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RESTRUCTURING INITIATIVES | 6 Months Ended
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Jun. 30, 2020
RESTRUCTURING INITIATIVES. |
RESTRUCTURING INITIATIVES | NOTE 19 – RESTRUCTURING INITIATIVES In late 2017, we began a business transformation to drive profitable sales growth, increase operational excellence, enhance our approach to innovation and improve organizational effectiveness. The primary focus of the plan is the Beauty + Home segment; however, certain global general and administrative functions are also being addressed. For the three and six months ended June 30, 2020, we recognized $7.3 million and $12.2 million of restructuring costs related to this plan, respectively. For the three and six months ended June 30, 2019, we recognized $1.7 million and $11.3 million of restructuring costs related to this plan, respectively. Using current exchange rates, we estimate total implementation costs of approximately $125 million for these initiatives, including costs that have been recognized to date. The cumulative expense incurred as of June 30, 2020 was $98.7 million. We also anticipate making capital investments related to the transformation plan of approximately $50 million, of which $43 million has been incurred to date. As of June 30, 2020 we have recorded the following activity associated with the business transformation: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Beginning | ​ | Net Charges for | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Ending |
​ | ​ | Reserve at | ​ | the Six Months | ​ | ​ | ​ | ​ | Interest and | ​ | Reserve at |
​ | ​ | 12/31/2019 | ​ | Ended 6/30/2020 | ​ | Cash Paid | ​ | FX Impact | ​ | 6/30/2020 |
Employee severance | ​ | $ | 7,090 | ​ | $ | 8,190 | ​ | $ | (2,324) | ​ | $ | 192 | ​ | $ | 13,148 | ​
Professional fees and other costs | ​ |  | 3,609 | ​ |  | 3,980 | ​ |  | (4,595) | ​ |  | (17) | ​ |  | 2,977 | ​
Totals | ​ | $ | 10,699 | ​ | $ | 12,170 | ​ | $ | (6,919) | ​ | $ | 175 | ​ | $ | 16,125 | ​
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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 + Details
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