Document and Entity Information
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9 Months Ended | |
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Sep. 30, 2013
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Oct. 15, 2013
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Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2013 | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | REV | |
Entity Registrant Name | REVLON INC /DE/ | |
Entity Central Index Key | 0000887921 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 52,356,798 |
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CONSOLIDATED BALANCE SHEETS (USD $)
In Millions, unless otherwise specified |
Sep. 30, 2013
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Dec. 31, 2012
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Current assets: | ||||||||
Cash and cash equivalents | $ 139.3 | $ 116.3 | ||||||
Trade receivables, less allowance for doubtful accounts of $3.4 and $3.5 as of September 30, 2013 and December 31, 2012, respectively | 194.1 | 216.0 | ||||||
Inventories | 142.2 | 114.7 | ||||||
Deferred income taxes - current | 50.1 | 48.5 | ||||||
Prepaid expenses and other | 51.3 | 45.7 | ||||||
Total current assets | 577.0 | 541.2 | ||||||
Property, plant and equipment, net of accumulated depreciation of $236.4 and $226.0 as of September 30, 2013 and December 31, 2012, respectively | 102.7 | 99.5 | ||||||
Deferred income taxes - noncurrent | 195.2 | 215.2 | ||||||
Goodwill | 217.9 | 217.8 | ||||||
Intangible assets, net of accumulated amortization of $34.7 and $29.7 as of September 30, 2013 and December 31, 2012, respectively | 64.7 | 68.8 | ||||||
Other assets | 101.9 | 94.1 | ||||||
Total assets | 1,259.4 | 1,236.6 | ||||||
Current liabilities: | ||||||||
Short-term borrowings | 6.6 | 5.0 | ||||||
Current portion of long-term debt | 0 | [1] | 21.5 | [1] | ||||
Accounts payable | 103.4 | 101.9 | ||||||
Accrued expenses and other | 226.0 | 276.3 | ||||||
Redeemable preferred stock | 48.6 | [2] | 48.4 | [2] | ||||
Total current liabilities | 384.6 | 453.1 | ||||||
Long-term debt | 1,228.2 | 1,145.8 | ||||||
Long-term pension and other post-retirement plan liabilities | 210.1 | 233.7 | ||||||
Other long-term liabilities | 56.3 | 53.3 | ||||||
Commitments and contingencies | ||||||||
Stockholders' deficiency: | ||||||||
Additional paid-in capital | 1,015.1 | 1,015.1 | ||||||
Treasury stock, at cost: 754,853 shares of Class A Common Stock as of September 30, 2013 and December 31, 2012 | (9.8) | (9.8) | ||||||
Accumulated deficit | (1,419.6) | (1,446.9) | ||||||
Accumulated other comprehensive loss | (206.0) | (208.2) | ||||||
Total stockholders' deficiency | (619.8) | (649.3) | ||||||
Total liabilities and stockholders' deficiency | 1,259.4 | 1,236.6 | ||||||
Class A Common Stock [Member]
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Stockholders' deficiency: | ||||||||
Common stock, value | 0.5 | 0.5 | ||||||
Class B Common Stock [Member]
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Stockholders' deficiency: | ||||||||
Common stock, value | $ 0 | $ 0 | ||||||
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CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Millions, except Share data, unless otherwise specified |
Sep. 30, 2013
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Dec. 31, 2012
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Allowance for doubtful accounts on trade receivables | $ 3.4 | $ 3.5 |
Accumulated depreciation on property, plant and equipment | 236.4 | 226.0 |
Accumulated amortization on intangible assets | $ 34.7 | $ 29.7 |
Class A Common Stock [Member]
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Common Stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized (shares) | 900,000,000 | 900,000,000 |
Common Stock, shares issued (shares) | 49,986,651 | 49,986,651 |
Treasury Stock, at cost, shares (shares) | 754,853 | 754,853 |
Class B Common Stock [Member]
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Common Stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common Stock, shares authorized (shares) | 200,000,000 | 200,000,000 |
Common Stock, shares issued (shares) | 3,125,000 | 3,125,000 |
Common Stock, shares outstanding (shares) | 3,125,000 | 3,125,000 |
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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE (LOSS) INCOME (UNAUDITED) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||||||||||||||
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Sep. 30, 2013
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Sep. 30, 2012
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Sep. 30, 2013
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Sep. 30, 2012
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Income Statement [Abstract] | ||||||||||||||||
Net sales | $ 339.4 | $ 347.0 | $ 1,021.4 | $ 1,034.8 | ||||||||||||
Cost of sales | 123.8 | 127.0 | 365.5 | 367.1 | ||||||||||||
Gross profit | 215.6 | 220.0 | 655.9 | 667.7 | ||||||||||||
Selling, general and administrative expenses | 175.3 | 179.9 | 505.9 | 540.5 | ||||||||||||
Restructuring charges and other, net | (1.5) | 21.0 | 1.8 | 21.0 | ||||||||||||
Operating income | 41.8 | 19.1 | 148.2 | 106.2 | ||||||||||||
Other expenses, net: | ||||||||||||||||
Interest expense | 16.2 | 19.9 | 50.8 | 59.5 | ||||||||||||
Interest expense - preferred stock dividends | 1.7 | 1.6 | 4.9 | 4.8 | ||||||||||||
Amortization of debt issuance costs | 1.3 | 1.3 | 3.8 | 3.9 | ||||||||||||
Loss on early extinguishment of debt | 0.2 | 0 | 28.1 | 0 | ||||||||||||
Foreign currency losses (gains), net | 0.4 | (0.1) | 2.9 | 2.0 | ||||||||||||
Miscellaneous, net | 0.5 | (0.1) | 0.5 | 0.2 | ||||||||||||
Other expenses, net | 20.3 | 22.6 | 91.0 | 70.4 | ||||||||||||
Income (loss) from continuing operations before income taxes | 21.5 | (3.5) | 57.2 | 35.8 | ||||||||||||
Provision for income taxes | 12.0 | 11.5 | 30.2 | 31.6 | ||||||||||||
Income (loss) from continuing operations, net of taxes | 9.5 | (15.0) | 27.0 | 4.2 | ||||||||||||
Income from discontinued operations, net of taxes | 0 | 0 | 0.3 | 0.4 | ||||||||||||
Net income (loss) | 9.5 | (15.0) | 27.3 | 4.6 | ||||||||||||
Other comprehensive income (loss): | ||||||||||||||||
Currency translation adjustment, net of tax | 1.1 | [1] | (1.9) | [1] | (3.6) | [1] | 0.3 | [1] | ||||||||
Amortization of pension related costs, net of tax | 2.0 | [2],[3] | 1.8 | [2],[3] | 5.8 | [2],[3] | 7.5 | [2],[3] | ||||||||
Other comprehensive income (loss) | 3.1 | (0.1) | 2.2 | [4] | 7.8 | |||||||||||
Total comprehensive income (loss) | $ 12.6 | $ (15.1) | $ 29.5 | $ 12.4 | ||||||||||||
Income from Continuing Operations, Per Basic Share | $ 0.18 | $ (0.29) | $ 0.51 | $ 0.08 | ||||||||||||
Income from Discontinued Operations, Net of Tax, Per Basic Share | $ 0.00 | $ 0.00 | $ 0.01 | $ 0.01 | ||||||||||||
Basic earnings per share (usd per share) | $ 0.18 | $ (0.29) | $ 0.52 | $ 0.09 | ||||||||||||
Income from Continuing Operations, Per Diluted Share | $ 0.18 | $ (0.29) | $ 0.51 | $ 0.08 | ||||||||||||
Income from Discontinued Operations, Net of Tax, Per Diluted Share | $ 0.00 | $ 0.00 | $ 0.01 | $ 0.01 | ||||||||||||
Diluted earnings per share (usd per share) | $ 0.18 | $ (0.29) | $ 0.52 | $ 0.09 | ||||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||
Basic (shares) | 52,356,798 | 52,356,641 | 52,356,798 | 52,345,895 | ||||||||||||
Diluted (shares) | 52,356,798 | 52,356,641 | 52,356,798 | 52,356,911 | ||||||||||||
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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (UNAUDITED) (Parenthetical) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
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Sep. 30, 2013
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Sep. 30, 2012
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Sep. 30, 2013
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Sep. 30, 2012
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Income Statement [Abstract] | ||||
Currency translation adjustment, tax | $ 0.9 | $ (0.7) | $ 3.2 | $ 0.7 |
Amortization of pension related costs, tax benefit | $ (0.2) | $ (0.2) | $ (0.9) | $ (0.7) |
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CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIENCY) (UNAUDITED) (USD $)
In Millions, unless otherwise specified |
Total
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Balance, January 1, 2013 at Dec. 31, 2012 | $ (649.3) | $ 0.5 | $ 1,015.1 | $ (9.8) | $ (1,446.9) | $ (208.2) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Net income | 27.3 | 27.3 | ||||||||
Other comprehensive income (a) | 2.2 | [1] | 2.2 | [1] | ||||||
September 30, 2013 at Sep. 30, 2013 | $ (619.8) | $ 0.5 | $ 1,015.1 | $ (9.8) | $ (1,419.6) | $ (206.0) | ||||
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DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2013
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | 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. See also Note 15, "Subsequent Events - Colomer Acquisition." 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, trade support costs, 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 (income) costs and the projected benefit obligations for the Company’s pension and other post-retirement plans, including the expected long-term return on pension plan assets and the discount rate used to value the Company’s pension benefit obligations. The Unaudited Consolidated Financial Statements should be read in conjunction with the consolidated financial statements and related notes contained in Revlon, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2012, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 13, 2013 (the "2012 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. Effective beginning October 1, 2012, the Company is consolidating and reporting Latin America and Canada (previously reported separately) as the combined Latin America and Canada region. Certain prior year amounts in the Unaudited Consolidated Financial Statements have been reclassified to conform to the current period’s presentation. Recently Adopted Accounting Pronouncements In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which amends Accounting Standards Codification (“ASC”) 220, “Comprehensive Income.” The amendments require an entity to disclose the impact of amounts reclassified out of accumulated other comprehensive income and into net income, by the respective line items of net income, if the amounts reclassified are reclassified to net income in their entirety in the same reporting period. The disclosure is required either on the face of the statement where net income is presented or in the notes. For amounts that are not reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The Company prospectively adopted ASU No. 2013-02 beginning January 1, 2013, and has provided the required disclosures. Recently Issued Accounting Pronouncements In March 2013, the FASB issued ASU No. 2013-04, “Accounting for Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date”, which will require an entity to record an obligation resulting from joint and several liability arrangements at the greater of the amount that the entity has agreed to pay or the amount the entity expects to pay. Additional disclosures about joint and several liability arrangements will also be required. This guidance is effective for fiscal periods beginning after December 15, 2013, and is to be applied retrospectively for obligations that exist at the beginning of an entity's fiscal year of adoption, with early adoption permitted. The Company does not expect that such adoption will have a material impact on the Company's consolidated financial statements or financial statement disclosures. In July 2013, the FASB issued ASU No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" which requires an unrecognized tax benefit to be presented as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward that the entity intends to use and is available for settlement at the reporting date. The guidance is effective for fiscal periods beginning after December 15, 2013. The Company expects to early adopt the provisions of ASU No. 2013-11 on a prospective basis as of December 31, 2013 and the Company expects that the impact of such adoption will be limited to the presentation of assets and liabilities on the consolidated balance sheet. Other Events Acquisition of The Colomer Group Participations On October 9, 2013, Products Corporation completed its acquisition of The Colomer Group Participations, S.L. ("Colomer"), a Spanish company which primarily markets and sells professional products to salons and other professional channels under brands such as Revlon Professional® hair care, CND® and CND Shellac® nail polishes and American Crew® men’s hair care (the "Colomer Acquisition"), pursuant to a share sale and purchase agreement (the "Purchase Agreement") which Products Corporation entered into on August 3, 2013. See Note 15, "Subsequent Events - Colomer Acquisition." Fire at Revlon Venezuela Facility On June 5, 2011, the Company’s facility in Venezuela was destroyed by fire. For the years ended December 31, 2012, 2011 and 2010, the Company’s subsidiary in Venezuela (“Revlon Venezuela”) had net sales of approximately 2%, 2% and 3%, respectively, of the Company’s consolidated net sales. At December 31, 2012, 2011 and 2010, total assets of Revlon Venezuela were approximately 2%, 2% and 3%, respectively, of the Company’s total assets. Prior to the fire, approximately 50% of Revlon Venezuela’s net sales were comprised of products imported from the Company’s Oxford, North Carolina facility and approximately 50% were comprised of products locally manufactured at the Revlon Venezuela facility. Revlon Venezuela did not have any net sales from the date of the fire until August 12, 2011. The Company’s net sales in Venezuela since August 12, 2011 have been primarily comprised of (i) products imported from the Company’s Oxford, North Carolina facility; and (ii) commencing in the first quarter of 2012, certain products imported from third party manufacturers outside of Venezuela, which were locally manufactured at the Revlon Venezuela facility prior to the fire. The Company maintains comprehensive property insurance, as well as business interruption insurance. Business interruption insurance is intended to reimburse for lost profits and other costs incurred, which are attributable to the loss, during the loss period, subject to the terms and conditions of the applicable policies. The Company’s insurance coverage provides for business interruption losses to be reimbursed, subject to the terms and conditions of such policy, for a period of time, which period for the coverage related to the fire ended on October 2, 2012. The Company's business interruption losses included estimated profits lost as a result of the interruption of Revlon Venezuela’s business and costs incurred directly related to the fire. The Company recognized income from insurance recoveries under the business interruption policy only to the extent it recorded business interruption losses. In January 2013, the Company received additional insurance proceeds of $3.4 million from its insurers related to the settlement of the Company’s claim for the loss of inventory. The $3.4 million of proceeds were in addition to $8.4 million of insurance proceeds received prior to December 31, 2012, for a total settlement amount of $11.8 million for the loss of inventory, of which $3.5 million was previously recognized as income from insurance recoveries in 2011. As a result of the final settlement of the claim for the loss of inventory, the Company recognized a gain from insurance proceeds of $8.3 million in the first quarter of 2013. In June 2013, the Company settled its business interruption and property insurance claim in the amount of $32.0 million. The Company received $17.9 million of insurance proceeds for its business interruption and property claim prior to December 31, 2012, and the remaining $14.1 million was received in July 2013. The Company previously recognized $13.9 million as income from insurance recoveries in 2011 and 2012. As a result of the final settlement of the business interruption and property claim, the Company recognized a gain from insurance proceeds of $18.1 million in the second quarter of 2013. The table below details the proceeds received and the income recognized to date for the inventory and business interruption and property claims:
