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Document and Entity Information (USD $)
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6 Months Ended | |
|---|---|---|
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Jun. 30, 2011
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Jun. 30, 2010
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| Entity Registrant Name | Revlon Inc /DE/ | |
| Entity Central Index Key | 0000887921 | |
| Document Type | 10-Q | |
| Document Period End Date | Jun. 30, 2011 | |
| Amendment Flag | false | |
| Document Fiscal Year Focus | 2011 | |
| Document Fiscal Period Focus | Q2 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Well-known Seasoned Issuer | No | |
| Entity Voluntary Filers | No | |
| Entity Current Reporting Status | Yes | |
| Entity Filer Category | Accelerated Filer | |
| Entity Public Float | $ 125,270,475 | |
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Class B Common Stock
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||
| Entity Common Stock, Shares Outstanding | 3,125,000 | |
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Class A Common Stock
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||
| Entity Common Stock, Shares Outstanding | 49,050,628 |
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- Definition
If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, POS AM and Other. No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
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- Definition
Indicate "Yes" or "No" whether 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 registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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- Definition
Redeemable preferred stock No definition available.
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- Definition
Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, are classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryforward is presented as a reduction of the related deferred tax asset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The noncurrent portion as of the balance sheet date of the aggregate carrying amount of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after the valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets are classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, is classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of receivables owed to an entity that is affiliated with the reporting entity by means of direct or indirect ownership, which are usually due after one year (or one business cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Total of the portions of the carrying amounts as of the balance sheet date of long-term debt, which may include notes payable, bonds payable, debentures, mortgage loans, and commercial paper, which are scheduled to be repaid within one year or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year (current maturities) or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate carrying amount, as of the balance sheet date, of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered and of liabilities not separately disclosed in the balance sheet. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This represents the noncurrent liability for underfunded plans recognized in the balance sheet that is associated with the defined benefit pension plans and other postretirement defined benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The total of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer, and the aggregate carrying amount of current assets, as of the balance sheet date, not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Tangible assets that are held by an entity for use in the production or supply of goods and services, for rental to others, or for administrative purposes and that are expected to provide economic benefit for more than one year; net of accumulated depreciation. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Reflects the total carrying amount as of the balance sheet date of debt having initial terms less than one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Balance Sheets (Parenthetical) (USD $)
In Millions, except Share data, unless otherwise specified |
Jun. 30, 2011
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Dec. 31, 2010
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|---|---|---|
| Current assets: | ||
| Allowance for doubtful accounts on trade receivables | $ 3.1 | $ 3.1 |
| Stockholders' deficiency: | ||
| Treasury stock, at cost | 667,150 | 532,838 |
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Class B Common Stock
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||
| Stockholders' deficiency: | ||
| Common Stock, par value | $ 0.01 | $ 0.01 |
| Common Stock, shares authorized | 200,000,000 | 200,000,000 |
| Common Stock, shares issued | 3,125,000 | 3,125,000 |
| Common Stock, shares outstanding | 3,125,000 | 3,125,000 |
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Class A Common Stock
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||
| Stockholders' deficiency: | ||
| Common Stock, par value | $ 0.01 | $ 0.01 |
| Common Stock, shares authorized | 900,000,000 | 900,000,000 |
| Common Stock, shares issued | 49,993,559 | 50,000,497 |
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- Definition
A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Consolidated Statements of Operations (Unaudited) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
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Jun. 30, 2011
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Jun. 30, 2010
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Jun. 30, 2011
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Jun. 30, 2010
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|
| Consolidated Statements of Operations [Abstract] | ||||
| Net sales | $ 351.2 | $ 327.7 | $ 684.4 | $ 633.2 |
| Cost of sales | 121.9 | 107.0 | 235.2 | 215.7 |
| Gross profit | 229.3 | 220.7 | 449.2 | 417.5 |
| Selling, general and administrative expenses | 181.5 | 173.4 | 356.7 | 324.8 |
| Operating income | 47.8 | 47.3 | 92.5 | 92.7 |
| Other expenses, net: | ||||
| Interest expense | 21.7 | 23.0 | 44.3 | 44.3 |
| Interest expense - preferred stock dividends | 1.6 | 1.6 | 3.2 | 3.2 |
| Amortization of debt issuance costs | 1.4 | 1.3 | 2.8 | 3.0 |
| Loss on early extinguishment of debt, net | 11.3 | 11.3 | 9.7 | |
| Foreign currency losses, net | 3.0 | 0.1 | 3.3 | 3.9 |
| Miscellaneous, net | 0.3 | 0.5 | 1.0 | 0.6 |
| Other expenses, net | 39.3 | 26.5 | 65.9 | 64.7 |
| Income from continuing operations before income taxes | 8.5 | 20.8 | 26.6 | 28.0 |
| Provision for income taxes | 2.6 | 4.8 | 10.3 | 9.8 |
| Income from continuing operations, net of taxes | 5.9 | 16.0 | 16.3 | 18.2 |
| Income from discontinued operations, net of taxes | 0.6 | 0.4 | 0.6 | 0.4 |
| Net income | $ 6.5 | $ 16.4 | $ 16.9 | $ 18.6 |
| Basic income per common share: | ||||
| Continuing operations | $ 0.11 | $ 0.31 | $ 0.31 | $ 0.35 |
| Discontinued operations | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
| Net income | $ 0.12 | $ 0.32 | $ 0.32 | $ 0.36 |
| Diluted income per common share: | ||||
| Continuing operations | $ 0.11 | $ 0.31 | $ 0.31 | $ 0.35 |
| Discontinued operations | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
| Net income | $ 0.12 | $ 0.31 | $ 0.32 | $ 0.36 |
| Weighted average number of common shares outstanding: | ||||
| Basic | 52,175,628 | 51,894,593 | 52,164,735 | 51,883,608 |
| Diluted | 52,330,097 | 52,314,596 | 52,306,335 | 52,300,736 |
| X | ||||||||||
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- Definition
Total costs related to goods produced and sold during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The aggregate foreign currency transaction gain (loss) (both realized and unrealized) included in determining net income for the reporting period. Excludes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements. For certain enterprises, primarily banks, that are dealers in foreign exchange, foreign currency transaction gains (losses) may be disclosed as dealer gains (losses). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the income or loss from continuing operations attributable to the parent which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the overall income (loss) from a disposal group apportioned to the parent that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items after deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) derived from discontinued operations during the period, net of related tax effect, per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income or loss derived from discontinued operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Interest expense on all other items not previously classified. For example, includes dividends associated with redeemable preferred stock of a subsidiary that is treated as a liability in the parent's consolidated balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
|
| X | ||||||||||
|
- Definition
The charge against earnings in the period representing the allocation of deferred costs to periods expected to benefit from such costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Consolidated Statement of Stockholders' Equity (Deficiency) and Comprehensive Income (Unaudited) (USD $)
