive loss | (247.4) | (234.2) |
Total stockholders’ deficiency | (1,089.4) | (933.1) |
Total liabilities and stockholders’ deficiency | $ 3,120.9 | $ 3,147.5 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 11.4 | $ 15.6 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 488.1 | 425.2 |
Finite-lived intangible assets, accumulated amortization | $ 226.4 | $ 187.3 |
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) | 56,470,490 | 55,556,466 |
Treasury stock (in shares) | 1,625,580 | 1,533,320 |
Revlon Consumer Products Corporation | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 11.4 | $ 15.6 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 488.1 | 425.2 |
Finite-lived intangible assets, accumulated amortization | $ 226.4 | $ 187.3 |
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 |
UNAUDITED CONSOLIDATED STATEMEN
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Net sales | $ 2,419.6 | $ 2,564.5 | ||
Cost of sales | 1,052.2 | 1,117 | ||
Gross profit | 1,367.4 | 1,447.5 | ||
Selling, general and administrative expenses | 1,316.6 | 1,460.5 | ||
Acquisition, integration and divestiture costs | 3.9 | 13.9 | ||
Restructuring charges and other, net | 12.8 | 20.2 | ||
Impairment charges | 0 | 18 | ||
(Gain) loss on divested assets | (26.6) | (20.1) | ||
Operating (loss) income | 60.7 | (85.2) | ||
Other expenses: | ||||
Interest Expense | 196.6 | 176.6 | ||
Amortization of debt issuance costs | 14.6 | 13 | ||
Foreign currency (gains) losses, net | (1.9) | 15.8 | ||
Miscellaneous, net | 16.4 | 1.3 | ||
Other expense (income), net | 225.7 | 206.7 | ||
Loss from continuing operations before income taxes | (165) | (291.9) | ||
(Benefit from) provision for income taxes | 0.2 | 2.2 | ||
(Loss) income from continuing operations, net of taxes | (165.2) | (294.1) | ||
(Loss) income from discontinued operations, net of taxes | 7.5 | (0.1) | ||
Net (loss) income | (157.7) | (294.2) | ||
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustments(a) | [1] | (2.9) | (9.4) | |
Amortization of pension related costs, net of tax(b)(c) | [2],[3] | 9 | 8.4 | |
Pension re-measurement, net of tax (d) | [4] | (19.3) | (5.5) | |
Reclassification into earnings of accumulated losses from the de-designated 2013 Interest Rate Swap, net of tax(e) | [5] | 0 | 0.7 | |
Other comprehensive (loss) income | (13.2) | (5.8) | [6] | |
Total comprehensive loss | $ (170.9) | $ (300) | ||
Basic and Diluted (loss) earnings per common share: | ||||
Continuing operations | $ (3.11) | $ (5.57) | ||
Discontinued operations | 0.14 | 0 | ||
Net loss | $ (2.97) | $ (5.57) | ||
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 53,081,321 | 52,797,686 | ||
Diluted (in shares) | 53,081,321 | 52,797,686 | ||
Revlon Consumer Products Corporation | ||||
Net sales | $ 2,419.6 | $ 2,564.5 | ||
Cost of sales | 1,052.2 | 1,117 | ||
Gross profit | 1,367.4 | 1,447.5 | ||
Selling, general and administrative expenses | 1,308.7 | 1,454.2 | ||
Acquisition, integration and divestiture costs | 3.9 | 13.9 | ||
Restructuring charges and other, net | 12.8 | 20.2 | ||
Impairment charges | 0 | 18 | ||
(Gain) loss on divested assets | (26.6) | 20.1 | ||
Operating (loss) income | 68.6 | (78.9) | ||
Other expenses: | ||||
Interest Expense | 196.6 | 176.6 | ||
Amortization of debt issuance costs | 14.6 | 13 | ||
Foreign currency (gains) losses, net | (1.9) | 15.8 | ||
Miscellaneous, net | 16.4 | 1.3 | ||
Other expense (income), net | 225.7 | 206.7 | ||
Loss from continuing operations before income taxes | (157.1) | (285.6) | ||
(Benefit from) provision for income taxes | 1.6 | 3.4 | ||
(Loss) income from continuing operations, net of taxes | (158.7) | (289) | ||
(Loss) income from discontinued operations, net of taxes | 7.5 | (0.1) | ||
Net (loss) income | (151.2) | (289.1) | ||
Other comprehensive (loss) income: | ||||
Foreign currency translation adjustments(a) | [7] | (2.9) | (9.4) | |
Amortization of pension related costs, net of tax(b)(c) | [8],[9] | 9 | 8.4 | |
Pension re-measurement, net of tax (d) | [10] | (19.3) | (5.5) | |
Reclassification into earnings of accumulated losses from the de-designated 2013 Interest Rate Swap, net of tax(e) | [11] | 0 | 0.7 | |
Other comprehensive (loss) income | [12] | (13.2) | (5.8) | |
Total comprehensive loss | $ (164.4) | $ (294.9) | ||
[1] | Net of tax expense of $1.8 million and a tax benefit of $0.1 million for 2019 and 2018, respectively. | |||
[2] | Net of tax expense of $1.1 million and $1.0 million for 2019 and 2018, respectively. | |||
[3] | This amount is included in the computation of net periodic benefit costs (income). See Note 12, "Pension and Post-Retirement Benefits," for additional information regarding net periodic benefit costs (income). | |||
[4] | Net of tax benefit of $5.2 million and $2.5 million for 2019 and 2018, respectively. | |||
[5] | Net of tax benefit of nil and $0.5 million for 2019 and 2018, respectively. | |||
[6] | See Note 15, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during 2019 and 2018, respectively. | |||
[7] | Net of tax expense of $1.8 million and a tax benefit of $0.1 million for 2019 and 2018, respectively. | |||
[8] | Net of tax expense of $1.1 million and $1.0 million for 2019 and 2018, respectively. | |||
[9] | This amount is included in the computation of net periodic benefit costs (income). See Note 12, "Pension and Post-Retirement Benefits," for additional information regarding net periodic benefit costs (income). | |||
[10] | Net of tax benefit of $5.2 million and $2.5 million for 2019 and 2018, respectively. | |||
[11] | Net of tax benefit of nil and $0.5 million for 2019 and 2018, respectively. | |||
[12] | See Note 15, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during 2019 and 2018, respectively. |
UNAUDITED CONSOLIDATED STATEM_2
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Foreign currency translation adjustments, tax | $ 100,000 | |
Amortization of pension related costs, tax benefit (expense) | $ (1,100,000) | (1,000,000) |
Pension re-measurement, tax | 5,200,000 | 2,500,000 |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | (1,800,000) | |
Revlon Consumer Products Corporation | ||
Foreign currency translation adjustments, tax | (1,800,000) | (100,000) |
Amortization of pension related costs, tax benefit (expense) | (1,100,000) | (1,000,000) |
Pension re-measurement, tax | 5,200,000 | 2,500,000 |
Revaluation of derivative financial instruments, net of reclassifications into earnings, tax expense (benefit) | $ 0 | $ 500,000 |
UNAUDITED CONSOLIDATED STATEM_3
UNAUDITED CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | $ (1,056.8) | $ (770.4) | ||||
Treasury stock acquired, at cost | [1] | $ (1.6) | (3.6) | |||
Stock-based compensation amortization | 8.1 | 17.2 | ||||
Net loss | (157.7) | (157.7) | (294.2) | |||
Other comprehensive income (loss) | (13.2) | [2] | (13.2) | (5.8) | [2] | |
Ending balance | (1,221.2) | (1,221.2) | (1,056.8) | |||
Common Stock | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 0.5 | 0.5 | ||||
Ending balance | 0.5 | 0.5 | 0.5 | |||
Additional Paid-In Capital | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 1,063.8 | 1,040 | ||||
Treasury stock acquired, at cost | [1] | 6.6 | ||||
Stock-based compensation amortization | 8.1 | 17.2 | ||||
Ending balance | 1,071.9 | 1,071.9 | 1,063.8 | |||
Treasury Stock | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | (31.9) | (21.7) | ||||
Treasury stock acquired, at cost | [1] | (1.6) | (10.2) | |||
Ending balance | (33.5) | (33.5) | (31.9) | |||
Accumulated Deficit | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | (1,855) | (1,560.8) | ||||
Net loss | (157.7) | (294.2) | ||||
Ending balance | (2,012.7) | (2,012.7) | (1,855) | |||
Accumulated Other Comprehensive Loss | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | (234.2) | (228.4) | ||||
Other comprehensive income (loss) | [2] | (13.2) | (5.8) | |||
Ending balance | (247.4) | (247.4) | (234.2) | |||
Revlon Consumer Products Corporation | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | (933.1) | (655.4) | ||||
Stock-based compensation amortization | 8.1 | 17.2 | ||||
Net loss | (151.2) | (289.1) | ||||
Other comprehensive income (loss) | [3] | (13.2) | (5.8) | |||
Ending balance | (1,089.4) | (1,089.4) | (933.1) | |||
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 | 988.4 | 971.2 | ||||
Stock-based compensation amortization | 8.1 | 17.2 | ||||
Ending balance | 996.5 | 996.5 | 988.4 | |||
Revlon Consumer Products Corporation | Accumulated Deficit | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | (1,741.9) | (1,452.8) | ||||
Net loss | (151.2) | (289.1) | ||||
Ending balance | (1,893.1) | (1,893.1) | (1,741.9) | |||
Revlon Consumer Products Corporation | Accumulated Other Comprehensive Loss | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | (234.2) | (228.4) | ||||
Other comprehensive income (loss) | [3] | (13.2) | (5.8) | |||
Ending balance | $ (247.4) | $ (247.4) | $ (234.2) | |||
[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 92,260 and 167,297 shares of Revlon Class A Common Stock during the years ended December 31, 2019 and 2018, respectively, to satisfy certain minimum statutory tax withholding requirements related to the vesting of restricted shares and restricted stock units 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 $17.75 and $21.42 during the years ended December 31, 2019 and 2018, 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 $1.6 million and $3.6 million during the years ended December 31, 2019 and 2018, respectively. In addition, during 2018, the Company transferred to treasury stock 251,495 unvested restricted shares and shares in respect of restricted stock units that were forfeited upon the departure of certain executives. These shares were recorded as treasury stock using the cost method, at a weighted average price of $26.26 per share, based on the grant date fair values of the forfeited shares, for a total of $6.6 million. See Note 13, "Stock Compensation Plan," for details regarding restricted stock awards under the Stock Plan. | |||||
[2] | See Note 15, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during 2019 and 2018, respectively. | |||||
[3] | See Note 15, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during 2019 and 2018, respectively. |
UNAUDITED CONSOLIDATED STATEM_4
UNAUDITED CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY (Parenthetical) $ in Millions | 12 Months Ended | |
Dec. 31, 2018USD ($)$ / sharesshares | ||
Tax withholdings related to net share settlements of restricted stock units and awards | $ 3.6 | |
Treasury stock acquired, at cost | $ 3.6 | [1] |
Treasury Stock | ||
Shares withheld for withholding taxes (in shares) | shares | 167,297 | |
Restricted stock forfeitures | shares | 251,495 | |
Treasury stock acquired, at cost | $ 10.2 | [1] |
Restricted Stock and Restricted Stock Units | Treasury Stock | ||
Share repurchase price (in usd per share) | $ / shares | $ 26.26 | |
Restricted stock forfeitures | shares | 251,495 | |
Treasury stock acquired, at cost | $ 6.6 | |
Restricted Stock and Restricted Stock Units | Treasury Stock | Class A Common Stock | ||
Share repurchase price (in usd per share) | $ / shares | $ 21.42 | |
[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 92,260 and 167,297 shares of Revlon Class A Common Stock during the years ended December 31, 2019 and 2018, respectively, to satisfy certain minimum statutory tax withholding requirements related to the vesting of restricted shares and restricted stock units 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 $17.75 and $21.42 during the years ended December 31, 2019 and 2018, 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 $1.6 million and $3.6 million during the years ended December 31, 2019 and 2018, respectively. In addition, during 2018, the Company transferred to treasury stock 251,495 unvested restricted shares and shares in respect of restricted stock units that were forfeited upon the departure of certain executives. These shares were recorded as treasury stock using the cost method, at a weighted average price of $26.26 per share, based on the grant date fair values of the forfeited shares, for a total of $6.6 million. See Note 13, "Stock Compensation Plan," for details regarding restricted stock awards under the Stock Plan. |
UNAUDITED CONSOLIDATED STATEM_5
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss | $ (157.7) | $ (294.2) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 162.9 | 177.2 | ||
Foreign currency (gains) losses from re-measurement | (1.9) | 15.8 | ||
Amortization of debt discount | 1.6 | 1.4 | ||
Stock-based compensation amortization | 8.1 | 17.2 | ||
Impairment charges | 0 | 18 | ||
(Benefit from) provision for deferred income taxes | (29.8) | 1.7 | ||
Amortization of debt issuance costs | 14.6 | 13 | ||
Non-cash loss (gain) on divested assets | 0.9 | (0.7) | ||
(Gain) loss on divested assets | (26.6) | 20.1 | ||
Pension and other post-retirement cost | 7.2 | 2.6 | ||
Change in assets and liabilities: | ||||
Decrease (increase) in trade receivables | 9.3 | (0.3) | ||
Decrease (increase) in inventories | 74.5 | (36.4) | ||
Decrease (increase) in prepaid expenses and other current assets | 16.8 | (42.8) | ||
(Decrease) increase in accounts payable | (73.2) | 1.6 | ||
(Decrease) increase in accrued expenses and other current liabilities | (42.4) | 23.9 | ||
Pension and other post-retirement plan contributions | (12.1) | (8.8) | ||
Purchases of permanent displays | (46.2) | (80.7) | ||
Other, net | 25.7 | 0.6 | ||
Net cash used in operating activities | (68.3) | (170.8) | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Capital expenditures | (29) | (57.2) | ||
Proceeds from the sale of certain assets | 31.1 | 0 | ||
Net cash provided by (used in) investing activities | 2.1 | (57.2) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net decrease in short-term borrowings and overdraft | (17.3) | (1.1) | ||
Net (repayments) borrowings under the Amended 2016 Revolving Credit Facility | (62.6) | 178 | ||
Repayments under the 2016 Term Loan Facility | (18) | (18) | ||
Payment of financing costs | (15.3) | (9.7) | ||
Tax withholdings related to net share settlements of restricted stock units and awards | (1.6) | (3.6) | ||
Other financing activities | (0.9) | (1.4) | ||
Net cash provided by (used in) financing activities | 84.3 | 233.1 | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1.1) | (5) | ||
Net increase in cash, cash equivalents and restricted cash | 17 | 0.1 | ||
Cash, cash equivalents and restricted cash at beginning of period | [1] | 87.5 | 87.4 | |
Cash, cash equivalents and restricted cash at end of period | [1] | 104.5 | 87.5 | |
Cash paid during the period for: | ||||
Interest | [2] | 194.6 | 163.7 | |
Income taxes, net of refunds | [2] | 9.9 | 16 | |
Revlon Consumer Products Corporation | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net loss | (151.2) | (289.1) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 162.9 | 177.2 | ||
Foreign currency (gains) losses from re-measurement | (1.9) | 15.8 | ||
Amortization of debt discount | 1.6 | 1.4 | ||
Stock-based compensation amortization | 8.1 | 17.2 | ||
Impairment charges | 0 | 18 | ||
(Benefit from) provision for deferred income taxes | (30) | 3 | ||
Amortization of debt issuance costs | 14.6 | 13 | ||
Non-cash loss (gain) on divested assets | 0.9 | (0.7) | ||
(Gain) loss on divested assets | (26.6) | 20.1 | ||
Pension and other post-retirement cost | 7.2 | 2.6 | ||
Change in assets and liabilities: | ||||
Decrease (increase) in trade receivables | 9.3 | (0.3) | ||
Decrease (increase) in inventories | 74.5 | (36.4) | ||
Decrease (increase) in prepaid expenses and other current assets | 7.4 | (52.6) | ||
(Decrease) increase in accounts payable | (73.2) | 1.6 | ||
(Decrease) increase in accrued expenses and other current liabilities | (39.3) | 27.5 | ||
Pension and other post-retirement plan contributions | (12.1) | (8.8) | ||
Purchases of permanent displays | (46.2) | (80.7) | ||
Other, net | 25.7 | 0.4 | ||
Net cash used in operating activities | (68.3) | (170.8) | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Capital expenditures | (29) | (57.2) | ||
Proceeds from the sale of certain assets | 31.1 | 0 | ||
Net cash provided by (used in) investing activities | 2.1 | (57.2) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net decrease in short-term borrowings and overdraft | (17.3) | (1.1) | ||
Net (repayments) borrowings under the Amended 2016 Revolving Credit Facility | (62.6) | 178 | ||
Repayments under the 2016 Term Loan Facility | (18) | (18) | ||
Payment of financing costs | (15.3) | (9.7) | ||
Tax withholdings related to net share settlements of restricted stock units and awards | (1.6) | (3.6) | ||
Other financing activities | (0.9) | (1.4) | ||
Net cash provided by (used in) financing activities | 84.3 | 233.1 | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1.1) | (5) | ||
Net increase in cash, cash equivalents and restricted cash | 17 | 0.1 | ||
Cash, cash equivalents and restricted cash at beginning of period | [3] | 87.5 | 87.4 | |
Cash, cash equivalents and restricted cash at end of period | 104.5 | 87.5 | [3] | |
Cash paid during the period for: | ||||
Interest | [4] | 194.6 | 163.7 | |
Income taxes, net of refunds | [4] | 9.9 | 16 | |
2019 Term Loan Facility | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net proceeds from issuance of debt | 200 | 0 | ||
2019 Term Loan Facility | Revlon Consumer Products Corporation | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net proceeds from issuance of debt | 200 | 0 | ||
2018 Foreign Asset-Based Term Loan Credit Agreement due 2021 | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net proceeds from issuance of debt | 0 | 88.9 | ||
2018 Foreign Asset-Based Term Loan Credit Agreement due 2021 | Revlon Consumer Products Corporation | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net proceeds from issuance of debt | $ 0 | $ 88.9 | ||
[1] | These amounts include restricted cash of $0.2 million and $0.2 million as of December 31, 2019 and 2018, respectively, which represent cash on deposit in lieu of a mandatory prepayment under the 2018 Foreign Asset-Based Term Facility, and cash on deposit to support outstanding undrawn letters of credit, which were included within other assets in the Company's consolidated balance sheets. | |||
[2] | See Note 6, "Property, Plant, and Equipment," for supplemental disclosure of non-cash financing and investing activities in relation to the lease liabilities arising from obtaining right-of-use assets following the implementation of ASC Topic 842, Leases . | |||
[3] | These amounts include restricted cash of $0.2 million and $0.2 million as of December 31, 2019 and 2018, respectively, which represent cash on deposit in lieu of a mandatory prepayment under the 2018 Foreign Asset-Based Term Facility, and cash on deposit to support outstanding undrawn letters of credit, which were included within other assets in the Company's consolidated balance sheets. | |||
[4] | See Note 6, "Property, Plant, and Equipment," for supplemental disclosure of non-cash financing and investing activities in relation to the lease liabilities arising from obtaining right-of-use assets following the implementation of ASC Topic 842, Leases . |
UNAUDITED CONSOLIDATED STATEM_6
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted cash | $ 0.2 | $ 0.2 |
Revlon Consumer Products Corporation | ||
Restricted cash | $ 0.2 | $ 0.2 |
DESCRIPTION OF BUSINESS AND SUM
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
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 Product 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. 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. The Company's principal customers for its products in the Elizabeth Arden segment include prestige retailers, the mass retail channel, perfumeries, boutiques, department and specialty stores, e-commerce sites and travel retailers and distributors, as well as direct sales to consumers via Elizabeth Arden branded retail stores and e-commerce websites. During 2019, the Company re-acquired from its third-party licensee the rights to use the Elizabeth Arden and Red Door trademarks in connection with operating beauty salons and spas. In 2018, the Company launched direct-to-consumer on-line selling capabilities through its elizabetharden.com, americancrew.com, juicycouturebeauty.com and fleshbeauty.com websites. 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. The Fragrance segment 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. For further information, refer to Note 17, "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 in 2019 and 2018 included $7.9 million and $6.3 million, respectively, in expenses incidental to being a public holding company. The accompanying Consolidated Financial Statements include the Company's accounts after the elimination of all material intercompany balances and transactions. Certain prior year amounts have been reclassified to conform to the current year presentation. The preparation of the Company's Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the Consolidated Financial Statements in the period they are determined to be necessary. Significant estimates made in the accompanying Consolidated Financial Statements include, but are not limited to: expected sales returns; certain assumptions related to the valuation of acquired intangible and long-lived assets and the recoverability of goodwill, intangible and long-lived assets; income taxes, including deferred tax valuation allowances and reserves for estimated tax liabilities; and certain estimates and assumptions used in the calculation of the net periodic benefit (income) costs and the projected benefit obligations for the Company’s pension and other post-retirement plans, including the expected long-term return on pension plan assets and the discount rate used to value the Company’s pension benefit obligations. Discontinued Operations Presentation As a result of the Company's decision on December 30, 2013 to exit its direct manufacturing, warehousing and sales business operations in mainland China within the Revlon segment effective December 31, 2013, the Company reports the results of its former China operations within income (loss) from discontinued operations, net of taxes in the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income. See Note 3, "Discontinued Operations," for further discussion. 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 $13.3 million and $23.4 million of outstanding checks not yet presented for payment at December 31, 2019 and 2018, 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, 2019 2018 Cash and cash equivalents $ 104.3 $ 87.3 Restricted cash (a) 0.2 0.2 Total cash, cash equivalents and restricted cash $ 104.5 $ 87.5 (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 33% and 30% of the Company's outstanding trade receivables at December 31, 2019 and 2018, respectively. 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 6, "Property, Plant and Equipment," for further discussion. Included in other assets are permanent wall displays amounting to $101.0 million and $110.6 million as of December 31, 2019 and 2018, 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 $55.6 million and $50.7 million for 2019 and 2018, 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, 2019 and 2018. Deferred Financing Costs The Company capitalizes deferred financing costs related to the issuance of revolving lines of credit and amortizes such costs over the terms of the related debt instruments using the effective-interest method. Capitalized deferred financing costs were nil and $4.0 million during 2019 and 2018, respectively. Leases The Company adopted Accounting Standards Update ("ASU") No. 2016-02, "Leases (Topic 842)" ("ASU No. 2016-02" or "ASC 842"), beginning as of January 1, 2019, using a modified retrospective approach and applying the standard’s transition provisions at the effective date of January 1, 2019. ASU No. 2016-02 requires that a lessee recognize, for both finance leases and operating leases, a liability to make lease payments (the lease liability) and a Right-of-Use (“ROU”) asset representing its right to use the underlying leased asset for the lease term. The lease liability is equal to the present value of the lease payments and the ROU asset is based on the lease liability, subject to certain adjustments, such as pre-payments, initial direct costs, lease incentives and accrued rent. In addition, upon adoption the Company elected the available practical expedients allowed by the guidance under: • ASC 842-10-15-37, by not separating lease components from non-lease components and instead accounting for all components as a single lease component for all of its classes of underlying assets, i.e., for any type of equipment leases and real estate leases; and • ASC 842-10-65-1, by not reassessing at the transition date: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases; and (iii) initial direct costs for any existing 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" and/or "Other long-term liabilities" in the Company’s consolidated balance sheets. Finance leases are included in ROU assets recorded within “Property, Plant and Equipment,” and finance lease liabilities are recorded within either "Accrued expenses and other current liabilities" and/or "Other long-term liabilities" in the Company’s consolidated balance sheets, given their immateriality. 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. After adoption, ROU assets and lease liabilities for operating leases are measured in accordance with the guidance in ASC 842-20-35-3, and ROU assets and lease liabilities for finance leases are measured in accordance with the guidance in ASC 842-30-35-1. 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 6, "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. For 2019, in assessing whether goodwill was impaired in connection with its annual impairment testing performed during the fourth quarter of 2019 using October 1st, 2019 carrying values, the Company, in accordance with Financial Accounting Standards Board ("FASB"), Accounting Standard Codification ("ASC") 350, Intangibles - Goodwill and Other ("ASC 350"), performed qualitative assessments for its (i) Revlon, (ii) Elizabeth Arden Skin and Color and (iii) Fragrances reporting units and a quantitative assessment for its (x) Mass Portfolio, (y) Professional Portfolio and (z) Elizabeth Arden Fragrances reporting units. In performing the 2019 qualitative assessment, the Company considered, among other factors, the financial performance of each of its Revlon, Elizabeth Arden Skin and Color and Fragrances reporting units, as well as the results of the annual quantitative analysis performed in 2018 for each of these reporting units. Based upon such assessment, the Company determined that it was more likely than not that the fair value of each of its Revlon, Elizabeth Arden Skin and Color and Fragrances reporting units exceeded their respective carrying amounts for 2019. In performing the 2019 quantitative assessment, the Company used the simplified approach allowed under ASU No. 2017-04, "Simplifying the Test for Goodwill Impairment," which the Company early adopted in October 2018, to test its Mass Portfolio, Professional Portfolio and Elizabeth Arden Fragrances reporting units for impairment. ### For 2018, the Company first performed a qualitative assessment on all of its reporting units, which indicated that indicators of impairment existed for the Mass Portfolio reporting unit within the Portfolio segment. Subsequently, the Company used the simplified approach allowed under ASU No. 2017-04 to test its Mass Portfolio reporting unit for impairment. Following the results of such assessment, the Company recognized an $18.0 million non-cash goodwill impairment charge related to the Mass Portfolio reporting unit within the Portfolio segment in the fourth quarter of 2018. Following the recognition of this non-cash goodwill impairment charge, the Mass Portfolio reporting unit had $54.3 million in remaining goodwill as of December 31, 2018. See Note 7, "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 each of 2019 and 2018, 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 7, "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 On January 1, 2018 the Company adopted ASU No. 2014-09, "Revenue from Contracts with Customers," using the modified retrospective method. Results for the reporting period beginning after January 1, 2018 are presented under this new guidance, while prior period amounts continue to be reported in accordance with the Company's historical accounting practices under previous guidance. However, given the nature of the Company's products and the terms and conditions applicable to sales to its customers, the timing and amount of revenue recognized based on the underlying principles of this guidance are consistent with the Company's revenue recognition policy under previous guidance. In accordance with the new 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. While the adoption of the new guidance under ASU No. 2014-09 did not have a material impact on the Company's revenues, results of operations or financial condition, the Company expanded its financial statement disclosures as required by this new standard. See Note 17, "Segment Data and Related Information," for additional disclosures provided as a result of this ASU. 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 $446.8 million and $507.0 million for 2019 and 2018, 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 $135.7 million and $144.6 million for 2019 and 2018, 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 14, "Income Taxes," to the Consolidated Financial Statements in this 2019 Form 10-K for discussion of the Tax Act (as hereinafter defined). Research and Development Research and development expenditures are expensed as incurred and included within SG&A expenses. The amounts charged in 2019 and 2018 for research and development expenditures were $40.3 million and $42.4 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 18, "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. Derivative Financial Instruments The Company is exposed to certain risks relating to its ongoing business operations. The Company may, from time-to-time, use derivative financial instruments, including: (i) foreign currency forward exchange contracts ("FX Contracts") intended for the purpose of managing foreign currency exchange risk by reducing the effects of fluctuations in foreign currency exchange rates on the Company’s net cash flows; and (ii) interest rate hedging transactions intended for the purpose of managing interest rate risk associated with Products Corporation’s variable rate indebtedness. Foreign Currency Forward Exchange Contracts Products Corporation may, from time-to-time, enter into FX Contracts primarily to hedge the anticipated net cash flows resulting from inventory purchases and intercompany payments denominated in currencies other than the local currencies of the Company’s foreign and domestic operations and generally have maturities of less than one year. The Company does not apply hedge accounting to its FX Contracts. The Company records FX Contracts in its consolidated balance sheet at fair value and immediately recognizes changes in fair value in earnings. Fair value of the Company’s FX Contracts is determined by using observable market transactions of spot and forward rates. At December 31, 2019, the Company had no outstanding FX Contracts. See Note 11, "Financial Instruments," for further information on the Company's FX Contracts. Interest Rate Swap As a result of the Company completing several debt transactions |
RESTRUCTURING CHARGES
RESTRUCTURING CHARGES | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING CHARGES | RESTRUCTURING CHARGES 2018 Optimization Restructuring Program In November 2018, the Company announced that it was implementing the 2018 Optimization Restructuring Program (the "2018 Optimization Program") designed to streamline the Company’s operations, reporting structures and business processes, with the objective of maximizing productivity and improving profitability, cash flows and liquidity. The 2018 Optimization Program was substantially completed by December 31, 2019. As of December 31, 2019, restructuring and related charges to be paid in cash are approximately 88% of the total charges, of which approximately $25.9 million were already paid through December 31, 2019, with any residual balance expected to be paid in 2020. A summary of the 2018 Optimization Restructuring Charges incurred since its inception in November 2018 and through December 31, 2019 is presented in the following table: Restructuring Charges and Other, Net Employee Severance and Other Personnel Benefits Other Costs Total Restructuring Charges Inventory Adjustments (a) Other Related Charges (b) Total Restructuring and Related Charges Charges incurred through December 31, 2018 $ 4.5 $ — $ 4.5 $ — $ 1.2 $ 5.7 Charges incurred during 2019 15.8 0.3 16.1 4.9 12.8 33.8 Cumulative charges incurred through December 31, 2019 $ 20.3 $ 0.3 $ 20.6 $ 4.9 $ 14.0 $ 39.5 (a) Inventory adjustments are recorded within cost of sales in the Company’s Consolidated Statement of Operations and Comprehensive Loss. (b) Other related charges are recorded within SG&A in the Company’s Consolidated Statement of Operations and Comprehensive Loss. A summary of the 2018 Optimization Restructuring Charges incurred since its inception in November 2018 and through December 31, 2019 by reportable segment is presented in the following table: Charges incurred during 2019 Cumulative charges incurred through December 31, 2019 Revlon $ 6.9 $ 8.8 Elizabeth Arden 3.4 4.3 Portfolio 3.0 4.0 Fragrances 2.8 3.5 Total $ 16.1 $ 20.6 EA Integration Restructuring Program In December 2016, in connection with integrating the Elizabeth Arden and Revlon organizations, the Company began the process of implementing certain integration activities, including consolidating offices, eliminating certain duplicative activities and streamlining back-office support (the "EA Integration Restructuring Program"). The EA Integration Restructuring Program was designed to reduce the Company’s cost of goods sold and SG&A expenses. The EA Integration Restructuring Program was completed by December 31, 2018. In connection with implementing the EA Integration Restructuring Program, and since its inception in December 2016, the Company recognized $80.3 million of total pre-tax restructuring charges (the "EA Integration Restructuring Charges"), consisting of: (i) $70.3 million of employee-related costs, including severance, retention and other contractual termination benefits; (ii) $5.1 million of lease termination costs; and (iii) $4.9 million of other related charges. The Company paid $71.9 million through December 31, 2019 in connection with the EA Integration Restructuring Program, with any remaining balance expected to be paid after 2019. A summary of the EA Integration Restructuring Charges incurred since its inception in December 2016 and through December 31, 2019 is presented in the following table: Restructuring Charges and Other, Net Employee Severance and Other Personnel Benefits (a) Lease Termination and Other Costs (b) Total Restructuring Charges Inventory Adjustments (c) Other Related Charges (d) Total Restructuring and Related Charges Cumulative charges incurred through December 31, 2018 $ 72.2 $ 5.1 $ 77.3 $ 1.9 $ 3.0 $ 82.2 Charges incurred during 2019 (1.9) — (1.9) — — (1.9) Cumulative charges incurred through December 31, 2019 $ 70.3 $ 5.1 $ 75.4 $ 1.9 $ 3.0 $ 80.3 (a) Includes reversal due to true-up during 2019 of previously-accrued restructuring charges. (b) Lease termination liabilities related to certain exited office space were adjusted following the implementation of ASC 842. See Note 6, "Property, Plant & Equipment," for additional information. (c) Inventory adjustments are recorded within cost of sales in the Company’s Consolidated Statement of Operations and Comprehensive Loss. (d) Other related charges are recorded within SG&A in the Company’s Consolidated Statement of Operations and Comprehensive Loss. A summary of the EA Integration Restructuring Charges incurred since inception in December 2016 and through December 31, 2019 by reportable segment is presented in the following table: Reversal of charges during 2019 Cumulative charges incurred through December 31, 2019 Revlon $ (0.8) $ 32.1 Elizabeth Arden (0.2) 13.1 Portfolio (0.4) 12.7 Fragrances (0.5) 17.5 Total $ (1.9) $ 75.4 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 Balance at January 1, 2019 Expense, Net Foreign Currency Translation Cash Non-cash Liability Balance at December 31, 2019 2018 Optimization Program: Employee severance and other personnel benefits $ 3.7 $ 15.8 $ — $ (13.8) $ — $ 5.7 Other — 0.3 — (0.3) — — Total 2018 Optimization Program 3.7 16.1 — (14.1) — 5.7 EA Integration Restructuring Program: Employee severance and other personnel benefits 13.8 (1.9) (0.2) (7.7) — 4.0 Other (a) 3.4 — — (0.3) (3.5) (0.4) Total EA Integration Restructuring Program 17.2 (1.9) (0.2) (8.0) (3.5) 3.6 Other immaterial actions: (b) Employee severance and other personnel benefits 4.6 (1.4) — (1.8) (1.1) 0.3 Other 0.9 — — (0.5) — 0.4 Total other immaterial actions 5.5 (1.4) — (2.3) (1.1) 0.7 Total restructuring reserve $ 26.4 $ 12.8 $ (0.2) $ (24.4) $ (4.6) $ 10.0 (a) Non-cash utilization relates to approximately $3.5 million of lease termination liabilities related to certain exited office space that were adjusted following the implementation of ASC 842. See Note 6, "Property, Plant, and Equipment," for additional information. (b) Consists primarily of the Company's other individually and collectively immaterial restructuring initiatives, including those in Denmark, Norway and Sweden. Utilized, Net Liability Expense, Net Foreign Currency Translation Cash Non-Cash (a) Liability Balance at December 31, 2018 2018 Optimization Program: Employee severance and other personnel benefits $ — $ 4.5 $ — $ (0.8) $ — $ 3.7 Other — — — — — — Total 2018 Optimization Program — 4.5 — (0.8) — 3.7 EA Integration Restructuring Program: Employee severance and other personnel benefits 25.8 9.4 (0.3) (21.1) — 13.8 Other 3.9 0.1 — (0.3) (0.3) 3.4 Total EA Integration Restructuring Program 29.7 9.5 (0.3) (21.4) (0.3) 17.2 Other immaterial actions: Employee severance and other personnel benefits 2.5 5.1 — (3.0) — 4.6 Other 1.7 1.1 (0.1) (1.8) — 0.9 Total other immaterial actions 4.2 6.2 (0.1) (4.8) — 5.5 Total restructuring reserve $ 33.9 $ 20.2 $ (0.4) $ (27.0) $ (0.3) $ 26.4 (a) Relates to the reversal of excessive accrual of professional fees. As of December 31, 2019 and 2018, all of the restructuring reserve balances were included within accrued expenses and other current liabilities in the Company's Consolidated Balance Sheets. See Note 22, “Subsequent Events – Revlon 2020 Restructuring Program.” |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS In December 2013, the Company announced restructuring actions that primarily included exiting its direct manufacturing, warehousing and sales business operations in mainland China within the Revlon segment (the "December 2013 Program"). The December 2013 Program resulted in the elimination of approximately 1,100 positions in 2014, primarily in China. With the implementation of the December 2013 Program, the results of the China discontinued operations, which relate entirely to the Revlon segment, are included within income from discontinued operations, net of taxes . Notwithstanding this 2013 program, the Company re-launched the Revlon brand in China in July 2019. The summary comparative financial results of discontinued operations were as follows for the periods presented: Year Ended December 31, 2019 2018 Net sales $ — $ — Income (loss) from discontinued operations, before taxes 7.5 (0.1) Provision for income taxes — — Income (loss) from discontinued operations, net of taxes 7.5 (0.1) As of December 31, 2019 and December 31, 2018, assets and liabilities of the China discontinued operations included in the Consolidated Balance Sheets consisted of the following: December 31, December 31, 2019 2018 Cash and cash equivalents $ 1.0 $ 1.1 Trade receivables, net — 0.2 Total current assets 1.0 1.3 Total assets $ 1.0 $ 1.3 Accounts payable $ — $ 0.5 Accrued expenses and other 1.2 3.3 Total current liabilities 1.2 3.8 Total liabilities $ 1.2 $ 3.8 |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES As of December 31, 2019 and 2018, the Company's inventory balances consisted of the following: December 31, 2019 2018 Finished goods $ 326.5 $ 374.1 Raw materials and supplies 110.4 143.5 Work-in-process 11.5 5.6 $ 448.4 $ 523.2 |
PREPAID EXPENSES AND OTHER
PREPAID EXPENSES AND OTHER | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAID EXPENSES AND OTHER | PREPAID EXPENSES AND OTHER As of December 31, 2019 and 2018, the Company's prepaid expenses and other balances were as follows: December 31, 2019 2018 Prepaid expenses $ 68.9 $ 71.5 Taxes (a) 40.4 46.9 Other 26.0 33.6 $ 135.3 $ 152.0 (a) Taxes for Products Corporation as of December 31, 2019 and December 31, 2018 were $36.5 million and $42.9 million, respectively. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT As of December 31, 2019 and 2018, the Company's property, plant and equipment balances consisted of the following: December 31, 2019 2018 Land and improvements $ 11.0 $ 11.2 Building and improvements 113.0 103.2 Machinery and equipment 296.0 286.7 Office furniture, fixtures and capitalized software 241.5 220.0 Counters and trade fixtures 52.9 56.0 Leasehold improvements 50.1 51.5 Construction-in-progress 14.0 51.1 Right-of-Use assets (a) 118.2 — Property, plant and equipment, gross 896.7 779.7 Accumulated depreciation and amortization (488.1) (425.2) Property, plant and equipment, net $ 408.6 $ 354.5 (a) Following implementation of ASC 842 under the modified retrospective approach as of January 1, 2019, this caption includes the Company's ROU assets for operating and finance leases. Finance leases of approximately $5.5 million were included in machinery and equipment as of December 31, 2018. See discussion below for further information . Depreciation and amortization expense on property, plant and equipment for December 31, 2019 and December 31, 2018 was $63.4 million and $66.8 million, respectively. Leases Products Corporation 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 Products Corporation’s real estate leases, in terms of total undiscounted payments, are located in the U.S. The Company adopted ASU No. 2016-02 beginning as of January 1, 2019, using a modified retrospective approach and applying the standard’s transition provisions at the effective date of January 1, 2019. The comparative information has not been restated and continues to be reported under the lease accounting standard in effect for those periods. The Company's adoption of ASU No. 2016-02 had a material impact on the Company’s consolidated balance sheets but did not have an impact on the Company’s statements of operations and comprehensive loss and cash flows. As of January 1, 2019, the Company's adoption of ASU No. 2016-02 resulted in: • the recognition of ROU assets for operating leases and finance leases of approximately $109.3 million and $1.5 million, respectively; • the recognition of lease liabilities for operating leases and finance leases of approximately $123.4 million and $1.4 million, respectively; and • a decrease of approximately $11.3 million in accrued rent (of which $10.7 million was recorded in other long-term liabilities and $0.6 million was recorded in accrued expenses and other current liabilities), a decrease of approximately $3.5 million in lease termination liabilities and a decrease of approximately $0.7 million in prepaid rent, due to adjustments to balances previously recorded on the consolidated balance sheets upon transition from the legacy ASC 840 to ASC 842. The following table includes disclosure related to the new ASC 842 lease standard, after application of the aforementioned practical expedients and short-term lease considerations: Year Ended December 31, 2019 Lease Cost: Finance Lease Cost: Amortization of ROU assets $ 0.3 Interest on lease liabilities 0.2 Operating Lease Cost 41.7 Total Lease Cost $ 42.2 Other Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases 0.2 Operating cash flows from operating leases 39.4 Financing cash flows from finance leases 0.8 ROU assets for finance leases 1.0 ROU assets for operating leases 91.4 Amortization on ROU assets for finance leases 0.3 Amortization on ROU assets for operating leases 23.2 Weighted-average remaining lease term - finance leases 2.8 years Weighted-average remaining lease term - operating leases 6.2 years Weighted-average discount rate - finance leases 15.6 % Weighted-average discount rate - operating leases 15.8 % Maturities of lease liabilities as of December 31, 2019 were as follows: Operating Leases Finance Leases 2020 $ 34.0 $ 0.7 2021 30.5 0.5 2022 24.0 0.3 2023 19.7 — 2024 14.3 — Thereafter 46.8 — Total undiscounted cash flows $ 169.3 $ 1.5 Present value: Short-term lease liability $ 14.0 $ 0.5 Long-term lease liability 92.8 0.5 Total lease liability $ 106.8 $ 1.0 Difference between undiscounted cash flows and discounted cash flows $ 62.5 $ 0.5 The following table presents the minimum rental commitments under the Company's non-cancelable leases, including those pertaining to idled facilities, as of December 31, 2018 under the guidance applicable prior to the adoption of ASC 842. Minimum Rental Commitments 2019 2020 2021 2022 2023 Thereafter Total Capital Leases $ 1.1 $ 0.6 $ 0.3 $ 0.2 $ 0.2 $ 0.2 $ 2.6 Operating Leases 42.5 33.8 29.8 22.6 18.5 57.5 204.7 |
