false2021FY0000887921Nofalse2021FY0000890547Nohttp://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesCurrenthttp://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesNoncurrenthttp://fasb.org/us-gaap/2021-01-31#OtherLiabilitiesNoncurrent673300008879212021-01-012021-12-310000887921rev:RevlonConsumerProductsCorporationMember2021-01-012021-12-3100008879212021-06-30iso4217:USD00008879212021-12-31xbrli:shares0000887921rev:RevlonConsumerProductsCorporationMember2021-12-3100008879212020-12-31iso4217:USDxbrli:shares00008879212020-01-012020-12-310000887921us-gaap:CommonStockMember2020-12-310000887921us-gaap:AdditionalPaidInCapitalMember2020-12-310000887921us-gaap:TreasuryStockMember2020-12-310000887921us-gaap:RetainedEarningsMember2020-12-310000887921us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000887921us-gaap:TreasuryStockMember2021-01-012021-12-310000887921us-gaap:AdditionalPaidInCapitalMember2021-01-012021-12-310000887921us-gaap:RetainedEarningsMember2021-01-012021-12-310000887921us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-12-310000887921us-gaap:CommonStockMember2021-12-310000887921us-gaap:AdditionalPaidInCapitalMember2021-12-310000887921us-gaap:TreasuryStockMember2021-12-310000887921us-gaap:RetainedEarningsMember2021-12-310000887921us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000887921us-gaap:CommonStockMember2019-12-310000887921us-gaap:AdditionalPaidInCapitalMember2019-12-310000887921us-gaap:TreasuryStockMember2019-12-310000887921us-gaap:RetainedEarningsMember2019-12-310000887921us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-3100008879212019-12-310000887921us-gaap:TreasuryStockMember2020-01-012020-12-310000887921us-gaap:AdditionalPaidInCapitalMember2020-01-012020-12-310000887921us-gaap:RetainedEarningsMember2020-01-012020-12-310000887921us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-12-310000887921us-gaap:CommonClassAMemberrev:RestrictedStockandRestrictedStockUnitsMemberus-gaap:TreasuryStockMember2021-01-012021-12-310000887921us-gaap:CommonClassAMemberrev:RestrictedStockandRestrictedStockUnitsMemberus-gaap:TreasuryStockMember2020-01-012020-12-310000887921rev:A2020BrandCoTermLoanFacilityDue2025Member2021-01-012021-12-310000887921rev:A2020BrandCoTermLoanFacilityDue2025Member2020-01-012020-12-310000887921rev:A2020NewBrandCoSecondLienTermLoansMember2021-01-012021-12-310000887921rev:A2020NewBrandCoSecondLienTermLoansMember2020-01-012020-12-310000887921rev:TwoThousandNineteenTermLoanFacilityMember2020-01-012020-12-310000887921rev:A2018ForeignAssetBasedTermFacilityDue2021Member2020-01-012020-12-310000887921rev:TermLoanFacilityDue2023And2025Member2020-01-012020-12-310000887921rev:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMember2020-12-31xbrli:pure0000887921rev:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMember2020-01-012020-12-310000887921rev:RevlonConsumerProductsCorporationMember2020-12-310000887921rev:RevlonConsumerProductsCorporationMember2020-01-012020-12-310000887921us-gaap:PreferredStockMemberrev:RevlonConsumerProductsCorporationMember2020-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:AdditionalPaidInCapitalMember2020-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RetainedEarningsMember2020-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:AdditionalPaidInCapitalMember2021-10-012021-12-310000887921rev:RevlonConsumerProductsCorporationMember2021-10-012021-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RetainedEarningsMember2021-10-012021-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2021-10-012021-12-310000887921us-gaap:PreferredStockMemberrev:RevlonConsumerProductsCorporationMember2021-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:AdditionalPaidInCapitalMember2021-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RetainedEarningsMember2021-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000887921us-gaap:PreferredStockMemberrev:RevlonConsumerProductsCorporationMember2019-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:AdditionalPaidInCapitalMember2019-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RetainedEarningsMember2019-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310000887921rev:RevlonConsumerProductsCorporationMember2019-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:AdditionalPaidInCapitalMember2020-01-012020-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RetainedEarningsMember2020-01-012020-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2020-01-012020-12-310000887921rev:RevlonConsumerProductsCorporationMemberrev:A2020BrandCoTermLoanFacilityDue2025Member2021-01-012021-12-310000887921rev:RevlonConsumerProductsCorporationMemberrev:A2020BrandCoTermLoanFacilityDue2025Member2020-01-012020-12-310000887921rev:RevlonConsumerProductsCorporationMemberrev:A2020NewBrandCoSecondLienTermLoansMember2021-01-012021-12-310000887921rev:RevlonConsumerProductsCorporationMemberrev:A2020NewBrandCoSecondLienTermLoansMember2020-01-012020-12-310000887921rev:RevlonConsumerProductsCorporationMemberrev:TwoThousandNineteenTermLoanFacilityMember2020-01-012020-12-310000887921rev:A2018ForeignAssetBasedTermFacilityDue2021Memberrev:RevlonConsumerProductsCorporationMember2020-01-012020-12-310000887921rev:TermLoanFacilityDue2023And2025Memberrev:RevlonConsumerProductsCorporationMember2020-01-012020-12-310000887921rev:RevlonConsumerProductsCorporationMemberrev:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMember2020-12-310000887921rev:RevlonConsumerProductsCorporationMemberrev:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMember2020-01-012020-12-31rev:reporting_unitrev:segment0000887921rev:ThreeLargestCustomersMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2020-01-012020-12-310000887921rev:ThreeLargestCustomersMemberus-gaap:CustomerConcentrationRiskMemberus-gaap:AccountsReceivableMember2021-01-012021-12-310000887921srt:MinimumMemberus-gaap:LandImprovementsMember2021-01-012021-12-310000887921us-gaap:LandImprovementsMembersrt:MaximumMember2021-01-012021-12-310000887921srt:MinimumMemberus-gaap:BuildingAndBuildingImprovementsMember2021-01-012021-12-310000887921srt:MaximumMemberus-gaap:BuildingAndBuildingImprovementsMember2021-01-012021-12-310000887921srt:MinimumMemberus-gaap:MachineryAndEquipmentMember2021-01-012021-12-310000887921srt:MaximumMemberus-gaap:MachineryAndEquipmentMember2021-01-012021-12-310000887921srt:MinimumMemberrev:CountersandTradeFixturesMember2021-01-012021-12-310000887921rev:CountersandTradeFixturesMembersrt:MaximumMember2021-01-012021-12-310000887921srt:MinimumMemberus-gaap:FurnitureAndFixturesMember2021-01-012021-12-310000887921srt:MaximumMemberus-gaap:FurnitureAndFixturesMember2021-01-012021-12-310000887921srt:MinimumMemberus-gaap:ComputerSoftwareIntangibleAssetMember2021-01-012021-12-310000887921us-gaap:ComputerSoftwareIntangibleAssetMembersrt:MaximumMember2021-01-012021-12-310000887921rev:WallDisplayMember2021-12-310000887921rev:WallDisplayMember2020-12-310000887921srt:MinimumMemberrev:WallDisplayMember2021-01-012021-12-310000887921rev:WallDisplayMembersrt:MaximumMember2021-01-012021-12-310000887921rev:WallDisplayMember2021-01-012021-12-310000887921rev:WallDisplayMember2020-01-012020-12-310000887921rev:PortfolioSegmentMemberrev:MassPortfolioReportingUnitMember2020-03-3100008879212020-01-012020-03-3100008879212020-04-012020-06-3000008879212021-10-012021-12-3100008879212020-07-012020-09-300000887921rev:COVID19Memberrev:MassPortfolioElizabethArdenFragrancesAndElizabethArdenSkinAndColorReportingUnitsMember2020-01-012020-03-310000887921rev:COVID19Memberrev:ElizabethArdenFragrancesAndElizabethArdenSkinAndColorReportingUnitsMember2020-04-012020-06-3000008879212020-10-012020-12-310000887921rev:RevlonConsumerProductsCorporationMemberrev:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMember2020-10-230000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:DebtInstrumentRedemptionPeriodOneMemberrev:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMember2020-11-102020-11-100000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMemberrev:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMember2020-11-102020-11-100000887921rev:A2020ABLFILOTermLoansTrancheBMemberrev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMember2020-10-230000887921rev:RevlonConsumerProductsCorporationMemberrev:A2020NewBrandCoSecondLienTermLoansMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMember2020-10-230000887921rev:RevlonConsumerProductsCorporationMemberrev:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMember2020-11-132020-11-130000887921rev:RevlonConsumerProductsCorporationMemberrev:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMember2020-11-140000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:A2021ForeignAssetBasedTermFacilityDue2024Member2021-03-020000887921rev:ForeignSubsidiariesMember2021-12-310000887921rev:RevolvingCreditFacilityDue2024Member2021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMember2021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberus-gaap:RestructuringChargesMember2021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberrev:LeaseAndOtherRestructuringRelatedChargesMember2021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberus-gaap:EmployeeSeveranceMember2020-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberus-gaap:OtherRestructuringMember2020-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberus-gaap:RestructuringChargesMember2020-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberrev:LeaseRelatedRestructuringMember2020-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberrev:RestructuringOtherRelatedChargesMember2020-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMember2020-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberus-gaap:EmployeeSeveranceMember2021-01-012021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberus-gaap:OtherRestructuringMember2021-01-012021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberus-gaap:RestructuringChargesMember2021-01-012021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberrev:LeaseRelatedRestructuringMember2021-01-012021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberrev:RestructuringOtherRelatedChargesMember2021-01-012021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMember2021-01-012021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberus-gaap:EmployeeSeveranceMember2021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberus-gaap:OtherRestructuringMember2021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberrev:LeaseRelatedRestructuringMember2021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberrev:RestructuringOtherRelatedChargesMember2021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberrev:RevlonSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:RestructuringChargesMember2021-01-012021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberrev:RevlonSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:RestructuringChargesMember2021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberrev:ElizabethArdenSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:RestructuringChargesMember2021-01-012021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberrev:ElizabethArdenSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:RestructuringChargesMember2021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberrev:PortfolioSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:RestructuringChargesMember2021-01-012021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberrev:PortfolioSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:RestructuringChargesMember2021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberrev:FragrancesSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:RestructuringChargesMember2021-01-012021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberrev:FragrancesSegmentMemberus-gaap:OperatingSegmentsMemberus-gaap:RestructuringChargesMember2021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberus-gaap:OperatingSegmentsMemberus-gaap:RestructuringChargesMember2021-01-012021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberus-gaap:OperatingSegmentsMemberus-gaap:RestructuringChargesMember2021-12-310000887921rev:OtherRestructuringInitiativesMemberus-gaap:EmployeeSeveranceMember2020-12-310000887921rev:OtherRestructuringInitiativesMemberus-gaap:EmployeeSeveranceMember2021-01-012021-12-310000887921rev:OtherRestructuringInitiativesMemberus-gaap:EmployeeSeveranceMember2021-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberus-gaap:EmployeeSeveranceMember2019-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberus-gaap:EmployeeSeveranceMember2020-01-012020-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberus-gaap:OtherRestructuringMember2019-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberus-gaap:OtherRestructuringMember2020-01-012020-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberus-gaap:RestructuringChargesMember2019-12-310000887921rev:RevlonGlobalGrowthAcceleratorProgramMemberus-gaap:RestructuringChargesMember2020-01-012020-12-310000887921us-gaap:EmployeeSeveranceMemberrev:TwoThousandEighteenOptimizationProgramMember2019-12-310000887921us-gaap:EmployeeSeveranceMemberrev:TwoThousandEighteenOptimizationProgramMember2020-01-012020-12-310000887921us-gaap:EmployeeSeveranceMemberrev:TwoThousandEighteenOptimizationProgramMember2020-12-310000887921us-gaap:RestructuringChargesMemberrev:TwoThousandEighteenOptimizationProgramMember2019-12-310000887921us-gaap:RestructuringChargesMemberrev:TwoThousandEighteenOptimizationProgramMember2020-01-012020-12-310000887921us-gaap:RestructuringChargesMemberrev:TwoThousandEighteenOptimizationProgramMember2020-12-310000887921rev:OtherRestructuringPlansMemberus-gaap:EmployeeSeveranceMember2019-12-310000887921rev:OtherRestructuringPlansMemberus-gaap:EmployeeSeveranceMember2020-01-012020-12-310000887921rev:OtherRestructuringPlansMemberus-gaap:EmployeeSeveranceMember2020-12-310000887921us-gaap:LandAndLandImprovementsMember2021-12-310000887921us-gaap:LandAndLandImprovementsMember2020-12-310000887921us-gaap:BuildingAndBuildingImprovementsMember2021-12-310000887921us-gaap:BuildingAndBuildingImprovementsMember2020-12-310000887921us-gaap:MachineryAndEquipmentMember2021-12-310000887921us-gaap:MachineryAndEquipmentMember2020-12-310000887921us-gaap:FurnitureAndFixturesMember2021-12-310000887921us-gaap:FurnitureAndFixturesMember2020-12-310000887921us-gaap:LeaseholdImprovementsMember2021-12-310000887921us-gaap:LeaseholdImprovementsMember2020-12-310000887921us-gaap:ConstructionInProgressMember2021-12-310000887921us-gaap:ConstructionInProgressMember2020-12-310000887921rev:RevlonReportingUnitMember2020-03-310000887921rev:ElizabethArdenSkinAndColorReportingUnitMember2020-03-310000887921rev:FragrancesReportingUnitMember2020-03-310000887921rev:PortfolioSegmentMemberrev:MassPortfolioReportingUnitMember2020-01-012020-03-310000887921rev:PortfolioSegmentMemberrev:ProfessionalPortfolioReportingUnitMember2020-01-012020-03-310000887921rev:ElizabethArdenSegmentMemberrev:ElizabethArdenFragrancesReportingUnitMember2020-01-012020-03-310000887921rev:ElizabethArdenSegmentMemberrev:ElizabethArdenFragrancesReportingUnitMember2020-03-310000887921rev:PortfolioSegmentMemberrev:ProfessionalPortfolioReportingUnitMember2020-03-310000887921rev:RevlonReportingUnitMember2020-06-300000887921rev:ElizabethArdenSkinAndColorReportingUnitMember2020-06-300000887921rev:FragrancesReportingUnitMember2020-06-300000887921rev:PortfolioSegmentMemberrev:ProfessionalPortfolioReportingUnitMember2020-04-012020-06-300000887921rev:ElizabethArdenSegmentMemberrev:ElizabethArdenFragrancesReportingUnitMember2020-04-012020-06-300000887921rev:ElizabethArdenSegmentMemberrev:ElizabethArdenFragrancesReportingUnitMember2020-06-300000887921rev:PortfolioSegmentMemberrev:ProfessionalPortfolioReportingUnitMember2020-06-300000887921srt:MinimumMemberrev:MeasurementInputWeightedAverageCostOfCapitalMember2021-12-310000887921rev:MeasurementInputWeightedAverageCostOfCapitalMembersrt:MaximumMember2021-12-310000887921rev:MeasurementInputPerpetualGrowthRateMember2021-12-310000887921rev:RevlonSegmentMember2019-12-310000887921rev:PortfolioSegmentMember2019-12-310000887921rev:ElizabethArdenSegmentMember2019-12-310000887921rev:FragrancesSegmentMember2019-12-310000887921rev:RevlonSegmentMember2020-01-012020-12-310000887921rev:PortfolioSegmentMember2020-01-012020-12-310000887921rev:ElizabethArdenSegmentMember2020-01-012020-12-310000887921rev:FragrancesSegmentMember2020-01-012020-12-310000887921rev:RevlonSegmentMember2020-12-310000887921rev:PortfolioSegmentMember2020-12-310000887921rev:ElizabethArdenSegmentMember2020-12-310000887921rev:FragrancesSegmentMember2020-12-310000887921rev:RevlonSegmentMember2021-01-012021-12-310000887921rev:PortfolioSegmentMember2021-01-012021-12-310000887921rev:ElizabethArdenSegmentMember2021-01-012021-12-310000887921rev:FragrancesSegmentMember2021-01-012021-12-310000887921rev:RevlonSegmentMember2021-12-310000887921rev:PortfolioSegmentMember2021-12-310000887921rev:ElizabethArdenSegmentMember2021-12-310000887921rev:FragrancesSegmentMember2021-12-310000887921us-gaap:GoodwillMember2020-01-012020-12-3100008879212020-07-012020-12-310000887921rev:IntangibleAssetsExcludingGoodwillMember2020-01-012020-12-310000887921us-gaap:TrademarksMember2021-12-310000887921us-gaap:TrademarksMember2021-01-012021-12-310000887921us-gaap:CustomerRelationshipsMember2021-12-310000887921us-gaap:CustomerRelationshipsMember2021-01-012021-12-310000887921us-gaap:PatentsMember2021-12-310000887921us-gaap:PatentsMember2021-01-012021-12-310000887921us-gaap:DistributionRightsMember2021-12-310000887921us-gaap:DistributionRightsMember2021-01-012021-12-310000887921us-gaap:OtherIntangibleAssetsMember2021-12-310000887921us-gaap:OtherIntangibleAssetsMember2021-01-012021-12-310000887921us-gaap:TradeNamesMember2021-12-310000887921us-gaap:TrademarksMember2020-12-310000887921us-gaap:TrademarksMember2020-01-012020-12-310000887921us-gaap:CustomerRelationshipsMember2020-12-310000887921us-gaap:CustomerRelationshipsMember2020-01-012020-12-310000887921us-gaap:PatentsMember2020-12-310000887921us-gaap:PatentsMember2020-01-012020-12-310000887921us-gaap:DistributionRightsMember2020-12-310000887921us-gaap:DistributionRightsMember2020-01-012020-12-310000887921us-gaap:OtherIntangibleAssetsMember2020-12-310000887921us-gaap:OtherIntangibleAssetsMember2020-01-012020-12-310000887921us-gaap:TradeNamesMember2020-12-310000887921rev:HelenOfTroyLimitedMemberus-gaap:LicensingAgreementsMember2020-12-222020-12-22rev:period0000887921rev:HelenOfTroyLimitedMemberus-gaap:LicensingAgreementsMember2020-12-220000887921rev:RevolvingCreditFacilityDue2024TrancheAMember2021-12-310000887921rev:RevolvingCreditFacilityDue2024TrancheAMember2020-12-310000887921rev:RevolvingCreditFacilityDue2024SISOFacilityMember2021-12-310000887921rev:RevolvingCreditFacilityDue2024SISOFacilityMember2020-12-310000887921rev:A2021ForeignAssetBasedTermFacilityDue2024Member2021-12-310000887921rev:A2021ForeignAssetBasedTermFacilityDue2024Member2020-12-310000887921rev:A2020ABLFILOTermLoansTrancheBMember2021-12-310000887921rev:A2020ABLFILOTermLoansTrancheBMember2020-12-310000887921rev:A2020TroubledDebtRestructuringFutureInterestMember2021-12-310000887921rev:A2020TroubledDebtRestructuringFutureInterestMember2020-12-310000887921rev:A2020BrandCoTermLoanFacilityDue2025Member2021-12-310000887921rev:A2020BrandCoTermLoanFacilityDue2025Member2020-12-310000887921rev:TermLoanFacilityDue2023And2025Member2021-12-310000887921rev:TermLoanFacilityDue2023And2025Member2020-12-310000887921rev:A2018ForeignAssetBasedTermFacilityDue2021Member2021-12-310000887921rev:A2018ForeignAssetBasedTermFacilityDue2021Member2020-12-310000887921rev:SeniorNotesDue2024Member2021-12-310000887921rev:SeniorNotesDue2024Member2020-12-310000887921rev:SpanishGovernmentLoanDue2025Member2021-12-310000887921rev:SpanishGovernmentLoanDue2025Member2020-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2024Member2021-05-072021-05-070000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2023TrancheAMember2021-05-060000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2024TrancheAMember2021-05-070000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:RevolvingCreditFacilityDue2023SISOFacilityMember2021-05-060000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:RevolvingCreditFacilityDue2024SISOFacilityMember2021-05-070000887921rev:RevolvingCreditFacilityDue2023Memberrev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMember2021-05-060000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2024Member2021-05-070000887921us-gaap:LondonInterbankOfferedRateLIBORMemberrev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2024TrancheAMember2021-05-072021-05-070000887921srt:MinimumMemberus-gaap:LondonInterbankOfferedRateLIBORMemberrev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2023TrancheAMember2021-05-062021-05-060000887921us-gaap:LondonInterbankOfferedRateLIBORMemberrev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMembersrt:MaximumMemberrev:RevolvingCreditFacilityDue2023TrancheAMember2021-05-062021-05-060000887921us-gaap:LondonInterbankOfferedRateLIBORMemberrev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2023TrancheAMember2021-05-062021-05-060000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2024TrancheAMember2021-01-012021-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2024TrancheAMember2021-05-072021-05-070000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:RevolvingCreditFacilityDue2024SISOFacilityMember2021-01-012021-12-310000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:RevolvingCreditFacilityDue2024SISOFacilityMember2021-05-072021-05-070000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2021TrancheAMember2021-03-070000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2023TrancheAMember2021-03-080000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:RevolvingCreditFacilityDue2023SISOFacilityMember2021-03-080000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:RevolvingCreditFacilityDue2023SISOFacilityMember2021-03-082021-03-080000887921us-gaap:SecuredDebtMemberus-gaap:LondonInterbankOfferedRateLIBORMemberrev:RevlonConsumerProductsCorporationMemberrev:RevolvingCreditFacilityDue2023SISOFacilityMember2021-03-082021-03-080000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2023TrancheAMember2021-03-082021-03-080000887921srt:MinimumMemberrev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2023TrancheAMember2021-03-082021-03-080000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMembersrt:MaximumMemberrev:RevolvingCreditFacilityDue2023TrancheAMember2021-03-082021-03-080000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2023SISOFacilityMember2021-03-082021-03-080000887921us-gaap:SecuredDebtMemberus-gaap:LondonInterbankOfferedRateLIBORMemberrev:RevlonConsumerProductsCorporationMemberrev:A2021ForeignAssetBasedTermFacilityDue2024Member2021-03-022021-03-020000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:A2021ForeignAssetBasedTermFacilityDue2024Member2021-03-022021-03-020000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:A2021ForeignAssetBasedTermFacilityDue2024Member2021-01-012021-12-310000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:A2021ForeignAssetBasedTermFacilityDue2024Member2021-12-310000887921rev:A2020TroubledDebtRestructuringFutureInterestMember2021-01-012021-12-310000887921rev:RevlonConsumerProductsCorporationMemberrev:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMember2020-11-102020-11-100000887921rev:RevlonConsumerProductsCorporationMemberrev:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMember2020-11-100000887921rev:A2020ABLFILOTermLoansTrancheBMemberrev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMember2020-10-230000887921rev:A2020ABLFILOTermLoansTrancheBMemberus-gaap:LondonInterbankOfferedRateLIBORMemberrev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMember2020-11-132020-11-130000887921rev:A2020ABLFILOTermLoansTrancheBMemberrev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMember2020-11-132020-11-130000887921rev:RevlonConsumerProductsCorporationMemberrev:A2020NewBrandCoSecondLienTermLoansMember2020-10-230000887921rev:RevlonConsumerProductsCorporationMemberrev:A2020NewBrandCoSecondLienTermLoansMember2020-11-132020-11-130000887921rev:A2020ABLFILOTermLoansTrancheBMemberrev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMember2020-12-310000887921rev:RevlonConsumerProductsCorporationMemberrev:A2020NewBrandCoSecondLienTermLoansMember2020-12-310000887921rev:RevlonConsumerProductsCorporationMemberrev:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMember2020-11-130000887921rev:RevlonConsumerProductsCorporationMemberrev:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMember2020-12-312020-12-310000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:A2020BrandCoFacilityDue2025Member2020-05-070000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:RollUpBrandCoFacilityDue2025Member2020-05-070000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:JuniorRollUpBrandCoFacilityDue2025Member2020-05-070000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:A2020BrandCoFacilityDue2025Member2020-05-282020-05-280000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:A2020BrandCoFacilityDue2025Member2020-06-300000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:A2020BrandCoFacilityDue2025Member2020-01-012020-06-300000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:RollUpAndJuniorRollUpBrandCoFacilitiesDue2025Member2020-05-072020-09-300000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:RollUpAndJuniorRollUpBrandCoFacilitiesDue2025Member2020-09-300000887921rev:RevlonConsumerProductsCorporationMemberrev:TwoThousandNineteenTermLoanFacilityMember2020-05-072020-05-070000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:A2020BrandCoFacilityDue2025Member2020-05-072020-05-070000887921rev:RevlonConsumerProductsCorporationMemberrev:SeniorNotesDue2024Member2016-08-040000887921us-gaap:SecuredDebtMemberus-gaap:LondonInterbankOfferedRateLIBORMemberrev:RevlonConsumerProductsCorporationMemberrev:A2020BrandCoFacilityDue2025Member2020-05-072020-05-070000887921us-gaap:SecuredDebtMemberus-gaap:LondonInterbankOfferedRateLIBORMemberrev:RevlonConsumerProductsCorporationMemberrev:RollUpBrandCoFacilityDue2025Member2020-05-072020-05-070000887921us-gaap:SecuredDebtMemberus-gaap:LondonInterbankOfferedRateLIBORMemberrev:RevlonConsumerProductsCorporationMemberrev:JuniorRollUpBrandCoFacilityDue2025Member2020-05-072020-05-070000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:A2020BrandCoTermLoanFacilityDue2025Member2021-12-310000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:RollUpAndJuniorRollUpBrandCoFacilitiesDue2025Member2021-12-310000887921rev:RevlonConsumerProductsCorporationMemberrev:SupportingBrandCoLendersMemberrev:A2020NewBrandCoSecondLienTermLoansMember2020-11-130000887921rev:RevlonConsumerProductsCorporationMemberrev:SeniorNotesDue2024Member2020-11-132020-11-130000887921rev:AllBrandCoLendersMemberrev:RevlonConsumerProductsCorporationMemberrev:A2020BrandCoTermLoanFacilityDue2025Member2020-11-130000887921rev:AllBrandCoLendersMemberrev:RevlonConsumerProductsCorporationMemberrev:A2020NewBrandCoSecondLienTermLoansMember2020-11-130000887921rev:RevlonConsumerProductsCorporationMemberrev:SeniorNotesDue2024Member2020-11-130000887921rev:RevlonConsumerProductsCorporationMemberrev:A2020NewBrandCoSecondLienTermLoansMember2020-11-130000887921rev:RevlonConsumerProductsCorporationMemberrev:ExtendedTermLoansDue2025Member2020-05-070000887921rev:RevlonConsumerProductsCorporationMemberrev:ExtendedTermLoansDue2025Member2020-05-072020-05-070000887921rev:RevlonConsumerProductsCorporationMemberrev:ExtendedTermLoansDue2025Member2020-12-310000887921us-gaap:LondonInterbankOfferedRateLIBORMemberrev:RevlonConsumerProductsCorporationMemberrev:ExtendedTermLoansDue2025Member2020-05-072020-05-070000887921rev:TermLoanFacilityDue2023And2025Memberrev:RevlonConsumerProductsCorporationMember2020-05-072020-05-070000887921rev:RevlonConsumerProductsCorporationMemberrev:TermLoanFacilityDue2023Member2021-12-310000887921rev:RevlonConsumerProductsCorporationMemberrev:ExtendedTermLoansDue2025Member2021-12-310000887921rev:RevlonConsumerProductsCorporationMemberrev:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMember2020-05-072020-05-070000887921rev:RevlonConsumerProductsCorporationMemberrev:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMember2020-07-012020-07-310000887921rev:RevlonConsumerProductsCorporationMemberrev:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMember2020-08-012020-12-310000887921rev:RevlonConsumerProductsCorporationMemberrev:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMember2020-05-072020-12-310000887921rev:A2018ForeignAssetBasedTermFacilityDue2021Memberus-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMember2020-05-04iso4217:EUR0000887921rev:A2018ForeignAssetBasedTermFacilityDue2021Memberus-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:EuroInterbankOfferedRateEURIBORMember2020-05-032020-05-030000887921rev:A2018ForeignAssetBasedTermFacilityDue2021Memberus-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMember2020-05-042020-05-040000887921rev:A2018ForeignAssetBasedTermFacilityDue2021Memberus-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMember2020-05-030000887921rev:A2018ForeignAssetBasedTermFacilityDue2021Memberus-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMember2020-12-310000887921rev:A2018ForeignAssetBasedTermFacilityDue2021Memberus-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMember2020-04-012020-06-300000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2021TrancheAMember2020-10-232020-10-230000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2021TrancheAMember2020-05-072020-05-070000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2021TrancheBMember2020-05-172020-05-170000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2021TrancheBMember2020-04-170000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2021TrancheBMember2019-03-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2021TrancheBMember2020-04-172020-04-170000887921us-gaap:LondonInterbankOfferedRateLIBORMemberrev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2021TrancheBMember2020-04-172020-04-170000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2024TrancheAMember2021-12-310000887921rev:A2020ABLFILOTermLoansTrancheBMemberrev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMember2021-12-310000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:NewEuropeanABLFILOFacilityMember2020-09-280000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:A2020RestatedLineOfCreditFacilityMember2020-09-280000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:A2020RestatedLineOfCreditFacilityMember2020-12-310000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:FutureRefinancedEuropeanABLFacilityMember2021-07-090000887921us-gaap:SecuredDebtMemberus-gaap:LondonInterbankOfferedRateLIBORMemberrev:RevlonConsumerProductsCorporationMemberrev:NewEuropeanABLFILOFacilityMember2020-09-282020-09-280000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:A2020IncrementalFacilityDue2021Member2020-04-300000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:A2020IncrementalFacilityDue2021Member2020-04-302020-04-300000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:A2020IncrementalFacilityDue2021Member2020-05-112020-05-110000887921us-gaap:LondonInterbankOfferedRateLIBORMemberrev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:A2020IncrementalFacilityDue2021Member2020-04-302020-04-300000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberus-gaap:BaseRateMemberrev:A2020IncrementalFacilityDue2021Member2020-04-302020-04-300000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:A2020IncrementalFacilityDue2021Member2020-05-282020-05-280000887921rev:RevlonConsumerProductsCorporationMemberrev:A2020BrandCoFacilityDue2025Member2020-05-070000887921us-gaap:LineOfCreditMemberrev:TwoThousandNineteenSeniorUnsecuredLineofCreditAgreementMember2019-06-300000887921us-gaap:LineOfCreditMemberrev:TwoThousandNineteenSeniorUnsecuredLineofCreditAgreementMember2019-11-012019-11-300000887921us-gaap:LineOfCreditMemberrev:TwoThousandNineteenSeniorUnsecuredLineofCreditAgreementMember2019-01-012019-12-310000887921us-gaap:LineOfCreditMemberrev:TwoThousandNineteenSeniorUnsecuredLineofCreditAgreementMember2019-11-070000887921us-gaap:LineOfCreditMemberrev:TwoThousandNineteenSeniorUnsecuredLineofCreditAgreementMember2019-12-310000887921us-gaap:LineOfCreditMemberrev:TwoThousandNineteenSeniorUnsecuredLineofCreditAgreementMember2019-11-300000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2021TrancheBMember2019-02-280000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2021TrancheBMember2019-02-282019-02-280000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:RevolvingCreditFacilityMemberrev:RevolvingCreditFacilityDue2021TrancheBMember2019-03-012019-03-31rev:day0000887921rev:A2018ForeignAssetBasedTermFacilityDue2021Memberus-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMember2018-07-310000887921rev:A2018ForeignAssetBasedTermFacilityDue2021Memberus-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMember2018-01-012018-12-310000887921rev:RevlonConsumerProductsCorporationMemberrev:TermLoanFacilityDue2023Member2016-09-070000887921rev:RevlonConsumerProductsCorporationMemberrev:TermLoanFacilityDue2023Member2016-09-072016-09-070000887921rev:TermLoanFacilityDue2023Member2021-12-310000887921us-gaap:LondonInterbankOfferedRateLIBORMemberrev:RevlonConsumerProductsCorporationMemberrev:TermLoanFacilityDue2023Member2016-09-072016-09-070000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:BaseRateMemberrev:TermLoanFacilityDue2023Member2016-09-072016-09-070000887921rev:RevlonConsumerProductsCorporationMemberrev:SeniorNotesDue2024Member2016-08-042016-08-040000887921rev:RevlonConsumerProductsCorporationMemberrev:SeniorNotesDue2024Member2016-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:DebtInstrumentRedemptionPeriodOneMemberrev:SeniorNotesDue2024Member2021-01-012021-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:DebtInstrumentRedemptionPeriodTwoMemberrev:SeniorNotesDue2024Member2021-01-012021-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:DebtInstrumentRedemptionPeriodThreeMemberrev:SeniorNotesDue2024Member2021-01-012021-12-310000887921rev:RevlonConsumerProductsCorporationMemberrev:SeniorNotesDue2024Member2021-12-310000887921us-gaap:SecuredDebtMemberrev:RevlonConsumerProductsCorporationMemberrev:RevolvingCreditFacilityDue2024SISOFacilityMember2021-12-310000887921rev:A2020ABLFILOTermLoansTrancheBMemberrev:RevlonConsumerProductsCorporationMember2021-12-310000887921us-gaap:FairValueInputsLevel1Member2021-12-310000887921us-gaap:FairValueInputsLevel2Member2021-12-310000887921us-gaap:FairValueInputsLevel3Member2021-12-310000887921us-gaap:FairValueInputsLevel1Member2020-12-310000887921us-gaap:FairValueInputsLevel2Member2020-12-310000887921us-gaap:FairValueInputsLevel3Member2020-12-310000887921us-gaap:LetterOfCreditMember2021-12-310000887921us-gaap:LetterOfCreditMember2020-12-310000887921rev:StandbyLettersOfCreditWhichSupportProductsCorporationsWorkersCompensationGeneralLiabilityAndAutomobileInsuranceProgramsMember2021-12-310000887921rev:StandbyLettersOfCreditWhichSupportProductsCorporationsWorkersCompensationGeneralLiabilityAndAutomobileInsuranceProgramsMember2020-12-310000887921rev:SavingsPlanMemberrev:NonHighlyCompensatedParticipantsMember2021-01-012021-12-310000887921rev:SavingsPlanMemberrev:HighlyCompensatedParticipantsMember2021-01-012021-12-310000887921rev:SavingsPlanMember2021-01-012021-12-310000887921rev:SavingsPlanMember2020-01-012020-12-310000887921rev:SavingsPlanMemberus-gaap:SubsequentEventMember2022-01-012022-01-010000887921rev:SavingsPlanMemberrev:HighlyCompensatedParticipantsMemberus-gaap:SubsequentEventMember2022-01-012022-01-010000887921rev:HighlyCompensatedParticipantsMemberrev:ExcessSavingsPlanMemberus-gaap:SubsequentEventMember2022-01-012022-01-010000887921rev:SavingsPlanAndExcessSavingsPlanMember2021-01-012021-12-310000887921rev:SavingsPlanAndExcessSavingsPlanMemberus-gaap:SubsequentEventMember2022-01-012022-01-310000887921rev:SavingsPlanAndExcessSavingsPlanMember2020-01-012020-12-310000887921us-gaap:QualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMember2021-01-012021-12-31rev:plan0000887921us-gaap:PensionPlansDefinedBenefitMember2020-12-310000887921us-gaap:PensionPlansDefinedBenefitMember2019-12-310000887921us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-12-310000887921us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2019-12-310000887921us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-12-310000887921us-gaap:PensionPlansDefinedBenefitMember2020-01-012020-12-310000887921us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-12-310000887921us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2020-01-012020-12-310000887921us-gaap:PensionPlansDefinedBenefitMember2021-12-310000887921us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-12-310000887921rev:RelatedPartyTransactionPensionPlanLiabilitiesMember2021-12-310000887921rev:RelatedPartyTransactionPensionPlanLiabilitiesMember2020-12-310000887921us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-12-310000887921us-gaap:SellingGeneralAndAdministrativeExpensesMember2020-01-012020-12-310000887921rev:MiscellaneousNetMember2021-01-012021-12-310000887921rev:MiscellaneousNetMember2020-01-012020-12-310000887921us-gaap:PensionPlansDefinedBenefitMembercountry:US2021-12-310000887921us-gaap:PensionPlansDefinedBenefitMembercountry:US2020-12-310000887921us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000887921us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000887921us-gaap:ForeignPlanMember2021-12-310000887921us-gaap:ForeignPlanMember2020-12-310000887921us-gaap:PensionPlansDefinedBenefitMembercountry:US2021-01-012021-12-310000887921us-gaap:PensionPlansDefinedBenefitMembercountry:US2020-01-012020-12-310000887921us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2021-01-012021-12-310000887921us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2020-01-012020-12-310000887921us-gaap:ForeignPlanMember2021-01-012021-12-310000887921us-gaap:ForeignPlanMember2020-01-012020-12-310000887921srt:MinimumMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:PensionPlansDefinedBenefitMembercountry:US2021-12-310000887921us-gaap:DefinedBenefitPlanEquitySecuritiesMembersrt:MaximumMemberus-gaap:PensionPlansDefinedBenefitMembercountry:US2021-12-310000887921srt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:MutualFundMembercountry:US2021-12-310000887921srt:MaximumMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:MutualFundMembercountry:US2021-12-310000887921srt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMembercountry:USus-gaap:DefinedBenefitPlanDebtSecurityMember2021-12-310000887921srt:MaximumMemberus-gaap:PensionPlansDefinedBenefitMembercountry:USus-gaap:DefinedBenefitPlanDebtSecurityMember2021-12-310000887921srt:MinimumMemberus-gaap:DefinedBenefitPlanCommonCollectiveTrustMemberus-gaap:PensionPlansDefinedBenefitMembercountry:US2021-12-310000887921us-gaap:DefinedBenefitPlanCommonCollectiveTrustMembersrt:MaximumMemberus-gaap:PensionPlansDefinedBenefitMembercountry:US2021-12-310000887921us-gaap:ForeignPlanMemberus-gaap:DefinedBenefitPlanCommonCollectiveTrustMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000887921srt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:HedgeFundsMembercountry:US2021-12-310000887921srt:MaximumMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:HedgeFundsMembercountry:US2021-12-310000887921srt:MinimumMemberus-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:PensionPlansDefinedBenefitMembercountry:US2021-12-310000887921us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMembersrt:MaximumMemberus-gaap:PensionPlansDefinedBenefitMembercountry:US2021-12-310000887921srt:MinimumMemberus-gaap:DefinedBenefitPlanCommonCollectiveTrustMemberus-gaap:PensionPlansDefinedBenefitMember2021-01-012021-12-310000887921us-gaap:DefinedBenefitPlanCommonCollectiveTrustMembersrt:MaximumMemberus-gaap:PensionPlansDefinedBenefitMember2021-01-012021-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:HedgeFundsMember2021-01-012021-12-310000887921rev:FixedIncomeFundsCorporateMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2021-12-310000887921rev:FixedIncomeFundsCorporateMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000887921rev:FixedIncomeFundsCorporateMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2021-12-310000887921rev:FixedIncomeFundsCorporateMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2021-12-310000887921rev:FixedIncomeFundsGovernmentMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2021-12-310000887921rev:FixedIncomeFundsGovernmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000887921rev:FixedIncomeFundsGovernmentMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2021-12-310000887921rev:FixedIncomeFundsGovernmentMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2021-12-310000887921rev:EquityFundsUSLargeCapMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2021-12-310000887921rev:EquityFundsUSLargeCapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000887921rev:EquityFundsUSLargeCapMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2021-12-310000887921rev:EquityFundsUSLargeCapMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2021-12-310000887921rev:EquityFundsNonUSNonEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2021-12-310000887921rev:EquityFundsNonUSNonEmergingMarketsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000887921rev:EquityFundsNonUSNonEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2021-12-310000887921rev:EquityFundsNonUSNonEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2021-12-310000887921rev:EquityFundsNonUSEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2021-12-310000887921rev:EquityFundsNonUSEmergingMarketsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000887921rev:EquityFundsNonUSEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2021-12-310000887921rev:EquityFundsNonUSEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2021-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Memberrev:EquityFundsUSSmallMidCapMember2021-12-310000887921us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberrev:EquityFundsUSSmallMidCapMember2021-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberrev:EquityFundsUSSmallMidCapMemberus-gaap:FairValueInputsLevel2Member2021-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberrev:EquityFundsUSSmallMidCapMemberus-gaap:FairValueInputsLevel3Member2021-12-310000887921rev:EquityFundsCashandCashEquivalentsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2021-12-310000887921rev:EquityFundsCashandCashEquivalentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000887921rev:EquityFundsCashandCashEquivalentsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2021-12-310000887921rev:EquityFundsCashandCashEquivalentsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2021-12-310000887921rev:OtherFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2021-12-310000887921rev:OtherFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000887921rev:OtherFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2021-12-310000887921rev:OtherFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2021-12-310000887921rev:DebtSecurityGovernmentMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2021-12-310000887921rev:DebtSecurityGovernmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000887921rev:DebtSecurityGovernmentMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2021-12-310000887921rev:DebtSecurityGovernmentMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2021-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Memberrev:DefinedBenefitPlansCommonCollectiveTrustCorporateDebtSecuritiesMember2021-12-310000887921us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberrev:DefinedBenefitPlansCommonCollectiveTrustCorporateDebtSecuritiesMember2021-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberrev:DefinedBenefitPlansCommonCollectiveTrustCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberrev:DefinedBenefitPlansCommonCollectiveTrustCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Memberrev:DefinedBenefitPlansCommonCollectiveTrustGovernmentDebtSecuritiesMember2021-12-310000887921us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberrev:DefinedBenefitPlansCommonCollectiveTrustGovernmentDebtSecuritiesMember2021-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Memberrev:DefinedBenefitPlansCommonCollectiveTrustGovernmentDebtSecuritiesMember2021-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Memberrev:DefinedBenefitPlansCommonCollectiveTrustGovernmentDebtSecuritiesMember2021-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesUSLargeCapMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2021-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesUSLargeCapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesUSLargeCapMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2021-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesUSLargeCapMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2021-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesUSSmallandMidCapMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2021-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesUSSmallandMidCapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesUSSmallandMidCapMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2021-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesUSSmallandMidCapMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2021-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesNonUSNonEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2021-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesNonUSNonEmergingMarketsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesNonUSNonEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2021-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesNonUSNonEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2021-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesNonUSEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2021-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesNonUSEmergingMarketsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesNonUSEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2021-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesNonUSEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2021-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustCashandCashEquivalentsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2021-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustCashandCashEquivalentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustCashandCashEquivalentsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2021-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustCashandCashEquivalentsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2021-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Memberrev:DefinedBenefitPlansCommonCollectiveTrustOtherMember2021-12-310000887921us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberrev:DefinedBenefitPlansCommonCollectiveTrustOtherMember2021-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Memberrev:DefinedBenefitPlansCommonCollectiveTrustOtherMember2021-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Memberrev:DefinedBenefitPlansCommonCollectiveTrustOtherMember2021-12-310000887921us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2021-12-310000887921us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000887921us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2021-12-310000887921us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2021-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2021-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2021-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2021-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2021-12-310000887921us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanCommonCollectiveTrustMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000887921us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:HedgeFundsMember2021-12-310000887921us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMember2021-12-310000887921rev:FixedIncomeFundsCorporateMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000887921rev:FixedIncomeFundsCorporateMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000887921rev:FixedIncomeFundsCorporateMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310000887921rev:FixedIncomeFundsCorporateMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000887921rev:FixedIncomeFundsGovernmentMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000887921rev:FixedIncomeFundsGovernmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000887921rev:FixedIncomeFundsGovernmentMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310000887921rev:FixedIncomeFundsGovernmentMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000887921rev:EquityFundsUSLargeCapMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000887921rev:EquityFundsUSLargeCapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000887921rev:EquityFundsUSLargeCapMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310000887921rev:EquityFundsUSLargeCapMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000887921rev:EquityFundsNonUSNonEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000887921rev:EquityFundsNonUSNonEmergingMarketsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000887921rev:EquityFundsNonUSNonEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310000887921rev:EquityFundsNonUSNonEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000887921rev:EquityFundsNonUSEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000887921rev:EquityFundsNonUSEmergingMarketsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000887921rev:EquityFundsNonUSEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310000887921rev:EquityFundsNonUSEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Memberrev:EquityFundsUSSmallMidCapMember2020-12-310000887921us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberrev:EquityFundsUSSmallMidCapMember2020-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberrev:EquityFundsUSSmallMidCapMemberus-gaap:FairValueInputsLevel2Member2020-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberrev:EquityFundsUSSmallMidCapMemberus-gaap:FairValueInputsLevel3Member2020-12-310000887921rev:EquityFundsCashandCashEquivalentsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000887921rev:EquityFundsCashandCashEquivalentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000887921rev:EquityFundsCashandCashEquivalentsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310000887921rev:EquityFundsCashandCashEquivalentsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000887921rev:OtherFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000887921rev:OtherFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000887921rev:OtherFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310000887921rev:OtherFundsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000887921rev:DebtSecurityGovernmentMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000887921rev:DebtSecurityGovernmentMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000887921rev:DebtSecurityGovernmentMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310000887921rev:DebtSecurityGovernmentMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Memberrev:DefinedBenefitPlansCommonCollectiveTrustCorporateDebtSecuritiesMember2020-12-310000887921us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberrev:DefinedBenefitPlansCommonCollectiveTrustCorporateDebtSecuritiesMember2020-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberrev:DefinedBenefitPlansCommonCollectiveTrustCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberrev:DefinedBenefitPlansCommonCollectiveTrustCorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Memberrev:DefinedBenefitPlansCommonCollectiveTrustGovernmentDebtSecuritiesMember2020-12-310000887921us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberrev:DefinedBenefitPlansCommonCollectiveTrustGovernmentDebtSecuritiesMember2020-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Memberrev:DefinedBenefitPlansCommonCollectiveTrustGovernmentDebtSecuritiesMember2020-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Memberrev:DefinedBenefitPlansCommonCollectiveTrustGovernmentDebtSecuritiesMember2020-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesUSLargeCapMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesUSLargeCapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesUSLargeCapMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesUSLargeCapMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesUSSmallandMidCapMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesUSSmallandMidCapMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesUSSmallandMidCapMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesUSSmallandMidCapMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesNonUSNonEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesNonUSNonEmergingMarketsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesNonUSNonEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesNonUSNonEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesNonUSEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesNonUSEmergingMarketsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesNonUSEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustEquitySecuritiesNonUSEmergingMarketsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustCashandCashEquivalentsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustCashandCashEquivalentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustCashandCashEquivalentsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310000887921rev:DefinedBenefitPlansCommonCollectiveTrustCashandCashEquivalentsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Memberrev:DefinedBenefitPlansCommonCollectiveTrustOtherMember2020-12-310000887921us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberrev:DefinedBenefitPlansCommonCollectiveTrustOtherMember2020-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Memberrev:DefinedBenefitPlansCommonCollectiveTrustOtherMember2020-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Memberrev:DefinedBenefitPlansCommonCollectiveTrustOtherMember2020-12-310000887921us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000887921us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000887921us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310000887921us-gaap:DefinedBenefitPlanCashAndCashEquivalentsMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel12And3Member2020-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel1Member2020-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel2Member2020-12-310000887921us-gaap:PensionPlansDefinedBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000887921us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:DefinedBenefitPlanCommonCollectiveTrustMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000887921us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:HedgeFundsMember2020-12-310000887921us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000887921srt:MinimumMember2021-12-310000887921us-gaap:QualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMember2020-12-310000887921us-gaap:QualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMember2020-01-012020-12-310000887921rev:StockPlanMember2021-06-032021-06-030000887921rev:StockPlanMember2021-12-310000887921rev:StockPlanMember2014-07-012014-07-310000887921rev:StockPlanMember2019-08-312019-08-310000887921rev:StockPlanMember2019-09-012019-09-300000887921rev:StockPlanMember2019-09-300000887921rev:StockPlanMemberus-gaap:EmployeeStockOptionMember2021-01-012021-12-310000887921srt:MinimumMemberrev:StockPlanMemberus-gaap:EmployeeStockOptionMember2021-01-012021-12-310000887921rev:StockPlanMembersrt:MaximumMemberus-gaap:EmployeeStockOptionMember2021-01-012021-12-310000887921rev:StockPlanMember2020-12-310000887921rev:RestrictedStockandRestrictedStockUnitsMember2019-12-310000887921rev:RestrictedStockandRestrictedStockUnitsMember2020-01-012020-12-310000887921rev:RestrictedStockandRestrictedStockUnitsMember2020-12-310000887921rev:RestrictedStockandRestrictedStockUnitsMember2021-01-012021-12-310000887921rev:RestrictedStockandRestrictedStockUnitsMember2021-12-310000887921us-gaap:RestrictedStockMemberrev:StockPlanMember2020-01-012020-12-310000887921us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-12-310000887921us-gaap:RestrictedStockMemberrev:StockPlanMember2021-01-012021-12-310000887921us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-12-310000887921rev:StockPlanMember2021-01-012021-12-310000887921rev:StockPlanMember2020-01-012020-12-310000887921rev:Revlon2019TransactionincentiveprogramMemberus-gaap:RestrictedStockUnitsRSUMember2021-01-012021-12-310000887921rev:LTIPPlanMemberus-gaap:RestrictedStockUnitsRSUMember2021-01-012021-12-310000887921us-gaap:RestrictedStockMember2021-12-310000887921us-gaap:RestrictedStockUnitsRSUMember2021-12-310000887921us-gaap:RestrictedStockMember2021-01-012021-12-310000887921srt:MinimumMemberus-gaap:RestrictedStockMemberrev:StockPlanMember2021-01-012021-12-310000887921us-gaap:RestrictedStockMemberrev:StockPlanMembersrt:MaximumMember2021-01-012021-12-310000887921rev:Revlon2019TransactionIncentiveProgramTier1Memberus-gaap:ShareBasedCompensationAwardTrancheOneMemberus-gaap:RestrictedStockUnitsRSUMember2021-01-012021-12-310000887921rev:Revlon2019TransactionIncentiveProgramTier1Memberus-gaap:RestrictedStockUnitsRSUMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2021-01-012021-12-310000887921rev:Revlon2019TransactionIncentiveProgramTier2Memberus-gaap:RestrictedStockUnitsRSUMember2021-01-012021-12-310000887921rev:Revlon2019TransactionIncentiveProgramTier1Memberrev:RestrictedStockUnitsRSUTimeBasedMember2019-09-050000887921rev:Revlon2019TransactionincentiveprogramMemberrev:RestrictedStockUnitsRSUTimeBasedMember2021-01-012021-12-310000887921us-gaap:ShareBasedCompensationAwardTrancheOneMemberrev:Revlon2019TransactionincentiveprogramMemberrev:RestrictedStockUnitsRSUTimeBasedMember2021-01-012021-12-310000887921rev:Revlon2019TransactionincentiveprogramMemberrev:RestrictedStockUnitsRSUTimeBasedMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2021-01-012021-12-310000887921rev:Revlon2019TransactionIncentiveProgramTier1Memberrev:RestrictedStockUnitsRSUTimeBasedMember2021-12-310000887921rev:Revlon2019TransactionIncentiveProgramTier1Member2019-12-310000887921rev:Revlon2019TransactionIncentiveProgramTier1Member2019-01-012019-12-31rev:installment0000887921rev:Revlon2019TransactionIncentiveProgramTier2Member2019-12-310000887921rev:Revlon2019TransactionIncentiveProgramTier2Member2019-01-012019-12-310000887921rev:Revlon2019TransactionIncentiveProgramTier1Member2019-09-052021-12-310000887921rev:Revlon2019TransactionIncentiveProgramTier2Member2019-09-052021-12-310000887921rev:Revlon2019TransactionincentiveprogramMemberrev:AcquisitionIntegrationAndDivestitureCostsMember2019-09-052021-12-310000887921rev:Revlon2019TransactionincentiveprogramMemberrev:AcquisitionIntegrationAndDivestitureCostsMember2021-01-012021-12-310000887921rev:LTIPPlanMemberrev:RestrictedStockUnitsRSUTimeBasedMember2021-01-012021-12-310000887921rev:LTIPPlanMemberrev:RestrictedStockUnitsRSUPerformanceBasedMember2021-01-012021-12-310000887921rev:LTIPPlanMemberrev:RestrictedStockUnitsRSUTimeBasedMember2019-09-052019-09-050000887921rev:LTIPPlanMemberus-gaap:ShareBasedCompensationAwardTrancheOneMemberrev:RestrictedStockUnitsRSUTimeBasedMember2021-01-012021-12-310000887921rev:LTIPPlanMemberrev:RestrictedStockUnitsRSUTimeBasedMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2021-01-012021-12-310000887921rev:LTIPPlanMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMemberrev:RestrictedStockUnitsRSUTimeBasedMember2021-01-012021-12-310000887921rev:LTIPPlanMemberus-gaap:RestrictedStockUnitsRSUMember2019-09-052021-12-310000887921rev:Revlon2019TransactionIncentiveProgramTier1Memberus-gaap:RestrictedStockUnitsRSUMember2019-09-052021-12-310000887921us-gaap:RestrictedStockUnitsRSUMember2019-09-052021-12-310000887921rev:Revlon2019TransactionincentiveprogramMemberus-gaap:RestrictedStockUnitsRSUMember2019-09-052021-12-310000887921rev:Revlon2019TransactionIncentiveProgramTier1Memberus-gaap:RestrictedStockUnitsRSUMember2021-01-012021-12-310000887921rev:Revlon2019TransactionincentiveprogramMemberrev:AwardsGranted2019Memberrev:TimeBasedRestrictedStockUnitsRSUAwardsMember2020-12-310000887921rev:LTIPPlanMemberrev:AwardsGranted2020Memberrev:TimeBasedRestrictedStockUnitsRSUAwardsMember2020-12-310000887921rev:LTIPPlanMemberrev:PerformanceBasedRestrictedStockUnitsRSUAwardsMemberrev:AwardsGranted2020Member2020-12-310000887921rev:LTIPPlanMemberrev:AwardsGranted2019Memberrev:TimeBasedRestrictedStockUnitsRSUAwardsMember2020-12-310000887921rev:LTIPPlanMemberrev:PerformanceBasedRestrictedStockUnitsRSUAwardsMemberrev:AwardsGranted2019Member2020-12-310000887921rev:LTIPPlanMemberrev:AwardsGranted2018Memberrev:TimeBasedRestrictedStockUnitsRSUAwardsMember2020-12-310000887921rev:LTIPPlanMemberrev:PerformanceBasedRestrictedStockUnitsRSUAwardsMemberrev:AwardsGranted2018Member2020-12-310000887921rev:LTIPPlanMemberrev:TimeBasedRestrictedStockUnitsRSUAwardsMember2020-12-310000887921rev:LTIPPlanMemberrev:PerformanceBasedRestrictedStockUnitsRSUAwardsMember2020-12-310000887921rev:TimeBasedRestrictedStockUnitsRSUAwardsMemberrev:TotalLTIPandTIPRSUsMember2020-12-310000887921rev:PerformanceBasedRestrictedStockUnitsRSUAwardsMemberrev:TotalLTIPandTIPRSUsMember2020-12-310000887921rev:Revlon2019TransactionincentiveprogramMemberrev:AwardsGranted2019Memberrev:TimeBasedRestrictedStockUnitsRSUAwardsMember2021-01-012021-12-310000887921rev:LTIPPlanMemberrev:AwardsGranted2021Memberrev:TimeBasedRestrictedStockUnitsRSUAwardsMember2021-01-012021-12-310000887921rev:LTIPPlanMemberrev:PerformanceBasedRestrictedStockUnitsRSUAwardsMemberrev:AwardsGranted2021Member2021-01-012021-12-310000887921rev:LTIPPlanMemberrev:AwardsGranted2020Memberrev:TimeBasedRestrictedStockUnitsRSUAwardsMember2021-01-012021-12-310000887921rev:LTIPPlanMemberrev:PerformanceBasedRestrictedStockUnitsRSUAwardsMemberrev:AwardsGranted2020Member2021-01-012021-12-310000887921rev:LTIPPlanMemberrev:AwardsGranted2019Memberrev:TimeBasedRestrictedStockUnitsRSUAwardsMember2021-01-012021-12-310000887921rev:LTIPPlanMemberrev:PerformanceBasedRestrictedStockUnitsRSUAwardsMemberrev:AwardsGranted2019Member2021-01-012021-12-310000887921rev:LTIPPlanMemberrev:AwardsGranted2018Memberrev:TimeBasedRestrictedStockUnitsRSUAwardsMember2021-01-012021-12-310000887921rev:LTIPPlanMemberrev:PerformanceBasedRestrictedStockUnitsRSUAwardsMemberrev:AwardsGranted2018Member2021-01-012021-12-310000887921rev:LTIPPlanMemberrev:TimeBasedRestrictedStockUnitsRSUAwardsMember2021-01-012021-12-310000887921rev:LTIPPlanMemberrev:PerformanceBasedRestrictedStockUnitsRSUAwardsMember2021-01-012021-12-310000887921rev:Revlon2019TransactionincentiveprogramMemberrev:AwardsGranted2019Memberrev:TimeBasedRestrictedStockUnitsRSUAwardsMember2021-12-310000887921rev:LTIPPlanMemberrev:AwardsGranted2021Memberrev:TimeBasedRestrictedStockUnitsRSUAwardsMember2021-12-310000887921rev:LTIPPlanMemberrev:PerformanceBasedRestrictedStockUnitsRSUAwardsMemberrev:AwardsGranted2021Member2021-12-310000887921rev:LTIPPlanMemberrev:AwardsGranted2020Memberrev:TimeBasedRestrictedStockUnitsRSUAwardsMember2021-12-310000887921rev:LTIPPlanMemberrev:PerformanceBasedRestrictedStockUnitsRSUAwardsMemberrev:AwardsGranted2020Member2021-12-310000887921rev:LTIPPlanMemberrev:AwardsGranted2019Memberrev:TimeBasedRestrictedStockUnitsRSUAwardsMember2021-12-310000887921rev:LTIPPlanMemberrev:PerformanceBasedRestrictedStockUnitsRSUAwardsMemberrev:AwardsGranted2019Member2021-12-310000887921rev:LTIPPlanMemberrev:AwardsGranted2018Memberrev:TimeBasedRestrictedStockUnitsRSUAwardsMember2021-12-310000887921rev:LTIPPlanMemberrev:PerformanceBasedRestrictedStockUnitsRSUAwardsMemberrev:AwardsGranted2018Member2021-12-310000887921rev:LTIPPlanMemberrev:TimeBasedRestrictedStockUnitsRSUAwardsMember2021-12-310000887921rev:LTIPPlanMemberrev:PerformanceBasedRestrictedStockUnitsRSUAwardsMember2021-12-310000887921rev:TimeBasedRestrictedStockUnitsRSUAwardsMemberrev:TotalLTIPandTIPRSUsMember2021-12-310000887921rev:PerformanceBasedRestrictedStockUnitsRSUAwardsMemberrev:TotalLTIPandTIPRSUsMember2021-12-310000887921rev:RestrictedStockUnitsRSUTimeBasedMemberrev:TotalLTIPandTIPRSUsMember2021-01-012021-12-310000887921rev:RestrictedStockUnitsRSUTimeBasedMemberrev:TotalLTIPandTIPRSUsMember2021-12-310000887921rev:LTIPPlanMemberrev:RestrictedStockUnitsRSUPerformanceBasedMember2021-12-310000887921us-gaap:DomesticCountryMember2021-01-012021-12-310000887921us-gaap:DomesticCountryMember2020-01-012020-12-310000887921us-gaap:ForeignCountryMember2021-01-012021-12-310000887921us-gaap:ForeignCountryMember2021-12-310000887921us-gaap:DomesticCountryMember2021-12-310000887921rev:MacAndrewsForbesMemberrev:TaxPaymentMember2021-01-012021-12-310000887921us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310000887921us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-12-310000887921rev:AccumulatedOtherComprehensiveIncomeLossOtherAttributabletoParentMember2019-12-310000887921us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-12-310000887921us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-01-012020-12-310000887921rev:AccumulatedOtherComprehensiveIncomeLossOtherAttributabletoParentMember2020-01-012020-12-310000887921us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310000887921us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310000887921rev:AccumulatedOtherComprehensiveIncomeLossOtherAttributabletoParentMember2020-12-310000887921us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-12-310000887921us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-12-310000887921rev:AccumulatedOtherComprehensiveIncomeLossOtherAttributabletoParentMember2021-01-012021-12-310000887921us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310000887921us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310000887921rev:AccumulatedOtherComprehensiveIncomeLossOtherAttributabletoParentMember2021-12-310000887921us-gaap:CommonStockMemberus-gaap:CommonClassAMember2019-12-310000887921us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-01-012020-12-310000887921us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-12-310000887921us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-01-012021-12-310000887921us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-12-310000887921us-gaap:CommonClassAMember2021-12-310000887921us-gaap:CommonClassBMember2021-12-31rev:brand_team0000887921rev:RevlonSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000887921rev:RevlonSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000887921rev:ElizabethArdenSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000887921rev:ElizabethArdenSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000887921rev:PortfolioSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000887921rev:PortfolioSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000887921rev:FragrancesSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000887921rev:FragrancesSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000887921us-gaap:OperatingSegmentsMember2021-01-012021-12-310000887921us-gaap:OperatingSegmentsMember2020-01-012020-12-310000887921us-gaap:MaterialReconcilingItemsMember2021-01-012021-12-310000887921us-gaap:MaterialReconcilingItemsMember2020-01-012020-12-310000887921rev:RevlonConsumerProductsCorporationMemberrev:RevlonSegmentMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000887921rev:RevlonConsumerProductsCorporationMemberrev:RevlonSegmentMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000887921rev:ElizabethArdenSegmentMemberrev:RevlonConsumerProductsCorporationMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000887921rev:ElizabethArdenSegmentMemberrev:RevlonConsumerProductsCorporationMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000887921rev:PortfolioSegmentMemberrev:RevlonConsumerProductsCorporationMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000887921rev:PortfolioSegmentMemberrev:RevlonConsumerProductsCorporationMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000887921rev:FragrancesSegmentMemberrev:RevlonConsumerProductsCorporationMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000887921rev:FragrancesSegmentMemberrev:RevlonConsumerProductsCorporationMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:OperatingSegmentsMember2021-01-012021-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:OperatingSegmentsMember2020-01-012020-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:MaterialReconcilingItemsMember2021-01-012021-12-310000887921rev:RevlonConsumerProductsCorporationMemberus-gaap:MaterialReconcilingItemsMember2020-01-012020-12-310000887921us-gaap:NonUsMember2021-12-31rev:country0000887921us-gaap:CustomerConcentrationRiskMemberrev:WalmartMemberus-gaap:RevenueFromContractWithCustomerMember2021-01-012021-12-310000887921us-gaap:CustomerConcentrationRiskMemberrev:WalmartMemberus-gaap:RevenueFromContractWithCustomerMember2020-01-012020-12-310000887921srt:NorthAmericaMemberrev:RevlonSegmentMember2021-01-012021-12-310000887921srt:NorthAmericaMemberrev:ElizabethArdenSegmentMember2021-01-012021-12-310000887921srt:NorthAmericaMemberrev:PortfolioSegmentMember2021-01-012021-12-310000887921srt:NorthAmericaMemberrev:FragrancesSegmentMember2021-01-012021-12-310000887921srt:NorthAmericaMember2021-01-012021-12-310000887921rev:RevlonSegmentMemberus-gaap:EMEAMember2021-01-012021-12-310000887921rev:ElizabethArdenSegmentMemberus-gaap:EMEAMember2021-01-012021-12-310000887921rev:PortfolioSegmentMemberus-gaap:EMEAMember2021-01-012021-12-310000887921rev:FragrancesSegmentMemberus-gaap:EMEAMember2021-01-012021-12-310000887921us-gaap:EMEAMember2021-01-012021-12-310000887921rev:RevlonSegmentMembersrt:AsiaMember2021-01-012021-12-310000887921rev:ElizabethArdenSegmentMembersrt:AsiaMember2021-01-012021-12-310000887921rev:PortfolioSegmentMembersrt:AsiaMember2021-01-012021-12-310000887921rev:FragrancesSegmentMembersrt:AsiaMember2021-01-012021-12-310000887921srt:AsiaMember2021-01-012021-12-310000887921srt:LatinAmericaMemberrev:RevlonSegmentMember2021-01-012021-12-310000887921srt:LatinAmericaMemberrev:ElizabethArdenSegmentMember2021-01-012021-12-310000887921srt:LatinAmericaMemberrev:PortfolioSegmentMember2021-01-012021-12-310000887921srt:LatinAmericaMemberrev:FragrancesSegmentMember2021-01-012021-12-310000887921srt:LatinAmericaMember2021-01-012021-12-310000887921rev:RevlonSegmentMemberrev:PacificMember2021-01-012021-12-310000887921rev:ElizabethArdenSegmentMemberrev:PacificMember2021-01-012021-12-310000887921rev:PortfolioSegmentMemberrev:PacificMember2021-01-012021-12-310000887921rev:FragrancesSegmentMemberrev:PacificMember2021-01-012021-12-310000887921rev:PacificMember2021-01-012021-12-310000887921srt:NorthAmericaMemberrev:RevlonSegmentMember2020-01-012020-12-310000887921srt:NorthAmericaMemberrev:ElizabethArdenSegmentMember2020-01-012020-12-310000887921srt:NorthAmericaMemberrev:PortfolioSegmentMember2020-01-012020-12-310000887921srt:NorthAmericaMemberrev:FragrancesSegmentMember2020-01-012020-12-310000887921srt:NorthAmericaMember2020-01-012020-12-310000887921rev:RevlonSegmentMemberus-gaap:EMEAMember2020-01-012020-12-310000887921rev:ElizabethArdenSegmentMemberus-gaap:EMEAMember2020-01-012020-12-310000887921rev:PortfolioSegmentMemberus-gaap:EMEAMember2020-01-012020-12-310000887921rev:FragrancesSegmentMemberus-gaap:EMEAMember2020-01-012020-12-310000887921us-gaap:EMEAMember2020-01-012020-12-310000887921rev:RevlonSegmentMembersrt:AsiaMember2020-01-012020-12-310000887921rev:ElizabethArdenSegmentMembersrt:AsiaMember2020-01-012020-12-310000887921rev:PortfolioSegmentMembersrt:AsiaMember2020-01-012020-12-310000887921rev:FragrancesSegmentMembersrt:AsiaMember2020-01-012020-12-310000887921srt:AsiaMember2020-01-012020-12-310000887921srt:LatinAmericaMemberrev:RevlonSegmentMember2020-01-012020-12-310000887921srt:LatinAmericaMemberrev:ElizabethArdenSegmentMember2020-01-012020-12-310000887921srt:LatinAmericaMemberrev:PortfolioSegmentMember2020-01-012020-12-310000887921srt:LatinAmericaMemberrev:FragrancesSegmentMember2020-01-012020-12-310000887921srt:LatinAmericaMember2020-01-012020-12-310000887921rev:RevlonSegmentMemberrev:PacificMember2020-01-012020-12-310000887921rev:ElizabethArdenSegmentMemberrev:PacificMember2020-01-012020-12-310000887921rev:PortfolioSegmentMemberrev:PacificMember2020-01-012020-12-310000887921rev:FragrancesSegmentMemberrev:PacificMember2020-01-012020-12-310000887921rev:PacificMember2020-01-012020-12-310000887921rev:ColorCosmeticsMember2021-01-012021-12-310000887921rev:ColorCosmeticsMember2020-01-012020-12-310000887921rev:FragrancesSegmentMember2021-01-012021-12-310000887921rev:FragrancesSegmentMember2020-01-012020-12-310000887921rev:HaircareMember2021-01-012021-12-310000887921rev:HaircareMember2020-01-012020-12-310000887921rev:BeautyCareMember2021-01-012021-12-310000887921rev:BeautyCareMember2020-01-012020-12-310000887921rev:SkinCareMember2021-01-012021-12-310000887921rev:SkinCareMember2020-01-012020-12-310000887921country:US2021-12-310000887921country:US2020-12-310000887921us-gaap:NonUsMember2020-12-310000887921rev:RestrictedStockandRestrictedStockUnitsMember2021-01-012021-12-310000887921rev:RestrictedStockandRestrictedStockUnitsMember2020-01-012020-12-310000887921us-gaap:PendingLitigationMember2021-02-162021-02-160000887921rev:RevlonConsumerProductsCorporationMemberrev:MacAndrewsForbesMemberrev:FivePointSevenFivePercentSeniorNotesDueTwoThousandTwentyOneMember2020-11-132020-11-130000887921rev:MacAndrewsForbesMemberrev:ReimbursementsDOInsuranceProgramMember2020-01-012020-12-310000887921rev:MacAndrewsForbesMemberrev:ReimbursementsDOInsuranceProgramMember2021-10-012021-12-310000887921rev:MacAndrewsForbesMemberrev:ReimbursementsDOInsuranceProgramMember2021-12-310000887921rev:ReimbursementsMemberrev:MacAndrewsForbesMember2021-01-012021-12-310000887921rev:ReimbursementsMemberrev:MacAndrewsForbesMember2020-01-012020-12-310000887921rev:ReimbursementsMemberrev:MacAndrewsForbesMember2021-12-310000887921rev:ReimbursementsMemberrev:MacAndrewsForbesMember2020-12-310000887921rev:RegistrationRightsAgreementMemberrev:TwoThousandThreeMember2013-10-310000887921us-gaap:CommonClassAMember2013-10-012013-10-310000887921rev:RegistrationRightsAgreementMemberrev:TwoThousandSixMember2006-03-310000887921rev:TwoThousandSevenMemberrev:RegistrationRightsAgreementMember2007-01-310000887921us-gaap:CommonClassAMember2009-01-012009-12-3100008879212009-01-012009-12-310000887921srt:SubsidiariesMember2021-01-012021-12-310000887921rev:RelatedPartyExpenseOtherAdvertisingCouponRedemptionAndRawMaterialSupplyServicesMemberus-gaap:MajorityShareholderMember2021-01-012021-12-310000887921rev:RelatedPartyExpenseOtherAdvertisingCouponRedemptionAndRawMaterialSupplyServicesMemberus-gaap:MajorityShareholderMember2020-01-012020-12-310000887921rev:RelatedPartyExpenseOtherAdvertisingCouponRedemptionAndRawMaterialSupplyServicesMemberus-gaap:MajorityShareholderMember2021-12-310000887921rev:RelatedPartyExpenseOtherAdvertisingCouponRedemptionAndRawMaterialSupplyServicesMemberus-gaap:MajorityShareholderMember2020-12-310000887921rev:RelatedPartyExpenseCouponRedemptionServicesMemberus-gaap:MajorityShareholderMember2021-12-310000887921rev:RelatedPartyExpenseCouponRedemptionServicesMemberus-gaap:MajorityShareholderMember2020-12-310000887921rev:A2020ConsultingAgreementMembersrt:DirectorMember2020-03-012020-03-310000887921rev:RevlonConsumerProductsCorporationMembersrt:SubsidiariesMembersrt:ReportableLegalEntitiesMember2021-12-310000887921rev:RevlonConsumerProductsCorporationMembersrt:GuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMember2021-12-310000887921rev:RevlonConsumerProductsCorporationMembersrt:NonGuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMember2021-12-310000887921srt:ConsolidationEliminationsMemberrev:RevlonConsumerProductsCorporationMember2021-12-310000887921rev:RevlonConsumerProductsCorporationMembersrt:SubsidiariesMembersrt:ReportableLegalEntitiesMember2020-12-310000887921rev:RevlonConsumerProductsCorporationMembersrt:GuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMember2020-12-310000887921rev:RevlonConsumerProductsCorporationMembersrt:NonGuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMember2020-12-310000887921srt:ConsolidationEliminationsMemberrev:RevlonConsumerProductsCorporationMember2020-12-310000887921rev:RevlonConsumerProductsCorporationMembersrt:SubsidiariesMembersrt:ReportableLegalEntitiesMember2021-01-012021-12-310000887921rev:RevlonConsumerProductsCorporationMembersrt:GuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMember2021-01-012021-12-310000887921rev:RevlonConsumerProductsCorporationMembersrt:NonGuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMember2021-01-012021-12-310000887921srt:ConsolidationEliminationsMemberrev:RevlonConsumerProductsCorporationMember2021-01-012021-12-310000887921rev:RevlonConsumerProductsCorporationMembersrt:SubsidiariesMembersrt:ReportableLegalEntitiesMember2020-01-012020-12-310000887921rev:RevlonConsumerProductsCorporationMembersrt:GuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMember2020-01-012020-12-310000887921rev:RevlonConsumerProductsCorporationMembersrt:NonGuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMember2020-01-012020-12-310000887921srt:ConsolidationEliminationsMemberrev:RevlonConsumerProductsCorporationMember2020-01-012020-12-310000887921rev:RevlonConsumerProductsCorporationMembersrt:SubsidiariesMembersrt:ReportableLegalEntitiesMember2019-12-310000887921rev:RevlonConsumerProductsCorporationMembersrt:GuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMember2019-12-310000887921rev:RevlonConsumerProductsCorporationMembersrt:NonGuarantorSubsidiariesMembersrt:ReportableLegalEntitiesMember2019-12-310000887921srt:ConsolidationEliminationsMemberrev:RevlonConsumerProductsCorporationMember2019-12-31


