RESTRUCTURING CHARGES

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

Revlon 2020 Restructuring Program

As a result of the Revlon 2020 Restructuring Program, the Company expects to eliminate approximately 975 positions worldwide, including approximately 625 current employees and approximately 350 open positions, of which approximately 935 were eliminated by March 31, 2021. 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 substantially completed the employee-related actions in 2020 and expects to complete the other consolidation and outsourcing actions during 2021 and 2022.

In connection with implementing the Revlon 2020 Restructuring Program, the Company recognized since the inception of the program approximately $76.1 million of total pre-tax restructuring and related charges, consisting primarily of employee-related costs, such as severance, retention and other contractual termination benefits. The Company expects that substantially all of the restructuring and related charges under the Revlon 2020 Restructuring Program will be paid in cash, with $51.5 million of the total charges paid in 2020, $10.9 million paid during the first three months of 2021 and with the remaining balance expected to be paid primarily during the remainder of 2021.

A summary of the Revlon 2020 Restructuring Program charges incurred since its inception in March 2020 and through March 31, 2021 is presented in the following table:



	Restructuring Charges and Other, Net
	Employee Severance and Other Personnel Benefits		Other Costs		Total Restructuring Charges		Leases (a)		Other Related Charges (b)		Total Restructuring and Related Charges
Charges incurred through December 31, 2020	$	48.6	$	1.9	$	50.5	$	12.6	$	5.7	$	68.8
Charges incurred during the three months ended March 31, 2021	1.9		3.5		5.4		1.3		0.6		7.3
Cumulative charges incurred through March 31, 2021	$	50.5	$	5.4	$	55.9	$	13.9	$	6.3	$	76.1

(a) Lease-related charges are recorded within SG&A in the Company’s Consolidated Statement of Operations and Comprehensive Loss.

(b) Other related charges are recorded within SG&A and cost of sales in the Company’s Consolidated Statement of Operations and Comprehensive Loss.

A summary of the 2020 Restructuring Charges incurred since its inception in March 2020 and through March 31, 2021 by reportable segment is presented in the following table:



	Charges incurred in the three months ended March 31, 2021		Cumulative charges incurred through March 31, 2021
Revlon	$	1.5	$	22.2
Elizabeth Arden	1.9		11.3
Portfolio	0.9		14.5
Fragrances	1.1		7.9
Total	$	5.4	$	55.9

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, 2021		Expense, Net		Foreign Currency Translation		Cash		Non-cash		Liability Balance at March 31, 2021
Revlon 2020 Restructuring Program:
Employee severance and other personnel benefits	$	12.6	$	1.9	$	—	$	(7.6)	$	—	$	6.9
Other	—		3.5		—		(3.3)		—		0.2
Total Revlon 2020 Restructuring Program	12.6		5.4		—		(10.9)		—		7.1














Other immaterial actions:
Employee severance and other personnel benefits	1.2		—		(0.1)		(0.1)		—		1.0


Total restructuring reserve	$	13.8	$	5.4	$	(0.1)	$	(11.0)	$	—	$	8.1

All of the restructuring reserve balances were included within accrued expenses and other current liabilities in the Company's Consolidated Balance Sheets.