(a) The gain from insurance proceeds and income from insurance recoveries is included within selling, general and administrative (“SG&A”) expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) in the respective periods. In the second quarter of 2013, the Company recorded an accrual of $4.5 million for estimated clean-up costs related to the destroyed facility in Venezuela. The accrual is included within accrued expenses and other and SG&A expenses in the Company's Consolidated Financial Statements for the nine months ended September 30, 2013. Impact of Foreign Currency Translation - Venezuela Currency Devaluation On February 8, 2013, the Venezuelan government announced the devaluation of its local currency, Venezuelan Bolivars (“Bolivars”), relative to the U.S. Dollar, effective beginning February 13, 2013. The devaluation changed the official exchange rate to 6.30 Bolivars per U.S. Dollar (the "Official Rate"). The Venezuelan government also announced that the currency market administered by the central bank known as the Sistema de Transacciones en Moneda Extranjera (“SITME”) would be eliminated. As previously disclosed in Revlon, Inc.’s 2012 Form 10-K, the Company was using the SITME rate to translate the financial statements of Revlon Venezuela beginning in April 2011. As a result of the elimination of the SITME market, the Company began using the Official Rate of 6.30 Bolivars per U.S. Dollar to translate Revlon Venezuela’s financial statements beginning in the first quarter of 2013. For the nine months ended September 30, 2013, the devaluation of the local currency had the impact of reducing reported net sales by $1.5 million and reducing reported operating income by $0.5 million. Additionally, to reflect the impact of the currency devaluation, a one-time foreign currency loss of $0.6 million was recorded in the first quarter of 2013 as a result of the required re-measurement of Revlon Venezuela’s balance sheet. As Venezuela was designated as a highly inflationary economy effective January 1, 2010, the Company reflected this foreign currency loss in earnings. |
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PENSION AND POST-RETIREMENT BENEFITS
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Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PENSION AND POST-RETIREMENT BENEFITS | PENSION AND POST-RETIREMENT BENEFITS The components of net periodic benefit (income) costs for the Company’s pension and the other post-retirement benefit plans for the third quarter of 2013 and 2012 are as follows:
The components of net periodic benefit (income) costs for the Company’s pension and the other post-retirement benefit plans for the first nine months of 2013 and 2012 are as follows:
In the three and nine months ended September 30, 2013, the Company recognized net periodic benefit income of $(0.1) million and $(0.3) million, respectively, compared to net periodic benefit costs of $1.3 million and $4.0 million in the three and nine months ended September 30, 2012, respectively, primarily due to an increase in the fair value of pension plan assets at December 31, 2012, as well as the impact of the decrease in the weighted-average discount rate. Of the total net periodic benefit income of $(0.1) million for the three months ended September 30, 2013, $(0.6) million is recorded in cost of sales, $0.6 million is recorded in SG&A expenses and $(0.1) million is capitalized in inventory. Of the total net periodic benefit income of $(0.3) million for the nine months ended September 30, 2013, $(1.5) million is recorded in cost of sales, $1.8 million is recorded in SG&A expenses and $(0.6) million is capitalized in inventory. The Company expects that it will have net periodic benefit income of approximately $(0.5) million for its pension and other post-retirement benefit plans for all of 2013, compared with net periodic benefit costs of $3.9 million in 2012. During the third quarter of 2013, $8.2 million and $0.2 million were contributed to the Company's pension and other post-retirement benefit plans, respectively. During the first nine months of 2013, $15.4 million and $0.6 million were contributed to the Company’s pension plans and other post-retirement benefit plans, respectively. The Company currently expects to contribute approximately $20 million in the aggregate to its pension and other post-retirement benefit plans in 2013. 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 2012 Form 10-K. |
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Restructuring Charges [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RESTRUCTURING CHARGES | RESTRUCTURING CHARGES AND OTHER, NET September 2012 Program In September 2012, the Company announced a worldwide restructuring (the “September 2012 Program”), which primarily involved the Company exiting its owned manufacturing facility in France and its leased manufacturing facility in Maryland; rightsizing its organizations in France and Italy; and realigning its operations in Latin America, including consolidating Latin America and Canada into a single operating region, which became effective in the fourth quarter of 2012. A summary of the restructuring and related charges incurred through September 30, 2013 and expected to be incurred for the September 2012 Program, are as follows:
The Company expects net cash payments to total approximately $24 million related to the September 2012 Program, of which $3.8 million was paid in 2012, $13.3 million was paid during the nine months ended September 30, 2013, approximately $4 million is expected to be paid during the fourth quarter of 2013 and the remainder in expected to be paid in 2014. The total expected net cash payments of $24 million include cash proceeds of $2.7 million received in the third quarter of 2013 related to the sale of the Company's manufacturing facility in France. Details of the movements in the restructuring reserve during the first nine months of 2013 are as follows:
(a) During the nine months ended September 30, 2013, the Company recorded additional charges related to the September 2012 Program primarily due to changes in estimates related to severance and other termination benefits, partially offset by a $2.5 million gain on the July 2013 sale of the Company's manufacturing facility in France. As of September 30, 2013 and December 31, 2012, the restructuring reserve balance was included within accrued expenses and other in the Company's Consolidated Balance Sheets. |
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INVENTORIES
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INVENTORIES | INVENTORIES
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ACCRUED EXPENSES AND OTHER
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ACCRUED EXPENSES AND OTHER | ACCRUED EXPENSES AND OTHER
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LONG-TERM DEBT AND REDEEMABLE PREFERRED STOCK
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LONG-TERM DEBT AND REDEEMABLE PREFERRED STOCK | LONG-TERM DEBT AND REDEEMABLE PREFERRED STOCK
Additionally, in connection with the Colomer Acquisition, in August 2013, Products Corporation consummated further amendments (the "August 2013 Term Loan Amendments") to its 2011 Term Loan Agreement (as amended by the August 2013 Term Loan Amendments and the Incremental Amendment (as hereinafter defined), the "Amended Term Loan Agreement" or the "Amended Term Loan Facility"). Refer to “Recent Debt Transactions – Term Loan Amendments - (ii) August 2013 Term Loan Amendments and (iii) Incremental Amendment" below for further discussion.
Recent Debt Transactions Term Loan and Revolving Credit Facility Amendments (i) February 2013 Term Loan Amendments On February 21, 2013, Products Corporation consummated the February 2013 Term Loan Amendments, among Products Corporation, as borrower, a syndicate of lenders and Citicorp, USA, Inc. (“CUSA”), as administrative agent and collateral agent. Pursuant to the February 2013 Term Loan Amendments, Products Corporation reduced the total aggregate principal amount outstanding under the 2011 Term Loan from $788.0 million to $675.0 million, using a portion of the proceeds from Products Corporation’s issuance of its 5¾% Senior Notes (see “2013 Senior Notes Refinancing” below), together with cash on hand. The February 2013 Term Loan Amendments also reduced the interest rates on the 2011 Term Loan such that Eurodollar Loans bear interest at the Eurodollar Rate plus 3.00% per annum, with the Eurodollar Rate not to be less than 1.00% (compared to 3.50% and 1.25%, respectively, prior to the February 2013 Term Loan Amendments), while Alternate Base Rate loans bear interest at the Alternate Base Rate plus 2.00%, with the Alternate Base Rate not to be less than 2.00% (compared to 2.50% and 2.25%, respectively, prior to the February 2013 Term Loan Amendments) (and as each such term is defined in the 2011 Term Loan Agreement). Pursuant to the February 2013 Term Loan Amendments, Products Corporation, under certain circumstances, also has the right to request the 2011 Term Loan be increased by up to the greater of (i) $300 million and (ii) an amount such that Products Corporation’s First Lien Secured Leverage Ratio (as defined in the 2011 Term Loan Agreement) does not exceed 3.50:1.00 (compared to $300 million prior to the February 2013 Term Loan Amendments), provided that the lenders are not committed to provide any such increase. For the nine months ended September 30, 2013, the Company incurred approximately $1.2 million of fees and expenses in connection with the February 2013 Term Loan Amendments, of which, $0.2 million was capitalized. The Company expensed the remaining $1.0 million of fees and expenses and wrote-off $1.5 million of unamortized debt discount and deferred financing costs. These amounts, totaling $2.5 million, were recognized within loss on early extinguishment of debt in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the nine months ended September 30, 2013. (ii) August 2013 Term Loan Amendments On August 19, 2013, in connection with the Colomer Acquisition, Products Corporation consummated the August 2013 Term Loan Amendments to its 2011 Term Loan Agreement, which permit, among other things: (i) Products Corporation's consummation of the Colomer Acquisition; and (ii) Products Corporation's incurring up to $700 million of term loans to use as a source of funds to consummate the Colomer Acquisition and pay related fees and expenses. See Note 15, “Subsequent Events- Colomer Acquisition.” For the three and nine months ended September 30, 2013, the Company incurred approximately $1.9 million of fees and expenses in connection with the August 2013 Term Loan Amendments. The Company capitalized $1.7 million of fees and expenses, which are being amortized over the remaining life of the 2011 Term Loan using the effective interest method. The remaining $0.2 million of fees and expenses were expensed as incurred. (iii) Incremental Amendment On August 19, 2013, in connection with the Colomer Acquisition, Products Corporation entered into an incremental amendment (the "Incremental Amendment") resulting in the Amended Term Loan Agreement with Citibank, N.A., JPMorgan Chase Bank, N.A., Bank of America, N.A, Credit Suisse AG, Cayman Islands Branch, Wells Fargo Bank, N.A. and Deutsche Bank AG New York Branch (collectively, the "Initial Acquisition Lenders") and Citicorp USA, Inc. as administrative agent and collateral agent pursuant to which the Initial Acquisition Lenders committed to provide up to $700 million of term loans under the Amended Term Loan Agreement (the "Acquisition Term Loans"), which were used as a source of funds to consummate the Colomer Acquisition. See Note 15, “Subsequent Events- Colomer Acquisition.” For the three and nine months ended, September 30, 2013, the Company incurred approximately $1.7 million of fees and expenses in connection with the Acquisition Term Loans. Such fees were capitalized and will be amortized over the life of the Acquisition Term Loans using the effective interest method beginning on the Closing Date. (iv) Amended Revolving Credit Facility On August 14, 2013, in connection with the Colomer Acquisition, Products Corporation consummated the August 2013 Revolver Amendment to the $140.0 million asset-backed, multi-currency revolving credit facility (the "Amended Revolving Credit Facility”) to permit, among other things: (a) Products Corporation's consummation of the Colomer Acquisition; and (b) Products Corporation's incurring up to $700 million of the Acquisition Term Loans that Products Corporation used as a source of funds to consummate the Colomer Acquisition. Additionally, the August 2013 Revolver Amendment (1) reduced Products Corporation's interest rate spread over the LIBOR rate applicable to Eurodollar Loans under the facility from a range, based on availability, of 2.00% to 2.50%, to a range of 1.50% to 2.00%; (2) reduced the commitment fee on unused availability under the facility from 0.375% to 0.25%; and (3) extended the maturity of the facility, which was previously scheduled to mature in June 2016, to the earlier of (i) August 2018 or (ii) the date that is 90 days prior to the earliest maturity date of any term loans then outstanding under Products Corporation's bank term loan agreements, but not earlier than June 2016. For the three and nine months ended September 30, 2013, the Company incurred approximately $0.4 million of fees and expenses in connection with the August 2013 Revolver Amendment, which were capitalized and are being amortized over the life of the Amended Revolving Credit Facility using the effective interest method. The following is a summary description of the Amended Revolving Credit Facility and the Amended Term Loan Facility. Unless otherwise indicated, capitalized terms have the meanings given to them in the Amended Revolving Credit Agreement and/or the Amended Term Loan Agreement, as applicable. Investors should refer to the Amended Revolving Credit Agreement and/or the Amended Term Loan Agreement for complete terms and conditions, as these summary descriptions are subject to a number of qualifications and exceptions. Amended Revolving Credit Facility Availability under the Amended 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 Amended 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 Amended Revolving Credit Facility, Products Corporation will not have full access to the Amended Revolving Credit Facility. Products Corporation’s ability to borrow under the Amended Revolving Credit Facility is also conditioned upon the satisfaction of certain conditions precedent and Products Corporation’s compliance with other covenants in the Amended Revolving Credit Agreement. As a result of the August 2013 Revolver Amendment, under the Amended 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 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 Amended 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 by Products Corporation or any of Products Corporation’s 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 Amended Term Loan Facility. As a result of the August 2013 Revolver Amendment, Products Corporation pays to the lenders under the Amended Revolving Credit Facility a commitment fee of 0.25% of the average daily unused portion of the Amended Revolving Credit Facility, which fee is payable quarterly in arrears. Under the Amended 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 for revolving credit loans that are Eurodollar Rate 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. As a result of the August 2013 Revolver Amendment, under certain circumstances, Products Corporation has the right to request that the Amended Revolving Credit Facility be increased by up to $100.0 million (compared to $60.0 million under the 2011 Revolving Credit Facility), 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 Amended Revolving Credit Facility and (ii) the amounts outstanding under the Amended 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 Amended 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) of a minimum of 1.0 to 1.0. As a result of the August 2013 Revolver Amendment, the Amended Revolving Credit Facility matures on the earlier of August 14, 2018 and the date that is 90 days prior to the earliest maturity date of any Term loans then outstanding under the Amended Term Loan Facility, but not earlier than June 16, 2016. Amended Term Loan Facility Under the Amended Term Loan Facility, Eurodollar Loans bear interest at the Eurodollar Rate plus 3.00% per annum (with the Eurodollar Rate not to be less than 1.00%) and Alternate Base Rate loans bear interest at the Alternate Base Rate plus 2.00% (with the Alternate Base Rate not to be less than 2.00%). The term loans under the Amended 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 by Products Corporation or any of its subsidiary guarantors with carryover of unused annual basket amounts up to a maximum of $25 million and 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 the Company 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 Amended Term Loan Agreement), commencing with excess cash flow for the 2013 fiscal year payable in the first 100 days of 2014. The Amended 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 Amended Term Loan Facility that is not junior or subordinated to the liens securing the Amended Term Loan Facility (excluding debt outstanding under the Amended Revolving Credit Facility)) to EBITDA, as each such term is defined in the Amended Term Loan Facility, to no more than 4.25 to 1.0 (pursuant to the August 2013 Term Loan Amendments) for each period of four consecutive fiscal quarters ending during the period from June 30, 2011 to the maturity date of the Amended Term Loan Facility. The 2011 Term Loan under the Amended Term Loan Facility matures on November 19, 2017. The Acquisition Term Loans under the Amended Term Loan Facility will have the same terms as the 2011 Term Loans, except that: (i) they will mature on the sixth anniversary of the consummation of the Colomer Acquisition (or October 9, 2019); (ii) they will be subject to a 1% premium in connection with any repayment or amendment that results in a repricing of the Acquisition Term Loans occurring within six months after the consummation