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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

______________

FORM 10-Q

(Mark One)


			☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the quarterly period ended June 30, 2020
			OR
			☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
			For the transition period from__________________ to _______________

Commission File Number

Registrant; State of Incorporation; Address and Telephone Number

IRS Employer Identification No.

1-11178

Revlon, Inc.

13-3662955

Delaware

One New York Plaza

New York, New York 10004

212-527-4000

33-59650

Revlon Consumer Products Corporation

13-3662953

Delaware

One New York Plaza

New York, New York 10004

212-527-4000

Securities registered pursuant to Section 12(b) or 12(g) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Revlon, Inc.

Class A Common Stock

REV

New York Stock Exchange

Revlon Consumer Products Corporation

None

N/A

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.


Revlon, Inc.	Yes ☒	No ☐
Revlon Consumer Products Corporation	Yes ☐	No ☒

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ¨

Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller Reporting Company

Emerging Growth Company

Revlon, Inc.

Yes ☐ No ☒

Yes ☒ No ☐

Yes ☐ No ☒

Yes

☒

No ☐

Yes

☐

No ☒

Revlon Consumer Products Corporation

Yes ☐ No ☒

Yes ☒ No ☐

Yes

☒

No ☐

Yes

☐

No ☒

If an emerging growth company, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether each registrant is a shell company (as defined in Rule 12b-2 of the Act).


Revlon, Inc.	Yes	☐	No ☒
Revlon Consumer Products Corporation	Yes	☐	No ☒

Number of shares of common stock outstanding as of June 30, 2020:


Revlon, Inc. Class A Common Stock:			53,326,315
Revlon Consumer Products Corporation Common Stock:			5,260

At such date, (i) 46,223,321 shares of Revlon, Inc. Class A Common Stock were beneficially owned by MacAndrews & Forbes Incorporated and certain of its affiliates; and (ii) all shares of Revlon Consumer Products Corporation ("Products Corporation") Common Stock were held by Revlon, Inc.

Products Corporation meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q as, among other things, all of Products Corporation's equity securities are owned directly by Revlon, Inc., which is a reporting company under the Securities Exchange Act of 1934, as amended, and which filed with the SEC on August 6, 2020 all of the material required to be filed pursuant to Section 13, 14 or 15(d) thereof. Products Corporation is therefore filing this Form 10-Q with a reduced disclosure format applicable to Products Corporation.

REVLON, INC. AND SUBSIDIARIES

INDEX

PART I - Financial Information

Item 1.

Financial Statements of Revlon, Inc. and Subsidiaries

Consolidated Balance Sheets as of June 30, 2020 (Unaudited) and December 31, 2019

Unaudited Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2020 and 2019

Unaudited Consolidated Statement of Stockholders' Deficiency for the Three and Six Months Ended June 30, 2020 and 2019

Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019

Financial Statements of Revlon Consumer Products Corporation and Subsidiaries

Consolidated Balance Sheets as of June 30, 2020 (Unaudited) and December 31, 2019

Unaudited Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2020 and 2019

Unaudited Consolidated Statement of Stockholders' Deficiency for the Three and Six Months Ended June 30, 2020 and 2019

Unaudited Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019

Combined Notes to Unaudited Consolidated Financial Statements

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Item 4.

Controls and Procedures

PART II - Other Information

Item 1.

Item 1A.

Item 5.

Item 6.

Table of Contents

REVLON, INC. AND SUBSIDIARIES

PART I - FINANCIAL INFORMATION

REVLON, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(dollars in millions, except share and per share amounts)


	June 30, 2020		December 31, 2019
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	338.5	$	104.3
Trade receivables, less allowance for doubtful accounts of $12.6 and $11.4 as of June 30, 2020 and December 31, 2019, respectively	288.3		423.4
Inventories	511.2		448.4
Prepaid expenses and other assets	144.9		135.3
Total current assets	1,282.9		1,111.4
Property, plant and equipment, net of accumulated depreciation of $508.8 and $488.1 as of June 30, 2020 and December 31, 2019, respectively	365.5		408.6
Deferred income taxes	229.2		175.1
Goodwill	562.7		673.7
Intangible assets, net of accumulated amortization and impairment of $276.3 and $226.4 as of June 30, 2020 and December 31, 2019, respectively	441.6		490.7
Other assets	117.4		121.1
Total assets	$	2,999.3	$	2,980.6

LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
Current liabilities:
Short-term borrowings	$	2.6	$	2.2
Current portion of long-term debt	648.3		288.0
Accounts payable	224.6		251.8
Accrued expenses and other current liabilities	378.5		414.9

Total current liabilities	1,254.0		956.9
Long-term debt	2,975.8		2,906.2
Long-term pension and other post-retirement plan liabilities	170.6		181.2
Other long-term liabilities	147.4		157.5

Stockholders’ deficiency:
Class A Common Stock, par value $0.01 per share: 900,000,000 shares authorized; 57,696,143 and 56,470,490 shares issued as of June 30, 2020 and December 31, 2019, respectively	0.5		0.5
Additional paid-in capital	1,075.4		1,071.9
Treasury stock, at cost: 1,769,665 and 1,625,580 shares of Class A Common Stock as of June 30, 2020 and December 31, 2019, respectively	(35.2)		(33.5)
Accumulated deficit	(2,353.4)		(2,012.7)
Accumulated other comprehensive loss	(235.8)		(247.4)
Total stockholders’ deficiency	(1,548.5)		(1,221.2)
Total liabilities and stockholders’ deficiency	$	2,999.3	$	2,980.6

See Accompanying Notes to Unaudited Consolidated Financial Statements

Table of Contents

REVLON, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(dollars in millions, except share and per share amounts)


	Three Months Ended June 30,						Six Months Ended June 30,

	2020		2019		2020		2019

Net sales	$	347.6	$	570.2	$	800.6	$	1,123.4
Cost of sales	168.6		243.9		366.4		481.7
Gross profit	179.0		326.3		434.2		641.7
Selling, general and administrative expenses	196.3		332.5		485.7		665.1
Acquisition, integration and divestiture costs	1.2		—		3.3		0.6
Restructuring charges and other, net	20.7		3.2		45.5		8.7
Impairment charges	19.8		—		144.1		—
(Gain) loss on divested assets	(0.2)		—		0.6		—
Operating loss	(58.8)		(9.4)		(245.0)		(32.7)
Other expenses:
Interest expense, net	60.9		47.8		109.3		95.5

Amortization of debt issuance costs	6.0		3.5		10.0		6.7
(Gain) loss on early extinguishment of debt, net	(11.9)		—		(11.9)		—
Foreign currency losses, net	2.3		1.2		18.9		1.4
Miscellaneous, net	20.6		4.6		16.5		5.9
Other expenses	77.9		57.1		142.8		109.5
Loss from continuing operations before income taxes	(136.7)		(66.5)		(387.8)		(142.2)
Benefit from income taxes	(9.9)		(1.2)		(47.1)		(1.1)
Loss from continuing operations, net of taxes	(126.8)		(65.3)		(340.7)		(141.1)
Income from discontinued operations, net of taxes	—		1.6		—		2.3
Net loss	$	(126.8)	$	(63.7)	$	(340.7)	$	(138.8)
Other comprehensive (loss) income:
Foreign currency translation adjustments	10.3		2.6		5.1		1.3
Amortization of pension related costs, net of tax^(a)(b)	4.0		2.7		6.5		4.9





Other comprehensive (loss) income, net	14.3		5.3		11.6		6.2
Total comprehensive loss	$	(112.5)	$	(58.4)	$	(329.1)	$	(132.6)

Basic and Diluted (loss) earnings per common share:
Continuing operations	$	(2.37)	$	(1.23)	$	(6.39)	$	(2.66)
Discontinued operations	—		0.03		—		0.04
Net loss	$	(2.37)	$	(1.20)	$	(6.39)	$	(2.62)






Weighted average number of common shares outstanding:
Basic	53,471,004		53,126,700		53,319,228		53,020,633
Diluted	53,471,004		53,126,700		53,319,228		53,020,633

^(a) Net of a $1.5 million tax benefit and $0.3 million of tax expense for the three months ended June 30, 2020 and 2019, respectively, and net of a $1.2 million tax benefit and $0.6 million of tax expense for the six months ended June 30, 2020 and 2019, respectively.