In Millions, unless otherwise specified |
Total
|
Common Stock
|
Additional Paid-In-Capital
|
Treasury Stock
|
Accumulated Deficit
|
Accumulated Other Comprehensive Loss
|
||||
|---|---|---|---|---|---|---|---|---|---|---|
| Balance at Dec. 31, 2010 | $ (696.4) | $ 0.5 | $ 1,012.0 | $ (7.2) | $ (1,551.4) | $ (150.3) | ||||
| Treasury stock acquired, at cost | [1] | (1.3) | (1.3) | |||||||
| Stock-based compensation amortization | 1.3 | 1.3 | ||||||||
| Comprehensive income: | ||||||||||
| Net income | 16.9 | 16.9 | ||||||||
| Currency translation adjustment | 0.2 | 0.2 | ||||||||
| Amortization of pension related costs, net of tax | [2] | 1.8 | 1.8 | |||||||
| Total comprehensive income | 18.9 | |||||||||
| Balance at Jun. 30, 2011 | $ (677.5) | $ 0.5 | $ 1,013.3 | $ (8.5) | $ (1,534.5) | $ (148.3) | ||||
|
||||||||||
| X | ||||||||||
|
- Definition
This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation". Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The accumulated change in the value of either the projected benefit obligation or the plan assets resulting from experience different from that assumed or from a change in an actuarial assumption that has not been recognized in net periodic benefit cost, after tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency of the reporting entity, net of tax. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Consolidated Statement of Stockholders' Equity (Deficiency) and Comprehensive Income (Unaudited) (Parenthetical) (USD $)
In Millions, except Share data, unless otherwise specified |
6 Months Ended |
|---|---|
|
Jun. 30, 2011
|
|
| Consolidated Statement of Stockholders' Deficiency and Comprehensive Income [Abstract] | |
| Treasury stock authorized to satisfy minimum statutory tax withholding requirements | 134,312 |
| Weighted average price per share | $ 9.85 |
| Total value | $ 1.3 |
| X | ||||||||||
|
- Definition
The amount of adjustment to stockholders' equity associated with an employee's income tax withholding obligation as part of a net-share settlement of a share-based award. No definition available.
|
| X | ||||||||||
|
- Definition
For net-share settlement of share-based awards when the employer settles employees' income tax withholding obligations, this element represents the number of shares the employees use to repay the employer. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Total cost of shares repurchased divided by the total number of shares repurchased. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Preferred stock dividends No definition available.
|
| X | ||||||||||
|
- Definition
Purchases of permanent displays No definition available.
|
| X | ||||||||||
|
- Definition
Treasury stock received to satisfy minimum tax withholding liabilities No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The component of interest expense representing the noncash expenses charged against earnings in the period to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate caption: Noncash Interest Expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing the increase (decrease) in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The effect of exchange rate changes on cash balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the overall income (loss) from a disposal group apportioned to the parent that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items after deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other assets used in operating activities less other operating liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets and liabilities, other noncurrent assets and liabilities, or a combination of other current and noncurrent assets and liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets,or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid for interest during the period net of cash paid for interest that is capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The charge against earnings in the period representing the allocation of deferred costs to periods expected to benefit from such costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for loan and debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash or cash equivalents contributed during the reporting period by the entity to fund its pension plans and its non-pension postretirement benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of pension and other (such as medical, dental and life insurance) postretirement benefit costs recognized during the period for (1) defined benefit plans (periodic benefit costs include the following components: service cost, interest cost, expected return on plan assets, gain (loss) on assets, prior service cost or credit, transition asset or obligation, and gain (loss) due to settlements or curtailments) and for (2) defined contribution plans (to the extent that a plan's defined contributions to an individual's account are to be made for periods in which that individual renders services, the net cost for a period is the contribution called for in that period; if a plan calls for contributions for periods after an individual retires or terminates, the estimated cost is accrued during the employee's service period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from other financing activities. This element is used when there is not a more specific and appropriate element in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow for borrowing having initial term of repayment within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from the sale of property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Description of Business and Basis of Presentation
|
6 Months Ended | ||||
|---|---|---|---|---|---|
|
Jun. 30, 2011
|
|||||
| Description of Business and Basis of Presentation [Abstract] | |||||
| Description of Business and Basis of Presentation |
Revlon, Inc. (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, Inc. is a direct and indirect
majority-owned subsidiary of MacAndrews & Forbes
Holdings Inc. (“MacAndrews & Forbes
Holdings” and, together with certain of its affiliates
other than the Company, “MacAndrews &
Forbes”), a corporation wholly-owned by Ronald O. Perelman.
The Company’s vision is glamour, excitement and innovation
through high-quality products at affordable prices. The Company
operates in a single segment and manufactures, markets and sells
an extensive array of cosmetics, women’s hair color, beauty
tools, anti-perspirant deodorants, fragrances, skincare and
other beauty care products. The Company’s principal
customers include large mass volume retailers and chain drug and
food stores in the U.S., as well as certain department stores
and other specialty stores, such as perfumeries, outside the
U.S. The Company also sells beauty products to
U.S. military exchanges and commissaries and has a
licensing business pursuant to which the Company licenses
certain of its key brand names to third parties for the
manufacture and sale of complementary beauty-related products
and accessories in exchange for royalties.
The accompanying Consolidated Financial Statements are
unaudited. In management’s opinion, all adjustments
necessary for a fair presentation have been made. The Unaudited
Consolidated Financial Statements include the accounts of the
Company after the elimination of all material intercompany
balances and transactions.
The preparation of 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 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, allowances
for doubtful accounts, inventory valuation reserves, expected
sales returns and allowances, certain assumptions related to the
recoverability of intangible and long-lived assets, deferred tax
valuation allowances, reserves for estimated tax liabilities,
restructuring costs, certain estimates and assumptions used in
the calculation of the net periodic benefit 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 consolidated financial statements and
related notes contained in Revlon, Inc.’s Annual Report on
Form 10-K
for the year ended December 31, 2010, filed with the
Securities and Exchange Commission (the “SEC”) on
February 17, 2011 (the “2010
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 a full year.
Certain prior year amounts in the Unaudited Consolidated
Financial Statements have been reclassified to conform to the
current period’s presentation.
Fire
at Revlon Venezuela Facility
On June 5, 2011, the Company’s manufacturing facility
in Venezuela was destroyed by fire. As of and for the year ended
December 31, 2010, the Company’s subsidiary in
Venezuela (“Revlon Venezuela”) had
net sales of approximately 3% of the Company’s consolidated
net sales and its net assets were approximately 3% of the
Company’s total net assets. The Company’s net sales in
Venezuela are comprised of locally manufactured product as well
as product imported from the Company’s Oxford, North
Carolina facility. The Company is currently evaluating options
to minimize disruption to Revlon Venezuela’s business as a
result of such fire; however, it is not currently able to
estimate the full year impact of the fire on its net sales or
operating income.
