RESTRUCTURING INITIATIVES

3 Months Ended

Mar. 31, 2021

Restructuring and Related Activities [Abstract]

In late 2017, we began a business transformation to drive profitable sales growth, increase operational excellence, enhance our approach to innovation and improve organizational effectiveness. The primary focus of the plan is the Beauty + Home segment; however, certain global general and administrative functions are also being addressed. For the three months ended March 31, 2021 and 2020, we recognized $3.7 million and $4.8 million of restructuring costs related to this plan, respectively. Using current exchange rates, we estimate total implementation costs of approximately $125 million for these initiatives, including costs that have been recognized to date. The cumulative expense incurred as of March 31, 2021 was $116.7 million. We have also made total capital investments related to this plan of approximately $50 million, with no further significant capital investments expected.

As of March 31, 2021 we have recorded the following activity associated with the business transformation:


	Beginning Reserve at 12/31/2020		Net Charges for the Three Months Ended 3/31/2021		Cash Paid		Interest and FX Impact		Ending Reserve at 3/31/2021
Employee severance	$	7,956	$	(260)	$	(2,425)	$	(163)	$	5,108
Professional fees and other costs	2,533		3,932		(3,223)		(42)		3,200
Totals	$	10,489	$	3,672	$	(5,648)	$	(205)	$	8,308