of the Colomer Acquisition; and (iii) they will amortize on March 31, June 30, September 30 and December 31 of each year, beginning with the last day of the first full fiscal quarter after the consummation of the Colomer Acquisition, in an amount equal to 0.25% of the aggregate principal amount of such Acquisition Term Loans. Provisions Applicable to the Amended Term Loan Facility and the Amended Revolving Credit Facility The Amended Term Loan Agreement and the Amended Revolving Credit Agreement are supported by, among other things, guarantees from Revlon, Inc. and, subject to certain limited exceptions, Products Corporation’s domestic subsidiaries. Products Corporation’s obligations under the Amended Term Loan Agreement and the Amended Revolving Credit Agreement and the obligations under such guarantees are secured by, subject to certain limited exceptions, substantially all of Products Corporation’s assets and the assets of the guarantors, including: (i) a mortgage on owned real property, including Products Corporation’s facility in Oxford, North Carolina; (ii) Products Corporation’s capital stock and the capital stock of 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) Products Corporation’s and the subsidiary guarantors’ intellectual property and other intangible property; and (iv) Products Corporation’s and the subsidiary guarantors’ inventory, accounts receivable, equipment, investment property and deposit accounts. The liens on, among other things, inventory, accounts receivable, deposit accounts, investment property (other than Products Corporation’s capital stock and the capital stock of Products Corporation’s subsidiaries), real property, equipment, fixtures and certain intangible property secure the Amended Revolving Credit Facility on a first priority basis and the Amended Term Loan Facility on a second priority basis. The liens on Products Corporation’s capital stock and the capital stock of Products Corporation’s subsidiaries and intellectual property and certain other intangible property secure the Amended Term Loan Facility on a first priority basis and the Amended Revolving Credit Facility 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 Citicorp USA, Inc., as administrative agent and as collateral agent for the benefit of the secured parties for the Amended Term Loan Facility and Amended Revolving Credit Facility (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 Amended Term Loan Agreement and the Amended Revolving Credit Agreement 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 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 Products Corporation’s affiliates 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 certain other restricted payments, including without limitation those 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 Products Corporation’s affiliates 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 Products Corporation’s independent directors, subject to certain exceptions. The events of default under each of the Amended Term Loan Agreement and the Amended Revolving Credit Agreement 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 the Amended Term Loan Agreement, the Amended Revolving Credit Agreement 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 its 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 $50.0 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 $50.0 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 Amended Term Loan Facility, a cross default under the Amended Revolving Credit Facility, and in the case of the Amended Revolving Credit Facility, a cross default under the Amended 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 Products Corporation’s total voting power, (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 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 Amended and Restated Senior Subordinated Term Loan. If Products Corporation is in default under the senior secured leverage ratio under the Amended Term Loan Facility or the consolidated fixed charge coverage ratio under the Amended 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. 2013 Senior Notes Refinancing On February 8, 2013, Products Corporation completed its offering (the "2013 Senior Notes Refinancing"), pursuant to an exemption from registration under the Securities Act of 1933 (as amended, the "Securities Act"), of $500.0 million aggregate principal amount of the 5¾% Senior Notes. The 5¾% Senior Notes are unsecured and were issued to investors at par. The 5¾% Senior Notes mature on February 15, 2021. Interest on the 5¾% Senior Notes accrues at 5¾% per annum, paid every six months on February 15th and August 15th, with the first interest payment due on August 15, 2013 (subject to the payment of certain additional interest referred to below under “Registration Rights”). The 5¾% Senior Notes were issued pursuant to an indenture (the “5¾% Senior Notes Indenture”), dated as of February 8, 2013 (the “Closing Date”), by and among Products Corporation, Products Corporation’s domestic subsidiaries (the “Guarantors”), which also currently guarantee Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility, and U.S. Bank National Association, as trustee. The Guarantors issued guarantees (the “Guarantees”) of Products Corporation’s obligations under the 5¾% Senior Notes and the 5¾% Senior Notes Indenture on a joint and several, senior unsecured basis. Products Corporation used a portion of the $491.2 million of net proceeds from the issuance of the 5¾% Senior Notes (net of underwriters' fees) to repay and redeem all of the $330 million outstanding aggregate principal amount of its 9¾% Senior Secured Notes, as well as to pay $8.6 million of accrued interest. Products Corporation incurred an aggregate of $19.3 million of fees for the applicable redemption and tender offer premiums, related fees and expenses in connection with redemption and repayment of the 9¾% Senior Secured Notes and other fees and expenses in connection with the issuance of the 5¾% Senior Notes. Products Corporation used a portion of the remaining proceeds from the issuance of the 5¾% Senior Notes, together with existing cash, to pay approximately $113.0 million of principal on its 2011 Term Loan in conjunction with the February 2013 Term Loan Amendments. Products Corporation used the remaining balance available from the issuance of the 5¾% Senior Notes for general corporate purposes, including, without limitation, debt reduction transactions, such as repaying to Revlon, Inc. at maturity on October 8, 2013 the Contributed Loan, which Revlon, Inc. used to pay the liquidation preference of Revlon, Inc.'s Preferred Stock in connection with its mandatory redemption on such date. See also Note 15, “Subsequent Events-Mandatory Redemption of Series A Preferred Stock.” In connection with these refinancing transactions, the Company capitalized $10.5 million of fees and expenses incurred related to the issuance of the 5¾% Senior Notes, which is being amortized over the term of such notes using the effective interest method. The Company also recognized a loss on the early extinguishment of debt of $25.4 million during the first nine months of 2013, comprised of $17.6 million of redemption and tender offer premiums, as well as fees and expenses which were expensed as incurred in connection with the redemption and repayment of the 9¾% Senior Secured Notes, as well as the write-off of $7.8 million of unamortized debt discount and deferred financing costs associated with the 9¾% Senior Secured Notes. Ranking The 5¾% Senior Notes are Products Corporation’s unsubordinated, unsecured obligations and rank senior in right of payment to any future subordinated obligations of Products Corporation and rank pari passu in right of payment with all existing and future senior debt of Products Corporation. Similarly, each Guarantee is the relevant Guarantor’s joint and several, unsubordinated and unsecured obligation and ranks senior in right of payment to any future subordinated obligations of such Guarantor and ranks pari passu in right of payment with all existing and future senior debt of such Guarantor. The 5¾% Senior Notes and the Guarantees rank effectively junior to Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility, which are secured, as well as indebtedness and preferred stock of Products Corporation’s foreign and immaterial subsidiaries (the “Non-Guarantor Subsidiaries”), none of which guarantee the 5¾% Senior Notes. Optional Redemption On and after February 15, 2016, the 5¾% Senior Notes may be redeemed at Products Corporation's option, at any time as a whole, or from time to time in part, at the following redemption prices (expressed as percentages of principal amount), plus accrued interest to the date of redemption, if redeemed during the 12-month period beginning on February 15th of the years indicated below:
Products Corporation may redeem the 5¾% Senior Notes at its option at any time or from time to time prior to February 15, 2016, as a whole or in part, at a redemption price per 5¾% Senior Note equal to the sum of (1) the then outstanding principal amount thereof, plus (2) accrued and unpaid interest (if any) to the date of redemption, plus (3) the applicable premium based on the applicable treasury rate plus 75 basis points. Prior to February 15, 2016, Products Corporation may, from time to time, redeem up to 35% of the aggregate principal amount of the 5¾% Senior Notes and any additional notes with, and to the extent Products Corporation actually receives, the net proceeds of one or more equity offerings from time to time, at 105.75% of the principal amount thereof, plus accrued interest to the date of redemption. Change of Control Upon the occurrence of specified change of control events, Products Corporation is required to make an offer to purchase all of the 5¾% Senior Notes at a purchase price of 101% of the outstanding principal amount of the 5¾% Senior Notes as of the date of any such repurchase, plus accrued and unpaid interest to the date of repurchase. Certain Covenants The 5¾% Senior Notes Indenture limits Products Corporation’s and the Guarantors’ ability, and the ability of certain other subsidiaries, to:
These covenants are subject to important qualifications and exceptions. The 5¾% Senior Notes Indenture also contains customary affirmative covenants and events of default. In addition, if during any period of time the 5¾% Senior Notes receive investment grade ratings from both Standard & Poor’s and Moody’s Investors Services, Inc. and no default or event of default has occurred and is continuing under the 5¾% Senior Notes Indenture, Products Corporation and its subsidiaries will not be subject to the covenants on Limitation on Debt, Limitation on Restricted Payments, Limitation on Asset Sales, Limitation on Dividends from Subsidiaries and certain provisions of the Successor Company covenant. Registration Rights On the Closing Date, Products Corporation, the Guarantors and the representatives of the initial purchasers of the 5¾% Senior Notes entered into a Registration Rights Agreement, pursuant to which Products Corporation and the Guarantors agreed with the representatives of the initial purchasers, for the benefit of the holders of the 5¾% Senior Notes, that Products Corporation will, at its cost, among other things: (i) file a registration statement with respect to the 5¾% Senior Notes within 150 days after the Closing Date to be used in connection with the exchange of the 5¾% Senior Notes and related guarantees for publicly registered notes and related guarantees with substantially identical terms in all material respects (except for the transfer restrictions relating to the 5¾% Senior Notes and interest rate increases as described below); (ii) use its reasonable best efforts to cause the applicable registration statement to become effective under the Securities Act within 210 days after the Closing Date; and (iii) use its reasonable best efforts to effect an exchange offer of the 5¾% Senior Notes and the related guarantees for registered notes and related guarantees within 270 days after the Closing Date. In addition, under certain circumstances, Products Corporation may be required to file a shelf registration statement to cover resales of the 5¾% Senior Notes. If Products Corporation fails to satisfy such obligations, it will be obligated to pay additional interest to each holder of the 5¾% Senior Notes that are subject to transfer restrictions, with respect to the first 90-day period immediately following any such failure, at a rate of 0.25% per annum on the principal amount of the 5¾% Senior Notes that are subject to transfer restrictions held by such holder. The amount of additional interest will increase by an additional 0.25% per annum with respect to each subsequent 90-day period until all registration requirements have been satisfied, up to a maximum amount of additional interest of 0.50% per annum on the principal amount of the 5¾% Senior Notes that are subject to transfer restrictions. Pursuant to the Registration Agreement, in May 2013 Products Corporation filed a registration statement, and filed amended registration statements in June and July 2013, with the SEC that, when such statement becomes effective, will permit holders of the 5¾% Senior Notes to exchange such notes for new notes that will have substantially identical terms to the 5¾% Senior Notes, except that (1) the new notes and the related guarantees will be registered with the SEC under the Securities Act, and (2) the transfer restrictions and registration rights currently applicable to the 5¾% Senior Notes would no longer apply to the new notes. The registration statement for the 5¾% Senior Notes has not been declared effective by the SEC due to the requirements to include certain financial information regarding Colomer, on a historical and pro forma basis, in the registration statement. Such financial information was not available for inclusion in the registration statement within the time frame required under the Registration Rights Agreement for the registration statement to be declared effective, thereby requiring the payment of additional interest on the 5¾% Senior Notes as described above. Accordingly, the Company has accrued $0.3 million of additional interest as of September 30, 2013 with respect to and including the first 90-day period pursuant to the provisions of the Registration Rights Agreement described above, which period began on September 6, 2013. Covenants Products Corporation was in compliance with all applicable covenants under the Amended Term Loan Agreement and the Amended Revolving Credit Agreement as of September 30, 2013. At September 30, 2013, the aggregate principal amount outstanding under the 2011 Term Loan was $675.0 million and availability under the $140.0 million Amended Revolving Credit Facility, based upon the calculated borrowing base less $9.8 million of outstanding undrawn letters of credit and nil then drawn on the Amended Revolving Credit Facility, was $130.2 million. Products Corporation was in compliance with all applicable covenants under its 5¾% Senior Notes Indenture as of September 30, 2013 and its 9¾% Senior Secured Notes Indenture as of December 31, 2012. |
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BASIC AND DILUTED EARNINGS PER COMMON SHARE
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BASIC AND DILUTED EARNINGS PER COMMON SHARE | BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE Shares used in basic earnings (loss) per common share are computed using the weighted average number of common shares outstanding during each period. Shares used in diluted earnings per common share include the dilutive effect of unvested restricted shares and outstanding stock options under the Company’s stock plan using the treasury stock method. For the three and nine months ended September 30, 2013 and 2012, 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 common share in the future were excluded from the calculation of diluted earnings per common share as their effect would be anti-dilutive, as in each case their exercise price was in excess of the average NYSE closing price of the Class A Common Stock for these periods. For the three and nine months ended September 30, 2012, 121 and 4,465 weighted average shares of unvested restricted stock that could potentially dilute basic earnings per common 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 nine months ended September 30, 2013, there were no shares of unvested restricted stock outstanding. The components of basic and diluted earnings (loss) per common share for the three and nine months ended September 30, 2013 and 2012 are as follows:
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ACCUMULATED OTHER COMPREHENSIVE LOSS
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ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss as of September 30, 2013 are as follows:
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GEOGRAPHIC, FINANCIAL AND OTHER INFORMATION
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Sep. 30, 2013
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GEOGRAPHIC, FINANCIAL AND OTHER INFORMATION | GEOGRAPHIC, FINANCIAL AND OTHER INFORMATION The Company manages its business on the basis of one reportable operating segment. As of September 30, 2013, 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.