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________
FORM 10-K
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from__________________ to _______________
Commission File Number Registrant; State of Incorporation; Address and Telephone Number IRS Employer Identification No.
1-11178 Revlon, Inc. 13-3662955
Delaware
One New York Plaza
New York, New York 10004
212-527-4000
33-59650 Revlon Consumer Products Corporation 13-3662953
Delaware
One New York Plaza
New York, New York 10004
212-527-4000
Securities registered pursuant to Section 12(b) or 12(g) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Revlon, Inc. Class A Common Stock REV New York Stock Exchange
Revlon Consumer Products Corporation None N/A N/A

Indicate by check mark if the registrants are a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No

Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.
Revlon, Inc.
Yes
No
Revlon Consumer Products Corporation
Yes
No

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

1


Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer Non-accelerated filer Smaller Reporting Company Emerging Growth Company
Revlon, Inc.
Yes No
Yes No
Yes No
Yes
No
Yes
No
Revlon Consumer Products Corporation
Yes No
Yes No
Yes No
Yes
No
Yes
No
If an emerging growth company, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨


Indicate by check mark whether each registrant is a shell company (as defined in Rule 12b-2 of the Act).
Revlon, Inc. Yes
No
Revlon Consumer Products Corporation Yes
No

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
Revlon, Inc. Yes No ☐
Revlon Consumer Products Corporation Yes
No

The aggregate market value of Revlon, Inc. Class A Common Stock held by non-affiliates (using the New York Stock Exchange closing price as of June 30, 2021, the last business day of the registrant's most recently completed second fiscal quarter) was approximately $95,393,958. Accordingly, the registrant qualifies under the SEC's revised rules as a "smaller reporting company."


Number of shares of common stock outstanding as of December 31, 2021:
Revlon, Inc. Class A Common Stock: 53,666,613
Revlon Consumer Products Corporation Common Stock: 5,260

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

Products Corporation meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-K as, among other things, all of Products Corporation's equity securities are owned directly by Revlon, Inc., which is a reporting company under the Securities Exchange Act of 1934, as amended, and which filed with the SEC on March 3, 2022 all of the material required to be filed pursuant to Section 13, 14 or 15(d) thereof. Products Corporation is therefore filing this Form 10-K with a reduced disclosure format applicable to Products Corporation.

DOCUMENTS INCORPORATED BY REFERENCE
Portions of Revlon, Inc.’s definitive Proxy Statement to be delivered to stockholders in connection with its Annual Stockholders' Meeting to be held on or about June 2, 2022 are incorporated by reference into Part III of this Form 10-K.

2




REVLON, INC. AND SUBSIDIARIES
REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES
For the Year Ended December 31, 2021
INDEX
PART I
Item 1.
4
Item 1A.
Item 1B.
Item 2.
Item 3.
Item 4.
PART II
Item 5.
Item 6.
Item 7.
Item 7A.
Item 8.
Item 9.
Item 9A.
Item 9B.
PART III
Item 10.
Item 11.
Item 12.
Item 13.
Item 14.
PART IV
Item 15.
Item 16.
Certifications
Exhibits

3


REVLON, INC. AND SUBSIDIARIES

PART I - FINANCIAL INFORMATION


Item 1. Business

Background
Revlon, Inc. ("Revlon" and together with its subsidiaries, the "Company") conducts its business exclusively through its direct wholly-owned operating subsidiary, Revlon Consumer Products Corporation ("Products Corporation") and its subsidiaries. Revlon is an indirect majority-owned subsidiary of MacAndrews & Forbes Incorporated (together with certain of its affiliates other than the Company, "MacAndrews & Forbes"), a corporation beneficially owned by Ronald O. Perelman. Mr. Perelman is Chairman of Revlon's and Products Corporation's Board of Directors.
The Company was founded over 90 years ago by Charles Revson, who revolutionized the cosmetics industry by introducing nail enamels matched to lipsticks in fashion colors. Today, the Company continues Revson's legacy by producing and marketing innovative products that address consumers' wants and needs for beauty and personal care products.
The Company is a leading global beauty company with an iconic portfolio of brands. The Company develops, manufactures, markets, distributes and sells worldwide an extensive array of beauty and personal care products, including color cosmetics, hair color, hair care and hair treatments, fragrances, skin care, beauty tools, men’s grooming products, anti-perspirant deodorants and other beauty care products across a variety of distribution channels. The Company is entrepreneurial, agile and boldly creative, with a passion for beauty. The Company has a diverse portfolio of iconic brands that it continues to evolve and transform, with the goal of inspiring and attracting consumers around the world wherever and however they shop for beauty. The Company is committed to operating as an ethical business and driving sustainable and responsible growth.

Business Strategy
The Company remains focused on its 3 key strategic pillars to drive its future success and growth. First, strengthening its iconic brands through innovation and relevant product portfolios; second, building its capabilities to better communicate and connect with its consumers through media channels where they spend the most time; and third, ensuring availability of its products where consumers shop, both in-store and increasingly online. The Company has continued to deliver against the objectives of the Revlon 2020 Restructuring Program (subsequently renamed during 2021 the Revlon Global Growth Accelerator, “RGGA”, as herein after defined), which includes rightsizing our organization with the objectives of driving improved profitability, cash flow and liquidity. The Company is also managing the business to conserve cash and liquidity, as well as continuing to focus on stabilizing the business, growing e-commerce and preparing the foundation for achieving future growth.

Strategic Review
MacAndrews & Forbes and the Company continue to explore strategic transactions involving the Company and third parties. This review is ongoing and remains focused on exploring potential options for the Company's portfolio and regional brands (the “Strategic Review”).

Financial Information about Operating Segments
Operating segments include components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (the Company's "Chief Executive Officer") in deciding how to allocate resources and in assessing the Company's performance. As a result of the similarities in the procurement, manufacturing and distribution processes for the Company’s products, much of the information provided in the Audited Consolidated Financial Statements and provided in the segment table below is similar to, or the same as, that reviewed on a regular basis by the Company's Chief Executive Officer. The Company operates in four brand-centric reporting units that are aligned with its organizational structure based on four global brand teams: Revlon; Elizabeth Arden; Portfolio; and Fragrances. The Company manufactures, markets and sells an extensive array of beauty and personal care products worldwide, including color cosmetics; fragrances; skin care; hair color, hair care and hair treatments; beauty tools; men's grooming products; anti-perspirant deodorants; and other beauty care products.
As of December 31, 2021, the Company’s operations are organized into the following reportable segments:
Revlon - The Revlon segment is comprised of the Company's flagship Revlon brands. Revlon segment products are primarily marketed, distributed and sold in the mass retail channel, large volume retailers, chain drug and food
4


REVLON, INC. AND SUBSIDIARIES
stores, chemist shops, hypermarkets, general merchandise stores, e-commerce sites, television shopping, department stores, professional hair and nail salons, one-stop shopping beauty retailers and specialty cosmetic stores in the U.S. and internationally under brands such as Revlon in color cosmetics; Revlon ColorSilk and Revlon Professional in hair color; and Revlon in beauty tools.
Elizabeth Arden - The Elizabeth Arden segment is comprised of the Company's Elizabeth Arden branded products. The Elizabeth Arden segment markets, distributes and sells fragrances, skin care and color cosmetics primarily to prestige retailers, department and specialty stores, perfumeries, boutiques, e-commerce sites, the mass retail channel, travel retailers and distributors, as well as direct sales to consumers via its Elizabeth Arden branded retail stores and elizabetharden.com e-commerce website, in the U.S. and internationally, under brands such as Elizabeth Arden Ceramide, Prevage, Eight Hour, SUPERSTART, Visible Difference and Skin Illuminating in the Elizabeth Arden skin care brands; and Elizabeth Arden White Tea, Elizabeth Arden Red Door, Elizabeth Arden 5th Avenue and Elizabeth Arden Green Tea in Elizabeth Arden fragrances.
Portfolio - The Company’s Portfolio segment markets, distributes and sells a comprehensive line of premium, specialty and mass products primarily to the mass retail channel, hair and nail salons and professional salon distributors in the U.S. and internationally and large volume retailers, specialty and department stores under brands such as Almay and SinfulColors in color cosmetics; American Crew in men’s grooming products (which are also sold direct-to-consumer on its americancrew.com website); CND in nail polishes, gel nail color and nail enhancements; Cutex nail care products; and Mitchum in anti-perspirant deodorants. The Portfolio segment also includes a multi-cultural hair care line consisting of Creme of Nature hair care products, which are sold in both professional salons and in large volume retailers and other retailers, primarily in the U.S.; and a hair color line under the Llongueras brand (licensed from a third party) that is sold in the mass retail channel, large volume retailers and other retailers, primarily in Spain.
Fragrances - The Fragrances segment includes the development, marketing and distribution of certain owned and licensed fragrances, as well as the distribution of prestige fragrance brands owned by third parties. These products are typically sold to retailers in the U.S. and internationally, including prestige retailers, specialty stores, e-commerce sites, the mass retail channel, travel retailers and other international retailers. The owned and licensed fragrances include brands such as: (i) Juicy Couture (which are also sold direct-to-consumer on its juicycouturebeauty.com website), John Varvatos and AllSaints in prestige fragrances; (ii) Britney Spears, Elizabeth Taylor, Christina Aguilera, Jennifer Aniston and Mariah Carey in celebrity fragrances; and (iii) Curve, Giorgio Beverly Hills, Ed Hardy, Charlie, Lucky Brand, ‹PS› (logo of former Paul Sebastian brand), Alfred Sung, Halston, Geoffrey Beene and White Diamonds in mass fragrances.
For certain information regarding the Company's segments' performance, foreign and domestic operations and classes of similar products, refer to Note 16, "Segment Data and Related Information," to the Company’s Audited Consolidated Financial Statements in this Annual Report on Form 10-K for the fiscal year ended December 31, 2021 (the "2021 Form 10-K").

5


REVLON, INC. AND SUBSIDIARIES
Products
The following table sets forth the Company's principal brands that are included in its Revlon, Elizabeth Arden, Portfolio and Fragrances segments by product category:
Segment COSMETICS HAIR MEN'S GROOMING BEAUTY TOOLS FRAGRANCES ANTI-PERSPIRANT DEODORANTS SKIN CARE / BODY CARE
Owned Licensed*
Revlon Revlon Revlon ColorSilk Revlon
Revlon ColorStay Revlon Professional
Elizabeth Arden Elizabeth Arden Elizabeth Arden White Tea Visible Difference
Elizabeth Arden 5th Avenue Elizabeth Arden Ceramide
Elizabeth Arden Green Tea Elizabeth Arden Pro
Elizabeth Arden Red Door Prevage
Elizabeth Arden Always Red Skin Illuminating
Eight Hour
SUPERSTART
Portfolio CND Creme of Nature American Crew Mitchum Gatineau***
Almay Intercosmo d:fi
SinfulColors Orofluido
Cutex Llongueras*
Fragrances Curve Juicy Couture
Giorgio Beverly Hills John Varvatos
Charlie AllSaints
Halston Britney Spears
Jean Naté Christina Aguilera
‹PS›**
Elizabeth Taylor
White Diamonds Jennifer Aniston
Mariah Carey
Alfred Sung
Ed Hardy
Lucky Brand
Geoffrey Beene
*Licensed from a third party.
** Logo of former Paul Sebastian brand.
*** Gatineau brand sold during 2021.

6


REVLON, INC. AND SUBSIDIARIES
The Company operates in four operating segments: Revlon; Elizabeth Arden; Portfolio; and Fragrances, which represent the Company's four reporting segments. For certain information regarding the Company's segments and domestic and foreign operations, refer to Note 16, "Segment Data and Related Information," to the Company’s Audited Consolidated Financial Statements in this 2021 Form 10-K. Further information on the Company's brands by segment appears below.

Revlon Segment:
The Company’s Revlon segment includes cosmetics, hair color and hair care, beauty tools and skin care products sold in approximately 150 countries in the mass retail channel, large volume retailers, chain drug and food stores, chemist shops, hypermarkets, general merchandise stores, e-commerce sites, television shopping, department stores, professional hair and nail salons, one-stop shopping beauty retailers and specialty cosmetics stores in the U.S. and internationally.
Cosmetics - The Company manufactures and markets a broad range of cosmetics, including face, lip, eye and nail products. Certain of the Company’s products incorporate patented, patent-pending or proprietary technology into their production, formulation or design. See "Research and Development" for more information.
Revlon: The Company sells a broad range of cosmetics under its flagship Revlon brand, which are designed to fulfill consumer wants and needs and are principally priced in the upper range for large volume retailers. The Revlon brand is comprised of face makeup, including foundation, powder, blush and concealers; lip makeup, including lipstick, lip gloss and lip liner; eye makeup, including mascaras, eyeliners, eye shadows and brow products; and nail color. Revlon products include innovative formulas and attractive colors that appeal to a wide range of consumers. The following are the key brands within the Revlon segment:
Revlon ColorStay offers consumers a full range of products with long-wearing technology in face, lip, eye, and nail;
Revlon PhotoReady products that are offered in face and eye makeup and are designed with innovative photochromatic pigments that bend and reflect light to give a flawless, airbrushed appearance in any light;
Revlon Age Defying, which consists of face makeup for women in the over-35 age bracket, with ingredients to help reduce the appearance of fine lines and wrinkles;
Revlon Ultra HD, which is a liquid-based lip color offered globally; and a one-coat vegan and 20-free nail color;
Revlon Super Lustrous, which is the Company’s flagship wax-based lip color and is offered in a wide variety of shades of lipstick and lip gloss; and
Revlon So Fierce, which is a line of trend forward eyeliner, mascara, and eye shadow products that offer unique textures and shades to create bold looks.
Hair - The Company sells hair color, hair care and hair treatment products primarily under the Company's Revlon ColorSilk and Revlon Professional franchises.
Revlon ColorSilk hair color and hair care products are sold throughout the world in the mass retail channel to large volume retailers and other retailers and provide radiant, long-lasting color that leaves hair nourished, hydrated and ultra-conditioned.
Revlon Professional includes hair color, hair care and hair treatment products that are distributed exclusively to professional salons, salon professionals and salon distributors and are sold in more than 85 countries. Revlon Professional is synonymous with innovation, fashion and technology to service the most creative salon professionals and their clients. Revlon Professional salon hair color and hair care products include Revlonissimo, Eksperience, Nutri Color Creme, UniqOne and Revlon Professional Equave.
Beauty tools - The Company sells Revlon beauty tools, which include nail, eye, skin and manicure and pedicure grooming tools, eye lash curlers and a full line of makeup brushes under the Revlon brand name.

Elizabeth Arden Segment:
The Elizabeth Arden segment is comprised of the Company's Elizabeth Arden branded products. The Elizabeth Arden segment markets, distributes and sells fragrances, skin care and color cosmetics primarily to prestige retailers, department and specialty stores, perfumeries, boutiques, e-commerce sites, the mass retail channel, travel retailers and distributors, as well as direct sales to consumers via its Elizabeth Arden branded retail stores and elizabetharden.com e-commerce website, in the U.S. and internationally.
7


REVLON, INC. AND SUBSIDIARIES
The Elizabeth Arden segment is comprised of skin care, color cosmetics and fragrances under the Elizabeth Arden brand, including the following:
Skin Care: Elizabeth Arden sells skin care and color cosmetics products including Visible Difference, Ceramide, SUPERSTART, Prevage, Eight Hour and Skin Illuminating.
Fragrances: The Elizabeth Arden segment produces fragrances including Elizabeth Arden 5th Avenue, Elizabeth Arden White Tea, Elizabeth Arden Red Door and Elizabeth Arden Green Tea.

Portfolio Segment
The Company’s Portfolio segment includes a comprehensive lineup of products sold to hair and nail salons and professional salon distributors, including hair color, shampoos, conditioners, styling products, nail polishes and nail enhancements. The Portfolio segment also includes a multi-cultural line of products sold in both professional salons, large volume retailers and mass retailers.
American Crew and d:fi: The Company sells men’s styling, hair care, and other grooming products for use and sale by professional salons and barber shops under the American Crew brand name. The brand is also distributed in select retailers, both on and offline. In 2020, the American Crew brand introduced a Lather Shave Cream, Finishing Spray, and Detox Shampoo, as well as relaunched three other formulas within its extensive hair care line of shampoos and conditioners. American Crew is the "Official Supplier to Men" of quality grooming products that provide the ultimate usage experience and enhance a man’s personal image. American Crew is the leading salon brand created specifically for men and is sold in more than 70 countries (as well as being sold direct-to-consumer on its americancrew.com website). The Company also sells unisex hair products under the d:fi brand, which is a value-priced full line of cleansing, conditioning and styling products.
Almay: The Company’s Almay brand consists of hypo-allergenic, dermatologist-tested, fragrance-free cosmetics and skin care products. The Almay brand is comprised of face makeup, including foundation, pressed powder, primer and concealer; eye makeup, including eye shadows, mascaras and eyeliners; lip makeup; and makeup removers. Key brands within Almay include Almay Smart Shade in face; Almay Intense Eye Color in eye; and Almay Color + Care in lip. The Almay brand also has a significant makeup remover business under the core Almay brand name.
SinfulColors: The Company's SinfulColors brand consists of nail enamels in bold, vivid and on-trend colors.
Cutex: The Company's Cutex brand consists of nail care products, including both nail polish remover and nail care treatments.
CND: The Company sells nail enhancement systems, nail polishes, gel nail color, treatment products, nail service accessories, electronics, SPA products and services for use by the professional nail salon industry under the CND brand name. CND-branded professional nail, hand and foot care products are sold in more than 50 countries. CND nail products include:
CND Shellac brand 14+ day nail color system, which delivers 14+ days of flawless wear, superior color and mirror shine with zero dry-time and no nail damage. The CND Shellac system is a true innovation in chip-free, extended-wear nail color.
CND Vinylux weekly polish, a breakthrough nail polish that uses a patent-pending technology and lasts approximately a week. While ordinary polishes become brittle and deteriorate over time, CND Vinylux dries with exposure to natural light to a flawless finish and strengthens its resistance to chips over time.
In 2020, CND launched the CND PLEXIGEL brand in nail color and nail care. Further key brands within CND include: CND Brisa Sculpting Gel, CND Retention+, CND Radical Solarnail, CND LED Lamp, CND SPA and CND Scentsations.
Mitchum: The Company's Mitchum brand consists of anti-perspirant deodorant products for men and women, with patented ingredients that provide consumers with up to 48 hours of protection.
The Company sells professional hair products under brand names such as Orofluido and Intercosmo, as well as under the premium priced Llongueras brand (licensed from a third party) in Spain. Multi-cultural hair-care products are sold under the Creme of Nature brand, primarily in the U.S., to professional salons, large volume retailers and other retailers.
The Company also sold certain skin care products in the U.S. and internationally under various regional brands, including the Company's Gatineau brand. The Company's Gatineau brand was sold during 2021.
8


REVLON, INC. AND SUBSIDIARIES

Fragrances Segment:

The Company's Fragrances segment includes the development, marketing and distribution of certain owned and licensed fragrances. These products are typically sold to retailers in the U.S. and internationally, including prestige retailers, specialty stores, e-commerce sites, the mass retail channel, travel retailers and other international retailers. The owned and licensed fragrances include brands such as : (i) Juicy Couture (which are also sold direct-to-consumer on its juicycouturebeauty.com website), John Varvatos and AllSaints in prestige fragrances; (ii) Britney Spears, Elizabeth Taylor, Christina Aguilera, Jennifer Aniston and Mariah Carey in celebrity fragrances; and (iii) Curve, Giorgio Beverly Hills, Ed Hardy, Charlie, Lucky Brand, ‹PS› (logo of former Paul Sebastian brand), Alfred Sung, Halston, Geoffrey Beene and White Diamonds in mass fragrances.
The Company also distributes approximately 70 additional prestige fragrance brands owned by third parties. These products are typically sold to retailers in the U.S. and internationally, including prestige retailers and specialty stores and mass retailers, including mid-tier and chain drug retailers, e-commerce sites and other international and travel retailers.

