RESTRUCTURING CHARGES

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 is designed to reduce the Company’s cost of goods sold and SG&A expenses. As a result of the EA Integration Restructuring Program, the Company expects to eliminate approximately 425 positions worldwide.

In connection with implementing the EA Integration Restructuring Program, the Company expects to recognize approximately $90 million to $95 million of total pre-tax restructuring charges (the "EA Integration Restructuring Charges"), consisting of: (i) approximately $65 million to $70 million of employee-related costs, including severance, retention and other contractual termination benefits; (ii) approximately $15 million of lease termination costs; and (iii) approximately $10 million of other related charges.

A summary of the restructuring and related charges incurred through March 31, 2018 in connection with the EA Integration Restructuring Program is presented in the following table:



	Restructuring Charges and Other, Net
	Employee Severance and Other Personnel Benefits			Lease Termination and Other Costs^(a)			Total Restructuring Charges		Inventory Adjustments^(b)		Other Related Charges^(c)		Total Restructuring and Related Charges
Charges incurred through December 31, 2017	$	62.8		$	5.0		$	67.8	$	1.4	$	3.0	$	72.2
Charges incurred during the three months ended March 31, 2018	5.2		—	(1.8		)	3.4		1.1		—		4.5
Cumulative charges incurred through March 31, 2018	$	68.0		$	3.2		$	71.2	$	2.5	$	3.0	$	76.7

^(a) Primarily represents the reversal of lease termination costs related to certain re-occupied office space.

^(b)Inventory adjustments are recorded within cost of sales in the Company’s consolidated statement of operations and comprehensive (loss) income.

^(c) Other related charges are recorded within SG&A in the Company’s consolidated statement of operations and comprehensive (loss) income.

A summary of the restructuring charges incurred through March 31, 2018 in connection with the EA Integration Restructuring Program by reportable segment is presented in the following table:



	Charges incurred during the three months ended March 31, 2018			Cumulative charges incurred through March 31, 2018
Revlon	$	4.2		$	28.8
Elizabeth Arden	(1.2		)	11.6
Portfolio	0.7			14.1
Fragrances	(0.3		)	16.7
Total	$	3.4		$	71.2

The Company expects that cash payments will total $90 million to $95 million in connection with the EA Integration Restructuring Charges, of which $48 million were paid through March 31, 2018. The remaining balance is expected to be substantially paid by the end of 2020.

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, 2018		Expense (Income), Net			Foreign Currency Translation		Cash			Non-cash		Liability Balance at March 31, 2018

EA Integration Restructuring Program:^(a)
Employee severance and other personnel benefits	$	25.8	$	5.2		$	0.2	$	(5.5	)	$	—	$	25.7
Other	3.9		(0.7		)	—		—			—		3.2
December 2013 Program:^(b)
Employee severance and other personnel benefits	1.1		—			—		—			—		1.1
Other individually immaterial actions:^(c)
Employee severance and other personnel benefits	1.4		0.7			—		(0.8		)	—		1.3
Other	1.7		—			—		—			—		1.7
Total restructuring reserve	$	33.9	$	5.2		$	0.2	$	(6.3	)	$	—	$	33.0

^(a)Includes $1.1 million in charges related to inventory adjustments and other restructuring-related charges that were reflected within cost of sales and SG&A, respectively, in the Company’s March 31, 2018 Unaudited Consolidated Statement of Operations and Comprehensive (Loss) Income.

^(b)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.

^(c)Consists primarily of: (i) costs related to the program that Elizabeth Arden commenced prior to the Company’s acquisition of Elizabeth Arden, Inc. (“Elizabeth Arden” and the “Elizabeth Arden Acquisition”) on September 7, 2016 (the “Elizabeth Arden Acquisition Date”), to further align their organizational structure and distribution arrangements for the purpose of improving their go-to-trade capabilities and execution and to streamline their organization (the "Elizabeth Arden 2016 Business Transformation Program"); and (ii) costs related to the Company's September 2015 restructuring actions taken to drive certain organizational efficiencies, including reducing general and administrative expenses, within the Company's Revlon and Portfolio segments (the "2015 Efficiency Program"). Actions under the 2015 Efficiency Program were substantially completed by the end of 2017. Total restructuring and related charges incurred for the 2015 Efficiency Program were $7.6 million, of which $7.2 million resulted in cash payments.

At March 31, 2018 and December 31, 2017, all of the restructuring reserve balances were included within accrued expenses and other in the Company's Consolidated Balance Sheets.