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FAIR VALUE MEASUREMENTS
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Sep. 30, 2013
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | 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 September 30, 2013, the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value, namely its foreign currency forward exchange contracts (“FX Contracts”), are categorized in the table below:
As of December 31, 2012, the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value, namely its FX Contracts, are categorized in the table below:
As of September 30, 2013, the fair values and carrying values of the Company’s long-term debt, including the current portion of long-term debt, and Preferred Stock, are categorized in the table below:
As of December 31, 2012, the fair values and carrying values of the Company’s long-term debt, including the current portion of long-term debt, and Preferred Stock, are categorized in the table below:
See Note 15, "Subsequent Events - Mandatory Redemption of Series A Preferred Stock." The fair value of the Company's long-term 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 carrying amounts of cash and cash equivalents, trade receivables, notes receivable, accounts payable and short-term borrowings approximate their fair values. |
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FINANCIAL INSTRUMENTS
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Sep. 30, 2013
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS Products Corporation maintains standby and trade letters of credit for various corporate purposes under which Products Corporation is obligated, of which $9.8 million and $10.4 million (including amounts available under credit agreements in effect at that time) were maintained at September 30, 2013 and December 31, 2012, respectively. Included in these amounts is approximately $8.1 million and $8.7 million at September 30, 2013 and December 31, 2012, respectively, 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 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. The Company may also enter into 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 September 30, 2013 and December 31, 2012 was $46.2 million and $43.9 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. Quantitative Information – Derivative Financial Instruments The effects of the Company’s derivative instruments on its consolidated financial statements were as follows:
(i) The fair values of the FX Contracts at September 30, 2013 and December 31, 2012 were determined by using observable market transactions of spot and forward rates at September 30, 2013 and December 31, 2012, respectively. (b) Effects of Derivative Financial Instruments on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2013 and 2012:
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INCOME TAXES
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9 Months Ended |
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Sep. 30, 2013
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Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The provision for income taxes represents federal, foreign, state and local income taxes. The effective tax 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, foreign earnings taxable in the U.S., nondeductible expenses and other items. The Company’s tax provision changes quarterly based on various factors including, but not limited to, the geographical mix of earnings, enacted tax legislation, foreign, state and local income taxes, tax audit settlements 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 third quarter of 2013 and 2012, the Company recorded a provision for income taxes from continuing operations of $12.0 million and $11.5 million, respectively. The $0.5 million increase in the provision for income taxes was primarily attributable to certain favorable discrete items that benefited the third quarter of 2012 that did not recur in the third quarter of 2013, mostly offset by the favorable resolution of tax matters in a foreign jurisdiction in the third quarter of 2013. For the first nine months of 2013 and 2012, the Company recorded a provision for income taxes from continuing operations of $30.2 million and $31.6 million, respectively. The $1.4 million decrease in the provision for income taxes was primarily attributable to the loss on early extinguishment of debt recognized in the first nine months of 2013 related to the 2013 Senior Notes Refinancing and the February 2013 Term Loan Amendments and the favorable resolution of tax matters in a foreign jurisdiction in the first nine months of 2013, partially offset by increased pre-tax income and certain favorable discrete items that benefited the first nine months of 2012 that did not recur in the first nine months of 2013. The Company's effective tax rate for the three months ended September 30, 2013 was higher than the federal statutory rate of 35% due principally to non-deductible expenses, including certain non-deductible expenses related to the Colomer Acquisition, foreign dividends and earnings taxable in the U.S. and state and local taxes, net of U.S. federal income tax benefit, partially offset by foreign and U.S. tax effects attributable to operations outside the U.S. The Company's effective tax rate for the nine months ended September 30, 2013 was higher than the federal statutory rate of 35% due principally to foreign dividends and earnings taxable in the U.S. and non-deductible expenses, including certain non-deductible expenses related to the Colomer Acquisition. The Company remains subject to examination of its income tax returns in various jurisdictions including, without limitation, the U.S. (federal) for tax years ended December 31, 2010 through December 31, 2012, South Africa for tax years ended December 31, 2009 through December 31, 2011 and Australia for tax years ended December 31, 2009 through December 31, 2012. |
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CONTINGENCIES
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9 Months Ended |
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Sep. 30, 2013
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Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES The Company is involved in various routine legal proceedings incidental to the ordinary course of its business. The Company believes that the outcome of all pending legal proceedings in the aggregate is unlikely to have a material adverse effect on the Company’s business, financial condition and/or its results of operations. However, in light of the uncertainties involved in legal proceedings generally, the ultimate outcome of a particular matter could be material to the Company’s operating results for a particular period depending on, among other things, the size of the loss or the nature of the liability imposed and the level of the Company’s income for that particular period. As previously disclosed in Revlon, Inc.'s 2012 Form 10-K, Revlon, Inc., certain of Revlon, Inc.'s current and former directors and MacAndrews & Forbes Holdings Inc. entered into settlement agreements with the plaintiffs in class and derivative actions related to the voluntary exchange offer Revlon, Inc. launched and consummated in 2009 (the "2009 Exchange Offer"). For the three and nine months ended September 30, 2012, the Company recorded charges of $2.2 million and $8.9 million, respectively, with respect to the Company’s then-estimated costs of resolving the actions, including the Company's estimate at that time of additional payments to be made to certain of the settling stockholders. These charges are included within SG&A expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2012. In March 2013, the parties executed an amendment to one of the settlement agreements, specifically the class action settlement agreement. The amendment did not affect the financial terms of the class action settlement; rather, it modified the scope of the releases given by those class members who did not participate in the 2009 Exchange Offer. Later in March 2013, the class action settlement, as amended, was presented to the Delaware Court of Chancery, and approved. The class action settlement was conditioned, and became effective, upon final approval of the derivative action settlement and final dismissal of the actions pending outside of the Delaware Court of Chancery. The derivative action settlement was approved by the U.S. District Court for the District of Delaware on April 30, 2013. In early May 2013, the U.S. District Court for the District of Delaware dismissed the purported class action filed by John Garofalo, and in late July 2013, the Supreme Court of New York, New York County dismissed the Sullivan action. The entire settlement of all the actions noted above became effective thirty days after dismissal of the Sullivan action. In August 2013, a payment of $8.9 million, representing the Company's allocable portion of the settlement amount, was made to settle all amounts owed by the Company in connection with the settlement agreements. Revlon, Inc. agreed with the staff of the SEC (or the “Commission”) on the terms of a proposed settlement of an investigation relating to certain disclosures made by Revlon, Inc. in its public filings in 2009 in connection with the 2009 Exchange Offer. On June 13, 2013, the Commission approved such settlement and Revlon, Inc. entered into the settlement without admitting or denying the findings set forth therein and, pursuant to its terms, Revlon, Inc., among other things, paid a civil penalty of $850,000. The settlement amount was previously accrued in the fourth quarter of 2012 within SG&A expenses and accrued expenses and other in Revlon, Inc.'s consolidated financial statements. In September 2013, Revlon, Inc. received a final payment of approximately $1.8 million of insurance proceeds in connection with matters related to the 2009 Exchange Offer. These proceeds are recorded as a gain within SG&A expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2013. |
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RELATED PARTY TRANSACTIONS
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Sep. 30, 2013
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Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Reimbursement Agreements As previously disclosed in Revlon, Inc.'s 2012 Form 10-K, Revlon, Inc., Products Corporation and MacAndrews & Forbes Inc. (a wholly-owned subsidiary of MacAndrews & Forbes Holdings) have entered into reimbursement agreements (the "Reimbursement Agreements") pursuant to which (i) MacAndrews & Forbes Inc. is obligated to provide (directly or through its affiliates) certain professional and administrative services, including, without limitation, employees, to Revlon, Inc. and its subsidiaries, including, without limitation, Products Corporation, and to purchase services from third party providers, such as insurance, legal, accounting and air transportation services, on behalf of Revlon, Inc. and its subsidiaries, including Products Corporation, to the extent requested by Products Corporation, and (ii) Products Corporation is obligated to provide certain professional and administrative services, including, without limitation, employees, to MacAndrews & Forbes and to purchase services from third party providers, such as insurance, legal and accounting services, on behalf of MacAndrews & Forbes to the extent requested by MacAndrews & Forbes, provided that in each case the performance of such services does not cause an unreasonable burden to MacAndrews & Forbes or Products Corporation, as the case may be. The Company reimburses MacAndrews & Forbes for the allocable costs of the services purchased for or provided by MacAndrews & Forbes to the Company and its subsidiaries and for the reasonable out-of-pocket expenses incurred by MacAndrews & Forbes in connection with the provision of such services. MacAndrews & Forbes reimburses Products Corporation for the allocable costs of the services purchased for or provided by Products Corporation to MacAndrews & Forbes and for the reasonable out-of-pocket expenses incurred in connection with the purchase or provision of such services. Each of the Company, on the one hand, and MacAndrews & Forbes Inc., on the other, has agreed to indemnify the other party for losses arising out of the services provided by it under the Reimbursement Agreements, other than losses resulting from its willful misconduct or gross negligence. The Reimbursement Agreements may be terminated by either party on 90 days' notice. The Company does not intend to request services under the Reimbursement Agreements unless their costs would be at least as favorable to the Company as could be obtained from unaffiliated third parties. The Company participates in MacAndrews & Forbes' directors and officers liability insurance program (the “D&O Insurance Program”), as well as its other insurance coverages, such as property damage, business interruption, liability and other coverages, which cover the Company, as well as MacAndrews & Forbes and its subsidiaries. The limits of coverage for certain of the policies are available on an aggregate basis for losses to any or all of the participating companies and their respective directors and officers. The Company reimburses MacAndrews & Forbes from time to time for their allocable portion of the premiums for such coverage or the Company pays the insurers directly, which premiums the Company believes are more favorable than the premiums the Company would pay were it to secure stand-alone coverage. Any amounts paid by the Company directly to MacAndrews & Forbes in respect of premiums are included in the amounts paid under the Reimbursement Agreements. The net activity related to services provided and/or purchased under the Reimbursement Agreements during the nine months ended September 30, 2013 was $4.4 million, which primarily includes a $6.1 million partial payment made by the Company to MacAndrews & Forbes during the first quarter of 2013 for premiums related to the Company's allocable portion of the 5-year renewal of the D&O Insurance Program for the period from January 31, 2012 through January 31, 2017, partially offset by $1.8 million from MacAndrews & Forbes for reimbursable costs incurred by the Company related to matters covered by the D&O Insurance Program. The net activity related to services provided and/or purchased under the Reimbursement Agreements during the nine months ended September 30, 2012 was $3.3 million, which primarily includes $18.0 million from MacAndrews & Forbes for reimbursable costs incurred by the Company related to matters covered by the D&O Insurance Program, partially offset by the initial $14.6 million partial pre-payment made by the Company to MacAndrews & Forbes during the first quarter of 2012 for premiums related to the Company’s allocable portion of the D&O Insurance Program. As of September 30, 2013 and December 31, 2012, a receivable balance of nil and $0.3 million, respectively, from MacAndrews & Forbes was included within prepaid expenses and other in the Company’s Consolidated Balance Sheets for transactions subject to the Reimbursement Agreements. |
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SUBSEQUENT EVENTS
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9 Months Ended |
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Sep. 30, 2013
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Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Colomer Acquisition On October 9, 2013, Products Corporation completed the Colomer Acquisition for a cash purchase price of $664.5 million, which Products Corporation financed with proceeds from the Acquisition Term Loans under the Amended Term Loan Facility. The Colomer Acquisition provides the Company with broad brand, geographic and channel diversification and substantially expands the Company's business, providing distribution into new channels and cost synergy opportunities. In addition, the Colomer Acquisition offers opportunities for profitable growth by leveraging the combined Company's enhanced innovation capability and know-how. For the three and nine months ended September 30, 2013, the Company has incurred $5.9 million and $6.3 million, respectively, of acquisition and related costs, which are included within SG&A expenses in the Company's Consolidated Statements of Operations and Comprehensive Income (Loss). The results of operations related to the Colomer Acquisition will be included in the Company’s consolidated financial statements commencing on October 9, 2013, the date of the acquisition. The Company will account for the Colomer Acquisition as a business combination during the fourth quarter of 2013. The Company's purchase accounting for the Colomer Acquisition is incomplete; therefore the Company cannot disclose the allocation of the acquisition price to acquired assets and liabilities at this time. In addition, Colomer's results of operations prepared in accordance with U.S. GAAP for the period ending September 30, 2013 is currently unavailable and therefore the Company cannot disclose the pro forma revenues and earnings related to the Colomer Acquisition at this time. Mandatory Redemption of Series A Preferred Stock In October 2009, Revlon, Inc. issued to stockholders who participated in the 2009 Exchange Offer 9,336,905 shares of Series A Preferred Stock. On October 8, 2013, Revlon, Inc. consummated the mandatory redemption of the Series A Preferred Stock in accordance with such preferred stock's certificate of designation and paid such holders $48.6 million, which represents the $5.21 liquidation preference for each of the outstanding 9,336,905 shares of Series A Preferred Stock. As this redemption occurred after the end of the third quarter of 2013, such redemption and payment are not reflected in the Company's Consolidated Balance Sheet as of September 30, 2013. |