^(b) This amount is included in the computation of net periodic benefit costs (income). See Note 10, "Pension and Post-Retirement Benefits," for additional information regarding net periodic benefit costs (income).

See Accompanying Notes to Unaudited Consolidated Financial Statements

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REVLON, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ DEFICIENCY

(dollars in millions, except share and per share amounts)


	Common Stock		Additional Paid-In Capital		Treasury Stock		Accumulated Deficit		Accumulated Other Comprehensive (Loss) Income		Total Stockholders’ Deficiency

Balance, January 1, 2020	$	0.5	$	1,071.9	$	(33.5)	$	(2,012.7)	$	(247.4)	$	(1,221.2)
Treasury stock acquired, at cost ^(a)	—		—		(0.4)		—		—		(0.4)
Stock-based compensation amortization	—		2.4		—		—		—		2.4
Net loss	—		—		—		(213.9)		—		(213.9)
Other comprehensive (loss) income, net ^(b)	—		—		—		—		(2.7)		(2.7)
Balance, March 31, 2020	0.5		1,074.3		(33.9)		(2,226.6)		(250.1)		(1,435.8)










Treasury stock acquired, at cost ^(a)	—		—		(1.3)		—		—		(1.3)
Stock-based compensation amortization	—		1.1		—		—		—		1.1
Net loss	—		—		—		(126.8)		—		(126.8)
Other comprehensive (loss) income, net ^(b)	—		—		—		—		14.3		14.3
Balance, June 30, 2020	$	0.5	$	1,075.4	$	(35.2)	$	(2,353.4)	$	(235.8)	$	(1,548.5)


	Common Stock		Additional Paid-In Capital		Treasury Stock		Accumulated Deficit		Accumulated Other Comprehensive (Loss) Income		Total Stockholders’ Deficiency
Balance, January 1, 2019	$	0.5	$	1,063.8	$	(31.9)	$	(1,855.0)	$	(234.2)	$	(1,056.8)
Treasury stock acquired, at cost ^(a)	—		—		(1.6)		—		—		(1.6)
Stock-based compensation amortization	—		0.4		—		—		—		0.4
Net loss	—		—		—		(75.1)		—		(75.1)
Other comprehensive (loss) income, net ^(b)	—		—		—		—		0.9		0.9
Balance, March 31, 2019	0.5		1,064.2		(33.5)		(1,930.1)		(233.3)		(1,132.2)
Treasury stock acquired, at cost ^(a)	—		—		—		—		—		0.0
Stock-based compensation amortization	—		3.4		—		—		—		3.4
Net loss	—		—		—		(63.7)		—		(63.7)
Other comprehensive (loss) income, net ^(b)	—		—		—		—		5.3		5.3
Balance, June 30, 2019	$	0.5	$	1,067.6	$	(33.5)	$	(1,993.8)	$	(228.0)	$	(1,187.2)

^(a) Pursuant to the share withholding provisions of the Fourth Amended and Restated Revlon, Inc. Stock Plan (as amended, the "Stock Plan"), the Company withheld an aggregate of 79,554 and nil shares of Revlon Class A Common Stock during the three months ended June 30, 2020 and 2019, and 94,531 and 85,607 shares of Revlon Class A Common Stock during the six months ended June 30, 2020 and 2019, respectively, to satisfy certain minimum statutory tax withholding requirements related to the vesting of restricted shares and restricted stock units ("RSUs") for certain senior executives and employees. These withheld shares were recorded as treasury stock using the cost method, at a weighted-average price per share of $11.76 and nil during the three months ended June 30, 2020 and 2019, and $13.62 and $18.86 during the six months ended June 30, 2020 and 2019, respectively, based on the closing price of Revlon Class A Common Stock as reported on the New York Stock Exchange (the "NYSE") consolidated tape on each respective vesting date, for a total of $1.2 million and nil during the three months ended June 30, 2020 and 2019, $1.6 million and $1.6 million during the six months ended June 30, 2020 and 2019, See Note 11, "Stock Compensation Plan," for details regarding restricted stock awards and RSUs under the Stock Plan.

^(b) See Note 13, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during the six months ended June 30, 2020 and 2019, respectively.

See Accompanying Notes to Unaudited Consolidated Financial Statements

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REVLON, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in millions)


	Six Months Ended June 30,
	2020		2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(340.7)	$	(138.8)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	73.2		85.7
Foreign currency losses from re-measurement	18.9		1.4
Amortization of debt discount	0.8		0.8
Stock-based compensation amortization	3.5		3.8
Impairment charges	144.1		—
Benefit from deferred income taxes	(56.6)		(12.4)

Amortization of debt issuance costs	10.0		6.7

Loss on divested assets	0.6		—
Pension and other post-retirement cost	2.7		4.1
(Gain) loss on early extinguishment of debt, net	(11.9)		—
Paid-in-kind interest accrued on the 2020 BrandCo Facilities	1.5		—
Change in assets and liabilities:
Decrease in trade receivables	126.3		42.8
Increase in inventories	(70.6)		(36.7)
Increase in prepaid expenses and other current assets	(7.4)		(11.5)
(Decrease) increase in accounts payable	(13.3)		73.3
Decrease in accrued expenses and other current liabilities	(23.5)		(55.4)
Pension and other post-retirement plan contributions	(5.5)		(4.5)
Purchases of permanent displays	(12.7)		(20.1)
Other, net	(3.6)		19.6
Net cash used in operating activities	(164.2)		(41.2)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(2.7)		(12.2)



Net cash used in investing activities	(2.7)		(12.2)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in short-term borrowings and overdraft	(7.0)		(18.8)
Borrowings under the 2020 BrandCo Facilities	880.0		—
Repurchases of the 5.75% Senior Notes	(99.6)		—
Net borrowings under the Amended 2016 Revolving Credit Facility	(22.9)		59.9
Repayment of the 2019 Term Loan Facility	(200.0)		—
Repayments under the 2018 Foreign Asset-Based Term Loan	(31.4)		—
Repayments under the 2016 Term Loan Facility	(6.9)		(9.0)
Payment of financing costs	(101.2)		(1.4)
Tax withholdings related to net share settlements of restricted stock and RSUs	(1.6)		(1.6)

Other financing activities	(1.0)		(0.5)
Net cash provided by financing activities	408.4		28.6
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2.1)		0.5
Net increase (decrease) in cash, cash equivalents and restricted cash	239.4		(24.3)
Cash, cash equivalents and restricted cash at beginning of period ^(a)	104.5		87.5
Cash, cash equivalents and restricted cash at end of period ^(a)	$	343.9	$	63.2
Supplemental schedule of cash flow information:^(b)
Cash paid during the period for:
Interest	$	105.9	$	94.8
Income taxes, net of refunds	8.0		0.6

Supplemental schedule of non-cash investing and financing activities:

Non-cash roll-up of participating lenders from the 2016 Term Loan Facility to the 2020 BrandCo Facilities	$	809.8	$	—
Paid-in-kind debt issuance costs capitalized to the 2020 BrandCo Facilities	29.1		—

^(a) These amounts include restricted cash of $5.4 million and $0.2 million as of June 30, 2020 and 2019, respectively. The balance as of June 30, 2020 represents: (i) cash on deposit in lieu of a mandatory prepayment under the 2018 Foreign Asset-Based Term Facility; and (ii) cash on deposit to support outstanding undrawn letters of credit. The balance as of June 30, 2019 represents: (i) cash on deposit in lieu of a mandatory prepayment under the 2018 Foreign Asset-Based Term Facility; and (ii) cash on deposit to support outstanding undrawn letters of credit. These balances were included within prepaid

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expenses and other current assets and other assets in the Company's Unaudited Consolidated Balance Sheets as of June 30, 2020 and June 30, 2019, respectively.