Marketing
The Company uses various marketing techniques depending on the brand, type of product or target customer, among other variables. For its mass retail products, the Company markets its extensive product lines covering a broad range of price points within large volume retailers and e-commerce sites in the U.S. and within large volume retailers and other retailers internationally. The Company uses social media and other digital marketing, television, outdoor and print advertising and public relations and influencer marketing, as well as point-of-sale merchandising, including displays and samples, coupons and other trial incentives. The Company coordinates its marketing and advertising campaigns for new product launches and innovation with an omni-channel approach. The Company develops, jointly with retailers, customized, tailored point-of-purchase and other focused marketing programs.
The Company also uses cooperative advertising programs, Company-paid or Company-subsidized demonstrators and coordinates in-store promotions and displays. Other marketing strategies, including trial-size products and couponing, are designed to introduce the Company's newest products to consumers and encourage trial and purchase in-store.
For Elizabeth Arden products, the Company’s approach is focused on generating strong retailer and consumer demand across its key brands. The Company emphasizes a competitive marketing mix for each brand and implements plans that are designed to ensure that each brand's positioning is carried through consistently across all consumer touch points. The Company is increasingly leveraging new media, such as social networking and mobile and digital applications, along with traditional consumer reach vehicles, such as television and magazine print advertising, to engage with its consumers through their personally-preferred technologies. Marketing programs for the Company's Elizabeth Arden brands are also integrated with significant cooperative advertising programs that the Company plans and executes with its retailers, often linked with new product innovation and promotions.
For products primarily sold to professional salons and distributors, the Company markets products through educational seminars on such products' application methods and consumer benefits. In addition, the Company uses professional trade advertising, social media and other digital marketing, displays and samples to communicate to professionals and consumers the quality and performance characteristics of its products. In some countries, the Company's direct sales force provides customers with point of sale communication and merchandising for its professional products.
The Company believes that its presence in professional salons benefits the marketing and sale of its products sold through other channels, such as mass retailers or specialty stores, as it enables the Company to improve many of its other product categories, such as hair color, hair care, nail color, nail care and skin care. The presence of regional brands internationally provides the Company with broader brand, geographic coverage and retail diversification beyond large volume retailers, among others.
Additionally, the Company maintains many brand-specific websites, such as www.revlon.com, www.elizabetharden.com, www.almay.com, www.revlonprofessional.com, www.americancrew.com, www.cnd.com and www.mitchum.com, devoted to the Revlon, Elizabeth Arden, Almay, Revlon Professional, American Crew, CND and Mitchum brands, respectively. Each of these websites features product and promotional information for the brands and are updated regularly to stay current with the Company's new product launches and other marketing, advertising and promotional campaigns. The Company sells direct-to-consumer on-line through its elizabetharden.com, americancrew.com and juicycouturebeauty.com websites.

9


REVLON, INC. AND SUBSIDIARIES
Research and Development
The Company believes that it is an industry leader in the development of innovative and technologically-advanced cosmetics and beauty products. The Company's marketing and research and development groups identify consumer needs and shifts in consumer preferences in order to develop new products, introduce line extensions and promotions and redesign or reformulate existing products to satisfy these needs and preferences. The Company's research and development group is comprised of departments specialized in the technologies critical to many of the Company's product lines. The Company also utilizes specialty laboratories and manufacturers in its supply chain for the development of certain new products, such as fragrances and skin care. The Company continues to refine its rigorous process for the ongoing development and evaluation of new product concepts, led by executives in marketing, sales, research and development, and including input from operations, law and finance. This process has created a comprehensive, long-term portfolio strategy that is intended to optimize the Company's ability to regularly launch innovative new product offerings and to effectively manage the Company’s product portfolio.
The Company operates an extensive research and development facility in Edison, New Jersey for products under brands such as Revlon, Almay and Elizabeth Arden. The Company also has research facilities for its professional products in the U.S. (in California and Florida), Spain and Mexico. The scientists at these various facilities are responsible for performing all of the Company’s research and development activities for new products, ideas, concepts and packaging. The Company’s package development and engineering function is also part of the greater research and development organization and fosters a strong synergy of package and formula development, which is integral to a product’s success. The research and development group performs extensive safety and quality testing on the Company’s products, including toxicology, microbiology, efficacy and package testing. Additionally, quality control testing is performed at each of the Company’s manufacturing facilities.
As of December 31, 2021, the Company employed approximately 200 people in its research and development activities, including specialists in pharmacology, toxicology, chemistry, microbiology, engineering, biology, dermatology and quality assurance.

Manufacturing and Related Operations and Raw Materials
During 2021, the Company’s products were primarily produced at the Company’s facilities in the U.S. (North Carolina and Florida), Spain, Mexico, South Africa, and Italy. The Company's products were also produced by third-party suppliers and contract manufacturers in the U.S. and Europe.
The Company continually reviews its manufacturing needs against its manufacturing capacities to identify opportunities to reduce costs and operate more efficiently. The Company continuously pursues reductions in cost of goods through the global sourcing of raw materials and components from qualified vendors, leveraging its purchasing capacity to optimize cost reductions. The Company’s global sourcing strategy from qualified vendors is also designed to provide that the Company maintains a continuous supply of high-quality raw materials and components.

Distribution
The Company's products are sold in approximately 150 countries across six continents. The Company utilizes a dedicated sales force in countries where the Company maintains operations, and also utilizes sales representatives and independent distributors to serve certain territories and retailers. (See Item 1A. Risk Factors - "The Company depends on a limited number of customers for a large portion of its net sales, and the loss of one or more of these customers could reduce the Company's net sales and have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows" and "Competition in the beauty industry could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.")
United States. Net sales in the U.S. accounted for approximately 47% of the Company's 2021 net sales, which were made in multiple channels, including mass and prestige retail, e-commerce sites and specialty cosmetics stores. The Company also sells a broad range of beauty products to U.S. Government military exchanges and commissaries. The Company licenses its Revlon trademark to select manufacturers for complementary beauty-related products and accessories that the Company believes have the potential to extend the Company's brand names and image. As of December 31, 2021, 8 of such licenses were in effect relating to more than 20 product categories, which are marketed principally in the mass retail channel. Pursuant to such licenses, the Company retains control over product design and development, product quality, advertising and the use of its trademarks. These licensing arrangements offer opportunities for the Company to generate revenues and cash flow through royalties or other payments.
The Company sells its products through the mass retail channel, prestige retailers, perfumeries, boutiques, department and specialty stores, travel retailers and distributors, as well as direct sales to consumers via its Elizabeth Arden branded retail stores and e-commerce business. In 2019 and 2018, the Company launched direct-to-consumer on-line selling capabilities on its
10


REVLON, INC. AND SUBSIDIARIES
elizabetharden.com, juicycouturebeauty.com, and americancrew.com websites. In 2020, the Company continued expansion of its e-commerce business in various markets. Retail merchandisers maintain the Company's point-of-sale wall displays intended to ensure that high-selling SKUs are in stock and to ensure the optimal presentation of the Company's products in retailers. Products for use in professional salons are sold primarily through wholesale beauty supply distributors in the U.S.
Outside of the United States. Net sales outside the U.S. accounted for approximately 53% of the Company's 2021 net sales. The three countries outside the U.S. with the highest net sales were China, Australia and the U.K. which together accounted for approximately 18% of the Company's 2021 net sales. The Company distributes its mass retail products, prestige products and fragrances through large volume retailers, chain drug and food stores, chemist shops, hypermarkets, general merchandise stores, e-commerce sites, television shopping, department and specialty stores, one-stop shopping beauty retailers, perfumeries, boutiques, travel retailers and distributors. Products for use in professional hair and nail salons are sold directly to the salons by the Company's direct sales force in countries where it has operations and through wholesale beauty supply distributors in other countries outside the U.S.
At December 31, 2021, the Company actively sold its products through wholly-owned subsidiaries established in approximately 25 countries outside of the U.S., as well as through joint ventures in Asia and the Middle East, and through a large number of independent distributors and licensees elsewhere around the world.

Customers
The Company's principal customers for its mass retail products, prestige products and fragrances include large volume retailers and chain drug stores, including well-known retailers such as Walmart, CVS, Target, Kohl’s, Walgreens, TJ Maxx and Marshalls, department stores such as Macy’s, Dillard’s, Ulta, Belk and Sephora in the U.S.; Shoppers DrugMart in Canada; A.S. Watson & Co. retail chains in Asia Pacific and Europe; Walgreens Boots Alliance in the U.S. and the U.K.; Debenhams and Superdrug Stores in the U.K.; as well as a range of specialty stores, perfumeries and boutiques such as The Perfume Shop, Hudson’s Bay, Shoppers Drug Mart, Myer, Douglas and various international and travel retailers such as Nuance, Heinemann and World Duty Free throughout various international regions, and e-commerce retailers such as Tmall in China.
The Company's principal customers for its professional products include Beauty Systems Group, Salon Centric and Ulta Salon, Cosmetics & Fragrance, as well as individual hair and nail salons and other distributors to professional salons.
As is customary in the industry, none of the Company’s customers are under an obligation to continue purchasing products from the Company in the future.
Walmart and its affiliates worldwide accounted for approximately 14% of the Company's 2021 consolidated net sales. The Company expects that Walmart and a small number of other customers will, in the aggregate, continue to account for a large portion of the Company's net sales. (See Item 1A. Risk Factors - "The Company depends on a limited number of customers for a large portion of its net sales, and the loss of one or more of these customers could reduce the Company's net sales and have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.")

Competition
The Company's cosmetics, fragrance, skin care, hair and beauty care products business categories are highly competitive. The Company competes primarily by:
developing quality products with innovative performance features, shades, finishes, components and packaging;
educating consumers, retail customers and salon professionals about the benefits of the Company’s products;
anticipating and responding to changing consumer, retail customer and salon professional demands in a timely manner, including the timing of new product introductions and line extensions;
offering attractively priced products relative to the product benefits provided;
maintaining favorable brand recognition;
generating competitive margins and inventory turns for its customers by providing relevant products and executing effective pricing, incentive and promotional programs and marketing campaigns, as well as social media and influencer marketing activities;
ensuring product availability through effective planning and replenishment collaboration with the Company's customers;
providing strong and effective advertising, marketing, promotion, social media, influencer and merchandising support;
11


REVLON, INC. AND SUBSIDIARIES
leveraging e-commerce, social media and mobile commerce initiatives and developing an effective omni-channel strategy to optimize the opportunity for consumers to interact with and purchase the Company's products both on-line and in brick and mortar outlets;
maintaining an effective sales force and distributor network; and
obtaining and retaining sufficient retail display and floor space, optimal in-store positioning and effective presentation of its products on-shelf.
The Company competes in selected product categories against numerous multi-national manufacturers, as well as with expanding private label and store-owned brands, particularly in the mass retail channel. In addition to products sold in large volume retailers, distributors, wholesalers, professional salons and demonstrator-assisted retailers, the Company's products also compete with products sold in prestige and department stores, television shopping, door-to-door, specialty stores, one-stop shopping beauty retailers, e-commerce sites, perfumeries and other distribution outlets. The Company's competitors include, among others, L'Oréal S.A., The Procter & Gamble Company, The Estée Lauder Companies Inc., Coty Inc., Shiseido Co., Johnson & Johnson, Kao Corp., Henkel AG & Co., Unilever PLC/Unilever N.V., Beiersdorf AG, Chanel S.A., L Brands, Inc., AmorePacific Corporation, LG Household & Healthcare, Natura & Co./Avon Products, Colgate-Palmolive Company, Puig, Mary Kay Inc., Hand & Nail Harmony, Inc., Oriflame Holding AG, Markwins International Corporation, Sephora (a division of LVMH Moët Henessy Louis Vuitton SE), Boots UK Limited, e.l.f. Beauty, Inc. The Company also competes to a growing extent against e-commerce focused micro-beauty brands, such as Glossier, Inc., NYX Cosmetics and Urban Decay Cosmetics (both acquired by L'Oréal), Anastasia Beverly Hills, Sigma Beauty, Benefit Cosmetics LLC (a subsidiary of LVMH), and Too Faced Cosmetics, LLC (both acquired by Estée Lauder). (See Item 1A. Risk Factors - "Competition in the beauty industry could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.")

Patents, Trademarks and Proprietary Technology
The Company considers trademark protection to be very important to its business. The Company’s trademarks are registered in the U.S. and in approximately 150 other countries. The Company’s significant trademarks include: (i) in the Company’s Revlon segment, Revlon, Revlon ColorStay, Revlon ColorSilk, Revlon PhotoReady, Revlon Super Lustrous and Revlon Professional; (ii) in the Company’s Elizabeth Arden segment, Elizabeth Arden, Prevage, Eight Hour, SuperStart, Visible Difference, Elizabeth Arden Red Door, Elizabeth Arden 5th Avenue, Elizabeth Arden White Tea and Elizabeth Arden Green Tea; (iii) in the Company’s Portfolio segment, Almay, Almay Smart Shade, American Crew, CND, CND Shellac, CND Vinylux, SinfulColors, Mitchum, Cutex, Intercosmo, Orofluido, Creme of Nature and Gatineau; and (iv) in the Company’s Fragrances segment, owned marks such as Curve, Giorgio Beverly Hills, Charlie, Halston, Jean Naté, ‹PS› (logo of former Paul Sebastian brand), and White Diamonds, as well as licensed trademarks such as Juicy Couture, John Varvatos and AllSaints in prestige fragrances; Britney Spears, Elizabeth Taylor, Christina Aguilera, Jennifer Aniston and Mariah Carey in celebrity fragrances; and Ed Hardy, Lucky Brand, Alfred Sung and Geoffrey Beene in mass fragrances. The Company regularly renews its trademark registrations in the ordinary course of business.
The Company utilizes certain proprietary and/or patented technologies in the formulation, packaging and/or manufacture of a number of the Company’s products, including, among others, certain Prevage skin care products, Mitchum deodorants, CND Shellac nail color systems and CND Vinylux nail polishes. The Company considers its proprietary technology and patent protection to be important to its business.
The Company files patent applications in the ordinary course of business for certain of the Company’s new technologies. In general, utility patents are enforceable for up to 20 years from the patent application filing date, subject to paying periodic maintenance fees. The patents that the Company currently owns expire at various times between 2022 and 2040 and the Company expects to continue to file patent applications for certain of its technologies in the ordinary course of business.

12


REVLON, INC. AND SUBSIDIARIES
Government Regulation
The Company is subject to regulation by the Federal Trade Commission (the "FTC") and the Food and Drug Administration (the "FDA") in the U.S., as well as various other federal, state, local and foreign regulatory authorities, including those in the European Union (the "EU"), Canada and other countries in which the Company operates. The Company’s Oxford, North Carolina manufacturing facility is registered with the FDA as a drug manufacturing establishment, permitting the manufacture of cosmetics and other beauty-care products that contain over-the-counter drug ingredients, such as sunscreens, anti-perspirant deodorants and anti-dandruff hair-care products. Compliance with federal, state, local and foreign laws and regulations pertaining to the discharge of materials into the environment, or otherwise relating to the protection of the environment, has not had, and is not anticipated to have, a material effect on the Company's capital expenditures, earnings or competitive position. Regulations in the U.S., the EU, Canada and in other countries in which the Company operates that are designed to protect consumers or the environment have an increasing influence on the Company's product claims, ingredients and packaging. (See Item 1A. Risk Factors - "The Company's products are subject to federal, state and international regulations that could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.")

Human Capital Resources
As of December 31, 2021, the Company employed approximately 5,800 people, of which approximately 23% were covered by collective bargaining agreements. The Company has employees in 30 countries. The Company's total employee population includes the impacts of integration initiatives in connection with the EA Integration Restructuring Program, the 2018 Optimization Program and the 2020 Revlon Restructuring Program (subsequently renamed during 2021 the Revlon Global Growth Accelerator, “RGGA”, as further defined below), including the impacts of insourcing efforts. The Company is committed to its core values of Innovation, Inclusion, Collaboration & Accountability. We recognize the diversity of our employees, consumers, partners and community, and are committed to diversity and inclusion, as driven by our employee-led Diversity & Inclusion Council. As a consumer products company, we believe that it is important for our workforce to reflect the diversity of our consumers. As of December 31, 2021, approximately half of Revlon’s Board of Directors and Executive Leadership team are women, and many members are multicultural. We are also committed to the health, safety and well-being of our employees. The Company offers employees a wide array of company-paid benefits and wellness programs, which we believe are competitive in the industry. The Company utilizes employee surveys to measure organizational health and employee experiences. The Company believes that its employee relations are positive.

Available Information
The public may access materials that the Company files with the Securities and Exchange Commission ("SEC"), including, without limitation, its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, on the SEC's website at http://www.sec.gov. The Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, proxy statements and amendments to those reports are also available free of charge on the Company's Internet website at http://www.revloninc.com as soon as reasonably practicable after such reports are electronically filed with or furnished to the SEC.

Item 1A. Risk Factors

In addition to the other information in this report, investors should consider carefully the following risk factors when evaluating the Company’s business. For definitions of certain capitalized terms used in this Form 10-K referring to the Company's debt facilities, see Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations - Financial Condition, Liquidity and Capital Resources - Long-Term Debt Instruments" of this 2021 Form 10-K.

Summary Risk Factors

Some of the factors that could materially and adversely affect our business, financial condition, results of operations and cash flows include, but are not limited to, the following:

Risks Related to the Company’s Indebtedness

a.Revlon is a holding company with no business operations of its own and is dependent on its subsidiaries to pay certain expenses and dividends. In addition, shares of the capital stock of Products Corporation, Revlon's wholly-owned operating subsidiary, are pledged by Revlon to secure its obligations under the 2016 Credit Agreements and the 2020 BrandCo Credit Agreement.
13


REVLON, INC. AND SUBSIDIARIES
b.Products Corporation’s substantial indebtedness could adversely affect the Company’s operations and flexibility and Products Corporation’s ability to service its debt.
c.Products Corporation’s ability to pay the principal amount of its indebtedness depends on many factors.
d.Restrictions and covenants in Products Corporation’s various debt instruments limit its ability to take certain actions and impose consequences in the event of failure to comply.
e.Limits on Products Corporation's borrowing capacity under the Amended 2016 Revolving Credit Facility and the 2021 Foreign Asset-Based Term Facility may affect the Company's ability to finance its operations.
f.The Company's ability to service its debt and meet its cash requirements depends on many factors, including achieving anticipated levels of revenue and expenses. If such revenue or expense levels prove to be other than as anticipated, the Company may be unable to meet its cash requirements or Products Corporation may be unable to meet the requirements of the 2016 Credit Agreements, 2020 BrandCo Credit Agreement and/or 2021 Foreign Asset-Based Term Agreement, which could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.
g.Shares of Revlon Class A Common Stock are pledged to secure the debt of the Company’s affiliates and shares of Products Corporation's capital stock are pledged to secure various obligations of Revlon and Products Corporation, and foreclosure upon these shares or dispositions of shares of Revlon or Products Corporation could result in the acceleration of debt under Products Corporation's 2016 Senior Credit Facilities, 2020 BrandCo Facilities, 2021 Foreign Asset-Based Term Facility and/or its 6.25% Senior Notes and could have other consequences.

Risks Related to the Company’s Industry, Business and Operations

a.The ongoing and prolonged COVID-19 pandemic has resulted in significantly decreased net sales for the Company and has had, and could continue to have, a significant adverse effect on the Company's business, results of operations, financial condition and/or cash flows.
b.The Company depends on its Oxford, North Carolina facility for production of a substantial portion of its products. Disruptions or delays at this facility and/or at other Company or third-party facilities at which the Company's products are manufactured could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows. Such delays and difficulties in manufacturing can result in product shortages, declines in sales, and reputational impact as well as significant remediation and related costs associated with addressing such shortages.
c.Volatility in costs, along with delays and disruptions in the supply of materials and services, as a result of the recent global supply chain disruptions, could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.
d.The Company's financial performance depends on its ability to anticipate and respond to consumer trends and changes in consumer preferences. New product introductions may not be as successful as the Company anticipates, which could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.
e.The Company depends on a limited number of customers for a large portion of its net sales, and the loss of one or more of these customers could reduce the Company's net sales and have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.
f.The Company may be unable to maintain or increase its sales through the Company's primary retailers, which could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.
g.Competition in the beauty industry could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.
h.The Company's Fragrances segment depends on various brand licenses and distribution arrangements for a significant portion of its sales, and the loss of one or more of these licenses or distribution arrangements could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.
i.The Company previously identified a material weakness in its internal control over financial reporting, which has now been remediated. Any failure to maintain effective internal control over financial reporting could have a material adverse effect on the Company’s business, prospects, results of operations, financial condition and/or cash flows.
j.The Company may not realize the cost reductions and other benefits that it expects from its various restructuring programs that may be in effect from time to time, which could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.
k.MacAndrews & Forbes has the power to direct and control the Company's business.

14


REVLON, INC. AND SUBSIDIARIES
General Business and Regulatory Risks

a.The Company's foreign operations are subject to a variety of social, political and economic risks and have been, and are expected to continue to be, affected by foreign currency exchange fluctuations, foreign currency controls, government-mandated pricing controls, duties, tariffs and/or other trade measures, which could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows and the value of its foreign assets.
b.Economic conditions could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows and/or on the financial condition of its customers and suppliers.
c.The Company's products are subject to federal, state and international regulations that could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.
d.Disruptions to or breaches of the Company's information technology systems, and potential failure to adequately detect or resolve such interruptions or breaches in a timely manner, may have a material adverse effect on the Company's business operations, prospects, results of operations and financial condition which could lead to reputational damage and significant liabilities.

Risks Related to the Company’s Indebtedness

Revlon is a holding company with no business operations of its own and is dependent on its subsidiaries to pay certain expenses and dividends. In addition, shares of the capital stock of Products Corporation, Revlon's wholly-owned operating subsidiary, are pledged by Revlon to secure its obligations under the 2016 Credit Agreements and the 2020 BrandCo Credit Agreement.

Revlon is a holding company with no business operations of its own. Revlon's only material asset is all of the outstanding capital stock of Products Corporation, Revlon's wholly-owned operating subsidiary, through which Revlon conducts its business operations. As such, Revlon's net income has historically consisted predominantly of its equity in the net loss of Products Corporation, which for 2021 and 2020 was $211.4 million and $593.5 million, respectively (and included expenses incidental to being a public holding company and certain tax adjustments, amounting to $7.5 million income and $7.2 million expense for December 31, 2021 and 2020, respectively). Revlon is dependent on the earnings and cash flow of, and dividends and distributions from, Products Corporation to pay Revlon’s expenses incidental to being a public holding company and to pay any cash dividend or distribution on its Class A Common Stock in each case that may be authorized by Revlon’s Board of Directors.

Products Corporation may not generate sufficient cash flow to pay dividends or distribute funds to Revlon because, for example, Products Corporation may not generate sufficient cash or net income; state laws may restrict or prohibit Products Corporation from issuing dividends or making distributions unless Products Corporation has sufficient surplus or net profits, which Products Corporation may not have; or because contractual restrictions, including negative covenants contained in Products Corporation’s various debt instruments, may prohibit or limit such dividends or distributions.

The terms of Products Corporation's 2016 Credit Agreements, the indenture governing Products Corporation's 6.25% Senior Notes due 2024 (the "6.25% Senior Notes Indenture" and the "6.25% Senior Notes," respectively) and the 2020 BrandCo Credit Agreement (as hereinafter defined) generally restrict Products Corporation from paying dividends or making distributions to Revlon, except in limited circumstances. For example, Products Corporation is permitted to pay dividends and make distributions to Revlon to enable Revlon to, among other things, maintain its existence and its ownership of Products Corporation, such as paying professional fees (e.g., legal, accounting and insurance fees), regulatory fees (e.g., SEC filing fees and NYSE listing fees), pay certain taxes and other expenses related to being a public holding company and, subject to certain limitations, to pay dividends, if any, on Revlon’s outstanding securities or make distributions in certain circumstances to finance Revlon’s purchase of shares of its Class A Common Stock issued in connection with the delivery of such shares to grantees under the Fourth Amended and Restated Revlon, Inc. Stock Plan, as amended. These limitations therefore restrict Revlon's ability to pay dividends on its Class A Common Stock.

All of the shares of Products Corporation’s capital stock held by Revlon are pledged to secure Revlon’s guarantee of Products Corporation's obligations under its 2016 Credit Agreements and the 2020 BrandCo Credit Agreement. A foreclosure upon the shares of Products Corporation's common stock would result in Revlon no longer holding its only material asset, would have a material adverse effect on the holders and price of Revlon’s Class A Common Stock and would be a change of control under Products Corporation’s other debt instruments. (See also Item 1A. Risk Factors - "Shares of Revlon Class A Common Stock are pledged to secure the debt of the Company’s affiliates and shares of Products Corporation's capital stock are pledged to secure various obligations of Revlon and Products Corporation, and foreclosure upon these shares or dispositions of
15


REVLON, INC. AND SUBSIDIARIES
shares of Revlon or Products Corporation could result in the acceleration of debt under Products Corporation's 2016 Senior Credit Facilities, 2020 BrandCo Facilities, the 2021 Foreign Asset-Based Term Facility and/or its 6.25% Senior Notes and could have other consequences.")

Products Corporation’s substantial indebtedness could adversely affect the Company’s operations and flexibility and Products Corporation’s ability to service its debt.

Products Corporation has a substantial amount of outstanding indebtedness. As of December 31, 2021 the Company’s total indebtedness was $3,544.8 million (or $3,443.4 million, including future interest and net of discounts and debt issuance costs), including: (i) $1,873.2 million in aggregate principal amount of its 2020 BrandCo Term Loan Facility; (ii) $874.7 million in aggregate principal amount of secured indebtedness under its 2016 Term Loan Facility; (iii) $431.3 million in aggregate principal amount of its 6.25% Senior Notes; (iv) $159.6 million of secured indebtedness under its Amended 2016 Revolving Credit Facility, consisting of $109.6 million of Tranche A revolving loans and $50.0 million of 2020 ABL FILO Term Loans, (v) $130.0 million of SISO Term Loan Facility loans; (vi) $75.0 million in aggregate principal amount of secured indebtedness under its 2021 Foreign Asset-Based Term Facility; and (vii) $1.0 million in aggregate principal amount of other short-term borrowings indebtedness.

If the Company is unable to maintain or increase its profitability and cash flow and sustain such results in future periods, the Company's operations and Products Corporation's ability to service its debt and/or comply with the financial and/or operating covenants under its various debt instruments could be adversely affected. (See also Item 1A. Risk Factors - "Restrictions and covenants in Products Corporation’s various debt instruments limit its ability to take certain actions and impose consequences in the event of failure to comply.")

The Company is subject to the risks normally associated with substantial indebtedness, including the risk that the Company’s profitability and cash flow will be insufficient to meet required payments of principal and interest under Products Corporation’s various debt instruments, and the risk that Products Corporation will be unable to refinance existing indebtedness when it becomes due or, if it is unable to comply with the financial or operating covenants under its various debt instruments, to obtain any necessary consents, waivers or amendments or that the terms of any such refinancing and/or consents, waivers or amendments will be less favorable than the current terms of such indebtedness. Products Corporation’s substantial indebtedness could also have the effect of:

limiting the Company’s ability to fund (including by obtaining additional financing) the costs and expenses of executing the Company’s business initiatives, future working capital, capital expenditures, advertising, promotional and/or marketing expenses, new product development costs, purchases and reconfigurations of wall displays, acquisitions, and related integration costs, investments, restructuring programs and other general corporate purposes;
requiring the Company to dedicate a substantial portion of its cash flow from operations to payments on Products Corporation’s indebtedness, thereby reducing the availability of the Company’s cash flow necessary for executing the Company’s business initiatives and for other general corporate purposes;
placing the Company at a competitive disadvantage compared to its competitors that have less debt;
exposing the Company to potential events of default (if not cured or waived) under the financial and operating covenants contained in Products Corporation’s various debt instruments;
limiting the Company’s flexibility in responding to changes in its business and the industry in which it operates; and
making the Company more vulnerable in the event of adverse economic conditions or a downturn in its business.

Although agreements governing Products Corporation’s indebtedness, including the 2016 Credit Agreements, the 6.25% Senior Notes Indenture and the 2020 BrandCo Credit Agreement, limit Products Corporation’s ability to borrow funds, under certain circumstances Products Corporation is allowed to borrow a significant amount of additional money, some of which, in certain circumstances and subject to certain limitations, could be secured indebtedness. To the extent that more debt, whether secured or unsecured, is added to the Company's current debt levels, the risks described above would increase further. See 8, Debt, to the Company's Audited consolidated Financial Statements in this Form 10-K and “Recent Debt Transactions” in Item 7. “Combined Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

Products Corporation’s ability to pay the principal amount of its indebtedness depends on many factors.

Tranche A and the SISO Term Loan Facility under the Amended 2016 Revolving Credit Facility mature in May 2024, subject to a springing maturity to the earlier of: (x) 91 days prior to the maturity of the 2016 Term Loan Facility, and (y) to the extent the Company’s first-in, last-out term loans (the “2020 ABL FILO Term Loans”) are then outstanding, the earliest stated maturity of the 2020 ABL FILO Term Loans; the non-extended portion of the 2016 Term Loan Facility matures no later than
16


REVLON, INC. AND SUBSIDIARIES
September 2023; Tranche B under the Amended 2016 Revolving Credit Agreement matures no later than December 2023; the 2021 Foreign Asset-Based Term Facility matures no later than March 2024; and the 6.25% Senior Notes mature in August 2024. Also, while the 2020 BrandCo Facilities are scheduled to mature no later than June 2025, they are subject to a springing maturity on the 91st day prior to the maturity of the 6.25% Senior Notes if $100 million or more in aggregate principal amount of the 6.25% Senior Notes remain outstanding by such date. Additionally, while the Extended Term Loans are scheduled to mature no later than June 2025, they are subject to a springing maturity to the earlier of (y) the same September 2023 springing maturity date of any non-extended term loans under Products Corporation’s existing 2016 Term Loan Facility if $75 million or more in aggregate principal amount of the non-extended term loans under the 2016 Term Loan Facility remains outstanding on such date, and (z) the 91st day prior to the maturity of the 6.25% Senior Notes if $100 million or more in aggregate principal amount of the 6.25% Senior Notes remain outstanding by such date. And, while the 2021 Foreign Asset-Based Term Facility matures no later than March 2024, it is subject to a springing maturity date of August 1, 2023 if the amount of the non-extended term loans under the 2016 Term Loan Facility remains outstanding on such date. For a more complete description of the maturities of these debt instruments, including events that could accelerate their respective maturities, see Note 8, “Debt,” to the Company's Audited Consolidated Financial Statements in this Form 10-K. See also, “Recent Debt Transactions” in Item 7. “Combined Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Products Corporation currently anticipates that, in order to pay the principal amount of its outstanding indebtedness upon the occurrence of any event of default, or to repurchase any of the 6.25% Senior Notes if a change of control occurs, or in the event that Products Corporation’s cash flows from operations are insufficient to allow it to pay the principal amount of its indebtedness by their respective maturity dates, the Company will be required to refinance some or all of Products Corporation’s indebtedness, seek to sell assets or operations, seek to sell additional Revlon equity, seek to sell debt securities of Revlon or Products Corporation and/or seek additional capital contributions or loans from MacAndrews & Forbes or from the Company’s other affiliates and/or third parties. The Company may be unable to take any of these actions due to a variety of commercial or market factors or constraints in Products Corporation’s various debt instruments, including, for example, market conditions being unfavorable for an equity or debt issuance, additional capital contributions or loans not being available from affiliates and/or third parties, or that the transactions may not be permitted under the terms of Products Corporation’s various debt instruments then in effect, including restrictions on the incurrence of additional debt, incurrence of liens, asset dispositions and/or related party transactions included in such debt instruments. Such actions, if ever taken, may not enable the Company to satisfy its cash requirements if the actions do not result in sufficient cost reductions or generate a sufficient amount of additional capital, as the case may be.

None of the Company’s affiliates are required to make any capital contributions, loans or other payments to Products Corporation regarding its obligations on its indebtedness. Products Corporation may not be able to pay the principal amount of its indebtedness using any of the above actions because, under certain circumstances, the 2016 Credit Agreements, the 2020 BrandCo Credit Agreement, the 2021 Foreign Asset-Based Term Agreement, the 6.25% Senior Notes Indenture, any of Products Corporation's other debt instruments and/or the debt instruments of Products Corporation’s subsidiaries then in effect may not permit the Company to take such actions. (See also Item 1A. Risk Factors - "Restrictions and covenants in Products Corporation’s various debt instruments limit its ability to take certain actions and impose consequences in the event of failure to comply").