GOODWILL AND INTANGIBLE ASSETS,
GOODWILL AND INTANGIBLE ASSETS, NET | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS, NET | GOODWILL AND INTANGIBLE ASSETS, NET Goodwill The following table presents the changes in goodwill by segment during 2019 and 2018: Revlon Portfolio Elizabeth Arden Fragrances Total Balance at January 1, 2018 (a) $ 265.3 $ 189.5 $ 116.9 $ 120.8 $ 692.5 Foreign currency translation adjustment (0.3) (0.3) — — (0.6) Goodwill impairment charge (a) — (18.0) — — (18.0) Balance at December 31, 2018 $ 265.0 $ 171.2 $ 116.9 $ 120.8 $ 673.9 Foreign currency translation adjustment (0.1) (0.1) — — (0.2) Balance at December 31, 2019 $ 264.9 $ 171.1 $ 116.9 $ 120.8 $ 673.7 Cumulative goodwill impairment charges (a) $ (55.2) (a) Amount refers to cumulative goodwill impairment charges related to impairments recognized in 2015, 2017 and 2018; no impairment charges were recognized during 2019. Annual Impairment Testing For 2019, in assessing whether goodwill was impaired in connection with its annual impairment testing performed during the fourth quarter of 2019 using October 1st, 2019 carrying values, the Company, in accordance with ASC 350, performed qualitative assessments for its (i) Revlon, (ii) Elizabeth Arden Skin and Color and (iii) Fragrances reporting units and a quantitative assessment for its (x) Mass Portfolio, (y) Professional Portfolio and (z) Elizabeth Arden Fragrances reporting units. In performing the 2019 qualitative assessment, the Company considered, among other factors, the financial performance of each of its Revlon, Elizabeth Arden Skin and Color and Fragrances reporting units, as well as the results of the annual quantitative analysis performed in 2018 for each of these reporting units. Based upon such assessment, the Company determined that it was more likely than not that the fair value of each of its Revlon, Elizabeth Arden Skin and Color and Fragrances reporting units exceeded their respective carrying amounts for 2019. In performing the 2019 quantitative assessment, the Company used the simplified approach allowed under ASU No. 2017-04, which the Company early adopted as of October 1, 2018, to test its Mass Portfolio, Professional Portfolio and Elizabeth Arden 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 its Mass Portfolio, Professional Portfolio and Elizabeth Arden Fragrances reporting units exceeded their respective carrying amounts for 2019. For 2018, the Company first performed a qualitative assessment on all of its reporting units indicating that indicators of impairment existed for the Mass Portfolio reporting unit within the Portfolio segment. Subsequently, the Company used the simplified approach allowed under ASU No. 2017-04, which the Company early adopted as of October 1, 2018, to test its Mass Portfolio reporting unit for impairment. Following the results of such assessment, the Company recognized an $18.0 million non-cash goodwill impairment charge related to the Mass Portfolio reporting unit within the Portfolio segment in the fourth quarter of 2018. Following the recognition of this non-cash goodwill impairment charge, the Mass Portfolio reporting unit had $54.3 million in remaining goodwill as of December 31, 2018. Effective January 1, 2018, the Company implemented its brand-centric organizational structure built around its four global brand teams: Revlon; Elizabeth Arden; Portfolio; and Fragrances, which also represent the Company's reporting segments. Following this change in the Company's organizational structure, the Company identified its current six reporting units. Concurrent with the change in reporting segments, goodwill was reassigned to the affected reporting units that had been identified within each reporting segment using a relative fair value allocation approach outlined in ASC 350, using December 31, 2017 carrying values. The Company utilized the two-step process in assessing whether goodwill was impaired for each of the Company's six reporting units and determined that it was more likely than not that the fair values of each of these reporting units exceeded their respective carrying amounts. Intangible Assets, Net The following tables present details of the Company's total intangible assets as of December 31, 2019 and December 31, 2018: December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-Average Useful Life (in Years) Finite-lived intangible assets: Trademarks and licenses $ 271.2 $ (110.9) $ 160.3 13 Customer relationships 248.3 (96.5) 151.8 11 Patents and internally-developed intellectual property 21.5 (12.1) 9.4 5 Distribution rights 31.0 (5.6) 25.4 15 Other 1.3 (1.3) — 0 Total finite-lived intangible assets $ 573.3 $ (226.4) $ 346.9 Indefinite-lived intangible assets: Trade names $ 143.8 N/A $ 143.8 Total indefinite-lived intangible assets $ 143.8 N/A $ 143.8 Total intangible assets $ 717.1 $ (226.4) $ 490.7 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-Average Useful Life (in Years) Finite-lived intangible assets: Trademarks and licenses $ 272.3 $ (94.3) $ 178.0 13 Customer relationships 248.6 (77.9) 170.7 12 Patents and internally-developed intellectual property 20.9 (10.1) 10.8 6 Distribution rights 31.0 (4.0) 27.0 16 Other 1.3 (1.0) 0.3 1 Total finite-lived intangible assets $ 574.1 $ (187.3) $ 386.8 Indefinite-lived intangible assets: Trade names $ 145.2 N/A $ 145.2 Total indefinite-lived intangible assets $ 145.2 N/A $ 145.2 Total intangible assets $ 719.3 $ (187.3) $ 532.0 Amortization expense for finite-lived intangible assets was $40.3 million and $57.1 million for 2019 and 2018, respectively. The variance was attributable to the accelerated amortization of the Pure Ice intangible assets as a result of the revision of the brand’s intangible assets useful lives following the termination of a business relationship with its principal customer. In accordance with ASC 360, and in conjunction with the annual impairment testing, the Company reviewed finite-lived intangible assets for impairment. In performing such review, the Company makes judgments about the recoverability of purchased finite lived intangible assets whenever events or changes in circumstances indicate that an impairment may exist. The Company also considers several indicators of impairment, including, among other factors, the following: (i) a significant adverse change in the extent or manner in which a long-lived asset (or asset group) is being used; (ii) a projection or forecast that demonstrates losses associated with the use of a long-lived asset (or asset group); and (iii) whether there exists a current expectation that, more likely than not, a long-lived asset (or asset group) will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. 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. Indefinite-lived intangible assets, consisting of certain trade names, were reviewed for the annual impairment assessment during the fourth quarter of 2019 using October 1 st carrying values similar to goodwill, in accordance with ASC 350. For each of 2019 and 2018, 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. 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, 2019: Estimated Amortization Expense 2020 $ 34.3 2021 33.2 2022 32.3 2023 30.8 2024 27.4 Thereafter 188.9 Total $ 346.9 |
ACCRUED EXPENSES AND OTHER
ACCRUED EXPENSES AND OTHER | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER | ACCRUED EXPENSES AND OTHER As of December 31, 2019 and December 31, 2018, the Company's accrued expenses and other current liabilities consisted of the following: December 31, December 31, 2019 2018 Sales returns and allowances $ 89.7 $ 97.7 Advertising, marketing and promotional costs 82.8 84.2 Taxes (a) 54.3 38.9 Compensation and related benefits 42.1 56.2 Interest 34.0 33.8 Professional services and insurance 16.3 9.5 Short term lease liability (b) 14.5 1.1 Freight and distribution costs 13.2 6.8 Restructuring reserve 10.0 26.4 Software 4.0 1.2 Other (c) 54.0 75.1 Total $ 414.9 $ 430.9 (a) Accrued Taxes for Products Corporation as of December 31, 2019 and December 31, 2018 were $57.6 million and $42.6 million, respectively. (b) Balance for 2019 represents operating and finance leases following the implementation of ASC 842. Balance for 2018 represents finance leases. See Note 6, "Property, Plant, and Equipment," for additional information. (c) Accrued Other as of December 31, 2019 includes approximately $2.3 million of severance to Mr. Fabian Garcia, the Company's former President and Chief Executive Officer, which was paid in 2020. Accrued Other for Products Corporation as of December 31, 2018 was $75.2 million. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT As of December 31, 2019 and December 31, 2018, the Company's debt balances consisted of the following: December 31, December 31, 2019 2018 2019 Term Loan Facility due 2023, net of discounts and debt issuance costs (see (a) below) $ 187.1 $ — 2018 Foreign Asset-Based Term Facility due 2021, net of discounts and debt issuance costs (see (e) below) 82.3 82.7 Amended 2016 Revolving Credit Facility due 2021, net of debt issuance costs (see (c) and (d) below) 269.9 330.0 2016 Term Loan Facility: 2016 Term Loan due 2023, net of discounts and debt issuance costs (see (f) below) 1,713.6 1,724.6 5.75% Senior Notes due 2021, net of debt issuance costs (see (g) below) 498.1 496.6 6.25% Senior Notes due 2024, net of debt issuance costs (see (h) below) 442.8 441.4 Spanish Government Loan due 2025 0.4 0.5 Debt $ 3,194.2 $ 3,075.8 Less current portion (*) (288.0) (348.1) Long-term debt $ 2,906.2 $ 2,727.7 Short-term borrowings (**) $ 2.2 $ 9.3 (*) At December 31, 2019, the Company classified $288.0 million as its current portion of long-term debt, comprised primarily of $269.9 million of net borrowings under the Amended 2016 Revolving Credit Facility, net of debt issuance costs, and $18.0 million of amortization payments on the 2016 Term Loan Facility scheduled to be paid over the next four calendar quarters. At December 31, 2018, the Company classified $348.1 million as its current portion of long-term debt, comprised primarily of $330.0 million of net borrowings under the Amended 2016 Revolving Credit Facility, net of debt issuance costs, and $18.0 million of amortization payments on the 2016 Term Loan Facility. (**) The weighted average interest rate on these short-term borrowings outstanding at December 31, 2019 and 2018 was 8.3% and 6.2%, respectively. Current Year Debt Transactions (a) 2019 Term Loan Facility Principal and Maturity: In August 2019, Products Corporation entered into a senior secured term loan facility among certain affiliated funds, investment vehicles or accounts managed or advised by Ares Management LLC, as lender, in an initial aggregate principal amount of $200 million (the “2019 Term Loan Facility” and such agreement being the “2019 Term Loan Agreement”), and Wilmington Trust, National Association (“Wilmington Trust”), as administrative and collateral agent. The approximate $188 million of net proceeds from the 2019 Term Loan Facility (after taking into account approximately $12 million of related fees and expenses) were used for general corporate purposes. The 2019 Term Loan Facility will mature on the earliest of: (x) August 6, 2023; (y) the 180th day prior to the stated maturity of Products Corporation’s existing 2016 Term Loan Facility, if any loans under the 2016 Term Loan Facility remain outstanding and have not been replaced or refinanced by such date; and (z) the date of any springing maturity of the 2016 Term Loan Facility (i.e., the 91 st day prior to the maturity of the 5.75% Senior Notes due February 15, 2021 if any 5.75% Senior Notes remain outstanding by such date and certain liquidity thresholds are not met). Guarantees and Security: Products Corporation and its restricted subsidiaries under the 2019 Term Loan Facility (collectively, the “Restricted Group”) are subject to the covenants under the 2019 Term Loan Agreement. The 2019 Term Loan Facility is guaranteed by each existing and future direct or indirect wholly-owned domestic restricted subsidiary of Products Corporation (subject to various exceptions), as well as by Revlon, on a limited recourse basis, and Elizabeth Arden (U.K.) Ltd., Revlon Canada Inc. and Elizabeth Arden (Canada) Limited. The obligations of Revlon, Products Corporation and the subsidiary guarantors under the 2019 Term Loan Facility are secured by pledges of the equity of Products Corporation and the equity of the Restricted Group held by Products Corporation and each subsidiary guarantor (subject to customary exceptions, including equity of first-tier foreign subsidiaries in excess of 66% of the voting equity interests of such entity) and by substantially all tangible and intangible personal and real property of Products Corporation and the subsidiary guarantors (subject to customary exclusions). The 2019 Term Loan Facility and the existing 2016 Term Loan Facility share the same guarantors and collateral, except that the 2019 Term Loan Facility is also secured by a first-priority lien on certain intellectual property of the American Crew business (the “Additional Collateral”) and is guaranteed by the entities established to hold such Additional Collateral. Pursuant to a first lien pari passu intercreditor agreement, dated August 6, 2019, among Revlon, Products Corporation, the subsidiary guarantors, Wilmington Trust and Citibank, N.A. (acting as administrative agent and collateral agent for the 2016 Term Loan Facility), the liens on the shared collateral securing the 2019 Term Loan Facility rank pari passu in priority with the liens on the shared collateral securing the 2016 Term Loan Facility. License Agreement : In connection with the pledge of such Additional Collateral, Products Corporation entered into intercompany arrangements pursuant to which the Additional Collateral was contributed to a newly-formed subsidiary, Beautyge I, which then further contributed the Additional Collateral to its new wholly-owned subsidiary, Beautyge II, LLC. Products Corporation entered into a license and royalty arrangement on arm’s length terms with Beautyge II, LLC to provide for the Company’s continued use of the Additional Collateral during the term of the 2019 Term Loan Facility. Interest and Fees: Interest accrues on the 2019 Term Loan Facility at a rate per annum of one-month adjusted LIBOR (which has a floor of 0%) plus a margin of 9.50%. Products Corporation is also obligated to pay customary fees and expenses in connection with the 2019 Term Loan Facility. Affirmative and Negative Covenants: The 2019 Term Loan Agreement contains certain affirmative and negative covenants that, among other things, limit the Restricted Group’s ability to: (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; (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 2019 Term Loan Agreement also contains additional covenants: (i) restricting the activities of the entities established to hold the Additional Collateral; (ii) limiting the incurrence of additional secured debt by the Restricted Group to an aggregate principal amount of $50 million (excluding the Amended 2016 Revolving Credit Facility and any refinancing of the 5.75% Senior Notes due 2021); (iii) restricting the transfer by the Restricted Group of material intellectual property to non-guarantor restricted subsidiaries or other affiliates; and (iv) limiting additional investments by Products Corporation and its subsidiary guarantors in any non-guarantor subsidiary to an outstanding amount of $50 million plus $10 million for ordinary course investments consistent with past practice. These negative covenants are subject to various exceptions, including an “available amount basket” based on 50% of Products Corporation’s cumulative consolidated net income from October 1, 2016, subject to Products Corporation’s compliance with a 5.0 to 1.0 ratio of Products Corporation’s net debt to Consolidated EBITDA (as defined in the 2019 Term Loan Agreement), except such compliance is not required when such baskets are used to make investments. Financial Covenants: The 2019 Term Loan Agreement contains financial covenants. First, Products Corporation cannot permit at any time both (x) the aggregate principal amount of secured and structurally senior debt to exceed $2.5 billion and (y) the ratio of Products Corporation's net secured and structurally senior debt to Consolidated EBITDA to be greater than 5.0 to 1.0, subject to a one-time equity cure right. Second, Products Corporation’s Consolidated EBITDA cannot be less than $250 million for any test period ending on or after March 31, 2021. Prepayments: The 2019 Term Loan Facility is subject to mandatory prepayments from: (i) the net proceeds from the issuance by Products Corporation or any of its restricted subsidiaries of certain additional debt; (ii) commencing with the excess cash flow calculation with respect to fiscal year ending December 31, 2020, 50% of excess cash flow, with step-downs to 25% and 0% upon achievement of certain first lien leverage ratios and reduced by voluntary prepayments of the 2019 Term Loan Facility, the 2016 Term Loan Facility and revolving loans under the Amended 2016 Revolving Credit Facility (to the extent commitments thereunder are permanently reduced); and (iii) asset sale proceeds of certain non-ordinary course asset sales or other dispositions of property that have not been reinvested to the extent in excess of certain minimum amounts (subject to an aggregate reinvestment cap of $50 million). Products Corporation may voluntarily prepay the 2019 Term Loan Facility at any time. All voluntary prepayments, certain mandatory prepayments and repayments upon acceleration after an event of default of the 2019 Term Loan Facility must be accompanied by a fee in an amount equal to: (i) prior to January 1, 2021, a make-whole amount with respect to interest payments through December 31, 2020 plus 10% of the aggregate principal amount prepaid, repaid or required to be repaid; (ii) on and after January 1, 2021, but prior to January 1, 2022, 10% of the aggregate principal amount prepaid, repaid or required to be repaid; (iii) on and after January 1, 2022, but prior to January 1, 2023, 7.5% of the aggregate principal amount prepaid, repaid or required to be repaid; or (iv) thereafter, 5% of the aggregate principal amount prepaid, repaid or required to be repaid. A 5% exit fee is also payable upon the final scheduled maturity of the 2019 Term Loan Facility or if the loans thereunder are accelerated upon an event of default. The 2019 Term Loan Agreement also contains certain customary representations, warranties and events of default. Events of Default : The 2019 Term Loan Agreement includes customary events of default, including a cross default provision making it an event of default under the 2019 Term Loan Agreement if there is an event of default under Products Corporation’s existing 2016 Credit Agreements, the 2018 Foreign Asset-Based Term Agreement, the Amended 2019 Senior Line of Credit Agreement or the Senior Notes Indentures. The lenders under the 2019 Term Loan Agreement may declare all outstanding loans under the 2019 Term Loan Agreement to be due and payable immediately upon an event of default. Under such circumstances, the lenders under the 2016 Credit Agreements, the Amended 2019 Senior Line of Credit Agreement and the 2018 Foreign Asset-Based Term Agreement may also declare all outstanding loans under such facilities to be due and payable immediately as a result of similar cross default provisions, and upon non-payment of any accelerated principal amount, the trustees or noteholders for the 5.75% Senior Notes and 6.25% Senior Notes may declare all outstanding notes to be due and payable immediately as a result of similar cross-acceleration provisions, subject to certain exceptions and limitations described in the relevant instruments. Fees and expenses incurred in connection with consummating the 2019 Term Loan Agreement of approximately $14 million were capitalized and are being amortized to interest expense over the term of the 2019 Term Loan Agreement using the effective interest method. The aggregate principal amount outstanding under the 2019 Term Loan Facility Agreement at December 31, 2019 was $200 million. (b) Amended 2019 Senior Line of Credit Agreement In June 2019, Products Corporation entered into a 2019 Senior Unsecured Line of Credit Agreement, providing Products Corporation with a $30 million senior unsecured line of credit from MacAndrews & Forbes Group, LLC, a subsidiary of Revlon’s majority stockholder, which facility allows Products Corporation to request loans thereunder and to use the proceeds of such loans for working capital and other general corporate purposes until the facility matures. In November 2019, Products Corporation and MacAndrews & Forbes Group, LLC entered into the Amended and Restated 2019 Senior Unsecured Line of Credit Agreement (the “Amended 2019 Senior Line of Credit Agreement”) to extend the maturity of such facility by 1-year, expiring December 31, 2020 (the "Amended 2019 Senior Line of Credit Facility"). As of December 31, 2019 and as of the November 7, 2019 extension date, there were no borrowings outstanding or repayments under the Amended 2019 Senior Line of Credit Facility. Any loans outstanding under the Amended 2019 Senior Line of Credit Facility shall bear interest at an annual rate of 8%, which is payable quarterly in arrears in cash. Products Corporation may, at its option, prepay any borrowings under the Amended 2019 Senior Line of Credit Facility, in whole or in part (together with accrued and unpaid interest), at any time prior to maturity, without premium or penalty. Products Corporation is required to repay any outstanding loans under the Amended 2019 Senior Line of Credit Facility, together with accrued interest thereon, if for any reason Products Corporation or any of its subsidiaries has available unrestricted cash that Products Corporation determines, in its reasonable judgment, is not required to run their operations in the ordinary course of business, provided that such repayment would not result in material adverse tax consequences. The Amended 2019 Senior Line of Credit Agreement includes customary events of default, including a cross default provision making it an event of default under the Amended 2019 Senior Line of Credit Agreement if there exists and continues an event default under Products Corporation’s 2016 Credit Agreements, the 2018 Foreign Asset-Based Term Agreement, the 2019 Term Loan Agreement or the Senior Notes Indentures. If any such event of default occurs, MacAndrews & Forbes Group, LLC may declare all outstanding loans under the Amended 2019 Senior Line of Credit Facility to be due and payable immediately. (c) March 2019 Amendment to the 2016 Revolving Credit Facility In March 2019, Products Corporation, Revlon and certain of their subsidiaries entered into Amendment No. 2 (“Amendment No. 2”) to the 2016 Revolving Credit Agreement (as amended by Amendment No. 2, the “Amended 2016 Revolving Credit Agreement”) in respect of the 2016 Revolving Credit Facility (as in effect after Amendment No. 2, the “Amended 2016 Revolving Credit Facility”). Pursuant to the terms of Amendment No. 2, the maturity date applicable to the $41.5 million senior secured first in, last out Tranche B of the Amended 2016 Revolving Credit Facility was extended from April 17, 2019 to April 17, 2020. The 2016 Revolving Credit Agreement provided that the “Liquidity Amount” (defined in the Amended 2016 Revolving Credit Agreement as the sum of each borrowing base less the sum of (x) the aggregate outstanding extensions of credit under the Amended 2016 Revolving Credit Facility, and (y) any availability reserve in effect on such date) may exceed the aggregate commitments under the Amended 2016 Revolving Credit Facility by up to 5%. Amendment No. 2 limits the Liquidity Amount to no more than the aggregate commitments under the Amended 2016 Revolving Credit Facility. Under the 2016 Revolving Credit Agreement, a “Liquidity Event Period” generally occurred if Products Corporation’s Liquidity Amount fell below the greater of $35 million and 10% of the maximum availability under the 2016 Revolving Credit Facility. Amendment No. 2 changed these thresholds to $50 million and 15%, respectively, only for purposes of triggering certain notification obligations of Products Corporation, increased borrowing base reporting frequency and the ability of the administrative agent to apply amounts collected in controlled accounts for the repayment of loans under the Amended 2016 Revolving Credit Facility. After entering into Amendment No. 2, in March 2019 Products Corporation’s availability under the Amended 2016 Revolving Credit Facility was $37.3 million, which was less than the greater of $35 million and 10% of the maximum availability under the Amended 2016 Revolving Credit Facility, which at such date equated to $41.3 million. Accordingly, effective beginning in March 2019 Products Corporation is required to maintain a FCCR of a minimum of 1.0 to 1.0 (which it currently satisfies), the administrative agent may apply amounts collected in controlled accounts for the repayment of loans under the Amended 2016 Revolving Credit Facility, which the administrative agent began applying in March 2019, and Products Corporation is required to provide the administrative agent with weekly borrowing base certificates. Products Corporation will be required to: (i) maintain such 1.0 to 1.0 minimum FCCR until such time that availability under the Amended 2016 Revolving Credit Facility equals or exceeds the greater of $35 million and 10% of the maximum availability under such facility for at least 20 consecutive business days; and (ii) Products Corporation will continue to provide the administrative agent with weekly borrowing base certificates and the administrative agent may continue to apply amounts collected in controlled accounts as set forth above in each case until such time that availability under such facility is equal or exceeds the greater of $50 million and 15% of the maximum availability under such facility for at least 20 consecutive business days. Amendment No. 2 also adjusts, among other things, the “payment conditions” required to make unlimited restricted payments. Previous Years Debt Related Transactions (d) April 2018 Amendment to Original 2016 Revolving Credit Facility In April 2018, Products Corporation amended the Original 2016 Revolving Credit Facility Agreement, as detailed below, to, among other things, add a new $41.5 million senior secured first in, last out "Tranche B," while the original $400 million tranche under such facility became a senior secured last in, first out "Tranche A" ("Amendment No.1" and the Original 2016 Revolving Credit Facility as in effect after Amendment No. 1, the "2016 Revolving Credit Facility"). Tranche A matures on the earlier of: (x) September 7, 2021; and (y) the 91st day prior to the maturity of Products Corporation’s 5.75% Senior Notes, if, on that date (and solely for so long as), (i) any of Products Corporation’s 5.75% Senior Notes remain outstanding and (ii) Products Corporation’s available liquidity does not exceed the aggregate principal amount of the then outstanding 5.75% Senior Notes by at least $200 million. Tranche B was initially scheduled to mature on April 17, 2019, a date that was later extended to April 17, 2020 pursuant to Amendment No. 2. Total borrowings at face amount under Tranche A and Tranche B under the Amended 2016 Revolving Credit Facility at December 31, 2019 were $230.9 million (excluding $11.4 million of outstanding undrawn letters of credit) and $41.5 million, respectively (the 2016 Term Loan Facility and the Amended 2016 Revolving Credit Facility are collectively referred to as the "2016 Senior Credit Facilities" and the applicable agreements, as amended, being the “2016 Credit Agreements”). Amendment No. 1 provided for the availability and repayment terms of each Tranche, as well as terms governing the payment priorities between the Tranches. Other amendments to the Original 2016 Revolving Credit Facility under Amendment No. 1 included: (i) a $15 million increase to the cap on amounts eligible for inclusion in the borrowing base relating to certain assets located in jurisdictions other than the U.S., Puerto Rico, Canada, and the U.K.; (ii) a reduction to the amount of additional debt generally permitted to be incurred; (iii) a reduction in the amount of incremental debt under 2016 Term Loan Agreement permitted to be incurred pursuant to the Original 2016 Revolving Credit Agreement; (iv) the removal of temporary increases to the borrowing base between August 15th and October 31st of each year; (v) an increase to threshold conditions in respect of the ability to make certain dividends and distributions on equity during the term of the Tranche B; and (vi) an amendment to the calculation of the financial covenant. During 2018, the Company incurred approximately $4.0 million of fees and expenses in connection with consummating Amendment No. 1, which were capitalized and are being amortized over the remaining term of Amendment No. 1 using the effective interest method. The aggregate principal amount outstanding under Tranche A and Tranche B of the Amended 2016 Revolving Credit Facility at December 31, 2019 was $230.9 million and $41.5 million, respectively. (e) 2018 Foreign Asset-Based Term Loan Credit Agreement In July 2018, Revlon Holdings B.V. (the "Dutch Borrower"), a wholly owned indirect foreign subsidiary of Products Corporation, Revlon Finance LLC, a wholly owned direct subsidiary of the Dutch Borrower (the "U.S. Co-Borrower" and, together with the Dutch Borrower, the "Borrowers"), the other loan parties, the lenders party thereto and Citibank, N.A., acting as administrative agent and collateral agent (the "Agent"), entered into an Asset-Based Term Loan Credit Agreement (the "2018 Foreign Asset-Based Term Facility" and the "2018 Foreign Asset-Based Term Agreement," respectively) and related guarantee and security agreements. Principal and Maturity : The 2018 Foreign Asset-Based Term Facility provides for a euro-denominated senior secured asset-based term loan facility in an aggregate principal amount of €77 million, the full amount of which was funded on the closing of the facility in July 2018. The 2018 Foreign Asset-Based Term Facility has an uncommitted incremental facility pursuant to which it may be increased from time to time by up to €43 million, subject to certain conditions and the agreement of the lenders providing such increase. The proceeds of the loans under the 2018 Foreign Asset-Based Term Facility were used for working capital and other general corporate purposes. The 2018 Foreign Asset-Based Term Facility matures on July 9, 2021. The 2018 Foreign Asset-Based Term Agreement requires the maintenance of a borrowing base supporting the borrowing thereunder, to be evidenced with the delivery of monthly 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 2018 Foreign Asset-Based Term Facility is based on the sum of: (i) 85% of eligible accounts receivable; and (ii) 90% of the net orderly liquidation value of eligible inventory, in each case with respect to certain of Products Corporation’s subsidiaries organized in Australia, Bermuda, Germany, Italy, Spain and Switzerland (the "Borrowing Base Guarantors" and, together with the Borrowers, the "Loan Parties"). The borrowing bases in each jurisdiction are subject to certain customary availability reserves set by the Agent. Guarantees and Security : The 2018 Foreign Asset-Based Term Facility is guaranteed by the Borrowing Base Guarantors, as well as by the direct parent entities of each Borrowing Base Guarantor (not including Revlon or Products Corporation) on a limited recourse basis (the "Parent Guarantors"). The obligations of the Loan Parties and the Parent Guarantors under the 2018 Foreign Asset-Based Term Facility are secured by first-ranking pledges of the equity of each Loan Party, the inventory and accounts receivable of the 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 2018 Foreign Asset-Based Term Facility) and certain other material assets of the Borrowing Base Guarantors. The 2018 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 2018 Foreign Asset-Based Term Agreement, and in any event at least quarterly, and accrues on borrowings under the 2018 Foreign Asset-Based Term Facility at a rate per annum equal to the EURIBOR rate, with a floor of 0.50%, plus an applicable margin equal to 6.50%. The Borrowers are obligated to pay certain fees and expenses in connection with the 2018 Foreign Asset-Based Term Facility, including a fee payable to Citibank, N.A. for its services as Agent. Loans under the 2018 Foreign Asset-Based Term Facility may be prepaid without premium or penalty. Affirmative and Negative Covenants : The 2018 Foreign Asset-Based Term Agreement contains certain affirmative and negative covenants that, among other things, limit the 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 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 2018 Foreign Asset-Based Term Agreement also contains certain customary representations, warranties and events of default. Prepayments : The Borrowers must prepay loans under the 2018 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 in an amount not to exceed 10% of the borrowing base into a designated U.S. bank account with the Agent that is subject to a control agreement (such cash, the "Qualified Cash"). If any such over-advance has not been cured within 60 days, the Qualified Cash may be applied, at the Agent’s option, to prepay the loans under the 2018 Foreign Asset-Based Term Facility. To the extent certain levels of availability are obtained during a certain period of time, the Borrowers can withdraw the Qualified Cash from such bank account. In addition, the 2018 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. During 2018, the Company incurred approximately $5.7 million of fees and expenses in connection with consummating the 2018 Foreign Asset-Based Term Agreement, which were capitalized and are being amortized over the remaining term of the 2018 Foreign Asset-Based Term Facility using the effective interest method. The aggregate principal amount outstanding under the 2018 Foreign Asset-Based Term Agreement at December 31, 2019 was $86.3 million. (f) 2016 Senior Credit Facilities In connection with and substantially concurrently with the closing of the Elizabeth Arden Acquisition, Products Corporation entered into: (i) the 7-year $1.8 billion 2016 Term Loan Facility (the "2016 Term Loan Facility" and such agreement being the "2016 Term Loan Agreement"); and (ii) the 5-year $400 million 2016 Revolving Credit Facility (the "Original 2016 Revolving Credit Facility" and, as amended, together with the 2016 Term Loan Facility, the “2016 Senior Credit Facilities” and such agreement being the "Original 2016 Revolving Credit Agreement"). Products Corporation also completed the issuance of $450 million aggregate principal amount of its 6.25% Senior Notes due August 1, 2024 (the "6.25% Senior Notes"). The proceeds of Products Corporation's issuance of the 6.25% Senior Notes and the 2016 Term Loan Facility, together with approximately $35 million of borrowings under the Original 2016 Revolving Credit Facility and approximately $126.7 million of cash on hand, were used: (A) to fund the Elizabeth Arden Acquisition, including: (i) repurchasing the entire $350 million aggregate principal amount outstanding of the then-existing Elizabeth Arden Senior Notes (the "Elizabeth Arden Senior Notes"); (ii) repaying the entire $142 million aggregate principal amount of borrowings outstanding as of the Elizabeth Arden Acquisition Date under Elizabeth Arden’s $300 million revolving credit facility (which facility was terminated upon such repayment); (iii) repaying the entire $25 million aggregate principal amount of borrowings outstanding as of the Elizabeth Arden Acquisition Date under Elizabeth Arden's second lien credit facility (which facility was terminated upon such repayment); and (iv) retiring the entire $55 million liquidation preference of all 50,000 shares of Elizabeth Arden's then-issued and outstanding preferred stock (which amount included a $5 million change of control premium); and (B) to completely refinance and repay all of the $651.4 million in aggregate principal balance outstanding under Products Corporation’s then-existing 2011 Term Loan (the "2011 Term Loan") and all of the $658.6 million in aggregate principal balance outstanding under Products Corporation’s Old Acquisition Term Loan (each of which facilities were terminated upon such repayment) (together with the 2011 Term Loan, the "Old Term Loan Agreement" and the "Old Term Loan Facility," respectively). The Company did not incur any material early termination penalties in connection with repaying the Old Term Loan Facility or the Elizabeth Arden indebtedness and preferred stock. Following is an updated description of Products Corporation's 2016 Senior Credit Facilities, after giving effect to Amendment No. 2 to the 2016 Revolving Credit Facility: 2016 Term Loan Facility Principal and Maturity: On the Elizabeth Arden Acquisition Date, Products Corporation entered into the 2016 Term Loan Agreement, for which Citibank, N.A. acts as administrative and collateral agent and which has an initial aggregate principal amount of $1.8 billion and matures on the earlier of: (x) September 7, 2023; and (y) the 91st day prior to the maturity of Products Corporation’s 5.75% Senior Notes due February 15, 2021 if, on that date (and solely for so long as), (i) any of Products Corporation's 5.75% Senior Notes remain outstanding and (ii) Products Corporation’s available liquidity does not exceed the aggregate principal amount of its then outstanding 5.75% Senior Notes by at least $200 million. The loans under the 2016 Term Loan Facility were borrowed at an original issue discount of 0.5% to their principal amount. The 2016 Term Loan Facility may be increased by an amount equal to the sum of (x) the greater of $450 million and 90% of Products Corporation’s pro forma consolidated EBITDA, plus (y) an unlimited amount to the extent that (1) the first lien leverage ratio (defined as the ratio of Products Corporation’s net senior secured funded debt that is not junior or subordinated to the liens of the Senior Facilities to EBITDA) is less than or equal to 3.5 to 1.0 (for debt secured pari passu with the 2016 Term Loan Facility) or (2) the secured leverage ratio (defined as the ratio of Products Corporation’s net senior secured funded debt to EBITDA) is less than or equal to 4.25 to 1.0 (for junior lien or unsecured debt), plus (z) up to an additional $400 million if the 2016 Revolving Credit Facility has been repaid and terminated. The aggregate principal amount outstanding under the Amended 2016 Term Loan Facility at December 31, 2019 was $1,741.5 million. Guarantees and Security : Products Corporation and the restricted subsidiaries |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and December 31, 2018, the Company did not have any financial assets and liabilities that were required to be measured at fair value. As of December 31, 2019, 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, 2019 Fair Value Level 1 Level 2 Level 3 Total Carrying Value Liabilities: Long-term debt, including current portion (a) $ — $ 2,522.2 $ — $ 2,522.2 $ 3,194.2 As of December 31, 2018, 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, 2018 Fair Value Level 1 Level 2 Level 3 Total Carrying Value Liabilities: Long-term debt, including current portion (a) $ — $ 2,259.5 $ — $ 2,259.5 $ 3,075.8 (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, 2019 | |
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 $11.4 million and $10.1 million (including amounts available under credit agreements in effect at that time) were maintained as of December 31, 2019 and December 31, 2018, respectively. Included in these amounts are approximately $8.3 million and $7.3 million in standby letters of credit that support Products Corporation’s self-insurance programs, in each case as outstanding as of December 31, 2019 and December 31, 2018, respectively. The estimated liability under such programs is accrued by Products Corporation. Derivative Financial Instruments The Company may, from time to time, use derivative financial instruments, primarily FX Contracts, to manage foreign currency exchange risk by reducing the effects of fluctuations in foreign currency exchange rates on the Company’s net cash flows. The Company does not hold or issue financial instruments for speculative or trading purposes. Foreign Currency Forward Exchange Contracts The FX Contracts may, from time to time, be entered into primarily to hedge the anticipated net cash flows resulting from inventory purchases and intercompany payments denominated in currencies other than the local currencies of the Company’s foreign and domestic operations and generally have maturities of less than one year. The Company did not enter into any FX Contracts during 2019. The U.S. Dollar notional amounts of the FX Contracts outstanding at each of December 31, 2019 and December 31, 2018 were nil. Interest Rate Swap Transaction In November 2013, Products Corporation executed a forward-starting floating-to-fixed interest rate swap transaction (the "2013 Interest Rate Swap") that, at its inception, was based on a notional amount of $400 million in respect of indebtedness under Products Corporation’s 2013 bank term loan that was incurred in connection with completing the October 2013 acquisition of The Colomer Group (the "Old Acquisition Term Loan" and the "Colomer Acquisition," respectively). The 2013 Interest Rate Swap, which initially had a floor of 1.00% that in December 2016 was amended to 0.75%, expired in May 2018. In connection with entering into the 2016 Term Loan Facility, the 2013 Interest Rate Swap was carried over to apply to a notional amount of $400 million in respect of indebtedness under such loan for the remaining balance of the term of such swap. The Company initially designated the 2013 Interest Rate Swap as a cash flow hedge of the variability of the forecasted 3-month LIBOR interest rate payments initially related to the $400 million notional amount under the Old Acquisition Term Loan over the 3-year term of the 2013 Interest Rate Swap (and subsequently to the $400 million notional amount under the 2016 Term Loan Facility). Under the terms of the 2013 Interest Rate Swap, Products Corporation received from the counterparty a floating interest rate based on the higher of the 3-month U.S. Dollar LIBOR or the floor percentage in effect, while paying a fixed interest rate payment to the counterparty equal to 2.0709% (which, with respect to the 2016 Term Loan Facility, effectively fixed the interest rate on such notional amount at 5.5709% through May 2018). As a result of completely refinancing the Old Acquisition Term Loan with a portion of the proceeds from Product's Corporation's consummation of the 2016 Senior Credit Facilities and the issuance of its 6.25% Senior Notes in connection with consummating the Elizabeth Arden Acquisition, the critical terms of the 2013 Interest Rate Swap no longer matched the terms of the underlying debt under the 2016 Term Loan Facility. At the refinancing date, which was the same as the September 7, 2016 Elizabeth Arden Acquisition Date (the "De-designation Date"), the 2013 Interest Rate Swap was determined to no longer be highly effective and the Company discontinued hedge accounting for the 2013 Interest Rate Swap. Following the de-designation of the 2013 Interest Rate Swap, changes in fair value of such swap were accounted for as a component of other non-operating expenses. Accumulated deferred losses of $6.3 million, or $3.9 million net of tax, at the De-designation Date, that were previously recorded as a component of accumulated other comprehensive loss, were fully amortized into earnings over the remaining term of the 2013 Interest Rate Swap, which expired in May 2018. See " Quantitative Information – Derivative Financial Instruments " below for additional information on the balance sheet balances related to this swap. Credit Risk Exposure to credit risk in the event of nonperformance by any of the counterparties to the Company's derivative instruments is limited to the gross fair value of these derivative instruments in asset positions, which was nil at each of December 31, 2019 and December 31, 2018. The Company attempts to minimize exposure to credit risk by generally entering into derivative contracts with counterparties that have investment-grade credit ratings and are major financial institutions. The Company also periodically monitors any changes in the credit ratings of its counterparties. Quantitative Information – Derivative Financial Instruments As of December 31, 2019 and December 31, 2018, the Company did not have any derivative financial instruments. The effects of the Company's derivative financial instruments on its Consolidated Statements of Operations and Comprehensive Loss were as follows for the periods presented: Derivative Instruments Statement of Operations Classification Amount of Gain (Loss) Recognized in Net (Loss) Income Year Ended December 31, 2019 2018 Derivative financial instruments: 2013 Interest Rate Swap Interest Expense $ — $ (1.2) FX Contracts Foreign currency gain, net — 0.2 2013 Interest Rate Swap Miscellaneous, net — 0.2 Amount of Gain Recognized in Other Comprehensive Loss Year Ended December 31, 2019 2018 Derivatives previously designated as hedging instruments: 2013 Interest Rate Swap, net of tax (a) $ — $ 0.7 (a) Net of tax benefits of $0.5 million for the year ended December 31, 2018. |
PENSION AND POST-RETIREMENT BEN