^(b) See Note 4, "Leases," for supplemental disclosure of non-cash financing and investing activities in relation to the lease liabilities arising from obtaining right-of-use assets following the implementation of the Financial Accounting Standards Board ("FASB"), Accounting Standard Codification ("ASC") Topic 842, Leases.

See Accompanying Notes to Unaudited Consolidated Financial Statements

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(dollars in millions, except share and per share amounts)


	June 30, 2020		December 31, 2019
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	338.5	$	104.3
Trade receivables, less allowance for doubtful accounts of $12.6 and $11.4 as of June 30, 2020 and December 31, 2019, respectively	288.3		423.4
Inventories	511.2		448.4
Prepaid expenses and other assets	141.0		131.4
Receivable from Revlon, Inc.	166.8		161.2
Total current assets	1,445.8		1,268.7
Property, plant and equipment, net of accumulated depreciation of $508.8 and $488.1 as of June 30, 2020 and December 31, 2019, respectively	365.5		408.6
Deferred income taxes	211.1		158.1
Goodwill	562.7		673.7
Intangible assets, net of accumulated amortization and impairment of $276.3 and $226.4 as of June 30, 2020 and December 31, 2019, respectively	441.6		490.7
Other assets	117.4		121.1
Total assets	$	3,144.1	$	3,120.9

LIABILITIES AND STOCKHOLDER'S DEFICIENCY
Current liabilities:
Short-term borrowings	$	2.6	$	2.2
Current portion of long-term debt	648.3		288.0
Accounts payable	224.6		251.8
Accrued expenses and other current liabilities	381.6		418.2

Total current liabilities	1,257.1		960.2
Long-term debt	2,975.8		2,906.2
Long-term pension and other post-retirement plan liabilities	170.6		181.2
Other long-term liabilities	152.3		162.7

Stockholder's deficiency:
Products Corporation Preferred stock, par value $1.00 per share; 1,000 shares authorized; 546 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	54.6		54.6
Products Corporation Common Stock, par value $1.00 per share; 10,000 shares authorized; 5,260 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	—		—
Additional paid-in capital	1,000.0		996.5
Accumulated deficit	(2,230.5)		(1,893.1)
Accumulated other comprehensive loss	(235.8)		(247.4)
Total stockholder's deficiency	(1,411.7)		(1,089.4)
Total liabilities and stockholder's deficiency	$	3,144.1	$	3,120.9

See Accompanying Notes to Unaudited Consolidated Financial Statements

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(dollars in millions)


	Three Months Ended June 30,						Six Months Ended June 30,

	2020		2019		2020		2019

Net sales	$	347.6	$	570.2	$	800.6	$	1,123.4
Cost of sales	168.6		243.9		366.4		481.7
Gross profit	179.0		326.3		434.2		641.7
Selling, general and administrative expenses	194.4		331.0		481.8		661.8
Acquisition, integration and divestiture costs	1.2		—		3.3		0.6
Restructuring charges and other, net	20.7		3.2		45.5		8.7
Impairment charges	19.8		—		144.1		—
(Gain) loss on divested assets	(0.2)		—		0.6		—
Operating income (loss)	(56.9)		(7.9)		(241.1)		(29.4)
Other expenses:
Interest expense, net	60.9		47.8		109.3		95.5

Amortization of debt issuance costs	6.0		3.5		10.0		6.7
(Gain) loss on early extinguishment of debt, net	(11.9)		—		(11.9)		—
Foreign currency losses, net	2.3		1.2		18.9		1.4
Miscellaneous, net	20.6		4.6		16.5		5.9
Other expenses	77.9		57.1		142.8		109.5
Loss from continuing operations before income taxes	(134.8)		(65.0)		(383.9)		(138.9)
Benefit from income taxes	(9.6)		(0.9)		(46.5)		(0.6)
Loss from continuing operations, net of taxes	(125.2)		(64.1)		(337.4)		(138.3)
Income (loss) from discontinued operations, net of taxes	—		1.6		—		2.3
Net loss	$	(125.2)	$	(62.5)	$	(337.4)	$	(136.0)
Other comprehensive (loss) income:
Foreign currency translation adjustments	10.3		2.6		5.1		1.3
Amortization of pension related costs, net of tax^(a)(b)	4.0		2.7		6.5		4.9





Other comprehensive (loss) income, net	14.3		5.3		11.6		6.2
Total comprehensive loss	$	(110.9)	$	(57.2)	$	(325.8)	$	(129.8)

^(b)This amount is included in the computation of net periodic benefit costs (income). See Note 10, "Pension and Post-Retirement Benefits," for additional information regarding net periodic benefit costs (income).

See Accompanying Notes to Unaudited Consolidated Financial Statements

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENT OF STOCKHOLDER'S DEFICIENCY

(dollars in millions)


	Preferred Stock		Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive (Loss) Income		Total Stockholder's Deficiency

Balance, January 1, 2020	$	54.6	$	996.5	$	(1,893.1)	$	(247.4)	$	(1,089.4)
Stock-based compensation amortization	—		2.4		—		—		2.4
Net loss	—		—		(212.2)		—		(212.2)
Other comprehensive (loss) income, net ^(a)	—		—		—		(2.7)		(2.7)
Balance, March 31, 2020	54.6		998.9		(2,105.3)		(250.1)		(1,301.9)








Stock-based compensation amortization	—		1.1		—		—		1.1
Net loss	—		—		(125.2)		—		(125.2)
Other comprehensive (loss) income, net ^(a)	—		—		—		14.3		14.3
Balance, June 30, 2020	$	54.6	$	1,000.0	$	(2,230.5)	$	(235.8)	$	(1,411.7)


	Preferred Stock		Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive (Loss) Income		Total Stockholder's Deficiency

Balance, January 1, 2019	$	54.6	$	988.4	$	(1,741.9)	$	(234.2)	$	(933.1)
Stock-based compensation amortization	—		0.4		—		—		0.4
Net loss	—		—		(73.5)		—		(73.5)
Other comprehensive (loss) income, net ^(a)	—		—		—		0.9		0.9
Balance, March 31, 2019	54.6		988.8		(1,815.4)		(233.3)		(1,005.3)
Stock-based compensation amortization	—		3.4		—		—		3.4
Net loss	—		—		(62.5)		—		(62.5)
Other comprehensive (loss) income, net ^(a)	—		—		—		5.3		5.3
Balance, June 30, 2019	$	54.6	$	992.2	$	(1,877.9)	$	(228.0)	$	(1,059.1)

^(a)See Note 13, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during the three months ended June 30, 2020 and 2019, respectively.