The future state of the credit markets, including any volatility and/or tightening of the credit markets and reduction in credit availability, could adversely impact the Company’s ability to refinance or replace, in whole or in part, Products Corporation’s outstanding indebtedness by their respective maturity dates, which could have a material adverse effect on the Company’s business, prospects, results of operations, financial condition and/or cash flows.

Restrictions and covenants in Products Corporation’s various debt instruments limit its ability to take certain actions and impose consequences in the event of failure to comply.

The agreements that govern Products Corporation's indebtedness, including the 2016 Credit Agreements, the 2020 BrandCo Credit Agreement, the 2021 Foreign Asset-Based Term Agreement, and Products Corporation's 6.25% Senior Notes Indenture, contain a number of significant restrictions and covenants that limit Products Corporation’s ability (subject in each case to certain exceptions) to, among other things:
borrow money;
use assets as security in other borrowings or transactions;
pay dividends on stock or purchase stock;
sell assets and use the proceeds from such sales;
enter into certain transactions with affiliates;
make certain investments;
prepay, redeem or repurchase specified indebtedness; and
permit restrictions on the payment of dividends to Products Corporation by its subsidiaries.

17


REVLON, INC. AND SUBSIDIARIES
These covenants affect Products Corporation’s operating flexibility by, among other things, restricting its ability to incur indebtedness that could be used to fund the costs of executing the Company’s business initiatives and to grow the Company’s business, as well as to fund general corporate purposes.

Certain breaches under the 2016 Credit Agreements, the 2020 BrandCo Credit Agreement, the 2021 Foreign Asset-Based Term Agreement and/or the 6.25% Senior Notes Indenture would permit the Company’s lenders to accelerate amounts outstanding thereunder. The acceleration of amounts outstanding under the 2016 Senior Credit Facilities (as hereinafter defined), the 2020 BrandCo Credit Agreement, the 2021 Foreign Asset-Based Term Facility and/or the 6.25% Senior Notes would in certain circumstances constitute an event of default under the other instruments permitting amounts outstanding under such instruments to be accelerated. See Note 8, Debt,” to the Company's Audited Consolidated Financial Statements in this Form 10-K and “Recent Debt Transactions” in Item 7. “Combined Management’s Discussion and Analysis of Financial Condition and Results of Operations.” In addition, holders of the 6.25% Senior Notes may require Products Corporation to repurchase their notes in the event of a change of control under the applicable indenture and a change of control would be an event of default under the 2016 Credit Agreements, the 2020 BrandCo Credit Agreement and the 2021 Foreign Asset-Based Term Agreement. Products Corporation may not have sufficient funds at the time of any such breach or change of control to repay, in full or in part, amounts outstanding under the 2016 Senior Credit Facilities, the 2020 BrandCo Credit Agreement or the 2021 Asset-Based Term Facility or to repay, repurchase or redeem, in full or in part, the 6.25% Senior Notes.

Events beyond the Company’s control could impair the Company’s operating performance, which could affect Products Corporation’s ability to comply with the terms of Products Corporation’s debt instruments. Such events may include decreased consumer spending in response to the ongoing and prolonged COVID-19 pandemic or other weak economic conditions or weakness in the consumption of beauty products in one or more of the Company's segments; adverse changes in tariffs, foreign currency exchange rates, foreign currency controls and/or government-mandated pricing controls; decreased sales of the Company's products as a result of increased competitive activities by the Company’s competitors and/or decreased performance by third-party suppliers, whether due to shortages of raw materials or otherwise; changes in consumer purchasing habits, including with respect to retailer preferences and/or among sales channels, such as due to any further consumption declines that the Company has experienced; inventory management by the Company's customers; inventory de-stocking by certain retail customers; space reconfigurations or reductions in display space by the Company's customers; retail store closures in the brick-and-mortar channels where the Company sells its products, as consumers continue to shift purchases to online and e-commerce channels; changes in pricing, marketing, advertising and/or promotional strategies by the Company's customers; less than anticipated results from the Company's existing or new products or from its advertising, promotional, pricing and/or marketing plans; or if the Company’s expenses, including, without limitation, those for pension expense under its benefit plans, restructuring programs and related severance expenses, acquisitions and related integration costs, capital expenditures, costs related to litigation, advertising, promotional and/or marketing activities or for sales returns related to any reduction of space by the Company's customers, product discontinuances or otherwise, exceed the Company's anticipated level of expenses.

Under such circumstances, Products Corporation or its subsidiaries may be unable to comply with the requirements of one or more of its or their various debt instruments, including any financial covenants in the Amended 2016 Revolving Credit Agreement or the 2021 Foreign Asset-Based Term Agreement. If Products Corporation or its subsidiaries are unable to satisfy such requirements at any future time, Products Corporation or its subsidiaries would need to seek an amendment or waiver of such requirements. The respective lenders under the Amended 2016 Revolving Credit Agreement, the 2021 Foreign Asset-Based Term Agreement and/or the other applicable debt instruments may not consent to any amendment or waiver requests that Products Corporation or its subsidiaries may make in the future, and, if they do consent, they may only do so on terms that are unfavorable to Products Corporation and/or Revlon.

If Products Corporation or its subsidiaries are unable to obtain any such waiver or amendment, Products Corporation's or its subsidiaries' inability to meet the requirements of the Amended 2016 Revolving Credit Agreement, the 2021 Foreign Asset-Based Term Agreement and/or other applicable debt instruments would constitute an event of default under such agreements, which, under certain circumstances, would permit the lenders to accelerate the repayment of the Amended 2016 Revolving Credit Facility or the 2021 Foreign Asset-Based Term Agreement, as the case may be, and, under certain circumstances, would constitute an event of default under the 2016 Term Loan Agreement, the 2020 BrandCo Credit Agreement and the 6.25% Senior Notes Indenture. An event of default under the 6.25% Senior Notes Indenture would permit the 6.25% Senior Notes Trustee or the Requisite Note Holders to accelerate payment of the principal and accrued, but unpaid, interest on the 6.25% Senior Notes.

Products Corporation’s assets and/or cash flows and/or that of Products Corporation’s subsidiaries may not be sufficient to fully repay borrowings under its various debt instruments, either upon maturity or if accelerated upon an event of default or change of control, and if the Company is required to repay, repurchase and/or redeem, in whole or in part, amounts outstanding under its 2016 Senior Credit Facilities, the 2020 BrandCo Facilities, the 2021 Foreign Asset-Based Term Agreement and/or its
18


REVLON, INC. AND SUBSIDIARIES
6.25% Senior Notes, it may be unable to refinance or restructure the payments on such debt. See Note 8, Debt, to the Company's Audited Consolidated Financial Statements in this Form 10-K and “Recent Debt Transactions” in Item 7. “Combined Management’s Discussion and Analysis of Financial Condition and Results of Operations.” Further, if the Company is unable to repay, refinance or restructure its indebtedness under the 2016 Senior Credit Facilities, the 2020 BrandCo Facilities and/or the 2021 Foreign Asset-Based Term Agreement, the lenders could proceed against the collateral securing that indebtedness, subject to certain conditions and limitations as set forth in the related intercreditor agreements and collateral agreements. As described above, the consequences of complying with the foregoing restrictions, covenants and limitations under the Company’s various debt instruments could have a material adverse effect on the Company’s business, prospects, results of operations, financial condition and/or cash flows.

Limits on Products Corporation's borrowing capacity under the Amended 2016 Revolving Credit Facility and the 2021 Foreign Asset-Based Term Facility may affect the Company's ability to finance its operations.

At December 31, 2021, Products Corporation had $159.6 million in aggregate borrowings outstanding under the Amended 2016 Revolving Credit Facility $75.0 million outstanding under the 2021 Foreign Asset-Based Term Facility. While Tranche A of the Amended 2016 Revolving Credit Facility, following Amendment No. 8 thereto, provides for up to $270.0 million of commitments, the Company’s ability to borrow funds under such facility is limited by a borrowing base determined relative to the value, from time-to-time, of certain eligible assets.

While the 2021 Foreign Asset-Based Term Facility, which replaced and refinanced the 2018 Foreign Asset-Based Term Facility, provides for a U.S. dollar-denominated senior secured asset-based term loan facility which currently has a principal balance of $75.0 million, the 2021 Foreign Asset-Based Term Agreement requires the maintenance of a borrowing base supporting the borrowing thereunder, based on the sum of: (i) 80% of eligible accounts receivable; (ii) 65% of the net orderly liquidation value of eligible finished goods inventory and (ii) 45% of the mortgage value of certain owned real property, in each case with respect to certain of Products Corporation’s subsidiaries organized in Australia, Bermuda, Germany, Italy, Spain and Switzerland, subject to certain customary availability reserves. For more information on Amendment No. 8 to the Amended 2016 Revolving Credit Facility and the 2021 Foreign Asset-Based Term Facility, see Note 8, Debt,” to the Company's Consolidated Financial Statements in this Form 10-K.

Under the Amended 2016 Revolving Credit Facility and the 2021 Foreign Asset-Based Term Facility, if the value of the Company's eligible assets is not sufficient to support the full borrowing base under the respective facility, Products Corporation will not have complete access to the entire commitment available under such facilities, but rather would have access to a lesser amount as determined by the borrowing base.

The applicable borrowers must prepay loans under the Amended 2016 Revolving Credit Facility and the 2021 Foreign Asset-Based Term Facility to the extent that outstanding loans exceed its respective borrowing base. Under the 2021 Foreign Asset-Based Term Facility, in lieu of a mandatory prepayment, the ABTL Loan Parties may deposit cash into a designated U.S. bank account with the ABTL Agent that is subject to a control agreement (such cash, the "Qualified Cash"). To the extent the borrowing base subsequently exceeds the amount of outstanding loans, the ABTL Borrower can withdraw the Qualified Cash from such bank account. In addition, the 2021 Foreign Asset-Based Term Facility is subject to mandatory prepayments from the net proceeds from the incurrence by the Loan Parties of debt not permitted thereunder.

As Products Corporation continues to manage its working capital (including its and its subsidiaries inventory and accounts receivable, which are significant components of the eligible assets comprising the borrowing base under the Amended 2016 Revolving Credit Facility and the 2021 Foreign Asset-Based Term Facility), this could reduce the borrowing base under the Amended 2016 Revolving Credit Facility and/or the 2021 Asset-Based Term Facility. Further, if Products Corporation borrows funds under the Amended 2016 Revolving Credit Facility, subsequent changes in the value or eligibility of the assets within the borrowing base could require Products Corporation to pay down amounts outstanding under such facility so that there is no amount outstanding in excess of the then-existing borrowing base. Likewise, subsequent changes in the value or eligibility of the assets within the borrowing base under the 2021 Foreign Asset-Based Term Facility could require Products Corporation and its subsidiaries to pay down amounts outstanding under such facility so that there is no amount outstanding in excess of the then-existing borrowing base, which, unlike the Amended 2016 Revolving Credit Facility, cannot be re-borrowed.

The Company’s ability to borrow under the Amended 2016 Revolving Credit Facility is also conditioned upon its compliance with the covenants in the Amended 2016 Revolving Credit Facility. Because of these limitations, the Company may not always be able to meet its cash requirements with funds borrowed under the Amended 2016 Revolving Credit Facility, which could have a material adverse effect on the Company’s business, prospects, results of operations, financial condition and/or cash flows.

19


REVLON, INC. AND SUBSIDIARIES
If one or more lenders under the Amended 2016 Revolving Credit Facility are unable to fulfill their commitment to advance funds to Products Corporation under such facility, it would impact the Company’s liquidity and, depending upon the amount involved and the Company’s liquidity requirements, it could have an adverse effect on the Company’s ability to fund its operations, which could have a material adverse effect on the Company’s business, prospects, results of operations, financial condition and/or cash flows.

At December 31, 2021, the Company had a liquidity position of $171.5 million, consisting of: (i) $102.4 million of unrestricted cash and cash equivalents (with approximately $97.2 million held outside the U.S.); (ii) $72.4 million in available borrowing capacity under the Amended 2016 Revolving Credit Facility (which had $289.6 million drawn at such date); and less (iii) approximately $3.3 million of outstanding checks. See Note 8, Debt,” to the Company's Consolidated Financial Statements in this Form 10-K and “Recent Debt Transactions” in Item 7. “Combined Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

A substantial portion of Products Corporation's indebtedness is subject to floating interest rates and the potential discontinuation or replacement of LIBOR could result in an increase to our interest expense.

A substantial portion of the Products Corporation's indebtedness is subject to floating interest rates, which makes the Company more vulnerable in the event of adverse economic conditions, increases in prevailing interest rates or a downturn in the Company’s business. As of December 31, 2021, $3,112.5 million of Products Corporation’s total indebtedness, or approximately 88% of its total indebtedness, was subject to floating interest rates.

In July 2017, the U.K.’s Financial Conduct Authority, which regulates LIBOR, announced that it intends to stop persuading or compelling banks to submit LIBOR rates after 2021. On March 5, 2021, the U.K.’s Financial Conduct Authority formally confirmed its intention to cease publishing 24 LIBOR settings, including all seven euro LIBOR settings after December 31, 2021, and the overnight and 12-month U.S. dollar LIBOR setting after June 30, 2023. It is unclear whether or not LIBOR will cease to exist at that time (and if so, what reference rate will replace it) or if new methods of calculating LIBOR will be established such that it continues to exist after June 30, 2023. Certain of Products Corporation’s financing agreements, including its 2016 Term Loan Facility, the Amended 2016 Revolving Credit Facility, the 2020 BrandCo Facilities and the 2021 Foreign Asset-Based Term Facility are made at variable rates that use LIBOR as a benchmark for establishing the applicable interest rate. While the 2016 Term Loan Facility contains limited “fallback” provisions providing for comparable or successor rates in the event LIBOR is unavailable, these provisions may not adequately address the actual changes to LIBOR or its successor rates. For example, if future rates based upon the successor reference rate (or a new method of calculating LIBOR) are higher than LIBOR rates as currently determined, it may have a material adverse effect on our business, prospects, results of operations, financial condition and/or cash flows. On the other hand, if future rates based upon the successor reference rate (or a new method of calculating LIBOR) are lower than LIBOR rates as currently determined, the lenders under such credit agreements may seek amendments to increase the applicable interest rate margins or invoke their right to require the use of the alternate base rate in place of LIBOR, which could result in an increase to our interest expense as discussed below. By contrast, the Amended 2016 Revolving Credit Facility, the 2020 BrandCo Credit Agreement and the 2021 Foreign Asset-Based Term Facility contain provisions governing the selection and adjustment of replacement reference rates. More generally, a phase-out of LIBOR could cause market volatility or disruption and may adversely affect our access to the capital markets and cost of funding, which would have a material adverse effect on our business, prospects, results of operations, financial condition and/or cash flows.

As of December 31, 2021, the entire $874.7 million in aggregate principal amount outstanding under the 2016 Term Loan Facility bore interest, at Product Corporation’s option, at a rate per annum of LIBOR (which has a floor of 0.75%) plus a margin of 3.5% or an alternate base rate plus a margin of 2.5%, payable quarterly, at a minimum. At December 31, 2021, LIBOR and the alternate base rate for the 2016 Term Loan Facility were 0.75% and 3.50%, respectively. As of December 31, 2021, $109.6 million in aggregate principal amount outstanding under Tranche A of the Amended 2016 Revolving Credit Facility bore interest, at Products Corporation’s option, at a rate per annum equal to either: (i) the alternate base rate plus an applicable margin equal to 2.75%; or (ii) the Eurocurrency rate (which has a floor of 0.50%) plus an applicable margin equal to 3.75%. Term loans under the SISO Term Loan Facility accrue interest, at Products Corporation’s option, at a rate per annum of LIBOR (which has a floor of 1.75%) plus a margin of 5.75% or at an alternate base rate plus a margin of 4.75%. Loans under Tranche B of the Amended 2016 Revolving Credit Facility accrue interest, at Products Corporation’s option, at a rate per annum of LIBOR (which has a floor of 1.75%) plus a margin of 8.50% or at an alternate base rate plus a margin of 7.50%. Interest accrues on the 2020 BrandCo Facility at a rate per annum equal to (i) 2.00%, payable in kind, plus (ii) LIBOR (which has a floor of 1.50%) plus a margin of 10.5%. Interest accrues on the Roll-up BrandCo Facility and the Junior Roll-up BrandCo Facility at a rate per annum of LIBOR (which has a floor of 0.75%) plus a margin of 3.5%. Under the 2021 Foreign Asset-Based Term Facility, which currently has $75.0 million in aggregate principal amount outstanding, interest accrues on borrowings at a rate per annum equal to the LIBOR rate (which had a floor of 1.50%) plus an 8.50% applicable margin. See
20


REVLON, INC. AND SUBSIDIARIES
“Recent Debt Transactions” in Item 7. “Combined Management’s Discussion and Analysis of Financial Condition and Results of Operations.” and Note 8, Debt,” to the Company's Consolidated Financial Statements.

If any of LIBOR (or its successor rate), the prime rate or the federal funds effective rate increases, Products Corporation’s debt service costs will increase to the extent that Products Corporation has elected such rates for its outstanding loans. Based on the amounts outstanding under the 2016 Senior Credit Facilities, the 2020 BrandCo Facilities, the 2021 Foreign Asset-Based Term Facility and other short-term borrowings (which, in the aggregate, are Products Corporation’s only debt currently subject to floating interest rates) as of December 31, 2021, a 1% increase in LIBOR (or an equivalent successor rate) would increase the Company’s annual interest expense by $9.0 million. Based on the same amounts outstanding, a change from LIBOR to the alternate base rate in the case of the 2016 Credit Agreements would increase the Company’s annual interest expense by $15.5 million. Increased debt service costs would adversely affect the Company’s cash flows and could have a material adverse effect on the Company’s business, prospects, results of operations, financial condition and/or cash flows.

The Company's ability to service its debt and meet its cash requirements depends on many factors, including achieving anticipated levels of revenue and expenses. If such revenue or expense levels prove to be other than as anticipated, the Company may be unable to meet its cash requirements or Products Corporation may be unable to meet the requirements of the 2016 Credit Agreements, 2020 BrandCo Credit Agreement and/or 2021 Foreign Asset-Based Term Agreement, which could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

The Company currently expects that operating revenues, cash on hand, and funds that may be available for borrowing under the Amended 2016 Revolving Credit Facility and other permissible borrowings will be sufficient to enable the Company to cover its operating expenses for 2021, including: cash requirements for the payment of expenses in connection with executing the Company's business initiatives and its advertising, promotional, pricing and/or marketing plans; purchases of permanent wall displays; capital expenditure requirements; debt service payments and costs; cash tax payments; pension and other post-retirement plan contributions; payments in connection with the Company's restructuring programs (including, without limitation, the EA Integration Restructuring Program, the 2018 Optimization Program and the Revlon 2020 Restructuring Program); severance not otherwise included in the Company's restructuring programs; business and/or brand acquisitions (including, without limitation, through licensing transactions), if any; debt and/or equity repurchases, if any; costs related to litigation; and payments in connection with discontinuing non-core business lines and/or exiting and/or entering certain territories and/or channels of trade. See Note 8, Debt,” to the Company's Consolidated Financial Statements in this Form 10-K and “Recent Debt Transactions” in Item 7. “Combined Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

However, if the Company's anticipated level of revenue is not achieved because of, for example, decreased consumer spending in response to the ongoing and prolonged COVID-19 pandemic or other weak economic conditions or weakness in the consumption of beauty products in one or more of the Company's segments; adverse changes in tariffs, foreign currency exchange rates, foreign currency controls and/or government-mandated pricing controls; decreased sales of the Company's products as a result of increased competitive activities by the Company's competitors and/or decreased performance by third-party suppliers, whether due to shortages of raw materials or otherwise; changes in consumer purchasing habits, including with respect to retailer preferences and/or sales channels, such as due to the consumption declines in core beauty categories in the mass retail channel in North America; inventory management by the Company's customers; space reconfigurations or reductions in display space by the Company's customers; retail store closures in brick-and-mortar channels where the Company sells its products, as consumers continue to shift purchases to online and e-commerce channels; changes in pricing, marketing, advertising and/or promotional strategies by the Company's customers; less than anticipated results from the Company's existing or new products or from its advertising, promotional, pricing and/or marketing plans; or if the Company's expenses, including, without limitation, those for pension expense under its benefit plans, capital expenditures, restructuring and severance costs (including, without limitation, for the EA Integration Restructuring Program, the 2018 Optimization Program and the Revlon 2020 Restructuring Program (subsequently renamed during 2021 as RGGA)), acquisition and integration costs, costs related to litigation, advertising, promotional or marketing activities or for sales returns related to any reduction of space by the Company's customers, product discontinuances or otherwise, exceed the anticipated level of expenses, the Company's current sources of funds may be insufficient to meet its cash requirements. In addition, such developments, if significant, could reduce the Company's revenues and could have a material adverse effect on Products Corporation's ability to comply with the terms of the 2016 Credit Agreements, 2020 BrandCo Credit Agreement and/or 2021 Foreign Asset-Based Term Loan Agreement (See also Item 1A. Risk Factors - "Restrictions and covenants in Products Corporation’s various debt instruments limit its ability to take certain actions and impose consequences in the event of failure to comply," which discusses, among other things, the consequences of noncompliance with Products Corporation's debt covenants).

21


REVLON, INC. AND SUBSIDIARIES
If the Company's operating revenues, cash on hand and/or funds that may be available for borrowing are insufficient to cover the Company's expenses and/or are insufficient to enable Products Corporation to comply with the requirements of the 2016 Credit Agreements, 2020 BrandCo Credit Agreement and/or 2021 Foreign Asset-Based Term Agreement, the Company could be required to adopt one or more of the alternatives listed below:

delaying the implementation of or revising certain aspects of the Company's business initiatives;
reducing or delaying purchases of wall displays and/or expenses related to the Company's advertising, promotional and/or marketing activities;
reducing or delaying capital spending;
implementing new restructuring programs;
refinancing Products Corporation's indebtedness;
selling assets or operations;
seeking additional capital contributions and/or loans from MacAndrews & Forbes, the Company's other affiliates and/or third parties;
selling additional Revlon equity or debt securities or Products Corporation's debt securities; and/or
reducing other discretionary spending.

The Company may not be able to take any of these actions because of a variety of commercial or market factors or constraints in one or more of Products Corporation's various debt instruments, including, for example, market conditions being unfavorable for an equity or a debt issuance, additional capital contributions or loans not being available from affiliates and/or third parties, or that the transactions may not be permitted under the terms of one or more of Products Corporation's various debt instruments then in effect, such as due to restrictions on the incurrence of debt, incurrence of liens, asset dispositions and/or related party transactions. If the Company is required to take any of these actions, it could have a material adverse effect on its business, prospects, results of operations, financial condition and/or cash flows.

Such actions, if ever taken, may not enable the Company to satisfy its cash requirements or enable Products Corporation to comply with the terms of the 2016 Credit Agreements, 2020 BrandCo Credit Agreement and/or 2021 Foreign Asset-Based Term Agreement if the actions do not result in sufficient cost reductions or generate a sufficient amount of additional capital, as the case may be. (See also Item 1A. Risk Factors - "Restrictions and covenants in Products Corporation’s various debt instruments limit its ability to take certain actions and impose consequences in the event of failure to comply," which discusses, among other things, the consequences of noncompliance with Products Corporation's debt covenants).

Shares of Revlon Class A Common Stock are pledged to secure the debt of the Company’s affiliates and shares of Products Corporation's capital stock are pledged to secure various obligations of Revlon and Products Corporation, and foreclosure upon these shares or dispositions of shares of Revlon or Products Corporation could result in the acceleration of debt under Products Corporation's 2016 Senior Credit Facilities, 2020 BrandCo Facilities, 2021 Foreign Asset-Based Term Facility and/or its 6.25% Senior Notes and could have other consequences.

All of Products Corporation's shares of common stock are pledged to secure Revlon’s guarantee under the 2016 Senior Credit Facilities and the 2020 BrandCo Facilities. MacAndrews & Forbes has advised the Company that it has pledged shares of Revlon’s Class A Common Stock to secure certain obligations of MacAndrews & Forbes. Additional shares of Revlon and shares of common stock of intermediate holding companies between Revlon and MacAndrews & Forbes may from time-to-time be pledged to secure obligations of MacAndrews & Forbes. A default under any of these obligations that are secured by the pledged shares could cause a foreclosure with respect to such shares of Revlon's Class A Common Stock, Products Corporation's common stock or stock of intermediate holding companies between Revlon and MacAndrews & Forbes.

A foreclosure upon any such shares of common stock or dispositions of shares of Revlon’s Class A Common Stock, Products Corporation's common stock or stock of intermediate holding companies between Revlon and MacAndrews & Forbes that are beneficially owned by MacAndrews & Forbes could, in a sufficient amount, constitute a "change of control" under Products Corporation’s 2016 Credit Agreements, the 2020 BrandCo Credit Agreement, the 2021 Foreign Asset-Based Term Agreement, and the 6.25% Senior Notes Indenture. A change of control constitutes an event of default under the 2016 Credit Agreements, the 2020 BrandCo Credit Agreement and the 2021 Foreign Asset-Based Term Agreement that would permit Products Corporation's and its subsidiaries' lenders to accelerate amounts outstanding under such facilities. In addition, holders of the 6.25% Senior Notes may require Products Corporation to repurchase their respective notes under those circumstances.

Products Corporation may not have sufficient funds at the time of any such change of control to repay in full or in part the borrowings under the 2016 Senior Credit Facilities, the 2020 BrandCo Facilities and the 2021 Foreign Asset-Based Term Facility and/or to repurchase or redeem some or all of the 6.25% Senior Notes. (See also Item 1A. Risk Factors - "The Company's ability to service its debt and meet its cash requirements depends on many factors, including achieving anticipated
22


REVLON, INC. AND SUBSIDIARIES
levels of revenue and expenses. If such revenue or expense levels prove to be other than as anticipated, the Company may be unable to meet its cash requirements or Products Corporation may be unable to meet the requirements of the 2016 Credit Agreements, 2020 BrandCo Credit Agreement and/or 2021 Foreign Asset-Based Term Loan Agreement, which could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows."

Risks Related to the Company’s Industry, Business and Operations

The ongoing and prolonged COVID-19 pandemic has resulted in significantly decreased net sales for the Company and has had, and could continue to have, a significant adverse effect on the Company's business, results of operations, financial condition and/or cash flows.

The ongoing and prolonged COVID-19 pandemic has had, and continues to periodically have, a significant adverse effect on the Company’s business around the globe, which could continue for the foreseeable future. The COVID-19 pandemic has adversely impacted net sales in all major commercial regions that are important to the Company’s business. COVID-19’s adverse impact on the global economy has contributed to significant and extended quarantines and other social distancing measures; the increased prevalence of remote working arrangements for employees in certain industries; global supply chain disruptions, including manufacturing and transportation delays, due to closures, employee absences, port congestion, labor and container shortages, and shipment delays, increased transportation costs, tight labor markets and inflationary pressures for a number of industries, including consumer retail, and related consumer products shortages and price increases; closures, bankruptcies and/ or reduced operations of retailers, beauty salons, spas, offices and manufacturing facilities; labor shortages with employers in many industries, including consumer retail, experiencing increased competition to recruit, hire and retain employees; travel and transportation restrictions leading to declines in consumer traffic in key shopping and tourist areas around the globe; and import and export restrictions. These adverse economic conditions have resulted in the general slowdown of the global economy, in turn contributing to a significant decline in net sales within each of the Company’s reporting segments and regions. However, with the roll out of COVID-19 vaccinations in the United States in 2021 and the easing of COVID-19 restrictions in 2021, the Company saw a gradual rebound in consumer spending and consumption in 2021. The Company continues to closely monitor the associated impacts of COVID-19, including the impacts of any new variants of COVID-19 and subsequent “waves” of the pandemic, and will take appropriate actions in an effort to mitigate the COVID-19 pandemic’s negative effects on the Company’s operations and financial results.

In April 2020, the Company took several cost reduction measures designed to mitigate the adverse impact of the ongoing and prolonged COVID-19 pandemic on its net sales, including, without limitation: (i) reducing brand support, as a result of the abrupt decline in retail store traffic; (ii) continuing to monitor the Company’s sales and order flow and periodically scaling down operations and cancelling promotional programs; and (iii) closely managing cash flow and liquidity and prioritizing cash to minimize COVID-19’s impact on the Company’s production capabilities. In April 2020, the Company also implemented various organizational interim measures designed to reduce costs in response to COVID-19, including, without limitation: (i) switching to a reduced work week in the U.S. and in the Company's international locations and reducing executive and employee compensation in the range of 20% to 40%; (ii) furloughing approximately 40% of the Company’s U.S.-based office-based employees and 30% factory-based employees, as well as employees in a majority of the Company's other locations; (iii) suspending the Company’s 2020 merit base salary increases, discretionary profit sharing contributions and matching contributions to the Company’s 401(k) plan; (iv) reducing Board and committee compensation by 50% and eliminating Board and committee meeting fees; and (v) suspending or terminating services and payments under consulting agreements with certain directors. During the third quarter of 2020, the Company started to gradually roll back some of these measures especially with regards to some of the employees previously furloughed and/or on a reduced work week. With these measures, including the Revlon 2020 Restructuring Program, the Company achieved cost reductions of approximately $286 million during the year ended December 31, 2020 that have substantially offset the impact of the decline in the Company's net sales over such period. No such organizational interim measures were taken in 2021 besides the Company’s ongoing Revlon 2020 Restructuring Program.

The ongoing and prolonged COVID-19 pandemic has caused the Company and various of its key third party suppliers to temporarily close one or more of their manufacturing facilities. While these closures have not yet had a material adverse impact on the Company’s ability to operate and fulfill orders, if the COVID-19 restrictions continue for a period longer than the period for the re-opening of retailers, such restrictions could lead to a shortage of raw materials, components and finished products, which in turn could cause the Company to be unable to ship products to retailers and consumers and continue to adversely impact the Company’s net sales. Also, if one or more of the Company’s key customers were required to close for an extended period, the Company might not be able to ship products to them and consumers may decrease their level of purchasing activity, which would adversely impact the Company’s net sales. In addition, governmental authorities may recommend or impose other measures that could cause significant disruptions to the Company’s business operations in the regions most impacted by the coronavirus. The continuation of any of the foregoing events or other unforeseen consequences of the COVID-19 pandemic would continue to significantly adversely affect the Company’s business, results of operations, financial condition and cash flows.
23


REVLON, INC. AND SUBSIDIARIES

The Company depends on its Oxford, North Carolina facility for production of a substantial portion of its products. Disruptions or delays at this facility and/or at other Company or third-party facilities at which the Company's products are manufactured could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows. Such delays and difficulties in manufacturing can result in product shortages, declines in sales, and reputational impact as well as significant remediation and related costs associated with addressing such shortages.

The Company produces a substantial portion of its products at its Oxford, North Carolina facility. Significant unscheduled downtime at this facility, or at other Company facilities and/or third-party facilities at which the Company's products are manufactured, whether due to equipment breakdowns, power failures, natural disasters (due to climate change or otherwise), pandemics (including COVID-19), weather conditions hampering delivery schedules, shortages of raw materials and products, technology disruptions or other disruptions, including those caused by transitioning manufacturing across these facilities, or any other cause could have a material adverse effect on the Company's ability to provide products to its customers, which could have a material adverse effect on the Company's sales, business, prospects, reputation, results of operations, financial condition and/or cash flows. Additionally, if product sales exceed the Company's forecasts, internal or third-party production capacities and/or the Company's ability to procure sufficient levels of finished goods, raw materials and/or components from third-party suppliers, the Company could, from time-to-time, not have an adequate supply of products to meet customer demands, which could have a material adverse effect on the Company's business, prospects, reputation, results of operations, financial condition and/or cash flows.