PENSION AND POST-RETIREMENT BENEFITS | 12 Months Ended |
Dec. 31, 2019 | |
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 10%, 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 $5.5 million and $5.3 million during 2019 and 2018, 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. 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 2019, the Company made discretionary profit-sharing contributions to the Savings Plan and Excess Savings Plan of $7.2 million (of which $5.6 million was paid in 2019 and $1.6 million was paid in January 2020), or up to 3% of eligible compensation, which was credited on a quarterly basis. For 2018, the Company made discretionary profit-sharing contributions to the Savings Plan and Excess Savings Plan of $6.8 million (of which $5.3 million was paid in 2018 and $1.5 million was paid in January 2019), or up to 3% of eligible compensation, which was credited on a quarterly basis. 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 20, "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, 2019 2018 2019 2018 Change in Benefit Obligation: Benefit obligation - beginning of year $ (591.0) $ (661.4) $ (12.2) $ (14.0) Service cost (1.9) (2.0) — — Interest cost (20.0) (18.6) (0.4) (0.4) Actuarial (loss) gain (59.3) 42.0 (1.5) 1.4 Benefits paid 43.6 45.2 0.7 0.8 Plan Amendments (1.2) — — — Plan participant contributions (0.6) (0.6) — — Foreign currency translation adjustments 0.7 4.4 — — Benefit obligation - end of year $ (629.7) $ (591.0) $ (13.4) $ (12.2) Change in Plan Assets: Fair value of plan assets - beginning of year $ 432.4 $ 497.2 $ — $ — Actual return (loss) on plan assets 61.3 (24.2) — — Employer contributions 11.4 8.0 0.7 0.8 Benefits paid (43.6) (45.2) (0.7) (0.8) Plan participant contributions 0.6 0.6 — — Foreign currency translation adjustments 0.3 (4.0) — — Fair value of plan assets - end of year $ 462.4 $ 432.4 $ — $ — Unfunded status of plans at December 31, 2019 $ (167.3) $ (158.6) $ (13.4) $ (12.2) 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, 2019 and 2018 consisted of the following: Pension Plans Other Post-Retirement Benefit Plans December 31, 2019 2018 2019 2018 Other long-term assets $ 3.6 $ 4.8 $ — $ — Accrued expenses and other (2.7) (5.9) (0.4) (0.7) Pension and other post-retirement benefit liabilities (168.2) (157.5) (13.0) (11.5) Total liability $ (167.3) $ (158.6) $ (13.4) $ (12.2) Accumulated other comprehensive loss, gross $ 266.1 $ 252.6 $ 4.0 $ 2.7 Income tax benefit (48.7) (44.4) (1.0) (0.6) Portion allocated to Revlon Holdings (0.8) (0.8) 0.2 — Accumulated other comprehensive loss, net $ 216.6 $ 207.4 $ 3.2 $ 2.1 With respect to the above accrued expenses and other, the Company has recorded receivables from affiliates of $2.3 million and $2.4 million at December 31, 2019 and 2018, respectively, relating to pension plan liabilities retained by such affiliates. As of December 31, 2019 and 2018, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company's pension plans are as follows: December 31, 2019 2018 Projected benefit obligation $ 629.7 $ 591.0 Accumulated benefit obligation 627.9 589.1 Fair value of plan assets 462.4 432.4 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 years ended December 31, 2019 and 2018, respectively, were as follows: Pension Plans Other Year Ended December 31, 2019 2018 2019 2018 Net periodic benefit costs: Service cost $ 1.9 $ 2.0 $ — $ — Interest cost 20.0 18.6 0.4 0.4 Expected return on plan assets (25.1) (27.8) — — Amortization of actuarial loss 9.9 9.2 0.2 0.4 Curtailment gain — (0.1) — — Total net periodic benefit costs prior to allocation $ 6.7 $ 1.9 $ 0.6 $ 0.8 Portion allocated to Revlon Holdings (0.1) (0.1) — — Total net periodic benefit costs $ 6.6 $ 1.8 $ 0.6 $ 0.8 In the year ended December 31, 2019, the Company recognized net periodic benefit cost of $7.2 million, compared to net periodic benefit cost of $2.6 million in the year ended December 31, 2018, primarily due to lower expected returns on plan assets and higher interest costs. Net periodic benefit costs are reflected in the Company's Consolidated Financial Statements as follows for the periods presented: Year Ended December 31, 2019 2018 Net periodic benefit costs: Cost of sales $ — $ 0.1 Selling, general and administrative expense 1.9 1.9 Miscellaneous, net 5.3 0.6 Total net periodic benefit costs $ 7.2 $ 2.6 Amounts recognized in accumulated other comprehensive loss at December 31, 2019 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 Net actuarial loss $ 265.0 $ 4.0 $ 269.0 Prior service cost 1.1 — 1.1 Accumulated Other Comprehensive Loss, Gross 266.1 4.0 270.1 Income tax benefit (48.7) (1.0) (49.7) Portion allocated (to) from Revlon Holdings (0.8) 0.2 (0.6) Accumulated Other Comprehensive Loss, Net $ 216.6 $ 3.2 $ 219.8 The total actuarial losses and prior service costs with respect to the Company’s pension plans and other post-retirement plans included in accumulated other comprehensive loss at December 31, 2019 expected to be recognized in net periodic benefit cost during the fiscal year ending December 31, 2020, is $10.8 million and $0.4 million, respectively. 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 2019 2018 2019 2018 Discount rate 3.01 % 4.13 % 1.81 % 2.52 % Rate of future compensation increases 3.50 % 3.50 % 2.02 % 2.02 % 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 2019 2018 2019 2018 Discount rate 4.13 % 3.47 % 2.52 % 2.19 % Expected long-term return on plan assets 6.00 % 6.00 % 4.86 % 4.95 % Rate of future compensation increases 3.50 % 3.50 % 2.02 % 1.75 % Effective December 31, 2015, the Company adopted the "full yield curve" method as an alternative approach to calculating 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. Prior to December 31, 2015, the Company estimated the service and interest cost components utilizing a single weighted-average discount rate derived from the yield curve used to measure the projected benefit obligation at the beginning of the period. The change did not affect the measurement of the Company's total projected benefit obligations, as the change in service and interest costs was exactly offset in the actuarial loss (gain) recognized for each year. The Company made this change to provide a more precise measurement of service and interest costs by improving the correlation between projected benefit cash flows to the corresponding spot yield curve rates. The change to the "full yield curve" method was accounted for as a change in accounting estimate that was inseparable from a change in accounting principle, and accordingly, was accounted for prospectively. 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 6.00% and 4.86% weighted-average long-term rate of return on plan assets assumption during 2019 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 2019 were as follows: Target Ranges U.S. Plans International Plans Asset Class: Common and preferred stock 0% - 10% — Mutual funds 10% - 30% — Fixed income securities 0% - 20% — Common and collective funds 50% - 70% 100% Hedge funds 5% - 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, 2019 and 2018: U.S. Plans International Plans 2019 2018 2019 2018 Fair value of plan assets $ 380.6 $ 358.3 $ 81.8 $ 74.1 The Company determines the fair values of the Company’s U.S. and International pension plan assets as follows: • Common and preferred stock: The fair values of the investments included in the common and preferred stock asset class generally reflect the closing price reported on the major market where the individual securities are traded. The Plan classifies common and preferred stock investments within Level 1 of the fair value hierarchy. • 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, 2019 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 Common and Preferred Stock: U.S. Small/Mid Cap Equity — — — — Mutual Funds (a) : Corporate Bonds 10.8 10.8 — — Government Bonds 15.8 15.8 — — U.S. Large Cap Equity 0.2 0.2 — — International Equities 16.3 16.3 — — Emerging Markets International Equity 5.9 5.9 — — Cash and Cash Equivalents 1.6 1.6 — — Other (b) 2.0 2.0 — — Fixed Income Securities: Corporate Bonds — — — — Government Bonds 72.2 — 72.2 — Common and Collective Funds (a) : Corporate Bonds 33.6 19.4 14.2 — Government Bonds 38.9 9.1 29.8 — U.S. Large Cap Equity 55.5 48.7 6.8 — U.S. Small/Mid Cap Equity 18.2 18.2 — — International Equities 70.8 3.4 67.4 — Emerging Markets International Equity 18.1 13.0 5.1 — Cash and Cash Equivalents 1.7 1.7 — — Other (b) 2.9 — 2.9 — Cash and Cash Equivalents 12.9 12.9 — — Total Plan Assets in the fair value hierarchy $ 377.4 $ 179.0 $ 198.4 — Investments measured at Net Asset Value (c) Common and Collective Funds 52.4 Hedge Funds 32.6 Total Plan Assets measured at Net Asset Value $ 85.0 Total Plan Assets at Fair Value $ 462.4 $ 179.0 $ 198.4 — (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, 2018 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 Common and Preferred Stock: U.S. Small/Mid Cap Equity 7.0 7.0 — — Mutual Funds (a) : Corporate Bonds 10.6 10.6 — — Government Bonds 13.4 13.4 — — U.S. Large Cap Equity 0.2 0.2 — — International Equities 9.4 9.4 — — Emerging Markets International Equity 5.3 5.3 — — Cash and Cash Equivalents 2.2 2.2 — — Other (b) 1.8 1.8 — — Fixed Income Securities: Corporate Bonds — — — — Government Bonds 70.0 — 70.0 — Common and Collective Funds (a) : Corporate Bonds 40.7 19.6 21.1 — Government Bonds 43.0 6.6 36.4 — U.S. Large Cap Equity 54.5 38.8 15.7 — U.S. Small/Mid Cap Equity 6.9 6.9 — — International Equities 58.4 5.5 52.9 — Emerging Markets International Equity 14.9 8.5 6.4 — Cash and Cash Equivalents 1.7 1.7 — — Other (b) (1.6) — (1.6) — Cash and Cash Equivalents 22.2 22.2 — — Total Plan Assets in the fair value hierarchy $ 360.6 $ 159.7 $ 200.9 — Investments measured at Net Asset Value (c) Common and Collective Funds 36.3 Hedge Funds 35.5 Total Plan Assets measured at Net Asset Value $ 71.8 Total Plan Assets at Fair Value $ 432.4 $ 159.7 $ 200.9 — (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 2019 or 2018. 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 2020 $ 47.7 $ 1.4 2021 $ 42.4 $ 1.3 2022 $ 42.2 $ 1.3 2023 $ 41.5 $ 1.2 2024 $ 40.6 $ 1.2 Years 2025 to 2029 $ 189.9 $ 4.7 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 2019, $11.4 million and $0.7 million were contributed to the Company’s pension plans and other post-retirement benefit plans, respectively. During 2020, the Company expects to contribute approximately $18 million in the aggregate to its pension and other post-retirement benefit plans. |
STOCK COMPENSATION PLAN
STOCK COMPENSATION PLAN | 12 Months Ended |
Dec. 31, 2019 | |
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. An aggregate of 6,565,000 shares were reserved for issuance as Awards under the Stock Plan, of which there remained approximately 1.8 million shares available for grant as of December 31, 2019. 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, 2019 and 2018, there were no options exercisable under the Stock Plan and there was no stock option activity for 2019 and 2018. Restricted stock awards and restricted stock units: A summary of the restricted stock and RSU activity for each of 2019 and 2018 is presented in the following table: Restricted Stock (000's) Weighted Average Grant Date Fair Value Per Share Outstanding at January 1, 2018 795.0 $ 29.87 Granted (a) 1,303.9 19.39 Vested (b) (388.7) 33.04 Forfeited (a) (303.5) 25.08 Outstanding at December 31, 2018 1,406.7 20.32 Granted (a) 1,163.5 21.72 Vested (b) (299.1) 21.80 Forfeited (249.5) 20.11 Outstanding at December 31, 2019 2,021.6 20.93 (a) The 2018 grants include 69,767 restricted stock awards and 1,234,116 RSUs, the latter granted pursuant to the Long-Term Incentive Program under the Stock Plan, as discussed below. 2018 forfeited shares include 251,495 restricted stock awards and 52,022 RSUs. The 2019 grants include 67,214 restricted stock awards and 1,096,324 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 2019 and 2018, 92,260 and 167,297 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 16, "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 $8.1 million and $17.2 million during 2019 and 2018, respectively. The 2019 total compensation expense consisted of $2.7 million related to restricted stock awards and $0.4 million and $5.0 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 2019 and 2018 was $6.5 million and $12.8 million, respectively. The deferred stock-based compensation balance related to restricted stock awards was $32.2 million at December 31, 2019. Of this balance, $3.5 million related to restricted stock awards and $28.7 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 1.79 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 67,214 shares of restricted stock to certain executives during 2019, which vest ratably over a 3-year period, with the first tranche of such grants having vested in January 2020. The Company granted 69,767 shares of restricted stock to certain executives during 2018, which vest ratably over a 3-year period, with the first tranche of such grants having vested in March 2019. Revlon 2019 Transaction Incentive Program In August 2019, it was disclosed that MacAndrews & Forbes and Revlon have 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”). As of December 31, 2019, a total of 204,151 time-based RSUs under Tier 1 of the 2019 TIP had been granted. 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. 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. During 2019, the Company granted $6.6 million and $2.1 million cash-based awards, net of forfeitures, under Tier 1 and Tier 2 of the 2019 TIP, respectively, which are being amortized over the period from the grant dates to December 31, 2021 and December 31, 2020, respectively. The total amount amortized for these cash-based awards through December 31, 2019 is approximately $1.3 million and is recorded in "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 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. As of December 31, 2019, 5,462 LTIP RSUs and nil 2019 TIP RSUs were vested on an accelerated basis under the above-mentioned provisions, resulting in accelerated amortization of approximately $0.1 million. During 2019, 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 plans, 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, 2018 LTIP RSUs: 2018 434.7 $ 19.11 434.7 $ 19.11 2017 (a) 156.4 19.70 156.4 19.70 Total LTIP RSUs Outstanding as of December 31, 2018 591.1 591.1 Granted 2019 TIP RSUs Granted (b) 204.1 16.44 n/a — LTIP RSUs Granted: 2019 446.0 22.55 446.1 22.55 Total LTIP RSUs Granted 446.0 446.1 Vested 2019 TIP RSUs Vested (b) — — n/a — LTIP RSUs Vested: 2019 (c) (1.2) 22.55 — — 2018 (c) (135.1) 19.07 — — 2017 (a)(c) (69.4) 19.70 — — Total LTIP RSUs Vested (205.7) — Forfeited/Canceled 2019 TIP RSUs Forfeited/Canceled (b) (3.5) 16.44 n/a — LTIP RSUs Forfeited/Canceled: 2019 (19.2) 22.55 (20.5) 22.55 2018 (57.7) 19.70 (70.0) 19.70 2017 (a) (33.0) 19.70 (45.5) 19.70 Total LTIP RSUs Forfeited/Canceled (109.9) (136.0) Outstanding as of December 31, 2019 2019 TIP RSUs (b) 200.6 16.44 n/a — LTIP RSUs: 2019 425.6 22.55 425.6 22.55 2018 241.9 19.00 364.7 19.00 2017 (a) 54.0 19.70 110.9 19.70 Total LTIP RSUs 721.5 901.2 Total LTIP and TIP RSUs Outstanding as of December 31, 2019 922.1 901.2 (a) The 2017 time-based and performance-based LTIP RSUs are recognized over a 2-year service and performance periods, respectively. (b) The 2019 TIP provides for RSU awards that are only time-based. (c) Includes acceleration of vesting of 5,462 RSUs under the 2019, 2018 and 2017 LTIPs upon involuntary termination. Time-Based LTIP and TIP RSUs The Company recognized a net adjustment to compensation expense related to the time-based LTIP and TIP RSUs of $5.0 million for the year ended December 31, 2019. As of December 31, 2019, the Company had $13.3 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 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 Loss from continuing operations before income taxes: United States $ (293.0) $ (298.5) Foreign 128.0 6.6 $ (165.0) $ (291.9) Provision for income taxes: United States federal $ (23.2) $ (27.2) State and local 7.0 (3.6) Foreign 16.4 33.0 $ 0.2 $ 2.2 Current: United States federal $ 5.8 $ (8.9) State and local (1.8) (0.8) Foreign 26.0 10.2 $ 30.0 $ 0.5 Deferred: United States federal $ (29.0) $ (18.3) State and local 8.8 (2.8) Foreign (9.6) 22.8 $ (29.8) $ 1.7 Total provision for income taxes $ 0.2 $ 2.2 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 $0.2 million (Products Corporation - provision for income taxes of $1.6 million) for 2019 and a provision for income taxes of $2.2 million (Products Corporation - provision for income taxes of $3.4 million) for 2018, respectively. The $2.0 million decrease (Products Corporation - $1.8 million) in the provision for income taxes for 2019 compared to 2018, was primarily due to a decrease in foreign valuation allowances recorded in 2019, offset by additional tax expense resulting from changes in mix and level of foreign earnings. The Company's effective tax rate for 2019 was lower than the federal statutory rate of 21% primarily due to additional U.S. tax expense on foreign earnings and valuation allowances recorded in 2019, which includes a valuation allowance on interest deductions. As of December 31, 2019, 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, 2019 2018 Computed income tax benefit $ (34.6) $ (61.3) State and local taxes, net of U.S. federal income tax benefit (3.3) (2.9) Foreign rate differential and other foreign adjustments (5.4) (9.3) Net establishment of valuation allowance 19.1 75.0 Net release of uncertain tax positions 0.7 (4.3) Foreign dividends and earnings taxable in the U.S. 23.2 12.8 Impairment for which there is no tax benefit — 4.3 Impact of the Tax Act — (7.7) Other 0.5 (4.4) Total provision for income taxes $ 0.2 $ 2.2 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, 2019 and 2018 were comprised of the following: December 31, 2019 2018 Deferred tax assets: Inventories $ 19.8 $ 23.6 Net operating loss carryforwards - U.S. (a) 165.5 160.8 Net operating loss carryforwards - foreign 55.0 69.7 Disallowed Interest Carryover - U.S. 63.1 42.8 Employee benefits 64.3 53.6 Sales-related reserves 20.4 21.1 Lease liability 20.3 — Foreign currency translation adjustment — 1.1 Other 55.5 50.4 Total gross deferred tax assets 463.9 423.1 Less valuation allowance (b) (163.3) (165.7) Total deferred tax assets, net of valuation allowance $ 300.6 $ 257.4 Deferred tax liabilities: Plant, equipment and other assets $ (43.9) $ (32.6) Intangibles (73.3) (81.5) Other (8.1) (12.1) Total gross deferred tax liabilities (125.3) (126.2) Net deferred tax assets $ 175.3 $ 131.2 (a) Net operating loss carryforwards - U.S. for Products Corporation as of December 31, 2019 and December 31, 2018 were $146.1 million and $143.8 million, respectively. (b) The change in the valuation allowance for 2019 from 2018 includes activity of $19.1 million primarily related to valuation allowances for the limitation on the deductibility of interest, offset by write-offs of prior year valuation allowances. In assessing the recoverability of its deferred tax assets, the Company continually evaluates the 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 2019, the Company concluded that, based on the weight of the available positive and negative evidence, it does not require a valuation allowance on its federal deferred tax assets, other than those associated with the limitation on the deductibility of interest. The Company does have a valuation allowance on deferred tax assets associated with its activity in certain U.S. states and foreign jurisdictions. These conclusions regarding the establishment of valuation allowances on the Company's deferred tax assets as of the end of 2019 are consistent with the Company's conclusions on such matters as of the end of 2018. However, if the Company does not generate sufficient taxable income in future periods, its deferred tax assets may not be realizable on a more-likely-than-not basis. In such event, the Company may be required to establish an additional valuation allowance against its deferred tax assets in future periods, which would materially increase the Company's tax expense in the period in which the allowance is recognized and would adversely impact the Company's results of operations and statement of financial condition in such period. The Company will continue to monitor the circumstances that would require it to establish an additional valuation allowance on its deferred tax assets. Accordingly, depending on future evidence that may become available, the Company's assessments regarding its valuation allowance position may change. A valuation allowance has been provided 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, 2019, the deferred tax valuation allowance primarily represented amounts for foreign jurisdictions where, as of the end of 2019, 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 decreased by $2.4 million and increased by $75.0 million during 2019 and 2018, respectively. The decrease in the deferred tax valuation allowance during 2019 was primarily associated with the write-off of valuation allowances on deferred tax assets no longer available and a release in foreign valuation allowance no longer required, offset by valuation allowances required on interest deduction limitations and foreign and state tax loss carryforwards for which the Company has determined it is more likely than not that it will not receive a benefit. The increase in the deferred tax valuation allowance during 2018 was primarily associated with the interest deduction limitation and foreign and state tax loss carryforwards for which the Company has determined it is more likely than not that it will not receive a benefit. As of December 31, 2019, the Company had domestic (federal) and foreign net operating loss carryforwards of $939.7 million, of which $310.6 million are foreign and $629.1 million are domestic (federal). These losses expire in future years as follows: 2020- $4.5 million; 2021- $2.8 million; 2022 and beyond- $615.4 million; and unlimited- $317.0 million. The Company also has certain state net operating loss carryforwards that expire between 2020 and 2038. 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, 2019, 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: Spain for the tax years ended December 31, 2009 and forward; the U.S. (federal) for the tax years ended June 30, 2016 and forward; Canada for the tax years ended December 31, 2012 and forward; Australia for the tax years ended December 31, 2015 and forward; Switzerland for the tax years ended June 30, 2014 and forward; Japan for the tax years ended December 31, 2013 and forward; and the U.K. for the tax years ended December 31, 2016 and forward. At December 31, 2019 and 2018, the Company had unrecognized tax benefits of $78.0 million and $74.7 million, respectively, including $11.7 million and $9.8 million, respectively, of accrued interest and penalties. Of the $78.0 million of unrecognized tax benefits as of December 31, 2019, $46.1 million would affect the Company's effective tax rate, if recognized, and the remaining $31.9 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 $1.9 million and $0.8 million in 2019 and 2018, 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, 2018 $ 75.9 $ 9.0 $ 84.9 Increase based on tax positions taken in a prior year 2.8 5.4 8.2 Decrease based on tax positions taken in a prior year (15.5) (3.8) (19.3) Increase based on tax positions taken in the current year 6.5 0.2 6.7 Decrease resulting from the lapse of statutes of limitations (4.8) (1.0) (5.8) Balance at December 31, 2018 $ 64.9 $ 9.8 $ 74.7 Increase based on tax positions taken in a prior year 0.3 3.4 3.7 Decrease based on tax positions taken in a prior year (2.2) (0.3) (2.5) Increase based on tax positions taken in the current year 7.1 — 7.1 Decrease resulting from the lapse of statutes of limitations (3.8) (1.2) (5.0) Balance at December 31, 2019 $ 66.3 $ 11.7 $ 78.0 In addition, the Company believes that it is reasonably possible that its unrecognized tax benefits will decrease in 2020 by approximately $4.1 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 20, "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 20, "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 2019, the Company's cash tax payments included $2.3 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, 2019 | |
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, 2019 is as follows: Foreign Currency Translation Actuarial (Loss) Gain on Post-retirement Benefits Deferred Gain (Loss) - Hedging Other Accumulated Other Comprehensive Loss Balance at January 1, 2018 $ (15.0) $ (212.4) $ (0.7) $ (0.3) $ (228.4) Foreign currency translation adjustment, net of tax of $0.1 million (9.4) — — — (9.4) Amortization of pension related costs, net of tax of $(1.0) million (a) — 8.4 — — 8.4 Pension re-measurement, net of tax of $2.5 million — (5.5) — — (5.5) Amortization of deferred losses related to the de-designated 2013 Interest Rate Swap, net of tax of $0.5 million (b) — — 0.7 — 0.7 Other comprehensive (loss) income $ (9.4) $ 2.9 $ 0.7 $ — $ (5.8) Balance at January 1, 2019 $ (24.4) $ (209.5) $ — $ (0.3) $ (234.2) Foreign currency translation adjustment, net of tax of $(1.8) million (2.9) — — — (2.9) Amortization of pension related costs, net of tax of $(1.1) million (a) — 9.0 — — 9.0 Pension re-measurement, net of tax of $5.2 million — (19.3) — — (19.3) Other comprehensive (loss) income $ (2.9) $ (10.3) $ — $ — $ (13.2) Balance at December 31, 2019 $ (27.3) $ (219.8) $ — $ (0.3) $ (247.4) (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 12, "Pension and Post-retirement Benefits," for further discussion of the Company’s pension and other post-retirement plans. (b) See Note 11, "Financial Instruments," for further discussion of the 2013 Interest Rate Swap, which expired in May 2018. For 2019, the Company did not have any activity related to financial instruments. As the 2013 Interest Rate Swap expired in May 2018 and had been fully amortized into earnings as of June 30, 2018, there was no activity related to the 2013 Interest Rate Swap for 2019. The following is a roll-forward of the amounts reclassified out of accumulated other comprehensive loss into earnings during 2018 related to the 2013 Interest Rate Swap: 2013 Interest Rate Swap Beginning accumulated losses at January 1, 2018: $ (0.7) Reclassifications into earnings (net of $0.5 million tax benefit) (a) 0.7 Ending accumulated losses at December 31, 2018 $ — (a) Reclassified to interest expense. |
STOCKHOLDERS' DEFICIENCY
STOCKHOLDERS' DEFICIENCY | 12 Months Ended |
Dec. 31, 2019 | |
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, 2018 54,556,100 1,114,528 Restricted stock grants (a) 1,303,883 — Restricted stock forfeitures (b) (303,517) 251,495 Withholding of restricted stock to satisfy taxes — 167,297 Balance, December 31, 2018 55,556,466 1,533,320 Restricted stock grants (a) 1,163,538 — Restricted stock forfeitures (249,514) — Withholding of restricted stock to satisfy taxes — 92,260 Balance, December 31, 2019 56,470,490 1,625,580 (a) The 2018 and 2019 grants include 69,767 and 67,214 restricted stock awards, respectively, and 1,234,116 and 1,096,324 RSUs, respectively, the latter granted pursuant to the 2019 TIP and LTIP programs under the Stock Plan. See Note 13, "Stock Compensation Plan," for further discussion of the Company's Stock Plan. (b) 2018 restricted stock forfeitures include 251,495 unvested restricted stock awards and 52,022 unvested RSUs. Common Stock As of December 31, 2019, 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, 2019, MacAndrews & Forbes beneficially owned approximately 87.1% 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, 2019 | |
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. As of December 31, 2019, 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, 2019 2018 Segment Net Sales: Revlon $ 958.8 $ 998.3 Elizabeth Arden 520.0 490.2 Portfolio 487.8 564.6 Fragrances 453.0 511.4 Total $ 2,419.6 $ 2,564.5 Segment Profit: Revlon $ 101.2 $ 129.6 Elizabeth Arden 37.6 24.4 Portfolio 45.0 7.9 Fragrances 82.3 76.0 Total $ 266.1 $ 237.9 Reconciliation: Total Segment Profit $ 266.1 $ 237.9 Less: Depreciation and amortization 162.9 177.2 Non-cash stock compensation expense 8.1 17.2 Non-Operating items: Restructuring and related charges 30.5 23.1 Acquisition, integration and divestiture costs 3.9 13.9 (Gain) loss on divested assets (26.6) 20.1 Financial control remediation actions and related charges 13.4 — Excessive coupon redemption in dispute 13.2 — Oxford ERP system disruption-related charges — 53.6 Impairment charge — 18.0 Operating income (loss) 60.7 (85.2) Less: Interest Expense 196.6 176.6 Amortization of debt issuance costs 14.6 13.0 Foreign currency (gains) losses, net (1.9) 15.8 Miscellaneous, net 16.4 1.3 Loss from continuing operations before income taxes $ (165.0) $ (291.9) Products Corporation Year Ended December 31, 2019 2018 Segment Net Sales: Revlon $ 958.8 $ 998.3 Elizabeth Arden 520.0 490.2 Portfolio 487.8 564.6 Fragrances 453.0 511.4 Total $ 2,419.6 $ 2,564.5 Segment Profit: Revlon $ 104.3 $ 132.0 Elizabeth Arden 39.3 25.6 Portfolio 46.6 9.3 Fragrances 83.8 77.3 Total $ 274.0 $ 244.2 Reconciliation: Total Segment Profit $ 274.0 $ 244.2 Less: Depreciation and amortization 162.9 177.2 Non-cash stock compensation expense 8.1 17.2 Non-Operating items: Restructuring and related charges 30.5 23.1 Acquisition, integration and divestiture costs 3.9 13.9 (Gain) loss on divested assets (26.6) 20.1 Financial control remediation actions and related charges 13.4 — Excessive coupon redemption in dispute 13.2 — Oxford ERP system disruption-related charges — 53.6 Impairment charge — 18.0 Operating income (loss) 68.6 (78.9) Less: Interest Expense 196.6 176.6 Amortization of debt issuance costs 14.6 13.0 Foreign currency losses, net (1.9) 15.8 Miscellaneous, net 16.4 1.3 Loss from continuing operations before income taxes $ (157.1) $ (285.6) As of December 31, 2019, 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 15% of the Company’s worldwide net sales in both 2019 and 2018, and such sales are primarily included within the net sales of the Consumer segment. 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, 2019 Revlon Elizabeth Arden Portfolio Fragrances Total Geographic Area: Net Sales North America $ 497.2 $ 120.4 $ 298.9 $ 309.2 $ 1,225.7 EMEA* 205.3 203.5 150.4 108.1 667.3 Asia 107.2 164.7 4.2 12.1 288.2 Latin America* 70.8 7.7 21.6 9.0 109.1 Pacific* 78.3 23.7 12.7 14.6 129.3 $ 958.8 $ 520.0 $ 487.8 $ 453.0 $ 2,419.6 Year Ended December 31, 2018 Revlon Elizabeth Arden Portfolio Fragrances Total Geographic Area: Net Sales North America $ 522.3 $ 135.6 $ 350.4 $ 345.9 $ 1,354.2 EMEA* 226.0 201.0 170.6 120.0 717.6 Asia 105.1 119.5 4.0 12.9 241.5 Latin America* 70.5 11.4 25.7 15.6 123.2 Pacific* 74.4 22.7 13.9 17.0 128.0 $ 998.3 $ 490.2 $ 564.6 $ 511.4 $ 2,564.5 * The EMEA region includes Europe, the Middle East, Africa and the Company's international Travel Retail business; the Latin America region includes Mexico; and the Pacific region includes Australia and New Zealand. Year Ended December 31, 2019 2018 Classes of similar products: Net sales: Color cosmetics $ 769.9 32% $ 848.7 33% Fragrance 611.7 26% 679.2 26% Hair care 513.8 21% 529.3 21% Beauty care 176.9 7% 200.4 8% Skin care 347.3 14% 306.9 12% $ 2,419.6 $ 2,564.5 The following table presents the Company's long-lived assets by geographic area as of December 31, 2019 and December 31, 2018: December 31, 2019 December 31, 2018 Long-lived assets, net: United States $ 1,414.0 83% $ 1,416.2 84% International 280.1 17% 275.0 16% $ 1,694.1 $ 1,691.2 |
REVLON, INC. BASIC AND DILUTED
REVLON, INC. BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2019 | |
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 common shares 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 2019 and 2018, 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, 2019 and 2018, there were no outstanding stock options under the Company's Stock Plan. See Note 13, "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, 2019 2018 Numerator: Loss from continuing operations, net of taxes $ (165.2) $ (294.1) Income (loss) from discontinued operations, net of taxes 7.5 (0.1) Net loss $ (157.7) $ (294.2) Denominator: Weighted-average common shares outstanding – Basic 53,081,321 52,797,686 Effect of dilutive restricted stock and RSUs — — Weighted-average common shares outstanding – Diluted 53,081,321 52,797,686 Basic and Diluted (loss) earnings per common share: Continuing operations $ (3.11) $ (5.57) Discontinued operations 0.14 — Net loss per common share $ (2.97) $ (5.57) Unvested restricted stock and RSUs under the Stock Plan (a) 478,202 272,298 (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, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES 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, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS As of December 31, 2019, MacAndrews & Forbes beneficially owned approximately 87.1% 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 is able to elect Revlon’s entire Board of Directors and control the vote on all matters submitted to a vote of Revlon's stockholders. MacAndrews & Forbes is beneficially owned by Ronald O. Perelman. Mr. Perelman is Chairman of Revlon’s and Product Corporation's Board of Directors. Transfer Agreements In June 1992, Revlon and Products Corporation entered into an asset transfer agreement with Revlon Holdings LLC, a Delaware limited liability company and formerly a Delaware corporation known as Revlon Holdings Inc. ("Revlon Holdings"), and which is an affiliate and an indirect wholly-owned subsidiary of MacAndrews & Forbes, and certain of Revlon Holdings’ wholly-owned subsidiaries. Revlon and Products Corporation also entered into a real property asset transfer agreement with Revlon Holdings. Pursuant to such agreements, in June 1992, Revlon Holdings transferred certain assets to Products Corporation and Products Corporation assumed all of the liabilities of Revlon Holdings, other than certain specifically excluded assets and liabilities (the liabilities excluded are referred to as the "Excluded Liabilities"). Certain consumer products lines sold in demonstrator-assisted retailers considered not integral to the Company's business and that historically had not been profitable and certain other assets and liabilities were retained by Revlon Holdings. Revlon Holdings agreed to indemnify Revlon and Products Corporation against losses arising from the Excluded Liabilities, and Revlon and Products Corporation agreed to indemnify Revlon Holdings against losses arising from the liabilities assumed by Products Corporation. The amounts reimbursed by Revlon Holdings to Products Corporation for the Excluded Liabilities was $0.2 million for each of 2019 and 2018. As of both December 31, 2019 and December 31, 2018, a receivable balance of $0.1 million from MacAndrews & Forbes was included in the Company’s Consolidated Balance Sheets for the Excluded Liabilities. The net activity related to transactions subject to the Transfer Agreements during 2019 and 2018 was $0.3 million expense and $0.9 million income, respectively. As of December 31, 2019 and December 31, 2018, a payable balance of $0.2 million to, and a receivable balance of $0.4 million from, MacAndrews & Forbes, respectively, was included in the Company’s Consolidated Balance Sheets for transactions subject to the Transfer Agreements. 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. The net activity related to services purchased under the Reimbursement Agreements during 2019 and 2018 was $0.5 million expense and $0.6 million income, respectively. As of December 31, 2019 and December 31, 2018, a payable balance of $0.2 million to, and a receivable balance of $0.3 million from, MacAndrews & Forbes, were included in the Company's Consolidated Balance Sheet for transactions subject to the Reimbursement Agreements, respectively. 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 14, "Income Taxes," for further discussion on these agreements and related transactions in 2019 and 2018. 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. Amended 2019 Senior Line of Credit Facility See Note 9, "Debt," regarding the Amended 2019 Senior Line of Credit Agreement 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 9, "Debt," for a discussion of the terms of the 2016 Credit Agreements and Senior Notes. During 2019 and 2018, 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 $55.1 million and $18.9 million of coupon redemptions for the Company's retail customers for the years ended December 31, 2019 and 2018, respectively, for which the Company incurred fees of approximately $1.0 million and $0.2 million for 2019 and 2018, 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 $0.9 million for 2019 and 2018, respectively. As of December 31, 2019 and December 31, 2018, a payable balance of approximately $5.5 million and nil, 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, the Board of Directors elected Ms. Debra Perelman as the Company’s Chief Operating Officer in January 2018 and then in May 2018 as its President and Chief Executive Officer. Ms. Perelman is the daughter of Ronald O. Perelman, the Chairman of the Company’s Board of Directors. Ms. Perelman’s compensation is disclosed in Revlon’s Annual Proxy Statement. Also, as previously disclosed, E. Scott Beattie and Mitra Hormozi, each of whom are directors of Revlon, earned consulting fees. For Mr. Beattie consulting fees totaled $0.4 million and $0.5 million for 2019 and 2018, respectively. Ms. Hormozi earned consulting fees of approximately $0.1 million for 2019. The Company believes that its engagement of Mr. Beattie and Ms. Hormozi provide the Company with the ongoing expertise insight of these former Company executives and that each such agreement was entered into on arm's length terms and that the fees paid were at least as favorable as those available from unaffiliated parties. |
PRODUCTS CORPORATION AND SUBSID
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION | PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION Products Corporation's 5.75% Senior Notes and 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 "5.75% Senior Notes Guarantors" and the "6.25% Senior Notes Guarantors," respectively, and together the "Guarantor Subsidiaries"). The following Condensed Consolidating Financial Statements present the financial information as of December 31, 2019 and December 31, 2018, and for each of the years ended December 31, 2019 and 2018 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 do not guarantee Products Corporation's 5.75% Senior Notes and 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, 2019 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 0.8 $ 6.4 $ 97.1 $ — $ 104.3 Trade receivables, less allowances for doubtful accounts 95.5 92.3 235.6 — 423.4 Inventories 131.0 151.5 165.9 — 448.4 Prepaid expenses and other 219.7 26.4 46.5 — 292.6 Intercompany receivables 2,857.7 2,854.6 452.7 (6,165.0) — Investment in subsidiaries 1,598.3 30.7 — (1,629.0) — Property, plant and equipment, net 208.7 89.5 110.4 — 408.6 Deferred income taxes 165.0 (37.8) 30.9 — 158.1 Goodwill 159.9 264.0 249.8 — 673.7 Intangible assets, net 13.0 346.9 130.8 — 490.7 Other assets 67.8 16.2 37.1 — 121.1 Total assets $ 5,517.4 $ 3,840.7 $ 1,556.8 $ (7,794.0) $ 3,120.9 LIABILITIES AND STOCKHOLDER’S DEFICIENCY Short-term borrowings $ — $ — $ 2.2 $ — $ 2.2 Current portion of long-term debt 287.9 — 0.1 — 288.0 Accounts payable 108.4 39.9 103.5 — 251.8 Accrued expenses and other 124.1 70.0 224.1 — 418.2 Intercompany payables 3,030.3 2,668.7 466.0 (6,165.0) — Long-term debt 2,822.2 — 84.0 — 2,906.2 Other long-term liabilities 220.4 118.2 5.3 — 343.9 Total liabilities 6,593.3 2,896.8 885.2 (6,165.0) 4,210.3 Stockholder’s deficiency (1,075.9) 943.9 671.6 (1,629.0) (1,089.4) Total liabilities and stockholder’s deficiency $ 5,517.4 $ 3,840.7 $ 1,556.8 $ (7,794.0) $ 3,120.9 Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets As of December 31, 2018 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 7.3 $ 6.6 $ 73.4 $ — $ 87.3 Trade receivables, less allowances for doubtful accounts 89.7 103.5 238.1 — 431.3 Inventories 150.7 196.5 176.0 — 523.2 Prepaid expenses and other 214.7 25.0 60.0 — 299.7 Intercompany receivables 2,225.4 2,177.2 266.1 (4,668.7) — Investment in subsidiaries 1,627.4 30.4 — (1,657.8) — Property, plant and equipment, net 197.1 57.5 99.9 — 354.5 Deferred income taxes 105.9 (6.9) 15.8 — 114.8 Goodwill 159.9 263.9 250.1 — 673.9 Intangible assets, net 21.2 412.2 98.6 — 532.0 Other assets 71.8 23.4 35.6 — 130.8 Total assets $ 4,871.1 $ 3,289.3 $ 1,313.6 $ (6,326.5) $ 3,147.5 LIABILITIES AND STOCKHOLDER’S DEFICIENCY Short-term borrowings $ — $ — $ 9.3 $ — $ 9.3 Current portion of long-term debt 348.0 — 0.1 — 348.1 Accounts payable 148.8 88.6 94.7 — 332.1 Accrued expenses and other 152.6 87.0 195.1 — 434.7 Intercompany payables 2,226.8 2,028.9 413.0 (4,668.7) — Long-term debt 2,644.6 — 83.1 — 2,727.7 Other long-term liabilities 153.4 11.2 64.1 — 228.7 Total liabilities 5,674.2 2,215.7 859.4 (4,668.7) 4,080.6 Stockholder’s deficiency (803.1) 1,073.6 454.2 (1,657.8) (933.1) Total liabilities and stockholder’s deficiency $ 4,871.1 $ 3,289.3 $ 1,313.6 $ (6,326.5) $ 3,147.5 Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Year Ended December 31, 2019 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net Sales $ 590.1 $ 622.1 $ 1,210.8 $ (3.4) $ 2,419.6 Cost of sales 282.6 306.5 466.5 (3.4) 1,052.2 Gross profit 307.5 315.6 744.3 — 1,367.4 Selling, general and administrative expenses 430.6 331.9 546.2 — 1,308.7 Acquisition, integration and divestiture costs 0.7 0.1 3.1 — 3.9 Restructuring charges and other, net 3.3 4.0 5.5 — 12.8 Gain on divested assets — — (26.6) — (26.6) Operating (loss) income (127.1) (20.4) 216.1 — 68.6 Other (income) expense: Intercompany interest, net (4.3) 2.6 1.7 — — Interest expense 189.5 — 7.1 — 196.6 Amortization of debt issuance costs 14.6 — — — 14.6 Foreign currency losses, net (0.6) (1.2) (0.1) — (1.9) Miscellaneous, net (31.6) (36.3) 84.3 — 16.4 Other expense (income), net 167.6 (34.9) 93.0 — 225.7 (Loss) income from continuing operations before income taxes (294.7) 14.5 123.1 — (157.1) (Benefit from) provision for income taxes (55.6) 40.8 16.4 — 1.6 (Loss) income from continuing operations, net of taxes (239.1) (26.3) 106.7 — (158.7) Income from discontinued operations, net of taxes — — 7.5 — 7.5 Equity in loss (income) of subsidiaries 144.5 19.0 — (163.5) — Net (loss) income $ (94.6) $ (7.3) $ 114.2 $ (163.5) $ (151.2) Other comprehensive (loss) income (13.3) (6.9) 1.3 5.7 (13.2) Total comprehensive (loss) income $ (107.9) $ (14.2) $ 115.5 $ (157.8) $ (164.4) Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Year Ended December 31, 2018 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net Sales $ 644.6 $ 707.1 $ 1,213.4 $ (0.6) $ 2,564.5 Cost of sales 300.9 343.6 473.1 (0.6) 1,117.0 Gross profit 343.7 363.5 740.3 — 1,447.5 Selling, general and administrative expenses 441.0 421.5 591.7 — 1,454.2 Acquisition, integration and divestiture costs 8.5 1.6 3.8 — 13.9 Restructuring charges and other, net 5.2 3.1 11.9 — 20.2 Impairment charges 18.0 — — 18.0 Loss on divested assets 20.1 — — — 20.1 Operating (loss) income (149.1) (62.7) 132.9 — (78.9) Other (income) expenses: Intercompany interest, net (7.0) 2.5 4.5 — — Interest expense 172.7 — 3.9 — 176.6 Amortization of debt issuance costs 13.0 — — — 13.0 Foreign currency losses, net 3.5 0.6 11.7 — 15.8 Miscellaneous, net (44.4) (45.3) 91.0 — 1.3 Other expense (income), net 137.8 (42.2) 111.1 — 206.7 (Loss) income from continuing operations before income taxes (286.9) (20.5) 21.8 — (285.6) (Benefit from) provision for income taxes (10.4) 7.3 6.5 — 3.4 (Loss) income from continuing operations, net of taxes (276.5) (27.8) 15.3 — (289.0) Loss from discontinued operations, net of taxes — — (0.1) — (0.1) Equity in (income) loss of subsidiaries (12.6) (6.6) — 19.2 — Net (loss) income $ (289.1) $ (34.4) $ 15.2 $ 19.2 $ (289.1) Other comprehensive (loss) income (5.8) (1.0) (12.8) 13.8 (5.8) Total comprehensive (loss) income $ (294.9) $ (35.4) $ 2.4 $ 33.0 $ (294.9) Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2019 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash (used in) provided by operating activities $ (83.9) $ 1.9 $ 13.7 $ — $ (68.3) CASH FLOWS FROM INVESTING ACTIVITIES: Net cash (used in) provided by investing activities (17.1) (2.0) 21.2 — 2.1 CASH FLOWS FROM FINANCING ACTIVITIES: Net decrease in short-term borrowings and overdraft (7.1) (3.7) (6.5) — (17.3) Repayments under the Amended 2016 Revolving Credit Facility (62.6) — — — (62.6) Net borrowings under the 2019 Term Loan Facility 200.0 — — — 200.0 Repayments under the 2016 Term Loan Facility (18.0) — — — (18.0) Payment of financing costs (15.3) — — — (15.3) Tax withholdings related to net share settlements of restricted stock units and awards (1.6) — — — (1.6) Other financing activities (0.6) (0.1) (0.2) — (0.9) Net cash provided by (used in) financing activities 94.8 (3.8) (6.7) — 84.3 Effect of exchange rate changes on cash, cash equivalents and restricted cash — 3.7 (4.8) — (1.1) Net (decrease) increase in cash, cash equivalents and restricted cash (6.3) (0.2) 23.6 — 17.0 Cash, cash equivalents and restricted cash at beginning of period $ 7.3 $ 6.6 $ 73.6 $ — $ 87.5 Cash, cash equivalents and restricted cash at end of period $ 1.0 $ 6.4 $ 97.2 $ — $ 104.5 Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2018 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash used in operating activities $ (102.3) $ (0.7) $ (67.8) $ — $ (170.8) CASH FLOWS FROM INVESTING ACTIVITIES: Net cash used in investing activities (35.0) (5.3) (16.9) — (57.2) CASH FLOWS FROM FINANCING ACTIVITIES: Net (decrease) increase in short-term borrowings and overdraft (5.5) 7.0 (2.6) — (1.1) Net borrowings under the Amended 2016 Revolving Credit Facility 178.0 — — — 178.0 Repayments under the 2016 Term Loan Facility (18.0) — — — (18.0) Net Borrowings under the 2018 Foreign Asset-Based Term Loan — — 88.9 88.9 Payments of financing costs (5.4) — (4.3) — (9.7) Tax withholdings related to net share settlements of restricted stock units and awards (3.6) — — — (3.6) Other financing activities (1.2) — (0.2) — (1.4) Net cash provided by financing activities 144.3 7.0 81.8 — 233.1 Effect of exchange rate changes on cash, cash equivalents and restricted cash — 0.3 (5.3) — (5.0) Net increase (decrease) in cash, cash equivalents and restricted cash 7.0 1.3 (8.2) — 0.1 Cash, cash equivalents and restricted cash at beginning of period $ 0.3 $ 5.3 $ 81.8 $ — 87.4 Cash, cash equivalents and restricted cash at end of period $ 7.3 $ 6.6 $ 73.6 $ — $ 87.5 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS 2020 Refinancing Transactions Committed Debt Financing On March 9, 2020, Products Corporation entered into a binding commitment letter (the “Commitment Letter”) with Jefferies Finance LLC (the “Commitment Party”). Pursuant to the Commitment Letter and subject to the terms and conditions set forth therein, the Commitment Party has committed to provide senior secured term loan facilities in an aggregate principal amount of up to $850,000,000 (the “Facilities” and the “2020 Refinancing Transactions”). The proceeds of the Facilities will be used (i) to repay in full indebtedness outstanding under Products Corporation’s 5.75% Senior Notes due February 2021 and Products Corporation’s Term Credit Agreement (the “2019 Term Loan Facility”) dated as of August 6, 2019 (the “Refinancing”), (ii) to pay fees and expenses in connection with the Facilities and the Refinancing and (iii) to the extent of any excess, for general corporate purposes. The funding of the Facilities is contingent on the satisfaction of a limited number of customary conditions, including the execution of definitive loan documentation for the Facilities, absence of material adverse change and certain other customary conditions. The commitments under the Commitment Letter will be available to the Company until June 30, 2020, unless the Refinancing (as defined below) is consummated or the maturity of certain other material indebtedness of Products Corporation is accelerated prior to such date. Principal and Maturity: The Facilities will consist of (i) a senior secured term loan facility in a principal amount of up to $300,000,000 (the “Brandco Facility”) and (ii) a senior secured term loan facility in a principal amount of up to $550,000,000 (the “Specified Brands Facility”). Jefferies Finance LLC will act as administrative agent and collateral agent in respect of the Facilities. The Facilities will mature on the fifth anniversary of the closing date of the Facilities (the “Closing Date”), subject to a springing maturity 91 days prior to the maturity date of Products Corporation’s 6.25% Senior Notes due 2024 (the “2024 Notes”) if, on such date, $100,000,000 or more in aggregate principal amount of the 2024 Notes remains outstanding. Borrowers, Guarantees and Security: Brandco Facility. The borrower under the Brandco Facility will be Products Corporation, and the Brandco Facility will be guaranteed by certain indirect foreign subsidiaries of Products Corporation (the “Brandcos”), whose direct and indirect subsidiaries (the “Specified Brands Subsidiaries”) will be “Unrestricted Subsidiaries” for purposes of the existing debt agreements of Products Corporation and will hold various intellectual property assets related to the Elizabeth Arden and American Crew brands and certain other portfolio brands (the “Specified Brand Assets”). The Brandcos will not guarantee Products Corporation’s Term Credit Agreement dated as of September 7, 2016 and amended to date (as amended to date, the “2016 Term Loan Facility”), but all guarantors of the 2016 Term Loan Facility will guarantee the Brandco Facility. All of the assets of the Brandcos (including the equity of the first-tier Specified Brands Subsidiary) will be pledged to secure the Brandco Facility on a first-priority basis and will not secure the 2016 Term Loan Facility, but the Brandco Facility will be secured on a pari passu basis by the assets securing the 2016 Term Loan Facility. Specified Brands Facility. The borrower of the Specified Brands Facility will be a Specified Brands Subsidiary that is an indirect subsidiary of the Brandcos (the “Specified Brands Borrower”). The Specified Brands Facility will be guaranteed by the direct parent of the Specified Brands Borrower and each of the subsidiaries of the Specified Brands Borrower. The Specified Brands Facility will be secured by substantially all of the assets of the Specified Brands Borrower and the other Specified Brands Subsidiaries, which will include the Specified Brand Assets. Contribution and License Agreements: In connection with the pledge of the Specified Brand Assets, Products Corporation will enter into intercompany arrangements pursuant to which the Specified Brand Assets will be contributed to the Specified Brand Subsidiaries. Products Corporation and/or its operating subsidiaries will enter into license and royalty arrangements on arm’s length terms with the relevant Specified Brand Subsidiary to provide for their continued use of the Specified Brand Assets during the term of the Facilities. Interest and Fees: Interest will accrue on the Facilities at a rate per annum of adjusted LIBOR plus a fixed margin. Products Corporation is also obligated to pay customary fees and expenses in connection with the Facilities. Affirmative and Negative Covenants: The Facilities will contain certain affirmative and negative covenants that, among other things, limit the Restricted Group’s (as defined below) ability to: (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; (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 “Restricted Group” means (a) with respect to the Brandco Facility, Products Corporation and its restricted subsidiaries under the Brandco Facility and (b) with respect to the Specified Brands Facility, the Specified Brands Subsidiaries. Prepayments: The Facilities will be subject to certain mandatory prepayments, including from the net proceeds from the issuance of certain additional debt and asset sale proceeds of certain non-ordinary course asset sales or other dispositions of property, subject to certain exceptions. The Facilities may be repaid at any time, subject to customary prepayment premiums. The Facilities will also contain certain customary representations, warranties and events of default. Revlon 2020 Restructuring Program (Unaudited) Building upon its previously-announced 2018 Optimization Program, in March 2020 the Company announced that it is implementing a worldwide organizational restructuring (the “Revlon 2020 Restructuring Program”) designed to reduce the Company’s selling, general and administrative expenses, as well as cost of goods sold, improve the Company’s gross profit and Adjusted EBITDA and maximize productivity, cash flow and liquidity. The Revlon 2020 Restructuring Program includes rightsizing the organization and operating with more efficient workflows and processes . The leaner organizational structure is also expected to improve communication flow and cross-functional collaboration, leveraging the more efficient business processes. As a result of the Revlon 2020 Restructuring Program , the Company expects to eliminate approximately 1,000 positions worldwide, including approximately 650 current employees and approximately 350 open positions. In March 2020, the Company began informing certain employees that will be affected by the Revlon 2020 Restructuring Program. While certain aspects of the Revlon 2020 Restructuring Program may be subject to consultations with employees, works councils, unions and/or governmental authorities, the Company currently expects to substantially complete the employee-related actions by the end of 2020 and the other consolidation and outsourcing actions during 2021 and 2022. In connection with implementing the Revlon 2020 Restructuring Program, the Company expects to recognize during 2020 approximately $55 million to $65 million of total pre-tax restructuring and related charges (the “2020 Restructuring Charges”), consisting primarily of employee-related costs, such as severance, retention and other contractual termination benefits. In addition the Company expects, restructuring charges in the range of $65 million to $75 million to be charged and paid in the period of 2021 to 2022. The Company expects that substantially all of these restructuring charges will be paid in cash, with approximately $55 million to $65 million of the total charges expected to be paid in 2020, approximately $40 million to $45 million expected to be paid in 2021, with the balance expected to be paid in 2022. As a result of the Revlon 2020 Restructuring Program |
DESCRIPTION OF BUSINESS AND S_2
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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. |
Discontinued Operations Presentation | Discontinued Operations PresentationAs a result of the Company's decision on December 30, 2013 to exit its direct manufacturing, warehousing and sales business operations in mainland China within the Revlon segment effective December 31, 2013, the Company reports the results of its former China operations within income (loss) from discontinued operations, net of taxes in the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income. |
Cash and Cash Equivalents | 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 6, "Property, Plant and Equipment," for further discussion. |
Other Assets | Included in other assets are permanent wall displays amounting to $101.0 million and $110.6 million as of December 31, 2019 and 2018, 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. |
Leases | Leases The Company adopted Accounting Standards Update ("ASU") No. 2016-02, "Leases (Topic 842)" ("ASU No. 2016-02" or "ASC 842"), beginning as of January 1, 2019, using a modified retrospective approach and applying the standard’s transition provisions at the effective date of January 1, 2019. ASU No. 2016-02 requires that a lessee recognize, for both finance leases and operating leases, a liability to make lease payments (the lease liability) and a Right-of-Use (“ROU”) asset representing its right to use the underlying leased asset for the lease term. The lease liability is equal to the present value of the lease payments and the ROU asset is based on the lease liability, subject to certain adjustments, such as pre-payments, initial direct costs, lease incentives and accrued rent. In addition, upon adoption the Company elected the available practical expedients allowed by the guidance under: • ASC 842-10-15-37, by not separating lease components from non-lease components and instead accounting for all components as a single lease component for all of its classes of underlying assets, i.e., for any type of equipment leases and real estate leases; and • ASC 842-10-65-1, by not reassessing at the transition date: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases; and (iii) initial direct costs for any existing 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" and/or "Other long-term liabilities" in the Company’s consolidated balance sheets. Finance leases are included in ROU assets recorded within “Property, Plant and Equipment,” and finance lease liabilities are recorded within either "Accrued expenses and other current liabilities" and/or "Other long-term liabilities" in the Company’s consolidated balance sheets, given their immateriality. 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. For 2019, in assessing whether goodwill was impaired in connection with its annual impairment testing performed during the fourth quarter of 2019 using October 1st, 2019 carrying values, the Company, in accordance with Financial Accounting Standards Board ("FASB"), Accounting Standard Codification ("ASC") 350, Intangibles - Goodwill and Other ("ASC 350"), performed qualitative assessments for its (i) Revlon, (ii) Elizabeth Arden Skin and Color and (iii) Fragrances reporting units and a quantitative assessment for its (x) Mass Portfolio, (y) Professional Portfolio and (z) Elizabeth Arden Fragrances reporting units. In performing the 2019 qualitative assessment, the Company considered, among other factors, the financial performance of each of its Revlon, Elizabeth Arden Skin and Color and Fragrances reporting units, as well as the results of the annual quantitative analysis performed in 2018 for each of these reporting units. Based upon such assessment, the Company determined that it was more likely than not that the fair value of each of its Revlon, Elizabeth Arden Skin and Color and Fragrances reporting units exceeded their respective carrying amounts for 2019. In performing the 2019 quantitative assessment, the Company used the simplified approach allowed under ASU No. 2017-04, "Simplifying the Test for Goodwill Impairment," which the Company early adopted in October 2018, to test its Mass Portfolio, Professional Portfolio and Elizabeth Arden Fragrances reporting units for impairment. ### For 2018, the Company first performed a qualitative assessment on all of its reporting units, which indicated that indicators of impairment existed for the Mass Portfolio reporting unit within the Portfolio segment. Subsequently, the Company used the simplified approach allowed under ASU No. 2017-04 to test its Mass Portfolio reporting unit for impairment. Following the results of such assessment, the Company recognized an $18.0 million non-cash goodwill impairment charge related to the Mass Portfolio reporting unit within the Portfolio segment in the fourth quarter of 2018. Following the recognition of this non-cash goodwill impairment charge, the Mass Portfolio reporting unit had $54.3 million in remaining goodwill as of December 31, 2018. |
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 and Costs of Sales | Revenue Recognition and Sales Returns On January 1, 2018 the Company adopted ASU No. 2014-09, "Revenue from Contracts with Customers," using the modified retrospective method. Results for the reporting period beginning after January 1, 2018 are presented under this new guidance, while prior period amounts continue to be reported in accordance with the Company's historical accounting practices under previous guidance. However, given the nature of the Company's products and the terms and conditions applicable to sales to its customers, the timing and amount of revenue recognized based on the underlying principles of this guidance are consistent with the Company's revenue recognition policy under previous guidance. In accordance with the new 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. While the adoption of the new guidance under ASU No. 2014-09 did not have a material impact on the Company's revenues, results of operations or financial condition, the Company expanded its financial statement disclosures as required by this new standard. See Note 17, "Segment Data and Related Information," for additional disclosures provided as a result of this ASU. 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 Cost | 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 $446.8 million and $507.0 million for 2019 and 2018, 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 TaxesIncome 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. |
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 18, "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. |
Derivative Financial Instruments | Derivative Financial Instruments The Company is exposed to certain risks relating to its ongoing business operations. The Company may, from time-to-time, use derivative financial instruments, including: (i) foreign currency forward exchange contracts ("FX Contracts") intended for the purpose of managing foreign currency exchange risk by reducing the effects of fluctuations in foreign currency exchange rates on the Company’s net cash flows; and (ii) interest rate hedging transactions intended for the purpose of managing interest rate risk associated with Products Corporation’s variable rate indebtedness. Foreign Currency Forward Exchange Contracts Products Corporation may, from time-to-time, enter into FX Contracts primarily to hedge the anticipated net cash flows resulting from inventory purchases and intercompany payments denominated in currencies other than the local currencies of the Company’s foreign and domestic operations and generally have maturities of less than one year. The Company does not apply hedge accounting to its FX Contracts. The Company records FX Contracts in its consolidated balance sheet at fair value and immediately recognizes changes in fair value in earnings. Fair value of the Company’s FX Contracts is determined by using observable market transactions of spot and forward rates. At December 31, 2019, the Company had no outstanding FX Contracts. See Note 11, "Financial Instruments," for further information on the Company's FX Contracts. Interest Rate Swap |
Recently Adopted and Recently Issued Accounting Pronouncements | Recently Evaluated and/ or Adopted Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, which requires lessees to recognize a right-of-use asset and a related lease liability on the balance sheet for all leases, with the exception of short-term leases. The lease liability will be equal to the present value of lease payments and the right-of-use asset will be based on the lease liability, subject to certain adjustments, such as initial direct costs. Leases will continue to be classified as either operating or finance leases in the income statement. This guidance is effective for annual periods beginning after December 15, 2018, with early adoption permitted. The Company adopted ASU No. 2016-02 beginning as of January 1, 2019, using a modified retrospective approach and applying the standard’s transition provisions at the effective date of January 1, 2019. In addition, the Company elected to apply the package of practical expedients identified under ASC 842. As of January 1, 2019, the Company used an average discount rate of approximately 16%, based on an estimate of the Company's incremental borrowing rates. See Note 6, "Property, Plant and Equipment," for additional disclosures provided as a result of ASU 2016-02. In February 2018, the FASB issued ASU No. 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220) - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income," which gives entities the option to reclassify tax effects stranded in accumulated other comprehensive income as a result of the Tax Cuts and Jobs Act of 2017 (the "Tax Act") to retained earnings. The guidance was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Entities are required to make additional disclosures, regardless of whether they elect to reclassify stranded amounts of tax effects. The Company has elected not to adopt this amendment and will include required financial statement disclosures, as applicable. No impact is expected to the Company’s results of operations and/or financial condition. Recently Issued 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 and calculating income taxes in interim periods. 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. This guidance is effective for annual periods beginning after December 15, 2020, with early adoption permitted, including adoption in any interim period. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. The amendments in this ASU that are related to separate financial statements of legal entities that are not subject to tax should be applied on a retrospective basis for all periods presented. The amendments in this ASU that are related to changes in ownership of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The amendments in this ASU that are related to franchise taxes that are partially based on income should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other amendments under this ASU should be applied on a prospective basis. The Company is in the process of assessing the impact, if any, that this ASU is expected to have on the Company’s results of operations, financial condition and/or financial statement disclosures. In August 2018, the FASB issued ASU No. 2018-15, "Internal Use Software (Subtopic 350-40) - Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract," which requires a customer in a cloud computing hosting arrangement that is a service contract to follow the existing guidance in ASC 350-40 on internal-use software to determine which implementation costs are to be deferred and recognized as an asset and which costs are to be expensed as incurred. This guidance is effective for annual periods beginning after December 15, 2019, with early adoption permitted, and may be applied either retrospectively or prospectively to all software implementation costs incurred after adoption. The Company adopted ASU No. 2018-15 prospectively, beginning as of January 1, 2020. The Company has completed its assessment and has determined that this new guidance will not have a material impact on the Company’s results of operations, financial condition and/or financial statement disclosures. In August 2018, the FASB issued ASU No. 2018-14, "Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans.” This new guidance removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and requires certain additional disclosures. This guidance is effective for annual periods beginning after December 15, 2020, with early adoption permitted. The Company will adopt this guidance (on a retrospective basis for certain new additional disclosures), beginning as of January 1, 2021. While the Company is currently assessing the impact of this new pronouncement, the new guidance, which only affects disclosure items, is not expected to have a material impact 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, 2019 | |
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, 2019 2018 Cash and cash equivalents $ 104.3 $ 87.3 Restricted cash (a) 0.2 0.2 Total cash, cash equivalents and restricted cash $ 104.5 $ 87.5 (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, 2019 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Charges | A summary of the 2018 Optimization Restructuring Charges incurred since its inception in November 2018 and through December 31, 2019 is presented in the following table: Restructuring Charges and Other, Net Employee Severance and Other Personnel Benefits Other Costs Total Restructuring Charges Inventory Adjustments (a) Other Related Charges (b) Total Restructuring and Related Charges Charges incurred through December 31, 2018 $ 4.5 $ — $ 4.5 $ — $ 1.2 $ 5.7 Charges incurred during 2019 15.8 0.3 16.1 4.9 12.8 33.8 Cumulative charges incurred through December 31, 2019 $ 20.3 $ 0.3 $ 20.6 $ 4.9 $ 14.0 $ 39.5 (a) Inventory adjustments are recorded within cost of sales in the Company’s Consolidated Statement of Operations and Comprehensive Loss. (b) Other related charges are recorded within SG&A in the Company’s Consolidated Statement of Operations and Comprehensive Loss. A summary of the 2018 Optimization Restructuring Charges incurred since its inception in November 2018 and through December 31, 2019 by reportable segment is presented in the following table: Charges incurred during 2019 Cumulative charges incurred through December 31, 2019 Revlon $ 6.9 $ 8.8 Elizabeth Arden 3.4 4.3 Portfolio 3.0 4.0 Fragrances 2.8 3.5 Total $ 16.1 $ 20.6 A summary of the EA Integration Restructuring Charges incurred since its inception in December 2016 and through December 31, 2019 is presented in the following table: Restructuring Charges and Other, Net Employee Severance and Other Personnel Benefits (a) Lease Termination and Other Costs (b) Total Restructuring Charges Inventory Adjustments (c) Other Related Charges (d) Total Restructuring and Related Charges Cumulative charges incurred through December 31, 2018 $ 72.2 $ 5.1 $ 77.3 $ 1.9 $ 3.0 $ 82.2 Charges incurred during 2019 (1.9) — (1.9) — — (1.9) Cumulative charges incurred through December 31, 2019 $ 70.3 $ 5.1 $ 75.4 $ 1.9 $ 3.0 $ 80.3 (a) Includes reversal due to true-up during 2019 of previously-accrued restructuring charges. (b) Lease termination liabilities related to certain exited office space were adjusted following the implementation of ASC 842. See Note 6, "Property, Plant & Equipment," for additional information. (c) Inventory adjustments are recorded within cost of sales in the Company’s Consolidated Statement of Operations and Comprehensive Loss. (d) Other related charges are recorded within SG&A in the Company’s Consolidated Statement of Operations and Comprehensive Loss. A summary of the EA Integration Restructuring Charges incurred since inception in December 2016 and through December 31, 2019 by reportable segment is presented in the following table: Reversal of charges during 2019 Cumulative charges incurred through December 31, 2019 Revlon $ (0.8) $ 32.1 Elizabeth Arden (0.2) 13.1 Portfolio (0.4) 12.7 Fragrances (0.5) 17.5 Total $ (1.9) $ 75.4 |
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 Balance at January 1, 2019 Expense, Net Foreign Currency Translation Cash Non-cash Liability Balance at December 31, 2019 2018 Optimization Program: Employee severance and other personnel benefits $ 3.7 $ 15.8 $ — $ (13.8) $ — $ 5.7 Other — 0.3 — (0.3) — — Total 2018 Optimization Program 3.7 16.1 — (14.1) — 5.7 EA Integration Restructuring Program: Employee severance and other personnel benefits 13.8 (1.9) (0.2) (7.7) — 4.0 Other (a) 3.4 — — (0.3) (3.5) (0.4) Total EA Integration Restructuring Program 17.2 (1.9) (0.2) (8.0) (3.5) 3.6 Other immaterial actions: (b) Employee severance and other personnel benefits 4.6 (1.4) — (1.8) (1.1) 0.3 Other 0.9 — — (0.5) — 0.4 Total other immaterial actions 5.5 (1.4) — (2.3) (1.1) 0.7 Total restructuring reserve $ 26.4 $ 12.8 $ (0.2) $ (24.4) $ (4.6) $ 10.0 (a) Non-cash utilization relates to approximately $3.5 million of lease termination liabilities related to certain exited office space that were adjusted following the implementation of ASC 842. See Note 6, "Property, Plant, and Equipment," for additional information. (b) Consists primarily of the Company's other individually and collectively immaterial restructuring initiatives, including those in Denmark, Norway and Sweden. Utilized, Net Liability Expense, Net Foreign Currency Translation Cash Non-Cash (a) Liability Balance at December 31, 2018 2018 Optimization Program: Employee severance and other personnel benefits $ — $ 4.5 $ — $ (0.8) $ — $ 3.7 Other — — — — — — Total 2018 Optimization Program — 4.5 — (0.8) — 3.7 EA Integration Restructuring Program: Employee severance and other personnel benefits 25.8 9.4 (0.3) (21.1) — 13.8 Other 3.9 0.1 — (0.3) (0.3) 3.4 Total EA Integration Restructuring Program 29.7 9.5 (0.3) (21.4) (0.3) 17.2 Other immaterial actions: Employee severance and other personnel benefits 2.5 5.1 — (3.0) — 4.6 Other 1.7 1.1 (0.1) (1.8) — 0.9 Total other immaterial actions 4.2 6.2 (0.1) (4.8) — 5.5 Total restructuring reserve $ 33.9 $ 20.2 $ (0.4) $ (27.0) $ (0.3) $ 26.4 (a) Relates to the reversal of excessive accrual of professional fees. |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | The summary comparative financial results of discontinued operations were as follows for the periods presented: Year Ended December 31, 2019 2018 Net sales $ — $ — Income (loss) from discontinued operations, before taxes 7.5 (0.1) Provision for income taxes — — Income (loss) from discontinued operations, net of taxes 7.5 (0.1) As of December 31, 2019 and December 31, 2018, assets and liabilities of the China discontinued operations included in the Consolidated Balance Sheets consisted of the following: December 31, December 31, 2019 2018 Cash and cash equivalents $ 1.0 $ 1.1 Trade receivables, net — 0.2 Total current assets 1.0 1.3 Total assets $ 1.0 $ 1.3 Accounts payable $ — $ 0.5 Accrued expenses and other 1.2 3.3 Total current liabilities 1.2 3.8 Total liabilities $ 1.2 $ 3.8 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | As of December 31, 2019 and 2018, the Company's inventory balances consisted of the following: December 31, 2019 2018 Finished goods $ 326.5 $ 374.1 Raw materials and supplies 110.4 143.5 Work-in-process 11.5 5.6 $ 448.4 $ 523.2 |
PREPAID EXPENSES AND OTHER (Tab
PREPAID EXPENSES AND OTHER (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other | As of December 31, 2019 and 2018, the Company's prepaid expenses and other balances were as follows: December 31, 2019 2018 Prepaid expenses $ 68.9 $ 71.5 Taxes (a) 40.4 46.9 Other 26.0 33.6 $ 135.3 $ 152.0 (a) Taxes for Products Corporation as of December 31, 2019 and December 31, 2018 were $36.5 million and $42.9 million, respectively. |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Property, Plant and Equipment | As of December 31, 2019 and 2018, the Company's property, plant and equipment balances consisted of the following: December 31, 2019 2018 Land and improvements $ 11.0 $ 11.2 Building and improvements 113.0 103.2 Machinery and equipment 296.0 286.7 Office furniture, fixtures and capitalized software 241.5 220.0 Counters and trade fixtures 52.9 56.0 Leasehold improvements 50.1 51.5 Construction-in-progress 14.0 51.1 Right-of-Use assets (a) 118.2 — Property, plant and equipment, gross 896.7 779.7 Accumulated depreciation and amortization (488.1) (425.2) Property, plant and equipment, net $ 408.6 $ 354.5 (a) Following implementation of ASC 842 under the modified retrospective approach as of January 1, 2019, this caption includes the Company's ROU assets for operating and finance leases. Finance leases of approximately $5.5 million were included in machinery and equipment as of December 31, 2018. See discussion below for further information . |
Schedule of Lease cost | The following table includes disclosure related to the new ASC 842 lease standard, after application of the aforementioned practical expedients and short-term lease considerations: Year Ended December 31, 2019 Lease Cost: Finance Lease Cost: Amortization of ROU assets $ 0.3 Interest on lease liabilities 0.2 Operating Lease Cost 41.7 Total Lease Cost $ 42.2 Other Information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases 0.2 Operating cash flows from operating leases 39.4 Financing cash flows from finance leases 0.8 ROU assets for finance leases 1.0 ROU assets for operating leases 91.4 Amortization on ROU assets for finance leases 0.3 Amortization on ROU assets for operating leases 23.2 Weighted-average remaining lease term - finance leases 2.8 years Weighted-average remaining lease term - operating leases 6.2 years Weighted-average discount rate - finance leases 15.6 % Weighted-average discount rate - operating leases 15.8 % |
Schedule of Finance Lease Maturities | Maturities of lease liabilities as of December 31, 2019 were as follows: Operating Leases Finance Leases 2020 $ 34.0 $ 0.7 2021 30.5 0.5 2022 24.0 0.3 2023 19.7 — 2024 14.3 — Thereafter 46.8 — Total undiscounted cash flows $ 169.3 $ 1.5 Present value: Short-term lease liability $ 14.0 $ 0.5 Long-term lease liability 92.8 0.5 Total lease liability $ 106.8 $ 1.0 Difference between undiscounted cash flows and discounted cash flows $ 62.5 $ 0.5 |
Schedule of Operating Lease Maturities | Maturities of lease liabilities as of December 31, 2019 were as follows: Operating Leases Finance Leases 2020 $ 34.0 $ 0.7 2021 30.5 0.5 2022 24.0 0.3 2023 19.7 — 2024 14.3 — Thereafter 46.8 — Total undiscounted cash flows $ 169.3 $ 1.5 Present value: Short-term lease liability $ 14.0 $ 0.5 Long-term lease liability 92.8 0.5 Total lease liability $ 106.8 $ 1.0 Difference between undiscounted cash flows and discounted cash flows $ 62.5 $ 0.5 |
Schedule of Future Minimum Rental Payments for Operating Leases | The following table presents the minimum rental commitments under the Company's non-cancelable leases, including those pertaining to idled facilities, as of December 31, 2018 under the guidance applicable prior to the adoption of ASC 842. Minimum Rental Commitments 2019 2020 2021 2022 2023 Thereafter Total Capital Leases $ 1.1 $ 0.6 $ 0.3 $ 0.2 $ 0.2 $ 0.2 $ 2.6 Operating Leases 42.5 33.8 29.8 22.6 18.5 57.5 204.7 |
Schedule of Future Minimum Lease Payments for Capital Leases | The following table presents the minimum rental commitments under the Company's non-cancelable leases, including those pertaining to idled facilities, as of December 31, 2018 under the guidance applicable prior to the adoption of ASC 842. Minimum Rental Commitments 2019 2020 2021 2022 2023 Thereafter Total Capital Leases $ 1.1 $ 0.6 $ 0.3 $ 0.2 $ 0.2 $ 0.2 $ 2.6 Operating Leases 42.5 33.8 29.8 22.6 18.5 57.5 204.7 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill by Segment | The following table presents the changes in goodwill by segment during 2019 and 2018: Revlon Portfolio Elizabeth Arden Fragrances Total Balance at January 1, 2018 (a) $ 265.3 $ 189.5 $ 116.9 $ 120.8 $ 692.5 Foreign currency translation adjustment (0.3) (0.3) — — (0.6) Goodwill impairment charge (a) — (18.0) — — (18.0) Balance at December 31, 2018 $ 265.0 $ 171.2 $ 116.9 $ 120.8 $ 673.9 Foreign currency translation adjustment (0.1) (0.1) — — (0.2) Balance at December 31, 2019 $ 264.9 $ 171.1 $ 116.9 $ 120.8 $ 673.7 Cumulative goodwill impairment charges (a) $ (55.2) (a) Amount refers to cumulative goodwill impairment charges related to impairments recognized in 2015, 2017 and 2018; no impairment charges were recognized during 2019. |
Summary of Finite-Lived Intangible Assets | The following tables present details of the Company's total intangible assets as of December 31, 2019 and December 31, 2018: December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-Average Useful Life (in Years) Finite-lived intangible assets: Trademarks and licenses $ 271.2 $ (110.9) $ 160.3 13 Customer relationships 248.3 (96.5) 151.8 11 Patents and internally-developed intellectual property 21.5 (12.1) 9.4 5 Distribution rights 31.0 (5.6) 25.4 15 Other 1.3 (1.3) — 0 Total finite-lived intangible assets $ 573.3 $ (226.4) $ 346.9 Indefinite-lived intangible assets: Trade names $ 143.8 N/A $ 143.8 Total indefinite-lived intangible assets $ 143.8 N/A $ 143.8 Total intangible assets $ 717.1 $ (226.4) $ 490.7 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-Average Useful Life (in Years) Finite-lived intangible assets: Trademarks and licenses $ 272.3 $ (94.3) $ 178.0 13 Customer relationships 248.6 (77.9) 170.7 12 Patents and internally-developed intellectual property 20.9 (10.1) 10.8 6 Distribution rights 31.0 (4.0) 27.0 16 Other 1.3 (1.0) 0.3 1 Total finite-lived intangible assets $ 574.1 $ (187.3) $ 386.8 Indefinite-lived intangible assets: Trade names $ 145.2 N/A $ 145.2 Total indefinite-lived intangible assets $ 145.2 N/A $ 145.2 Total intangible assets $ 719.3 $ (187.3) $ 532.0 |
Summary of Indefinite-Lived Intangible Assets | The following tables present details of the Company's total intangible assets as of December 31, 2019 and December 31, 2018: December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-Average Useful Life (in Years) Finite-lived intangible assets: Trademarks and licenses $ 271.2 $ (110.9) $ 160.3 13 Customer relationships 248.3 (96.5) 151.8 11 Patents and internally-developed intellectual property 21.5 (12.1) 9.4 5 Distribution rights 31.0 (5.6) 25.4 15 Other 1.3 (1.3) — 0 Total finite-lived intangible assets $ 573.3 $ (226.4) $ 346.9 Indefinite-lived intangible assets: Trade names $ 143.8 N/A $ 143.8 Total indefinite-lived intangible assets $ 143.8 N/A $ 143.8 Total intangible assets $ 717.1 $ (226.4) $ 490.7 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Weighted-Average Useful Life (in Years) Finite-lived intangible assets: Trademarks and licenses $ 272.3 $ (94.3) $ 178.0 13 Customer relationships 248.6 (77.9) 170.7 12 Patents and internally-developed intellectual property 20.9 (10.1) 10.8 6 Distribution rights 31.0 (4.0) 27.0 16 Other 1.3 (1.0) 0.3 1 Total finite-lived intangible assets $ 574.1 $ (187.3) $ 386.8 Indefinite-lived intangible assets: Trade names $ 145.2 N/A $ 145.2 Total indefinite-lived intangible assets $ 145.2 N/A $ 145.2 Total intangible assets $ 719.3 $ (187.3) $ 532.0 |
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, 2019: Estimated Amortization Expense 2020 $ 34.3 2021 33.2 2022 32.3 2023 30.8 2024 27.4 Thereafter 188.9 Total $ 346.9 |
ACCRUED EXPENSES AND OTHER (Tab
ACCRUED EXPENSES AND OTHER (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Components of Accrued Expenses and Other | As of December 31, 2019 and December 31, 2018, the Company's accrued expenses and other current liabilities consisted of the following: December 31, December 31, 2019 2018 Sales returns and allowances $ 89.7 $ 97.7 Advertising, marketing and promotional costs 82.8 84.2 Taxes (a) 54.3 38.9 Compensation and related benefits 42.1 56.2 Interest 34.0 33.8 Professional services and insurance 16.3 9.5 Short term lease liability (b) 14.5 1.1 Freight and distribution costs 13.2 6.8 Restructuring reserve 10.0 26.4 Software 4.0 1.2 Other (c) 54.0 75.1 Total $ 414.9 $ 430.9 (a) Accrued Taxes for Products Corporation as of December 31, 2019 and December 31, 2018 were $57.6 million and $42.6 million, respectively. (b) Balance for 2019 represents operating and finance leases following the implementation of ASC 842. Balance for 2018 represents finance leases. See Note 6, "Property, Plant, and Equipment," for additional information. (c) Accrued Other as of December 31, 2019 includes approximately $2.3 million of severance to Mr. Fabian Garcia, the Company's former President and Chief Executive Officer, which was paid in 2020. Accrued Other for Products Corporation as of December 31, 2018 was $75.2 million. |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Components of Long-Term Debt | As of December 31, 2019 and December 31, 2018, the Company's debt balances consisted of the following: December 31, December 31, 2019 2018 2019 Term Loan Facility due 2023, net of discounts and debt issuance costs (see (a) below) $ 187.1 $ — 2018 Foreign Asset-Based Term Facility due 2021, net of discounts and debt issuance costs (see (e) below) 82.3 82.7 Amended 2016 Revolving Credit Facility due 2021, net of debt issuance costs (see (c) and (d) below) 269.9 330.0 2016 Term Loan Facility: 2016 Term Loan due 2023, net of discounts and debt issuance costs (see (f) below) 1,713.6 1,724.6 5.75% Senior Notes due 2021, net of debt issuance costs (see (g) below) 498.1 496.6 6.25% Senior Notes due 2024, net of debt issuance costs (see (h) below) 442.8 441.4 Spanish Government Loan due 2025 0.4 0.5 Debt $ 3,194.2 $ 3,075.8 Less current portion (*) (288.0) (348.1) Long-term debt $ 2,906.2 $ 2,727.7 Short-term borrowings (**) $ 2.2 $ 9.3 (*) At December 31, 2019, the Company classified $288.0 million as its current portion of long-term debt, comprised primarily of $269.9 million of net borrowings under the Amended 2016 Revolving Credit Facility, net of debt issuance costs, and $18.0 million of amortization payments on the 2016 Term Loan Facility scheduled to be paid over the next four calendar quarters. At December 31, 2018, the Company classified $348.1 million as its current portion of long-term debt, comprised primarily of $330.0 million of net borrowings under the Amended 2016 Revolving Credit Facility, net of debt issuance costs, and $18.0 million of amortization payments on the 2016 Term Loan Facility. (**) The weighted average interest rate on these short-term borrowings outstanding at December 31, 2019 and 2018 was 8.3% and 6.2%, respectively. |
Schedule of Debt Instrument Redemption | Products 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, 2019, 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, 2019 Availability at December 31, 2019 (a) Tranche A of the Amended 2016 Revolving Credit Facility $ 400.0 $ 400.0 $ 230.9 $ 157.7 Tranche B of the Amended 2016 Revolving Credit Facility 41.5 41.5 41.5 — Total Tranche A & B of the Amended 2016 Revolving Credit Facility (a) $ 441.5 $ 441.5 $ 272.4 $ 157.7 Amended 2019 Senior Line of Credit Facility $ 30.0 N/A $ — $ 30.0 (a) Availability as of December 31, 2019 is based upon the borrowing base then in effect under the Amended 2016 Revolving Credit Facility of $441.5 million, less $11.4 million of outstanding undrawn letters of credit and $272.4 million then drawn. As Products Corporation’s consolidated fixed charge coverage ratio was greater than 1.0 to 1.0 as of December 31, 2019, all of the $157.7 million of availability under the Amended 2016 Revolving Credit Facility was available as of such date. |
Schedule of Maturities of Long-term Debt | The aggregate amounts of contractual long-term debt maturities at December 31, 2019 in the years 2020 through 2024 and thereafter are as follows: Years Ended December 31, Long-Term Debt Maturities 2020 $ 290.5 (a) 2021 604.4 (b) 2022 18.1 (c) 2023 1,887.6 (d) 2024 450.0 (e) Thereafter — Total long-term debt 3,250.6 Discounts and deferred finance charges (56.4) Total long-term debt, net of discounts and deferred finance charges $ 3,194.2 (a ) Amount consists primarily of: (i) $41.5 million in aggregate principal amount of borrowings under Tranche B of the Amended 2016 Revolving Credit Facility outstanding as of December 31, 2019, which is scheduled to mature in April 2020; (ii) $230.9 million in aggregate principal amount of borrowings under Tranche A of the Amended 2016 Revolving Credit Facility outstanding as of December 31, 2019, which is scheduled to mature on the earlier of: (x) September 7, 2021; and (y) the 91st day prior to the maturity of Products Corporation’s 5.75% Senior Notes due February 15, 2021 if, on that date (and solely for so long as), (i) any of Products Corporation’s 5.75% Senior Notes remain outstanding and (ii) Products Corporation’s available liquidity does not exceed the aggregate principal amount of its then outstanding 5.75% Senior Notes by at least $200 million; and (iii) the quarterly amortization payments payable in 2020 under the 2016 Term Loan Facility. (b) Amount consists primarily of: (i) the U.S. dollar equivalent of the €77 million in aggregate principal amount under the 2018 Foreign Asset-Based Term Facility outstanding as of December 31, 2019, which is scheduled to mature in July 2021; (ii) the $500 million in aggregate principal amount under the 5.75% Senior Notes, which are scheduled to mature in February 2021; and (iii) $18.0 million of the quarterly amortization payments described in (a)(iii) above payable in 2021. (c) Amount consists of the $18.0 million quarterly amortization payments described in (a)(iii) above payable in 2022. (d) Amount consists primarily of: (i) the $9.0 million of quarterly amortization payments due under the 2016 Term Loan Facility during 2023; (ii) the $1,678.5 million remaining aggregate principal amount outstanding at December 31, 2019, net of the amortization payments made in 2020 through 2023, under the 2016 Term Loan Facility, which is scheduled to mature in September 2023 (subject to a springing maturity in November 2020, as described above in this Note 9); and (iii) the $200 million aggregate principal amount outstanding at December 31, 2019 under the 2019 Term Loan Facility, which is scheduled to mature in August 2023 (subject to a springing maturity in November 2020, as described above in this Note 9). (e) Amount consists of the $450 million aggregate principal amount outstanding at December 31, 2019 under the 6.25% Senior Notes, which are scheduled to mature in August 2024. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Liabilities Not Measured At Fair Value But For Which Fair Value Disclosure Is Required | As of December 31, 2019, 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, 2019 Fair Value Level 1 Level 2 Level 3 Total Carrying Value Liabilities: Long-term debt, including current portion (a) $ — $ 2,522.2 $ — $ 2,522.2 $ 3,194.2 As of December 31, 2018, 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, 2018 Fair Value Level 1 Level 2 Level 3 Total Carrying Value Liabilities: Long-term debt, including current portion (a) $ — $ 2,259.5 $ — $ 2,259.5 $ 3,075.8 (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. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Effects of Derivative Financial Instruments on Income and Other Comprehensive Income (Loss) | The effects of the Company's derivative financial instruments on its Consolidated Statements of Operations and Comprehensive Loss were as follows for the periods presented: Derivative Instruments Statement of Operations Classification Amount of Gain (Loss) Recognized in Net (Loss) Income Year Ended December 31, 2019 2018 Derivative financial instruments: 2013 Interest Rate Swap Interest Expense $ — $ (1.2) FX Contracts Foreign currency gain, net — 0.2 2013 Interest Rate Swap Miscellaneous, net — 0.2 Amount of Gain Recognized in Other Comprehensive Loss Year Ended December 31, 2019 2018 Derivatives previously designated as hedging instruments: 2013 Interest Rate Swap, net of tax (a) $ — $ 0.7 (a) Net of tax benefits of $0.5 million for the year ended December 31, 2018. |
PENSION AND POST-RETIREMENT B_2