See Accompanying Notes to Unaudited Consolidated Financial Statements

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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars in millions)


	Six Months Ended June 30,
	2020		2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(337.4)	$	(136.0)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	73.2		85.7
Foreign currency losses from re-measurement	18.9		1.4
Amortization of debt discount	0.8		0.8
Stock-based compensation amortization	3.5		3.8
Impairment charges	144.1		—
Benefit from deferred income taxes	(55.7)		(11.6)

Amortization of debt issuance costs	10.0		6.7

Loss on divested assets	0.6		—
Pension and other post-retirement cost	2.7		4.1
(Gain) loss on early extinguishment of debt, net	(11.9)		—
Paid-in-kind interest accrued on the 2020 BrandCo Facilities	1.5		—
Change in assets and liabilities:
Decrease in trade receivables	126.3		42.8
Increase in inventories	(70.6)		(36.7)
Increase in prepaid expenses and other current assets	(13.0)		(16.4)
(Decrease) increase in accounts payable	(13.3)		73.3
Decrease in accrued expenses and other current liabilities	(22.1)		(54.1)
Pension and other post-retirement plan contributions	(5.5)		(4.5)
Purchases of permanent displays	(12.7)		(20.1)
Other, net	(3.6)		19.6
Net cash used in operating activities	(164.2)		(41.2)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(2.7)		(12.2)



Net cash used in investing activities	(2.7)		(12.2)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in short-term borrowings and overdraft	(7.0)		(18.8)
Borrowings under the 2020 BrandCo Facilities	880.0		—
Repurchases of the 5.75% Senior Notes	(99.6)		—
Net borrowings under the Amended 2016 Revolving Credit Facility	(22.9)		59.9
Repayment of the 2019 Term Loan Facility	(200.0)		—
Repayments under the 2018 Foreign Asset-Based Term Loan	(31.4)		—
Repayments under the 2016 Term Loan Facility	(6.9)		(9.0)
Payment of financing costs	(101.2)		(1.4)
Tax withholdings related to net share settlements of restricted stock and RSUs	(1.6)		(1.6)

Other financing activities	(1.0)		(0.5)
Net cash provided by financing activities	408.4		28.6
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2.1)		0.5
Net increase (decrease) in cash, cash equivalents and restricted cash	239.4		(24.3)
Cash, cash equivalents and restricted cash at beginning of period^(a)	104.5		87.5
Cash, cash equivalents and restricted cash at end of period ^(a)	$	343.9	$	63.2
Supplemental schedule of cash flow information:^(b)
Cash paid during the period for:
Interest	$	105.9	$	94.8
Income taxes, net of refunds	8.0		0.6

Supplemental schedule of non-cash investing and financing activities:

Non-cash roll-up of participating lenders from the 2016 Term Loan Facility to the 2020 BrandCo Facilities	$	809.8	$	—
Paid-in-kind debt issuance costs capitalized to the 2020 BrandCo Facilities	29.1		—

^(a) These amounts include restricted cash of $5.4 million and $0.2 million as of June 30, 2020 and 2019, respectively, The balance as of June 30, 2020 represents: (i) cash on deposit in lieu of a mandatory prepayment under the 2018 Foreign Asset-Based Term Facility; and (ii) cash on deposit to support

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outstanding undrawn letters of credit. The balance as of June 30, 2019 represents: (i) cash on deposit in lieu of a mandatory prepayment under the 2018 Foreign Asset-Based Term Facility; and (ii) cash on deposit to support outstanding undrawn letters of credit. These balances were included within prepaid expenses and other current assets and other assets in the Company's Unaudited Consolidated Balance Sheets as of June 30, 2020 and June 30, 2019, respectively.

See Accompanying Notes to Unaudited Consolidated Financial Statements

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COMBINED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)

1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revlon, Inc. ("Revlon" and together with its subsidiaries, the "Company") conducts its business exclusively through its direct wholly-owned operating subsidiary, Revlon Consumer Products Corporation ("Products Corporation") and its subsidiaries. Revlon is an indirect majority-owned subsidiary of MacAndrews & Forbes Incorporated (together with certain of its affiliates other than the Company, "MacAndrews & Forbes"), a corporation beneficially owned by Ronald O. Perelman. Mr. Perelman is Chairman of Revlon's and Products Corporation's Board of Directors.

The Company is a leading global beauty company with an iconic portfolio of brands that develops, manufactures, markets, distributes and sells an extensive array of color cosmetics; hair color, hair care and hair treatments; fragrances; skin care; beauty tools; men’s grooming products; anti-perspirant deodorants; and other beauty care products across a variety of distribution channels.

The Company operates in four brand-centric reporting units that are aligned with its organizational structure based on four global brand teams: Revlon; Elizabeth Arden; Portfolio; and Fragrances, which represent the Company's four reporting segments. For further information, refer to Note 14, "Segment Data and Related Information."

The accompanying Consolidated Financial Statements are unaudited. In management's opinion, all adjustments necessary for a fair presentation of the Company's financial information have been made. The Unaudited Consolidated Financial Statements include the Company's accounts after the elimination of all material intercompany balances and transactions.

Certain prior year amounts have been reclassified to conform to the current year presentation.

The preparation of the Company's Unaudited Consolidated Financial Statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the Unaudited Consolidated Financial Statements in the period they are determined to be necessary. Significant estimates made in the accompanying Unaudited Consolidated Financial Statements include, but are not limited to: expected sales returns; certain assumptions related to the valuation of acquired intangible and long-lived assets and the recoverability of goodwill, intangible and long-lived assets; income taxes, including deferred tax valuation allowances and reserves for estimated tax liabilities; and certain estimates and assumptions used in the calculation of the net periodic benefit (income) costs and the projected benefit obligations for the Company’s pension and other post-retirement plans, including the expected long-term return on pension plan assets and the discount rate used to value the Company’s pension benefit obligations. The Unaudited Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and related notes contained in Revlon's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the "2019 Form 10-K").

The Company's results of operations and financial position for interim periods are not necessarily indicative of those to be expected for the full year.

Recently Evaluated and/or Adopted Accounting Pronouncements

In August 2018, the FASB issued Accounting Standard Update ("ASU") No. 2018-15, "Internal Use Software (Subtopic 350-40) - Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract," which requires a customer in a cloud computing hosting arrangement that is a service contract to follow the existing guidance in ASC 350-40 on internal-use software to determine which implementation costs are to be deferred and recognized as an asset and which costs are to be expensed as incurred. This guidance is effective for annual periods beginning after December 15, 2019, with early adoption permitted, and may be applied either retrospectively or prospectively to all software implementation costs incurred after adoption. The Company adopted ASU No. 2018-15 prospectively, beginning as of January 1, 2020. The Company completed its assessment and determined that this new guidance does not have a material impact on the Company’s results of operations, financial condition and/or financial statement disclosures.

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COMBINED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)

Recently Issued Accounting Pronouncements

In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The new guidance under ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is in the process of assessing the impact, if any, that ASU No. 2020-04 is expected to have on the Company’s results of operations, financial condition and/or financial statement disclosures.

In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes," which removes certain exceptions for recognizing deferred taxes for investments, performing intra-period allocations and calculating income taxes in interim periods. This ASU also adds guidance to reduce complexity in certain areas, including recognizing deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. This guidance is effective for annual periods beginning after December 15, 2020, with early adoption permitted, including adoption in any interim period. An entity that elects to early adopt the amendments in an interim period should reflect any adjustments as of the beginning of the annual period that includes that interim period. Additionally, an entity that elects early adoption must adopt all the amendments in the same period. The amendments in this ASU that are related to separate financial statements of legal entities that are not subject to tax should be applied on a retrospective basis for all periods presented. The amendments in this ASU that are related to changes in ownership of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The amendments in this ASU that are related to franchise taxes that are partially based on income should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other amendments under this ASU should be applied on a prospective basis. After reviewing this ASU, the Company decided that it will adopt this guidance beginning as of January 1, 2021. The Company is in the process of assessing the impact, if any, that this ASU is expected to have on the Company’s results of operations, financial condition and/or financial statement disclosures.

In August 2018, the FASB issued ASU No. 2018-14, "Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans.” This new guidance removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and requires certain additional disclosures. This guidance is effective for annual periods beginning after December 15, 2020, with early adoption permitted. The Company will adopt this guidance (on a retrospective basis for certain new additional disclosures), beginning as of January 1, 2021. This new pronouncement only affects disclosure items and it is not expected to have a material impact on the Company’s results of operations, financial condition and/or financial statement disclosures.