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DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In February 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which amends Accounting Standards Codification (“ASC”) 220, “Comprehensive Income.” The amendments require an entity to disclose the impact of amounts reclassified out of accumulated other comprehensive income and into net income, by the respective line items of net income, if the amounts reclassified are reclassified to net income in their entirety in the same reporting period. The disclosure is required either on the face of the statement where net income is presented or in the notes. For amounts that are not reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The Company prospectively adopted ASU No. 2013-02 beginning January 1, 2013, and has provided the required disclosures. |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recently Issued Accounting Pronouncements In March 2013, the FASB issued ASU No. 2013-04, “Accounting for Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date”, which will require an entity to record an obligation resulting from joint and several liability arrangements at the greater of the amount that the entity has agreed to pay or the amount the entity expects to pay. Additional disclosures about joint and several liability arrangements will also be required. This guidance is effective for fiscal periods beginning after December 15, 2013, and is to be applied retrospectively for obligations that exist at the beginning of an entity's fiscal year of adoption, with early adoption permitted. The Company does not expect that such adoption will have a material impact on the Company's consolidated financial statements or financial statement disclosures. In July 2013, the FASB issued ASU No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" which requires an unrecognized tax benefit to be presented as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward that the entity intends to use and is available for settlement at the reporting date. The guidance is effective for fiscal periods beginning after December 15, 2013. The Company expects to early adopt the provisions of ASU No. 2013-11 on a prospective basis as of December 31, 2013 and the Company expects that the impact of such adoption will be limited to the presentation of assets and liabilities on the consolidated balance sheet. |
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DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Venezuela Fire (Tables)
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Insurance Recoveries | The table below details the proceeds received and the income recognized to date for the inventory and business interruption and property claims:
(a) The gain from insurance proceeds and income from insurance recoveries is included within selling, general and administrative (“SG&A”) expenses in the Company’s Consolidated Statements of Operations and Comprehensive Income (Loss) in the respective periods. |
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PENSION AND POST-RETIREMENT BENEFITS (Tables)
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Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Costs | The components of net periodic benefit (income) costs for the Company’s pension and the other post-retirement benefit plans for the third quarter of 2013 and 2012 are as follows:
The components of net periodic benefit (income) costs for the Company’s pension and the other post-retirement benefit plans for the first nine months of 2013 and 2012 are as follows:
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RESTRUCTURING CHARGES (Tables)
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Restructuring Charges [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Activities | A summary of the restructuring and related charges incurred through September 30, 2013 and expected to be incurred for the September 2012 Program, are as follows:
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Schedule of Restructuring Reserve by Type of Cost | Details of the movements in the restructuring reserve during the first nine months of 2013 are as follows:
(a) During the nine months ended September 30, 2013, the Company recorded additional charges related to the September 2012 Program primarily due to changes in estimates related to severance and other termination benefits, partially offset by a $2.5 million gain on the July 2013 sale of the Company's manufacturing facility in France. |
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INVENTORIES (Tables)
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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ACCRUED EXPENSES AND OTHER (Tables)
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Accrued Expenses and Other |
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LONG-TERM DEBT AND REDEEMABLE PREFERRED STOCK (Tables)
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Components of Long-Term Debt and Redeemable Preferred Stock |
Additionally, in connection with the Colomer Acquisition, in August 2013, Products Corporation consummated further amendments (the "August 2013 Term Loan Amendments") to its 2011 Term Loan Agreement (as amended by the August 2013 Term Loan Amendments and the Incremental Amendment (as hereinafter defined), the "Amended Term Loan Agreement" or the "Amended Term Loan Facility"). Refer to “Recent Debt Transactions – Term Loan Amendments - (ii) August 2013 Term Loan Amendments and (iii) Incremental Amendment" below for further discussion.
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Schedule of Variable Rates on Revolving Credit Facility [Table Text Block] | As a result of the August 2013 Revolver Amendment, under the Amended 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.
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Debt Instrument, Redemption Price [Table Text Block] | On and after February 15, 2016, the 5¾% Senior Notes may be redeemed at Products Corporation's option, at any time as a whole, or from time to time in part, at the following redemption prices (expressed as percentages of principal amount), plus accrued interest to the date of redemption, if redeemed during the 12-month period beginning on February 15th of the years indicated below:
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BASIC AND DILUTED EARNINGS PER COMMON SHARE (Tables)
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Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Basic and Diluted Earnings Per Share | The components of basic and diluted earnings (loss) per common share for the three and nine months ended September 30, 2013 and 2012 are as follows:
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ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
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Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss as of September 30, 2013 are as follows:
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GEOGRAPHIC, FINANCIAL AND OTHER INFORMATION (Tables)
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Schedule of Net Sales and Long-Lived Assets by Geographic Area | Generally, net sales by geographic area are presented by attributing revenues from external customers on the basis of where the products are sold.
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Schedule of Net Sales by Classes of Similar Products |
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FAIR VALUE MEASUREMENTS (Tables)
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Sep. 30, 2013
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Values of Financial Assets and Liabilities | As of September 30, 2013, the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value, namely its foreign currency forward exchange contracts (“FX Contracts”), are categorized in the table below:
As of December 31, 2012, the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value, namely its FX Contracts, are categorized in the table below:
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Financial Liabilities Not Measured At Fair Value But For Which Fair Value Disclosure Is Required Table | As of September 30, 2013, the fair values and carrying values of the Company’s long-term debt, including the current portion of long-term debt, and Preferred Stock, are categorized in the table below:
As of December 31, 2012, the fair values and carrying values of the Company’s long-term debt, including the current portion of long-term debt, and Preferred Stock, are categorized in the table below:
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Financial Liabilities Not Measured At Fair Value But For Which Fair Value Disclosure Is Required Table [Text Block] No definition available.
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FINANCIAL INSTRUMENTS (Tables)
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2013
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Derivative Financial Instruments in Consolidated Balance Sheet |
(i) The fair values of the FX Contracts at September 30, 2013 and December 31, 2012 were determined by using observable market transactions of spot and forward rates at September 30, 2013 and December 31, 2012, respectively. |
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Effects of Derivative Financial Instruments on Income and Other Comprehensive Income (Loss) | (b) Effects of Derivative Financial Instruments on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and nine months ended September 30, 2013 and 2012:
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Description of Business and Basis of Presentation - Additional Information (Details) (USD $)
In Millions, unless otherwise specified |
9 Months Ended | 12 Months Ended | 18 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 18 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 18 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||
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Sep. 30, 2013
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Dec. 31, 2012
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Dec. 31, 2011
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Dec. 31, 2012
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Jun. 30, 2013
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Feb. 13, 2013
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Jan. 31, 2013
Inventory Insurance [Member]
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Mar. 31, 2013
Inventory Insurance [Member]
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Sep. 30, 2013
Inventory Insurance [Member]
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Dec. 31, 2012
Inventory Insurance [Member]
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Dec. 31, 2011
Inventory Insurance [Member]
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Dec. 31, 2012
Inventory Insurance [Member]
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Jul. 31, 2013
Business Interruption and Property [Member]
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Jun. 30, 2013
Business Interruption and Property [Member]
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Sep. 30, 2013
Business Interruption and Property [Member]
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Dec. 31, 2012
Business Interruption and Property [Member]
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Dec. 31, 2011
Business Interruption and Property [Member]
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Dec. 31, 2012
Business Interruption and Property [Member]
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Jun. 04, 2011
Revlon Venezuela [Member]
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Dec. 31, 2012
Revlon Venezuela [Member]
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Dec. 31, 2011
Revlon Venezuela [Member]
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Dec. 31, 2010
Revlon Venezuela [Member]
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Description Of Business And Basis Of Presentation [Line Items] | ||||||||||||||||||||||||||||||
Percentage of consolidated net sales earned from subsidiary | 2.00% | 2.00% | 3.00% | |||||||||||||||||||||||||||
Percentage of total assets held by subsidiary | 2.00% | 2.00% | 3.00% | |||||||||||||||||||||||||||
Percentage of subsidiary's net sales earned from imported products | 50.00% | |||||||||||||||||||||||||||||
Percentage of subsidiary's net sales earned from locally manufactured products | 50.00% | |||||||||||||||||||||||||||||
Unusual or Infrequent Item, Insurance Proceeds | $ 17.5 | $ 6.6 | $ 19.7 | $ 26.3 | $ 3.4 | $ 3.4 | $ 3.7 | $ 4.7 | $ 8.4 | $ 14.1 | $ 14.1 | $ 2.9 | $ 15.0 | $ 17.9 | ||||||||||||||||
Inventory insurance settlement | 11.8 | |||||||||||||||||||||||||||||
Insurance recoveries | 26.4 | [1] | 17.4 | [1] | 8.3 | 8.3 | [1] | 3.5 | [1] | 18.1 | 18.1 | [1] | 13.9 | [1] | ||||||||||||||||
Business interruption and property insurance settlement | 32.0 | |||||||||||||||||||||||||||||
Demolition Costs | 4.5 | |||||||||||||||||||||||||||||
Bolivars exchange rate | 6.30 | 6.30 | ||||||||||||||||||||||||||||
Decrease in net sales from devaluation | 1.5 | |||||||||||||||||||||||||||||
Decrease In Operating Income From Devaluation | 0.5 | |||||||||||||||||||||||||||||
Venezuela devaluation foreign currency loss | $ 0.6 | |||||||||||||||||||||||||||||
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Bolivars Exchange Rate No definition available.
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Business interruption and property insurance settlement No definition available.
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Decrease in Net Sales from Devaluation. No definition available.
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Decrease in Operating Income from Devaluation No definition available.
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Demolition Costs No definition available.
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Inventory Insurance Settlement No definition available.
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Percentage of total assets held by subsidiary. No definition available.
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Percentage of consolidated net sales earned from subsidiary. No definition available.
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Percentage of subsidiary net sales earned from imported products. No definition available.
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- Definition
Percentage of subsidiary net sales earned from locally manufactured products. No definition available.
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- Definition
Venezuela Devaluation Foreign Currency Loss No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Venezuela Fire (Details) (USD $)
In Millions, unless otherwise specified |
9 Months Ended | 12 Months Ended | 18 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 18 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 18 Months Ended | |||||||||||
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Sep. 30, 2013
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Dec. 31, 2012
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Dec. 31, 2011
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Dec. 31, 2012
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Jan. 31, 2013
Inventory Insurance [Member]
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Mar. 31, 2013
Inventory Insurance [Member]
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Sep. 30, 2013
Inventory Insurance [Member]
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Dec. 31, 2012
Inventory Insurance [Member]
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Dec. 31, 2011
Inventory Insurance [Member]
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Dec. 31, 2012
Inventory Insurance [Member]
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Jul. 31, 2013
Business Interruption and Property [Member]
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Jun. 30, 2013
Business Interruption and Property [Member]
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Sep. 30, 2013
Business Interruption and Property [Member]
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Dec. 31, 2012
Business Interruption and Property [Member]
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Dec. 31, 2011
Business Interruption and Property [Member]
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Dec. 31, 2012
Business Interruption and Property [Member]
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Schedule of Insurance Recoveries [Line Items] | ||||||||||||||||||||||||
Unusual or Infrequent Item, Insurance Proceeds | $ 17.5 | $ 6.6 | $ 19.7 | $ 26.3 | $ 3.4 | $ 3.4 | $ 3.7 | $ 4.7 | $ 8.4 | $ 14.1 | $ 14.1 | $ 2.9 | $ 15.0 | $ 17.9 | ||||||||||
Insurance recoveries | (26.4) | [1] | (17.4) | [1] | (8.3) | (8.3) | [1] | (3.5) | [1] | (18.1) | (18.1) | [1] | (13.9) | [1] | ||||||||||
Other Deferred Credits, Current | $ 0 | $ 8.9 | $ 8.9 | $ 0 | $ 4.9 | $ 4.9 | $ 0 | $ 4.0 | $ 4.0 | |||||||||||||||
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Defined benefit plan, net periodic benefit cost, before portion allocated to affiliate. No definition available.
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Defined benefit plan, net periodic benefit cost, portion allocated to affiliate. No definition available.
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No authoritative reference available. No definition available.