In the second quarter of 2011, the Company recorded a
$4.9 million impairment loss related to Revlon
Venezuela’s net book value of inventory, property, plant
and equipment destroyed by the fire. The Company maintains
comprehensive property insurance, as well as business
interruption insurance. An assessment of the extent of damage
and the impact on the Company’s business in Venezuela is
ongoing, and therefore the final amount and timing of the
ultimate insurance recovery is currently unknown.
The Company believes that it is probable that the insurance
recovery will at least equal the net book value of Revlon
Venezuela’s inventory, property, plant, and equipment
destroyed by the fire. Accordingly, in the second quarter of
2011, the Company recognized income of $4.9 million related
to the insurance receivable, which entirely offset the
impairment loss noted above.
For further discussion regarding the Fire in Venezuela, see
Note 13, “Subsequent Event,” in this
Form 10-Q.
Impact
of Foreign Currency Translation —
Venezuela
Highly-Inflationary Economy: Effective
January 1, 2010, Venezuela was designated as a highly
inflationary economy under U.S. GAAP. As a result,
beginning January 1, 2010, the U.S. dollar is the
functional currency for Revlon Venezuela. Through
December 31, 2009, prior to Venezuela being designated as
highly inflationary, currency translation adjustments of Revlon
Venezuela’s balance sheet were reflected in
shareholders’ equity as part of Other Comprehensive Income;
however, subsequent to January 1, 2010, such adjustments
are reflected in earnings.
Currency Restrictions: Currency
restrictions enacted by the Venezuelan government in 2003 have
become more restrictive and have impacted the ability of Revlon
Venezuela to obtain U.S. dollars in exchange for Venezuelan
Bolivars (“Bolivars”) at the official foreign exchange
rates from the Venezuelan government and its foreign exchange
commission, the Comisión de Administracion de Divisas
(“CADIVI”). In May 2010, the Venezuelan government
took control over the previously freely-traded foreign currency
exchange market and in June 2010, replaced it with a new foreign
currency exchange system, the Sistema de Transacciones en
Moneda Extranjera (“SITME”). SITME provides a
mechanism to exchange Bolivars into U.S. dollars. However,
SITME can only be used for product purchases and related
services, such as freight, and is not available for other
transactions, such as the payment of dividends. Also, SITME can
only be used for amounts of up to $50,000 per day, subject to a
monthly maximum of $350,000 per legal entity, and is generally
only available to the extent the applicant has not exchanged and
received U.S. dollars from CADIVI within the previous
90 days. The Company began using a SITME rate of 5.5
Bolivars per U.S. dollar to translate Revlon
Venezuela’s financial statements as of and for the three
months ended June 30, 2011, which was the average rate at
which the Company accessed U.S. dollars in the SITME market
during the second quarter of 2011. The Company had previously
utilized Venezuela’s official exchange rate of 4.3 Bolivars
per U.S. dollar to translate Revlon Venezuela’s
financial statements from January 1, 2010 through
March 31, 2011.
In the second quarter of 2011, the change in the exchange rates
in Venezuela unfavorably impacted the Company’s
consolidated net sales by $1.6 million. The impact on the
Company’s consolidated operating income in the second
quarter of 2011 was de minimis. Additionally, to reflect the
impact of the change in exchange rates, a foreign currency loss
of $1.7 million was recorded as a result of the required re-
measurement of Revlon Venezuela’s balance sheet at
June 30, 2011. As Venezuela was designated as a highly
inflationary economy effective January 1, 2010, this
foreign currency loss was reflected in earnings in the second
quarter of 2011.
Recent
Accounting Pronouncements
In May 2011, the Financial Accounting Standards Board
(“FASB”) issued ASU
No. 2011-04,
Amendments to Achieve Common Fair Value Measurement and
Disclosure Requirements in U.S. GAAP and International
Financial Reporting Standards (“IFRS”), which amends
ASC 820, Fair Value Measurement. This ASU modifies the
existing standard to include disclosure of all transfers between
Level 1 and Level 2 asset and liability fair value
categories. In addition, the ASU provides guidance on measuring
the fair value of financial instruments managed within a
portfolio and the application of premiums and discounts on fair
value measurements. The ASU requires additional disclosure for
Level 3 measurements regarding the sensitivity of fair
value to changes in unobservable inputs and any
interrelationships between those inputs. This guidance is
effective for interim and annual reporting periods beginning
after December 15, 2011, with early adoption prohibited.
The Company does not expect such adoption will have a material
impact on the Company’s results of operations, financial
condition or its disclosures.
In June 2011, the FASB issued ASU
No. 2011-05,
Presentation of Comprehensive Income. This standard eliminates
the current option to report other comprehensive income and its
components in the statement of changes in equity. Under this new
ASU, an entity can elect to present items of net income and
other comprehensive income in one continuous statement or in two
separate, but consecutive, statements. This guidance is
effective for publicly traded companies as of the beginning of a
fiscal year that begins after December 15, 2011 and interim
and annual periods thereafter. Early adoption is permitted, but
full retrospective application is required. As the Company
reports comprehensive income within its Statement of
Stockholders’ Deficiency, the adoption of this ASU will
impact the presentation of the Company’s consolidated
financial statements beginning in the first quarter of 2012.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Pension and Post-retirement Benefits
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Jun. 30, 2011
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| Pension and Post-retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension and Post-retirement Benefits |
The components of net periodic benefit cost for the pension and
the other post-retirement benefit plans for the second quarter
of 2011 and 2010 are as follows:
The components of net periodic benefit cost for the pension and
the other post-retirement benefit plans for the first six months
of 2011 and 2010 are as follows:
The increase in net periodic benefit costs in the second quarter
of 2011, as compared to the prior year period, was primarily due
to lower amortization of actuarial losses in the second quarter
of 2010 as a result of the impact of a change in the
amortization period of actuarial (gains) losses from the
remaining service period to the remaining life expectancy of
plan participants in the second quarter of 2010.
In the first six months of 2011, compared to the prior year
period, the Company recognized lower net periodic benefit cost
primarily due to the increase in the fair value of pension plan
assets at December 31, 2010, partially offset by a decrease
in the weighted-average discount rate. The Company expects net
periodic benefit costs for the pension and the other
post-retirement benefit plans to be approximately
$5 million for all of 2011, compared with $9.3 million
in 2010.
During the second quarter of 2011, $6.0 million and
$0.2 million were contributed to the Company’s pension
plans and other post-retirement benefit plans, respectively.
During the first six months of 2011, $14.5 million and
$0.5 million were contributed to the Company’s pension
plans and other post-retirement benefit plans, respectively. The
Company currently expects to contribute approximately
$30 million in the aggregate to its pension plans and other
post-retirement benefit plans in 2011.