In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," which was subsequently amended in November 2018 through ASU No. 2018-19, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses." ASU No. 2016-13 will require entities to estimate lifetime expected credit losses for trade and other receivables, net investments in leases, financing receivables, debt securities and other instruments, which will result in earlier recognition of credit losses. Further, the new credit loss model will affect how entities in all industries estimate their allowance for losses for receivables that are current with respect to their payment terms. ASU No. 2018-19 further clarifies that receivables arising from operating leases are not within the scope of Topic 326. Instead, impairment from receivables of operating leases should be accounted for in accordance with Topic 842, Leases. In November 2019, the FASB issued ASU No. 2019-10, which, among other things, deferred the application of the new guidance on credit losses for smaller reporting companies ("SRC") to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. This guidance will be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., a modified-retrospective approach). Under the above-mentioned deferral, the Company expects to adopt ASU No. 2016-03, and the related ASU No. 2018-19 amendments, beginning as of January 1, 2023 and is in the process of assessing the impact, if any, that this new guidance is expected to have on the Company’s results of operations, financial condition and/or financial statement disclosures.

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(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)

2. RESTRUCTURING CHARGES

Revlon 2020 Restructuring Program

Building upon its previously-announced 2018 Optimization Program, in March 2020 the Company announced that it is implementing a worldwide organizational restructuring (the “Revlon 2020 Restructuring Program”) designed to reduce the Company’s selling, general and administrative expenses, as well as cost of goods sold, improve the Company’s gross profit and Adjusted EBITDA and maximize productivity, cash flow and liquidity. The Revlon 2020 Restructuring Program includes rightsizing the organization and operating with more efficient workflows and processes. The leaner organizational structure is also expected to improve communication flow and cross-functional collaboration, leveraging the more efficient business processes.

As a result of the Revlon 2020 Restructuring Program, the Company expects to eliminate approximately 1,000 positions worldwide, including approximately 650 current employees and approximately 350 open positions of which approximately 700 were eliminated by June 30, 2020. In March 2020, the Company began informing certain employees that were affected by the Revlon 2020 Restructuring Program. 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 currently expects to substantially complete the employee-related actions by the end of 2020 and the other consolidation and outsourcing actions during 2021 and 2022.

In connection with implementing the Revlon 2020 Restructuring Program, the Company expects to recognize during 2020 approximately $60 million to $70 million of total pre-tax restructuring and related charges (the “2020 Restructuring Charges”), consisting primarily of employee-related costs, such as severance, retention and other contractual termination benefits. In addition, the Company expects restructuring charges in the range of $75 million to $85 million to be charged and paid during 2021 and 2022. The Company expects that substantially all of these restructuring charges will be paid in cash, with approximately $55 million to $65 million of the total charges expected to be paid in 2020, approximately $40 million to $45 million expected to be paid in 2021, with the balance expected to be paid in 2022.

A summary of the 2020 Restructuring Charges incurred since its inception in March 2020 and through June 30, 2020 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

Cumulative charges incurred through June 30, 2020	$	46.3	$	0.3	$	46.6	$	9.8	$	0.7	$	57.1

^(a) Lease-related charges are recorded within SG&A in the Company’s Unaudited Consolidated Statement of Operations and Comprehensive Loss. These lease-related charges include: (i) $3.5 million for accelerated recognition of rent expense related to certain abandoned leases; (ii) $3.0 million for the disposal of leasehold improvements and other equipment in connection with certain leases; (iii) $2.4 million of rent expense related to the Revlon 2020 Restructuring Program; and (iv) $0.9 million of disposal of leasehold improvements and other equipment in connection with the abandoned leases identified in clause (i) of this footnote (a).

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

A summary of the 2020 Restructuring Charges incurred since its inception in March 2020 and through June 30, 2020 by reportable segment is presented in the following table:



	Cumulative charges incurred through June 30, 2020
Revlon	$	18.0
Elizabeth Arden	10.3
Portfolio	11.1
Fragrances	7.2
Total	$	46.6

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COMBINED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)

2018 Optimization Restructuring Program

In November 2018, the Company announced that it was implementing the 2018 Optimization Restructuring Program (the "2018 Optimization Program") designed to streamline the Company’s operations, reporting structures and business processes, with the objective of maximizing productivity and improving profitability, cash flows and liquidity. The 2018 Optimization Program was substantially completed by December 31, 2019.

As of June 30, 2020, restructuring and related charges under the 2018 Optimization Program expected to be paid in cash are approximately $32 million of the total $39.5 million of recorded charges, of which $29.8 million were already paid through June 30, 2020, with any residual balance expected to be paid during the remainder of 2020.

A summary of the 2018 Optimization Restructuring Charges incurred since its inception in November 2018 and through June 30, 2020 is presented in the following table:



	Restructuring Charges and Other, Net
	Employee Severance and Other Personnel Benefits^(a)		Other Costs		Total Restructuring Charges		Inventory Adjustments^(b)		Other Related Charges^(c)		Total Restructuring and Related Charges
Charges incurred through December 31, 2019	$	20.3	$	0.3	$	20.6	$	4.9	$	14.0	$	39.5
Charges incurred during the six months ended June 30, 2020	(0.7)		—		(0.7)		—		0.7		—
Cumulative charges incurred through June 30, 2020	$	19.6	$	0.3	$	19.9	$	4.9	$	14.7	$	39.5

^(a) Includes reversal due to true-up of previously-accrued restructuring charges.

^(b) Inventory adjustments are recorded within cost of sales in the Company’s Unaudited Consolidated Statement of Operations and Comprehensive Loss.

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

A summary of the 2018 Optimization Restructuring Charges incurred since its inception in November 2018 and through June 30, 2020 by reportable segment is presented in the following table:



	Charges incurred during the six months ended June 30, 2020		Cumulative charges incurred through June 30, 2020
Revlon	$	(0.4)	$	8.4
Elizabeth Arden	(0.1)		4.2
Portfolio	(0.1)		3.9
Fragrances	(0.1)		3.4
Total	$	(0.7)	$	19.9

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COMBINED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)

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, 2020			Expense, Net			Foreign Currency Translation			Cash			Non-cash			Liability Balance at June 30, 2020
Revlon 2020 Restructuring Program:
Employee severance and other personnel benefits	$	—		$	46.3		$	—		$	(9.0)		$	—		$	37.3
Other	—			0.3			—			(0.3)			—			—
Total Revlon 2020 Restructuring Program	—			46.6			—			(9.3)			—			37.3

2018 Optimization Program:
Employee severance and other personnel benefits	5.7			(0.7)			—			(3.2)			—			1.8











Other immaterial actions:^(a)
Employee severance and other personnel benefits	4.3			(0.4)			—			(0.4)			—			3.5


Total restructuring reserve	$	10.0		$	45.5		$	—		$	(12.9)		$	—		$	42.6

^(a) The balance of other immaterial restructuring initiatives primarily consists of balances outstanding under the EA Integration Restructuring Program implemented by the Company in December 2016, which was completed by December 2018. The reversal of charges and payments made during the six months ended June 30, 2020 primarily related to other individually and collectively immaterial restructuring initiatives.

As of June 30, 2020 and 2019, all of the restructuring reserve balances were included within accrued expenses and other current liabilities in the Company's Consolidated Balance Sheets.

3. INVENTORIES

As of June 30, 2020 and December 31, 2019, the Company's inventory balances consisted of the following:


	June 30,		December 31,
	2020		2019
Finished goods	$	384.9	$	326.5
Raw materials and supplies	109.8		110.4
Work-in-process	16.5		11.5
	$	511.2	$	448.4

4. LEASES AND PROPERTY, PLANT AND EQUIPMENT

The Company leases facilities for executive offices, warehousing, research and development and sales operations and leases various types of equipment under operating and finance lease agreements. The majority of the Company’s real estate leases, in terms of total undiscounted payments, are located in the U.S.