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Pension and Post-Retirement Benefits - Additional Information (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
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Sep. 30, 2013
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Sep. 30, 2012
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Sep. 30, 2013
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Sep. 30, 2012
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Dec. 31, 2012
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Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic benefit costs | $ (0.1) | $ 1.3 | $ (0.3) | $ 4.0 | $ 3.9 |
Expected net periodic benefit costs | (0.5) | ||||
Expected contributions to benefit plans | 20 | ||||
Cost of Sales [Member]
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Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic benefit costs | (0.6) | (1.5) | |||
Selling, General and Administrative Expenses Other Charges [Member]
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Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic benefit costs | 0.6 | 1.8 | |||
Inventories [Member]
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Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic benefit costs | (0.1) | (0.6) | |||
Pension Plans Revlon [Member]
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Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic benefit costs | (0.3) | 1.1 | (1.0) | 3.3 | |
Contributions made to benefit plans | 8.2 | 15.4 | |||
Other Post-Retirement Benefit Plans [Member]
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Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic benefit costs | 0.2 | 0.2 | 0.7 | 0.7 | |
Contributions made to benefit plans | $ 0.2 | $ 0.6 |
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Defined benefit plan expected net periodic benefit cost in current fiscal year. No definition available.
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Restructuring Charges - Additional Information (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 13 Months Ended | 9 Months Ended | 12 Months Ended | 13 Months Ended | 9 Months Ended | 12 Months Ended | 13 Months Ended | 9 Months Ended | 12 Months Ended | 13 Months Ended | 9 Months Ended | 12 Months Ended | 13 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 13 Months Ended | 9 Months Ended | 12 Months Ended | 13 Months Ended | ||||||||||||||||||||||||
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Sep. 30, 2013
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Sep. 30, 2012
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Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
Restructuring Charges [Member]
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Sep. 30, 2013
Two Thousand Twelve Restructuring [Member]
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Sep. 30, 2013
Two Thousand Twelve Restructuring [Member]
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Dec. 31, 2012
Two Thousand Twelve Restructuring [Member]
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Sep. 30, 2013
Two Thousand Twelve Restructuring [Member]
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Sep. 30, 2013
Two Thousand Twelve Restructuring [Member]
Restructuring Charges [Member]
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Dec. 31, 2012
Two Thousand Twelve Restructuring [Member]
Restructuring Charges [Member]
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Sep. 30, 2013
Two Thousand Twelve Restructuring [Member]
Restructuring Charges [Member]
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Sep. 30, 2013
Two Thousand Twelve Restructuring [Member]
Sales to Returns [Member]
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Dec. 31, 2012
Two Thousand Twelve Restructuring [Member]
Sales to Returns [Member]
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Sep. 30, 2013
Two Thousand Twelve Restructuring [Member]
Sales to Returns [Member]
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Sep. 30, 2013
Two Thousand Twelve Restructuring [Member]
Cost of Sales [Member]
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Dec. 31, 2012
Two Thousand Twelve Restructuring [Member]
Cost of Sales [Member]
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Sep. 30, 2013
Two Thousand Twelve Restructuring [Member]
Cost of Sales [Member]
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Sep. 30, 2013
Two Thousand Twelve Restructuring [Member]
Selling, General and Administrative Expenses Other Charges [Member]
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Dec. 31, 2012
Two Thousand Twelve Restructuring [Member]
Selling, General and Administrative Expenses Other Charges [Member]
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Sep. 30, 2013
Two Thousand Twelve Restructuring [Member]
Selling, General and Administrative Expenses Other Charges [Member]
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Dec. 31, 2012
Two Thousand Twelve Restructuring [Member]
Pension Curtailment [Member]
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Sep. 30, 2013
Employee Severance and other Personnel Benefits [Member]
Two Thousand Twelve Restructuring [Member]
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Dec. 31, 2012
Employee Severance and other Personnel Benefits [Member]
Two Thousand Twelve Restructuring [Member]
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Sep. 30, 2013
Employee Severance and other Personnel Benefits [Member]
Two Thousand Twelve Restructuring [Member]
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Sep. 30, 2013
Other Restructuring [Member]
Two Thousand Twelve Restructuring [Member]
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Dec. 31, 2012
Other Restructuring [Member]
Two Thousand Twelve Restructuring [Member]
|
Sep. 30, 2013
Other Restructuring [Member]
Two Thousand Twelve Restructuring [Member]
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Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring charges and other, net | $ (1.5) | $ 21.0 | $ 1.8 | $ 21.0 | $ 1.8 | $ 2.2 | $ 24.1 | $ 1.8 | $ 20.7 | $ 0 | [1] | $ 1.6 | [1] | $ 0.2 | [2] | $ 1.2 | [2] | $ 0.2 | [3] | $ 0.6 | [3] | $ (1.5) | $ 2.6 | $ 18.4 | [4] | $ (0.8) | [5] | $ 2.3 | |||||||||||||||||||||
Restructuring and related cost, cost incurred to date | 26.3 | 22.5 | 1.6 | [1] | 1.4 | [2] | 0.8 | [3] | 21.0 | 1.5 | |||||||||||||||||||||||||||||||||||||||
Total expected charges | 26.5 | 22.7 | 1.6 | [1] | 1.4 | [2] | 0.8 | [3] | 21.0 | 1.7 | |||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Sale of Property Plant Equipment | 2.5 | 2.5 | |||||||||||||||||||||||||||||||||||||||||||||||
Total expected restructuring cash payments | 24 | 24 | 24 | ||||||||||||||||||||||||||||||||||||||||||||||
Restructuring reserve, settled with cash | 16.1 | 13.3 | 3.8 | 13.5 | 2.3 | ||||||||||||||||||||||||||||||||||||||||||||
Restructuring Payments Expected In Remainder Of Current Year | 4 | 4 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 2.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
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Restructuring Reserve Expected To Be Settled In Remainder Of Current Year No definition available.
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Restructuring Reserve Expected To Be Settled In Cash No definition available.
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- Definition
No authoritative reference available. No definition available.
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No authoritative reference available. No definition available.
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No authoritative reference available. No definition available.
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No authoritative reference available. No definition available.
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Restructuring Charges - Schedule of Restructuring Activities (Detail) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
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Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
Lease And Exit Costs [Member]
|
Sep. 30, 2013
Two Thousand Twelve Restructuring [Member]
|
Sep. 30, 2013
Two Thousand Twelve Restructuring [Member]
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Dec. 31, 2012
Two Thousand Twelve Restructuring [Member]
|
Sep. 30, 2013
Two Thousand Twelve Restructuring [Member]
Employee Severance and other Personnel Benefits [Member]
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Dec. 31, 2012
Two Thousand Twelve Restructuring [Member]
Employee Severance and other Personnel Benefits [Member]
|
Sep. 30, 2013
Two Thousand Twelve Restructuring [Member]
Other Restructuring [Member]
|
Dec. 31, 2012
Two Thousand Twelve Restructuring [Member]
Other Restructuring [Member]
|
Sep. 30, 2013
Restructuring Charges [Member]
|
Sep. 30, 2013
Restructuring Charges [Member]
Two Thousand Twelve Restructuring [Member]
|
Dec. 31, 2012
Restructuring Charges [Member]
Two Thousand Twelve Restructuring [Member]
|
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Restructuring Cost and Reserve [Line Items] | |||||||||||||||||||||
Restructuring charges prior to gain on sale of facility | $ 4.3 | $ 1.7 | [1] | ||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | (2.5) | (2.5) | |||||||||||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||||||||||||
Restructuring cost, beginning balance | 19.2 | 0.3 | 18.0 | 0.9 | |||||||||||||||||
(Income) expense, net | (1.5) | 21.0 | 1.8 | 21.0 | 0 | 2.2 | 24.1 | 2.6 | 18.4 | [2] | (0.8) | [1] | 2.3 | 1.8 | 1.8 | 20.7 | |||||
Restructuring reserve, translation adjustment | (0.2) | 0 | (0.2) | 0 | |||||||||||||||||
Cash utilized, net | (16.1) | (0.3) | (13.3) | (3.8) | (13.5) | (2.3) | |||||||||||||||
Non utilized, net | 0 | 0 | 0 | 0 | |||||||||||||||||
Restructuring cost, ending balance | $ 7.2 | $ 7.2 | $ 0 | $ 6.9 | $ 18.0 | $ 0.3 | $ 0.9 | ||||||||||||||
|
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- Definition
Restructuring charges prior to gain on sale of facility No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Inventories - Components of Inventories (Details) (USD $)
In Millions, unless otherwise specified |
Sep. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials and supplies | $ 37.8 | $ 36.6 |
Work-in-process | 12.4 | 8.8 |
Finished goods | 92.0 | 69.3 |
Inventories | $ 142.2 | $ 114.7 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Accrued Expenses and Other - Components of Accrued Expenses and Other (Details) (USD $)
In Millions, unless otherwise specified |
Sep. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Payables and Accruals [Abstract] | ||
Sales returns and allowances | $ 69.8 | $ 87.0 |
Advertising and promotional costs | 42.7 | 38.6 |
Compensation and related benefits | 40.1 | 56.4 |
Taxes | 17.4 | 15.6 |
Interest | 8.9 | 15.2 |
Restructuring charges | 7.2 | 19.2 |
Other | 39.9 | 44.3 |
Accrued expenses and other | $ 226.0 | $ 276.3 |
X | ||||||||||
- Definition
Sales returns and allowance. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Long-Term Debt and Redeemable Preferred Stock - Components of Long-Term Debt and Redeemable Preferred Stock (Detail) (USD $)
In Millions, unless otherwise specified |
Sep. 30, 2013
|
Dec. 31, 2012
|
||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debt Instrument And Redeemable Preferred Stock [Line Items] | ||||||||||||||
Revolving credit facility | $ 0 | |||||||||||||
Long-term debt, gross | 1,228.2 | 1,167.3 | ||||||||||||
Less current portion | 0 | [1] | (21.5) | [1] | ||||||||||
Long-term debt noncurrent | 1,228.2 | 1,145.8 | ||||||||||||
Redeemable preferred stock | 48.6 | [2] | 48.4 | [2] | ||||||||||
Long-term debt and redeemable preferred stock | 1,276.8 | 1,194.2 | ||||||||||||
Amended Revolving Credit Facility [Member]
|
||||||||||||||
Debt Instrument And Redeemable Preferred Stock [Line Items] | ||||||||||||||
Revolving credit facility | 0 | [3] | 0 | [3] | ||||||||||
5 3/4% Senior Notes Due 2021 [Member]
|
||||||||||||||
Debt Instrument And Redeemable Preferred Stock [Line Items] | ||||||||||||||
Senior Secured Notes, net of discounts | 500.0 | [4] | 0 | [4] | ||||||||||
9 3/4% Senior Secured Notes Due 2015 [Member]
|
||||||||||||||
Debt Instrument And Redeemable Preferred Stock [Line Items] | ||||||||||||||
Senior Secured Notes, net of discounts | 0 | [4] | 328.0 | [4] | ||||||||||
Amended And Restated Senior Subordinated Term Loan Due Two Thousand And Fourteen [Member]
|
||||||||||||||
Debt Instrument And Redeemable Preferred Stock [Line Items] | ||||||||||||||
Senior Subordinated Term Loan | 58.4 | [5] | 58.4 | [5] | ||||||||||
Amended Term Loan Facility [Member] | 2011 Term Loan [Member]
|
||||||||||||||
Debt Instrument And Redeemable Preferred Stock [Line Items] | ||||||||||||||
Term Loan Facility, net of discounts | $ 669.8 | [1] | $ 780.9 | [1] | ||||||||||
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Long term debt noncurrent and redeemable preferred stock. No definition available.