Relevant aspects of the qualified defined benefit pension plans,
nonqualified pension plans and other post-retirement benefit
plans sponsored by Products Corporation are disclosed in Revlon,
Inc.’s 2010
Form 10-K.
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- Details
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| X | ||||||||||
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- Definition
The entire disclosure for pension and other postretirement benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Business Acquisition
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Jun. 30, 2011
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| Business Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Acquisition |
On March 17, 2011, the Company acquired certain assets,
including trademarks and other intellectual property, inventory,
certain receivables and manufacturing equipment, related to
Sinful Colors cosmetics, Wild and Crazy cosmetics, freshMinerals
cosmetics and freshcover cosmetics, which products are sold
principally in the U.S. mass retail channel (the
“Sinful Colors Acquisition”). The Company also assumed
certain liabilities of the acquired business. The Company paid
$39.0 million of total consideration for the Sinful Colors
Acquisition in cash, which included the $38.0 million
purchase price and a $1.0 million adjustment based on
working capital at closing. The results of operations related to
the Sinful Colors Acquisition are included in the Company’s
consolidated financial statements commencing on the date of
acquisition. Pro forma results of operations have not been
presented, as the impact on the Company’s consolidated
financial results would not have been material.
The Company accounted for the Sinful Colors Acquisition as a
business combination during the first quarter of 2011 and,
accordingly, the total consideration of $39.0 million has
been allocated on a preliminary basis to the net assets acquired
based on their respective estimated fair values at
March 17, 2011 as follows:
The allocation of the total consideration of $39.0 million
includes intangible assets of $22.8 million and goodwill of
$11.4 million, all of which is expected to be deductible
for income tax purposes. The intangible assets acquired by major
asset category are as follows:
The Company is in the process of completing its assessment of
the fair value of assets acquired and liabilities assumed in the
Sinful Colors Acquisition. As a result, the fair value of the
net assets acquired is provisional pending completion of the
final valuation of such net assets.
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| X | ||||||||||
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- Definition
The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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Inventories
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Jun. 30, 2011
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| Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories |
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- Definition
The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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Long-Term Debt and Redeemable Preferred Stock
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Jun. 30, 2011
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| Long-Term Debt and Redeemable Preferred Stock [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt and Redeemable Preferred Stock |
Recent
Debt Reduction Transactions
Refinancing of the 2010 Term Loan and 2010 Revolving
Credit Facilities: During the second quarter
of 2011, Products Corporation consummated the 2011 Refinancings,
reducing interest rates and extending maturities, consisting of
the following transactions:
Products Corporation used $796 million of proceeds from the
2011 Term Loan Facility, which was drawn in full on the
May 19, 2011 closing date and issued to lenders at 99.5% of
par, to refinance in full the $792.0 million of outstanding
indebtedness under its 2010 Term Loan Facility and to pay
approximately $2 million of accrued interest. The Company
incurred approximately $3.9 million of fees in connection
with consummating the 2011 Term Loan Facility Refinancing in the
second quarter of 2011, of which approximately $2 million
was capitalized.
Products Corporation incurred approximately $0.7 million of
fees in connection with consummating the 2011 Revolving Credit
Facility Refinancing in the second quarter of 2011, all of which
were capitalized.
As a result of the 2011 Refinancings, the Company recognized a
loss on the early extinguishment of debt of $11.3 million
during the second quarter and first six months of 2011, due to
$1.9 million of fees which were expensed as incurred in
connection with the 2011 Refinancings, as well as the write-off
of $9.4 million of unamortized debt discount and deferred
financing fees as a result of such refinancings.
2011
Revolving Credit Facility
The following is a summary description of the 2011 Revolving
Credit Facility. Investors should refer to the principal
refinancing agreements (copies of which are included as exhibits
to this
Form 10-Q)
for
complete terms and conditions. Unless otherwise indicated,
capitalized terms have the meanings given to them in the 2011
Revolving Credit Agreement.
Availability under the 2011 Revolving Credit Facility varies
based on a borrowing base that is determined by the value of
eligible accounts receivable and eligible inventory in the
U.S. and the U.K. and eligible real property and equipment
in the U.S. from time to time.
In each case subject to borrowing base availability, the 2011
Revolving Credit Facility is available to:
(i) Products Corporation in revolving credit loans
denominated in U.S. dollars;
(ii) Products Corporation in swing line loans denominated
in U.S. dollars up to $30.0 million;
(iii) Products Corporation in standby and commercial
letters of credit denominated in U.S. dollars and other
currencies up to $60.0 million; and
(iv) Products Corporation and certain of its international
subsidiaries designated from time to time in revolving credit
loans and bankers’ acceptances denominated in
U.S. dollars and other currencies.
If the value of the eligible assets is not sufficient to support
the $140.0 million borrowing base under the 2011 Revolving
Credit Facility, Products Corporation will not have full access
to the 2011 Revolving Credit Facility. Products
Corporation’s ability to make borrowings under the 2011
Revolving Credit Facility is also conditioned upon the
satisfaction of certain conditions precedent and Products
Corporation’s compliance with other covenants in the 2011
Revolving Credit Agreement.
Under the 2011 Revolving Credit Facility, borrowings (other than
loans in foreign currencies) bear interest, if made as
Eurodollar Loans, at the Eurodollar Rate, plus the applicable
margin set forth in the grid below and, if made as Alternate
Base Rate loans, at the Alternate Base Rate, plus the applicable
margin set forth in the grid below:
Local Loans (as defined in the 2011 Revolving Credit Agreement)
bear interest, if mutually acceptable to Products Corporation
and the relevant foreign lenders, at the Local Rate, and
otherwise (i) if in foreign currencies or in
U.S. dollars at the Eurodollar Rate or the Eurocurrency
Rate plus the applicable margin set forth in the grid above or
(ii) if in U.S. dollars at the Alternate Base Rate
plus the applicable margin set forth in the grid above.
Prior to the termination date of the 2011 Revolving Credit
Facility, revolving loans are required to be prepaid (without
any permanent reduction in commitment) with:
(i) the net cash proceeds from sales of Revolving Credit
First Lien Collateral (as defined below) by Products Corporation
or any of its subsidiary guarantors (other than dispositions in
the ordinary course of business and certain other
exceptions); and
(ii) the net proceeds from the issuance by Products
Corporation or any of its subsidiaries of certain additional
debt, to the extent there remains any such proceeds after
satisfying Products Corporation’s repayment obligations
under the 2011 Term Loan Facility.
