RESTRUCTURING INITIATIVES

12 Months Ended

Dec. 31, 2019

RESTRUCTURING INITIATIVES.

RESTRUCTURING INITIATIVES

NOTE 21 RESTRUCTURING INITIATIVES

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 will be the Beauty + Home segment; however, certain global general and administrative functions will also be addressed. During 2019 and 2018, we recognized approximately $20.5 million and $63.8 million of restructuring costs related to this plan, respectively. Using current exchange rates, we expect total implementation costs of approximately $110 million for these initiatives. The cumulative expense incurred to date was $86.5 million. We also anticipate making capital investments related to the transformation plan of approximately $55 million, of which the $38 million has been incurred to date.

As of December 31, 2019 we have recorded the following activity associated with the transformation plan:

	Beginning		Net Charges						Ending
	Reserve at		for the Year				Interest and		Reserve at
	12/31/2018		Ended 12/31/2019		Cash Paid		FX Impact		12/31/2019
Employee severance	$	3,934	$	8,104	$	(4,813)	$	(135)	$	7,090
Professional fees and other costs		11,101		12,368		(19,795)		(65)		3,609
Totals	$	15,035	$	20,472	$	(24,608)	$	(200)	$	10,699