Volatility in costs, along with delays and disruptions in the supply of materials and services, as a result of the recent global supply chain disruptions, could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

The Company purchases raw materials, including essential oils, alcohols, chemicals, containers and packaging components, from various third-party suppliers. Substantial cost increases. delays and the unavailability of raw materials or other commodities, as well as higher costs for energy, transportation and other necessary services have adversely affected and may continue to adversely affect the Company’s profit margins if it is unable to wholly or partially offset them, such as by achieving cost efficiencies in its supply chain, manufacturing and/or distribution activities. In addition, the Company purchases certain finished goods, raw materials, packaging and other components from single-source suppliers or a limited number of suppliers and if the Company is required to find alternative sources of supply, these new suppliers may have to be qualified under applicable industry, governmental and Company-mandated vendor standards, which can require additional investment and be time-consuming. Any significant disruption to the Company’s manufacturing or sourcing of products or raw materials, packaging and other components for any reason (including the recent global supply chain disruptions) could materially impact the Company’s inventory levels and interrupt and delay the Company’s supply of products to its retail customers. Also, the Company is continually looking for opportunities to provide essential business services in a more cost-effective manner. In some cases, the Company outsources certain functions that it believes can be performed more efficiently by third parties, such as in the areas of IT, finance, tax and human resources. These third parties could fail to provide the expected level of services, provide them on a timely basis or to provide them at the expected fees. Such events, if not promptly remedied, could have a material adverse effect on the Company’s business, prospects, reputation, results of operation, financial condition and/or cash flows.

The Company's financial performance depends on its ability to anticipate and respond to consumer trends and changes in consumer preferences. New product introductions may not be as successful as the Company anticipates, which could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

The Company has a rigorous process for the continuous development and evaluation of new product concepts, led by executives in marketing, sales, research and development, product development, operations, law and finance. However, consumer preference and spending patterns change rapidly and cannot be predicted with certainty. There can be no assurance that the Company will anticipate and respond to trends for beauty products effectively. Each new product launch, including those resulting from the Company's recently updated product development process, carries risks, as well as the possibility of unexpected consequences, including:

the acceptance of the Company's new product launches by, and sales of such new products to, the Company's customers may not be as high as the Company anticipates;
the Company's marketing, promotional, advertising and/or pricing strategies for its new products may be less effective than planned and may fail to effectively reach the targeted consumer base or engender the desired consumption of the Company's products by consumers;
24


REVLON, INC. AND SUBSIDIARIES
the rate of purchases by the Company's consumers may not be as high as the Company anticipates;
the Company's wall displays to showcase its new products may fail to achieve their intended effects;
the Company may experience out-of-stocks and/or product returns exceeding its expectations as a result of the Company's new product launches or space reconfigurations or as a result of reductions in retail display space by the Company's customers;
the Company's net sales may also be impacted by inventory management by its customers or changes in pricing, marketing, advertising and/or promotional strategies by its customers;
the Company may incur costs exceeding its expectations as a result of the continued development and launch of new products, including, for example, unanticipated levels of research and development costs, advertising, promotional and/or marketing expenses, sales return expenses or other costs related to launching new products;
the Company may experience a decrease in sales of certain of the Company's existing products as a result of newly-launched products, the impact of which could be exacerbated by shelf space limitations and/or any shelf space loss. (See also Item 1A. Risk Factors - "Competition in the beauty industry could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.").
the Company's product pricing strategies for new product launches may not be accepted by its customers and/or its consumers, which may result in the Company's sales being less than it anticipates;
the effects of COVID-19 could delay the Company’s development or introduction of new products or require the Company to make unexpected changes to its products;
the Company may experience a decrease in sales of certain of the Company's products as a result of counterfeit products and/or products sold outside of their intended territories; and/or
delays or difficulties impacting the Company's ability, or the ability of the Company's suppliers, to timely manufacture, distribute and ship products or raw materials, as the case may be, displays or display walls in connection with launching new products, such as due to inclement weather conditions or other delays or difficulties (such as those discussed under Item 1A. Risk Factors - "The Company depends on its Oxford, North Carolina facility for production of a substantial portion of its products. Disruptions or delays at this facility and/or at other Company or third-party facilities at which the Company's products are manufactured could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows. Such delays and difficulties in manufacturing can result in product shortages, declines in sales, and reputational impact as well as significant remediation and related costs associated with addressing such shortages."), could have a material adverse effect on the Company's ability to ship and deliver products to meet its customers’ reset deadlines.

Each of the risks referred to above could delay or impede the Company's ability to achieve its sales objectives, which could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

The Company depends on a limited number of customers for a large portion of its net sales, and the loss of one or more of these customers could reduce the Company's net sales and have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

Walmart and its affiliates worldwide accounted for approximately 14% and 18% of the Company’s worldwide net sales in both 2021 and 2020, respectively. The Company expects that, for future periods, Walmart and a small number of other customers will, in the aggregate, continue to account for a large portion of the Company's net sales. The Company may be affected by changes in the policies and demands of its customers relating to service levels, inventory de-stocking, pricing, marketing, advertising and/or promotional strategies or limitations on access to wall display space. As is customary in the consumer products industry, none of the Company's customers is under any obligation to continue purchasing products from the Company in the future.

The loss of Walmart and/or one or more of the Company's other customers that account for a significant portion of the Company's net sales, or any significant decrease in sales to these customers, including as a result of consolidation among such customers, retail store closures in response to the growth in retail sales through e-commerce channels, inventory management by these customers, changes in pricing, marketing, advertising and/or promotional strategies by such customers, space reconfigurations by the Company's customers or any significant decrease in the Company's display space, or COVID-19 as retailers faced store closures or reduced traffic, could reduce the Company's net sales and/or operating income and therefore
25


REVLON, INC. AND SUBSIDIARIES
could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

The Company may be unable to maintain or increase its sales through the Company's primary retailers, which could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

A decrease in consumer demand in the U.S. and/or internationally for beauty products, including as a result of COVID-19, inventory management by the Company's customers, changes in pricing, marketing, advertising and/or promotional strategies by the Company's customers (such as the development and/or continued expansion of private label or their own store-owned brands), a reduction in display space by the Company's customers, store closures in the brick-and-mortar channels where the Company sells its products, as consumers continue to shift purchases to online and e-commerce channels and/or a change in consumers’ purchasing habits, such as with respect to retailer preferences and/or sales channels, could result in decreased sales of the Company's products, which could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

Competition in the beauty industry could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

The beauty industry is highly competitive. The Company competes primarily by:
developing quality products with innovative performance features, shades, finishes, components and packaging;
educating consumers, retail customers and salon professionals about the benefits of the Company’s products both on-line and in brick and mortar retail outlets;
anticipating and responding to changing consumer, retail customer and salon professional demands in a timely manner, including as to the timing of new product introductions and line extensions;
offering attractively priced products relative to the product benefits provided;
maintaining favorable brand recognition;
generating competitive margins and inventory turns for the Company’s customers by providing relevant products and executing effective pricing, incentive and promotional programs and marketing and advertising campaigns, as well as social media and influencer marketing activities;
ensuring product availability through effective planning and replenishment collaboration with the Company's customers;
providing strong and effective advertising, promotion, marketing, social media, influencer and merchandising support;
leveraging e-commerce, social media and mobile commerce initiatives and developing an effective omni-channel strategy to optimize the opportunity for consumers to interact with and purchase the Company's products both on-line and in brick and mortar retail outlets;
maintaining an effective sales force and distribution network; and
obtaining and retaining sufficient display space, optimal in-store positioning and effective presentation of the Company’s products on-shelf.

An increase in or change in the current level of competition that the Company faces could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows. This risk is exacerbated by the COVID-19 pandemic, which reduced consumer demand in 2020, and is expected to continue to do so.

In addition to competing with expanding private label and store-owned brands, the Company competes against a number of multi-national manufacturers, some of which are larger and have substantially greater resources than the Company, and which may therefore have the ability to spend more aggressively than the Company on new business acquisitions, research and development activities, technological advances to evolve in their e-commerce capabilities and advertising, promotional, social media influencer and/or marketing activities and have more flexibility than the Company to respond to changing business and economic conditions.

Additionally, the Company's major customers periodically assess the allocation of display space among competitors and in the course of doing so could elect to reduce the display space allocated to the Company's products, if, for example, the Company's marketing, promotional, advertising and/or pricing strategies for its new and/or existing products are less effective
26


REVLON, INC. AND SUBSIDIARIES
than planned, fail to effectively reach the targeted consumer base, fail to engender the desired consumption of the Company's products by consumers and/or fail to sustain productive levels of consumption dollar share and/or the rate of purchases by the Company's consumers are not as high as the Company anticipates. Among the factors used by the Company’s major customers in assessing the allocation of display space is a brand’s share of the color cosmetics category. The Company's color cosmetics brands have experienced, over time, year-over-year declines in their share of the color cosmetics category in the U.S. and it is possible that the Company may continue to experience further share declines. Further declines in the Company's share for one or more of its principal brands, including with respect to the Company’s Almay brand, could, among other things, contribute to the additional loss of display space and/or decreased revenues. Any significant loss of display space could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

The Company's Fragrances segment depends on various brand licenses and distribution arrangements for a significant portion of its sales, and the loss of one or more of these licenses or distribution arrangements could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

The Company’s rights to market and sell certain of its prestige fragrance brands are derived from licenses and other distribution arrangements from unaffiliated third parties and such business is dependent upon the continuation and renewal of such licenses and distribution arrangements on terms favorable to the Company. Each license is for a specific term and may have optional renewal terms. In addition, such licenses and distribution arrangements may be subject to the Company satisfying required minimum royalty payments, minimum advertising and promotional expenditures and satisfying minimum sales requirements. In addition, under certain circumstances, lower net sales may shorten the duration of the applicable license agreement. The loss of one or more of these licenses or other significant distribution arrangements, renewal of one or more of these arrangements on less than favorable terms, the failure to renew one or more of these arrangements and/or difficulties in finding replacement brand licenses for terminated or expired licenses could have a material adverse effect on the Company’s business, prospects, results of operations, financial condition and/or cash flows.

The success of the Company's Fragrances segment depends, in part, on the demand for heritage and designer fragrance products. A decrease in demand for such products, or the loss or infringement of any intellectual property rights, could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

The Company's Fragrances segment has license agreements to manufacture, market and distribute a number of heritage and designer fragrance products, including those of (i) Juicy Couture, John Varvatos and AllSaints in prestige fragrances; (ii) Britney Spears, Christina Aguilera, Elizabeth Taylor, Jennifer Aniston and Mariah Carey in celebrity fragrances; and (iii) Ed Hardy, Lucky Brand and Geoffrey Beene in mass fragrances. In 2021, the Company's Fragrances segment derived approximately 67% of its net sales from heritage and designer fragrance brands. The demand for these products is affected by general economic conditions, and, to some extent, dependent on the appeal to consumers of the particular designer or talent and the designer’s or talent’s reputation and specific events, such as COVID-19 pandemic which has resulted in reduced consumer demand for these products. The Company also cannot assure that the owners of the trademarks that it licenses can or will successfully maintain their intellectual property rights. If other parties infringe on the intellectual property rights that the Company licenses, the value of such brands in the marketplace may be diluted. To the extent that the heritage or designer fragrance category or a particular designer or talent ceases to be appealing to consumers or a designer’s or talent’s reputation is adversely affected, sales of the related products and the value of the impacted brands could decrease materially, which could have a material adverse effect on the Company’s business, prospects, results of operations, financial condition and/or cash flows.

The Company's inability to acquire or license additional fragrance brands or secure additional distribution arrangements and arrangements could have an adverse effect on the Company's net sales and a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

The success of the Fragrances segment depends in part upon the continued growth of its portfolio of owned, licensed and distributed brands, including expanding its geographic presence to take advantage of opportunities in developed and emerging regions. Efforts to increase sales of the Company's prestige fragrance portfolio and expand its geographic market presence depend upon a number of factors, including its ability to:
develop its fragrance brand portfolio through branding, innovation and execution;
identify and develop new and existing fragrance brands with the potential to become successful global brands;
innovate and develop new fragrance products that are appealing to consumers;
27


REVLON, INC. AND SUBSIDIARIES
acquire or license additional fragrance brands or secure additional distribution arrangements and the Company's ability to obtain the required financing for these agreements and arrangements;
expand the Company's geographic presence to take advantage of opportunities in developed and emerging regions;
continue to expand the Company's distribution channels within existing geographies to increase trade presence, brand recognition and sales;
expand the Company's trade presence through alternative distribution channels, such as through e-commerce channels;
expand margins through sales growth, the development of higher margin products and overhead and supply chain integration and efficiency initiatives;
effectively manage capital investments and working capital to improve the generation of cash flow; and
execute any acquisitions quickly and efficiently and integrate new businesses successfully.

There can be no assurance that the Company can successfully achieve any or all of the above objectives in the manner or time period that it expects. Further, achieving these objectives will require investments, which may result in material short-term costs without generating any current net sales and the Company may not ultimately achieve its net sales objectives associated with such efforts. The future expansion of the Fragrances segment through acquisitions, new fragrance licenses, e-commerce initiatives or other new fragrance distribution arrangements, if any, will depend upon the ability to identify suitable brands to acquire, license or distribute and to obtain the required financing for these acquisitions, licenses or distribution arrangements or to launch or support the brands associated with these agreements or arrangements. The Company may not be able to identify, negotiate, finance or consummate such acquisitions, licenses or arrangements on terms acceptable to the Company, or at all. In addition, the Company may decide to divest or discontinue certain brands or streamline operations and may incur costs and charges in doing so. The inability to acquire or license additional fragrance brands or secure additional distribution arrangements for the Fragrances segment (such as optimizing its e-commerce sales opportunities) and obtain the required financing for these agreements and arrangements could have an adverse effect on the Company’s net sales and a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

The illegal distribution and sale by third parties of counterfeit versions of the Company’s products or the unauthorized diversion by third parties of the Company’s products could have an adverse effect on the Company’s net sales and a negative impact on the Company’s reputation and business.

Third parties may illegally distribute and sell counterfeit versions of the Company’s products. These counterfeit products may be inferior in terms of quality and other characteristics compared to the Company’s authentic products and/or the counterfeit products could pose safety risks that the Company’s authentic products would not otherwise present to consumers. Consumers could confuse counterfeit products with the Company’s authentic products, which could damage or diminish the image, reputation and/or value of the Company’s brands and cause consumers to refrain from purchasing the Company’s products in the future, which could adversely affect the Company’s net sales and have a negative impact on the Company’s reputation.

The Company sells a substantial portion of its professional products to professional salon distributors and/or wholesalers. Products sold to these customers are meant to be used exclusively by salons and individual salon professionals or are sold exclusively to the retail consumers of these salons. Despite the Company’s efforts to prevent diversion of such products from these customers, incidents have occurred and continue to occur whereby the Company’s products are sold to sales outlets other than the intended salons and salon professionals, such as to general merchandise retailers or unapproved outlets. In some instances, these diverted products may be old, damaged or otherwise adulterated, which could damage or diminish the image, reputation and/or value of the Company’s brands. In addition, such diversion may result in lower net sales of the Company’s products if consumers choose to purchase diverted products and/or choose to purchase products manufactured or sold by the Company’s competitors because of any perceived damage or diminishment to the image, reputation and/or value of the Company’s brands.

The Company believes that its trademarks, patents and other intellectual property rights are extremely important to the Company’s success and its competitive position. The Company devotes significant resources to registering and protecting its intellectual property rights and maintaining the positive image of its brands. The Company’s trademark and patent applications may fail to result in issued registrations or provide the scope of coverage sought. Unplanned increases in legal fees and other costs associated with enforcing and/or defending the Company’s trademarks, patents and/or other intellectual property rights
28


REVLON, INC. AND SUBSIDIARIES
could result in higher than expected operating expenses. The Company has been unable to eliminate, and may in the future be unable to eliminate, all counterfeiting activities, unauthorized product diversion and infringement of its trademarks, patents and/or other intellectual property, any of which could adversely affect the Company’s net sales and have a negative impact on the Company’s reputation.

The Company's success depends, in part, on the quality, efficacy and safety of its products.

The Company's success depends, in part, on the quality, efficacy and safety of its products. If the Company's products are found or alleged to be defective or unsafe, or if they fail to meet customer or consumer standards, the Company's relationships with its customers or consumers could suffer, the appeal of one or more of the Company's brands could be diminished and the Company could lose sales and/or become subject to liability claims, any of which could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

The Company’s success largely depends upon its ability to attract, hire and retain its senior management team, other key employees and a highly skilled and diverse workforce, as well as effectively implement succession planning for its senior management team, and, as such, the Company’s inability to do so could adversely affect the Company’s business, prospects, results of operations, financial condition and/or cash flows.

Continuing to execute the Company's business initiatives largely depends on the Company’s ability to attract, hire and retain its senior management team, other key employees and a highly skilled and diverse workforce, as well as effectively implement succession planning for its senior management team. Unexpected levels of employee turnover, including as a result of the COVID-19 pandemic, or the Company’s failure to maintain an adequate succession plan to effectively transition current management leadership positions and/or the Company’s failure to attract, hire and retain its senior management team, other key employees and a highly skilled and diverse workforce could adversely affect the Company’s institutional knowledge base and/or competitive advantage. If the Company is unable to attract, hire and/or retain talented and highly qualified senior management, other key employees and/or a highly skilled and diverse workforce, or if the Company is unable to effectively provide for the succession of its senior management team, the Company’s business, prospects, results of operations, financial condition and/or cash flows could be adversely affected.

The Company previously identified a material weakness in its internal control over financial reporting for the fiscal year ended December 31, 2018, which was remediated during the fiscal year ended December 31, 2019. Any failure to maintain effective internal control over financial reporting could have a material adverse effect on the Company’s business, prospects, results of operations, financial condition and/or cash flows.

The Company previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2018, a material weakness in its internal control over financial reporting primarily related to control deficiencies within various aspects of its control environment. As a result of these control deficiencies, the Company concluded that its internal control over financial reporting was not effective for the fiscal year ended December 31, 2018. During 2019, the Company completed a series of actions and measures that effectively remediated the previously-disclosed material weakness and concluded that as of December 31, 2019 its internal control over financial reporting was effective. See Item 9A. – “Controls and Procedures” of the 2019 Form 10-K. The Company cannot provide assurances that material weaknesses or significant deficiencies will not occur in the future and that it will be able to remediate such weaknesses or deficiencies in a timely manner, which could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

Furthermore, if the remediated material weakness recurs in the future or a new material weakness occurs, it could negatively impact the Company’s ability to prepare its future financial statements in conformity with U.S. GAAP. If the Company were unable to prepare its future financial statements in conformity with U.S. GAAP, such circumstances would expose the Company to potential events of default (if not cured or waived) under the financial and operating covenants contained in Products Corporation’s various debt instruments and cause the Company to seek any necessary consents, waivers or amendments from its lenders. Under such circumstances, Products Corporation faces the risk that it may not be able to obtain any such consents, waivers or amendments, that the terms of any such consents, waivers or amendments will be less favorable than the current terms of its indebtedness and/or Products Corporation may not be able to refinance its existing indebtedness to enable it to repay that indebtedness when it becomes due. See also Item 1A. Risk Factors - “Products Corporation’s substantial indebtedness could adversely affect the Company’s operations and flexibility and Products Corporation’s ability to service its debt,” “Products Corporation’s ability to pay the principal amount of its indebtedness depends on many factors” and “Restrictions and covenants in Products Corporation’s various debt instruments limit its ability to take certain actions and impose consequences in the event of failure to comply.” Also, if the Company is unable to prepare its future financial
29


REVLON, INC. AND SUBSIDIARIES
statements in conformity with U.S. GAAP, it could result in damage to the Company’s reputation, financial obligations to third parties, regulatory proceedings and private litigation, any or all of which could result in additional business disruptions and the Company incurring potentially substantial costs.

The Company may not realize the cost reductions and other benefits that it expects from its various restructuring programs that may be in effect from time to time, which could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

From time to time, the Company implements restructuring program, such as the Revlon 2020 Restructuring Program (such programs as may be in effect from time to time being referred to as “Restructuring Programs”) that are generally designed to streamline the Company’s operations, reporting structures and business processes, with the objective of maximizing productivity and improving profitability, cash flows and liquidity. Events and circumstances may occur that are beyond the Company’s control, such as delays caused by third parties and unexpected costs, that could result in the Company not realizing all of the anticipated cost reductions and benefits or the Company not realizing the cost reductions or other benefits on its expected timetable. In addition, changes in foreign exchange rates, commodity costs and/or in tax, labor or other laws may result in the Company not achieving the anticipated cost reductions and benefits, as measured in U.S. dollars. If the Company is unable to realize the Restructuring Programs’ cost reduction objectives and other benefits, the Company’s ability to fund other initiatives and enhance its profitability may be adversely affected. In addition, some of the actions that the Company is taking in furtherance of the Restructuring Programs may become a distraction for the Company’s managers and employees and may disrupt the Company’s ongoing business operations; cause deterioration in employee morale which may make it more difficult for the Company to retain or attract qualified employees; disrupt or weaken the Company’s internal control structures; and/or give rise to negative publicity which could affect the Company’s business reputation. If the Company is unable to successfully implement the Restructuring Programs, in whole or in part, in accordance with the Company’s expectations, it could adversely affect its business, prospects, results of operations, financial condition and/or cash flows. For additional information regarding the 2018 Optimization Program and the 2020 Restructuring Program, refer to Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Restructuring charges and other, net.” For additional information regarding the Revlon 2020 Restructuring Program, see Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Revlon Global Growth Accelerator Program.”

MacAndrews & Forbes has the power to direct and control the Company's business.

MacAndrews & Forbes is beneficially owned by Ronald O. Perelman. Mr. Perelman, through MacAndrews & Forbes and its affiliates, collectively beneficially owned approximately 86.1% of Revlon's outstanding Class A Common Stock on December 31, 2021. As a result, MacAndrews & Forbes and its affiliates are able to control the election of the entire Board of Directors of Revlon and of Products Corporation's Board of Directors (as it is a wholly owned subsidiary of Revlon) and control the vote on all matters submitted to a vote of Revlon’s and Products Corporation's stockholders, including the approval of mergers, consolidations, sales of some, substantially all or all of the Company's assets, issuances of capital stock and similar transactions.

General Business and Regulatory Risks

The Company's foreign operations are subject to a variety of social, political and economic risks and have been, and are expected to continue to be, affected by foreign currency exchange fluctuations, foreign currency controls, government-mandated pricing controls, duties, tariffs and/or other trade measures, which could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows and the value of its foreign assets.

As of December 31, 2021, the Company had operations based in 25 foreign countries and its products were sold in approximately 150 countries. The Company is exposed to risks associated with social, political and economic conditions, including inflation, inherent in operating in foreign countries, including those in Asia (such as China and Hong Kong, which has been impacted by ongoing political unrest in that region), Australia, Canada, Eastern Europe (such as Russia), Mexico, South Africa and South America (such as Argentina), which could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows. Such risks include hyperinflation, foreign currency devaluation, tariffs, foreign currency controls, government-mandated pricing controls, currency remittance restrictions, changes in tax laws, changes in consumer purchasing habits (including as to retailer preferences) and changes in regulations enacted to address the impacts of climate change, as well as, to a lesser extent, changes in U.S. laws and regulations relating to foreign trade, investment and climate change.
30


REVLON, INC. AND SUBSIDIARIES

The U.S. and the other countries in which the Company’s products are manufactured or sold have imposed and may impose additional duties, tariffs and other retaliatory or trade protection measures, or other restrictions or regulations, including regulations enacted to address the impacts of climate change, or may adversely adjust prevailing quota, duty or tariff levels, which can affect the cost and availability of materials that the Company uses to manufacture and package its products and the sale of finished products. For example, the E.U. has imposed tariffs on certain beauty products imported from the U.S., which would impact the sale in the E.U. of certain of the Company’s more prestige products that are manufactured in the U.S. Similarly, the tariffs imposed by the U.S. on goods and materials from China would impact any materials that the Company imports from that region for use in manufacturing or packaging in the U.S. Measures that the Company could be required to take to reduce the impact of tariff increases or trade restrictions, including shifts of production among countries and manufacturers, geographical diversification of the Company’s sources of supply, adjustments in product or packaging design and fabrication, or increased prices, could increase the Company’s costs and delay the Company’s time to bring its products to shelf. Other governmental actions related to tariffs or international trade agreements have the potential to adversely impact demand for the Company’s products, production costs, retail customers and suppliers. These risks, which could increase the Company’s costs and reduce the Company’s net sales and profitability, could have a material adverse effect on the Company’s business, prospects, results of operations, financial condition and/or cash flows.

These risks and limitations could also affect the ability of the Company's foreign subsidiaries to obtain sufficient capital to conduct their operations in the ordinary course of business. Limitations and the difficulties that certain of the Company's foreign subsidiaries may experience on the free flow of funds to and from these foreign subsidiaries could restrict the Company's ability to respond timely to challenging business conditions or changes in operations, which could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

The Company's net sales outside of the U.S. for each of 2021 and 2020 represented approximately 53% and 52% of the Company's total consolidated net sales, respectively. Fluctuations in foreign currency exchange rates negatively affected the Company's results of operations and the value of the Company's foreign net assets in 2020 and they may adversely affect the Company's results of operations and the value of the Company's foreign net assets in future periods, which in turn could cause a material adverse effect on the Company's reported net sales and earnings and the comparability of period-to-period results of operations.

Products Corporation may, from time to time, enter into foreign currency forward exchange contracts to hedge certain net cash flows denominated in foreign currencies. The foreign currency forward exchange contracts may, from time to time, be entered into primarily for the purpose of hedging anticipated inventory purchases and certain intercompany payments denominated in foreign currencies and generally have maturities of less than one year. At December 31, 2021, the notional amount of Products Corporation's foreign currency forward exchange contracts was nil. These foreign currency forward exchange contracts may not adequately protect the Company against the negative effects of foreign currency fluctuations, which could adversely affect the Company's overall liquidity.

Economic conditions could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows and/or on the financial condition of its customers and suppliers.

Economic conditions in the U.S. and/or other countries where the Company operates have in the past contributed, and may in the future contribute, to lower consumer spending and/or reduced credit availability. Such economic conditions have impacted, and could in the future impact, business and consumer confidence, especially in relation to discretionary purchases. These conditions could have an impact on customer and/or consumer purchases of the Company's products, which could result in a reduction of the Company's net sales, operating income and/or cash flows. The COVID-19 pandemic has caused significant and pervasive disruptions to global economic and business conditions. Measures imposed or that may in the future be imposed by national, state and local authorities in response to the COVID-19 pandemic are expected to have serious adverse impacts of uncertain severity and duration on domestic and foreign economies. The effectiveness of economic stabilization efforts, including government payments and loans to affected citizens and industries, is uncertain. Any sustained economic downturn in the U.S. or any of the other countries in which we conduct significant business, may cause significant readjustments in both the volume and mix of our product sales, which could materially and adversely affect our business, operating results and financial condition. Additionally, disruptions in the credit and other financial markets and economic conditions could, among other things, impair the financial condition of one or more of the Company's customers or suppliers, thereby increasing the risk of customer bad debts or non-performance by suppliers. These conditions could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

31


REVLON, INC. AND SUBSIDIARIES
The United Kingdom’s ongoing withdrawal process from the European Union may have a negative effect on global economic conditions, financial markets and on the Company's business, prospects, results of operations, financial condition and/or cash flows.

The Company is a multinational company with worldwide operations, including material business operations in Europe. On December 31, 2020, the United Kingdom ("U.K.") formally withdrew from the European Union and on January 1, 2021, the U.K. left the EU Single Market and Customs Union.

The U.K. has ratified a trade and cooperation agreement governing its future relationship with the European Union. The agreement addresses trade, economic arrangements, law enforcement, judicial cooperation and a governance framework including procedures for dispute resolution, among other things. Because the agreement merely sets forth a framework in many respects and will require complex additional bilateral negotiations between the U.K. and the European Union as both parties continue to work on the rules for implementation, significant political and economic uncertainty remains about how the precise terms of the relationship between the parties will differ from the terms before withdrawal.

The withdrawal of the U.K. from the European Union and developments related to such withdrawal, or the perception that any related developments could occur, have had and may continue to have a material adverse effect on global economic conditions and financial markets, and may significantly reduce global market liquidity, restrict the ability of key market participants to operate in certain financial markets, affect trade between the U.K. and the European Union, or restrict our access to capital. For example, potential new restricted economic terms or additional bureaucratic requirements in free trade between the U.K. and the European Union, such as new customs or regulatory checks, including rules of origin and stringent local content requirements, could negatively impact fulfillment times, increase our costs, result in a decrease in sales, or cause us to lose customers in the European Union and the U.K. Similar adverse consequences could occur if regions such as Catalonia, where the Company's Spain businesses are headquartered, eventually succeed in withdrawing from their parent country. For the year ended December 31, 2021, approximately 4% of the Company's net sales were in the U.K. and approximately 12% of the Company's net sales were in the European Union. Any of these factors could have a material adverse effect on the Company’s business, prospects, results of operations, financial condition and/or cash flows.

Terrorist attacks, acts of war or military actions and/or other civil unrest may adversely affect the territories in which the Company operates and the Company's business, prospects, results of operations, financial condition and/or cash flows.

On September 11, 2001, the U.S. was the target of terrorist attacks of unprecedented scope. These attacks contributed to major instability in the U.S. and other financial markets and reduced consumer confidence. These terrorist attacks, as well as subsequent terrorist attacks (such as those that have occurred in Berlin, Germany; Nice, France; Orlando, Florida; Istanbul, Turkey; Brussels, Belgium; Paris, France; Benghazi, Libya; Madrid, Spain; London, England and the attack on the U.S. embassy in Baghdad, Iraq and the U.S.'s military response to such attack), attempted terrorist attacks, military responses to terrorist attacks, other military actions and/or civil unrest, such as that occurring in France, the Ukraine, Venezuela, Turkey, Syria, Iraq and surrounding areas and, most recently in Hong Kong, may adversely affect prevailing economic conditions, resulting in work stoppages, reduced consumer spending and/or reduced demand for the Company's products. These developments subject the Company's worldwide operations to increased risks and, depending on their magnitude, could reduce the Company's net sales and therefore could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

Declines in the financial markets may result in increased pension expense and increased cash contributions to the Company's pension plans.

Declines in the U.S. and global financial markets, including as a result of the COVID-19 pandemic, could result in significant declines in the Company's pension plan assets and result in increased pension expense and cash contributions to the Company's pension plans. Interest rate levels will affect the discount rate used to value the Company's year-end pension benefit obligations. One or more of these factors, individually or taken together, could impact future required cash contributions to the Company's pension plans and pension expense. Any one or more of these conditions could reduce the Company's available liquidity, which could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

Extreme weather conditions and natural disasters due to climate change or otherwise could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

32


REVLON, INC. AND SUBSIDIARIES
Extreme weather conditions due to climate change or otherwise that impact the retail store locations of the Company’s customers, or the locations of the Company’s manufacturing facilities, distribution centers, overseas offices, third-party suppliers and/or other vendors could disrupt the supply and shipment of the Company’s products to consumers, which could have a material adverse effect on the Company's sales, business, prospects, results of operations, financial condition and/or cash flows. Moreover, natural disasters due to climate change or otherwise, such as tornadoes, fires, hurricanes, tsunamis earthquakes, whether occurring in the U.S. or abroad, and their related consequences and effects, including energy shortages and public health issues, could result in economic instability and/or disruptions to the Company’s operations and/or the operations of the Company’s retail customers, distributors, third-party-suppliers and other vendors, which could have a material adverse effect on the Company's sales, business, prospects, results of operations, financial condition and/or cash flows.