Products Corporation pays to the lenders under the 2011
Revolving Credit Facility a commitment fee of 0.375% of the
average daily unused portion of the 2011 Revolving Credit
Facility, which fee is payable quarterly in arrears. Under the
2011 Revolving Credit Facility, Products Corporation also pays:
(i) to foreign lenders a fronting fee of 0.25% per annum on
the aggregate principal amount of specified Local Loans (which
fee is retained by foreign lenders out of the portion of the
Applicable Margin payable to such foreign lender);
(ii) to foreign lenders an administrative fee of 0.25% per
annum on the aggregate principal amount of specified Local Loans;
(iii) to the multi-currency lenders a letter of credit
commission equal to the product of (a) the Applicable
Margin (as defined in the 2011 Revolving Credit Agreement) for
revolving credit loans that are Eurodollar Rate (as defined in
the 2011 Revolving Credit Agreement) loans (adjusted for the
term that the letter of credit is outstanding) and (b) the
aggregate undrawn face amount of letters of credit; and
(iv) to the issuing lender, a letter of credit fronting fee
of 0.25% per annum of the aggregate undrawn face amount of
letters of credit, which fee is a portion of the Applicable
Margin.
Under certain circumstances, Products Corporation has the right
to request that the 2011 Revolving Credit Facility be increased
by up to $60.0 million, provided that the lenders are not
committed to provide any such increase.
Under certain circumstances if and when the difference between
(i) the borrowing base under the 2011 Revolving Credit
Facility and (ii) the amounts outstanding under the 2011
Revolving Credit Facility is less than $20.0 million for a
period of two consecutive days or more, and until such
difference is equal to or greater than $20.0 million for a
period of 30 consecutive business days, the 2011 Revolving
Credit Facility requires Products Corporation to maintain a
consolidated fixed charge coverage ratio (the ratio of EBITDA
minus Capital Expenditures to Cash Interest Expense for such
period, as each such term is defined in the 2011 Revolving
Credit Facility) of a minimum of 1.0 to 1.0.
The 2011 Revolving Credit Facility matures on June 16,
2016; provided, however, it will mature on August 15, 2015,
if Products Corporation’s
93/4% Senior
Secured Notes have not been refinanced, redeemed, repurchased,
defeased or repaid in full on or before such date.
2011
Term Loan Facility
The following is a summary description of the 2011 Term Loan
Facility. Investors should refer to the principal refinancing
agreements (copies of which are included as exhibits to this
Form 10-Q)
for complete terms and conditions. Unless otherwise indicated,
capitalized terms have the meanings given to them in the 2011
Term Loan Agreement.
Under the 2011 Term Loan Facility, Eurodollar Loans (as defined
in the 2011 Term Loan Agreement) bear interest at the Eurodollar
Rate plus 3.50% per annum (with the Eurodollar Rate not to be
less than 1.25%) and Alternate Base Rate loans bear interest at
the Alternate Base Rate plus 2.50% (with the Alternate Base Rate
not to be less than 2.25%).
Prior to the November 2017 termination date of the 2011 Term
Loan Facility, on September 30, December 31, March 31
and June 30 of each year (commencing September 30, 2011),
Products Corporation is required to repay $2 million of the
principal amount of the term loans outstanding under the 2011
Term
Loan Facility on each respective date. In addition, the term
loans under the 2011 Term Loan Facility are required to be
prepaid with:
(i) the net cash proceeds in excess of $10 million for
each
12-month
period ending on March 31 received during such period from sales
of Term Loan First Lien Collateral (as defined below) by
Products Corporation or any of its subsidiary guarantors with
carryover of unused annual basket amounts up to a maximum of
$25 million and subject, with respect to certain specified
dispositions, up to an additional $25 million in the
aggregate (subject to a reinvestment right for 365 days, or
545 days if Products Corporation has within such
365-day
period entered into a legally binding commitment to invest such
funds);
(ii) the net proceeds from the issuance by Products
Corporation or any of its subsidiaries of certain additional
debt; and
(iii) 50% of Products Corporation’s “excess cash
flow” (as defined under the 2011 Term Loan Agreement),
commencing with excess cash flow for the 2012 fiscal year
payable in the first 100 days of 2013, which prepayments
are applied to reduce Products Corporation’s future
regularly scheduled term loan amortization payments in the
direct order of maturities.
The 2011 Term Loan Facility contains a financial covenant
limiting Products Corporation’s first lien senior secured
leverage ratio (the ratio of Products Corporation’s Senior
Secured Debt that has a lien on the collateral which secures the
2011 Term Loan Facility that is not junior or subordinated to
the liens securing the 2011 Term Loan Facility (excluding debt
outstanding under the Existing 2010 Revolving Credit Facility))
to EBITDA, as each such term is defined in the 2011 Term Loan
Facility), to no more than 4.0 to 1.0 for each period of four
consecutive fiscal quarters ending during the period from
June 30, 2011 to the November 2017 maturity date of the
2011 Term Loan Facility.
Under certain circumstances, Products Corporation has the right
to request the 2011 Term Loan Facility to be increased by up to
$300 million, provided that the lenders are not committed
to provide any such increase.
The 2011 Term Loan Facility matures on November 19, 2017;
provided, however, it will mature on August 15, 2015, if
Products Corporation’s
93/4% Senior
Secured Notes have not been refinanced, redeemed, repurchased,
defeased or repaid in full on or before such date.
Provisions
Applicable to the 2011 Revolving Credit Facility and the 2011
Term Loan Facility
The 2011 Revolving Credit Facility and 2011 Term Loan Facility
(herein referred to as the “2011 Credit Facilities”)
are supported by, among other things, guarantees from Revlon,
Inc. and, subject to certain limited exceptions, Products
Corporation’s domestic subsidiaries. The obligations of
Products Corporation under the 2011 Credit Facilities and the
obligations under such guarantees are secured by, subject to
certain limited exceptions, substantially all of the assets of
Products Corporation and the guarantors, including:
(i) mortgages on owned real property, including Products
Corporation’s facility in Oxford, North Carolina;
(ii) the capital stock of Products Corporation and the
subsidiary guarantors and 66% of the voting capital stock and
100% of the non-voting capital stock of Products
Corporation’s and the subsidiary guarantors’
first-tier,
non-U.S. subsidiaries;
(iii) intellectual property and other intangible property
of Products Corporation and the subsidiary guarantors; and
(iv) inventory, accounts receivable, equipment, investment
property and deposit accounts of Products Corporation and the
subsidiary guarantors.