At the effective date of January 1, 2019, the Company adopted ASU No. 2016-02 using a modified retrospective approach applying the standard’s transition provisions provided by such ASU. Refer to Note 1, "Description of Business and Summary of Significant Accounting Policies," in the 2019 Form 10-K for additional information regarding the Company's adoption of ASU No. 2016-02.

During the first and second quarter of 2020, as a result of COVID-19’s impact on the Company’s operations, the Company considered whether indicators of impairment existed for its Property, Plant and Equipment ("PP&E"), including its Right-of-Use ("ROU") assets consisting of the Company's leases as described above. In accordance with ASC Topic 360, "Property, Plant and Equipment," for purposes of recognition and measurement of an impairment loss, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. An impairment loss is recognized only if the carrying amount of a long-lived asset and/or asset group is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset and/or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset

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(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)

and/or asset group and the impairment loss is measured as the amount by which the carrying amount of a long-lived asset and/or asset group exceeds its fair value. In performing such review, the Company considers several indicators of impairment, including, among other factors, the following: (i) whether there exists any significant adverse change in the extent or manner in which a long-lived asset and/or asset group is being used; (ii) whether there exists any projection or forecast demonstrating losses associated with the use of a long-lived asset and/or asset group; and (iii) whether there exists a current expectation that, more likely than not, a long-lived asset and/or asset group will be sold or otherwise disposed of significantly before the end of its previously-estimated useful life. Following these interim assessments, the Company concluded that the carrying amounts of its PP&E, including its lease ROU assets, were not impaired during the six months ended June 30, 2020.

The following table includes disclosure related to the ASC 842 lease standard for the periods presented, after application of the applicable practical expedients and short-term lease considerations:


	Six Months Ended
	June 30, 2020			June 30, 2019
Lease Cost:
Finance Lease Cost:
Amortization of ROU assets	$	0.2		$	0.1
Interest on lease liabilities	0.1			0.0
Operating Lease Cost	21.8			21.3
Total Lease Cost	$	22.1		$	21.4

Other Information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	0.1			0.0
Operating cash flows from operating leases	19.2			21.0
Financing cash flows from finance leases	0.1			0.4

	June 30, 2020			December 31, 2019
ROU assets for finance leases	0.8			1.0
ROU assets for operating leases	88.4			91.4
Accumulated amortization on ROU assets for finance leases	0.5			0.3
Accumulated amortization on ROU assets for operating leases	29.7			23.2

Weighted-average remaining lease term - finance leases	2.4 years			2.8 years
Weighted-average remaining lease term - operating leases	5.8 years			6.2 years

Weighted-average discount rate - finance leases	15.0		%	15.6		%
Weighted-average discount rate - operating leases	15.7		%	15.8		%

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COMBINED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)

Maturities of lease liabilities as of June 30, 2020 were as follows:


	Operating Leases		Finance Leases
July 2020 through December 2020	$	18.0	$	0.3
2021	33.6		0.5
2022	26.4		0.3
2023	21.9		0.0
2024	16.5		—
Thereafter	47.8		—
Total undiscounted cash flows	$	164.2	$	1.1

Present value:
Short-term lease liability	$	19.3	$	0.4
Long-term lease liability	85.5		0.4
Total lease liability	$	104.8	$	0.8
Difference between undiscounted cash flows and discounted cash flows	$	59.4	$	0.3

5. GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

In accordance with ASC Topic 350, “Intangibles – Goodwill and Other,” the Company performs its annual impairment test during the fourth quarter of each year. The Company also reviews goodwill for impairment whenever events or changes in circumstances indicate that the carrying value of its goodwill may not be recoverable. After the close of each interim quarter, management assesses whether there exists any indicators of impairment requiring the Company to perform an interim goodwill impairment analysis.

During the first quarter of 2020, as a result of COVID-19’s impact on the Company’s operations, the Company determined that indicators of potential impairment existed requiring the Company to perform an interim goodwill impairment analysis. These indicators included a deterioration in the general economic conditions, adverse developments in equity and credit markets, deterioration in some of the economic channels in which the Company's operates (especially in the mass retail channel), the recent trading values of the Company's capital stock and the corresponding decline in the Company’s market capitalization and the revision of the Company's internal forecasts as a result of COVID-19.

As a result, for the first quarter of 2020 the Company examined and performed quantitative interim goodwill impairment assessments for all its reporting units, namely: (i) Revlon; (ii) Elizabeth Arden Skin and Color; (iii) Elizabeth Arden Fragrances; (iv) Fragrances; (v) Mass Portfolio; and (vi) Professional Portfolio. In performing these assessments the Company used the simplified approach allowed under ASU No. 2017-04, "Simplifying the Test for Goodwill Impairment."

Based upon such assessments, the Company determined that it was more likely than not that the fair values of each of its Revlon, Elizabeth Arden Skin and Color and Fragrances reporting units exceeded their respective carrying amounts for the first quarter of 2020. As of March 31, 2020, prior to the recording of any impairment charges, the Revlon, Elizabeth Arden Skin and Color and Fragrances reporting units had goodwill balances of $264.7 million, $67.4 million and $120.8 million, respectively.

Additionally, based on its first quarter of 2020 quantitative interim assessment, the Company determined that indicators of impairment existed for the (i) Elizabeth Arden Fragrances; (ii) Mass Portfolio; and (iii) Professional Portfolio reporting units. Following the results of such assessments, the Company recorded non-cash impairment charges in the amount by which the carrying value of each reporting unit exceeded its respective fair value, limited to the amount of each reporting unit's goodwill. For the three months ended March 31, 2020, the Company recognized a total of $99.8 million of non-cash goodwill impairment charges consisting of: $54.3 million and $19.6 million for the Mass Portfolio and Professional Portfolio reporting units, respectively, within the Company's Portfolio segment and $25.9 million for the Elizabeth Arden Fragrances reporting unit within the Company's Elizabeth Arden segment. These impairment charges were included as a separate component of operating income within the "Impairment charges" caption on the face of the Company's Unaudited Consolidated Statement of Operations

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(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)

and Comprehensive Loss for the six months ended June 30, 2020. Following the recognition of these non-cash goodwill impairment charges, as of March 31, 2020, the Elizabeth Arden Fragrances, Mass Portfolio and Professional Portfolio reporting units had approximately $23.5 million, nil and $97.2 million, respectively, in remaining goodwill.

Primarily as a result of COVID-19 still affecting multiple countries around the world, the Company considered whether newer and/or additional indicators of impairment existed during the second quarter of 2020 that would warrant another interim assessment of goodwill for impairment purposes. The Company concluded that additional indicators of impairment existed as of June 30, 2020, primarily in connection with further revisions to the Company's expected future cash flows as a result of COVID-19.

Based upon such assessments for its second quarter of 2020, the Company determined that it was more likely than not that the fair values of each of its Revlon, Elizabeth Arden Skin and Color and Fragrances reporting units exceeded their respective carrying amounts for the second quarter of 2020. As of June 30, 2020, prior to the recording of any impairment charges, the Revlon, Elizabeth Arden Skin and Color and Fragrances reporting units had goodwill balances of $264.9 million, $67.4 million and $120.8 million, respectively.