PENSION AND POST-RETIREMENT BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of Net Funded Status | 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, 2019 2018 2019 2018 Change in Benefit Obligation: Benefit obligation - beginning of year $ (591.0) $ (661.4) $ (12.2) $ (14.0) Service cost (1.9) (2.0) — — Interest cost (20.0) (18.6) (0.4) (0.4) Actuarial (loss) gain (59.3) 42.0 (1.5) 1.4 Benefits paid 43.6 45.2 0.7 0.8 Plan Amendments (1.2) — — — Plan participant contributions (0.6) (0.6) — — Foreign currency translation adjustments 0.7 4.4 — — Benefit obligation - end of year $ (629.7) $ (591.0) $ (13.4) $ (12.2) Change in Plan Assets: Fair value of plan assets - beginning of year $ 432.4 $ 497.2 $ — $ — Actual return (loss) on plan assets 61.3 (24.2) — — Employer contributions 11.4 8.0 0.7 0.8 Benefits paid (43.6) (45.2) (0.7) (0.8) Plan participant contributions 0.6 0.6 — — Foreign currency translation adjustments 0.3 (4.0) — — Fair value of plan assets - end of year $ 462.4 $ 432.4 $ — $ — Unfunded status of plans at December 31, 2019 $ (167.3) $ (158.6) $ (13.4) $ (12.2) |
Schedule of Amounts Recognized in Balance Sheet | 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, 2019 and 2018 consisted of the following: Pension Plans Other Post-Retirement Benefit Plans December 31, 2019 2018 2019 2018 Other long-term assets $ 3.6 $ 4.8 $ — $ — Accrued expenses and other (2.7) (5.9) (0.4) (0.7) Pension and other post-retirement benefit liabilities (168.2) (157.5) (13.0) (11.5) Total liability $ (167.3) $ (158.6) $ (13.4) $ (12.2) Accumulated other comprehensive loss, gross $ 266.1 $ 252.6 $ 4.0 $ 2.7 Income tax benefit (48.7) (44.4) (1.0) (0.6) Portion allocated to Revlon Holdings (0.8) (0.8) 0.2 — Accumulated other comprehensive loss, net $ 216.6 $ 207.4 $ 3.2 $ 2.1 |
Schedule of Plan with Accumulated Benefit Obligation in Excess of Plan Assets | As of December 31, 2019 and 2018, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company's pension plans are as follows: December 31, 2019 2018 Projected benefit obligation $ 629.7 $ 591.0 Accumulated benefit obligation 627.9 589.1 Fair value of plan assets 462.4 432.4 |
Schedule of Components of Net Periodic Benefit (Income) Costs | The components of net periodic benefit costs for the Company's pension and the other post-retirement benefit plans for the years ended December 31, 2019 and 2018, respectively, were as follows: Pension Plans Other Year Ended December 31, 2019 2018 2019 2018 Net periodic benefit costs: Service cost $ 1.9 $ 2.0 $ — $ — Interest cost 20.0 18.6 0.4 0.4 Expected return on plan assets (25.1) (27.8) — — Amortization of actuarial loss 9.9 9.2 0.2 0.4 Curtailment gain — (0.1) — — Total net periodic benefit costs prior to allocation $ 6.7 $ 1.9 $ 0.6 $ 0.8 Portion allocated to Revlon Holdings (0.1) (0.1) — — Total net periodic benefit costs $ 6.6 $ 1.8 $ 0.6 $ 0.8 |
Schedule of Classification of Net Periodic Benefit (Income) Costs | Net periodic benefit costs are reflected in the Company's Consolidated Financial Statements as follows for the periods presented: Year Ended December 31, 2019 2018 Net periodic benefit costs: Cost of sales $ — $ 0.1 Selling, general and administrative expense 1.9 1.9 Miscellaneous, net 5.3 0.6 Total net periodic benefit costs $ 7.2 $ 2.6 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Amounts recognized in accumulated other comprehensive loss at December 31, 2019 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 Net actuarial loss $ 265.0 $ 4.0 $ 269.0 Prior service cost 1.1 — 1.1 Accumulated Other Comprehensive Loss, Gross 266.1 4.0 270.1 Income tax benefit (48.7) (1.0) (49.7) Portion allocated (to) from Revlon Holdings (0.8) 0.2 (0.6) Accumulated Other Comprehensive Loss, Net $ 216.6 $ 3.2 $ 219.8 |
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 2019 2018 2019 2018 Discount rate 3.01 % 4.13 % 1.81 % 2.52 % Rate of future compensation increases 3.50 % 3.50 % 2.02 % 2.02 % 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 2019 2018 2019 2018 Discount rate 4.13 % 3.47 % 2.52 % 2.19 % Expected long-term return on plan assets 6.00 % 6.00 % 4.86 % 4.95 % Rate of future compensation increases 3.50 % 3.50 % 2.02 % 1.75 % Target Ranges U.S. Plans International Plans Asset Class: Common and preferred stock 0% - 10% — Mutual funds 10% - 30% — Fixed income securities 0% - 20% — Common and collective funds 50% - 70% 100% Hedge funds 5% - 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, 2019 and 2018: U.S. Plans International Plans 2019 2018 2019 2018 Fair value of plan assets $ 380.6 $ 358.3 $ 81.8 $ 74.1 |
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, 2019 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 Common and Preferred Stock: U.S. Small/Mid Cap Equity — — — — Mutual Funds (a) : Corporate Bonds 10.8 10.8 — — Government Bonds 15.8 15.8 — — U.S. Large Cap Equity 0.2 0.2 — — International Equities 16.3 16.3 — — Emerging Markets International Equity 5.9 5.9 — — Cash and Cash Equivalents 1.6 1.6 — — Other (b) 2.0 2.0 — — Fixed Income Securities: Corporate Bonds — — — — Government Bonds 72.2 — 72.2 — Common and Collective Funds (a) : Corporate Bonds 33.6 19.4 14.2 — Government Bonds 38.9 9.1 29.8 — U.S. Large Cap Equity 55.5 48.7 6.8 — U.S. Small/Mid Cap Equity 18.2 18.2 — — International Equities 70.8 3.4 67.4 — Emerging Markets International Equity 18.1 13.0 5.1 — Cash and Cash Equivalents 1.7 1.7 — — Other (b) 2.9 — 2.9 — Cash and Cash Equivalents 12.9 12.9 — — Total Plan Assets in the fair value hierarchy $ 377.4 $ 179.0 $ 198.4 — Investments measured at Net Asset Value (c) Common and Collective Funds 52.4 Hedge Funds 32.6 Total Plan Assets measured at Net Asset Value $ 85.0 Total Plan Assets at Fair Value $ 462.4 $ 179.0 $ 198.4 — (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, 2018 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 Common and Preferred Stock: U.S. Small/Mid Cap Equity 7.0 7.0 — — Mutual Funds (a) : Corporate Bonds 10.6 10.6 — — Government Bonds 13.4 13.4 — — U.S. Large Cap Equity 0.2 0.2 — — International Equities 9.4 9.4 — — Emerging Markets International Equity 5.3 5.3 — — Cash and Cash Equivalents 2.2 2.2 — — Other (b) 1.8 1.8 — — Fixed Income Securities: Corporate Bonds — — — — Government Bonds 70.0 — 70.0 — Common and Collective Funds (a) : Corporate Bonds 40.7 19.6 21.1 — Government Bonds 43.0 6.6 36.4 — U.S. Large Cap Equity 54.5 38.8 15.7 — U.S. Small/Mid Cap Equity 6.9 6.9 — — International Equities 58.4 5.5 52.9 — Emerging Markets International Equity 14.9 8.5 6.4 — Cash and Cash Equivalents 1.7 1.7 — — Other (b) (1.6) — (1.6) — Cash and Cash Equivalents 22.2 22.2 — — Total Plan Assets in the fair value hierarchy $ 360.6 $ 159.7 $ 200.9 — Investments measured at Net Asset Value (c) Common and Collective Funds 36.3 Hedge Funds 35.5 Total Plan Assets measured at Net Asset Value $ 71.8 Total Plan Assets at Fair Value $ 432.4 $ 159.7 $ 200.9 — (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 2020 $ 47.7 $ 1.4 2021 $ 42.4 $ 1.3 2022 $ 42.2 $ 1.3 2023 $ 41.5 $ 1.2 2024 $ 40.6 $ 1.2 Years 2025 to 2029 $ 189.9 $ 4.7 |
STOCK COMPENSATION PLAN (Tables
STOCK COMPENSATION PLAN (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Restricted stock units award activity | A summary of the restricted stock and RSU activity for each of 2019 and 2018 is presented in the following table: Restricted Stock (000's) Weighted Average Grant Date Fair Value Per Share Outstanding at January 1, 2018 795.0 $ 29.87 Granted (a) 1,303.9 19.39 Vested (b) (388.7) 33.04 Forfeited (a) (303.5) 25.08 Outstanding at December 31, 2018 1,406.7 20.32 Granted (a) 1,163.5 21.72 Vested (b) (299.1) 21.80 Forfeited (249.5) 20.11 Outstanding at December 31, 2019 2,021.6 20.93 (a) The 2018 grants include 69,767 restricted stock awards and 1,234,116 RSUs, the latter granted pursuant to the Long-Term Incentive Program under the Stock Plan, as discussed below. 2018 forfeited shares include 251,495 restricted stock awards and 52,022 RSUs. The 2019 grants include 67,214 restricted stock awards and 1,096,324 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 2019 and 2018, 92,260 and 167,297 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 16, "Stockholders' Deficiency"). During 2019, 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 plans, 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, 2018 LTIP RSUs: 2018 434.7 $ 19.11 434.7 $ 19.11 2017 (a) 156.4 19.70 156.4 19.70 Total LTIP RSUs Outstanding as of December 31, 2018 591.1 591.1 Granted 2019 TIP RSUs Granted (b) 204.1 16.44 n/a — LTIP RSUs Granted: 2019 446.0 22.55 446.1 22.55 Total LTIP RSUs Granted 446.0 446.1 Vested 2019 TIP RSUs Vested (b) — — n/a — LTIP RSUs Vested: 2019 (c) (1.2) 22.55 — — 2018 (c) (135.1) 19.07 — — 2017 (a)(c) (69.4) 19.70 — — Total LTIP RSUs Vested (205.7) — Forfeited/Canceled 2019 TIP RSUs Forfeited/Canceled (b) (3.5) 16.44 n/a — LTIP RSUs Forfeited/Canceled: 2019 (19.2) 22.55 (20.5) 22.55 2018 (57.7) 19.70 (70.0) 19.70 2017 (a) (33.0) 19.70 (45.5) 19.70 Total LTIP RSUs Forfeited/Canceled (109.9) (136.0) Outstanding as of December 31, 2019 2019 TIP RSUs (b) 200.6 16.44 n/a — LTIP RSUs: 2019 425.6 22.55 425.6 22.55 2018 241.9 19.00 364.7 19.00 2017 (a) 54.0 19.70 110.9 19.70 Total LTIP RSUs 721.5 901.2 Total LTIP and TIP RSUs Outstanding as of December 31, 2019 922.1 901.2 (a) The 2017 time-based and performance-based LTIP RSUs are recognized over a 2-year service and performance periods, respectively. (b) The 2019 TIP provides for RSU awards that are only time-based. (c) Includes acceleration of vesting of 5,462 RSUs under the 2019, 2018 and 2017 LTIPs upon involuntary termination. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 Loss from continuing operations before income taxes: United States $ (293.0) $ (298.5) Foreign 128.0 6.6 $ (165.0) $ (291.9) Provision for income taxes: United States federal $ (23.2) $ (27.2) State and local 7.0 (3.6) Foreign 16.4 33.0 $ 0.2 $ 2.2 Current: United States federal $ 5.8 $ (8.9) State and local (1.8) (0.8) Foreign 26.0 10.2 $ 30.0 $ 0.5 Deferred: United States federal $ (29.0) $ (18.3) State and local 8.8 (2.8) Foreign (9.6) 22.8 $ (29.8) $ 1.7 Total provision for income taxes $ 0.2 $ 2.2 |
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, 2019 2018 Computed income tax benefit $ (34.6) $ (61.3) State and local taxes, net of U.S. federal income tax benefit (3.3) (2.9) Foreign rate differential and other foreign adjustments (5.4) (9.3) Net establishment of valuation allowance 19.1 75.0 Net release of uncertain tax positions 0.7 (4.3) Foreign dividends and earnings taxable in the U.S. 23.2 12.8 Impairment for which there is no tax benefit — 4.3 Impact of the Tax Act — (7.7) Other 0.5 (4.4) Total provision for income taxes $ 0.2 $ 2.2 |
Deferred Tax Assets and Liabilities | The Company's deferred tax assets and liabilities at December 31, 2019 and 2018 were comprised of the following: December 31, 2019 2018 Deferred tax assets: Inventories $ 19.8 $ 23.6 Net operating loss carryforwards - U.S. (a) 165.5 160.8 Net operating loss carryforwards - foreign 55.0 69.7 Disallowed Interest Carryover - U.S. 63.1 42.8 Employee benefits 64.3 53.6 Sales-related reserves 20.4 21.1 Lease liability 20.3 — Foreign currency translation adjustment — 1.1 Other 55.5 50.4 Total gross deferred tax assets 463.9 423.1 Less valuation allowance (b) (163.3) (165.7) Total deferred tax assets, net of valuation allowance $ 300.6 $ 257.4 Deferred tax liabilities: Plant, equipment and other assets $ (43.9) $ (32.6) Intangibles (73.3) (81.5) Other (8.1) (12.1) Total gross deferred tax liabilities (125.3) (126.2) Net deferred tax assets $ 175.3 $ 131.2 (a) Net operating loss carryforwards - U.S. for Products Corporation as of December 31, 2019 and December 31, 2018 were $146.1 million and $143.8 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, 2018 $ 75.9 $ 9.0 $ 84.9 Increase based on tax positions taken in a prior year 2.8 5.4 8.2 Decrease based on tax positions taken in a prior year (15.5) (3.8) (19.3) Increase based on tax positions taken in the current year 6.5 0.2 6.7 Decrease resulting from the lapse of statutes of limitations (4.8) (1.0) (5.8) Balance at December 31, 2018 $ 64.9 $ 9.8 $ 74.7 Increase based on tax positions taken in a prior year 0.3 3.4 3.7 Decrease based on tax positions taken in a prior year (2.2) (0.3) (2.5) Increase based on tax positions taken in the current year 7.1 — 7.1 Decrease resulting from the lapse of statutes of limitations (3.8) (1.2) (5.0) Balance at December 31, 2019 $ 66.3 $ 11.7 $ 78.0 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Components of Accumulated Other Comprehensive Loss | A roll-forward of the Company's accumulated other comprehensive loss as of December 31, 2019 is as follows: Foreign Currency Translation Actuarial (Loss) Gain on Post-retirement Benefits Deferred Gain (Loss) - Hedging Other Accumulated Other Comprehensive Loss Balance at January 1, 2018 $ (15.0) $ (212.4) $ (0.7) $ (0.3) $ (228.4) Foreign currency translation adjustment, net of tax of $0.1 million (9.4) — — — (9.4) Amortization of pension related costs, net of tax of $(1.0) million (a) — 8.4 — — 8.4 Pension re-measurement, net of tax of $2.5 million — (5.5) — — (5.5) Amortization of deferred losses related to the de-designated 2013 Interest Rate Swap, net of tax of $0.5 million (b) — — 0.7 — 0.7 Other comprehensive (loss) income $ (9.4) $ 2.9 $ 0.7 $ — $ (5.8) Balance at January 1, 2019 $ (24.4) $ (209.5) $ — $ (0.3) $ (234.2) Foreign currency translation adjustment, net of tax of $(1.8) million (2.9) — — — (2.9) Amortization of pension related costs, net of tax of $(1.1) million (a) — 9.0 — — 9.0 Pension re-measurement, net of tax of $5.2 million — (19.3) — — (19.3) Other comprehensive (loss) income $ (2.9) $ (10.3) $ — $ — $ (13.2) Balance at December 31, 2019 $ (27.3) $ (219.8) $ — $ (0.3) $ (247.4) (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 12, "Pension and Post-retirement Benefits," for further discussion of the Company’s pension and other post-retirement plans. (b) See Note 11, "Financial Instruments," for further discussion of the 2013 Interest Rate Swap, which expired in May 2018. |
Reclassification out of Accumulated Other Comprehensive Loss | For 2019, the Company did not have any activity related to financial instruments. As the 2013 Interest Rate Swap expired in May 2018 and had been fully amortized into earnings as of June 30, 2018, there was no activity related to the 2013 Interest Rate Swap for 2019. The following is a roll-forward of the amounts reclassified out of accumulated other comprehensive loss into earnings during 2018 related to the 2013 Interest Rate Swap: 2013 Interest Rate Swap Beginning accumulated losses at January 1, 2018: $ (0.7) Reclassifications into earnings (net of $0.5 million tax benefit) (a) 0.7 Ending accumulated losses at December 31, 2018 $ — (a) Reclassified to interest expense. |
STOCKHOLDERS' DEFICIENCY (Table
STOCKHOLDERS' DEFICIENCY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2018 54,556,100 1,114,528 Restricted stock grants (a) 1,303,883 — Restricted stock forfeitures (b) (303,517) 251,495 Withholding of restricted stock to satisfy taxes — 167,297 Balance, December 31, 2018 55,556,466 1,533,320 Restricted stock grants (a) 1,163,538 — Restricted stock forfeitures (249,514) — Withholding of restricted stock to satisfy taxes — 92,260 Balance, December 31, 2019 56,470,490 1,625,580 (a) The 2018 and 2019 grants include 69,767 and 67,214 restricted stock awards, respectively, and 1,234,116 and 1,096,324 RSUs, respectively, the latter granted pursuant to the 2019 TIP and LTIP programs under the Stock Plan. See Note 13, "Stock Compensation Plan," for further discussion of the Company's Stock Plan. (b) 2018 restricted stock forfeitures include 251,495 unvested restricted stock awards and 52,022 unvested RSUs. |
SEGMENT DATA AND RELATED INFO_2
SEGMENT DATA AND RELATED INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 Segment Net Sales: Revlon $ 958.8 $ 998.3 Elizabeth Arden 520.0 490.2 Portfolio 487.8 564.6 Fragrances 453.0 511.4 Total $ 2,419.6 $ 2,564.5 Segment Profit: Revlon $ 101.2 $ 129.6 Elizabeth Arden 37.6 24.4 Portfolio 45.0 7.9 Fragrances 82.3 76.0 Total $ 266.1 $ 237.9 Reconciliation: Total Segment Profit $ 266.1 $ 237.9 Less: Depreciation and amortization 162.9 177.2 Non-cash stock compensation expense 8.1 17.2 Non-Operating items: Restructuring and related charges 30.5 23.1 Acquisition, integration and divestiture costs 3.9 13.9 (Gain) loss on divested assets (26.6) 20.1 Financial control remediation actions and related charges 13.4 — Excessive coupon redemption in dispute 13.2 — Oxford ERP system disruption-related charges — 53.6 Impairment charge — 18.0 Operating income (loss) 60.7 (85.2) Less: Interest Expense 196.6 176.6 Amortization of debt issuance costs 14.6 13.0 Foreign currency (gains) losses, net (1.9) 15.8 Miscellaneous, net 16.4 1.3 Loss from continuing operations before income taxes $ (165.0) $ (291.9) Products Corporation Year Ended December 31, 2019 2018 Segment Net Sales: Revlon $ 958.8 $ 998.3 Elizabeth Arden 520.0 490.2 Portfolio 487.8 564.6 Fragrances 453.0 511.4 Total $ 2,419.6 $ 2,564.5 Segment Profit: Revlon $ 104.3 $ 132.0 Elizabeth Arden 39.3 25.6 Portfolio 46.6 9.3 Fragrances 83.8 77.3 Total $ 274.0 $ 244.2 Reconciliation: Total Segment Profit $ 274.0 $ 244.2 Less: Depreciation and amortization 162.9 177.2 Non-cash stock compensation expense 8.1 17.2 Non-Operating items: Restructuring and related charges 30.5 23.1 Acquisition, integration and divestiture costs 3.9 13.9 (Gain) loss on divested assets (26.6) 20.1 Financial control remediation actions and related charges 13.4 — Excessive coupon redemption in dispute 13.2 — Oxford ERP system disruption-related charges — 53.6 Impairment charge — 18.0 Operating income (loss) 68.6 (78.9) Less: Interest Expense 196.6 176.6 Amortization of debt issuance costs 14.6 13.0 Foreign currency losses, net (1.9) 15.8 Miscellaneous, net 16.4 1.3 Loss from continuing operations before income taxes $ (157.1) $ (285.6) |
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, 2019 Revlon Elizabeth Arden Portfolio Fragrances Total Geographic Area: Net Sales North America $ 497.2 $ 120.4 $ 298.9 $ 309.2 $ 1,225.7 EMEA* 205.3 203.5 150.4 108.1 667.3 Asia 107.2 164.7 4.2 12.1 288.2 Latin America* 70.8 7.7 21.6 9.0 109.1 Pacific* 78.3 23.7 12.7 14.6 129.3 $ 958.8 $ 520.0 $ 487.8 $ 453.0 $ 2,419.6 Year Ended December 31, 2018 Revlon Elizabeth Arden Portfolio Fragrances Total Geographic Area: Net Sales North America $ 522.3 $ 135.6 $ 350.4 $ 345.9 $ 1,354.2 EMEA* 226.0 201.0 170.6 120.0 717.6 Asia 105.1 119.5 4.0 12.9 241.5 Latin America* 70.5 11.4 25.7 15.6 123.2 Pacific* 74.4 22.7 13.9 17.0 128.0 $ 998.3 $ 490.2 $ 564.6 $ 511.4 $ 2,564.5 * The EMEA region includes Europe, the Middle East, Africa and the Company's international Travel Retail business; the Latin America region includes Mexico; and the Pacific region includes Australia and New Zealand. The following table presents the Company's long-lived assets by geographic area as of December 31, 2019 and December 31, 2018: December 31, 2019 December 31, 2018 Long-lived assets, net: United States $ 1,414.0 83% $ 1,416.2 84% International 280.1 17% 275.0 16% $ 1,694.1 $ 1,691.2 |
Schedule of Net Sales by Classes of Similar Products | Year Ended December 31, 2019 2018 Classes of similar products: Net sales: Color cosmetics $ 769.9 32% $ 848.7 33% Fragrance 611.7 26% 679.2 26% Hair care 513.8 21% 529.3 21% Beauty care 176.9 7% 200.4 8% Skin care 347.3 14% 306.9 12% $ 2,419.6 $ 2,564.5 |
REVLON, INC. BASIC AND DILUTE_2
REVLON, INC. BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share, Basic and Diluted [Abstract] | |
Components of Basic and Diluted Earnings Per Share | Following are the components of Revlon's basic and diluted loss per common share for the periods presented: Year Ended December 31, 2019 2018 Numerator: Loss from continuing operations, net of taxes $ (165.2) $ (294.1) Income (loss) from discontinued operations, net of taxes 7.5 (0.1) Net loss $ (157.7) $ (294.2) Denominator: Weighted-average common shares outstanding – Basic 53,081,321 52,797,686 Effect of dilutive restricted stock and RSUs — — Weighted-average common shares outstanding – Diluted 53,081,321 52,797,686 Basic and Diluted (loss) earnings per common share: Continuing operations $ (3.11) $ (5.57) Discontinued operations 0.14 — Net loss per common share $ (2.97) $ (5.57) Unvested restricted stock and RSUs under the Stock Plan (a) 478,202 272,298 (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, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets As of December 31, 2019 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 0.8 $ 6.4 $ 97.1 $ — $ 104.3 Trade receivables, less allowances for doubtful accounts 95.5 92.3 235.6 — 423.4 Inventories 131.0 151.5 165.9 — 448.4 Prepaid expenses and other 219.7 26.4 46.5 — 292.6 Intercompany receivables 2,857.7 2,854.6 452.7 (6,165.0) — Investment in subsidiaries 1,598.3 30.7 — (1,629.0) — Property, plant and equipment, net 208.7 89.5 110.4 — 408.6 Deferred income taxes 165.0 (37.8) 30.9 — 158.1 Goodwill 159.9 264.0 249.8 — 673.7 Intangible assets, net 13.0 346.9 130.8 — 490.7 Other assets 67.8 16.2 37.1 — 121.1 Total assets $ 5,517.4 $ 3,840.7 $ 1,556.8 $ (7,794.0) $ 3,120.9 LIABILITIES AND STOCKHOLDER’S DEFICIENCY Short-term borrowings $ — $ — $ 2.2 $ — $ 2.2 Current portion of long-term debt 287.9 — 0.1 — 288.0 Accounts payable 108.4 39.9 103.5 — 251.8 Accrued expenses and other 124.1 70.0 224.1 — 418.2 Intercompany payables 3,030.3 2,668.7 466.0 (6,165.0) — Long-term debt 2,822.2 — 84.0 — 2,906.2 Other long-term liabilities 220.4 118.2 5.3 — 343.9 Total liabilities 6,593.3 2,896.8 885.2 (6,165.0) 4,210.3 Stockholder’s deficiency (1,075.9) 943.9 671.6 (1,629.0) (1,089.4) Total liabilities and stockholder’s deficiency $ 5,517.4 $ 3,840.7 $ 1,556.8 $ (7,794.0) $ 3,120.9 Products Corporation and Subsidiaries Condensed Consolidating Balance Sheets As of December 31, 2018 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated ASSETS Cash and cash equivalents $ 7.3 $ 6.6 $ 73.4 $ — $ 87.3 Trade receivables, less allowances for doubtful accounts 89.7 103.5 238.1 — 431.3 Inventories 150.7 196.5 176.0 — 523.2 Prepaid expenses and other 214.7 25.0 60.0 — 299.7 Intercompany receivables 2,225.4 2,177.2 266.1 (4,668.7) — Investment in subsidiaries 1,627.4 30.4 — (1,657.8) — Property, plant and equipment, net 197.1 57.5 99.9 — 354.5 Deferred income taxes 105.9 (6.9) 15.8 — 114.8 Goodwill 159.9 263.9 250.1 — 673.9 Intangible assets, net 21.2 412.2 98.6 — 532.0 Other assets 71.8 23.4 35.6 — 130.8 Total assets $ 4,871.1 $ 3,289.3 $ 1,313.6 $ (6,326.5) $ 3,147.5 LIABILITIES AND STOCKHOLDER’S DEFICIENCY Short-term borrowings $ — $ — $ 9.3 $ — $ 9.3 Current portion of long-term debt 348.0 — 0.1 — 348.1 Accounts payable 148.8 88.6 94.7 — 332.1 Accrued expenses and other 152.6 87.0 195.1 — 434.7 Intercompany payables 2,226.8 2,028.9 413.0 (4,668.7) — Long-term debt 2,644.6 — 83.1 — 2,727.7 Other long-term liabilities 153.4 11.2 64.1 — 228.7 Total liabilities 5,674.2 2,215.7 859.4 (4,668.7) 4,080.6 Stockholder’s deficiency (803.1) 1,073.6 454.2 (1,657.8) (933.1) Total liabilities and stockholder’s deficiency $ 4,871.1 $ 3,289.3 $ 1,313.6 $ (6,326.5) $ 3,147.5 |
Condensed Income Statement and Statement of Comprehensive Income | Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Year Ended December 31, 2019 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net Sales $ 590.1 $ 622.1 $ 1,210.8 $ (3.4) $ 2,419.6 Cost of sales 282.6 306.5 466.5 (3.4) 1,052.2 Gross profit 307.5 315.6 744.3 — 1,367.4 Selling, general and administrative expenses 430.6 331.9 546.2 — 1,308.7 Acquisition, integration and divestiture costs 0.7 0.1 3.1 — 3.9 Restructuring charges and other, net 3.3 4.0 5.5 — 12.8 Gain on divested assets — — (26.6) — (26.6) Operating (loss) income (127.1) (20.4) 216.1 — 68.6 Other (income) expense: Intercompany interest, net (4.3) 2.6 1.7 — — Interest expense 189.5 — 7.1 — 196.6 Amortization of debt issuance costs 14.6 — — — 14.6 Foreign currency losses, net (0.6) (1.2) (0.1) — (1.9) Miscellaneous, net (31.6) (36.3) 84.3 — 16.4 Other expense (income), net 167.6 (34.9) 93.0 — 225.7 (Loss) income from continuing operations before income taxes (294.7) 14.5 123.1 — (157.1) (Benefit from) provision for income taxes (55.6) 40.8 16.4 — 1.6 (Loss) income from continuing operations, net of taxes (239.1) (26.3) 106.7 — (158.7) Income from discontinued operations, net of taxes — — 7.5 — 7.5 Equity in loss (income) of subsidiaries 144.5 19.0 — (163.5) — Net (loss) income $ (94.6) $ (7.3) $ 114.2 $ (163.5) $ (151.2) Other comprehensive (loss) income (13.3) (6.9) 1.3 5.7 (13.2) Total comprehensive (loss) income $ (107.9) $ (14.2) $ 115.5 $ (157.8) $ (164.4) Products Corporation and Subsidiaries Condensed Consolidating Statement of Operations and Comprehensive (Loss) Income Year Ended December 31, 2018 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated Net Sales $ 644.6 $ 707.1 $ 1,213.4 $ (0.6) $ 2,564.5 Cost of sales 300.9 343.6 473.1 (0.6) 1,117.0 Gross profit 343.7 363.5 740.3 — 1,447.5 Selling, general and administrative expenses 441.0 421.5 591.7 — 1,454.2 Acquisition, integration and divestiture costs 8.5 1.6 3.8 — 13.9 Restructuring charges and other, net 5.2 3.1 11.9 — 20.2 Impairment charges 18.0 — — 18.0 Loss on divested assets 20.1 — — — 20.1 Operating (loss) income (149.1) (62.7) 132.9 — (78.9) Other (income) expenses: Intercompany interest, net (7.0) 2.5 4.5 — — Interest expense 172.7 — 3.9 — 176.6 Amortization of debt issuance costs 13.0 — — — 13.0 Foreign currency losses, net 3.5 0.6 11.7 — 15.8 Miscellaneous, net (44.4) (45.3) 91.0 — 1.3 Other expense (income), net 137.8 (42.2) 111.1 — 206.7 (Loss) income from continuing operations before income taxes (286.9) (20.5) 21.8 — (285.6) (Benefit from) provision for income taxes (10.4) 7.3 6.5 — 3.4 (Loss) income from continuing operations, net of taxes (276.5) (27.8) 15.3 — (289.0) Loss from discontinued operations, net of taxes — — (0.1) — (0.1) Equity in (income) loss of subsidiaries (12.6) (6.6) — 19.2 — Net (loss) income $ (289.1) $ (34.4) $ 15.2 $ 19.2 $ (289.1) Other comprehensive (loss) income (5.8) (1.0) (12.8) 13.8 (5.8) Total comprehensive (loss) income $ (294.9) $ (35.4) $ 2.4 $ 33.0 $ (294.9) |
Condensed Cash Flow Statement | Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2019 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash (used in) provided by operating activities $ (83.9) $ 1.9 $ 13.7 $ — $ (68.3) CASH FLOWS FROM INVESTING ACTIVITIES: Net cash (used in) provided by investing activities (17.1) (2.0) 21.2 — 2.1 CASH FLOWS FROM FINANCING ACTIVITIES: Net decrease in short-term borrowings and overdraft (7.1) (3.7) (6.5) — (17.3) Repayments under the Amended 2016 Revolving Credit Facility (62.6) — — — (62.6) Net borrowings under the 2019 Term Loan Facility 200.0 — — — 200.0 Repayments under the 2016 Term Loan Facility (18.0) — — — (18.0) Payment of financing costs (15.3) — — — (15.3) Tax withholdings related to net share settlements of restricted stock units and awards (1.6) — — — (1.6) Other financing activities (0.6) (0.1) (0.2) — (0.9) Net cash provided by (used in) financing activities 94.8 (3.8) (6.7) — 84.3 Effect of exchange rate changes on cash, cash equivalents and restricted cash — 3.7 (4.8) — (1.1) Net (decrease) increase in cash, cash equivalents and restricted cash (6.3) (0.2) 23.6 — 17.0 Cash, cash equivalents and restricted cash at beginning of period $ 7.3 $ 6.6 $ 73.6 $ — $ 87.5 Cash, cash equivalents and restricted cash at end of period $ 1.0 $ 6.4 $ 97.2 $ — $ 104.5 Products Corporation and Subsidiaries Condensed Consolidating Statements of Cash Flows Year Ended December 31, 2018 Products Corporation Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated CASH FLOWS FROM OPERATING ACTIVITIES: Net cash used in operating activities $ (102.3) $ (0.7) $ (67.8) $ — $ (170.8) CASH FLOWS FROM INVESTING ACTIVITIES: Net cash used in investing activities (35.0) (5.3) (16.9) — (57.2) CASH FLOWS FROM FINANCING ACTIVITIES: Net (decrease) increase in short-term borrowings and overdraft (5.5) 7.0 (2.6) — (1.1) Net borrowings under the Amended 2016 Revolving Credit Facility 178.0 — — — 178.0 Repayments under the 2016 Term Loan Facility (18.0) — — — (18.0) Net Borrowings under the 2018 Foreign Asset-Based Term Loan — — 88.9 88.9 Payments of financing costs (5.4) — (4.3) — (9.7) Tax withholdings related to net share settlements of restricted stock units and awards (3.6) — — — (3.6) Other financing activities (1.2) — (0.2) — (1.4) Net cash provided by financing activities 144.3 7.0 81.8 — 233.1 Effect of exchange rate changes on cash, cash equivalents and restricted cash — 0.3 (5.3) — (5.0) Net increase (decrease) in cash, cash equivalents and restricted cash 7.0 1.3 (8.2) — 0.1 Cash, cash equivalents and restricted cash at beginning of period $ 0.3 $ 5.3 $ 81.8 $ — 87.4 Cash, cash equivalents and restricted cash at end of period $ 7.3 $ 6.6 $ 73.6 $ — $ 87.5 |
DESCRIPTION OF BUSINESS AND S_4
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Number of reporting segments | segment | 4 | ||
Public holding company expenses | $ 7,900,000 | $ 6,300,000 | |
Outstanding checks | $ 23,400,000 | 13,300,000 | 23,400,000 |
Property, Plant, and Equipment, net of accumulated depreciation | 354,500,000 | 408,600,000 | 354,500,000 |
Amortization expense | 162,900,000 | 177,200,000 | |
Goodwill impairment charge | 0 | ||
Goodwill | 673,900,000 | 673,700,000 | 673,900,000 |
Impairment of intangible assets | 0 | 0 | |
Advertising expenses | 446,800,000 | 507,000,000 | |
Distribution costs | 135,700,000 | 144,600,000 | |
Research and development expenditures | 40,300,000 | 42,400,000 | |
Accumulated deferred losses, gross | 3,900,000 | 6,300,000 | 3,900,000 |
Net deferred financing costs | 4,000,000 | $ 0 | 4,000,000 |
Discount rate | 16.00% | ||
Gain (Loss) on disposition of assets | $ 27,400,000 | ||
Foreign exchange contracts | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Notional amount of derivative | 0 | $ 0 | 0 |
Land Improvements | Minimum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment - useful life | 20 years | ||
Land Improvements | Maximum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment - useful life | 30 years | ||
Building and improvements | Minimum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment - useful life | 5 years | ||
Building and improvements | Maximum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment - useful life | 50 years | ||
Machinery and Equipment | Minimum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment - useful life | 3 years | ||
Machinery and Equipment | Maximum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment - useful life | 15 years | ||
Counters and trade fixtures | Minimum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment - useful life | 3 years | ||
Counters and trade fixtures | Maximum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment - useful life | 5 years | ||
Office Furniture and Fixtures | Minimum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment - useful life | 3 years | ||
Office Furniture and Fixtures | Maximum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment - useful life | 15 years | ||
Capitalized Software | Minimum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment - useful life | 2 years | ||
Capitalized Software | Maximum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment - useful life | 10 years | ||
Wall Displays | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, Plant, and Equipment, net of accumulated depreciation | 110,600,000 | $ 101,000,000 | 110,600,000 |
Amortization expense | $ 55,600,000 | $ 50,700,000 | |
Wall Displays | Minimum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment - useful life | 1 year | ||
Wall Displays | Maximum | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment - useful life | 3 years | ||
Trade Receivables | Customer Concentration Risk | Three Largest Customers | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk percentage | 33.00% | 30.00% | |
Mass Portfolio | |||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | |||
Goodwill impairment charge | 18,000,000 | ||
Goodwill | $ 54,300,000 | $ 54,300,000 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 104.3 | $ 87.3 | ||
Restricted cash | 0.2 | 0.2 | ||
Total cash, cash equivalents and restricted cash | [1] | $ 104.5 | $ 87.5 | $ 87.4 |
[1] | These amounts include restricted cash of $0.2 million and $0.2 million as of December 31, 2019 and 2018, respectively, which represent cash on deposit in lieu of a mandatory prepayment under the 2018 Foreign Asset-Based Term Facility, and cash on deposit to support outstanding undrawn letters of credit, which were included within other assets in the Company's consolidated balance sheets. |
RESTRUCTURING CHARGES - Additio
RESTRUCTURING CHARGES - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | 14 Months Ended | 37 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||
Payments for restructuring | $ 24.4 | $ 27 | ||
2018 Optimization Restructuring Program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Percent of restructuring charges expected to be paid in cash | 88.00% | 88.00% | 88.00% | |
Payments for restructuring | $ 14.1 | 0.8 | $ 25.9 | |
Restructuring costs recognized to date | 39.5 | 5.7 | 39.5 | $ 39.5 |
2018 Optimization Restructuring Program | Employee-related costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Payments for restructuring | 13.8 | 0.8 | ||
Restructuring costs recognized to date | 20.3 | 4.5 | 20.3 | 20.3 |
2018 Optimization Restructuring Program | Other restructuring costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs recognized to date | 0.3 | 0 | 0.3 | 0.3 |
EA Integration Restructuring Program | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Payments for restructuring | 8 | 21.4 | 71.9 | |
Restructuring costs recognized to date | 80.3 | 82.2 | 80.3 | 80.3 |
EA Integration Restructuring Program | Employee-related costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Payments for restructuring | 7.7 | 21.1 | ||
Restructuring costs recognized to date | 70.3 | 72.2 | 70.3 | 70.3 |
EA Integration Restructuring Program | Lease termination costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs recognized to date | 5.1 | $ 5.1 | 5.1 | 5.1 |
EA Integration Restructuring Program | Other restructuring costs | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs recognized to date | $ 4.9 | $ 4.9 | $ 4.9 |
RESTRUCTURING CHARGES - Restruc
RESTRUCTURING CHARGES - Restructuring and Related Charges Activity (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Reserve [Roll Forward] | ||
Charges incurred during period | $ 12.8 | $ 20.2 |
2018 Optimization Restructuring Program | ||
Restructuring Reserve [Roll Forward] | ||
Charges incurred through beginning of period | 5.7 | |
Charges incurred during period | 33.8 | 4.5 |
Charges incurred through end of period | 39.5 | 5.7 |
2018 Optimization Restructuring Program | Employee Severance and Other Personnel Benefits | ||
Restructuring Reserve [Roll Forward] | ||
Charges incurred through beginning of period | 4.5 | |
Charges incurred during period | 15.8 | 4.5 |
Charges incurred through end of period | 20.3 | 4.5 |
2018 Optimization Restructuring Program | Total Restructuring Charges | ||
Restructuring Reserve [Roll Forward] | ||
Charges incurred through beginning of period | 4.5 | |
Charges incurred during period | 16.1 | |
Charges incurred through end of period | 20.6 | 4.5 |
2018 Optimization Restructuring Program | Inventory Adjustments | ||
Restructuring Reserve [Roll Forward] | ||
Charges incurred through beginning of period | 0 | |
Charges incurred during period | 4.9 | |
Charges incurred through end of period | 4.9 | 0 |
2018 Optimization Restructuring Program | Other Related Charges | ||
Restructuring Reserve [Roll Forward] | ||
Charges incurred during period | 0.3 | 0 |
EA Integration Restructuring Program | ||
Restructuring Reserve [Roll Forward] | ||
Charges incurred through beginning of period | 82.2 | |
Charges incurred during period | (1.9) | 9.5 |
Charges incurred through end of period | 80.3 | 82.2 |
EA Integration Restructuring Program | Employee Severance and Other Personnel Benefits | ||
Restructuring Reserve [Roll Forward] | ||
Charges incurred through beginning of period | 72.2 | |
Charges incurred during period | (1.9) | 9.4 |
Charges incurred through end of period | 70.3 | 72.2 |
EA Integration Restructuring Program | Lease Termination and Other Costs | ||
Restructuring Reserve [Roll Forward] | ||
Charges incurred through beginning of period | 5.1 | |
Charges incurred during period | 0 | |
Charges incurred through end of period | 5.1 | 5.1 |
EA Integration Restructuring Program | Total Restructuring Charges | ||
Restructuring Reserve [Roll Forward] | ||
Charges incurred through beginning of period | 77.3 | |
Charges incurred during period | (1.9) | |
Charges incurred through end of period | 75.4 | 77.3 |
EA Integration Restructuring Program | Inventory Adjustments | ||
Restructuring Reserve [Roll Forward] | ||
Charges incurred through beginning of period | 1.9 | |
Charges incurred during period | 0 | |
Charges incurred through end of period | 1.9 | 1.9 |
EA Integration Restructuring Program | Other Related Charges | ||
Restructuring Reserve [Roll Forward] | ||
Charges incurred through beginning of period | 3 | |
Charges incurred during period | 0 | 0.1 |
Charges incurred through end of period | $ 3 | $ 3 |
RESTRUCTURING CHARGES - Restr_2
RESTRUCTURING CHARGES - Restructuring and Related Charges by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | $ 12.8 | $ 20.2 |
2018 Optimization Restructuring Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 33.8 | 4.5 |
Cumulative charges incurred | 39.5 | 5.7 |
2018 Optimization Restructuring Program | Total Restructuring Charges | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 16.1 | |
Cumulative charges incurred | 20.6 | 4.5 |
2018 Optimization Restructuring Program | Employee Severance and Other Personnel Benefits | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 15.8 | 4.5 |
Cumulative charges incurred | 20.3 | 4.5 |
2018 Optimization Restructuring Program | Other Costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative charges incurred | 0.3 | 0 |
2018 Optimization Restructuring Program | Inventory Adjustments | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 4.9 | |
Cumulative charges incurred | 4.9 | 0 |
2018 Optimization Restructuring Program | Other Related Charges Within SGA | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 12.8 | |
Cumulative charges incurred | 14 | 1.2 |
2018 Optimization Restructuring Program | Other Related Charges | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 0.3 | 0 |
EA Integration Restructuring Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | (1.9) | 9.5 |
Cumulative charges incurred | 80.3 | 82.2 |
EA Integration Restructuring Program | Total Restructuring Charges | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | (1.9) | |
Cumulative charges incurred | 75.4 | 77.3 |
EA Integration Restructuring Program | Employee Severance and Other Personnel Benefits | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | (1.9) | 9.4 |
Cumulative charges incurred | 70.3 | 72.2 |
EA Integration Restructuring Program | Other Costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Cumulative charges incurred | 4.9 | |
EA Integration Restructuring Program | Inventory Adjustments | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 0 | |
Cumulative charges incurred | 1.9 | 1.9 |
EA Integration Restructuring Program | Other Related Charges | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 0 | 0.1 |
Cumulative charges incurred | 3 | $ 3 |
Operating segments | 2018 Optimization Restructuring Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 16.1 | |
Cumulative charges incurred | 20.6 | |
Operating segments | EA Integration Restructuring Program | Total Restructuring Charges | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | (1.9) | |
Cumulative charges incurred | 75.4 | |
Operating segments | Revlon | 2018 Optimization Restructuring Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 6.9 | |
Cumulative charges incurred | 8.8 | |
Operating segments | Revlon | EA Integration Restructuring Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | (0.8) | |
Cumulative charges incurred | 32.1 | |
Operating segments | Elizabeth Arden | 2018 Optimization Restructuring Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 3.4 | |
Cumulative charges incurred | 4.3 | |
Operating segments | Elizabeth Arden | EA Integration Restructuring Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | (0.2) | |
Cumulative charges incurred | 13.1 | |
Operating segments | Portfolio | 2018 Optimization Restructuring Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 3 | |
Cumulative charges incurred | 4 | |
Operating segments | Portfolio | EA Integration Restructuring Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | (0.4) | |
Cumulative charges incurred | 12.7 | |
Operating segments | Fragrance | 2018 Optimization Restructuring Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | 2.8 | |
Cumulative charges incurred | 3.5 | |
Operating segments | Fragrance | EA Integration Restructuring Program | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring and related charges | (0.5) | |
Cumulative charges incurred | $ 17.5 |
RESTRUCTURING CHARGES - Restr_3
RESTRUCTURING CHARGES - Restructuring Reserve (Details) - USD ($) $ in Millions | 12 Months Ended | 14 Months Ended | 37 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2019 | |
Restructuring Reserve [Roll Forward] | ||||
Liability Balance at period start | $ 26.4 | $ 33.9 | ||
Expense, Net | 12.8 | 20.2 | ||
Foreign Currency Translation | (0.2) | (0.4) | ||
Cash utilized, net | (24.4) | (27) | ||
Non-cash utilized, net | (4.6) | (0.3) | ||
Liability Balance at period end | 10 | 26.4 | $ 10 | $ 10 |
2018 Optimization Restructuring Program | ||||
Restructuring Reserve [Roll Forward] | ||||
Liability Balance at period start | 3.7 | 0 | ||
Expense, Net | 33.8 | 4.5 | ||
Foreign Currency Translation | 0 | 0 | ||
Cash utilized, net | (14.1) | (0.8) | (25.9) | |
Non-cash utilized, net | 0 | 0 | ||
Liability Balance at period end | 5.7 | 3.7 | 5.7 | 5.7 |
2018 Optimization Restructuring Program | Employee severance and other personnel benefits | ||||
Restructuring Reserve [Roll Forward] | ||||
Liability Balance at period start | 3.7 | 0 | ||
Expense, Net | 15.8 | 4.5 | ||
Foreign Currency Translation | 0 | 0 | ||
Cash utilized, net | (13.8) | (0.8) | ||
Non-cash utilized, net | 0 | 0 | ||
Liability Balance at period end | 5.7 | 3.7 | 5.7 | 5.7 |
2018 Optimization Restructuring Program | Other | ||||
Restructuring Reserve [Roll Forward] | ||||
Liability Balance at period start | 0 | 0 | ||
Expense, Net | 0.3 | 0 | ||
Foreign Currency Translation | 0 | 0 | ||
Cash utilized, net | (0.3) | 0 | ||
Non-cash utilized, net | 0 | 0 | ||
Liability Balance at period end | 0 | 0 | 0 | 0 |
2018 Optimization Restructuring Program | Total Restructuring Charges | ||||
Restructuring Reserve [Roll Forward] | ||||
Expense, Net | 16.1 | |||
EA Integration Restructuring Program | ||||
Restructuring Reserve [Roll Forward] | ||||
Liability Balance at period start | 17.2 | 29.7 | ||
Expense, Net | (1.9) | 9.5 | ||
Foreign Currency Translation | (0.2) | (0.3) | ||
Cash utilized, net | (8) | (21.4) | (71.9) | |
Non-cash utilized, net | (3.5) | (0.3) | ||
Liability Balance at period end | 3.6 | 17.2 | 3.6 | 3.6 |
EA Integration Restructuring Program | Employee severance and other personnel benefits | ||||
Restructuring Reserve [Roll Forward] | ||||
Liability Balance at period start | 13.8 | 25.8 | ||
Expense, Net | (1.9) | 9.4 | ||
Foreign Currency Translation | (0.2) | (0.3) | ||
Cash utilized, net | (7.7) | (21.1) | ||
Non-cash utilized, net | 0 | 0 | ||
Liability Balance at period end | 4 | 13.8 | 4 | 4 |
EA Integration Restructuring Program | Other | ||||
Restructuring Reserve [Roll Forward] | ||||
Liability Balance at period start | 3.4 | 3.9 | ||
Expense, Net | 0 | 0.1 | ||
Foreign Currency Translation | 0 | 0 | ||
Cash utilized, net | (0.3) | (0.3) | ||
Non-cash utilized, net | (3.5) | (0.3) | ||
Liability Balance at period end | 0.4 | 3.4 | 0.4 | 0.4 |
EA Integration Restructuring Program | Total Restructuring Charges | ||||
Restructuring Reserve [Roll Forward] | ||||
Expense, Net | (1.9) | |||
Other immaterial actions | ||||
Restructuring Reserve [Roll Forward] | ||||
Liability Balance at period start | 5.5 | |||
Expense, Net | (1.4) | |||
Foreign Currency Translation | 0 | |||
Cash utilized, net | (2.3) | |||
Non-cash utilized, net | (1.1) | |||
Liability Balance at period end | 0.7 | 5.5 | 0.7 | 0.7 |
Other immaterial actions | Employee severance and other personnel benefits | ||||
Restructuring Reserve [Roll Forward] | ||||
Liability Balance at period start | 4.6 | 2.5 | ||
Expense, Net | (1.4) | 5.1 | ||
Foreign Currency Translation | 0 | 0 | ||
Cash utilized, net | (1.8) | (3) | ||
Non-cash utilized, net | (1.1) | 0 | ||
Liability Balance at period end | 0.3 | 4.6 | 0.3 | 0.3 |
Other immaterial actions | Other | ||||
Restructuring Reserve [Roll Forward] | ||||
Liability Balance at period start | 0.9 | 1.7 | ||
Expense, Net | 0 | 1.1 | ||
Foreign Currency Translation | 0 | (0.1) | ||
Cash utilized, net | (0.5) | (1.8) | ||
Non-cash utilized, net | 0 | 0 | ||
Liability Balance at period end | 0.4 | 0.9 | $ 0.4 | $ 0.4 |
Other immaterial actions | Total other immaterial actions | ||||
Restructuring Reserve [Roll Forward] | ||||
Liability Balance at period start | $ 5.5 | 4.2 | ||
Expense, Net | 6.2 | |||
Foreign Currency Translation | (0.1) | |||
Cash utilized, net | (4.8) | |||
Non-cash utilized, net | 0 | |||
Liability Balance at period end | $ 5.5 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2014job_position | |
Income Statement Disclosures [Abstract] | |||
Income (loss) from discontinued operations, net of taxes | $ 7.5 | $ (0.1) | |