The liens on, among other things, inventory, accounts
receivable, deposit accounts, investment property (other than
the capital stock of Products Corporation and its subsidiaries),
real property, equipment, fixtures and certain intangible
property (the “Revolving Credit First Lien
Collateral”) secure the 2011 Revolving Credit Facility on a
first priority basis, the 2011 Term Loan Facility on a second
priority basis and Products Corporation’s
93/4% Senior
Secured Notes and the related guarantees on a third priority
basis. The liens on the capital stock of Products Corporation
and its subsidiaries and intellectual property and certain other
intangible property (the “Term Loan First Lien
Collateral”) secure the 2011 Term Loan Facility on a first
priority basis and the 2011 Revolving Credit Facility and the
93/4% Senior
Secured Notes and the related guarantees on a second priority
basis. Such arrangements are set forth in the Third Amended and
Restated Intercreditor and Collateral Agency Agreement, dated as
of March 11, 2010, by and among Products Corporation and
CUSA, as administrative agent and as collateral agent for the
benefit of the secured parties for the 2011 Term Loan Facility,
2011 Revolving Credit Facility and the
93/4% Senior
Secured Notes (the “2010 Intercreditor Agreement”).
The 2010 Intercreditor Agreement also provides that the liens
referred to above may be shared from time to time, subject to
certain limitations, with specified types of other obligations
incurred or guaranteed by Products Corporation, such as foreign
exchange and interest rate hedging obligations and foreign
working capital lines.
The 2011 Credit Facilities contain various restrictive covenants
prohibiting Products Corporation and its subsidiaries from:
(i) incurring additional indebtedness or guarantees, with
certain exceptions;
(ii) making dividend and other payments or loans to Revlon,
Inc. or other affiliates, with certain exceptions, including
among others:
(a) exceptions permitting Products Corporation to pay
dividends or make other payments to Revlon, Inc. to enable it
to, among other things, pay expenses incidental to being a
public holding company, including, among other things,
professional fees such as legal, accounting and insurance fees,
regulatory fees, such as SEC filing fees and NYSE listing fees,
and other expenses related to being a public holding company;
(b) subject to certain circumstances, to finance the
purchase by Revlon, Inc. of its Class A Common Stock in
connection with the delivery of such Class A Common Stock
to grantees under the Third Amended and Restated Revlon, Inc.
Stock Plan
and/or the
payment of withholding taxes in connection with the vesting of
restricted stock awards under such plan;
(c) subject to certain limitations, to pay dividends or
make other payments to finance the purchase, redemption or other
retirement for value by Revlon, Inc. of stock or other equity
interests or equivalents in Revlon, Inc. held by any current or
former director, employee or consultant in his or her capacity
as such; and
(d) subject to certain limitations, to make other
restricted payments to affiliates of Products Corporation in an
amount up to $10 million per year (plus $10 million
for each calendar year commencing with 2011), other restricted
payments in an aggregate amount not to exceed $35 million
and other restricted payments based upon certain financial tests.
(iii) creating liens or other encumbrances on Products
Corporation’s or its subsidiaries’ assets or revenues,
granting negative pledges or selling or transferring any of
Products Corporation’s or its subsidiaries’ assets,
all subject to certain limited exceptions;
(iv) with certain exceptions, engaging in merger or
acquisition transactions;
(v) prepaying indebtedness and modifying the terms of
certain indebtedness and specified material contractual
obligations, subject to certain exceptions;
(vi) making investments, subject to certain
exceptions; and
(vii) entering into transactions with affiliates of
Products Corporation involving aggregate payments or
consideration in excess of $10 million other than upon
terms that are not materially less favorable when taken as a
whole to Products Corporation or its subsidiaries as terms that
would be obtainable at the time for a comparable transaction or
series of similar transactions in arm’s length dealings
with an unrelated third person and where such payments or
consideration exceed $20 million, unless such transaction
has been approved by all of the independent directors of
Products Corporation, subject to certain exceptions.
The events of default under the 2011 Credit Facilities include
customary events of default for such types of agreements,
including, among others:
(i) nonpayment of any principal, interest or other fees
when due, subject in the case of interest and fees to a grace
period;
(ii) non-compliance with the covenants in such 2011 Credit
Facilities or the ancillary security documents, subject in
certain instances to grace periods;
(iii) the institution of any bankruptcy, insolvency or
similar proceedings by or against Products Corporation, any of
Products Corporation’s subsidiaries or Revlon, Inc.,
subject in certain instances to grace periods;
(iv) default by Revlon, Inc. or any of its subsidiaries
(A) in the payment of certain indebtedness when due
(whether at maturity or by acceleration) in excess of
$25.0 million in aggregate principal amount or (B) in
the observance or performance of any other agreement or
condition relating to such debt, provided that the amount of
debt involved is in excess of $25.0 million in aggregate
principal amount, or the occurrence of any other event, the
effect of which default referred to in this subclause (iv)
is to cause or permit the holders of such debt to cause the
acceleration of payment of such debt;
(v) in the case of the 2011 Term Loan Facility, a cross
default under the 2011 Revolving Credit Facility, and in the
case of the 2011 Revolving Credit Facility, a cross default
under the 2011 Term Loan Facility;
(vi) the failure by Products Corporation, certain of
Products Corporation’s subsidiaries or Revlon, Inc. to pay
certain material judgments;
(vii) a change of control such that (A) Revlon, Inc.
shall cease to be the beneficial and record owner of 100% of
Products Corporation’s capital stock, (B) Ronald O.
Perelman (or his estate, heirs, executors, administrator or
other personal representative) and his or their controlled
affiliates shall cease to “control” Products
Corporation, and any other person or group of persons owns,
directly or indirectly, more than 35% of the total voting power
of Products Corporation, (C) any person or group of persons
other than Ronald O. Perelman (or his estate, heirs, executors,
administrator or other personal representative) and his or their
controlled affiliates shall “control” Products
Corporation or (D) during any period of two consecutive
years, the directors serving on Products Corporation’s
Board of Directors at the beginning of such period (or other
directors nominated by at least a majority of such continuing
directors) shall cease to be a majority of the directors;
(viii) Revlon, Inc. shall have any meaningful assets or
indebtedness or shall conduct any meaningful business other than
its ownership of Products Corporation and such activities as are
customary
for a publicly traded holding company which is not itself an
operating company, in each case subject to limited
exceptions; and
(ix) the failure of certain of Products Corporation’s
affiliates which hold Products Corporation’s or its
subsidiaries’ indebtedness to be party to a valid and
enforceable agreement prohibiting such affiliate from demanding
or retaining payments in respect of such indebtedness, subject
to certain exceptions, including as to Products
Corporation’s Senior Subordinated Term Loan.
If Products Corporation is in default under the senior secured
leverage ratio under the 2011 Term Loan Facility or the
consolidated fixed charge coverage ratio under the 2011
Revolving Credit Agreement, Products Corporation may cure such
default by issuing certain equity securities to, or receiving
capital contributions from, Revlon, Inc. and applying such cash
which is deemed to increase EBITDA for the purpose of
calculating the applicable ratio. Products Corporation may
exercise this cure right two times in any four-quarter period.