|
X | ||||||||||
- Definition
Long term debt noncurrent excluding redeemable preferred stock. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Long-Term Debt and Redeemable Preferred Stock - Components of Long-Term Debt and Redeemable Preferred Stock (Parenthetical) (Detail) (USD $)
In Millions, except Per Share data, unless otherwise specified |
0 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2013
|
Feb. 21, 2013
2011 Term Loan [Member]
|
May 19, 2011
2011 Term Loan [Member]
|
Sep. 30, 2013
2011 Term Loan [Member]
|
Dec. 31, 2012
2011 Term Loan [Member]
|
Sep. 30, 2013
5 3/4% Senior Notes Due 2021 [Member]
|
Feb. 08, 2013
5 3/4% Senior Notes Due 2021 [Member]
|
Sep. 30, 2013
9 3/4% Senior Secured Notes Due 2015 [Member]
|
Sep. 30, 2012
9 3/4% Senior Secured Notes Due 2015 [Member]
|
Feb. 08, 2013
9 3/4% Senior Secured Notes Due 2015 [Member]
|
Dec. 31, 2012
9 3/4% Senior Secured Notes Due 2015 [Member]
|
Sep. 30, 2013
Amended And Restated Senior Subordinated Term Loan Due Two Thousand And Fourteen [Member]
|
Dec. 31, 2012
Amended And Restated Senior Subordinated Term Loan Due Two Thousand And Fourteen [Member]
|
Sep. 30, 2013
Amended And Restated Senior Subordinated Term Loan Due Two Thousand And Thirteen [Member]
|
|||||||||||||||
Debt Instrument And Redeemable Preferred Stock [Line Items] | ||||||||||||||||||||||||||||
Stated interest rate (percent) | 5.75% | 9.75% | ||||||||||||||||||||||||||
Debt Instrument, Term | 6 years 6 months | [1] | ||||||||||||||||||||||||||
Aggregate principal amount outstanding | $ 675.0 | $ 675.0 | $ 788.0 | $ 500.0 | [2] | $ 330.0 | [2] | |||||||||||||||||||||
Repayments of Long Term Debt | 113.0 | [2] | 330.0 | 0 | ||||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | |||||||||||||||||||||||||||
Subordinated Debt | 58.4 | [3] | 58.4 | [3] | 48.6 | [3] | ||||||||||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | $ 491.2 | [2] | ||||||||||||||||||||||||||
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Long-Term Debt and Redeemable Preferred Stock - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified |
2 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 2 Months Ended | 9 Months Ended | 2 Months Ended | 7 Months Ended | 2 Months Ended | 7 Months Ended | 9 Months Ended | 7 Months Ended | 0 Months Ended | 7 Months Ended | 21 Months Ended | 7 Months Ended | 21 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
5 3/4% Senior Notes Due 2021 [Member]
|
Sep. 30, 2013
5 3/4% Senior Notes Due 2021 [Member]
|
Feb. 08, 2013
5 3/4% Senior Notes Due 2021 [Member]
|
Sep. 30, 2013
Acquisition Term Loan [Member]
|
Sep. 30, 2013
Amended Revolving Credit Facility [Member]
|
Sep. 30, 2013
Amended Revolving Credit Facility [Member]
|
Dec. 31, 2012
Amended Revolving Credit Facility [Member]
|
Sep. 30, 2013
Amended Revolving Credit Facility [Member]
Minimum [Member]
|
Aug. 13, 2013
Amended Revolving Credit Facility [Member]
Minimum [Member]
|
Sep. 30, 2013
Amended Revolving Credit Facility [Member]
Maximum [Member]
|
Aug. 13, 2013
Amended Revolving Credit Facility [Member]
Maximum [Member]
|
Sep. 30, 2013
9 3/4% Senior Secured Notes Due 2015 [Member]
|
Sep. 30, 2012
9 3/4% Senior Secured Notes Due 2015 [Member]
|
Feb. 08, 2013
9 3/4% Senior Secured Notes Due 2015 [Member]
|
Dec. 31, 2012
9 3/4% Senior Secured Notes Due 2015 [Member]
|
Aug. 13, 2013
2011 Revolving Credit Facility Due 2016 [Member]
|
Dec. 31, 2012
2011 Revolving Credit Facility Due 2016 [Member]
|
Feb. 21, 2013
2011 Term Loan [Member]
|
Sep. 30, 2013
2011 Term Loan [Member]
|
Feb. 21, 2013
2011 Term Loan [Member]
|
Aug. 19, 2013
2011 Term Loan [Member]
|
Dec. 31, 2012
2011 Term Loan [Member]
|
Sep. 30, 2013
2011 Term Loan [Member]
Minimum [Member]
|
Feb. 21, 2013
2011 Term Loan [Member]
Minimum [Member]
|
Sep. 30, 2013
Debt Instrument, Redemption, Period Zero [Member]
5 3/4% Senior Notes Due 2021 [Member]
|
Sep. 30, 2013
February 2013 Bank Term Loan Amendment [Member]
2011 Term Loan [Member]
|
Feb. 21, 2013
February 2013 Bank Term Loan Amendment [Member]
2011 Term Loan [Member]
|
Sep. 30, 2013
August 2013 Term Loan Amendment [Member]
2011 Term Loan [Member]
|
Sep. 30, 2013
Swingline Loan [Member]
Amended Revolving Credit Facility [Member]
|
Sep. 30, 2013
Letter of Credit [Member]
Amended Revolving Credit Facility [Member]
|
Sep. 30, 2013
Amended Term Loan Facility [Member]
|
Sep. 30, 2013
Amended Term Loan Facility [Member]
Minimum [Member]
|
Oct. 23, 2013
Subsequent Event [Member]
Acquisition Term Loan [Member]
|
Oct. 09, 2013
Subsequent Event [Member]
Acquisition Term Loan [Member]
|
||||||||||||
Debt Instrument And Redeemable Preferred Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate principal amount outstanding | $ 500.0 | [1] | $ 330.0 | [1] | $ 675.0 | $ 675.0 | $ 675.0 | $ 788.0 | $ 700.0 | |||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | 2.00% | 2.00% | 2.50% | 3.00% | 3.50% | 1.00% | 1.25% | 3.00% | 1.00% | ||||||||||||||||||||||||||||||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | 0.375% | ||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Lenders Fronting Fee | 0.25% | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Lenders Administrative Fee | 0.25% | |||||||||||||||||||||||||||||||||||||||||||||||||
Letter Of Credit Fronting Fee | 0.25% | |||||||||||||||||||||||||||||||||||||||||||||||||
Line Of Credit Facility Additional Borrowing Capacity | 100.0 | 100.0 | 60.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Covenant Line Of Credit Facility Amount Outstanding Threshold | 20.0 | 20.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Term Of Business Days | 30 days | |||||||||||||||||||||||||||||||||||||||||||||||||
Number Of Consecutive Trading Days | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Fixed Charge Coverage Ratio | 100.00% | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Basis Spread On Alternative Base Rate | 0.50% | 1.00% | 2.00% | 2.50% | 2.00% | 2.25% | 2.00% | 2.00% | ||||||||||||||||||||||||||||||||||||||||||
Net Proceeds On Sale Of Collateral In Excess Amount | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Carryover Of Unused Basket Amount | 25 | |||||||||||||||||||||||||||||||||||||||||||||||||
Additional Carryover On Certain Specified Dispositions | 25 | |||||||||||||||||||||||||||||||||||||||||||||||||
Percentage Of Annual Excess Cash Flow For Pre Payment Of Loan | 50.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument Additional Borrowing Capacity Amount | 300 | 300 | ||||||||||||||||||||||||||||||||||||||||||||||||
Maximum borrowings available under credit facility | 140.0 | 140.0 | 30.0 | 60.0 | ||||||||||||||||||||||||||||||||||||||||||||||
Debt Issuance Cost | 27.9 | [1] | 1.7 | 0.4 | 1.2 | 1.9 | ||||||||||||||||||||||||||||||||||||||||||||
Unamortized Debt Issuance Expense | 10.5 | 0.2 | 1.7 | |||||||||||||||||||||||||||||||||||||||||||||||
Debt Related Commitment Fees and Debt Issuance Costs | 1.0 | |||||||||||||||||||||||||||||||||||||||||||||||||
Write off of Deferred Debt Issuance Cost | 7.8 | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt | 0.2 | 0 | 28.1 | 0 | 25.4 | 2.5 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||
debt repayment percentage | 0.25% | |||||||||||||||||||||||||||||||||||||||||||||||||
Percentage Of Voting Capital Stock | 66.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Percentage Of Non Voting Capital Stock | 100.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Amount Of Restricted Payments To Affiliates | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Amount Of Other Restricted Payments | 35 | |||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Consideration For Affiliate Transactions | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||
Maximum Aggregate Payments Related To Affiliates | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate Principal Amount Default | 50.0 | 50.0 | 50.0 | |||||||||||||||||||||||||||||||||||||||||||||||
Capital Stock Ownership | 100.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Voting Power Ownership Percentage | 35.00% | 35.00% | 35.00% | |||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | 491.2 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Interest | 8.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Financing Costs | 19.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Repayments of Long-term Debt | 330.0 | 0 | 113.0 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||
Gains (Losses) on Extinguishment of Debt, before Write off of Deferred Debt Issuance Cost | 17.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 105.75% | |||||||||||||||||||||||||||||||||||||||||||||||||
Maximum redemption | 35.00% | 35.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
Change of control percentage repurchase | 101.00% | 101.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
Days to file registration statement | 150 days | |||||||||||||||||||||||||||||||||||||||||||||||||
Days for registration to become effective | 210 days | |||||||||||||||||||||||||||||||||||||||||||||||||
Days to affect an exchange offer | 270 days | |||||||||||||||||||||||||||||||||||||||||||||||||
Days following failure | 90 days | |||||||||||||||||||||||||||||||||||||||||||||||||
Additional Interest | 0.25% | 0.25% | ||||||||||||||||||||||||||||||||||||||||||||||||
Additional interest after 90 days | 0.25% | 0.25% | ||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent failure period | 90 days | |||||||||||||||||||||||||||||||||||||||||||||||||
Maximum additional interest | 0.50% | 0.50% | ||||||||||||||||||||||||||||||||||||||||||||||||
Additional interest under Registration Rights Agreement | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Letters of credit outstanding | 9.8 | 9.8 | 10.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Revolving credit facility | 0 | 0 | 0 | 0 | [2] | 0 | [2] | 0 | [2] | |||||||||||||||||||||||||||||||||||||||||
Availability under the credit facility | $ 130.2 | $ 130.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stated interest rate (percent) | 5.75% | 5.75% | 9.75% | |||||||||||||||||||||||||||||||||||||||||||||||
Leverage Ratio | 3.50 | 4.25 | ||||||||||||||||||||||||||||||||||||||||||||||||
Premium in connection with repricing | 1.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Discount Rate Over Domestic Treasuries | 0.75% | 0.75% | ||||||||||||||||||||||||||||||||||||||||||||||||
|
X | ||||||||||
- Definition
Additional Carryover On Certain Specified Dispositions No definition available.
|
X | ||||||||||
- Definition
Additional Interest No definition available.
|
X | ||||||||||
- Definition
Additional interest after 90 days No definition available.
|
X | ||||||||||
- Definition
Additional interest under Registration Rights Agreement No definition available.
|
X | ||||||||||
- Definition
Aggregate Amount Of Other Restricted Payments No definition available.
|
X | ||||||||||
- Definition
Aggregate Principal Amount Default No definition available.
|
X | ||||||||||
- Definition
Capital Stock Ownership No definition available.
|
X | ||||||||||
- Definition
Change of control percentage repurchase price No definition available.
|
X | ||||||||||
- Definition
Consolidated Fixed Charge Coverage Ratio No definition available.
|
X | ||||||||||
- Definition
Days following failure No definition available.
|
X | ||||||||||
- Definition
Days for registration to become effective No definition available.
|
X | ||||||||||
- Definition
Days to affect an exchange offer No definition available.
|
X | ||||||||||
- Definition
Days to file registration statement No definition available.
|
X | ||||||||||
- Definition
Debt Covenant Line Of Credit Facility Amount Outstanding Threshold No definition available.
|
X | ||||||||||
- Definition
Debt Instrument Accrued Interest No definition available.
|
X | ||||||||||
- Definition
Debt Instrument Additional Borrowing Capacity Amount No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Debt Instrument Basis Spread On Alternative Base Rate No definition available.
|
X | ||||||||||
- Definition
debt repayment percentage No definition available.
|
X | ||||||||||
- Definition
Discount rate over domestic treasuries. No definition available.
|
X | ||||||||||
- Definition
Financing Costs No definition available.
|
X | ||||||||||
- Definition
Foreign Lenders Administrative Fee No definition available.
|
X | ||||||||||
- Definition
Foreign Lenders Fronting Fee No definition available.
|
X | ||||||||||
- Definition
Letter Of Credit Fronting Fee No definition available.
|
X | ||||||||||
- Definition
Leverage Ratio No definition available.
|
X | ||||||||||
- Definition
Line Of Credit Facility Additional Borrowing Capacity No definition available.
|
X | ||||||||||
- Definition
Maximum additional interest No definition available.
|
X | ||||||||||
- Definition
Maximum Aggregate Payments Related To Affiliates No definition available.
|
X | ||||||||||
- Definition
Maximum Amount Of Restricted Payments To Affiliates No definition available.
|
X | ||||||||||
- Definition
Maximum Carryover Of Unused Basket Amount No definition available.
|
X | ||||||||||
- Definition
Maximum Consideration For Affiliate Transactions No definition available.
|
X | ||||||||||
- Definition
Maximum redemption amount of outstanding principal prior to February 15, 2016 No definition available.
|
X | ||||||||||
- Definition
Net Proceeds On Sale Of Collateral In Excess Amount No definition available.
|
X | ||||||||||
- Definition
Number Of Consecutive Trading Days No definition available.
|
X | ||||||||||
- Definition
Percentage Of Annual Excess Cash Flow For Pre Payment Of Loan No definition available.
|
X | ||||||||||
- Definition
Percentage Of Non Voting Capital Stock No definition available.
|
X | ||||||||||
- Definition
Percentage Of Voting Capital Stock No definition available.
|
X | ||||||||||
- Definition
Premium in connection with repricing No definition available.
|
X | ||||||||||
- Definition
Subsequent failure period No definition available.
|
X | ||||||||||
- Definition
Term Of Business Days No definition available.