Discontinued Operations | Operations in China | |||
Income Statement Disclosures [Abstract] | |||
Net sales | 0 | 0 | |
Income (loss) from discontinued operations, before taxes | 7.5 | (0.1) | |
Provision for income taxes | 0 | 0 | |
Income (loss) from discontinued operations, net of taxes | 7.5 | (0.1) | |
Balance Sheet Disclosures [Abstract] | |||
Cash and cash equivalents | 1 | 1.1 | |
Trade receivables, net | 0 | 0.2 | |
Total current assets | 1 | 1.3 | |
Total assets | 1 | 1.3 | |
Accounts payable | 0 | 0.5 | |
Accrued expenses and other | 1.2 | 3.3 | |
Total current liabilities | 1.2 | 3.8 | |
Total liabilities | $ 1.2 | $ 3.8 | |
December 2013 Program | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Number of positions eliminated | job_position | 1,100 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 326.5 | $ 374.1 |
Raw materials and supplies | 110.4 | 143.5 |
Work-in-process | 11.5 | 5.6 |
Inventories | $ 448.4 | $ 523.2 |
PREPAID EXPENSES AND OTHER (Det
PREPAID EXPENSES AND OTHER (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Prepaid expenses | $ 68.9 | $ 71.5 |
Taxes | 40.4 | 46.9 |
Other | 26 | 33.6 |
Prepaid expenses and other | 135.3 | 152 |
Revlon Consumer Products Corporation | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Taxes | 36.5 | 42.9 |
Prepaid expenses and other | $ 131.4 | $ 148 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 896.7 | $ 779.7 |
Accumulated depreciation and amortization | (488.1) | (425.2) |
Property, plant and equipment, net | 408.6 | 354.5 |
Land and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 11 | 11.2 |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 113 | 103.2 |
Machinery, equipment and capital leases | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 296 | 286.7 |
Finance leases | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 5.5 | |
Office furniture, fixtures and capitalized software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 241.5 | 220 |
Counters and trade fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 52.9 | 56 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 50.1 | 51.5 |
Construction-in-progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 14 | 51.1 |
Leases | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 118.2 | $ 0 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Depreciation and amortization expense | $ 63.4 | $ 66.8 | ||
Operating lease liability | 106.8 | |||
Finance lease liability | $ 1 | |||
Rent expense for facilities and equipment | $ 46.5 | $ 41.6 | ||
Accounting Standards Update 2016-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Operating lease, right of use asset | $ 109.3 | |||
Finance lease, right of use asset | 1.5 | |||
Operating lease liability | 123.4 | |||
Finance lease liability | 1.4 | |||
Decrease in accrued rent | 11.3 | |||
Decrease in accrued rent, recorded as noncurrent | 10.7 | |||
Accrued rent, recorded in accrued expenses and other current liabilities | (0.6) | |||
Lease termination liability | (3.5) | |||
Prepaid rent | $ (0.7) |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT - Lease Disclosure (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Finance Lease Cost: | |
Amortization of ROU assets | $ 0.3 |
Interest on lease liabilities | 0.2 |
Operating Lease Cost | 41.7 |
Total Lease Cost | 42.2 |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from finance leases | 0.2 |
Operating cash flows from operating leases | 39.4 |
Financing cash flows from finance leases | 0.8 |
ROU assets for finance leases | 1 |
ROU assets for operating leases | 91.4 |
Amortization on ROU assets for finance leases | 0.3 |
Amortization on ROU assets for operating leases | $ 23.2 |
Weighted-average remaining lease term - finance leases | 2 years 9 months 18 days |
Weighted-average remaining lease term - operating leases | 6 years 2 months 12 days |
Weighted-average discount rate - finance leases | 15.60% |
Weighted-average discount rate - operating leases | 15.80% |
PROPERTY, PLANT AND EQUIPMENT_4
PROPERTY, PLANT AND EQUIPMENT - Maturities of Lease Liabilities (Details) $ in Millions | Dec. 31, 2019USD ($) |
Operating Leases | |
2020 | $ 34 |
2021 | 30.5 |
2022 | 24 |
2023 | 19.7 |
2024 | 14.3 |
Thereafter | 46.8 |
Total undiscounted cash flows | 169.3 |
Short-term lease liability | 14 |
Long-term lease liability | 92.8 |
Total lease liability | 106.8 |
Difference between undiscounted cash flows and discounted cash flows | 62.5 |
Finance Leases | |
2020 | 0.7 |
2021 | 0.5 |
2022 | 0.3 |
2023 | 0 |
2024 | 0 |
Thereafter | 0 |
Total undiscounted cash flows | 1.5 |
Short-term lease liability | 0.5 |
Long-term lease liability | 0.5 |
Total lease liability | 1 |
Difference between undiscounted cash flows and discounted cash flows | $ 0.5 |
PROPERTY, PLANT AND EQUIPMENT_5
PROPERTY, PLANT AND EQUIPMENT - Minimum Rental Commitments (Details) $ in Millions | Dec. 31, 2018USD ($) |
Capital Leases | |
2019 | $ 1.1 |
2020 | 0.6 |
2021 | 0.3 |
2022 | 0.2 |
2023 | 0.2 |
Thereafter | 0.2 |
Total | 2.6 |
Operating Leases | |
2019 | 42.5 |
2020 | 33.8 |
2021 | 29.8 |
2022 | 22.6 |
2023 | 18.5 |
Thereafter | 57.5 |
Total | $ 204.7 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS, NET - Changes in Goodwill by Segment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||
Beginning Balance | $ 673,900,000 | |
Goodwill impariment charge | 0 | |
Ending Balance | 673,700,000 | $ 673,900,000 |
Operating segments | Revlon | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 265,000,000 | 265,300,000 |
Foreign currency translation adjustment | (100,000) | (300,000) |
Goodwill impariment charge | 0 | |
Ending Balance | 264,900,000 | 265,000,000 |
Cumulative goodwill impairment charges | ||
Operating segments | Portfolio | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 171,200,000 | 189,500,000 |
Foreign currency translation adjustment | (100,000) | (300,000) |
Goodwill impariment charge | (18,000,000) | |
Ending Balance | 171,100,000 | 171,200,000 |
Cumulative goodwill impairment charges | ||
Operating segments | Elizabeth Arden | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 116,900,000 | 116,900,000 |
Foreign currency translation adjustment | 0 | 0 |
Goodwill impariment charge | 0 | |
Ending Balance | 116,900,000 | 116,900,000 |
Cumulative goodwill impairment charges | ||
Operating segments | Fragrance | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 120,800,000 | 120,800,000 |
Foreign currency translation adjustment | 0 | 0 |
Goodwill impariment charge | 0 | |
Ending Balance | 120,800,000 | 120,800,000 |
Cumulative goodwill impairment charges | ||
Operating segments | Revlon, Portfolio, Elizabeth Arden and Fragrances Segments | ||
Goodwill [Roll Forward] | ||
Beginning Balance | 673,900,000 | 692,500,000 |
Foreign currency translation adjustment | (200,000) | (600,000) |
Goodwill impariment charge | (18,000,000) | |
Ending Balance | 673,700,000 | $ 673,900,000 |
Cumulative goodwill impairment charges | $ (55,200,000) |
GOODWILL AND INTANGIBLE ASSET_4
GOODWILL AND INTANGIBLE ASSETS, NET - Narrative (Details) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)reporting_unit | Dec. 31, 2018USD ($) | |
Goodwill [Line Items] | |||
Goodwill | $ 673,900,000 | $ 673,700,000 | $ 673,900,000 |
Number of reporting units | reporting_unit | 6 | ||
Amortization expense | $ 40,300,000 | 57,100,000 | |
Impairment of intangible assets | 0 | 0 | |
Goodwill impairment charge | $ 0 | ||
Mass Portfolio | |||
Goodwill [Line Items] | |||
Goodwill | 54,300,000 | $ 54,300,000 | |
Goodwill impairment charge | $ 18,000,000 |
GOODWILL AND INTANGIBLE ASSET_5
GOODWILL AND INTANGIBLE ASSETS, NET - Summary of Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | $ 573.3 | $ 574.1 |
Finite-lived intangible assets, accumulated amortization | (226.4) | (187.3) |
Finite-lived intangible assets, net carrying amount | 346.9 | 386.8 |
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets, carrying amount | 143.8 | 145.2 |
Intangible assets, net carrying amount | 490.7 | 532 |
Intangible assets, gross carrying amount | 717.1 | 719.3 |
Trade names | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets, carrying amount | 143.8 | 145.2 |
Trademarks and licenses | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | 271.2 | 272.3 |
Finite-lived intangible assets, accumulated amortization | (110.9) | (94.3) |
Finite-lived intangible assets, net carrying amount | $ 160.3 | $ 178 |
Weighted average useful life | 13 years | 13 years |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | $ 248.3 | $ 248.6 |
Finite-lived intangible assets, accumulated amortization | (96.5) | (77.9) |
Finite-lived intangible assets, net carrying amount | $ 151.8 | $ 170.7 |
Weighted average useful life | 11 years | 12 years |
Patents and internally-developed intellectual property | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | $ 21.5 | $ 20.9 |
Finite-lived intangible assets, accumulated amortization | (12.1) | (10.1) |
Finite-lived intangible assets, net carrying amount | $ 9.4 | $ 10.8 |
Weighted average useful life | 5 years | 6 years |
Distribution rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | $ 31 | $ 31 |
Finite-lived intangible assets, accumulated amortization | (5.6) | (4) |
Finite-lived intangible assets, net carrying amount | $ 25.4 | $ 27 |
Weighted average useful life | 15 years | 16 years |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets, gross carrying amount | $ 1.3 | $ 1.3 |
Finite-lived intangible assets, accumulated amortization | (1.3) | (1) |
Finite-lived intangible assets, net carrying amount | $ 0 | $ 0.3 |
Weighted average useful life | 0 years | 1 year |
GOODWILL AND INTANGIBLE ASSET_6
GOODWILL AND INTANGIBLE ASSETS, NET - Estimated Future Amortization Expense (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2020 | $ 34.3 | |
2021 | 33.2 | |
2022 | 32.3 | |
2023 | 30.8 | |
2024 | 27.4 | |
Thereafter | 188.9 | |
Finite-lived intangible assets, net carrying amount | $ 346.9 | $ 386.8 |
ACCRUED EXPENSES AND OTHER - Co
ACCRUED EXPENSES AND OTHER - Components of Accrued Expenses and Other (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Accrued Liabilities [Line Items] | ||
Sales returns and allowances | $ 89.7 | $ 97.7 |
Advertising, marketing and promotional costs | 82.8 | 84.2 |
Taxes | 54.3 | 38.9 |
Compensation and related benefits | 42.1 | 56.2 |
Interest | 34 | 33.8 |
Professional services and insurance | 16.3 | 9.5 |
Short-term lease liability | 14.5 | 1.1 |
Freight and distribution costs | 13.2 | 6.8 |
Restructuring reserve | 10 | 26.4 |
Software | 4 | 1.2 |
Other | 54 | 75.1 |
Total | 414.9 | 430.9 |
Revlon Consumer Products Corporation | ||
Schedule of Accrued Liabilities [Line Items] | ||
Taxes | 57.6 | 42.6 |
Other | 75.2 | |
Total | $ 418.2 | $ 434.7 |
DEBT - Components of Long-term
DEBT - Components of Long-term Debt (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 31, 2019 | Dec. 31, 2018 | Sep. 07, 2016 | |
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 3,194.2 | $ 3,075.8 | ||||
Less current portion | (288) | (348.1) | ||||
Long-term debt | 2,906.2 | 2,727.7 | ||||
Short-term borrowings | $ 2.2 | $ 9.3 | ||||
Weighted-average interest rate (as a percent) | 8.30% | 6.20% | ||||
2019 Term Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 187.1 | $ 0 | ||||
2018 Foreign Asset-Based Term Loan Credit Agreement due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 82.3 | 82.7 | ||||
Amended 2016 Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 269.9 | 330 | ||||
Less current portion | (269.9) | (330) | ||||
Amended 2016 Revolving Credit Facility | Scenario, Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Repayment of debt | $ 18 | |||||
2016 Term Loan due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 1,713.6 | 1,724.6 | ||||
Repayment of debt | $ 18 | 18 | ||||
5.75% Senior Notes due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 498.1 | 496.6 | ||||
Stated interest rate (as a percent) | 5.75% | 5.75% | ||||
6.25% Senior Notes due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 442.8 | 441.4 | ||||
Stated interest rate (as a percent) | 6.25% | 6.25% | ||||
Spanish Government Loan due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 0.4 | $ 0.5 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) | Nov. 07, 2019USD ($) | Mar. 06, 2019USD ($)day | Mar. 05, 2019USD ($)day | Aug. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($)shares | Dec. 31, 2019USD ($)day | Dec. 31, 2019USD ($)reporting_unit | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Jun. 30, 2019USD ($) | Mar. 07, 2019USD ($) | Dec. 31, 2018USD ($) | Apr. 30, 2018USD ($) | Dec. 31, 2016USD ($) | Sep. 07, 2016 | Aug. 04, 2016USD ($) | Dec. 31, 2013USD ($) | Feb. 08, 2013 |
Debt Instrument [Line Items] | |||||||||||||||||||||
Covenant, ordinary course investments, maximum | $ 10,000,000 | ||||||||||||||||||||
Outstanding borrowings | $ 3,194,200,000 | $ 3,194,200,000 | $ 3,194,200,000 | $ 3,194,200,000 | $ 3,194,200,000 | $ 3,194,200,000 | $ 3,075,800,000 | ||||||||||||||
Net deferred financing costs | 0 | 0 | 0 | 0 | 0 | 0 | 4,000,000 | ||||||||||||||
Aggregate principal amount outstanding | 3,250,600,000 | 3,250,600,000 | $ 3,250,600,000 | 3,250,600,000 | 3,250,600,000 | 3,250,600,000 | |||||||||||||||
Repayment of principal amount of borrowings outstanding of acquiree | 142,000,000 | ||||||||||||||||||||
Elizabeth Arden | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Repurchase of preferred stock | 55,000,000 | ||||||||||||||||||||
Repurchase and retirement of preferred stock (in shares) | shares | 50,000 | ||||||||||||||||||||
Repurchase and retirement of preferred stock, change in control premium | 5,000,000 | ||||||||||||||||||||
Revlon Consumer Products Corporation | Elizabeth Arden | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Acquisition, consideration transferred, cash on hand | 126,700,000 | ||||||||||||||||||||
2019 Term Loan Facility | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount | 200,000,000 | 200,000,000 | $ 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | |||||||||||||||
Borrowings under facility | 188,000,000 | ||||||||||||||||||||
Fees and expenses | $ 12,000,000 | ||||||||||||||||||||
Guarantor subsidiary, voting equity interests (in excess of) | 66.00% | ||||||||||||||||||||
Variable rate floor | 0.00% | ||||||||||||||||||||
Basis spread on variable interest rate | 9.50% | ||||||||||||||||||||
Covenant, maximum incurrence of secured debt | $ 50,000,000 | ||||||||||||||||||||
Covenant, investments, maximum | $ 50,000,000 | ||||||||||||||||||||
Available amount basket | 50.00% | ||||||||||||||||||||
Covenant, maximum secured and structurally senior debt | $ 2,500,000,000 | ||||||||||||||||||||
Covenant, maximum net debt to EBITDA ratio | 5 | ||||||||||||||||||||
Covenant, minimum EBITDA | $ 250,000,000 | ||||||||||||||||||||
Mandatory prepayments, excess cash flows | 50.00% | ||||||||||||||||||||
Mandatory prepayments, excess cash flows step-down | 25.00% | ||||||||||||||||||||
Mandatory prepayments, asset sales, aggregate reinvestment cap | $ 50,000,000 | ||||||||||||||||||||
Exit fee | 5.00% | ||||||||||||||||||||
Fees and expenses capitalized | 14,000,000 | 14,000,000 | 14,000,000 | 14,000,000 | 14,000,000 | 14,000,000 | |||||||||||||||
Outstanding borrowings | $ 187,100,000 | $ 187,100,000 | $ 187,100,000 | $ 187,100,000 | $ 187,100,000 | $ 187,100,000 | 0 | ||||||||||||||
2019 Term Loan Facility | Minimum | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Mandatory prepayments, excess cash flow upon achievement | 0.00% | ||||||||||||||||||||
2019 Term Loan Facility | 2020 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Prepayment fee, percentage | 10.00% | ||||||||||||||||||||
2019 Term Loan Facility | 2021 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Prepayment fee, percentage | 10.00% | ||||||||||||||||||||
2019 Term Loan Facility | 2022 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Prepayment fee, percentage | 7.50% | ||||||||||||||||||||
2019 Term Loan Facility | Thereafter | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Prepayment fee, percentage | 5.00% | ||||||||||||||||||||
5.75% Senior Notes due 2021 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | |||||||||||||
Outstanding borrowings | $ 498,100,000 | $ 498,100,000 | $ 498,100,000 | $ 498,100,000 | $ 498,100,000 | $ 498,100,000 | 496,600,000 | ||||||||||||||
5.75% Senior Notes due 2021 | Revlon Consumer Products Corporation | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount | $ 500,000,000 | ||||||||||||||||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | ||||||||||||||
Aggregate principal amount outstanding | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | |||||||||||||||
2019 Senior Line of Credit Agreement | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount | $ 200,000,000 | ||||||||||||||||||||
2019 Senior Line of Credit Agreement | Line of Credit | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Stated interest rate (as a percent) | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | ||||||||||||||
Maximum borrowing capacity | $ 30,000,000 | ||||||||||||||||||||
Outstanding borrowings | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||||||||
Repayments under facility | $ 0 | $ 0 | |||||||||||||||||||
6.25% Senior Notes due 2024 | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Stated interest rate (as a percent) | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | |||||||||||||
Outstanding borrowings | $ 442,800,000 | $ 442,800,000 | $ 442,800,000 | $ 442,800,000 | $ 442,800,000 | $ 442,800,000 | 441,400,000 | ||||||||||||||
6.25% Senior Notes due 2024 | Revlon Consumer Products Corporation | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount | $ 450,000,000 | $ 450,000,000 | $ 450,000,000 | $ 450,000,000 | $ 450,000,000 | $ 450,000,000 | $ 450,000,000 | $ 450,000,000 | |||||||||||||
Stated interest rate (as a percent) | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | 6.25% | ||||||||||||
Aggregate principal amount outstanding | $ 450,000,000 | $ 450,000,000 | $ 450,000,000 | $ 450,000,000 | $ 450,000,000 | $ 450,000,000 | |||||||||||||||
Elizabeth Arden revolving credit facility | Elizabeth Arden | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | |||||||||||||||
Acquisition Term Loan | Revlon Consumer Products Corporation | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Repayments under facility | 658,600,000 | ||||||||||||||||||||
Elizabeth Arden senior notes | Elizabeth Arden | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Acquisition, consideration transferred, repayment of debt of acquiree | 350,000,000 | ||||||||||||||||||||
2011 Term Loan | Revlon Consumer Products Corporation | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Repayments under facility | 651,400,000 | ||||||||||||||||||||
Tranche A | Revolving Credit Facility | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | |||||||||||||||
Outstanding borrowings | $ 230,900,000 | ||||||||||||||||||||
Remaining borrowing capacity | 157,700,000 | 157,700,000 | 157,700,000 | 157,700,000 | 157,700,000 | 157,700,000 | |||||||||||||||
Borrowing base | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | |||||||||||||||
Amount by which available liquidity does not exceed principal amount of other debt | 200,000,000 | ||||||||||||||||||||
Amount outstanding | 230,900,000 | 230,900,000 | 230,900,000 | 230,900,000 | 230,900,000 | 230,900,000 | |||||||||||||||
Tranche A | Sublimit, letters of credit | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Outstanding borrowings | 11,400,000 | ||||||||||||||||||||
Tranche A | Revlon Consumer Products Corporation | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Proceeds from lines of credit | 35,000,000 | ||||||||||||||||||||
Tranche A | Revlon Consumer Products Corporation | Revolving Credit Facility | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | 400,000,000 | ||||||||||||||||||||
Amount by which available liquidity does not exceed principal amount of other debt | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | |||||||||||||||
Borrowing base calculation, qualified restricted cash cap | $ 75,000,000 | $ 75,000,000 | $ 75,000,000 | $ 75,000,000 | $ 75,000,000 | $ 75,000,000 | |||||||||||||||
Borrowing base calculation, percentage of eligible accounts receivable | 85.00% | 85.00% | 85.00% | 85.00% | 85.00% | 85.00% | 85.00% | ||||||||||||||
Borrowing base calculation, percentage of eligible inventory | 85.00% | 85.00% | 85.00% | 85.00% | 85.00% | 85.00% | 85.00% | ||||||||||||||
Tranche B | Revolving Credit Facility | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | $ 41,500,000 | $ 41,500,000 | $ 41,500,000 | $ 41,500,000 | $ 41,500,000 | $ 41,500,000 | $ 41,500,000 | ||||||||||||||
Outstanding borrowings | 41,500,000 | ||||||||||||||||||||
Potential increase of maximum borrowing capacity | 5.00% | ||||||||||||||||||||
Covenant terms, liquidity | $ 50,000,000 | $ 35,000,000 | |||||||||||||||||||
Covenant terms, percentage of maximum | 15.00% | 10.00% | |||||||||||||||||||
Remaining borrowing capacity | $ 37,300,000 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Borrowing base | $ 41,300,000 | 41,500,000 | 41,500,000 | 41,500,000 | 41,500,000 | 41,500,000 | 41,500,000 | ||||||||||||||
Covenant terms, consolidated fixed charge coverage ratio | 100.00% | ||||||||||||||||||||
Covenant terms, liquidity threshold, consecutive business days | day | 20 | 20 | |||||||||||||||||||
Amount outstanding | $ 41,500,000 | $ 41,500,000 | $ 41,500,000 | $ 41,500,000 | $ 41,500,000 | $ 41,500,000 | |||||||||||||||
Tranche B | Revlon Consumer Products Corporation | Revolving Credit Facility | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | 41,500,000 | ||||||||||||||||||||
Remaining borrowing capacity | $ 37,300,000 | ||||||||||||||||||||
Borrowing base | $ 41,300,000 | ||||||||||||||||||||
Covenant terms, consolidated fixed charge coverage ratio | 100.00% | ||||||||||||||||||||
Borrowing base calculation, qualified restricted cash cap | $ 15,000,000 | ||||||||||||||||||||
Borrowing base calculation, percentage of eligible accounts receivable | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | ||||||||||||||
Borrowing base calculation, percentage of eligible inventory | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | 10.00% | ||||||||||||||
2016 Term Loan | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Outstanding borrowings | $ 1,713,600,000 | $ 1,713,600,000 | $ 1,713,600,000 | $ 1,713,600,000 | $ 1,713,600,000 | $ 1,713,600,000 | 1,724,600,000 | ||||||||||||||
Repayments under facility | $ 18,000,000 | 18,000,000 | |||||||||||||||||||
Aggregate principal amount outstanding | 1,741,500,000 | 1,741,500,000 | 1,741,500,000 | 1,741,500,000 | 1,741,500,000 | 1,741,500,000 | |||||||||||||||
2016 Term Loan | Revolving Credit Facility | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Amount outstanding | 1,678,500,000 | 1,678,500,000 | 1,678,500,000 | 1,678,500,000 | 1,678,500,000 | 1,678,500,000 | |||||||||||||||
2016 Term Loan | Revlon Consumer Products Corporation | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Aggregate principal amount | 1,800,000,000 | 1,800,000,000 | 1,800,000,000 | 1,800,000,000 | 1,800,000,000 | 1,800,000,000 | |||||||||||||||
Maximum borrowing capacity | $ 1,800,000,000 | $ 1,800,000,000 | $ 1,800,000,000 | $ 1,800,000,000 | $ 1,800,000,000 | $ 1,800,000,000 | |||||||||||||||
Aggregate principal amount outstanding | € | € 77,000,000 | ||||||||||||||||||||
Debt term | 7 years | ||||||||||||||||||||
Amended And Restated Senior Subordinated Term Loan Due 2014 | Revlon Consumer Products Corporation | Secured Debt | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | € | 77 | ||||||||||||||||||||
Additional borrowing capacity | € | € 43 | ||||||||||||||||||||
Borrowing base calculation, percentage of eligible accounts receivable | 85.00% | 85.00% | 85.00% | 85.00% | 85.00% | 85.00% | 85.00% | ||||||||||||||
Borrowing base calculation, percentage of eligible inventory | 90.00% | 90.00% | 90.00% | 90.00% | 90.00% | 90.00% | 90.00% | ||||||||||||||
Percentage of cash deposits that may not exceed borrowing base | 10.00% | ||||||||||||||||||||
Debt issuance costs - capitalized and expensed | $ 5,700,000 | ||||||||||||||||||||
Aggregate principal amount outstanding | $ 86,300,000 | 86,300,000 | $ 86,300,000 | $ 86,300,000 | $ 86,300,000 | $ 86,300,000 | |||||||||||||||
Amended And Restated Senior Subordinated Term Loan Due 2014 | Revlon Consumer Products Corporation | Secured Debt | EURIBOR | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Variable rate floor | 0.50% | ||||||||||||||||||||
Basis spread on variable interest rate | 6.50% | ||||||||||||||||||||
Elizabeth Arden second lien credit facility | Elizabeth Arden | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Acquisition, consideration transferred, repayment of debt of acquiree | 25,000,000 | ||||||||||||||||||||
Amended 2016 Revolving Credit Facility | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Outstanding borrowings | 269,900,000 | 269,900,000 | 269,900,000 | 269,900,000 | 269,900,000 | $ 269,900,000 | $ 330,000,000 | ||||||||||||||
Amended 2016 Revolving Credit Facility | Revolving Credit Facility | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | 441,500,000 | 441,500,000 | 441,500,000 | 441,500,000 | 441,500,000 | 441,500,000 | |||||||||||||||
Remaining borrowing capacity | 157,700,000 | 157,700,000 | 157,700,000 | 157,700,000 | 157,700,000 | 157,700,000 | |||||||||||||||
Borrowing base | 441,500,000 | 441,500,000 | 441,500,000 | 441,500,000 | 441,500,000 | 441,500,000 | |||||||||||||||
Amount outstanding | 272,400,000 | 272,400,000 | 272,400,000 | 272,400,000 | 272,400,000 | 272,400,000 | |||||||||||||||
Amended 2016 Revolving Credit Facility | Revlon Consumer Products Corporation | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | $ 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | |||||||||||||||
Debt term | 5 years | ||||||||||||||||||||
Amended 2016 Revolving Credit Facility | Revlon Consumer Products Corporation | Revolving Credit Facility | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | $ 441,500,000 | 441,500,000 | 441,500,000 | 441,500,000 | 441,500,000 | 441,500,000 | |||||||||||||||
Covenant terms, liquidity | $ 50,000,000 | $ 35,000,000 | |||||||||||||||||||
Covenant terms, percentage of maximum | 15.00% | 10.00% | |||||||||||||||||||
Remaining borrowing capacity | 157,700,000 | 157,700,000 | 157,700,000 | $ 157,700,000 | $ 157,700,000 | $ 157,700,000 | |||||||||||||||
Covenant terms, consolidated fixed charge coverage ratio | 100.00% | ||||||||||||||||||||
Covenant terms, liquidity threshold, consecutive business days | 20 | 20 | |||||||||||||||||||
Amended 2016 Revolving Credit Facility | Revlon Consumer Products Corporation | Sublimit, letters of credit | |||||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||
Maximum borrowing capacity | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 |
DELETE - 2018 Foreign Asset-Bas
DELETE - 2018 Foreign Asset-Based Term Loan Credit Agreement (Details) $ in Millions | Dec. 31, 2019USD ($) |
Line of Credit Facility [Line Items] | |
Aggregate principal amount outstanding | $ 3,250.6 |
DELETE - 2018 Senior Line of Cr
DELETE - 2018 Senior Line of Credit Facility (Details) - USD ($) | 12 Months Ended | |||||||
Dec. 31, 2019 | Dec. 31, 2018 | Aug. 31, 2019 | Dec. 31, 2016 | Sep. 07, 2016 | Aug. 04, 2016 | Dec. 31, 2013 | Feb. 08, 2013 | |
Line of Credit Facility [Line Items] | ||||||||
Repayments under the 2016 Term Loan Facility | $ 18,000,000 | $ 18,000,000 | ||||||
5.75% Senior Notes | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | ||||||
6.25% Senior Notes | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Stated interest rate (as a percent) | 6.25% | 6.25% | ||||||
Revlon Consumer Products Corporation | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Repayments under the 2016 Term Loan Facility | $ 18,000,000 | $ 18,000,000 | ||||||
Revlon Consumer Products Corporation | 5.75% Senior Notes | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Stated interest rate (as a percent) | 5.75% | |||||||
Aggregate principal amount | $ 500,000,000 | |||||||
Revlon Consumer Products Corporation | 6.25% Senior Notes | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Stated interest rate (as a percent) | 6.25% | 6.25% | 6.25% | |||||
Aggregate principal amount | $ 450,000,000 | $ 450,000,000 | $ 450,000,000 |
DEBT - 2016 Term Loan Facility
DEBT - 2016 Term Loan Facility (Details) € in Millions | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Aug. 31, 2019 | Apr. 30, 2018USD ($) | Dec. 31, 2013USD ($) | |
Debt Instrument [Line Items] | |||||
Aggregate principal amount outstanding | $ 3,250,600,000 | ||||
2016 Term Loan due 2023 | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount outstanding | 1,741,500,000 | ||||
2016 Term Loan due 2023 | Revlon Consumer Products Corporation | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 1,800,000,000 | ||||
Original issue discount percentage | 0.50% | ||||
Maximum borrowing capacity, base for calculation of potential increase | $ 450,000,000 | ||||
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 | $ 400,000,000 | ||||
Aggregate principal amount outstanding | € | € 77 | ||||
Equity of first tier foreign subsidiaries in excess of voting equity interests | 65.00% | 65.00% | |||
Covenant terms, available amount base, percentage of cumulative consolidated net income | 50.00% | ||||
Covenant terms, available amount addition | $ 200,000,000 | ||||
Covenant terms, net debt to consolidated EBITDA ratio | 5 | ||||
Mandatory prepayments, percentage of excess cash flow, next fiscal year | 50.00% | ||||
Mandatory prepayments, step down percentage, achievement one | 25.00% | ||||
Mandatory prepayments, step down percentage, achievement two | 0.00% | ||||
2016 Term Loan due 2023 | Adjusted LIBOR | Revlon Consumer Products Corporation | |||||
Debt Instrument [Line Items] | |||||
Variable rate floor | 0.75% | ||||
Basis spread on variable interest rate | 3.50% | ||||
2016 Term Loan due 2023 | Alternate base rate | Revlon Consumer Products Corporation | |||||
Debt Instrument [Line Items] | |||||
Basis spread on variable interest rate | 2.50% | ||||
Tranche A | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Amount by which available liquidity does not exceed principal amount of other debt | $ 200,000,000 | ||||
Tranche A | Revlon Consumer Products Corporation | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Amount by which available liquidity does not exceed principal amount of other debt | $ 200,000,000 | ||||
5.75% Senior Notes due 2021 | |||||
Debt Instrument [Line Items] | |||||
Stated interest rate (as a percent) | 5.75% | 5.75% | 5.75% | ||
5.75% Senior Notes due 2021 | Revlon Consumer Products Corporation | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 500,000,000 | ||||
Stated interest rate (as a percent) | 5.75% | 5.75% | |||
Aggregate principal amount outstanding | $ 500,000,000 |
DEBT - 2016 Revolving Credit Fa
DEBT - 2016 Revolving Credit Facility (Details) | Mar. 06, 2019USD ($)day | Mar. 05, 2019USD ($)day | Dec. 31, 2019USD ($)day | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($)reporting_unit | Aug. 31, 2019 | Mar. 07, 2019USD ($) | Apr. 30, 2018USD ($) |
Amended 2016 Revolving Credit Facility | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | |||||
Amended 2016 Revolving Credit Facility | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 441,500,000 | 441,500,000 | 441,500,000 | |||||
Remaining borrowing capacity | 157,700,000 | 157,700,000 | 157,700,000 | |||||
Borrowing base | 441,500,000 | 441,500,000 | 441,500,000 | |||||
Amended 2016 Revolving Credit Facility | Revolving Credit Facility | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 441,500,000 | 441,500,000 | 441,500,000 | |||||
Maximum borrowing capacity, potential increase | $ 33,500,000 | $ 33,500,000 | $ 33,500,000 | |||||
Equity of first tier foreign subsidiaries in excess of voting equity interests | 65.00% | 65.00% | 65.00% | |||||
Borrowing base capped percentage | 100.00% | |||||||
Covenant terms, liquidity | $ 50,000,000 | $ 35,000,000 | ||||||
Covenant terms, percentage of maximum | 15.00% | 10.00% | ||||||
Covenant terms, consolidated fixed charge coverage ratio | 100.00% | |||||||
Covenant terms, liquidity threshold, consecutive business days | 20 | 20 | ||||||
Remaining borrowing capacity | $ 157,700,000 | $ 157,700,000 | $ 157,700,000 | |||||
Amended 2016 Revolving Credit Facility | Sublimit, letters of credit | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 100,000,000 | 100,000,000 | 100,000,000 | |||||
Amended 2016 Revolving Credit Facility | Swing Line Loans | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 70,000,000 | 70,000,000 | 70,000,000 | |||||
Tranche A | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 400,000,000 | 400,000,000 | 400,000,000 | |||||
Amount by which available liquidity does not exceed principal amount of other debt | $ 200,000,000 | |||||||
Remaining borrowing capacity | 157,700,000 | 157,700,000 | 157,700,000 | |||||
Borrowing base | $ 400,000,000 | $ 400,000,000 | $ 400,000,000 | |||||
Tranche A | Revolving Credit Facility | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 400,000,000 | |||||||
Borrowing base calculation, percentage of eligible accounts receivable | 85.00% | 85.00% | 85.00% | |||||
Borrowing base calculation, percentage of eligible inventory | 85.00% | 85.00% | 85.00% | |||||
Borrowing base calculation, percentage of net orderly liquidation value of eligible equipment and real property | 75.00% | 75.00% | 75.00% | |||||
Borrowing base calculation, percentage of mortgage value of eligible equipment and real property | 75.00% | 75.00% | 75.00% | |||||
Borrowing base calculation, eligible real property | $ 40,000,000 | $ 40,000,000 | $ 40,000,000 | |||||
Borrowing base calculation, qualified restricted cash cap | 75,000,000 | 75,000,000 | 75,000,000 | |||||
Amount by which available liquidity does not exceed principal amount of other debt | 200,000,000 | $ 200,000,000 | 200,000,000 | |||||
Unused capacity commitment fee percentage | 0.25% | |||||||
Tranche B | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 41,500,000 | 41,500,000 | $ 41,500,000 | 41,500,000 | ||||
Covenant terms, liquidity | $ 50,000,000 | $ 35,000,000 | ||||||
Covenant terms, percentage of maximum | 15.00% | 10.00% | ||||||
Covenant terms, consolidated fixed charge coverage ratio | 100.00% | |||||||
Covenant terms, liquidity threshold, consecutive business days | day | 20 | 20 | ||||||
Remaining borrowing capacity | $ 37,300,000 | 0 | 0 | 0 | ||||
Borrowing base | $ 41,300,000 | $ 41,500,000 | $ 41,500,000 | $ 41,500,000 | ||||
Tranche B | Revolving Credit Facility | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 41,500,000 | |||||||
Borrowing base calculation, percentage of eligible accounts receivable | 10.00% | 10.00% | 10.00% | |||||
Borrowing base calculation, percentage of eligible inventory | 10.00% | 10.00% | 10.00% | |||||
Borrowing base calculation, qualified restricted cash cap | $ 15,000,000 | |||||||
Unused capacity commitment fee percentage | 0.50% | |||||||
Covenant terms, consolidated fixed charge coverage ratio | 100.00% | |||||||
Remaining borrowing capacity | $ 37,300,000 | |||||||
Borrowing base | $ 41,300,000 | |||||||
5.75% Senior Notes due 2021 | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | 5.75% | 5.75% | ||||
5.75% Senior Notes due 2021 | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | 5.75% | |||||
Alternate base rate | Average Excess Availability, Threshold One | Tranche A | Revolving Credit Facility | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable interest rate | 0.25% | |||||||
Alternate base rate | Average Excess Availability, Threshold One | Tranche B | Revolving Credit Facility | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable interest rate | 1.50% | |||||||
Alternate base rate | Average Excess Availability, Threshold Two | Tranche A | Revolving Credit Facility | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable interest rate | 0.50% | |||||||
Alternate base rate | Average Excess Availability, Threshold Two | Tranche B | Revolving Credit Facility | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable interest rate | 1.75% | |||||||
Alternate base rate | Average Excess Availability, Threshold Three | Tranche A | Revolving Credit Facility | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable interest rate | 0.75% | |||||||
Alternate base rate | Average Excess Availability, Threshold Three | Tranche B | Revolving Credit Facility | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable interest rate | 2.00% | |||||||
EURIBOR | Average Excess Availability, Threshold One | Tranche A | Revolving Credit Facility | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable interest rate | 1.25% | |||||||
EURIBOR | Average Excess Availability, Threshold One | Tranche B | Revolving Credit Facility | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable interest rate | 2.50% | |||||||
EURIBOR | Average Excess Availability, Threshold Two | Tranche A | Revolving Credit Facility | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable interest rate | 1.50% | |||||||
EURIBOR | Average Excess Availability, Threshold Two | Tranche B | Revolving Credit Facility | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable interest rate | 2.75% | |||||||
EURIBOR | Average Excess Availability, Threshold Three | Tranche A | Revolving Credit Facility | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable interest rate | 1.75% | |||||||
EURIBOR | Average Excess Availability, Threshold Three | Tranche B | Revolving Credit Facility | Revlon Consumer Products Corporation | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable interest rate | 3.00% |
DEBT - 5.75% Senior Notes (Deta
DEBT - 5.75% Senior Notes (Details) - USD ($) | Feb. 08, 2013 | Dec. 31, 2013 | Dec. 31, 2019 | Aug. 31, 2019 | Dec. 31, 2016 | Sep. 07, 2016 | Aug. 04, 2016 |
Debt Instrument [Line Items] | |||||||
Aggregate principal amount outstanding | $ 3,250,600,000 | ||||||
5.75% Senior Notes due 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | |||||
6.25% Senior Notes due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate (as a percent) | 6.25% | 6.25% | |||||
Revlon Consumer Products Corporation | 5.75% Senior Notes due 2021 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate (as a percent) | 5.75% | ||||||
Aggregate principal amount | $ 500,000,000 | ||||||
Net proceeds from issuance of debt | 491,200,000 | ||||||
Financing fees | $ 19,400,000 | ||||||
Redemption price percentage | 100.00% | ||||||
Redemption price percentage, change of control | 101.00% | ||||||
Aggregate principal amount outstanding | $ 500,000,000 | ||||||
Revlon Consumer Products Corporation | Original 5.75% Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Aggregate principal amount | $ 500,000,000 | ||||||
Revlon Consumer Products Corporation | 6.25% Senior Notes due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate (as a percent) | 6.25% | 6.25% | 6.25% | ||||
Aggregate principal amount | $ 450,000,000 | $ 450,000,000 | $ 450,000,000 | ||||
Redemption price percentage, change of control | 101.00% | ||||||
Aggregate principal amount outstanding | $ 450,000,000 | ||||||
Revlon Consumer Products Corporation | 9.75% Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate (as a percent) | 9.75% | ||||||
Debt repaid | $ 330,000,000 | ||||||
Accrued interest | $ 8,600,000 | ||||||
Revlon Consumer Products Corporation | 2011 Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Debt repaid | $ 113,000,000 |
DEBT - 6.25% Senior Notes (Deta
DEBT - 6.25% Senior Notes (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2019 | Aug. 31, 2019 | Dec. 31, 2016 | Sep. 07, 2016 | Aug. 04, 2016 | Feb. 08, 2013 | |
Debt Instrument [Line Items] | ||||||
Aggregate principal amount outstanding | $ 3,250,600,000 | |||||
6.25% Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate (as a percent) | 6.25% | 6.25% | ||||
Revlon Consumer Products Corporation | 6.25% Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Stated interest rate (as a percent) | 6.25% | 6.25% | 6.25% | |||
Aggregate principal amount | $ 450,000,000 | $ 450,000,000 | $ 450,000,000 | |||
Redemption price percentage, change of control | 101.00% | |||||
Aggregate principal amount outstanding | $ 450,000,000 |
DEBT - Debt Redemption Prices (
DEBT - Debt Redemption Prices (Details) - Revlon Consumer Products Corporation - 6.25% Senior Notes due 2024 | 12 Months Ended |
Dec. 31, 2019 | |
2020 | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 103.125% |
2021 | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 101.563% |
2022 and thereafter | |
Debt Instrument, Redemption [Line Items] | |
Redemption price percentage | 100.00% |
DEBT - Covenants (Details)
DEBT - Covenants (Details) - USD ($) | Mar. 06, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | |||
Cash and cash equivalents | $ 104,300,000 | $ 87,300,000 | |
Foreign Subsidiaries | |||
Debt Instrument [Line Items] | |||
Cash and cash equivalents | 102,500,000 | ||
Amended 2019 Senior Line of Credit Facility | |||
Debt Instrument [Line Items] | |||
Commitment | 30,000,000 | ||
Aggregate principal amount outstanding | 0 | ||
Availability | 30,000,000 | ||
Revolving Credit Facility | Tranche A | |||
Debt Instrument [Line Items] | |||
Commitment | 400,000,000 | ||
Borrowing Base | 400,000,000 | ||
Aggregate principal amount outstanding | 230,900,000 | ||
Availability | 157,700,000 | ||
Revolving Credit Facility | Tranche B | |||
Debt Instrument [Line Items] | |||
Commitment | $ 41,500,000 | 41,500,000 | |
Borrowing Base | 41,300,000 | 41,500,000 | |
Aggregate principal amount outstanding | 41,500,000 | ||
Availability | $ 37,300,000 | 0 | |
Covenant terms, consolidated fixed charge coverage ratio | 100.00% | ||
Revolving Credit Facility | Amended 2016 Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Commitment | 441,500,000 | ||
Borrowing Base | 441,500,000 | ||
Aggregate principal amount outstanding | 272,400,000 | ||
Availability | 157,700,000 | ||
Sublimit, letters of credit | |||
Debt Instrument [Line Items] | |||
Standby and trade letters of credit for various corporate purposes | 11,400,000 | $ 10,100,000 | |
Sublimit, letters of credit | Tranche A | |||
Debt Instrument [Line Items] | |||
Standby and trade letters of credit for various corporate purposes | $ 11,400,000 |
DEBT - Long-Term Debt Maturitie
DEBT - Long-Term Debt Maturities (Details) € in Millions | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Aug. 31, 2019 | Dec. 31, 2018USD ($) | Sep. 07, 2016 | Feb. 08, 2013 | |
Long-Term Debt Maturities | |||||||
2020 | $ 290,500,000 | ||||||
2021 | 604,400,000 | ||||||
2022 | 18,100,000 | ||||||
2023 | 1,887,600,000 | ||||||
2024 | 450,000,000 | ||||||
Thereafter | 0 | ||||||
Total long-term debt | 3,250,600,000 | ||||||
Discounts and deferred finance charges | (56,400,000) | ||||||
Long-term debt | 3,194,200,000 | $ 3,075,800,000 | |||||
Aggregate principal amount outstanding | 3,250,600,000 | ||||||
Quarterly amortization payments | 9,000,000 | ||||||
5.75% Senior Notes due 2021 | |||||||
Long-Term Debt Maturities | |||||||
Long-term debt | $ 498,100,000 | 496,600,000 | |||||
Stated interest rate (as a percent) | 5.75% | 5.75% | 5.75% | ||||
2016 Term Loan | |||||||
Long-Term Debt Maturities | |||||||
Total long-term debt | $ 1,741,500,000 | ||||||
Long-term debt | 1,713,600,000 | 1,724,600,000 | |||||
Aggregate principal amount outstanding | 1,741,500,000 | ||||||
Repayment of debt | $ 18,000,000 | 18,000,000 | |||||
2016 Term Loan | Revolving Credit Facility | |||||||
Long-Term Debt Maturities | |||||||
Amount outstanding | 1,678,500,000 | ||||||
6.25% Senior Notes due 2024 | |||||||
Long-Term Debt Maturities | |||||||
Long-term debt | $ 442,800,000 | $ 441,400,000 | |||||
Stated interest rate (as a percent) | 6.25% | 6.25% | 6.25% | ||||
Revlon Consumer Products Corporation | 5.75% Senior Notes due 2021 | |||||||
Long-Term Debt Maturities | |||||||
Total long-term debt | $ 500,000,000 | ||||||
Stated interest rate (as a percent) | 5.75% | 5.75% | |||||
Aggregate principal amount outstanding | $ 500,000,000 | ||||||
Revlon Consumer Products Corporation | 2016 Term Loan | |||||||
Long-Term Debt Maturities | |||||||
Total long-term debt | € | € 77 | ||||||
Aggregate principal amount outstanding | € | € 77 | ||||||
Revlon Consumer Products Corporation | 6.25% Senior Notes due 2024 | |||||||
Long-Term Debt Maturities | |||||||
Total long-term debt | $ 450,000,000 | ||||||
Stated interest rate (as a percent) | 6.25% | 6.25% | 6.25% | 6.25% | |||
Aggregate principal amount outstanding | $ 450,000,000 |
FAIR VALUE MEASUREMENTS - Sched
FAIR VALUE MEASUREMENTS - Schedule of Fair Values of Financial Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Liabilities: | ||
Long-term debt, including current portion | $ 2,522.2 | $ 2,259.5 |
Long-term debt, including current portion, Carrying Value | 3,194.2 | 3,075.8 |
Financial assets required to be measured at fair value | 0 | 0 |
Financial liabilities required to be measured at fair value | 0 | 0 |
Level 1 | ||
Liabilities: | ||
Long-term debt, including current portion | 0 | 0 |
Level 2 | ||
Liabilities: | ||
Long-term debt, including current portion | 2,522.2 | 2,259.5 |
Level 3 | ||
Liabilities: | ||
Long-term debt, including current portion | $ 0 | $ 0 |
FINANCIAL INSTRUMENTS - Narrati
FINANCIAL INSTRUMENTS - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016USD ($) | Dec. 31, 2019USD ($)contract | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 07, 2016USD ($) | Nov. 30, 2013USD ($) | |
Fair Value Measurements Of Financial Instruments [Line Items] | ||||||
