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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities      
Net loss $ (427.9) $ (193.5) $ (365.5)
Loss from discontinued operations, net of tax (73.2) (18.5) (27.9)
Loss from continuing operations (354.7) (175.0) (337.6)
Adjustments to reconcile net loss from continuing operations to net cash used by operating activities:      
Depreciation 44.7 50.4 57.3
Amortization 19.8 22.4 24.5
Provision for doubtful accounts 51.7 62.4 78.3
Provision for inventory obsolescence 22.6 26.8 37.9
Share-based compensation 8.5 6.9 26.4
Foreign exchange (gains) losses (10.7) (5.2) (5.1)
Deferred income taxes 8.9 (20.2) (0.4)
Impairment loss on assets 35.8 1.0 3.1
Gain on sale of business / assets 0.0 (9.9) (1.5)
Costs associated with debt issue / repayment 15.0 0.0 0.0
Other 4.0 5.9 54.2
Changes in assets and liabilities:      
Accounts receivable (56.9) (60.1) (81.5)
Inventories 15.6 (53.0) (65.9)
Prepaid expenses and other (7.7) (14.9) 1.2
Accounts payable and accrued liabilities 30.8 (35.1) (61.7)
Income and other taxes 1.2 (13.1) 2.5
Noncurrent assets and liabilities 8.3 (49.7) (1.8)
Net cash used by operating activities of continuing operations (163.1) (260.4) (270.1)
Cash Flows from Investing Activities      
Capital expenditures (53.5) (68.3) (44.6)
Proceeds from disposal of assets 14.7 3.3 2.6
Net proceeds from sale of business / assets 0.0 16.9 11.3
Cash receipts from the settlement of corporate-owned life insurance policies 0.0 0.0 9.9
Other investing activities 0.0 0.0 0.3
Net cash used by investing activities of continuing operations (38.8) (48.1) (20.5)
Cash Flows from Financing Activities      
Cash dividend 0.0 0.0 (8.6)
Debt, net (maturities of three months or less) 16.0 (11.1) 13.6
Proceeds from debt 1,102.5 297.0 1,039.7
Repayment of debt (739.2) (68.5) (956.9)
Repayment of debt to affiliates of Natura &Co [1] (83.4) (38.0) 0.0
Repayment of debt from affiliates of Natura &Co 49.7 58.7 0.0
Repurchase of common stock 0.0 0.0 (0.4)
Settlement of stock options 0.0 0.0 (25.8)
Settlement of derivative operations 12.0 0.0 (0.8)
Costs associated with debt issue / repayment (15.0) 0.0 (21.7)
Proceeds from monetization of COFINS tax credits 0.0 (15.5) 0.0
Net cash provided by financing activities of continuing operations [1] 342.6 222.6 39.1
Cash Flows from Discontinued Operations      
Net cash used by operating activities of discontinued operations (26.7) (14.0) (16.7)
Net cash used by discontinued operations (26.7) (14.0) (16.7)
Effect of exchange rate changes on cash and cash equivalents 2.4 (22.0) (19.5)
Net (decrease) increase in cash and cash equivalents and restricted cash 116.4 (121.9) (287.7)
Cash and cash equivalents and restricted cash at beginning of year [2] 251.5 373.4 661.1
Cash and cash equivalents and restricted cash at end of year [2] 367.9 251.5 373.4
Cash paid for:      
Interest 39.1 50.1 133.5
Income taxes, net of refunds received $ 36.3 $ 37.0 $ 21.3
[1] On July 1, 2021, the Company sold Avon Luxembourg, including our Mexican business, to a subsidiary of Natura &Co Holding for $150, with the proceeds used to repay maturing loans of $150 borrowed under the $250 Revolving Credit Facility with a subsidiary of Natura &Co Holding. Under the terms of the transaction and the associated Direction and Settlement Agreement, no cash flows in either investing or financing activities arose as a result of the transaction.
[2] The following table provides a reconciliation of cash, cash equivalents, restricted cash, and cash held for sale reported within the Consolidated Balance Sheet that sum to the total of the same such amounts shown in the Consolidated Statement of Cash Flows for the years ended December 31, 2022, 2021 and 2020.
December 31, 2022December 31, 2021December 31, 2020
Cash and cash equivalents$367.6 $251.5 $364.9 
Restricted cash0.3 — 7.8 
Held for sale cash and cash equivalents— — .7 
Cash and cash equivalents, and restricted cash at end of period per the statement of cash flows$367.9 $251.5 $373.4