Additionally, based on its second quarter of 2020 quantitative interim assessment, the Company determined that indicators of impairment existed for the (i) Elizabeth Arden Fragrances; and (ii) Professional Portfolio reporting units. Following the results of such assessments, the Company recorded non-cash impairment charges in the amount by which the carrying value of each reporting unit exceeded its respective fair value, limited to the amount of each reporting unit's goodwill. For the three months ended June 30, 2020, the Company recognized a total of $11.2 million of non-cash goodwill impairment charges consisting of: $9.6 million for the Professional Portfolio reporting unit within the Company's Portfolio segment and $1.6 million for the Elizabeth Arden Fragrances reporting unit within the Company's Elizabeth Arden segment. These impairment charges were included as a separate component of operating income within the "Impairment charges" caption on the face of the Company's Unaudited Consolidated Statement of Operations and Comprehensive Loss for the three and six months ended June 30, 2020. Following the recognition of these non-cash goodwill impairment charges, as of June 30, 2020, the Elizabeth Arden Fragrances and Professional Portfolio reporting units had approximately $22.0 million and $87.6 million, respectively, in remaining goodwill.

The above-mentioned fair values for the two quarterly interim assessments were primarily determined using a weighted average market and income approach. The income approach requires several assumptions including those regarding future sales growth, EBITDA (earnings before interest, taxes, depreciation and amortization) margins, and capital expenditures, which are the basis for the information used in the discounted cash flow model. The weighted-average cost of capital used in the income approach for the two quarterly interim assessments ranged from 10.5% to 12.0%, with a perpetual growth rate of 2%. For the market approach, the Company considered the market comparable method based upon total enterprise value multiples of other comparable publicly-traded companies.

The key assumptions used to determine the estimated fair value of the reporting units for the two quarterly interim assessments included the expected success of the Company's future new product launches, the Company's achievement of its expansion plans, the Company's realization of its cost reduction initiatives and other efficiency efforts, as well as certain assumptions regarding COVID-19's expected impact on the Company. If such plans and assumptions do not materialize as anticipated, or if there are further challenges in the business environment in which the Company's reporting units operate, a resulting change in actual results from the Company's key assumptions could have a negative impact on the estimated fair values of the reporting units, which could require the Company to recognize additional impairment charges in future reporting periods.

The inputs and assumptions utilized in the two quarterly interim impairment analyses are classified as Level 3 inputs in the fair value hierarchy as defined in ASC Topic 820, “Fair Value Measurements.”

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COMBINED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)

The following table presents the changes in goodwill by segment for the six months ended June 30, 2020:



	Revlon		Portfolio		Elizabeth Arden		Fragrances		Total




Balance at January 1, 2020	$	264.9	$	171.1	$	116.9	$	120.8	$	673.7
Foreign currency translation adjustment	—		—		—		—		—

Goodwill impairment charge	—		(83.5)		(27.5)		—		(111.0)
Balance at June 30, 2020	$	264.9	$	87.6	$	89.4	$	120.8	$	562.7

Cumulative goodwill impairment charges^(a)									$	(166.2)

^(a)Amount refers to cumulative goodwill impairment charges related to impairments recognized in 2015, 2017, 2018 and 2020; $11.2 million and $111.0 million of such impairment charges were recognized during the three and six months ended June 30, 2020, respectively.

In connection with recognizing these goodwill impairment charges for the three and six months ended June 30, 2020, the Company recognized a tax benefit of approximately nil and $8.3 million, respectively, during such periods.

Intangible Assets, Net

In accordance with ASC Topic 360, and in conjunction with the Company's performance of its interim impairment testing of goodwill for the first and second quarters of 2020, the Company reviewed its finite-lived intangible assets for impairment. In performing such review, the Company makes judgments about the recoverability of its purchased finite-lived intangible assets whenever events or changes in circumstances indicate that an impairment to its finite-lived intangible assets may exist. The Company also considers several indicators of impairment, including, among other factors, the following: (i) whether there exists any significant adverse change in the extent or manner in which a long-lived asset and/or asset group is being used; (ii) whether there exists any projection or forecast demonstrating losses associated with the use of a long-lived asset and/or asset group; and (iii) whether there exists a current expectation that, more likely than not, a long-lived asset and/or asset group will be sold or otherwise disposed of significantly before the end of its previously-estimated useful life. The carrying amount of a finite-lived intangible asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the finite-lived intangible asset and/or asset group and the impairment loss is measured as the amount by which the carrying amount of the finite-lived intangible asset exceeds its fair value.

In connection with the interim impairment assessment for the first and second quarters of 2020, the Company also reviewed indefinite-lived intangible assets, consisting of certain trade names, using March 31, 2020 and June 30, 2020 carrying values, respectively, similar to goodwill, in accordance with ASC Topic 350.

As a result of COVID-19’s impact on the Company’s operations and on the expected future cash flows of certain asset groups, in connection with the Company's first quarter of 2020 interim assessment of finite-lived and indefinite-lived intangible assets, as of March 31, 2020 the Company recognized $24.5 million of total non-cash impairment charges related to certain indefinite-lived intangible assets within the Company's Mass Portfolio, Elizabeth Arden Fragrances and Elizabeth Arden Skin and Color reporting units.

As a result of COVID-19’s continued and additional impact on the Company’s operations and on the expected future cash flows of certain asset groups, in connection with the Company's interim assessment of indefinite-lived intangible assets for the second quarter of 2020, as of June 30, 2020 the Company recognized $8.6 million of total non-cash impairment charges related to certain indefinite-lived intangible assets within the Company's Elizabeth Arden Fragrances and Elizabeth Arden Skin and Color reporting units.

The fair values of the Company's intangible assets for the two quarterly interim assessments were determined based on the undiscounted cash flows method for its finite-lived intangibles and based on the relief from royalty method for its indefinite-lived intangibles, respectively. The inputs and assumptions utilized in the impairment analyses are classified as Level 3 inputs in the fair value hierarchy as defined in ASC Topic 820, “Fair Value Measurements.” These impairment charges were included as a separate component of operating income within the "Impairment charges" caption on the face of the Company's Unaudited Consolidated Statement of Operations and Comprehensive Loss for the three and six months ended June 30, 2020. A summary of such impairment charges by segments is included in the following table:

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COMBINED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)


	Three Months Ended
	June 30, 2020
	Revlon		Portfolio		Elizabeth Arden		Fragrances		Total

Indefinite-lived intangible assets	$	0.0	$	0.0	$	(8.6)	$	0.0	$	(8.6)
Total Intangibles Impairment	$	0.0	$	0.0	$	(8.6)	$	0.0	$	(8.6)


	Six Months Ended
	June 30, 2020
	Revlon		Portfolio		Elizabeth Arden		Fragrances		Total

Indefinite-lived intangible assets	$	—	$	(2.5)	$	(30.6)	$	—	$	(33.1)
Total Intangibles Impairment	$	—	$	(2.5)	$	(30.6)	$	—	$	(33.1)

In connection with recognizing these intangible assets impairment charges for the three and six months ended June 30, 2020, the Company recognized a tax benefit of approximately $1.8 million and $6.9 million, respectively, during such periods.