Number of contracts entered into during year | contract | 0 | |||||
Accumulated deferred losses, gross | $ 6,300,000 | $ 3,900,000 | ||||
Accumulated deferred losses | 1,221,200,000 | 1,056,800,000 | $ 770,400,000 | |||
Derivative financial instruments | $ 0 | 0 | ||||
6.25% Senior Notes due 2024 | ||||||
Fair Value Measurements Of Financial Instruments [Line Items] | ||||||
Stated interest rate (as a percent) | 6.25% | 6.25% | ||||
Foreign exchange contracts | ||||||
Fair Value Measurements Of Financial Instruments [Line Items] | ||||||
Term of contract | 1 year | |||||
Notional amount of derivative | $ 0 | 0 | ||||
Interest rate swap | ||||||
Fair Value Measurements Of Financial Instruments [Line Items] | ||||||
Term of contract | 3 years | |||||
Notional amount of derivative | $ 400,000,000 | $ 400,000,000 | ||||
Floor interest rate (percent) | 0.75% | 1.00% | ||||
Fixed interest rate (percent) | 2.0709% | |||||
Fixed interest rate on debt (percent) | 5.5709% | |||||
Accumulated deferred losses, gross | $ 6,300,000 | |||||
Interest rate swap | Deferred gain - hedging | ||||||
Fair Value Measurements Of Financial Instruments [Line Items] | ||||||
Accumulated deferred losses | 0 | $ 700,000 | $ 3,900,000 | |||
Standby letters of credit which support Products Corporation self insurance programs | ||||||
Fair Value Measurements Of Financial Instruments [Line Items] | ||||||
Standby and trade letters of credit for various corporate purposes | 8,300,000 | 7,300,000 | ||||
Sublimit, letters of credit | ||||||
Fair Value Measurements Of Financial Instruments [Line Items] | ||||||
Standby and trade letters of credit for various corporate purposes | $ 11,400,000 | $ 10,100,000 |
FINANCIAL INSTRUMENTS - Effects
FINANCIAL INSTRUMENTS - Effects of Derivative Financial Instruments, Other Comprehensive Income (Loss) and Net Income (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Interest rate swap | Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain Recognized in Other Comprehensive Loss | $ 0 | $ 0.7 |
Interest rate swap | Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Net (Loss) Income | 0 | (1.2) |
Interest rate swap | Miscellaneous, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Net (Loss) Income | 0 | 0.2 |
Foreign exchange contracts | Foreign currency gain, net | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Net (Loss) Income | $ 0 | $ 0.2 |
PENSION AND POST-RETIREMENT B_3
PENSION AND POST-RETIREMENT BENEFITS - Narrative (Details) | Dec. 31, 2012plan | Jan. 31, 2020USD ($) | Jan. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Number of qualified defined benefit pension plans | plan | 2 | ||||
Net periodic benefit (income) costs | $ 7,200,000 | $ 2,600,000 | |||
Expected recognition of net actuarial loss in next fiscal year | 10,800,000 | ||||
Expected recognition of prior service cost in next fiscal year | 400,000 | ||||
Estimated contributions in next fiscal year | 18,000,000 | ||||
Pension Plans | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Net periodic benefit (income) costs | 6,600,000 | 1,800,000 | |||
Employer contributions | 11,400,000 | 8,000,000 | |||
Other Post-Retirement Benefit Plans | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Net periodic benefit (income) costs | 600,000 | 800,000 | |||
Employer contributions | 700,000 | 800,000 | |||
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 | $ 5,500,000 | 5,300,000 | |||
Employer discretionary profit sharing contributions | 7,200,000 | 6,800,000 | |||
Employer discretionary profit sharing contributions paid | $ 1,500,000 | $ 5,600,000 | $ 5,300,000 | ||
Employer discretionary profit sharing contributions, percentage of employee gross pay | 3.00% | 3.00% | |||
Savings Plan | Subsequent Event | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Employer discretionary profit sharing contributions paid | $ 1,600,000 | ||||
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 | 10.00% | ||||
Pension Plan Liabilities Retained by Affiliates | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Receivables from affiliates | $ 2,300,000 | $ 2,400,000 | |||
U.S. Plans | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Expected long-term return on plan assets (as a percent) | 6.00% | 6.00% | |||
International Plans | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||||
Expected long-term return on plan assets (as a percent) | 4.86% | 4.95% |
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, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Benefit obligation - beginning of year | $ (591) | |
Benefit obligation - end of year | (629.7) | $ (591) |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets - beginning of year | 432.4 | |
Fair value of plan assets - end of year | 462.4 | 432.4 |
Pension Plans | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Benefit obligation - beginning of year | (591) | (661.4) |
Service cost | (1.9) | (2) |
Interest cost | (20) | (18.6) |
Actuarial (loss) gain | (59.3) | 42 |
Benefits paid | 43.6 | 45.2 |
Plan Amendments | (1.2) | 0 |
Plan participant contributions | (0.6) | (0.6) |
Foreign currency translation adjustments | 0.7 | 4.4 |
Benefit obligation - end of year | (629.7) | (591) |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets - beginning of year | 432.4 | 497.2 |
Actual return (loss) on plan assets | 61.3 | (24.2) |
Employer contributions | 11.4 | 8 |
Benefits paid | (43.6) | (45.2) |
Plan participant contributions | 0.6 | 0.6 |
Foreign currency translation adjustments | 0.3 | (4) |
Fair value of plan assets - end of year | 462.4 | 432.4 |
Funded (unfunded) status of plan | (167.3) | (158.6) |
Other Post-Retirement Benefit Plans | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Benefit obligation - beginning of year | (12.2) | (14) |
Service cost | 0 | 0 |
Interest cost | (0.4) | (0.4) |
Actuarial (loss) gain | (1.5) | 1.4 |
Benefits paid | 0.7 | 0.8 |
Plan Amendments | 0 | 0 |
Plan participant contributions | 0 | 0 |
Foreign currency translation adjustments | 0 | 0 |
Benefit obligation - end of year | (13.4) | (12.2) |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value of plan assets - beginning of year | 0 | 0 |
Actual return (loss) on plan assets | 0 | 0 |
Employer contributions | 0.7 | 0.8 |
Benefits paid | (0.7) | (0.8) |
Plan participant contributions | 0 | 0 |
Foreign currency translation adjustments | 0 | 0 |
Fair value of plan assets - end of year | 0 | 0 |
Funded (unfunded) status of plan | $ (13.4) | $ (12.2) |
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, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Other long-term assets | $ 121.1 | $ 130.8 |
Accrued expenses and other | (414.9) | (430.9) |
Pension and other post-retirement benefit liabilities | (181.2) | (169) |
Accumulated other comprehensive loss, gross | 270.1 | |
Income tax benefit | (49.7) | |
Portion allocated to Revlon Holdings | (0.6) | |
Accumulated other comprehensive loss, net | 219.8 | |
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other long-term assets | 3.6 | 4.8 |
Accrued expenses and other | (2.7) | (5.9) |
Pension and other post-retirement benefit liabilities | (168.2) | (157.5) |
Funded (unfunded) status of plan | (167.3) | (158.6) |
Accumulated other comprehensive loss, gross | 266.1 | 252.6 |
Income tax benefit | (48.7) | (44.4) |
Portion allocated to Revlon Holdings | (0.8) | (0.8) |
Accumulated other comprehensive loss, net | 216.6 | 207.4 |
Other Post-Retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other long-term assets | 0 | 0 |
Accrued expenses and other | (0.4) | (0.7) |
Pension and other post-retirement benefit liabilities | (13) | (11.5) |
Funded (unfunded) status of plan | (13.4) | (12.2) |
Accumulated other comprehensive loss, gross | 4 | 2.7 |
Income tax benefit | (1) | (0.6) |
Portion allocated to Revlon Holdings | 0.2 | 0 |
Accumulated other comprehensive loss, net | $ 3.2 | $ 2.1 |
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, 2019 | Dec. 31, 2018 |
Retirement Benefits [Abstract] | ||
Projected benefit obligation | $ 629.7 | $ 591 |
Accumulated benefit obligation | 627.9 | 589.1 |
Fair value of plan assets | $ 462.4 | $ 432.4 |
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, 2019 | Dec. 31, 2018 | |
Net periodic benefit costs: | ||
Total net periodic benefit costs | $ 7.2 | $ 2.6 |
Pension Plans | ||
Net periodic benefit costs: | ||
Service cost | 1.9 | 2 |
Interest cost | 20 | 18.6 |
Expected return on plan assets | (25.1) | (27.8) |
Amortization of actuarial loss | 9.9 | 9.2 |
Curtailment gain | 0 | (0.1) |
Total net periodic benefit costs prior to allocation | 6.7 | 1.9 |
Portion allocated to Revlon Holdings | (0.1) | (0.1) |
Total net periodic benefit costs | 6.6 | 1.8 |
Other Post-Retirement Benefit Plans | ||
Net periodic benefit costs: | ||
Service cost | 0 | 0 |
Interest cost | 0.4 | 0.4 |
Expected return on plan assets | 0 | 0 |
Amortization of actuarial loss | 0.2 | 0.4 |
Curtailment gain | 0 | 0 |
Total net periodic benefit costs prior to allocation | 0.6 | 0.8 |
Portion allocated to Revlon Holdings | 0 | 0 |
Total net periodic benefit costs | $ 0.6 | $ 0.8 |
PENSION AND POST-RETIREMENT B_8
PENSION AND POST-RETIREMENT BENEFITS - Classification of Net Periodic Pension (Income) Costs (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net periodic benefit (income) costs | $ 7.2 | $ 2.6 |
Cost of sales | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net periodic benefit (income) costs | 0 | 0.1 |
Selling, general and administrative expense | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net periodic benefit (income) costs | 1.9 | 1.9 |
Miscellaneous, net | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Net periodic benefit (income) costs | $ 5.3 | $ 0.6 |
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, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $ 269 | |
Prior service cost | 1.1 | |
Accumulated Other Comprehensive Loss, Gross | 270.1 | |
Income tax benefit | (49.7) | |
Portion allocated (to) from Revlon Holdings | (0.6) | |
Accumulated other comprehensive loss, net | 219.8 | |
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 265 | |
Prior service cost | 1.1 | |
Accumulated Other Comprehensive Loss, Gross | 266.1 | $ 252.6 |
Income tax benefit | (48.7) | (44.4) |
Portion allocated (to) from Revlon Holdings | (0.8) | (0.8) |
Accumulated other comprehensive loss, net | 216.6 | 207.4 |
Other Post-Retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 4 | |
Prior service cost | 0 | |
Accumulated Other Comprehensive Loss, Gross | 4 | 2.7 |
Income tax benefit | (1) | (0.6) |
Portion allocated (to) from Revlon Holdings | 0.2 | 0 |
Accumulated other comprehensive loss, net | $ 3.2 | $ 2.1 |
PENSION AND POST-RETIREMENT _10
PENSION AND POST-RETIREMENT BENEFITS - Weighted-average Assumptions Used to Determine Projected Benefit Obligation for Current Year (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (as a percent) | 3.01% | 4.13% |
Rate of future compensation increases (as a percent) | 3.50% | 3.50% |
International Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (as a percent) | 1.81% | 2.52% |
Rate of future compensation increases (as a percent) | 2.02% | 2.02% |
PENSION AND POST-RETIREMENT _11
PENSION AND POST-RETIREMENT BENEFITS - Weighted-average Assumptions Used to Determine Net Periodic Benefit Cost (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (as a percent) | 4.13% | 3.47% |
Expected long-term return on plan assets (as a percent) | 6.00% | 6.00% |
Rate of future compensation increases (as a percent) | 3.50% | 3.50% |
International Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (as a percent) | 2.52% | 2.19% |
Expected long-term return on plan assets (as a percent) | 4.86% | 4.95% |
Rate of future compensation increases (as a percent) | 2.02% | 1.75% |
PENSION AND POST-RETIREMENT _12
PENSION AND POST-RETIREMENT BENEFITS - Weighted Average Risk Target Ranges Per Asset Class (Details) | Dec. 31, 2019 |
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 | 10.00% |
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 | 5.00% |
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 | 30.00% |
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 | 70.00% |
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 preferred stock | |
Defined Benefit Plan Disclosure [Line Items] | |
Target ranges | 0.00% |
International Plans | Mutual funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Target ranges | 0.00% |
International Plans | Fixed income securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target ranges | 0.00% |
International Plans | Common and collective funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Target ranges | 100.00% |
International Plans | Hedge funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Target ranges | 0.00% |
International Plans | Cash and other investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Target ranges | 0.00% |
PENSION AND POST-RETIREMENT _13
PENSION AND POST-RETIREMENT BENEFITS - Fair Value of Pension Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 462.4 | $ 432.4 |
U.S. Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 380.6 | 358.3 |
International Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 81.8 | $ 74.1 |
PENSION AND POST-RETIREMENT _14
PENSION AND POST-RETIREMENT BENEFITS - Fair Value of Asset Categories (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 462.4 | $ 432.4 |
Total | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 377.4 | 360.6 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 179 | 159.7 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 198.4 | 200.9 |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Investments measured at Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 85 | 71.8 |
U.S. Small/Mid Cap Equity | Total | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 7 |
U.S. Small/Mid Cap Equity | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 7 |
U.S. Small/Mid Cap Equity | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
U.S. Small/Mid Cap Equity | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Mutual Funds, Corporate Bonds | Total | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 10.8 | 10.6 |
Mutual Funds, Corporate Bonds | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 10.8 | 10.6 |
Mutual Funds, Corporate Bonds | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Mutual Funds, Corporate Bonds | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Mutual Funds, Government Bonds | Total | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 15.8 | 13.4 |
Mutual Funds, Government Bonds | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 15.8 | 13.4 |
Mutual Funds, Government Bonds | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Mutual Funds, Government Bonds | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Mutual Funds, U.S. Large Cap Equiy | Total | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0.2 | 0.2 |
Mutual Funds, U.S. Large Cap Equiy | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0.2 | 0.2 |
Mutual Funds, U.S. Large Cap Equiy | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Mutual Funds, U.S. Large Cap Equiy | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Mutual Funds, International Equities | Total | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 16.3 | 9.4 |
Mutual Funds, International Equities | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 16.3 | 9.4 |
Mutual Funds, International Equities | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Mutual Funds, International Equities | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Mutual Funds, Emerging Markets International Equity | Total | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 5.9 | 5.3 |
Mutual Funds, Emerging Markets International Equity | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 5.9 | 5.3 |
Mutual Funds, Emerging Markets International Equity | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Mutual Funds, Emerging Markets International Equity | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Mutual Funds, Cash and Cash Equivalents | Total | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1.6 | 2.2 |
Mutual Funds, Cash and Cash Equivalents | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1.6 | 2.2 |
Mutual Funds, Cash and Cash Equivalents | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Mutual Funds, Cash and Cash Equivalents | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Mutual Funds, Other | Total | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2 | 1.8 |
Mutual Funds, Other | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2 | 1.8 |
Mutual Funds, Other | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Mutual Funds, Other | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed Income Securities, Corporate Bonds | Total | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed Income Securities, Corporate Bonds | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed Income Securities, Corporate Bonds | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed Income Securities, Corporate Bonds | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed Income Securities, Government Bonds | Total | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 72.2 | 70 |
Fixed Income Securities, Government Bonds | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Fixed Income Securities, Government Bonds | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 72.2 | 70 |
Fixed Income Securities, Government Bonds | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Common and Collective Funds, Corporate Bonds | Total | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 33.6 | 40.7 |
Common and Collective Funds, Corporate Bonds | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 19.4 | 19.6 |
Common and Collective Funds, Corporate Bonds | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 14.2 | 21.1 |
Common and Collective Funds, Corporate Bonds | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Common and Collective Funds, Government Bonds | Total | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 38.9 | 43 |
Common and Collective Funds, Government Bonds | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 9.1 | 6.6 |
Common and Collective Funds, Government Bonds | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 29.8 | 36.4 |
Common and Collective Funds, Government Bonds | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Common and Collective Funds, U.S. Large Cap Equity | Total | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 55.5 | 54.5 |
Common and Collective Funds, U.S. Large Cap Equity | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 48.7 | 38.8 |
Common and Collective Funds, U.S. Large Cap Equity | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6.8 | 15.7 |
Common and Collective Funds, U.S. Large Cap Equity | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Common and Collective Funds, U.S. Small/Mid Cap Equity | Total | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 18.2 | 6.9 |
Common and Collective Funds, U.S. Small/Mid Cap Equity | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 18.2 | 6.9 |
Common and Collective Funds, U.S. Small/Mid Cap Equity | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Common and Collective Funds, U.S. Small/Mid Cap Equity | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Common and Collective Funds, International Equities | Total | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 70.8 | 58.4 |
Common and Collective Funds, International Equities | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3.4 | 5.5 |
Common and Collective Funds, International Equities | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 67.4 | 52.9 |
Common and Collective Funds, International Equities | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Common and Collective Funds, Emerging Markets International Equity | Total | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 18.1 | 14.9 |
Common and Collective Funds, Emerging Markets International Equity | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 13 | 8.5 |
Common and Collective Funds, Emerging Markets International Equity | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 5.1 | 6.4 |
Common and Collective Funds, Emerging Markets International Equity | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Common and Collective Funds, Cash and Cash Equivalents | Total | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1.7 | 1.7 |
Common and Collective Funds, Cash and Cash Equivalents | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 1.7 | 1.7 |
Common and Collective Funds, Cash and Cash Equivalents | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Common and Collective Funds, Cash and Cash Equivalents | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Common and Collective Funds, Other | Total | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2.9 | (1.6) |
Common and Collective Funds, Other | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Common and Collective Funds, Other | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2.9 | (1.6) |
Common and Collective Funds, Other | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Cash and Cash Equivalents | Total | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 12.9 | 22.2 |
Cash and Cash Equivalents | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 12.9 | 22.2 |
Cash and Cash Equivalents | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Cash and Cash Equivalents | Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 0 | 0 |
Common and Collective Funds | Investments measured at Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 52.4 | 36.3 |
Hedge Funds | Investments measured at Net Asset Value | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 32.6 | $ 35.5 |
PENSION AND POST-RETIREMENT _15
PENSION AND POST-RETIREMENT BENEFITS - Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2019USD ($) |
Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 47.7 |
2021 | 42.4 |
2022 | 42.2 |
2023 | 41.5 |
2024 | 40.6 |
Years 2025 to 2029 | 189.9 |
Other Post-Retirement Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 1.4 |
2021 | 1.3 |
2022 | 1.3 |
2023 | 1.2 |
2024 | 1.2 |
Years 2025 to 2029 | $ 4.7 |
STOCK COMPENSATION PLAN - Narra
STOCK COMPENSATION PLAN - Narrative (Details) - USD ($) $ in Millions | Aug. 16, 2019 | Aug. 15, 2019 | Jul. 31, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 05, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares reserved for issuance (in shares) | 6,565,000 | |||||
Shares remaining available for grants (in shares) | 1,800,000 | |||||
Term of plan | 7 years | |||||
Vesting period | 2 years | 3 years | ||||
Common Stock Not Subject To Vesting Requirements | 250,000 | |||||
Time-Based LTIP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deferred stock-based compensation | $ 13.3 | |||||
Time-Based LTIP | 2017 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 2 years | |||||
Performance-Based LTIP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deferred stock-based compensation | $ 15.3 | |||||
Number of awards vested (in shares) | 0 | |||||
Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deferred stock-based compensation | $ 32.2 | |||||
Revlon 2019 Transaction incentive program | Time-based and Performance-based RSU Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Awards granted (in shares) | 0 | |||||
Revlon 2019 Transaction incentive program | Other Deferred Compensation Arrangements, Annual Payment Term 1 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Cash Used to Settle Award | $ 6.8 | |||||
Deferred Compensation Arrangements, Cash-based Awards Granted, Net of Forfeitures | 6.6 | |||||
Revlon 2019 Transaction incentive program | Other Deferred Compensation Arrangements, Annual Payment Term 1 | Acquisition, Integration and Divestiture Costs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Deferred Compensation Arrangements, Cash-based Awards Granted, Amortization Expense | $ 1.3 | |||||
Revlon 2019 Transaction incentive program | Other Deferred Compensation Arrangements, Annual Payment Term 1 | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 206,812 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 204,151 | |||||
Revlon 2019 Transaction incentive program | Other Deferred Compensation Arrangements, Annual Payment Term 2 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Cash Used to Settle Award | $ 2.5 | |||||
Deferred Compensation Arrangements, Cash-based Awards Granted, Net of Forfeitures | $ 2.1 | |||||
2018 Long Term Incentive Program | Time-Based LTIP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
2018 Long Term Incentive Program | Performance-Based LTIP | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
2018 Long Term Incentive Program | Time-based and Performance-based RSU Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Awards granted (in shares) | 5,462 | |||||
Share-based Payment Arrangement, Accelerated Cost | $ 0.1 | |||||
Stock Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share based payment award options vesting period range start | 1 year | |||||
Share based payment award options vesting period range end | 4 years | |||||
Stock Plan | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Awards granted (in shares) | 67,214 | 69,767 | ||||
Deferred stock-based compensation | $ 3.5 | |||||
Share based payment award period range start | 2 years | |||||
Share based payment award period range end | 5 years | |||||
LTP Program | Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 3 years | |||||
Awards granted (in shares) | 69,767 | |||||
Deferred stock-based compensation | $ 28.7 |
STOCK COMPENSATION PLAN - Restr
STOCK COMPENSATION PLAN - Restricted Stock Unit Activity (Details) - $ / shares | Aug. 16, 2019 | Aug. 15, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Forfeited/Canceled (in dollars per share) | $ 16.44 | |||
Vesting period | 2 years | 3 years | ||
Restricted Stock and Restricted Stock Units | ||||
Restricted Stock | ||||
Outstanding, beginning of period (in shares) | 1,406,700 | 795,000 | ||
Granted (in shares) | 1,163,500 | 1,303,900 | ||
Vested (in shares) | (299,100) | (388,700) | ||
Forfeited/Canceled (in shares) | (249,500) | (303,500) | ||
Outstanding, end of period (in shares) | 2,021,600 | 1,406,700 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Outstanding, beginning of period (in dollars per share) | $ 20.32 | $ 29.87 | ||
Granted (in dollars per share) | 21.72 | 19.39 | ||
Vested (in dollars per share) | 21.80 | 33.04 | ||
Forfeited/Canceled (in dollars per share) | 20.11 | 25.08 | ||
Outstanding, end of period (in dollars per share) | $ 20.93 | $ 20.32 | ||
Performance-Based LTIP | ||||
Restricted Stock | ||||
Vested (in shares) | 0 | |||
2017 | Time-Based LTIP | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Vesting period | 2 years | |||
LTIP Plan | Time-Based LTIP | ||||
Restricted Stock | ||||
Outstanding, beginning of period (in shares) | 591,100 | |||
Granted (in shares) | 446,000 | |||
Vested (in shares) | (205,700) | |||
Forfeited/Canceled (in shares) | (109,900) | |||
Outstanding, end of period (in shares) | 721,500 | 591,100 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Granted (in dollars per share) | ||||
LTIP Plan | Performance-Based LTIP | ||||
Restricted Stock | ||||
Outstanding, beginning of period (in shares) | 591,100 | |||
Granted (in shares) | 446,100 | |||
Vested (in shares) | 0 | |||
Forfeited/Canceled (in shares) | (136,000) | |||
Outstanding, end of period (in shares) | 901,200 | 591,100 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Granted (in dollars per share) | ||||
LTIP Plan | 2019 | Time-Based LTIP | ||||
Restricted Stock | ||||
Granted (in shares) | 446,000 | |||
Vested (in shares) | (1,200) | |||
Forfeited/Canceled (in shares) | (19,200) | |||
Outstanding, end of period (in shares) | 425,600 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Granted (in dollars per share) | $ 22.55 | |||
Vested (in dollars per share) | 22.55 | |||
Forfeited/Canceled (in dollars per share) | 22.55 | |||
Outstanding, end of period (in dollars per share) | $ 22.55 | |||
LTIP Plan | 2019 | Performance-Based LTIP | ||||
Restricted Stock | ||||
Granted (in shares) | 446,100 | |||
Vested (in shares) | 0 | |||
Forfeited/Canceled (in shares) | (20,500) | |||
Outstanding, end of period (in shares) | 425,600 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Granted (in dollars per share) | $ 22.55 | |||
Vested (in dollars per share) | 0 | |||
Forfeited/Canceled (in dollars per share) | 22.55 | |||
Outstanding, end of period (in dollars per share) | $ 22.55 | |||
LTIP Plan | 2018 | Time-Based LTIP | ||||
Restricted Stock | ||||
Outstanding, beginning of period (in shares) | 434,700 | |||
Vested (in shares) | (135,100) | |||
Forfeited/Canceled (in shares) | (57,700) | |||
Outstanding, end of period (in shares) | 241,900 | 434,700 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Outstanding, beginning of period (in dollars per share) | $ 19.11 | |||
Vested (in dollars per share) | 19.07 | |||
Forfeited/Canceled (in dollars per share) | 19.70 | |||
Outstanding, end of period (in dollars per share) | $ 19 | $ 19.11 | ||
LTIP Plan | 2018 | Performance-Based LTIP | ||||
Restricted Stock | ||||
Outstanding, beginning of period (in shares) | 434,700 | |||
Vested (in shares) | 0 | |||
Forfeited/Canceled (in shares) | (70,000) | |||
Outstanding, end of period (in shares) | 364,700 | 434,700 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Outstanding, beginning of period (in dollars per share) | $ 19.11 | |||
Vested (in dollars per share) | 0 | |||
Forfeited/Canceled (in dollars per share) | 19.70 | |||
Outstanding, end of period (in dollars per share) | $ 19 | $ 19.11 | ||
LTIP Plan | 2017 | Time-Based LTIP | ||||
Restricted Stock | ||||
Outstanding, beginning of period (in shares) | 156,400 | |||
Vested (in shares) | (69,400) | |||
Forfeited/Canceled (in shares) | (33,000) | |||
Outstanding, end of period (in shares) | 54,000 | 156,400 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Outstanding, beginning of period (in dollars per share) | $ 19.70 | |||
Vested (in dollars per share) | 19.70 | |||
Forfeited/Canceled (in dollars per share) | 19.70 | |||
Outstanding, end of period (in dollars per share) | $ 19.70 | $ 19.70 | ||
LTIP Plan | 2017 | Performance-Based LTIP | ||||
Restricted Stock | ||||
Outstanding, beginning of period (in shares) | 156,400 | |||
Vested (in shares) | 0 | |||
Forfeited/Canceled (in shares) | (45,500) | |||
Outstanding, end of period (in shares) | 110,900 | 156,400 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Outstanding, beginning of period (in dollars per share) | $ 19.70 | |||
Vested (in dollars per share) | 0 | |||
Forfeited/Canceled (in dollars per share) | 19.70 | |||
Outstanding, end of period (in dollars per share) | 19.70 | $ 19.70 | ||
TIP Plan | 2019 | Time-Based LTIP | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Outstanding, end of period (in dollars per share) | $ 16.44 | |||
TIP Plan | 2019 | Revlon 2019 Transaction incentive program | ||||
Restricted Stock | ||||
Granted (in shares) | 204,100 | |||
Forfeited/Canceled (in shares) | (3,500) | |||
Outstanding, end of period (in shares) | 200,600 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Outstanding, end of period (in dollars per share) | $ 16.44 | |||
Total LTIP and TIP RSU's | Time-Based LTIP | ||||
Restricted Stock | ||||
Outstanding, end of period (in shares) | 922,100 | |||
Total LTIP and TIP RSU's | Performance-Based LTIP | ||||
Restricted Stock | ||||
Outstanding, end of period (in shares) | 901,200 |
STOCK COMPENSATION PLAN - Addit
STOCK COMPENSATION PLAN - Additional Information (Details) - USD ($) $ in Millions | Aug. 16, 2019 | Aug. 15, 2019 | Jul. 31, 2014 | Dec. 31, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares reserved for issuance (in shares) | 6,565,000 | ||||
Shares remaining available for grants (in shares) | 1,800,000 | ||||
Term of plan | 7 years | ||||
Cumulative adjustment to allocated share-based compensation expense | $ 8.1 | $ 17.2 | |||
Vesting period | 2 years | 3 years | |||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of restricted stock and restricted stock units vested | 6.5 | $ 12.8 | |||
Deferred stock-based compensation | $ 32.2 | ||||
Weighted average remaining contractual terms | 1 year 9 months 14 days | ||||
Shares withheld for withholding taxes (in shares) | 167,297 | ||||
Time-Based LTIP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Deferred stock-based compensation | $ 13.3 | ||||
Performance-Based LTIP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Deferred stock-based compensation | $ 15.3 | ||||
Number of awards vested (in shares) | 0 | ||||
Stock Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award requisite service period | 7 years | ||||
Share based payment award options vesting period range start | 1 year | ||||
Share based payment award options vesting period range end | 4 years | ||||
Options exercisable (in shares) | 0 | 0 | |||
Stock Plan | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cumulative adjustment to allocated share-based compensation expense | $ 2.7 | ||||
Deferred stock-based compensation | $ 3.5 | ||||
Share based payment award period range start | 2 years | ||||
Share based payment award period range end | 5 years | ||||
Awards granted (in shares) | 67,214 | 69,767 | |||
Vesting period | 3 years | ||||
LTP Program | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cumulative adjustment to allocated share-based compensation expense | $ 5 | ||||
Deferred stock-based compensation | $ 28.7 | ||||
Awards granted (in shares) | 69,767 | ||||
Vesting period | 3 years | ||||
2018 Long Term Incentive Program | Time-based and Performance-based RSU Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards granted (in shares) | 5,462 | ||||
2018 Long Term Incentive Program | Time-Based LTIP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
2018 Long Term Incentive Program | Performance-Based LTIP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Revlon 2019 Transaction incentive program | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cumulative adjustment to allocated share-based compensation expense | $ 0.4 | ||||
Revlon 2019 Transaction incentive program | Time-based and Performance-based RSU Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards granted (in shares) | 0 | ||||
Revlon 2019 Transaction incentive program | Other Deferred Compensation Arrangements, Annual Payment Term 2 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cash Used to Settle Award | $ 2.5 | ||||
Revlon 2019 Transaction incentive program | Other Deferred Compensation Arrangements, Annual Payment Term 1 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Cash Used to Settle Award | $ 6.8 |
STOCK COMPENSATION PLAN - Award
STOCK COMPENSATION PLAN - Awards Granted, Forfeited and Outstanding (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards forfeited, weighted average grant date fair value (in USD per share) | $ / shares | $ 16.44 |
TIP Plan | Time-Based LTIP | 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards outstanding, weighted average grant date fair value (in USD per share) | $ / shares | $ 16.44 |
TIP Plan | Revlon 2019 Transaction incentive program | 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards outstanding (in shares) | shares | 200,600 |
Awards outstanding, weighted average grant date fair value (in USD per share) | $ / shares | $ 16.44 |
Awards granted (in shares) | shares | 204,100 |
Awards forfeited (in shares) | shares | (3,500) |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Line Items] | |||
Provision (benefit) for income taxes | $ 200,000 | $ 2,200,000 | |
Change in provision for income taxes | (2,000,000) | ||
Tax loss carryforwards | 939,700,000 | ||
Affiliated Entity | |||
Income Tax Disclosure [Line Items] | |||
Tax loss carryforwards | 0 | ||
MacAndrews & Forbes Tax Sharing Agreement | Tax Year 2018 | Revlon Consumer Products Corporation | |||
Income Tax Disclosure [Line Items] | |||
Consulting fees | 0 | ||
MacAndrews & Forbes Tax Sharing Agreement | Tax Year 2019 | Revlon Consumer Products Corporation | |||
Income Tax Disclosure [Line Items] | |||
Consulting fees | 0 | ||
Revlon Tax Sharing Agreement | Tax Year 2017 | Revlon Consumer Products Corporation | |||
Income Tax Disclosure [Line Items] | |||
Consulting fees | 0 | ||
Revlon Tax Sharing Agreement | Tax Year 2018 | Revlon Consumer Products Corporation | |||
Income Tax Disclosure [Line Items] | |||
Consulting fees | 0 | 0 | |
Revlon Tax Sharing Agreement | Tax Year 2019 | Revlon Consumer Products Corporation | |||
Income Tax Disclosure [Line Items] | |||
Consulting fees | 0 | ||
Revlon Tax Sharing Agreement | Tax Year 2019 | Revlon Consumer Products Corporation | Scenario, Forecast | |||
Income Tax Disclosure [Line Items] | |||
Consulting fees | $ 0 | ||
Revlon Consumer Products Corporation | |||
Income Tax Disclosure [Line Items] | |||
Provision (benefit) for income taxes | 1,600,000 | $ 3,400,000 | |
Change in provision for income taxes | $ (1,800,000) |
INCOME TAXES - Additional Infor
INCOME TAXES - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | |||
Provision (benefit) for income taxes | $ 0.2 | $ 2.2 | |
Change in benefit from income taxes | (2) | ||
Deferred tax valuation allowance increase (decrease) | (2.4) | 75 | |
Tax loss carryforwards | 939.7 | ||
Tax loss carryforwards - expiring 2020 | 4.5 | ||
Tax loss carryforwards - expiring 2021 | 2.8 | ||
Tax loss carryforwards - expiring 2023 and beyond | 615.4 | ||
Tax loss carryforwards - unlimited | 317 | ||
Unrecognized tax benefits | 78 | 74.7 | $ 84.9 |
Income tax penalties and interest accrued | 11.7 | 9.8 | $ 9 |
Unrecognized tax benefits that would impact effective tax rate | 46.1 | ||
Tax deferred expense | 31.9 | ||
Unrecognized Tax Benefits, Income Tax Expense (Benefit) | 1.9 | 0.8 | |
Decrease in unrecognized tax benefits is reasonably possible | 4.1 | ||
Foreign | |||
Income Tax Disclosure [Line Items] | |||
Tax loss carryforwards | 310.6 | ||
United States | |||
Income Tax Disclosure [Line Items] | |||
Tax loss carryforwards | 629.1 | ||
Tax Payment | |||
Income Tax Disclosure [Line Items] | |||
Due to related parties, current | 2.3 | ||
Revlon Consumer Products Corporation | |||
Income Tax Disclosure [Line Items] | |||
Provision (benefit) for income taxes | 1.6 | $ 3.4 | |
Change in benefit from income taxes | $ (1.8) |
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, 2019 | Dec. 31, 2018 | |
Loss from continuing operations before income taxes | ||
United States | $ (293) | $ (298.5) |
Foreign | 128 | 6.6 |
Loss from continuing operations before income taxes | (165) | (291.9) |
Provision for income taxes: | ||
United States federal | (23.2) | (27.2) |
State and local | 7 | (3.6) |
Foreign | 16.4 | 33 |
Income Tax Expense (Benefit), Total | 0.2 | 2.2 |
Current: | ||
United States federal | 5.8 | (8.9) |
State and local | (1.8) | (0.8) |
Foreign | 26 | 10.2 |
Current income tax expense (benefit) | 30 | 0.5 |
Deferred: | ||
United States federal | (29) | (18.3) |
State and local | 8.8 | (2.8) |
Foreign | (9.6) | 22.8 |
Provision for deferred income taxes | $ (29.8) | $ 1.7 |
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, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Computed income tax benefit | $ (34.6) | $ (61.3) |
State and local taxes, net of U.S. federal income tax benefit | (3.3) | (2.9) |
Foreign rate differential and other foreign adjustments | (5.4) | (9.3) |
Net establishment of valuation allowance | 19.1 | 75 |
Net release of uncertain tax positions | 0.7 | (4.3) |
Foreign dividends and earnings taxable in the U.S. | 23.2 | 12.8 |
Impairment for which there is no tax benefit | 0 | 4.3 |
Impact of the Tax Act | 0 | (7.7) |
Other | 0.5 | (4.4) |
Income Tax Expense (Benefit), Total | $ 0.2 | $ 2.2 |
INCOME TAXES - Deferred Taxes (
INCOME TAXES - Deferred Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Tax Assets, Net [Abstract] | ||
Inventories | $ 19.8 | $ 23.6 |
Net operating loss carryforwards - U.S. (a) | 165.5 | 160.8 |
Net operating loss carryforwards - foreign | 55 | 69.7 |
Disallowed Interest Carryover - U.S. | 63.1 | 42.8 |
Employee benefits | 64.3 | 53.6 |
Sales-related reserves | 20.4 | 21.1 |
Lease liability | 20.3 | 0 |
Foreign currency translation adjustment | 0 | 1.1 |
Other | 55.5 | 50.4 |
Total gross deferred tax assets | 463.9 | 423.1 |
Less valuation allowance | (163.3) | (165.7) |
Total deferred tax assets, net of valuation allowance | 300.6 | 257.4 |
Deferred Tax Liabilities, Net [Abstract] | ||
Plant, equipment and other assets | (43.9) | (32.6) |
Intangibles | (73.3) | (81.5) |
Other | (8.1) | (12.1) |
Total gross deferred tax liabilities | (125.3) | (126.2) |
Net deferred tax assets | 175.3 | 131.2 |
Net establishment of valuation allowance | 19.1 | 75 |
Revlon Consumer Products Corporation | ||
Deferred Tax Assets, Net [Abstract] | ||
Net operating loss carryforwards - U.S. (a) | $ 146.1 | $ 143.8 |
INCOME TAXES - Unrecognized Tax
INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Unrecognized Tax Benefit, Tax Portion [Abstract] | ||
Beginning Balance | $ 64.9 | $ 75.9 |
Increase based on tax positions taken in a prior year | 0.3 | 2.8 |
Decrease based on tax positions taken in a prior year | (2.2) | (15.5) |
Increase based on tax positions taken in the current year | 7.1 | 6.5 |
Decrease resulting from the lapse of statutes of limitations | (3.8) | (4.8) |
Ending Balance | 66.3 | 64.9 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued [Abstract] | ||
Beginning Balance | 9.8 | 9 |
Increase based on tax positions taken in a prior year | 3.4 | 5.4 |
Decrease based on tax positions taken in a prior year | (0.3) | (3.8) |
Increase based on tax positions taken in the current year | 0 | 0.2 |
Decrease resulting from the lapse of statutes of limitations | (1.2) | (1) |
Ending Balance | 11.7 | 9.8 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | 74.7 | 84.9 |
Increase based on tax positions taken in a prior year | 3.7 | 8.2 |
Decrease based on tax positions taken in a prior year | (2.5) | (19.3) |
Increase based on tax positions taken in the current year | 7.1 | 6.7 |
Decrease resulting from the lapse of statutes of limitations | (5) | (5.8) |
Ending balance | $ 78 | $ 74.7 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE LOSS - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | $ (1,056.8) | $ (770.4) | ||||
Foreign currency translation adjustment, net of tax | (2.9) | (9.4) | ||||
Amortization of pension related costs, net of tax(b)(c) | [1],[2] | 9 | 8.4 | |||
Pension re-measurement | (5.5) | |||||
Amortization of deferred losses, net of tax | 0.7 | |||||
Other comprehensive (loss) income | $ (13.2) | [3] | (13.2) | (5.8) | [3] | |
Ending balance | (1,221.2) | (1,221.2) | (1,056.8) | |||
Amortization of pension related costs, tax benefit (expense) | 1.1 | 1 | ||||
Accumulated Other Comprehensive Loss | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | (234.2) | (228.4) | ||||
Other comprehensive (loss) income | [3] | (13.2) | (5.8) | |||
Ending balance | (247.4) | (247.4) | (234.2) | |||
Foreign Currency Translation | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | (24.4) | (15) | ||||
Foreign currency translation adjustment, net of tax | (2.9) | (9.4) | ||||
Other comprehensive (loss) income | (2.9) | (9.4) | ||||
Ending balance | (27.3) | (27.3) | (24.4) | |||
Foreign currency translation adjustment, tax benefit (expense) | 1.8 | (0.1) | ||||
Actuarial (Loss) Gain on Post-retirement Benefits | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | (209.5) | (212.4) | ||||
Amortization of pension related costs, net of tax(b)(c) | 9 | 8.4 | ||||
Pension re-measurement | (19.3) | (5.5) | ||||
Other comprehensive (loss) income | (10.3) | 2.9 | ||||
Ending balance | (219.8) | (219.8) | (209.5) | |||
Amortization of pension related costs, tax benefit (expense) | (1.1) | (1) | ||||
Pension re-measurement, tax benefit (expense) | 5.2 | 2.5 | ||||
Deferred Gain (Loss) - Hedging | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | 0 | (0.7) | ||||
Amortization of deferred losses, net of tax | 0.7 | |||||
Other comprehensive (loss) income | 0 | 0.7 | ||||
Ending balance | 0 | 0 | 0 | |||
Amortization of deferred losses, tax benefit (expense) | 0.5 | |||||
Other | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | (0.3) | (0.3) | ||||
Other comprehensive (loss) income | 0 | 0 | ||||
Ending balance | $ (0.3) | (0.3) | (0.3) | |||
Deferred gain - hedging | Interest rate swap | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Beginning balance | 0 | (0.7) | ||||
Ending balance | $ 0 | |||||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||
Pension re-measurement | $ (19.3) | |||||
[1] | Net of tax expense of $1.1 million and $1.0 million for 2019 and 2018, respectively. | |||||
[2] | This amount is included in the computation of net periodic benefit costs (income). See Note 12, "Pension and Post-Retirement Benefits," for additional information regarding net periodic benefit costs (income). | |||||
[3] | See Note 15, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during 2019 and 2018, respectively. |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE LOSS - Reclassification out of Accumulated Comprehensive Loss (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | $ (770.4) |
Ending balance | (1,056.8) |
Interest rate swap | Deferred gain - hedging | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Beginning balance | (0.7) |
Reclassifications into earnings, net of tax | 0.7 |
Ending balance | 0 |
Reclassification from AOCI, Current Period, Tax | $ 0.5 |
STOCKHOLDERS' DEFICIENCY - Comm