Products Corporation was in compliance with all applicable
covenants under the 2011 Term Loan Agreement and 2011 Revolving
Credit Agreement upon closing the respective 2011 Refinancings
and as of June 30, 2011. At June 30, 2011, the
aggregate principal amount outstanding under the 2011 Term Loan
Facility was $800.0 million and availability under the
$140.0 million 2011 Revolving Credit Facility, based upon
the calculated borrowing base less $21.6 million of
outstanding undrawn letters of credit and $10 million then
drawn on the 2011 Revolving Credit Facility, was
$101.1 million.
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- Definition
Long-Term Debt and Redeemable Preferred Stock No definition available.
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Basic and Diluted Earnings Per Common Share
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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| Basic and Diluted Earnings Per Common Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic and Diluted Earnings Per Common Share |
Shares used in basic earnings per share are computed using the
weighted average number of common shares outstanding during each
period. Shares used in diluted earnings per share include the
dilutive effect of unvested restricted shares and outstanding
stock options under the Stock Plan using the treasury stock
method. For the three and six months ended June 30, 2011
and 2010, all outstanding options to purchase shares of Revlon,
Inc. Class A common stock, par value of $0.01 per share
(the “Class A Common Stock”), that could
potentially dilute basic earnings per share in the future were
excluded from the calculation of diluted earnings per common
share as their effect would have been anti-dilutive since their
exercise price was in excess of the NYSE closing price of the
Class A Common Stock during the periods.
For the three and six months ended June 30, 2011, 121,312
and 134,182 shares, respectively, of unvested restricted
stock that could potentially dilute basic earnings per share in
the future were excluded from the calculation of diluted
earnings per common share as their effect would be
anti-dilutive. For the three and six months ended June 30,
2010, 291,185 and 294,061 shares, respectively, of unvested
restricted stock that could potentially dilute basic earnings
per share in the future were excluded from the calculation of
diluted earnings per common share as their effect would be
anti-dilutive.
The components of basic and diluted earnings per share for the
three months ended June 30, 2011 and 2010 and the six
months ended June 30, 2011 and 2010 are as follows:
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- Definition
The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Comprehensive Income
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Jun. 30, 2011
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| Comprehensive Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Comprehensive Income |
The components of comprehensive income for the three months
ended June 30, 2011 and 2010 and the six months ended
June 30, 2011 and 2010 are as follows:
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- Definition
The entire disclosure for comprehensive income. Includes, but is not limited to, the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Geographic, Financial and Other Information
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2011
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| Geographic, Financial and Other Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Geographic, Financial and Other Information |
The Company manages its business on the basis of one reportable
operating segment. As of June 30, 2011, the Company had
operations established in 14 countries outside of the
U.S. and its products are sold throughout the world.
Generally, net sales by geographic area are presented by
attributing revenues from external customers on the basis of
where the products are sold.
In the tables below, certain prior year amounts have been
reclassified to conform to the current period’s
presentation.
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- Definition
The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Fair Value Measurements
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Jun. 30, 2011
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| Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements |
Assets and liabilities are required to be categorized into three
levels of fair value based upon the assumptions used to price
the assets or liabilities. Level 1 provides the most
reliable measure of fair value,
whereas Level 3, if applicable, generally would require
significant management judgment. The three levels for
categorizing the fair value measurement of assets and
liabilities are as follows:
As of June 30, 2011, the fair values of the Company’s
financial assets and liabilities, namely its FX Contracts (as
hereinafter defined) and Revlon, Inc.’s Series A
Preferred Stock, par value $0.01 per share (the “Preferred
Stock”), are categorized in the table below:
As of December 31, 2010, the fair values of the
Company’s financial assets and liabilities, namely its FX
Contracts (as hereinafter defined) and Preferred Stock, are
categorized in the table below:
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- Definition
The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Financial Instruments
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Jun. 30, 2011
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| Financial Instruments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Instruments |
The fair value of the Company’s debt, including the current
portion of long-term debt and Preferred Stock, is based on the
quoted market prices for the same issues or on the current rates
offered for debt of similar remaining maturities. The estimated
fair value of such debt and Preferred Stock at June 30,
2011 was approximately $1,277.4 million, which was more
than the carrying value of such debt and Preferred Stock at
June 30, 2011 of $1,234.8 million. The estimated fair
value of such debt and Preferred Stock at December 31, 2010
was approximately $1,259.6 million, which was more than the
carrying value of such debt and Preferred Stock at
December 31, 2010 of $1,215.4 million.
The carrying amounts of cash and cash equivalents, marketable
securities, trade receivables, notes receivable, accounts
payable and short-term borrowings approximate their fair values.
Products Corporation also maintains standby and trade letters of
credit for various corporate purposes under which Products
Corporation is obligated, of which approximately
$21.6 million and $21.2 million (including amounts
available under credit agreements in effect at that time) were
maintained at June 30,
2011 and December 31, 2010, respectively. Included in these
amounts is approximately $9.1 million at both June 30,
2011 and December 31, 2010 in standby letters of credit
which support Products Corporation’s self-insurance
programs. The estimated liability under such programs is accrued
by Products Corporation.
Derivative
Financial Instruments
The Company uses derivative financial instruments, primarily
(1) foreign currency forward exchange contracts (“FX
Contracts”) intended for the purpose of managing foreign
currency exchange risk by reducing the effects of fluctuations
in foreign currency exchange rates on the Company’s net
cash flows and (2) interest rate hedging transactions
intended for the purpose of managing interest rate risk
associated with Products Corporation’s variable rate
indebtedness.
Foreign
Currency Forward Exchange Contracts
The FX Contracts are entered into primarily to hedge the
anticipated net cash flows resulting from inventory purchases
and intercompany payments denominated in currencies other than
the local currencies of the Company’s foreign and domestic
operations and generally have maturities of less than one year.
The U.S. dollar notional amount of the FX Contracts
outstanding at June 30, 2011 and December 31, 2010 was
$48.6 million and $46.0 million, respectively.
While the Company may be exposed to credit loss in the event of
the counterparty’s non-performance, the Company’s
exposure is limited to the net amount that Products Corporation
would have received, if any, from the counterparty over the
remaining balance of the terms of the FX Contracts. The Company
does not anticipate any non-performance and, furthermore, even
in the case of any non-performance by the counterparty, the
Company expects that any such loss would not be material.
Interest
Rate Swap Transactions
Prior to its expiration in April 2010, the Company’s
floating-to-fixed
interest rate swap had a notional amount of $150.0 million
initially relating to indebtedness under Products
Corporation’s former 2006 Term Loan Facility (prior to its
complete refinancing in March 2010) and which also related,
through its expiration in April 2010, to a notional amount of
$150.0 million relating to indebtedness under Products
Corporation’s 2010 Term Loan Facility (the “2008
Interest Rate Swap”). Under the terms of the 2008 Interest
Rate Swap, Products Corporation was required to pay to the
counterparty a quarterly fixed interest rate of 2.66% on the
$150.0 million notional amount under the 2008 Interest Rate
Swap (which, based upon the 4.0% applicable margin, effectively
fixed the interest rate on such notional amounts at 6.66% for
the 2-year
term of such swap), commencing in July 2008, while receiving a
variable interest rate payment from the counterparty equal to
three-month U.S. dollar LIBOR.