The Company's products are subject to federal, state and international regulations that could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

The Company’s business is subject to numerous laws, regulations and trade policies. The Company is subject to regulation by the FTC and the FDA in the U.S., as well as various other federal, state, local and foreign regulatory authorities, including those in the EU, Canada and other countries in which the Company operates. The Company's Oxford, North Carolina manufacturing facility is registered with the FDA as a drug manufacturing establishment, permitting the manufacture of cosmetics and other beauty-care products that contain over-the-counter drug ingredients, such as sunscreens, anti-perspirant deodorants and anti-dandruff hair-care products. Regulations in the U.S., the EU, Canada and other countries in which the Company operates that are designed to protect consumers or the environment, such as regulations enacted to address the impacts of climate change, have an increasing influence on the Company's product claims, ingredients and packaging. To the extent federal, state, local and/or foreign regulatory changes occur in the future, whether due to changes in applicable laws or regulations or evolving interpretations and enforcement policies by regulatory authorities, they could require the Company to reformulate or discontinue certain of its products or revise its product packaging or labeling, any of which could result in, among other things, increased costs to the Company, delays in product launches, product returns or recalls and lower net sales, and therefore could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

Any violation of the U.S. Foreign Corrupt Practices Act or other similar foreign anti-corruption laws could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

A significant portion of the Company’s revenue is derived from operations outside the U.S. and the Company has significant facilities outside the U.S., which exposes the Company to complex foreign and U.S. regulations inherent in conducting international business transactions. The Company is subject to compliance with the U.S. Foreign Corrupt Practices Act ("FCPA") and other similar foreign anti-corruption laws, which generally prohibit companies and their intermediaries from making improper payments to foreign government officials for the purpose of obtaining or retaining business and other types of improper payments. While the Company’s employees and agents are required to comply with these laws and the Company has developed policies and procedures to facilitate compliance with such laws, there is no assurance that the Company’s policies and procedures will prevent all violations of these laws, despite the Company’s long-standing commitment to conducting its business and achieving its objectives by maintaining the highest level of ethical standards and legal compliance. The SEC and the U.S. Department of Justice, and their foreign counterparts, have continued to increase their enforcement activities with respect to the FCPA and similar foreign anti-corruption laws and any violation of these laws or allegations of such may result in severe criminal and civil sanctions, as well as other substantial costs and penalties, any of which could have a material adverse effect the Company’s business, prospects, results of operations, financial condition and/or cash flows.

Disruptions to or breaches of the Company's information technology systems, and potential failure to adequately detect or resolve such interruptions or breaches in a timely manner, may have a material adverse effect on the Company's business operations, prospects, results of operations and, financial condition which could lead to reputational damage and significant liabilities.

The operation of the Company's business depends on the Company's information technology systems. The Company relies on its information technology systems to effectively manage, among other things, the Company's business data, communications, supply chain, inventory management, customer order entry and order fulfillment, processing transactions, summarizing and reporting results of operations, human resources benefits and payroll management, compliance with regulatory, legal and tax requirements and other processes and data necessary to manage the Company's business. Disruptions to the Company's information technology systems, including any disruptions to the Company's current systems and/or as a result of transitioning to additional or replacement information technology systems, as the case may be, could disrupt the Company's business and could result in, among other things, transaction errors, processing inefficiencies, loss of data and the
33


REVLON, INC. AND SUBSIDIARIES
loss of sales and customers, which could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows. In addition, the Company's information technology systems may be vulnerable to damage or interruption from circumstances beyond the Company's control, including, without limitation, fire, natural disasters, power outages, systems disruptions, system conversions, security breaches, cyberattacks, phishing attacks, viruses and/or human error. In any such event, the Company could be required to make a significant investment to fix or replace its information technology systems, and the Company could experience interruptions in its ability to service its customers. These risks have been and may continue to be exacerbated as a result of remote working in response to the COVID-19 pandemic. Any such damage or interruption could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

In addition, as part of the Company's normal business activities, the Company collects and stores certain confidential information, including personal information with respect to customers, consumers and employees, as well as information related to intellectual property, and the success of its e-commerce operations depends on the secure transmission of confidential and personal data over public networks, including the use of cashless payments. The Company may share some of this information with vendors who assist the Company with certain aspects of its business. Moreover, the success of the Company’s e-commerce operations depends upon the secure transmission of confidential and personal data over public networks, including the use of cashless payments. Any failure on the part of the Company or its vendors to maintain the security of this confidential data and personal information, including via the penetration of the Company’s network security (or those if its vendors) and the misappropriation of confidential and personal information, could result in business disruption, damage to the Company’s reputation, financial obligations to third parties, fines, penalties, regulatory proceedings and private litigation, any or all of which could result in the Company incurring potentially substantial costs. Such events could also result in the deterioration of confidence in the Company by employees, consumers and customers and cause other competitive disadvantages. In addition, a security or data privacy breach could require the Company to expend significant additional resources to enhance its information security systems and could result in a disruption to the Company’s operations. Furthermore, third parties, such as the Company’s suppliers and retail customers, may also rely on information technology and be subject to such cybersecurity breaches. These breaches may negatively impact their businesses, which could in turn disrupt the Company’s supply chain and/or the Company’s business operations. Due to the potential significant costs, business disruption and reputational damage that typically accompany a cyberattack or cybersecurity breach, any such event could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

The Company’s information technology systems, or those of its third-party service providers, may be accessed by unauthorized users such as cyber criminals as a result of a disruption, cyberattack or other security breach. Cyberattacks and other cybersecurity incidents are occurring more frequently, are constantly evolving in nature, are becoming more sophisticated and are being made by groups and individuals with a wide range of expertise and motives. Such cyberattacks and cyber incidents can take many forms, including cyber extortion, social engineering, password theft or introduction of viruses or malware, such as ransomware through phishing emails. As techniques used by cyber criminals change frequently, a disruption, cyberattack or other security breach of the Company’s information technology systems or infrastructure, or those of its third-party service providers, may go undetected for an extended period and could result in the theft, transfer, unauthorized access to, disclosure, modification, misuse, loss or destruction of Company, employee, representative, customer, vendor, consumer and/or other third-party data, including sensitive or confidential data, personal information and/or intellectual property. The Company cannot guarantee that its security efforts will prevent or timely detect breaches or breakdowns of the Company’s or its third-party service providers’ information technology systems. The Company also cannot guarantee that it will be able to timely remediate any breaches or breakdowns that it detects. In addition, like most major corporations, the Company's information systems are a target of cyberattacks and although the incidents that the Company has experienced to date have not had a material effect, if the Company suffers a material loss or disclosure of confidential information as a result of a breach of its information technology systems, including those of its third-party service providers, the Company may suffer reputational, competitive and/or business harm, incur significant costs and be subject to government investigations, litigation, fines and/or damages, which could have a material adverse effect on the Company's business, prospects, results of operations, financial condition and/or cash flows.

Further, the Company is subject to an evolving body of federal, state and non-U.S. laws, rules, regulations, guidelines and principles regarding data privacy and security. Several governments, including the E.U., have regulations dealing with the collection and use of personal information obtained from their citizens, and regulators globally are also imposing greater monetary fines for privacy violations. For example, the UK General Data Protection Regulation (the “UK GDPR”) and the European Union’s General Data Protection Regulation (the “GDPR”) each allows for a private right of action, imposes stringent data protection requirements on companies that offer goods or services to, or monitor the behavior of, individuals in the United Kingdom or the European Economic Area, as applicable. The UK GDPR and the GDPR establishes a robust framework of data
34


REVLON, INC. AND SUBSIDIARIES
subjects’ rights and imposes onerous accountability obligations on companies, with penalties for noncompliance of up to the greater of 17.5 million British pounds or 20 million euros, respectively, or 4% of annual global revenue.

In addition, the State of California enacted a data privacy law applicable to entities serving or employing California residents (the “CCPA”) that required compliance by January 2020. The UK GDPR, GDPR, the CCPA and other changes in federal, state and foreign laws, rules or regulations associated with the enhanced protection of certain types of sensitive data and other personal information, require the Company to evaluate its current operations, information technology systems and data handling practices and to implement enhancements and adaptations where necessary to comply with these new laws, rules and regulations, which could greatly increase the Company’s operational costs or require the Company to adapt certain operations or activities to comply with the stricter regulatory requirements. The Company's inability to comply with such laws, rules, regulations, guidelines and principles or to quickly adapt the Company's practices to reflect them as they develop, could potentially subject the Company to significant fines, damages, liabilities and reputational harm, which could have a material adverse effect on the Company’s business, prospects, results of operations, financial condition and/or cash flows.

Uncertainties in the interpretation and application of the income tax provisions could have a material impact on the Company's financial condition, results of operations and/or cash flows.

The Company is subject to taxes in the United States and in certain foreign jurisdictions. Due to economic and political conditions, tax rates in various jurisdictions may be subject to significant change. The Company's future effective tax rates could be affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in the valuation of deferred tax assets and liabilities, or changes in tax laws or their interpretation, including in the United States.

The Company is also subject to the examination of our tax returns and other tax matters by the Internal Revenue Service (the “IRS”) and other tax authorities and governmental bodies. The Company regularly assesses the likelihood of an adverse outcome resulting from these examinations to determine the adequacy of its provision for taxes. There can be no assurance as to the outcome of these examinations. If the Company's effective tax rates were to increase, particularly in the United States, or if the ultimate determination of the Company's taxes owed is for an amount in excess of amounts previously accrued, it may have a material adverse effect on the Company's business, financial condition and results of operations.

In December 2017, President Donald Trump signed into law legislation that significantly revises the Internal Revenue Code of 1986, as amended (the “Code”). Such changes include a reduction in the corporate tax rate from 35% to 21% and limitations on certain corporate deductions and credits, including significant limitations on the deductibility of interest, among other changes. Notwithstanding the implementation of this reform during the prior years, the new legislation may continue to have material impact on the Company's results of operations, which may be material.



35


REVLON, INC. AND SUBSIDIARIES
Item 1B. Unresolved Staff Comments

None.

Item 2. Properties

The following table sets forth, as of December 31, 2021, the Company's major manufacturing, research and development and warehouse/distribution facilities by the segment that each facility primarily operates in, all of which are owned by the Company, except where otherwise noted.
Location Segment(s) Use Approximate Floor Space Sq. Ft.
Oxford, North Carolina Revlon, Portfolio, Elizabeth Arden, Fragrances
Manufacturing, warehousing, distribution and office (a)
1,012,000 
Jacksonville, Florida Revlon, Portfolio
Manufacturing, warehousing, distribution and office (a) (b)
731,000 
Salem, Virginia Elizabeth Arden Warehousing and distribution (leased) 482,000 
Roanoke, Virginia Elizabeth Arden Warehousing and distribution (leased) 399,000 
Mississauga, Canada Revlon Warehousing, distribution and office (leased) 195,000 
Tarragona, Spain Portfolio, Elizabeth Arden, Fragrances Manufacturing, warehousing, distribution and office 175,000 
Bologna, Italy Revlon, Portfolio Manufacturing, warehousing, distribution and office 137,000 
Queretaro, Mexico Portfolio, Elizabeth Arden Manufacturing, warehousing, distribution and office 128,000 
Canberra, Australia Revlon Warehousing and distribution 125,000 
Edison, New Jersey Revlon, Portfolio, Elizabeth Arden Research and development and office (leased) 124,000 
Rietfontein, South Africa Revlon Warehousing, distribution and office (leased) 118,000 
Isando, South Africa Revlon Manufacturing, warehousing, distribution and office 94,000 
Stone, United Kingdom Revlon Warehousing and distribution (leased) 92,000 
(a)Property subject to liens under the 2016 Credit Agreements.
(b)Owned: 512,000 Sq. Ft.; Leased: 219,000 Sq. Ft.

In addition to the facilities described above, the Company owns and leases additional facilities in various areas throughout the world, including the lease of the Company's offices in New York, New York (approximately 153,000 square feet) and the office lease in Cornella, Spain (approximately 89,000 square feet). Management considers the Company's facilities to be well-maintained and satisfactory for the Company's operations, and believes that the Company's facilities and third-party contractual supplier arrangements provide sufficient capacity for its current and expected production requirements.

Item 3. Legal Proceedings
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 not reasonably likely to have a material adverse effect on the Company’s business, prospects, results of operations, financial condition and/or cash flows. 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.

Item 4. Mine and Safety Disclosures

Not applicable.
36

REVLON, INC. AND SUBSIDIARIES
(all tabular amounts in millions, except share and per share amounts)
PART II - OTHER INFORMATION

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Revlon’s only class of capital stock outstanding at December 31, 2021 is its Class A Common Stock. MacAndrews & Forbes, which is beneficially owned by Ronald O. Perelman, at December 31, 2021 beneficially owned 46,223,321 shares of Revlon’s Class A Common Stock, with a par value of $0.01 per share (the "Class A Common Stock"). Revlon's only class of capital stock outstanding at December 31, 2021 was its Class A Common Stock. As a result, at December 31, 2021, Mr. Perelman, indirectly through MacAndrews & Forbes, beneficially owned approximately 86.1% of the issued and outstanding shares of Revlon's Class A Common Stock, which represented approximately 86.1% of the voting power of Revlon’s capital stock. The remaining 7,443,292 shares of Class A Common Stock that were issued and outstanding at December 31, 2021 were owned by the public.
Revlon's Class A Common Stock is listed on the New York Stock Exchange (the "NYSE") and traded under the symbol "REV" principally in the U.S. on the FINRA Alternative Display Facility, the NYSE, the EDGX Exchange and the NASDAQ Intermarket Trading System, among others. At December 31, 2021, there were approximately 246 holders of record of Class A Common Stock (which does not include the number of beneficial owners holding indirectly through a broker, bank or other nominee). No cash dividends were declared or paid during 2021 and 2020 by Revlon on its Class A Common Stock. The terms of the 2016 Credit Agreements, the 2019 Term Loan Agreement and the 6.25% Senior Notes Indenture currently restrict Products Corporation’s ability to pay dividends or make distributions to Revlon, except in limited circumstances, which, in turn, limits Revlon's ability to pay dividends to its stockholders. See "Financial Condition, Liquidity and Capital Resources — Long-Term Debt Instruments" and Note 8, "Debt," to the Company's Audited Consolidated Financial Statements in this 2021 Form 10-K.
For information on securities authorized for issuance under the Company’s equity compensation plans, see "Item 12 - Security Ownership of Certain Beneficial Owners and Related Stockholder Matters."

Item 6. Selected Financial Data

Not applicable, as a smaller reporting company.


37

REVLON, INC AND SUBSIDIARIES
COMBINED MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(all tabular amounts in millions, except share and per share amounts)
Item 7. Combined Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with the Company’s consolidated financial statements and related notes and the section entitled “Forward-Looking Statements” this 2021 Form 10-K. As discussed in more detail in the Section entitled “Forward-Looking Statements,” this discussion contains forward-looking statements, which involve risks and uncertainties.
COVID-19 Pandemic

While the Company continues to execute its business strategy, the ongoing and prolonged COVID-19 pandemic has adversely impacted net sales in all major commercial regions around the globe that are important to the Company's business. The COVID-19 pandemic’s adverse impact on the global economy has contributed to significant and extended quarantines and other social distancing measures; the increased prevalence of remote working arrangements for employees in certain industries; disruptions in the global supply chain for a number of industries, including consumer retail, and related consumer products shortages and price increases for consumer products; closures, bankruptcies and/or reduced operations of retailers, beauty salons, spas, offices and manufacturing facilities; labor shortages with employers in many industries, including consumer retail, experiencing increased competition to recruit, hire and retain employees; travel and transportation restrictions leading to declines in consumer traffic in key shopping and tourist areas around the globe; and import and export restrictions. These adverse conditions have resulted in the general slowdown of the global economy, in turn contributing to declines in net sales within some of the Company’s reporting segments and regions. However, with the roll out of COVID-19 vaccinations in the United States in 2021 and the easing of COVID-19 restrictions in 2021, the Company is seeing a resumption in consumer spending and consumption. The Company continues to closely monitor the impacts of COVID-19 including the impacts of any new variants of COVID-19 and subsequent “waves” of the pandemic, and will take appropriate actions in an effort to mitigate the COVID-19 pandemic’s negative effects on the Company’s operations and financial results. See "COVID-19 Impact on the Company’s Business" below for more details.

Liquidity and Ability to Continue as a Going Concern

Each reporting period, the Company assesses its ability to continue as a going concern for one year from the date the financial statements are issued. At December 31, 2021, the Company had a liquidity position of $171.5 million, consisting of: (i) $102.4 million of unrestricted cash and cash equivalents (with approximately $97.2 million held outside the U.S.); (ii) $72.4 million in available borrowing capacity under the Amended 2016 Revolving Credit Facility (which had $289.6 million drawn at such date); and less (iii) approximately $3.3 million of outstanding checks. Under the Amended 2016 Revolving Credit Facility, as Products Corporation’s consolidated fixed charge coverage ratio ("FCCR") was greater than 1.0 to 1.0 as of December 31, 2021, all of the approximately $72.4 million of availability under the Amended 2016 Revolving Credit Facility was available as of such date. The Company's evaluation includes its ability to meet its future contractual obligations and other conditions and events that may impact its liquidity.

The Company continues to focus on cost reduction and risk mitigation actions to address both the ongoing and prolonged impacts from the COVID-19 pandemic as well as other risks in the business environment. It expects to generate additional liquidity through continued actions related to the RGGA program and other cost control initiatives as well as funds provided by selling certain assets or other strategic transactions in connection with the Company's ongoing Strategic Review. If sales continue to decline, the Company’s cost control initiatives may include reductions in discretionary spend and reductions in investments in capital and permanent displays. Management believes that its recent debt refinancing activities, along with existing cash and cash equivalents and cost control initiatives provides the Company with sufficient liquidity to meet its obligations and maintain business operations for the next twelve months.

However, there can be no assurance that available funds will be sufficient to meet the Company’s cash requirements on a consolidated basis, as, among other things, the Company’s liquidity can be impacted by a number of factors, including its level of sales, costs and expenditures, as well as accounts receivable and inventory, which serve as the principal variables impacting the amount of liquidity available under the Amended 2016 Revolving Credit Facility and the 2021 Foreign Asset-Based Term Facility. For example, subject to certain exceptions, revolving loans under the Amended 2016 Revolving Credit Facility and term loans under the 2021 Foreign Asset-Based Term Facility must be prepaid to the extent that outstanding loans exceed the applicable borrowing base, consisting of certain accounts receivable, inventory and real estate.

38

REVLON, INC AND SUBSIDIARIES
COMBINED MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(all tabular amounts in millions, except share and per share amounts)
Overview

Overview of the Business
Revlon, Inc. ("Revlon" and together with its subsidiaries, the "Company") conducts its business exclusively through its direct wholly-owned operating subsidiary, Revlon Consumer Products Corporation ("Products Corporation"), and its subsidiaries. Revlon is an indirect majority-owned subsidiary of MacAndrews & Forbes Incorporated (together with certain of its affiliates other than the Company, "MacAndrews & Forbes"), a corporation beneficially owned by Ronald O. Perelman.
The Company operates in four brand-centric reporting segments that are aligned with its organizational structure based on four global brand teams: Revlon; Elizabeth Arden; Portfolio; and Fragrances. The Company manufactures, markets and sells an extensive array of beauty and personal care products worldwide, including color cosmetics; fragrances; skin care; hair color, hair care and hair treatments; beauty tools; men's grooming products; anti-perspirant deodorants; and other beauty care products.
Business Strategy

The Company remains focused on its 3 key strategic pillars to drive its future success and growth. First, strengthening its iconic brands through innovation and relevant product portfolios; second, building its capabilities to better communicate and connect with its consumers through media channels where they spend the most time; and third, ensuring availability of its products where consumers shop, both in-store and increasingly online. The Company has continued to deliver against the objectives of the Revlon 2020 Restructuring Program (subsequently renamed during 2021 the Revlon Global Growth Accelerator, “RGGA”, as herein after defined), which includes rightsizing our organization with the objectives of driving improved profitability, cash flow and liquidity. The Company is also managing the business to conserve cash and liquidity, as well as continuing to focus on stabilizing the business, growing e-commerce and preparing the foundation for achieving future growth. 

Strategic Review
MacAndrews & Forbes and the Company continue to explore strategic transactions involving the Company and third parties. This review is ongoing and remains focused on exploring potential options for the Company's portfolio and regional brands (the “Strategic Review”).

COVID-19 Impact on the Company’s Business

While the Company continues to execute its business strategy, the ongoing and prolonged COVID-19 pandemic has periodically adversely impacted net sales in all major commercial regions around the globe that are important to the Company's business. COVID-19 has contributed to significant and extended quarantines, stay-at-home orders and other social distancing measures; global supply chain disruptions, including manufacturing and transportation delays, due to closures, employee absences, port congestion, labor and container shortages, and shipment delays, increased transportation costs, tight labor markets and inflationary pressures, closures and bankruptcies of retailers, beauty salons, spas, offices and manufacturing facilities; increased levels of unemployment; travel and transportation restrictions leading to declines in consumer traffic in key shopping and tourist areas around the globe; and import and export restrictions. As the Company currently expects that the COVID-19 pandemic will periodically continue to impact its business going forward, the Company will continue to closely monitor the associated impacts and take appropriate actions in an effort to mitigate the COVID-19 pandemic’s negative effects on the Company’s operations and financial results.

For additional information regarding the Company's business, see "Part 1, Item 1 - Business" in the Company's 2021 Form 10-K.

Overview of Net Sales and Earnings Results

Consolidated net sales in the year ended December 31, 2021 were $2,078.7 million, a $174.4 million increase, or 9.2%, compared to $1,904.3 million in the year ended December 31, 2020. Excluding the $44.7 million favorable FX impact, consolidated net sales increased by $129.7 million, or 6.8%, during the year ended December 31, 2021. The XFX net sales increase of $129.7 million in the year ended December 31, 2021 was due to: a $49.0 million, or 10.6%, increase in Elizabeth Arden segment net sales; a $43.4 million, or 12.4%, increase in Fragrances segment net sales; a $25.6 million, or 3.7%, increase in Revlon segment net sales; and a $11.7 million or 2.9%, increase in Portfolio segment net sales.
39

REVLON, INC AND SUBSIDIARIES
COMBINED MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(all tabular amounts in millions, except share and per share amounts)
Consolidated loss from continuing operations, net of taxes, in the year ended December 31, 2021 was $206.9 million, compared to consolidated loss from continuing operations, net of taxes, of $619.0 million in the year ended December 31, 2020. The $412.1 million decrease in consolidated loss from continuing operations, net of taxes, in the year ended December 31, 2021, compared to year ended December 31, 2020, was primarily due to:
$185.8 million of higher gross profit, primarily due to the higher net sales in the year ended December 31, 2021, primarily as a result of the effects of the COVID-19 on net sales during the prior year period;
a $152.6 million decrease in the provision for income taxes in the year ended December 31, 2021, compared to the prior year period, primarily due to: the establishment of a valuation allowance on net federal deferred tax assets in the prior year;
a $144.1 million decrease in impairment charges attributable to the non-cash impairment charges of $111.0 million and of $33.1 million recorded on the Company's goodwill and on certain of the Company's indefinite-lived intangible assets, respectively, following the Company's interim impairment assessments during the year ended December 31, 2020, all of which are primarily attributable to the effects of COVID-19, compared to having no impairment charges for the year ended December 31, 2021;
a $23.6 million decrease in restructuring charges, primarily related to lower expenditures under RGGA in the year ended December 31, 2021, compared to the expenditures incurred primarily under the Revlon 2020 Restructuring program (subsequently renamed RGGA) in the year ended December 31, 2020;
a $6.9 million net decrease in other miscellaneous expenses, net, in the year ended December 31, 2021, compared to the prior year period, primarily due to financing fees expensed in 2020 in connection with the 2020 BrandCo Refinancing Transactions;
a $2.7 million decrease in acquisition, integration and divestiture costs in the year ended December 31, 2021, compared to the prior year period, primarily driven by the amortization of the cash-based awards under Tier 1 and Tier 2 of the Revlon 2019 TIP (see Note 12, "Stock Compensation Plan," to the Company's Consolidated Financial Statements in this Form 10-K for additional details on the 2019 TIP); and
$0.6 million of higher gain on divested assets primarily related to the sale of certain assets in the year ended December 31, 2021, consisting of the Company's Gatineau brand;
with the foregoing partially offset by:
$27.3 million of higher SG&A expenses in the year ended December 31, 2021, compared to the prior year period, primarily driven by the increased level of activity compared to the prior year, as the Company shows signs of rebound from the negative effects of the ongoing COVID-19 pandemic;
a $43.1 million decrease in gain on the early extinguishment of debt from the repurchase and cancellation of approximately $157.2 million in aggregate principal face amount of Products Corporation's 5.75% Senior Notes during the year ended December 31, 2020, compared to having no gain during the year ended December 31, 2021;
$16.6 million of unfavorable variance in foreign currency, resulting from $10.6 million in foreign currency losses during the year ended December 31, 2021, compared to $6.0 million in foreign currency gains during the year ended December 31, 2020;
a $12.8 million increase in amortization of debt issuance costs in the year ended December 31, 2021, compared to the prior year period, primarily due to the additional debt issuance costs recorded and amortized in connection with the 2021 and 2020 Refinancing Transactions; and
a $4.4 million increase in interest expense in the year ended December 31, 2021, compared to the prior year period, primarily due to higher weighted average interest rates driven primarily by the 2020 BrandCo Term Loan Facility.

40

REVLON, INC AND SUBSIDIARIES
COMBINED MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(all tabular amounts in millions, except share and per share amounts)
Operating Segments

The Company operates in four reporting segments: Revlon; Elizabeth Arden; Portfolio; and Fragrances:
Revlon - The Revlon segment is comprised of the Company's flagship Revlon brands. Revlon segment products are primarily marketed, distributed and sold in the mass retail channel, large volume retailers, chain drug and food stores, chemist shops, hypermarkets, general merchandise stores, e-commerce sites, television shopping, department stores, professional hair and nail salons, one-stop shopping beauty retailers and specialty cosmetic stores in the U.S. and internationally under brands such as Revlon in color cosmetics; Revlon ColorSilk and Revlon Professional in hair color; and Revlon in beauty tools.
Elizabeth Arden - The Elizabeth Arden segment is comprised of the Company's Elizabeth Arden branded products. The Elizabeth Arden segment markets, distributes and sells fragrances, skin care and color cosmetics primarily to prestige retailers, department and specialty stores, perfumeries, boutiques, e-commerce sites, the mass retail channel, travel retailers and distributors, as well as direct sales to consumers via its Elizabeth Arden branded retail stores and elizabetharden.com e-commerce business under brands such as Elizabeth Arden Ceramide, Prevage, Eight Hour, SUPERSTART, Visible Difference and Skin Illuminating in the Elizabeth Arden skin care brands; and Elizabeth Arden White Tea, Elizabeth Arden Red Door, Elizabeth Arden 5th Avenue and Elizabeth Arden Green Tea in Elizabeth Arden fragrances.
Portfolio - The Company’s Portfolio segment markets, distributes and sells a comprehensive line of premium, specialty and mass products primarily to the mass retail channel, hair and nail salons and professional salon distributors in the U.S. and internationally and large volume retailers, specialty and department stores under brands such as Almay and SinfulColors in color cosmetics; American Crew in men's grooming products (which are also sold direct-to-consumer on its americancrew.com website); CND in nail polishes, gel nail color and nail enhancements; Cutex in nail care products; and Mitchum in anti-perspirant deodorants. The Portfolio segment also includes a multi-cultural hair care line consisting of Creme of Nature hair care products, which are sold in both professional salons and in large volume retailers and other retailers, primarily in the U.S.; and a hair color line under the Llongueras brand (licensed from a third party) that is sold in the mass retail channel, large volume retailers and other retailers, primarily in Spain.
Fragrances - The Fragrances segment includes the development, marketing and distribution of certain owned and licensed fragrances, as well as the distribution of prestige fragrance brands owned by third parties. These products are typically sold to retailers in the U.S. and internationally, including prestige retailers, specialty stores, e-commerce sites, the mass retail channel, travel retailers and other international retailers. The owned and licensed fragrances include brands such as: (i) Juicy Couture (which are also sold direct-to-consumer on its juicycouturebeauty.com website), John Varvatos and AllSaints in prestige fragrances; (ii) Britney Spears, Elizabeth Taylor, Christina Aguilera, Jennifer Aniston and Mariah Carey in celebrity fragrances; and (iii) Curve, Giorgio Beverly Hills, Ed Hardy, Charlie, Lucky Brand, ‹PS› (logo of former Paul Sebastian brand), Alfred Sung, Halston, Geoffrey Beene and White Diamonds in mass fragrances.



41

REVLON, INC AND SUBSIDIARIES
COMBINED MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(all tabular amounts in millions, except share and per share amounts)
Results of Operations — Revlon, Inc.

Consolidated Net Sales:

Consolidated net sales in the year ended December 31, 2021 were $2,078.7 million, a $174.4 million increase, or 9.2%, compared to $1,904.3 million in the year ended December 31, 2020. Excluding the $44.7 million favorable FX impact, consolidated net sales increased by $129.7 million, or 6.8%, during the year ended December 31, 2021. The XFX net sales increase of $129.7 million in the year ended December 31, 2021 was due to: a $49.0 million, or 10.6%, increase in Elizabeth Arden segment net sales; a $43.4 million, or 12.4%, increase in Fragrances segment net sales; a $25.6 million, or 3.7%, increase in Revlon segment net sales; and a $11.7 million or 2.9%, increase in Portfolio segment net sales.

Segment Results:

The Company's management evaluates segment profit for each of the Company's reportable segments. The Company allocates corporate expenses to each reportable segment to arrive at segment profit, as these expenses are included in the internal measure of segment operating performance. The Company defines segment profit as income from continuing operations before interest, taxes, depreciation, amortization, stock-based compensation expense, gains/losses on foreign currency fluctuations, gains/losses on the early extinguishment of debt and miscellaneous expenses. Segment profit also excludes the impact of certain items that are not directly attributable to the segments' underlying operating performance. The Company does not have any material inter-segment sales. For a reconciliation of segment profit to loss from continuing operations before income taxes, see Note 16, "Segment Data and Related Information," to the Company's Audited Consolidated Financial Statements in this Form 10-K.

The following table provide a comparative summary of the Company's segment results for the periods presented.
Net Sales Segment Profit
Year Ended December 31, Change
XFX Change (a)
Year Ended December 31, Change
XFX Change (a)
2021 2020 $ % $ % 2021 2020 $ % $ %
Revlon $ 727.9  $ 688.4  $ 39.5  5.7  % $ 25.6  3.7  % $ 86.8  $ 86.5  $ 0.3  0.3  % $ (2.9) (3.4) %
Elizabeth Arden 532.3  463.5  68.8  14.8  % 49.0  10.6  % 62.8  39.6  23.2  58.6  % 19.1  48.2  %
Portfolio 419.1  401.3  17.8  4.4  % 11.7  2.9  % 71.0  47.4  23.6  49.8  % 22.3  47.0  %
Fragrances 399.4  351.1  48.3  13.8  % 43.4  12.4  % 72.3  66.6  5.7  8.6  % 4.9  7.4  %
Total $ 2,078.7  $ 1,904.3  $ 174.4  9.2  % $ 129.7  6.8  % $ 292.9  $ 240.1  $ 52.8  22.0  % $ 43.4  18.1  %

(a) XFX excludes the impact of foreign currency fluctuations.