STOCKHOLDERS' DEFICIENCY - Common and Treasury Stock Issued and/or Outstanding (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Common Stock | Class A Common Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 55,556,466 | 54,556,100 |
Stock Granted | 1,303,883 | |
Stock forfeited | (303,517) | |
Ending balance | 56,470,490 | 55,556,466 |
Awards granted (in shares) | 1,163,538 | |
Awards forfeited (in shares) | 249,514 | |
Treasury Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Beginning balance | 1,533,320 | 1,114,528 |
Restricted stock forfeitures | 251,495 | |
Shares withheld for withholding taxes (in shares) | 92,260 | 167,297 |
Ending balance | 1,625,580 | 1,533,320 |
Restricted Stock | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Shares withheld for withholding taxes (in shares) | 167,297 | |
Restricted Stock | Stock Plan | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Restricted stock forfeitures | 251,495 | |
Awards granted (in shares) | 67,214 | 69,767 |
Restricted Stock | LTP Program | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Awards granted (in shares) | 69,767 | |
Awards forfeited (in shares) | 251,495 | |
Restricted Stock Units | LTP Program | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Awards granted (in shares) | 1,096,324 | 1,234,116 |
Awards forfeited (in shares) | 52,022 |
STOCKHOLDERS' DEFICIENCY - Addi
STOCKHOLDERS' DEFICIENCY - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Class of Stock [Line Items] | ||||
Common stock, authorized (in shares) | 900,000,000 | 900,000,000 | 900,000,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Treasury stock acquired, at cost | [1] | $ 1.6 | $ 3.6 | |
Treasury Stock | ||||
Class of Stock [Line Items] | ||||
Shares withheld for withholding taxes (in shares) | 92,260 | 167,297 | ||
Treasury stock acquired, at cost | [1] | $ 1.6 | $ 10.2 | |
Class A Common Stock | ||||
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 | ||
Percentage ownership of outstanding common stock | 87.10% | 87.10% | ||
Class B Common Stock | ||||
Class of Stock [Line Items] | ||||
Common stock, authorized (in shares) | 200,000,000 | 200,000,000 | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | ||
Restricted Stock | ||||
Class of Stock [Line Items] | ||||
Shares withheld for withholding taxes (in shares) | 167,297 | |||
Shares withheld for withholding taxes | $ 6.6 | |||
Restricted Stock | Treasury Stock | ||||
Class of Stock [Line Items] | ||||
Share repurchase price (in usd per share) | $ 26.26 | |||
Restricted Stock | Class A Common Stock | ||||
Class of Stock [Line Items] | ||||
Shares withheld for withholding taxes | $ 3.6 | |||
Restricted Stock | Class A Common Stock | Treasury Stock | ||||
Class of Stock [Line Items] | ||||
Share repurchase price (in usd per share) | $ 21.42 | |||
[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 92,260 and 167,297 shares of Revlon Class A Common Stock during the years ended December 31, 2019 and 2018, respectively, to satisfy certain minimum statutory tax withholding requirements related to the vesting of restricted shares and restricted stock units 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 $17.75 and $21.42 during the years ended December 31, 2019 and 2018, 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 $1.6 million and $3.6 million during the years ended December 31, 2019 and 2018, respectively. In addition, during 2018, the Company transferred to treasury stock 251,495 unvested restricted shares and shares in respect of restricted stock units that were forfeited upon the departure of certain executives. These shares were recorded as treasury stock using the cost method, at a weighted average price of $26.26 per share, based on the grant date fair values of the forfeited shares, for a total of $6.6 million. See Note 13, "Stock Compensation Plan," for details regarding restricted stock awards under the Stock Plan. |
SEGMENT DATA AND RELATED INFO_3
SEGMENT DATA AND RELATED INFORMATION - Net Sales and Segment Profit (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 2,419.6 | $ 2,564.5 |
Segment profit | 60.7 | (85.2) |
Depreciation and amortization | 162.9 | 177.2 |
Non-Operating items: | ||
Restructuring and related charges | 12.8 | 20.2 |
Acquisition, integration and divestiture costs | 3.9 | 13.9 |
(Gain) loss on divested assets | (26.6) | (20.1) |
Impairment charges | 0 | 18 |
Operating (loss) income | 60.7 | (85.2) |
Interest Expense | 196.6 | 176.6 |
Amortization of debt issuance costs | 14.6 | 13 |
Foreign currency (gains) losses, net | (1.9) | 15.8 |
Miscellaneous, net | 16.4 | 1.3 |
Loss from continuing operations before income taxes | (165) | (291.9) |
Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 2,419.6 | 2,564.5 |
Segment profit | 266.1 | 237.9 |
Non-Operating items: | ||
Operating (loss) income | 266.1 | 237.9 |
Segment reconciling items | ||
Segment Reporting Information [Line Items] | ||
Depreciation and amortization | 162.9 | 177.2 |
Non-cash stock compensation expense | 8.1 | 17.2 |
Non-Operating items: | ||
Restructuring and related charges | 30.5 | 23.1 |
Acquisition, integration and divestiture costs | 3.9 | 13.9 |
(Gain) loss on divested assets | 20.1 | |
Financial control remediation actions and related charges | 13.4 | 0 |
Excessive coupon redemption in dispute | 13.2 | 0 |
Oxford ERP system disruption-related charges | 0 | 53.6 |
Impairment charges | 0 | 18 |
Revlon | ||
Segment Reporting Information [Line Items] | ||
Net sales | 958.8 | 998.3 |
Revlon | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 958.8 | 998.3 |
Segment profit | 101.2 | 129.6 |
Non-Operating items: | ||
Operating (loss) income | 101.2 | 129.6 |
Elizabeth Arden | ||
Segment Reporting Information [Line Items] | ||
Net sales | 520 | 490.2 |
Elizabeth Arden | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 520 | 490.2 |
Segment profit | 37.6 | 24.4 |
Non-Operating items: | ||
Operating (loss) income | 37.6 | 24.4 |
Portfolio | ||
Segment Reporting Information [Line Items] | ||
Net sales | 487.8 | 564.6 |
Portfolio | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 487.8 | 564.6 |
Segment profit | 45 | 7.9 |
Non-Operating items: | ||
Operating (loss) income | 45 | 7.9 |
Fragrance | ||
Segment Reporting Information [Line Items] | ||
Net sales | 453 | 511.4 |
Fragrance | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 453 | 511.4 |
Segment profit | 82.3 | 76 |
Non-Operating items: | ||
Operating (loss) income | 82.3 | 76 |
Revlon Consumer Products Corporation | ||
Segment Reporting Information [Line Items] | ||
Net sales | 2,419.6 | 2,564.5 |
Segment profit | 68.6 | (78.9) |
Depreciation and amortization | 162.9 | 177.2 |
Non-cash stock compensation expense | 8.1 | 17.2 |
Non-Operating items: | ||
Acquisition, integration and divestiture costs | 3.9 | 13.9 |
(Gain) loss on divested assets | (26.6) | 20.1 |
Impairment charges | 0 | 18 |
Operating (loss) income | 68.6 | (78.9) |
Interest Expense | 196.6 | 176.6 |
Amortization of debt issuance costs | 14.6 | 13 |
Foreign currency (gains) losses, net | (1.9) | 15.8 |
Miscellaneous, net | 16.4 | 1.3 |
Loss from continuing operations before income taxes | (157.1) | (285.6) |
Revlon Consumer Products Corporation | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 2,419.6 | 2,564.5 |
Segment profit | 274 | 244.2 |
Non-Operating items: | ||
Operating (loss) income | 274 | 244.2 |
Revlon Consumer Products Corporation | Segment reconciling items | ||
Non-Operating items: | ||
Restructuring and related charges | 30.5 | 23.1 |
Acquisition, integration and divestiture costs | 3.9 | 13.9 |
(Gain) loss on divested assets | (26.6) | 20.1 |
Financial control remediation actions and related charges | 13.4 | 0 |
Excessive coupon redemption in dispute | 13.2 | 0 |
Oxford ERP system disruption-related charges | 0 | 53.6 |
Revlon Consumer Products Corporation | Revlon | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 958.8 | 998.3 |
Segment profit | 104.3 | 132 |
Non-Operating items: | ||
Operating (loss) income | 104.3 | 132 |
Revlon Consumer Products Corporation | Elizabeth Arden | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 520 | 490.2 |
Segment profit | 39.3 | 25.6 |
Non-Operating items: | ||
Operating (loss) income | 39.3 | 25.6 |
Revlon Consumer Products Corporation | Portfolio | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 487.8 | 564.6 |
Segment profit | 46.6 | 9.3 |
Non-Operating items: | ||
Operating (loss) income | 46.6 | 9.3 |
Revlon Consumer Products Corporation | Fragrance | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Net sales | 453 | 511.4 |
Segment profit | 83.8 | 77.3 |
Non-Operating items: | ||
Operating (loss) income | $ 83.8 | $ 77.3 |
SEGMENT DATA AND RELATED INFO_4
SEGMENT DATA AND RELATED INFORMATION - Additional Information (Details) - country | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Walmart | Revenue Benchmark | Customer Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Concentration risk percentage | 15.00% | 15.00% |
International | ||
Segment Reporting Information [Line Items] | ||
Number of countries in which entity operates | 25 |
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, 2019 | Dec. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 2,419.6 | $ 2,564.5 |
Long-lived assets | 1,694.1 | 1,691.2 |
North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 1,225.7 | 1,354.2 |
EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 667.3 | 717.6 |
Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 288.2 | 241.5 |
Latin America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 109.1 | 123.2 |
Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 129.3 | 128 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 1,414 | $ 1,416.2 |
Percentage of long lived assets by geographic location | 83.00% | 84.00% |
International | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 280.1 | $ 275 |
Percentage of long lived assets by geographic location | 17.00% | 16.00% |
Revlon | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 958.8 | $ 998.3 |
Revlon | North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 497.2 | 522.3 |
Revlon | EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 205.3 | 226 |
Revlon | Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 107.2 | 105.1 |
Revlon | Latin America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 70.8 | 70.5 |
Revlon | Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 78.3 | 74.4 |
Elizabeth Arden | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 520 | 490.2 |
Elizabeth Arden | North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 120.4 | 135.6 |
Elizabeth Arden | EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 203.5 | 201 |
Elizabeth Arden | Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 164.7 | 119.5 |
Elizabeth Arden | Latin America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 7.7 | 11.4 |
Elizabeth Arden | Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 23.7 | 22.7 |
Portfolio | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 487.8 | 564.6 |
Portfolio | North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 298.9 | 350.4 |
Portfolio | EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 150.4 | 170.6 |
Portfolio | Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 4.2 | 4 |
Portfolio | Latin America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 21.6 | 25.7 |
Portfolio | Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 12.7 | 13.9 |
Fragrance | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 453 | 511.4 |
Fragrance | North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 309.2 | 345.9 |
Fragrance | EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 108.1 | 120 |
Fragrance | Asia | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 12.1 | 12.9 |
Fragrance | Latin America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 9 | 15.6 |
Fragrance | Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 14.6 | $ 17 |
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, 2019 | Dec. 31, 2018 | |
Revenue from External Customer [Line Items] | ||
Net sales | $ 2,419.6 | $ 2,564.5 |
Color cosmetics | ||
Revenue from External Customer [Line Items] | ||
Net sales | $ 769.9 | $ 848.7 |
Percentage of net sales by classes of similar products | 32.00% | 33.00% |
Fragrance | ||
Revenue from External Customer [Line Items] | ||
Net sales | $ 611.7 | $ 679.2 |
Percentage of net sales by classes of similar products | 26.00% | 26.00% |
Hair care | ||
Revenue from External Customer [Line Items] | ||
Net sales | $ 513.8 | $ 529.3 |
Percentage of net sales by classes of similar products | 21.00% | 21.00% |
Beauty care | ||
Revenue from External Customer [Line Items] | ||
Net sales | $ 176.9 | $ 200.4 |
Percentage of net sales by classes of similar products | 7.00% | 8.00% |
Skin care | ||
Revenue from External Customer [Line Items] | ||
Net sales | $ 347.3 | $ 306.9 |
Percentage of net sales by classes of similar products | 14.00% | 12.00% |
REVLON, INC. BASIC AND DILUTE_3
REVLON, INC. BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE - Additional Information (Details) - shares | Dec. 31, 2019 | Dec. 31, 2018 |
Earnings Per Share, Basic and Diluted [Abstract] | ||
Stock options outstanding (shares) | 0 | 0 |
REVLON, INC. BASIC AND DILUTE_4
REVLON, INC. BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE - Components of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||
Loss from continuing operations, net of taxes | $ (165.2) | $ (294.1) | |
Income (loss) from discontinued operations, net of taxes | 7.5 | (0.1) | |
Net (loss) income | $ (157.7) | $ (157.7) | $ (294.2) |
Denominator: | |||
Weighted average common shares outstanding - Basic (shares) | 53,081,321 | 52,797,686 | |
Effect of dilutive restricted stock (shares) | 0 | 0 | |
Weighted average common shares outstanding - Diluted (shares) | 53,081,321 | 52,797,686 | |
Basic and Diluted (loss) earnings per common share: | |||
Continuing operations | $ (3.11) | $ (5.57) | |
Discontinued operations | 0.14 | 0 | |
Net loss | $ (2.97) | $ (5.57) | |
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) | 478,202 | 272,298 |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Oct. 31, 2013 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2009 | 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 | |||||
Class A Common Stock | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage ownership of outstanding common stock | 87.10% | |||||
Shares converted in Offering | 3,125,000 | 9,336,905 | ||||
Products Corporation | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of voting capital stock | 66.00% | |||||
Reimbursements | ||||||
Related Party Transaction [Line Items] | ||||||
Receivable from related party | $ 300,000 | |||||
Expenses related party | $ 500,000 | |||||
Income from related party | 600,000 | |||||
Payable from related party | 5,500,000 | 0 | ||||
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 | |||||
Majority Shareholder | Related Party Expense, Other Advertising, Coupon Redemption and Raw Material Supply | ||||||
Related Party Transaction [Line Items] | ||||||
Expenses related party | 55,100,000 | 18,900,000 | ||||
Payable from related party | 500,000 | 900,000 | ||||
Payments to related party | 1,000,000 | 200,000 | ||||
Revlon Holdings | ||||||
Related Party Transaction [Line Items] | ||||||
Receivable from related party | 400,000 | |||||
Expenses related party | 300,000 | |||||
Income from related party | 900,000 | |||||
Payable from related party | 200,000 | |||||
Revlon Holdings | Revlon Consumer Products Corporation | ||||||
Related Party Transaction [Line Items] | ||||||
Amount reimbursed by related party | 200,000 | 200,000 | ||||
Receivable from related party | 100,000 | 100,000 | ||||
Mr. Beattie | ||||||
Related Party Transaction [Line Items] | ||||||
Consulting fees | 400,000 | $ 500,000 | ||||
Ms. Hormozi | ||||||
Related Party Transaction [Line Items] | ||||||
Consulting fees | 100,000 | |||||
MacAndrews & Forbes | Reimbursements | ||||||
Related Party Transaction [Line Items] | ||||||
Payable from related party | $ 200,000 |
PRODUCTS CORPORATION AND SUBS_3
PRODUCTS CORPORATION AND SUBSIDIARIES GUARANTOR FINANCIAL INFORMATION - Narrative (Details) | Dec. 31, 2019 | Aug. 31, 2019 | Sep. 07, 2016 |
5.75% Senior Notes | |||
Condensed Financial Statements, Captions [Line Items] | |||
Stated interest rate (as a percent) | 5.75% | 5.75% | |
6.25% Senior Notes | |||
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets [Abstract] | |||
Cash and cash equivalents | $ 104.3 | $ 87.3 | |
Trade receivables, less allowances for doubtful accounts | 423.4 | 431.3 | |
Inventories | 448.4 | 523.2 | |
Property, plant and equipment, net | 408.6 | 354.5 | |
Deferred income taxes | 175.1 | 131.8 | |
Goodwill | 673.7 | 673.9 | |
Intangible assets, net | 490.7 | 532 | |
Other assets | 121.1 | 130.8 | |
Total assets | 2,980.6 | 3,016.8 | |
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | |||
Short-term borrowings | 2.2 | 9.3 | |
Current portion of long-term debt | 288 | 348.1 | |
Accounts payable | 251.8 | 332.1 | |
Accrued expenses and other current liabilities | 414.9 | 430.9 | |
Long-term debt | 2,906.2 | 2,727.7 | |
Total stockholders’ deficiency | (1,221.2) | (1,056.8) | $ (770.4) |
Total liabilities and stockholders’ deficiency | 2,980.6 | 3,016.8 | |
Prepaid expenses and other assets | 135.3 | 152 | |
Other long-term liabilities | 157.5 | 56.5 | |
Property, Plant, and Equipment, net of accumulated depreciation | 408.6 | 354.5 | |
Revlon Consumer Products Corporation | |||
Assets [Abstract] | |||
Cash and cash equivalents | 104.3 | 87.3 | |
Trade receivables, less allowances for doubtful accounts | 423.4 | 431.3 | |
Inventories | 448.4 | 523.2 | |
Intercompany receivables | 0 | 0 | |
Investment in subsidiaries | 0 | 0 | |
Property, plant and equipment, net | 354.5 | ||
Deferred income taxes | 158.1 | 114.8 | |
Goodwill | 673.7 | 673.9 | |
Intangible assets, net | 490.7 | 532 | |
Other assets | 121.1 | 130.8 | |
Total assets | 3,120.9 | 3,147.5 | |
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | |||
Short-term borrowings | 2.2 | 9.3 | |
Current portion of long-term debt | 288 | 348.1 | |
Accounts payable | 251.8 | 332.1 | |
Accrued expenses and other current liabilities | 418.2 | 434.7 | |
Intercompany payables | 0 | 0 | |
Long-term debt | 2,906.2 | 2,727.7 | |
Total liabilities | 4,210.3 | 4,080.6 | |
Total stockholders’ deficiency | (1,089.4) | (933.1) | $ (655.4) |
Total liabilities and stockholders’ deficiency | 3,120.9 | 3,147.5 | |
Prepaid expenses and other assets | 131.4 | 148 | |
Other long-term liabilities | 162.7 | 59.7 | |
Property, Plant, and Equipment, net of accumulated depreciation | 408.6 | 354.5 | |
Prepaid expenses and other | 292.6 | 299.7 | |
Pension and Other Postretirement Defined Benefit Plans Liabilities and Other Liabilities Noncurrent | 343.9 | 228.7 | |
Revlon Consumer Products Corporation | Eliminations | |||
Assets [Abstract] | |||
Cash and cash equivalents | 0 | 0 | |
Trade receivables, less allowances for doubtful accounts | 0 | 0 | |
Inventories | 0 | 0 | |
Intercompany receivables | (6,165) | (4,668.7) | |
Investment in subsidiaries | (1,629) | (1,657.8) | |
Deferred income taxes | 0 | 0 | |
Goodwill | 0 | 0 | |
Intangible assets, net | 0 | 0 | |
Other assets | 0 | 0 | |
Total assets | (7,794) | (6,326.5) | |
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 | (6,165) | (4,668.7) | |
Long-term debt | 0 | 0 | |
Total liabilities | (6,165) | (4,668.7) | |
Total stockholders’ deficiency | (1,629) | (1,657.8) | |
Total liabilities and stockholders’ deficiency | (7,794) | (6,326.5) | |
Property, Plant, and Equipment, net of accumulated depreciation | 0 | 0 | |
Prepaid expenses and other | 0 | 0 | |
Pension and Other Postretirement Defined Benefit Plans Liabilities and Other Liabilities Noncurrent | 0 | 0 | |
Revlon Consumer Products Corporation | Products Corporation | Reportable Legal Entities | |||
Assets [Abstract] | |||
Cash and cash equivalents | 0.8 | 7.3 | |
Trade receivables, less allowances for doubtful accounts | 95.5 | 89.7 | |
Inventories | 131 | 150.7 | |
Intercompany receivables | 2,857.7 | 2,225.4 | |
Investment in subsidiaries | 1,598.3 | 1,627.4 | |
Deferred income taxes | 165 | 105.9 | |
Goodwill | 159.9 | 159.9 | |
Intangible assets, net | 13 | 21.2 | |
Other assets | 67.8 | 71.8 | |
Total assets | 5,517.4 | 4,871.1 | |
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | |||
Short-term borrowings | 0 | 0 | |
Current portion of long-term debt | 287.9 | 348 | |
Accounts payable | 108.4 | 148.8 | |
Accrued expenses and other current liabilities | 124.1 | 152.6 | |
Intercompany payables | 3,030.3 | 2,226.8 | |
Long-term debt | 2,822.2 | 2,644.6 | |
Total liabilities | 6,593.3 | 5,674.2 | |
Total stockholders’ deficiency | (1,075.9) | (803.1) | |
Total liabilities and stockholders’ deficiency | 5,517.4 | 4,871.1 | |
Property, Plant, and Equipment, net of accumulated depreciation | 208.7 | 197.1 | |
Prepaid expenses and other | 219.7 | 214.7 | |
Pension and Other Postretirement Defined Benefit Plans Liabilities and Other Liabilities Noncurrent | 220.4 | 153.4 | |
Revlon Consumer Products Corporation | Guarantor Subsidiaries | Reportable Legal Entities | |||
Assets [Abstract] | |||
Cash and cash equivalents | 6.4 | 6.6 | |
Trade receivables, less allowances for doubtful accounts | 92.3 | 103.5 | |
Inventories | 151.5 | 196.5 | |
Intercompany receivables | 2,854.6 | 2,177.2 | |
Investment in subsidiaries | 30.7 | 30.4 | |
Deferred income taxes | (37.8) | (6.9) | |
Goodwill | 264 | 263.9 | |
Intangible assets, net | 346.9 | 412.2 | |
Other assets | 16.2 | 23.4 | |
Total assets | 3,840.7 | 3,289.3 | |
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | |||
Short-term borrowings | 0 | 0 | |
Current portion of long-term debt | 0 | 0 | |
Accounts payable | 39.9 | 88.6 | |
Accrued expenses and other current liabilities | 70 | 87 | |
Intercompany payables | 2,668.7 | 2,028.9 | |
Long-term debt | 0 | 0 | |
Total liabilities | 2,896.8 | 2,215.7 | |
Total stockholders’ deficiency | 943.9 | 1,073.6 | |
Total liabilities and stockholders’ deficiency | 3,840.7 | 3,289.3 | |
Property, Plant, and Equipment, net of accumulated depreciation | 89.5 | 57.5 | |
Prepaid expenses and other | 26.4 | 25 | |
Pension and Other Postretirement Defined Benefit Plans Liabilities and Other Liabilities Noncurrent | 118.2 | 11.2 | |
Revlon Consumer Products Corporation | Non-Guarantor Subsidiaries | Reportable Legal Entities | |||
Assets [Abstract] | |||
Cash and cash equivalents | 97.1 | 73.4 | |
Trade receivables, less allowances for doubtful accounts | 235.6 | 238.1 | |
Inventories | 165.9 | 176 | |
Intercompany receivables | 452.7 | 266.1 | |
Investment in subsidiaries | 0 | 0 | |
Deferred income taxes | 30.9 | 15.8 | |
Goodwill | 249.8 | 250.1 | |
Intangible assets, net | 130.8 | 98.6 | |
Other assets | 37.1 | 35.6 | |
Total assets | 1,556.8 | 1,313.6 | |
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | |||
Short-term borrowings | 2.2 | 9.3 | |
Current portion of long-term debt | 0.1 | 0.1 | |
Accounts payable | 103.5 | 94.7 | |
Accrued expenses and other current liabilities | 224.1 | 195.1 | |
Intercompany payables | 466 | 413 | |
Long-term debt | 84 | 83.1 | |
Total liabilities | 885.2 | 859.4 | |
Total stockholders’ deficiency | 671.6 | 454.2 | |
Total liabilities and stockholders’ deficiency | 1,556.8 | 1,313.6 | |
Property, Plant, and Equipment, net of accumulated depreciation | 110.4 | 99.9 | |
Prepaid expenses and other | 46.5 | 60 | |
Pension and Other Postretirement Defined Benefit Plans Liabilities and Other Liabilities Noncurrent | $ 5.3 | $ 64.1 |
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, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Condensed Income Statements, Captions [Line Items] | ||||||
Net sales | $ 2,419.6 | $ 2,564.5 | ||||
Cost of sales | 1,052.2 | 1,117 | ||||
Gross profit | 1,367.4 | 1,447.5 | ||||
Selling, general and administrative expenses | 1,316.6 | 1,460.5 | ||||
Acquisition, integration and divestiture costs | 3.9 | 13.9 | ||||
Restructuring charges and other, net | 12.8 | 20.2 | ||||
Impairment charges | 0 | 18 | ||||
(Gain) loss on divested assets | (26.6) | (20.1) | ||||
Operating (loss) income | 60.7 | (85.2) | ||||
Other (income) expense: | ||||||
Interest Expense | 196.6 | 176.6 | ||||
Amortization of debt issuance costs | 14.6 | 13 | ||||
Foreign currency losses (gains), net | (1.9) | 15.8 | ||||
Miscellaneous, net | 16.4 | 1.3 | ||||
Other expense (income), net | 225.7 | 206.7 | ||||
Loss from continuing operations before income taxes | (165) | (291.9) | ||||
(Benefit from) provision for income taxes | 0.2 | 2.2 | ||||
(Loss) income from continuing operations, net of taxes | (165.2) | (294.1) | ||||
(Loss) income from discontinued operations, net of taxes | 7.5 | (0.1) | ||||
Net (loss) income | $ (157.7) | (157.7) | (294.2) | |||
Other comprehensive income (loss) | $ (13.2) | [1] | (13.2) | (5.8) | [1] | |
Total comprehensive loss | (170.9) | (300) | ||||
Revlon Consumer Products Corporation | ||||||
Condensed Income Statements, Captions [Line Items] | ||||||
Net sales | 2,419.6 | 2,564.5 | ||||
Cost of sales | 1,052.2 | 1,117 | ||||
Gross profit | 1,367.4 | 1,447.5 | ||||
Selling, general and administrative expenses | 1,308.7 | 1,454.2 | ||||
Acquisition, integration and divestiture costs | 3.9 | 13.9 | ||||
Restructuring charges and other, net | 12.8 | 20.2 | ||||
Impairment charges | 0 | 18 | ||||
(Gain) loss on divested assets | (26.6) | 20.1 | ||||
Operating (loss) income | 68.6 | (78.9) | ||||
Other (income) expense: | ||||||
Intercompany interest, net | 0 | 0 | ||||
Interest Expense | 196.6 | 176.6 | ||||
Interest Expense | 176.6 | |||||
Amortization of debt issuance costs | 14.6 | 13 | ||||
Foreign currency losses (gains), net | (1.9) | 15.8 | ||||
Miscellaneous, net | 16.4 | 1.3 | ||||
Other expense (income), net | 225.7 | 206.7 | ||||
Loss from continuing operations before income taxes | (157.1) | (285.6) | ||||
(Benefit from) provision for income taxes | 1.6 | 3.4 | ||||
(Loss) income from continuing operations, net of taxes | (158.7) | (289) | ||||
(Loss) income from discontinued operations, net of taxes | 7.5 | (0.1) | ||||
Equity in income (loss) of subsidiaries | 0 | 0 | ||||
Net (loss) income | (151.2) | (289.1) | ||||
Other comprehensive income (loss) | [2] | (13.2) | (5.8) | |||
Total comprehensive loss | (164.4) | (294.9) | ||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Products Corporation | ||||||
Condensed Income Statements, Captions [Line Items] | ||||||
Net sales | 590.1 | 644.6 | ||||
Cost of sales | 282.6 | 300.9 | ||||
Gross profit | 307.5 | 343.7 | ||||
Selling, general and administrative expenses | 430.6 | 441 | ||||
Acquisition, integration and divestiture costs | 0.7 | 8.5 | ||||
Restructuring charges and other, net | 3.3 | 5.2 | ||||
Impairment charges | 18 | |||||
(Gain) loss on divested assets | 0 | 20.1 | ||||
Operating (loss) income | (127.1) | (149.1) | ||||
Other (income) expense: | ||||||
Intercompany interest, net | (4.3) | (7) | ||||
Interest Expense | 189.5 | |||||
Interest Expense | 172.7 | |||||
Amortization of debt issuance costs | 14.6 | 13 | ||||
Foreign currency losses (gains), net | (0.6) | 3.5 | ||||
Miscellaneous, net | (31.6) | (44.4) | ||||
Other expense (income), net | 167.6 | 137.8 | ||||
Loss from continuing operations before income taxes | (294.7) | (286.9) | ||||
(Benefit from) provision for income taxes | (55.6) | (10.4) | ||||
(Loss) income from continuing operations, net of taxes | (239.1) | (276.5) | ||||
(Loss) income from discontinued operations, net of taxes | 0 | 0 | ||||
Equity in income (loss) of subsidiaries | 144.5 | (12.6) | ||||
Net (loss) income | (94.6) | (289.1) | ||||
Other comprehensive income (loss) | (13.3) | (5.8) | ||||
Total comprehensive loss | (107.9) | (294.9) | ||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Guarantor Subsidiaries | ||||||
Condensed Income Statements, Captions [Line Items] | ||||||
Net sales | 622.1 | 707.1 | ||||
Cost of sales | 306.5 | 343.6 | ||||
Gross profit | 315.6 | 363.5 | ||||
Selling, general and administrative expenses | 331.9 | 421.5 | ||||
Acquisition, integration and divestiture costs | 0.1 | 1.6 | ||||
Restructuring charges and other, net | 4 | 3.1 | ||||
Impairment charges | 0 | |||||
(Gain) loss on divested assets | 0 | 0 | ||||
Operating (loss) income | (20.4) | (62.7) | ||||
Other (income) expense: | ||||||
Intercompany interest, net | 2.6 | 2.5 | ||||
Interest Expense | 0 | |||||
Interest Expense | 0 | |||||
Amortization of debt issuance costs | 0 | 0 | ||||
Foreign currency losses (gains), net | (1.2) | 0.6 | ||||
Miscellaneous, net | (36.3) | (45.3) | ||||
Other expense (income), net | (34.9) | (42.2) | ||||
Loss from continuing operations before income taxes | 14.5 | (20.5) | ||||
(Benefit from) provision for income taxes | 40.8 | 7.3 | ||||
(Loss) income from continuing operations, net of taxes | (26.3) | (27.8) | ||||
(Loss) income from discontinued operations, net of taxes | 0 | 0 | ||||
Equity in income (loss) of subsidiaries | 19 | (6.6) | ||||
Net (loss) income | (7.3) | (34.4) | ||||
Other comprehensive income (loss) | (6.9) | (1) | ||||
Total comprehensive loss | (14.2) | (35.4) | ||||
Revlon Consumer Products Corporation | Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||||
Condensed Income Statements, Captions [Line Items] | ||||||
Net sales | 1,210.8 | 1,213.4 | ||||
Cost of sales | 466.5 | 473.1 | ||||
Gross profit | 744.3 | 740.3 | ||||
Selling, general and administrative expenses | 546.2 | 591.7 | ||||
Acquisition, integration and divestiture costs | 3.1 | 3.8 | ||||
Restructuring charges and other, net | 5.5 | 11.9 | ||||
Impairment charges | 0 | |||||
(Gain) loss on divested assets | (26.6) | 0 | ||||
Operating (loss) income | 216.1 | 132.9 | ||||
Other (income) expense: | ||||||
Intercompany interest, net | 1.7 | 4.5 | ||||
Interest Expense | 7.1 | |||||
Interest Expense | 3.9 | |||||
Amortization of debt issuance costs | 0 | 0 | ||||
Foreign currency losses (gains), net | (0.1) | 11.7 | ||||
Miscellaneous, net | 84.3 | 91 | ||||
Other expense (income), net | 93 | 111.1 | ||||
Loss from continuing operations before income taxes | 123.1 | 21.8 | ||||
(Benefit from) provision for income taxes | 16.4 | 6.5 | ||||
(Loss) income from continuing operations, net of taxes | 106.7 | 15.3 | ||||
(Loss) income from discontinued operations, net of taxes | 7.5 | (0.1) | ||||
Equity in income (loss) of subsidiaries | 0 | 0 | ||||
Net (loss) income | 114.2 | 15.2 | ||||
Other comprehensive income (loss) | 1.3 | (12.8) | ||||
Total comprehensive loss | 115.5 | 2.4 | ||||
Revlon Consumer Products Corporation | Eliminations | ||||||
Condensed Income Statements, Captions [Line Items] | ||||||
Net sales | (3.4) | (0.6) | ||||
Cost of sales | (3.4) | (0.6) | ||||
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 | ||||||
(Gain) loss on divested assets | 0 | 0 | ||||
Operating (loss) income | 0 | 0 | ||||
Other (income) expense: | ||||||
Intercompany interest, net | 0 | 0 | ||||
Interest Expense | 0 | |||||
Interest Expense | 0 | |||||
Amortization of debt issuance costs | 0 | 0 | ||||
Foreign currency losses (gains), net | 0 | 0 | ||||
Miscellaneous, net | 0 | 0 | ||||
Other expense (income), net | 0 | 0 | ||||
Loss from continuing operations before income taxes | 0 | 0 | ||||
(Benefit from) provision for income taxes | 0 | 0 | ||||
(Loss) income from continuing operations, net of taxes | 0 | 0 | ||||
(Loss) income from discontinued operations, net of taxes | 0 | 0 | ||||
Equity in income (loss) of subsidiaries | (163.5) | 19.2 | ||||
Net (loss) income | (163.5) | 19.2 | ||||
Other comprehensive income (loss) | 5.7 | 13.8 | ||||
Total comprehensive loss | $ (157.8) | $ 33 | ||||
[1] | See Note 15, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during 2019 and 2018, respectively. | |||||
[2] | See Note 15, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during 2019 and 2018, 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, 2019 | Dec. 31, 2018 | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net cash (used in) provided by operating activities | $ (68.3) | $ (170.8) | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Net cash (used in) provided by investing activities | 2.1 | (57.2) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net decrease in short-term borrowings and overdraft | (17.3) | (1.1) | ||
Net (repayments) borrowings under the Amended 2016 Revolving Credit Facility | (62.6) | 178 | ||
Repayments under the 2016 Term Loan Facility | (18) | (18) | ||
Payment of financing costs | (15.3) | (9.7) | ||
Tax withholdings related to net share settlements of restricted stock units and awards | (1.6) | (3.6) | ||
Other financing activities | (0.9) | (1.4) | ||
Net cash provided by (used in) financing activities | 84.3 | 233.1 | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1.1) | (5) | ||
Net increase in cash, cash equivalents and restricted cash | 17 | 0.1 | ||
Cash, cash equivalents and restricted cash at beginning of period | [1] | 87.5 | 87.4 | |
Cash, cash equivalents and restricted cash at end of period | [1] | 104.5 | 87.5 | |
Revlon Consumer Products Corporation | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net cash (used in) provided by operating activities | (68.3) | (170.8) | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Net cash (used in) provided by investing activities | 2.1 | (57.2) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net decrease in short-term borrowings and overdraft | (17.3) | (1.1) | ||
Net (repayments) borrowings under the Amended 2016 Revolving Credit Facility | (62.6) | 178 | ||
Repayments under the 2016 Term Loan Facility | (18) | (18) | ||
Payment of financing costs | (15.3) | (9.7) | ||
Tax withholdings related to net share settlements of restricted stock units and awards | (1.6) | (3.6) | ||
Other financing activities | (0.9) | (1.4) | ||
Net cash provided by (used in) financing activities | 84.3 | 233.1 | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1.1) | (5) | ||
Net increase in cash, cash equivalents and restricted cash | 17 | 0.1 | ||
Cash, cash equivalents and restricted cash at beginning of period | [2] | 87.5 | 87.4 | |
Cash, cash equivalents and restricted cash at end of period | 104.5 | 87.5 | [2] | |
Revlon Consumer Products Corporation | Reportable Legal Entities | Products Corporation | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net cash (used in) provided by operating activities | (83.9) | (102.3) | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Net cash (used in) provided by investing activities | (17.1) | (35) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net decrease in short-term borrowings and overdraft | (7.1) | (5.5) | ||
Repayments under the 2016 Term Loan Facility | (18) | (18) | ||
Payment of financing costs | (15.3) | (5.4) | ||
Tax withholdings related to net share settlements of restricted stock units and awards | (1.6) | (3.6) | ||
Other financing activities | (0.6) | (1.2) | ||
Net cash provided by (used in) financing activities | 94.8 | 144.3 | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 0 | 0 | ||
Net increase in cash, cash equivalents and restricted cash | (6.3) | 7 | ||
Cash, cash equivalents and restricted cash at beginning of period | 7.3 | 0.3 | ||
Cash, cash equivalents and restricted cash at end of period | 1 | 7.3 | ||
Revlon Consumer Products Corporation | Reportable Legal Entities | Guarantor Subsidiaries | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net cash (used in) provided by operating activities | 1.9 | (0.7) | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Net cash (used in) provided by investing activities | (2) | (5.3) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net decrease in short-term borrowings and overdraft | (3.7) | 7 | ||
Repayments under the 2016 Term Loan Facility | 0 | 0 | ||
Payment of financing costs | 0 | 0 | ||
Tax withholdings related to net share settlements of restricted stock units and awards | 0 | 0 | ||
Other financing activities | (0.1) | 0 | ||
Net cash provided by (used in) financing activities | (3.8) | 7 | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 3.7 | 0.3 | ||
Net increase in cash, cash equivalents and restricted cash | (0.2) | 1.3 | ||
Cash, cash equivalents and restricted cash at beginning of period | 6.6 | 5.3 | ||
Cash, cash equivalents and restricted cash at end of period | 6.4 | 6.6 | ||
Revlon Consumer Products Corporation | Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net cash (used in) provided by operating activities | 13.7 | (67.8) | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Net cash (used in) provided by investing activities | 21.2 | (16.9) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net decrease in short-term borrowings and overdraft | (6.5) | (2.6) | ||
Repayments under the 2016 Term Loan Facility | 0 | 0 | ||
Payment of financing costs | 0 | (4.3) | ||
Tax withholdings related to net share settlements of restricted stock units and awards | 0 | 0 | ||
Other financing activities | (0.2) | (0.2) | ||
Net cash provided by (used in) financing activities | (6.7) | 81.8 | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (4.8) | (5.3) | ||
Net increase in cash, cash equivalents and restricted cash | 23.6 | (8.2) | ||
Cash, cash equivalents and restricted cash at beginning of period | 73.6 | 81.8 | ||
Cash, cash equivalents and restricted cash at end of period | 97.2 | 73.6 | ||
Revlon Consumer Products Corporation | Eliminations | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Net cash (used in) provided by 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 | ||
Repayments under the 2016 Term Loan Facility | 0 | 0 | ||
Payment of financing costs | 0 | 0 | ||
Tax withholdings related to net share settlements of restricted stock units and awards | 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 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 | ||
Amended 2016 Revolving Credit Facility | Revlon Consumer Products Corporation | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net (repayments) borrowings under the Amended 2016 Revolving Credit Facility | 178 | |||
Repayments under the 2016 Term Loan Facility | (62.6) | |||
Amended 2016 Revolving Credit Facility | Revlon Consumer Products Corporation | Reportable Legal Entities | Products Corporation | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net (repayments) borrowings under the Amended 2016 Revolving Credit Facility | 178 | |||
Repayments under the 2016 Term Loan Facility | (62.6) | |||
Amended 2016 Revolving Credit Facility | Revlon Consumer Products Corporation | Reportable Legal Entities | Guarantor Subsidiaries | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net (repayments) borrowings under the Amended 2016 Revolving Credit Facility | 0 | |||
Repayments under the 2016 Term Loan Facility | 0 | |||
Amended 2016 Revolving Credit Facility | Revlon Consumer Products Corporation | Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net (repayments) borrowings under the Amended 2016 Revolving Credit Facility | 0 | |||
Repayments under the 2016 Term Loan Facility | 0 | |||
Amended 2016 Revolving Credit Facility | Revlon Consumer Products Corporation | Eliminations | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net (repayments) borrowings under the Amended 2016 Revolving Credit Facility | 0 | |||
Repayments under the 2016 Term Loan Facility | 0 | |||
2019 Term Loan Facility | Revlon Consumer Products Corporation | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net Borrowings under the 2018 Foreign Asset-Based Term Loan | 200 | |||
2019 Term Loan Facility | Revlon Consumer Products Corporation | Reportable Legal Entities | Products Corporation | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net Borrowings under the 2018 Foreign Asset-Based Term Loan | 200 | |||
2019 Term Loan Facility | Revlon Consumer Products Corporation | Reportable Legal Entities | Guarantor Subsidiaries | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net Borrowings under the 2018 Foreign Asset-Based Term Loan | 0 | |||
2019 Term Loan Facility | Revlon Consumer Products Corporation | Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net Borrowings under the 2018 Foreign Asset-Based Term Loan | 0 | |||
2019 Term Loan Facility | Revlon Consumer Products Corporation | Eliminations | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net Borrowings under the 2018 Foreign Asset-Based Term Loan | $ 0 | |||
2018 Foreign Asset-Based Term Loan | Revlon Consumer Products Corporation | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net Borrowings under the 2018 Foreign Asset-Based Term Loan | 88.9 | |||
2018 Foreign Asset-Based Term Loan | Revlon Consumer Products Corporation | Reportable Legal Entities | Products Corporation | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net Borrowings under the 2018 Foreign Asset-Based Term Loan | 0 | |||
2018 Foreign Asset-Based Term Loan | Revlon Consumer Products Corporation | Reportable Legal Entities | Guarantor Subsidiaries | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net Borrowings under the 2018 Foreign Asset-Based Term Loan | 0 | |||
2018 Foreign Asset-Based Term Loan | Revlon Consumer Products Corporation | Reportable Legal Entities | Non-Guarantor Subsidiaries | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net Borrowings under the 2018 Foreign Asset-Based Term Loan | 88.9 | |||
2018 Foreign Asset-Based Term Loan | Revlon Consumer Products Corporation | Eliminations | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Net Borrowings under the 2018 Foreign Asset-Based Term Loan | ||||
[1] | These amounts include restricted cash of $0.2 million and $0.2 million as of December 31, 2019 and 2018, respectively, which represent cash on deposit in lieu of a mandatory prepayment under the 2018 Foreign Asset-Based Term Facility, and cash on deposit to support outstanding undrawn letters of credit, which were included within other assets in the Company's consolidated balance sheets. | |||
[2] | These amounts include restricted cash of $0.2 million and $0.2 million as of December 31, 2019 and 2018, respectively, which represent cash on deposit in lieu of a mandatory prepayment under the 2018 Foreign Asset-Based Term Facility, and cash on deposit to support outstanding undrawn letters of credit, which were included within other assets in the Company's consolidated balance sheets. |
SUBSEQUENT EVENTS - Narrative (
SUBSEQUENT EVENTS - Narrative (Details) | Mar. 10, 2020USD ($)reporting_unit | Dec. 31, 2020USD ($) | Dec. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2019USD ($) | Aug. 31, 2019 | Dec. 31, 2018USD ($) | Dec. 31, 2016USD ($) | Sep. 07, 2016 | Aug. 04, 2016USD ($) | Feb. 08, 2013 |
Sublimit, letters of credit | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Standby and trade letters of credit for various corporate purposes | $ 11,400,000 | $ 10,100,000 | |||||||||
Subsequent Event | Revlon 2020 Restructuring Plan | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Expected number of positions eliminated | reporting_unit | 1,000 | ||||||||||
Expected number of current employee positions to be eliminated | reporting_unit | 650 | ||||||||||
Number of open positions eliminated | reporting_unit | 350 | ||||||||||
Subsequent Event | Scenario, Forecast | Revlon 2020 Restructuring Plan | Minimum | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Expected reduction of expenses after restructuring | $ 105,000,000 | $ 200,000,000 | |||||||||
Cost reductions related to expected number of positions eliminated, percent | 60.00% | ||||||||||
Subsequent Event | Scenario, Forecast | Revlon 2020 Restructuring Plan | Minimum | Employee Severance, Retention and Other Contractual Termination Benefits | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Expected restructuring and related charges | 55,000,000 | $ 65,000,000 | $ 40,000,000 | ||||||||
Subsequent Event | Scenario, Forecast | Revlon 2020 Restructuring Plan | Maximum | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Expected reduction of expenses after restructuring | 115,000,000 | 230,000,000 | |||||||||
Subsequent Event | Scenario, Forecast | Revlon 2020 Restructuring Plan | Maximum | Employee Severance, Retention and Other Contractual Termination Benefits | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Expected restructuring and related charges | $ 65,000,000 | $ 75,000,000 | $ 45,000,000 | ||||||||
Jefferies Finance LLC Commitment Letter | Subsequent Event | Sublimit, letters of credit | Revlon Consumer Products Corporation | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Standby and trade letters of credit for various corporate purposes | $ 850,000,000 | ||||||||||
Senior Term Loan Facility, Brandco Facility | Subsequent Event | Sublimit, letters of credit | Revlon Consumer Products Corporation | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Aggregate principal amount | 300,000,000 | ||||||||||
Senior Term Loan Facility, Specified Brands Facility | Subsequent Event | Sublimit, letters of credit | Revlon Consumer Products Corporation | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Aggregate principal amount | 550,000,000 | ||||||||||
6.25% Senior Notes due 2024 | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Stated interest rate (as a percent) | 6.25% | 6.25% | |||||||||
6.25% Senior Notes due 2024 | Revlon Consumer Products Corporation | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Aggregate principal amount | $ 450,000,000 | $ 450,000,000 | $ 450,000,000 | ||||||||
Stated interest rate (as a percent) | 6.25% | 6.25% | 6.25% | ||||||||
6.25% Senior Notes due 2024 | Revlon Consumer Products Corporation | Scenario, Forecast | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Covenant springing maturity threshold amount, minimum | $ 100,000,000 |