The 2008 Interest Rate Swap was initially designated as a cash
flow hedge of the variable interest rate payments on Products
Corporation’s former 2006 Term Loan Facility (prior to its
complete refinancing in March 2010). However, as a result of the
2010 Refinancing, effective March 11, 2010 (the closing
date of the 2010 Refinancing), the 2008 Interest Rate Swap no
longer met the criteria to allow for the deferral of the
effective portion of unrecognized hedging gains or losses in
other comprehensive income, as the scheduled variable interest
payment specified on the date originally documented at the
inception of the hedge will not occur. As a result, as of
March 11, 2010, the Company reclassified an unrecognized
loss of $0.8 million from Accumulated Other Comprehensive
Loss into earnings.
Quantitative
Information — Derivative Financial
Instruments
The effects of the Company’s derivative instruments on its
consolidated financial statements were as follows:
(a) Fair Value of Derivative Financial Instruments in
Consolidated Balance Sheet:
(b) Effects of Derivative Financial Instruments on Income
for the three months ended June 30, 2011 and 2010:
Effects of Derivative Financial Instruments on Income and Other
Comprehensive Income (Loss) (“OCI”) for the six months
ended June 30, 2011 and 2010:
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- Details
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| X | ||||||||||
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- Definition
The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Income Taxes
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6 Months Ended | ||||
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Jun. 30, 2011
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| Income Taxes [Abstract] | |||||
| Income Taxes |
The provision for income taxes represents federal, foreign,
state and local income taxes. The effective rate differs from
the applicable federal statutory rate due to the effect of state
and local income taxes, tax rates and income in foreign
jurisdictions, utilization of tax loss carry-forwards, dividends
among affiliates, certain nondeductible expenses and certain
other items. The Company’s tax provision changes quarterly
based on recurring and non-recurring factors including, but not
limited to, the geographical mix of earnings, enacted tax
legislation, foreign, state and local income taxes, tax audit
settlements, the ultimate disposition of deferred tax assets
relating to stock-based compensation and the interaction of
various global tax strategies. In addition, changes in judgment
from the evaluation of new information resulting in the
recognition, derecognition
and/or
re-measurement of a tax position taken in a prior period are
recognized in the quarter in which any such change occurs.
For the second quarter of 2011 and 2010, the Company recorded a
provision for income taxes for continuing operations of
$2.6 million and $4.8 million, respectively. The
$2.6 million provision for income taxes for the second
quarter of 2011, as compared to the $4.8 million provision
for income taxes for the second quarter of 2010, was primarily
attributable to lower taxable income in the U.S. and
certain foreign jurisdictions, offset in part by higher deferred
tax expense for the U.S. in 2011 due to the reduction of
the valuation allowance in the U.S. on December 31,
2010.
For the first six months of 2011 and 2010, the Company recorded
a provision for income taxes for continuing operations of
$10.3 million and $9.8 million, respectively. The
$10.3 million provision for income taxes for the first six
months of 2011, as compared to the $9.8 million provision
from income taxes for the first six months of 2010, was
primarily attributable to higher deferred tax expense for the
U.S. in 2011 due to the reduction of the valuation
allowance in the U.S. on December 31, 2010, offset in
part by lower taxable income in the U.S. and certain
foreign jurisdictions.
The Company remains subject to examination of its income tax
returns in various jurisdictions including, without limitation,
the U.S. (federal) and South Africa, for tax years ended
December 31, 2007 through December 31, 2009, and
Australia for tax years ended December 31, 2006 through
December 31, 2009.
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| X | ||||||||||
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- Definition
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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Guarantor Financial Information
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| Guarantor Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Guarantor Financial Information |
Products Corporation’s
93/4% Senior
Secured Notes are fully and unconditionally guaranteed on a
senior secured basis by Revlon, Inc. and Products
Corporation’s domestic subsidiaries (other than certain
immaterial subsidiaries) that guarantee Products
Corporation’s obligations under its 2011 Credit Agreements
(the “Guarantor Subsidiaries”).
The following Condensed Consolidating Financial Statements
present the financial information as of June 30, 2011 and
December 31, 2010, and for the three and six months ended
June 30, 2011 and 2010 for (i) Products Corporation on
a stand-alone basis; (ii) the Guarantor Subsidiaries on a
stand-alone basis; (iii) the subsidiaries of Products
Corporation that do not guarantee Products Corporation’s
93/4% Senior
Secured Notes (the “Non-Guarantor Subsidiaries”) on a
stand-alone basis; and (iv) Products Corporation, the
Guarantor Subsidiaries and the Non-Guarantor Subsidiaries on a
consolidated basis. The Condensed Consolidating Financial
Statements are presented on the equity method, under which the
investments in subsidiaries are recorded at cost and adjusted
for the applicable share of the subsidiary’s cumulative
results of operations, capital contributions, distributions and
other equity changes. The principal elimination entries
eliminate investments in subsidiaries and intercompany balances
and transactions.
Consolidating
Condensed Balance Sheets
As of June 30, 2011
Consolidating
Condensed Balance Sheets
As of December 31, 2010
Consolidating
Condensed Statement of Operations
For the Three Months Ended June 30, 2011
Consolidating
Condensed Statement of Operations
For the Three Months Ended June 30, 2010
Consolidating
Condensed Statement of Operations
For the Six Months Ended June 30, 2011
Consolidating
Condensed Statement of Operations
For the Six Months Ended June 30, 2010
Consolidating
Condensed Statement of Cash Flow
For the Six Months Ended June 30, 2011
Consolidating
Condensed Statement of Cash Flow
For the Six Months Ended June 30, 2010
|
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Guarantor Financial Information No definition available.
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Subsequent Event
|
6 Months Ended | ||||
|---|---|---|---|---|---|
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Jun. 30, 2011
|
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| Subsequent Event [Abstract] | |||||
| Subsequent Event |
On June 5, 2011, the Company’s manufacturing facility
in Venezuela was destroyed by fire. On July 18, 2011, the
Company received confirmation that its insurers have agreed to
an interim advance payment of $15 million, which is
expected to be received in the third quarter of 2011. The final
amount and timing of the ultimate insurance recovery is still
currently unknown. As of June 30, 2011, the Company has not
recognized any insurance receivable in excess of the
$4.9 million impairment loss related to Revlon
Venezuela’s net book value of inventory, property, plant
and equipment destroyed by the fire.
For further discussion, see Note 1, “Description of
Business and Basis of Presentation — Fire at Revlon
Venezuela Facility.”
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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