The following tables present details of the Company's total intangible assets as of June 30, 2020 and December 31, 2019:


	June 30, 2020
	Gross Carrying Amount		Accumulated Amortization		Impairment		Net Carrying Amount		Weighted-Average Useful Life (in Years)
Finite-lived intangible assets:
Trademarks and licenses	$	271.7	$	(119.3)	$	—	$	152.4	13
Customer relationships	248.0		(103.1)		—		144.9		11
Patents and internally-developed intellectual property	21.9		(12.9)		—		9.0		5
Distribution rights	31.0		(6.6)		—		24.4		14
Other	1.3		(1.3)		—		—		0
Total finite-lived intangible assets	$	573.9	$	(243.2)	$	—	$	330.7

Indefinite-lived intangible assets:
Trade names	$	144.0	N/A		$	(33.1)	$	110.9
Total indefinite-lived intangible assets	$	144.0	N/A		$	(33.1)	$	110.9

Total intangible assets	$	717.9	$	(243.2)	$	(33.1)	$	441.6

	December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Impairment		Net Carrying Amount		Weighted-Average Useful Life (in Years)
Finite-lived intangible assets:
Trademarks and licenses	$	271.2	$	(110.9)	$	—	$	160.3	13
Customer relationships	248.3		(96.5)		—		151.8		11
Patents and internally-developed intellectual property	21.5		(12.1)		—		9.4		5
Distribution rights	31.0		(5.6)		—		25.4		15
Other	1.3		(1.3)		—		—		0
Total finite-lived intangible assets	$	573.3	$	(226.4)	$	—	$	346.9

Indefinite-lived intangible assets:
Trade names	$	143.8	N/A		$	—	$	143.8
Total indefinite-lived intangible assets	$	143.8	N/A		$	—	$	143.8

Total intangible assets	$	717.1	$	(226.4)	$	—	$	490.7

Table of Contents

COMBINED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)

Amortization expense for finite-lived intangible assets was $8.2 million and $8.8 million for the three months ended June 30, 2020 and 2019, respectively, and $16.7 million and $23.6 million for the six months ended June 30, 2020 and 2019, respectively. The variance with the previous comparable six-month period was attributable primarily to the accelerated amortization of the Pure Ice intangible assets during the quarter ended March 31, 2019 as a result of the revision of the brand’s intangible assets useful lives following the termination of a business relationship with the brand's principal customer.

The following table reflects the estimated future amortization expense for each period presented, a portion of which is subject to exchange rate fluctuations, for the Company's finite-lived intangible assets as of June 30, 2020:



	Estimated Amortization Expense
2020	$	17.3
2021	33.3
2022	32.4
2023	30.9
2024	27.5
Thereafter	189.3
Total	$	330.7

6. ACCRUED EXPENSES AND OTHER

As of June 30, 2020 and December 31, 2019, the Company's accrued expenses and other current liabilities consisted of the following:


	June 30,		December 31,
	2020		2019
Sales returns and allowances	$	64.6	$	89.7
Advertising, marketing and promotional costs	69.2		82.8
Taxes ^(a)	46.9		54.3
Compensation and related benefits	31.3		42.1
Interest	34.8		34.0
Professional services and insurance	19.8		16.3
Short-term lease liability	19.7		14.5
Freight and distribution costs	7.4		13.2
Restructuring reserve	42.6		10.0
Software	3.1		4.0
Other ^(b)	39.1		54.0
Total	$	378.5	$	414.9

^(a) Accrued Taxes for Products Corporation as of June 30, 2020 and December 31, 2019 were $49.9 million and $57.6 million, respectively.

^(b)Accrued Other as of December 31, 2019 includes approximately $2.3 million of severance to Mr. Fabian Garcia, the Company's former President and Chief Executive Officer, which was paid in 2020.

Table of Contents

COMBINED NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)

7. DEBT

As of June 30, 2020 and December 31, 2019, the Company's debt balances consisted of the following:


	June 30,		December 31,
	2020		2019
2020 BrandCo Term Loan Facility due 2025, net of debt issuance costs (see (a) below)	1,582.5		$	—
2019 Term Loan Facility due 2023, net of discounts and debt issuance costs (see (b) below)	—		187.1
2018 Foreign Asset-Based Term Facility due 2021, net of discounts and debt issuance costs (see (c) below)	51.6		82.3
Amended 2016 Revolving Credit Facility due 2021, net of debt issuance costs (see (d) below)	247.2		269.9
2016 Term Loan Facility: 2016 Term Loan due 2023 and 2025, net of discounts and debt issuance costs (see (e) below)	911.8		1,713.6
5.75% Senior Notes due 2021, net of debt issuance costs (see (f) below)	387.2		498.1
6.25% Senior Notes due 2024, net of debt issuance costs (see (g) below)	443.5		442.8


Spanish Government Loan due 2025	0.3		0.4
Debt	$	3,624.1	$	3,194.2
Less current portion^(*)	(648.3)		(288.0)
Long-term debt	$	2,975.8	$	2,906.2

Short-term borrowings (see (h) below)	$	2.6	$	2.2

^(*) At June 30, 2020, the Company classified $648.3 million as its current portion of long-term debt, comprised primarily of $387.2 million of Products Corporation's 5.75% Senior Notes due February 15, 2021 (the "5.75% Senior Notes"), net of debt issuance costs, $247.2 million of net borrowings under the Amended 2016 Revolving Credit Facility, net of debt issuance costs, $9.6 million of amortization payments on the 2016 Term Loan Facility scheduled to be paid over the next four calendar quarters, and $4.2 million of amortization payments under the 2020 BrandCo Term Loan Facility due within one year. At December 31, 2019, the Company classified $288.0 million as its current portion of long-term debt, comprised primarily of $269.9 million of net borrowings under the Amended 2016 Revolving Credit Facility, net of debt issuance costs, and $18.0 million of amortization payments on the 2016 Term Loan Facility. See below in this Note 7, "Debt," and Note 19, "Subsequent Events," for details regarding the Company's recent debt-related transactions.

^(a)The aggregate principal amount outstanding under the 2020 BrandCo Term Loan Facility at June 30, 2020 was $1,720.4 million, including $809.8 million of principal rolled-up from the 2016 Term Loan Facility to the Roll-up BrandCo Facility and the Junior Roll-up BrandCo Facility. See further details below, within this Note 7, "Debt."

^(b) On May 7, 2020, in connection with closing the 2020 BrandCo Facilities, the Company fully repaid the 2019 Term Loan Facility pursuant to that Term Credit Agreement, dated as of August 6, 2019 (the “2019 Term Loan Facility”). See Note 9, "Long-Term Debt," to the Consolidated Financial Statements in the Company's 2019 Form 10-K for certain details regarding the 2019 Term Loan Facility, which prior to its repayment was scheduled to mature on the earliest of: (x) August 6, 2023; (y) the 180th day prior to the stated maturity of Products Corporation’s existing 2016 Term Loan Facility, if any loans under the 2016 Term Loan Facility remained outstanding and had not been replaced or refinanced by such date; and (z) the date of any springing maturity of the 2016 Term Loan Facility (i.e., the 91st day prior to the maturity of the 5.75% Senior Notes due February 15, 2021 if any 5.75% Senior Notes remained outstanding by such date and certain liquidity thresholds were not met). The lenders under the 2019 Term Loan Facility participated in the 2020 BrandCo Term Loan Facility and, as a result, the Company determined that the full repayment of the 2019 Term Loan Facility represented a debt modification under U.S. GAAP. Accordingly, the Company recorded approximately $33.5 million in connection with fees paid to the lenders for the prepayment of the 2019 Term Loan Facility, as well as approximately $10.3 million in other lenders' fees, which were capitalized as part of the total debt issuance costs for the 2020 BrandCo Term Loan Facility. See further details below, within this Note 7, "Debt."

^(c) The aggregate principal amount outstanding under the 2018 Foreign Asset-Based Term Facility at June 30, 2020 was U.S. Dollar equivalent $54.5 million. In connection with the amendment described below, the Company repaid €5 million of the original aggregate principal amount of €77 million. See Note 9, "Long-Term Debt," to the Consolidated Financial Statements in the Company's 2019 Form 10-K for certain details regarding the euro-denominated senior secured asset-based term loan facility that various foreign subsidiaries of Products Corporation entered into on July 9, 2018 and which is scheduled to mature on July 9, 2021, subject to a springing maturity on November 16, 2020 if any of the 5.75% Senior Notes remain outstanding on such date (the “2018 Foreign Asset-Based Term Facility”). In May, 2020 the Company entered into an amendment to the 2018 Foreign Asset Based Term Facility to, among other things, increase the margin applicable to the interest rate from EURIBOR (with a floor of 0.50%) plus a margin of 6.50% to EURIBOR (with a floor 0.50%) plus a margin of 7.00%. See further details below, within this Note 7, "Debt."

REVLON CONSUMER PRODUCTS CORP 10-Q