RESTRUCTURING INITIATIVES

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2021, we recognized $10.2 million and $18.8 million of restructuring costs related to this plan, respectively. For the three and nine months ended September 30, 2020, we recognized $3.4 million and $15.6 million of restructuring costs related to this plan, respectively. Using current exchange rates, we estimate total implementation costs of approximately $135 million for these initiatives, including costs that have been recognized to date. The cumulative expense incurred as of September 30, 2021 was $131.8 million and we do not expect additional, significant restructuring costs related to this plan. We have also made total capital investments related to this plan of approximately $50 million, with no further significant capital investments expected.

As of September 30, 2021 we have recorded the following activity associated with the business transformation:


	Beginning Reserve at 12/31/2020		Net Charges for the Nine Months Ended 9/30/2021		Cash Paid		Interest and FX Impact		Ending Reserve at 9/30/2021
Employee severance	$	7,956	$	293	$	(5,506)	$	(179)	$	2,564
Professional fees and other costs	2,533		18,478		(20,117)		(46)		848
Totals	$	10,489	$	18,771	$	(25,623)	$	(225)	$	3,412