|
X | ||||||||||
- Definition
Voting Power Ownership Percentage No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
LONG-TERM DEBT AND REDEEMABLE PREFERRED STOCK Debt Instruments - Long Term Debt and Redeemable Preferred Stock Redemption Price Table (Details) (5 3/4% Senior Notes Due 2021 [Member])
|
9 Months Ended |
---|---|
Sep. 30, 2013
|
|
Debt Instrument, Redemption, Period One [Member]
|
|
Debt Instrument, Redemption [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 104.313% |
Debt Instrument, Redemption, Period Two [Member]
|
|
Debt Instrument, Redemption [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 102.875% |
Debt Instrument, Redemption, Period Three [Member]
|
|
Debt Instrument, Redemption [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 101.438% |
Debt Instrument, Redemption, Period Four [Member]
|
|
Debt Instrument, Redemption [Line Items] | |
Debt Instrument, Redemption Price, Percentage | 100.00% |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
LONG-TERM DEBT AND REDEEMABLE PREFERRED STOCK Debt Instruments - Long Term Debt and Redeemable Preferred Stock - Variable Rates on Amended Revolving Credit Facility (Details) (Amended Revolving Credit Facility [Member])
|
2 Months Ended | 7 Months Ended |
---|---|---|
Sep. 30, 2013
|
Aug. 13, 2013
|
|
Maximum [Member]
|
||
Line of Credit Facility [Line Items] | ||
Debt Instrument Basis Spread On Alternative Base Rate | 1.00% | |
Debt Instrument, Basis Spread on Variable Rate | 2.00% | 2.50% |
Minimum [Member]
|
||
Line of Credit Facility [Line Items] | ||
Debt Instrument Basis Spread On Alternative Base Rate | 0.50% | |
Debt Instrument, Basis Spread on Variable Rate | 1.50% | 2.00% |
Less than $92,000,000 but greater than $46,000,000 [Member]
|
||
Line of Credit Facility [Line Items] | ||
Debt Instrument Basis Spread On Alternative Base Rate | 0.75% | |
Debt Instrument, Basis Spread on Variable Rate | 1.75% |
X | ||||||||||
- Definition
Debt Instrument Basis Spread On Alternative Base Rate No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Basic and Diluted Earnings Per Common Share - Additional Information (Detail) (USD $)
|
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2012
|
Sep. 30, 2013
Class A Common Stock [Member]
|
Dec. 31, 2012
Class A Common Stock [Member]
|
Sep. 30, 2012
Class A Common Stock [Member]
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Common Stock, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Anti-dilutive unvested restricted stock, shares | 121 | 4,465 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Basic and Diluted (Loss) Earnings Per Common Share - Components of Basic and Diluted Earnings Per Share (Detail) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
|
Numerator: | ||||
Income (loss) from continuing operations, net of taxes | $ 9.5 | $ (15.0) | $ 27.0 | $ 4.2 |
Income from discontinued operations, net of taxes | 0 | 0 | 0.3 | 0.4 |
Net income | $ 9.5 | $ (15.0) | $ 27.3 | $ 4.6 |
Denominator: | ||||
Weighted average common shares outstanding - Basic (shares) | 52,356,798 | 52,356,641 | 52,356,798 | 52,345,895 |
Effect of dilutive restricted stock (shares) | 0 | 0 | 0 | 11,016 |
Weighted average common shares outstanding - Diluted (shares) | 52,356,798 | 52,356,641 | 52,356,798 | 52,356,911 |
Income from Continuing Operations, Per Basic Share | $ 0.18 | $ (0.29) | $ 0.51 | $ 0.08 |
Income from Discontinued Operations, Net of Tax, Per Basic Share | $ 0.00 | $ 0.00 | $ 0.01 | $ 0.01 |
Basic earnings per share (usd per share) | $ 0.18 | $ (0.29) | $ 0.52 | $ 0.09 |
Income from Continuing Operations, Per Diluted Share | $ 0.18 | $ (0.29) | $ 0.51 | $ 0.08 |
Income from Discontinued Operations, Net of Tax, Per Diluted Share | $ 0.00 | $ 0.00 | $ 0.01 | $ 0.01 |
Diluted earnings per share (usd per share) | $ 0.18 | $ (0.29) | $ 0.52 | $ 0.09 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
|||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Beginning Balance | $ (208.2) | |||||||||||||||
Currency translation adjustment, net of tax | 1.1 | [1] | (1.9) | [1] | (3.6) | [1] | 0.3 | [1] | ||||||||
Amortization of pension related costs, net of tax | 2.0 | [2],[3] | 1.8 | [2],[3] | 5.8 | [2],[3] | 7.5 | [2],[3] | ||||||||
Other comprehensive (loss) income | 3.1 | (0.1) | 2.2 | [4] | 7.8 | |||||||||||
Ending Balance | (206.0) | (206.0) | ||||||||||||||
Foreign Currency Translation [Member]
|
||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Beginning Balance | 23.3 | |||||||||||||||
Currency translation adjustment, net of tax | (3.6) | |||||||||||||||
Amortization of pension related costs, net of tax | 0 | |||||||||||||||
Other comprehensive (loss) income | (3.6) | |||||||||||||||
Ending Balance | 19.7 | 19.7 | ||||||||||||||
Actuarial Loss Gain On Post Retirement Benefits [Member]
|
||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Beginning Balance | (231.5) | |||||||||||||||
Currency translation adjustment, net of tax | 0 | |||||||||||||||
Amortization of pension related costs, net of tax | 5.8 | |||||||||||||||
Other comprehensive (loss) income | 5.8 | |||||||||||||||
Ending Balance | $ (225.7) | $ (225.7) | ||||||||||||||
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Parenthetical) (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Currency translation adjustment, tax | $ 0.9 | $ (0.7) | $ 3.2 | $ 0.7 |
Amortization of pension related costs, tax benefit | $ (0.2) | $ (0.2) | $ (0.9) | $ (0.7) |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Geographic, Financial and Other Information - Additional Information (Detail)
|
9 Months Ended |
---|---|
Sep. 30, 2013
segment
country
|
|
Segment Reporting [Abstract] | |
Number of reportable operating segments | 1 |
Number of countries in which entity operates | 14 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Geographic, Financial and Other Information - Schedule of Net Sales and Long-Lived Assets by Geographic Area (Detail) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
Dec. 31, 2012
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | $ 339.4 | $ 347.0 | $ 1,021.4 | $ 1,034.8 | |
Long-Lived Assets, net | 487.2 | 487.2 | 480.2 | ||
United States [Member]
|
|||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 185.8 | 192.0 | 581.8 | 580.6 | |
Percentage of net sales by geographic location (percent) | 55.00% | 55.00% | 57.00% | 56.00% | |
Long-Lived Assets, net | 441.0 | 441.0 | 431.7 | ||
Percentage of long lived assets, net by geographic location (percent) | 91.00% | 91.00% | 90.00% | ||
Outside Of The United States [Member]
|
|||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Net sales | 153.6 | 155.0 | 439.6 | 454.2 | |
Percentage of net sales by geographic location (percent) | 45.00% | 45.00% | 43.00% | 44.00% | |
Long-Lived Assets, net | $ 46.2 | $ 46.2 | $ 48.5 | ||
Percentage of long lived assets, net by geographic location (percent) | 9.00% | 9.00% | 10.00% |
X | ||||||||||
- Definition
Percentage of long lived assets by geographic location. No definition available.
|
X | ||||||||||
- Definition
Percentage of net sales by geographic location. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Geographic, Financial and Other Information - Schedule of Net Sales by Classes of Similar Products (Detail) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
|
Revenue from External Customer [Line Items] | ||||
Net sales | $ 339.4 | $ 347.0 | $ 1,021.4 | $ 1,034.8 |
Color Cosmetics [Member]
|
||||
Revenue from External Customer [Line Items] | ||||
Net sales | 218.1 | 225.0 | 678.0 | 680.0 |
Percentage of net sales by classes of similar products (percent) | 64.00% | 65.00% | 66.00% | 66.00% |
Beauty Care And Fragrance [Member]
|
||||
Revenue from External Customer [Line Items] | ||||
Net sales | $ 121.3 | $ 122.0 | $ 343.4 | $ 354.8 |
Percentage of net sales by classes of similar products (percent) | 36.00% | 35.00% | 34.00% | 34.00% |
X | ||||||||||
- Definition
Percentage of net sales by classes of similar products. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Fair Value Measurements - Schedule of Fair Values of Financial Liabilities (Details) (USD $)
In Millions, unless otherwise specified |
Sep. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Level 1 [Member]
|
||
Liabilities: | ||
Long-term debt, including current portion | $ 0 | $ 0 |
Preferred Stock | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Level 2 [Member]
|
||
Liabilities: | ||
Long-term debt, including current portion | 1,214.7 | 1,196.7 |
Preferred Stock | 48.6 | 49.2 |
Total liabilities at fair value | 1,263.3 | 1,245.9 |
Level 3 [Member]
|
||
Liabilities: | ||
Long-term debt, including current portion | 0 | 0 |
Preferred Stock | 0 | 0 |
Total liabilities at fair value | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
Liabilities: | ||
Long-term debt, including current portion | 1,214.7 | 1,196.7 |
Preferred Stock | 48.6 | 49.2 |
Total liabilities at fair value | 1,263.3 | 1,245.9 |
Carrying Value [Member]
|
||
Liabilities: | ||
Long-term debt, including current portion | 1,228.2 | 1,167.3 |
Preferred Stock | 48.6 | 48.4 |
Total liabilities at fair value | $ 1,276.8 | $ 1,215.7 |
X | ||||||||||
- Definition
Liabilities at fair value. No definition available.
|
X | ||||||||||
- Definition
Preferred stock fair value disclosure. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Financial Instruments - Additional Information (Details) (USD $)
In Millions, unless otherwise specified |
Sep. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Amended Revolving Credit Facility [Member]
|
||
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Standby and trade letters of credit for various corporate purposes | $ 9.8 | |
2011 Revolving Credit Facility Due 2016 [Member]
|
||
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Standby and trade letters of credit for various corporate purposes | 10.4 | |
Standby Letters Of Credit Which Support Products Corporations Self Insurance Programs [Member] | Amended Revolving Credit Facility [Member]
|
||
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Standby and trade letters of credit for various corporate purposes | 8.1 | |
Standby Letters Of Credit Which Support Products Corporations Self Insurance Programs [Member] | 2011 Revolving Credit Facility Due 2016 [Member]
|
||
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Standby and trade letters of credit for various corporate purposes | 8.7 | |
Foreign Exchange Contract [Member]
|
||
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Derivative, Notional Amount | $ 46.2 | $ 43.9 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Financial Instruments - Fair Value of Derivative Financial Instruments in Consolidated Balance Sheet (Details) (Foreign Exchange Contract [Member], Not Designated as Hedging Instrument [Member], USD $)
In Millions, unless otherwise specified |
Sep. 30, 2013
|
Dec. 31, 2012
|
||||
---|---|---|---|---|---|---|
Prepaid Expenses and Other Current Assets [Member]
|
||||||
Derivatives not designated as hedging instruments: | ||||||
Derivative Asset, Fair Value, Gross Asset | $ 0.5 | [1] | $ 0.1 | [1] | ||
Other Current Liabilities [Member]
|
||||||
Derivatives not designated as hedging instruments: | ||||||
Derivative Liability, Fair Value, Gross Liability | $ 0.4 | [1] | $ 0.4 | [1] | ||
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Financial Instruments - Effects of Derivative Financial Instruments on Income and Other Comprehensive Income (Loss) (Details) (Foreign Exchange Contract [Member], Not Designated as Hedging Instrument [Member], Foreign Currency Gain (Loss) [Member], USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
|
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Foreign Currency Gain (Loss) [Member]
|
||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Foreign Currency Losses, Net | $ (1.0) | $ (0.9) | $ 1.3 | $ (2.0) |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Income Taxes - Additional Information (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
Sep. 30, 2013
|
Sep. 30, 2012
|
|
Income Tax Disclosure [Abstract] | ||||
Provision for income taxes | $ 12.0 | $ 11.5 | $ 30.2 | $ 31.6 |
Increase (decrease) in provision for income taxes | $ 0.5 | $ (1.4) | ||
Federal statutory rate | 35.00% | 35.00% |
X | ||||||||||
- Definition
Increase (decrease) in provision for income taxes. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
CONTINGENCIES Contingencies - Additional Information (Details) (USD $)
|
9 Months Ended | 18 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2013
|
Dec. 31, 2012
|
Sep. 30, 2013
Litigation Related To Two Thousand Nine Exchange Offer [Member]
|
Sep. 30, 2012
Litigation Related To Two Thousand Nine Exchange Offer [Member]
|
Sep. 30, 2013
Litigation Related To Two Thousand Nine Exchange Offer [Member]
|
Sep. 30, 2012
Litigation Related To Two Thousand Nine Exchange Offer [Member]
|
Sep. 30, 2013
SEC Investigation [Member]
|
|||||
Loss Contingencies [Line Items] | |||||||||||
Loss Contingency, Loss in Period | $ 2,200,000 | $ 8,900,000 | |||||||||
Loss Contingency Accrual, Payments | 8,900,000 | ||||||||||
Settlement agreement | 850,000 | ||||||||||
Insurance recoveries | $ 26,400,000 | [1] | $ 17,400,000 | [1] | $ 1,800,000 | $ 1,800,000 | |||||
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Related Party Transactions - Additional Information (Details) (USD $)
In Millions, unless otherwise specified |
9 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2012
|
Mar. 31, 2013
|
Dec. 31, 2012
|
Mar. 31, 2012
|
|
Related Party Transaction [Line Items] | |||||
Reimbursement Agreements Termination Period | 90 days | ||||
Insurance Program Renewal Period | 5 years | ||||
Insurance Program Renewal Term Period | January 31, 2012 through January 31, 2017 | ||||
Reimbursements [Member]
|
|||||
Related Party Transaction [Line Items] | |||||
Total amount paid (reimbursed) | $ 4.4 | $ (3.3) | |||
Partial Pre Payment For Premiums Related To D And O Insurance Program | 6.1 | 14.6 | |||
Costs reimbursed by related party | 1.8 | 18.0 | |||
Receivable from Affiliate | $ 0 | $ 0.3 |
X | ||||||||||
- Definition
Costs reimbursable under reimbursement agreement. No definition available.
|
X | ||||||||||
- Definition
Insurance program renewal period. No definition available.
|
X | ||||||||||
- Definition
Insurance program renewal term period. No definition available.
|
X | ||||||||||
- Definition
Partial pre payment for premiums related to the Company's d and o insurance program. No definition available.
|
X | ||||||||||
- Definition
Reimbursement agreements termination period. No definition available.
|
X | ||||||||||
- Definition
Related Party Transactions Reimbursements From Related Party No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
SUBSEQUENT EVENTS (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | 0 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2013
|
Sep. 30, 2013
|
Oct. 08, 2009
|
Oct. 23, 2013
Subsequent Event [Member]
|
Oct. 23, 2013
Subsequent Event [Member]
|
Oct. 07, 2013
Subsequent Event [Member]
|
|
Subsequent Event [Line Items] | ||||||
Payments to Acquire Businesses, Gross | $ 664.5 | |||||
Business Combination, Acquisition Related Costs | 5.9 | 6.3 | ||||
Temporary Equity, Shares Issued | 9,336,905 | 9,336,905 | ||||
Payments for Repurchase of Preferred Stock and Preference Stock | $ 48.6 | |||||
Preferred Stock, Liquidation Preference Per Share | $ 5.21 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|