Revlon Segment

Revlon segment net sales in the year ended December 31, 2021 were $727.9 million, a $39.5 million, or 5.7%, increase, compared to $688.4 million in the year ended December 31, 2020. Excluding the $13.9 million favorable FX impact, total Revlon segment net sales in the year ended December 31, 2021 increased by $25.6 million, or 3.7%, compared to the year ended December 31, 2020. The Revlon segment's XFX increase in net sales of $25.6 million in the year ended December 31, 2021 was driven primarily by higher net sales of Revlon-branded professional hair care products in International regions, and higher net sales of Revlon color cosmetics, primarily in North America. This increase was due, primarily, to retail channels continuing to show signs of improvement from the effects of the ongoing COVID-19 pandemic, as well as salons' increased activity in connection with progressive and/or temporary lifting of restrictions related to the ongoing COVID-19 pandemic, partially offset by decreased net sales in North America of Revlon ColorSilk and Revlon-branded hair-care products.

Revlon segment profit in the year ended December 31, 2021 was $86.8 million, a $0.3 million, or 0.3%, increase, compared to $86.5 million in the year ended December 31, 2020. Excluding the $3.2 million favorable FX impact, Revlon segment profit in the year ended December 31, 2021 decreased by $2.9 million, or 3.4%, compared to the year ended December 31, 2020. This decrease was driven primarily by the Revlon segment's higher brand support and other SG&A expenses, partially offset by higher net sales and slightly higher gross profit margin.
42

REVLON, INC AND SUBSIDIARIES
COMBINED MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(all tabular amounts in millions, except share and per share amounts)

Elizabeth Arden Segment

Elizabeth Arden segment net sales in the year ended December 31, 2021 were $532.3 million, a $68.8 million, or 14.8%, increase, compared to $463.5 million in the year ended December 31, 2020. Excluding the $19.8 million favorable FX impact, Elizabeth Arden segment net sales in the year ended December 31, 2021 increased by $49.0 million, or 10.6%, compared to the year ended December 31, 2020. The Elizabeth Arden segment XFX increase in net sales of $49.0 million in the year ended December 31, 2021 was driven primarily by higher net sales of Green Tea fragrances, primarily in International regions, and Ceramide skin care products, both in International regions and in North America, and, to a lower extent, higher net sales of White Tea fragrances, as well as other Elizabeth Arden-branded fragrances and skin care products, primarily in International regions. This increase was due, primarily, to growth in e-commerce net sales, as well as an increase in the travel retail business, while there are also signs of improvements from the effects of the ongoing COVID-19 pandemic on foot traffic at department stores and other retail outlets, and it was partially offset by lower net sales of Prevage.

Elizabeth Arden segment profit in the year ended December 31, 2021 was $62.8 million, a $23.2 million, or 58.6%, increase, compared to $39.6 million in the year ended December 31, 2020. Excluding the $4.1 million favorable FX impact, Elizabeth Arden segment profit in the year ended December 31, 2021 increased by $19.1 million, or 48.2%, compared to the year ended December 31, 2020. This increase was driven primarily by the Elizabeth Arden segment's higher net sales and higher gross profit margin, partially offset by higher brand support and other SG&A expenses to support the increase in sales activity.

Portfolio Segment
Portfolio segment net sales in the year ended December 31, 2021 were $419.1 million, a $17.8 million, or 4.4%, increase, compared to $401.3 million in the year ended December 31, 2020. Excluding the $6.1 million favorable FX impact, total Portfolio segment net sales in the year ended December 31, 2021 increased by $11.7 million, or 2.9%, compared to the year ended December 31, 2020. The Portfolio segment XFX increase in net sales of $11.7 million in the year ended December 31, 2021 was driven primarily by higher net sales of American Crew men's grooming products, and also by higher net sales in North America of CND nail products and Almay color cosmetics, partially offset by lower net sales of previously sold brands and of certain local and regional skin care products brands, primarily in International regions. The increase was primarily in connection with retail channels continuing to show signs of improvement from the effects of the ongoing COVID-19 pandemic.

Portfolio segment profit in the year ended December 31, 2021 was $71.0 million, a $23.6 million, or 49.8%, increase compared to $47.4 million in the year ended December 31, 2020. Excluding the $1.3 million favorable FX impact, Portfolio segment profit in the year ended December 31, 2021 increased by $22.3 million, or 47.0%, compared to the year ended December 31, 2020. This increase was driven primarily by the Portfolio segment's higher net sales and higher gross profit margin, as well as lower SG&A, achieved primarily through RGGA, partially offset by higher brand support expenses to support the increase in sales activity.

Fragrances Segment
Fragrances segment net sales in the year ended December 31, 2021 were $399.4 million, a $48.3 million, or 13.8%, increase, compared to $351.1 million in the year ended December 31, 2020. Excluding the $4.9 million favorable FX impact, total Fragrances segment net sales in the year ended December 31, 2021 increased by $43.4 million, or 12.4%, compared to the year ended December 31, 2020. The Fragrances segment XFX increase in net sales of $43.4 million in the year ended December 31, 2021 was driven primarily by higher net sales of Juicy Couture, John Varvatos, Britney Spears and Curve fragrances, partially offset by lower net sales of other distributed fragrances, primarily in North America, primarily due to a recovery from the ongoing COVID-19 pandemic, as retailers are restocking their inventory levels.

Fragrances segment profit in the year ended December 31, 2021 was $72.3 million, a $5.7 million, or 8.6%, increase, compared to $66.6 million in the year ended December 31, 2020. Excluding the $0.8 million favorable FX impact, Fragrances segment profit in the year ended December 31, 2021 increased by $4.9 million, or 7.4%, compared to the year ended December 31, 2020. This increase was driven primarily by the Fragrances segment's higher net sales, as described above, partially offset by the segment's higher brand support and other SG&A expenses primarily due to the increase in sales activity.
43

REVLON, INC AND SUBSIDIARIES
COMBINED MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(all tabular amounts in millions, except share and per share amounts)
Geographic Results:
The following tables provide a comparative summary of the Company's North America and International net sales for the periods presented:
Year Ended December 31, Change
XFX Change (a)
2021 2020 $ % $ %
Revlon
North America $ 389.4  $ 381.0  $ 8.4  2.2  % $ 6.1  1.6  %
International 338.5  307.4  31.1  10.1  % 19.5  6.3  %
Elizabeth Arden
North America $ 109.8  $ 104.4  $ 5.4  5.2  % $ 3.4  3.3  %
International 422.5  359.1  63.4  17.7  % 45.6  12.7  %
Portfolio
North America $ 274.0  $ 247.9  $ 26.1  10.5  % $ 25.0  10.1  %
International 145.1  153.4  (8.3) (5.4) % (13.3) (8.7) %
Fragrances
North America $ 282.9  $ 253.4  $ 29.5  11.6  % $ 29.0  11.4  %
International 116.5  97.7  18.8  19.2  % 14.4  14.7  %
        Total Net Sales $ 2,078.7  $ 1,904.3  $ 174.4  9.2  % $ 129.7  6.8  %
(a) XFX excludes the impact of foreign currency fluctuations.

Revlon Segment

North America

In North America, Revlon segment net sales in the year ended December 31, 2021 increased by $8.4 million, or 2.2%, to $389.4 million, compared to $381.0 million in the year ended December 31, 2020. Excluding the $2.3 million favorable FX impact, Revlon segment net sales in North America in the year ended December 31, 2021 increased by $6.1 million, or 1.6%, compared to the year ended December 31, 2020. The Revlon segment's $6.1 million XFX increase in North America net sales in the year ended December 31, 2021 was primarily due to the Revlon segment's higher net sales of Revlon color cosmetics, which year-to-date positive performance was driven by the increase in sales experienced during the year ended December 31, 2021, as disclosed elsewhere above, partially offset by lower net sales of Revlon ColorSilk hair color products and Revlon-branded hair-care products.

International

Internationally, Revlon segment net sales in the year ended December 31, 2021 increased by $31.1 million, or 10.1%, to $338.5 million, compared to $307.4 million in the year ended December 31, 2020. Excluding the $11.6 million favorable FX impact, Revlon segment International net sales in the year ended December 31, 2021 increased by $19.5 million, or 6.3%, compared to the year ended December 31, 2020. The Revlon segment's $19.5 million XFX increase in International net sales in the year ended December 31, 2021 was driven primarily by the Revlon segment's higher net sales of Revlon-branded professional hair-care products and of Revlon ColorSilk hair color products, primarily in the EMEA region. This increase was partially offset primarily by lower net sales of Revlon color cosmetics attributable to the negative year-to-date effects of the COVID-19 pandemic on this item in this region.

Elizabeth Arden Segment

North America

In North America, Elizabeth Arden segment net sales in the year ended December 31, 2021 increased by $5.4 million, or 5.2%, to $109.8 million, compared to $104.4 million in the year ended December 31, 2020. Excluding the $2.0 million favorable FX impact, Elizabeth Arden segment net sales in North America in the year ended December 31, 2021 increased by $3.4 million, or 3.3%, compared to the year ended December 31, 2020. The Elizabeth Arden segment's $3.4 million XFX
44

REVLON, INC AND SUBSIDIARIES
COMBINED MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(all tabular amounts in millions, except share and per share amounts)
increase in North America net sales in the year ended December 31, 2021 was driven primarily by the Elizabeth Arden segment's higher net sales of Ceramide skin care products, as well as certain other Elizabeth Arden-branded fragrances. This increase was due, primarily, to signs of improvements from the effects of the ongoing COVID-19 pandemic on foot traffic at department stores and other retail outlets, and it was partially offset by lower net sales of Prevage.

International

Internationally, Elizabeth Arden segment net sales in the year ended December 31, 2021 increased by $63.4 million, or 17.7%, to $422.5 million, compared to $359.1 million in the year ended December 31, 2020. Excluding the $17.8 million favorable FX impact, Elizabeth Arden segment International net sales in the year ended December 31, 2021 increased by $45.6 million, or 12.7%, compared to the year ended December 31, 2020. The Elizabeth Arden segment's $45.6 million XFX increase in International net sales in the year ended December 31, 2021 was driven primarily by higher net sales of Green Tea fragrance, Ceramide skin care products and White Tea fragrances, as well as, to a lesser extent, other Elizabeth Arden-branded fragrances and skin care products. This increase was due, primarily, to growth in e-commerce net sales, as well as an increase in the travel retail business, while there are also signs of improvements from the effects of the ongoing COVID-19 pandemic on foot traffic at department stores and other retail outlets, and it was partially offset by lower net sales of Prevage.

Portfolio Segment

North America

In North America, Portfolio segment net sales in the year ended December 31, 2021 increased by $26.1 million, or 10.5%, to $274.0 million, as compared to $247.9 million in the year ended December 31, 2020. Excluding the $1.1 million favorable FX impact, Portfolio segment net sales in North America in the year ended December 31, 2021 increased by $25.0 million, or 10.1%, compared to the year ended December 31, 2020. The Portfolio segment's $25.0 million XFX increase in North America net sales in the year ended December 31, 2021 was driven primarily by the Portfolio segment's higher net sales of American Crew men's grooming products, CND nail products and Almay color cosmetics, primarily in connection with retail channels continuing to show signs of improvement from the effects of the ongoing COVID-19 pandemic. This increase was partially offset by lower net sales of certain local and regional skin care products brands and, to a lower extent, of Mitchum anti-perspirant deodorants.

International

Internationally, Portfolio segment net sales in the year ended December 31, 2021 decreased by $8.3 million, or 5.4%, to $145.1 million, compared to $153.4 million in the year ended December 31, 2020. Excluding the $5.0 million favorable FX impact, Portfolio segment International net sales decreased by $13.3 million, or 8.7%, in the year ended December 31, 2021, compared to the year ended December 31, 2020. The Portfolio segment's $13.3 million XFX decrease in International net sales in the year ended December 31, 2021 was driven primarily by the Portfolio segment's lower net sales of previously sold brands and of certain local and regional skin care products brands. This decrease was partially offset primarily by higher net sales of Mitchum anti-perspirant deodorants and American Crew men's grooming products, primarily in connection with retail channels starting to show signs of improvement from the effects of the ongoing COVID-19 pandemic.

Fragrances Segment

North America

In North America, Fragrances segment net sales in the year ended December 31, 2021 increased by $29.5 million, or 11.6%, to $282.9 million, as compared to $253.4 million in the year ended December 31, 2020. Excluding the $0.5 million favorable FX impact, Fragrances segment net sales in North America increased by $29.0 million, or 11.4%, in the year ended December 31, 2021, compared to the year ended December 31, 2020. The Fragrances segment's $29.0 million XFX increase in North America net sales in the year ended December 31, 2021 was driven primarily by higher net sales of Juicy Couture, John Varvatos and Britney Spears fragrances, as well as other certain licensed fragrance brands, partially offset by lower net sales of other distributed fragrances. This increase is primarily due to a recovery from the ongoing COVID-19 pandemic, as retailers are restocking their inventory levels.

45

REVLON, INC AND SUBSIDIARIES
COMBINED MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(all tabular amounts in millions, except share and per share amounts)
International

Internationally, Fragrances segment net sales in the year ended December 31, 2021 increased by $18.8 million, or 19.2%, to $116.5 million, compared to $97.7 million in the year ended December 31, 2020. Excluding the $4.4 million favorable FX impact, Fragrances segment International net sales increased by $14.4 million, or 14.7%, in the year ended December 31, 2021, compared to the year ended December 31, 2020. The Fragrances segment's $14.4 million XFX increase in International net sales in the year ended December 31, 2021 was driven primarily by higher net sales of Juicy Couture, Britney Spears and John Varvatos fragrances, as well as, to a lower extent, of other certain licensed fragrance brands, primarily due to a recovery from the ongoing COVID-19 pandemic, as retailers are restocking their inventory levels.

Gross profit:
The table below shows the Company's gross profit and gross margin for the periods presented:
Year Ended December 31,
2021 2020 Change
Gross profit $ 1,229.6  $ 1,043.8  $ 185.8 
Percentage of net sales 59.2  % 54.8  % 4.4  %

Gross profit increased by $185.8 million in the year ended December 31, 2021, as compared to the year ended of 2020. Gross profit as a percentage of net sales (i.e., gross margin) in the year ended December 31, 2021 increased by 4.4 percentage points, as compared to the year ended December 31, 2020. The increase in gross margin in the year ended December 31, 2021, as compared to the year ended December 31, 2020, was impacted primarily by favorable foreign currency impacts, lower manufacturing costs attributable to the effects of the ongoing COVID-19 pandemic compared to the prior year period, lower sales returns and favorable product mix, partially offset by lower favorable inventory adjustment in the year ended December 31, 2021.

SG&A expenses:
The table below shows the Company's SG&A expenses for the periods presented:
Year Ended December 31,
2021 2020 Change
SG&A expenses $ 1,099.1  $ 1,071.8  $ 27.3 

SG&A expenses increased by $27.3 million in the year ended December 31, 2021, compared to the year ended December 31, 2020, driven primarily by:
higher brand support expenses of approximately $51 million, resulting from the resumption of activities to sustain the higher level of net sales across all segments, compared to the year ended December 31, 2021, when brand support expense had been reduced in response to the early periods of the COVID-19 pandemic;
unfavorable FX impact of approximately $21 million; and
higher distribution expenses of approximately $7 million, driven primarily by the increase in net sales
with the foregoing partially offset by:
lower general and administrative expenses of approximately $42 million, primarily driven by cost reductions achieved through the Company's initiatives designed to mitigate the adverse impact of the ongoing and prolonged COVID-19 pandemic on the Company's operations, as well as the Revlon 2020 Restructuring Program.

46

REVLON, INC AND SUBSIDIARIES
COMBINED MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(all tabular amounts in millions, except share and per share amounts)
Acquisition, integration and divestiture costs:
The table below shows the Company's acquisition, integration and divestiture costs for the periods presented:
Year Ended December 31,
2021 2020 Change
     Divestiture Costs 2.3  5.0  (2.7)
Total acquisition, integration and divestiture costs
$ 2.3  $ 5.0  $ (2.7)

The Company incurred $2.3 million of divestiture costs in the year ended December 31, 2021 primarily relating to the amortization of the cash-based awards under Tier 1 and Tier 2 of the Revlon 2019 TIP (the "2019 TIP"). (See Note 12, "Stock Compensation Plan," to the Company's Consolidated Financial Statements in this Form 10-K for additional details).

The Company incurred $5.0 million of divestiture costs in the year ended December 31, 2020 including approximately $4.2 million relating to the amortization of the cash-based awards under Tier 1 and Tier 2 of the Revlon 2019 TIP and $0.7 million in professional fees incurred in connection with the exploration of strategic transactions involving Revlon and third parties.

Restructuring charges and other, net:
The table below shows the Company's restructuring charges and other, net for the periods presented:
Year Ended December 31,
2021 2020 Change
Restructuring charges and other, net $ 26.1  $ 49.7  $ (23.6)

Restructuring charges and other, net, decreased $23.6 million during the year ended December 31, 2021, compared to the year ended December 31, 2020, primarily due to lower expenditures under RGGA during the year ended December 31, 2021 as compared to the expenditures incurred primarily under the Revlon 2020 Restructuring Program during the year ended December 31, 2020.

Revlon Global Growth Accelerator Program
On May 10, 2021, the Company announced that it is expanding the existing Revlon 2020 Restructuring Program through 2023. The Company renamed the revised program the Revlon Global Growth Accelerator (“RGGA”). RGGA includes a reinvestment strategy to strengthen our brands and drive long-term profitable margin and revenue growth through realized incremental productivity initiatives and enhanced capabilities.

The major initiatives underlying the RGGA program include:
Strategic Growth: Boost organic sales growth behind our strategic pillars – brands, markets, and channels -- to deliver an approximate mid-single digit compound average annual growth rate through 2023;
Operating Efficiencies: Drive additional operational efficiencies and cost savings to fuel investments in revenue growth; and
Build Capabilities: Enhance capabilities and up-skill employees in order to evolve our culture to promote agility and deliver transformational change.

Under RGGA, the Company expects to deliver an updated range of annualized cost reductions of approximately $275 million to $325 million from 2020 through the end of 2023. Approximately 50% of these annualized cost reductions were realized from the headcount reductions that occurred in 2020. The remaining cost reductions will be realized through reductions in SG&A expenses and cost of goods sold. The Company achieved $57 million of cost reductions during the year ended December 31, 2021, bringing the total cost reductions realized since the inception of the program to approximately $184 million, with the balance to be realized during 2022 and 2023.

In connection with implementing RGGA, the Company expects to recognize an updated cost range of approximately $185 million and $205 million of total pre-tax restructuring and related charges, consisting of employee-related costs, such as
47

REVLON, INC AND SUBSIDIARIES
COMBINED MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(all tabular amounts in millions, except share and per share amounts)
severance, pension and other termination costs, as well as related third party expenses. The Company also expects to incur approximately $15 million of additional capital expenditures. Under the RGGA program, the Company incurred pre-tax restructuring and related charges of approximately $33.1 million during 2021, $101.9 million cumulative to date, and expects to incur the remainder during 2022 and 2023. The Company expects that substantially all of these restructuring and related charges will be paid in cash, with $95.3 million of the total cumulative charges paid as of December 31, 2021, with the remainder to be paid during 2022 and 2023.

In connection with RGGA, during the year ended December 31, 2021, the Company recorded $33.1 million of total pre-tax restructuring and related charges consisting primarily of (i) $26.1 million of employee severance, other personnel benefits and other costs; and (ii) $7.0 million of lease and other restructuring-related charges that were recorded within SG&A and cost of sales. Since its inception and through December 31, 2021, the Company recorded $101.9 million of total pre-tax restructuring and related charges consisting primarily of (i) $76.6 million of employee severance, other personnel benefits and other costs; and (ii) $25.3 million of lease and other restructuring-related charges that were recorded within SG&A and cost of sales.

Since its inception in March 2020 and through December 31, 2021, approximately 960 positions have been eliminated worldwide under RGGA.

On March 2, 2022, the Company announced that it is extending and expanding its existing Revlon Global Growth Accelerator (“RGGA”) program through 2024. The extension and expansion will allow the Company to continue to focus on identifying and implementing new opportunities programmatically. The extension and expansion will provide an additional year to implement larger projects and help make up for supply chain headwinds and the extended COVID restrictions throughout the globe.

The major initiatives underlying the RGGA Program will remain and include:
Strategic Growth: Boost organic sales growth behind our strategic pillars – brands, markets, and channels -- to deliver mid-single digit Compound Average Annual Growth Rate through 2024.
Operating Efficiencies: Drive additional operational efficiencies and cost savings for margin improvement and to fuel investments in growth.
Build Capabilities: Build capabilities and embed the Revlon culture of one vision, one team.

Under this extension and expansion, the Company expects to deliver an additional range of annualized cost reductions of approximately $50 million to $65 million through the end of 2024. In connection with implementing the extension and expansion, the Company expects to recognize an additional cost range of approximately $8 million to $10 million of total pre-tax restructuring and related charges. The Company also expects to incur approximately $5 million of additional capital expenditures.

For further information on the RGGA, see Note 2, "Restructuring Charges," to the Company's Consolidated Financial Statements in this Form 10-K. For further information on the extension and expansion of the RGGA, see Note 21, "Subsequent Events" to the Company's Consolidated Financial Statements in this Form 10-K.

Impairment Charges:
The table below shows the Company's impairment charges for the periods presented:
Year Ended December 31,
2021 2020 Change
Impairment charges $ —  $ 144.1  $ (144.1)

During the year ended December 31, 2021, in connection with its annual impairment analysis, the Company determined no indicators of impairment existed and no impairment charges were recognized for the year ended December 31, 2021. During the year ended December 31, 2020, the Company recorded non-cash impairment charges of $111.0 million and $33.1 million on the Company's goodwill and on certain of the Company's indefinite-lived intangible assets, respectively, following the Company's interim impairment assessments during the first and second quarters of 2020, all of which are primarily attributable to the effects of COVID-19.

48

REVLON, INC AND SUBSIDIARIES
COMBINED MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(all tabular amounts in millions, except share and per share amounts)
For further information on these non-cash impairment charges, see Note 6, “Goodwill and Intangible Assets, Net,” to the Company's Consolidated Financial Statements in this Form 10-K.

Interest expense:
The table below shows the Company's interest expense for the periods presented:
Year Ended December 31,
2021 2020 Change
Interest expense $ 247.7  $ 243.3  $ 4.4 

The $4.4 million increase in interest expense during the year ended December 31, 2021, as compared to the year ended December 31, 2020, was primarily due to higher weighted average interest rates driven primarily by the 2020 BrandCo Term Loan Facility.

Gain on early extinguishment of debt:
Year Ended December 31,
2021 2020 Change
   Gain on early extinguishment of debt
$ —  $ (43.1) $ 43.1 

Gain on early extinguishment of debt for the year ended December 31, 2020 includes net debt extinguishment gains of $31.2 million recorded during the third quarter of 2020 and $11.9 million recorded during the second quarter of 2020 upon the repurchase and subsequent cancellation of approximately $157.2 million in aggregate principal face amount of Products Corporation's 5.75% Senior Notes occurring in the second and third quarters of 2020.

For information on the terms and conditions of these debt instruments, see Note 8, “Debt,” to the Company's Consolidated Financial Statements in this Form 10-K. Also, please refer to "Financial Condition, Liquidity and Capital Resources - Long-Term Debt Instruments" in Item 2 of this Form 10-K for further information.

Foreign currency losses (gains), net:

The table below shows the Company's foreign currency losses (gains), net for the periods presented:
Year Ended December 31,
2021 2020 Change
Foreign currency losses (gains), net $ 10.6  $ (6.0) $ 16.6 

The $16.6 million increase in foreign currency losses (gains), net, during the year ended December 31, 2021, compared to the year ended December 31, 2020, was primarily driven by the net unfavorable impact of foreign currency fluctuations on certain U.S. Dollar denominated intercompany payables compared to the prior year's period.

Provision for income taxes:

The table below shows the Company's provision for income taxes for the periods presented:
Year Ended December 31,
2021 2020 Change
Provision for income taxes $ 6.2  $ 158.8  $ (152.6)

49

REVLON, INC AND SUBSIDIARIES
COMBINED MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
(all tabular amounts in millions, except share and per share amounts)
The Company recorded a provision for income taxes of $6.2 million for the year ended December 31, 2021, compared to a provision for income taxes of $158.8 million for the year ended December 31, 2020. The $152.6 million decrease in the provision for income taxes for the year ended December 31, 2021, compared to same period in 2020, was primarily due to: the establishment of a valuation allowance on net federal deferred tax assets in the prior year.

The Company's effective tax rate for the year ended December 31, 2021 was lower than the federal statutory rate of 21% primarily due to losses for which no tax benefit can be recognized. On March 11, 2021, President Biden signed into law the “American Rescue Plan Act of 2021” (the "ARPA") which expands the Employee Retention Credit and the roster of ‘covered employees’ under §162(m) deduction limits. The ARPA did not have a significant impact on the Company’s financial results.

The Company's effective tax rate for the year ended December 31, 2020 was lower than the federal statutory rate of 21% primarily due to the increase in the valuation allowance recorded on the net federal deferred tax assets and the impact of non-deductible impairment charges, which was partially offset by the impact of the "Coronavirus Aid, Relief and Economic Security Act" (the "CARES Act"), signed into law on March 27, 2020 by President Trump, which resulted in a partial release of a valuation allowance on the Company's 2019 federal tax attributes associated with the limitation on the deductibility of interest.

As of December 31, 2021, the Company concluded that, based on its evaluation of objectively verifiable evidence, it continues to be more likely than not that its net federal deferred tax assets are not recoverable. In assessing the realizability of deferred tax assets, the key assumptions used to determine positive and negative evidence included the Company’s cumulative taxable income or loss for the past three years, future reversals of existing taxable temporary differences, the Company's cost reduction initiatives and efficiency efforts, as well as the ongoing and prolonged impact of the COVID-19 pandemic on the Company. Accordingly, the Company recorded a charge of $25.2 million in the fourth quarter of 2021 ($189.5 million in 2020) as a reserve against its net federal deferred tax assets.

For further information, see Note 13, "Income Taxes," to the Company's Audited Consolidated Financial Statements in this Form 10-K.

Results of Operations — Products Corporation

Products Corporation's Consolidated Statements of Operations and Comprehensive Loss are essentially identical to Revlon, Inc.'s Consolidated Statements of Operations and Comprehensive Loss, except for the following:
Year Ended December 31,
2021 2020
Net loss - Revlon, Inc. $ (206.9) $ (619.0)
Selling, general and administrative expenses 7.6  7.2 
Miscellaneous, net (15.1) — 
Provision for income taxes 3.0  18.3 
Net loss - Products Corporation $ (211.4) $ (593.5)

Refer to Revlon’s “Management Discussion and Analysis of Financial Condition and Results of Operations” herein.


Financial Condition, Liquidity and Capital Resources

At December 31, 2021, the Company had a liquidity position of $171.5 million, consisting of: (i) $102.4 million of unrestricted cash and cash equivalents (with approximately $97.2 million held outside the U.S.); (ii) $72.4 million in available borrowing capacity under the Amended 2016 Revolving Credit Facility (which had $289.6 million drawn at such date); and less (iii) approximately $3.3 million of outstanding checks. Under the Amended 2016 Revolving Credit Facility, as Products Corporation’s consolidated fixed charge coverage ratio ("FCCR") was greater than 1.0 to 1.0 as of December 31, 2021, all of the approximately $72.4 million of availability under the Amended 2016 Revolving Credit Facility was available as of such date.
Liquidity and Ability to Continue as a Going Concern
Each reporting period, the Company assesses its ability to continue as a going concern for one year from the date the financial statements are issued.

The Company continues to focus on cost reduction and risk mitigation actions to address the ongoing impact from the COVID-19 pandemic as well as other risks in the business environment. It expects to generate additional liquidity through continued cost control initiatives as well as funds provided by selling certain assets or other strategic transactions in connection with the Company's ongoing Strategic Review. If sales continue to decline, the Company’s cost control initiatives may include reductions in discretionary spend and reductions in investments in capital and permanent displays. Management believes that the debt transactions completed during the year ended December 31, 2021, along with existing cash and cash equivalents and cost control initiatives provides the Company with sufficient liquidity to meet its obligations and maintain business operations for the next twelve months.

However, there can be no assurance that available funds will be sufficient to meet the Company’s cash requirements on a consolidated basis, as, among other things, the Company’s liquidity can be impacted by a number of factors, including its level of sales, costs and expenditures, as well as accounts receivable and inventory, which serve as the principal variables impacting the amount of liquidity available under the Amended 2016 Revolving Credit Facility and the 2021 Foreign Asset-Based Term Facility. For example, subject to certain exceptions, revolving loans under the Amended 2016 Revolving Credit Facility and term loans under the 2021 Foreign Asset-Based Term Facility must be prepaid to the extent that outstanding loans exceed the applicable borrowing base, consisting of certain accounts receivable, inventory and real estate.

Recent Debt Transactions

Second Quarter of 2021 Financing Transactions

On May 7, 2021, Products Corporation entered into Amendment No. 8 to the Amended 2016 Revolving Credit Agreement (“Amendment No. 8”). Amendment No. 8, among other things, made certain amendments pursuant to which: (i) the maturity date applicable to the “Tranche A” revolving loans and SISO Term Loan Facility (as defined further below in this section within "Amendment No. 7 to the Amended 2016 Revolving Credit Agreement: Tranche A - Revolving Credit Facility and SISO Term Loan Facility") was extended from June 8, 2023 to May 7, 2024, subject to a springing maturity to the earlier of: (x) 91 days prior to the maturity of the 2016 Term Loan Facility on September 7, 2023, to the extent such term loans are then outstanding, and (y) to the extent the Company’s first-in, last-out term loans (the “2020 ABL FILO Term Loans”) are then outstanding, the earliest stated maturity of the 2020 ABL FILO Term Loans; (ii) the commitments under the “Tranche A” revolving facility were reduced from $300 million to $270 million and under the SISO Term Loan Facility were upsized from $100 million to $130 million, (iii) the financial covenant was changed from (A)(x) a minimum excess availability requirement of $20 million when the fixed charge coverage ratio is greater than 1.00x or (y) a minimum excess availability requirement of $30 million when the fixed charge coverage ratio is less than 1.00x to (B) a springing minimum fixed charge coverage ratio of 1.00x when excess availability is less than $27.5 million, (iv) certain advance rates in respect of the borrowing base under the credit agreement were increased, and (v) the perpetual cash dominion requirement was replaced with a springing cash dominion requirement triggered only when excess availability is less than $45 million. In addition, Amendment No. 8 increased the interest rate margin applicable to the “Tranche A” revolving loans to 3.75% from a range of 2.50-3.00% and decreased the LIBOR “floor” applicable thereto from 1.75% to 0.50%.

On May 7, 2021, the Company also entered into a successor agent appointment and agency transfer agreement pursuant to which MidCap Funding IV Trust ("MidCap") succeeded Citibank, N.A. as the collateral agent and administrative agent for the Amended 2016 Revolving Credit Agreement. Products Corporation has paid certain customary fees to MidCap and the lenders under the Amended 2016 Revolving Credit Facility in connection with Amendment No. 8.

Amendment No. 8 included an extinguishment, as defined by ASC 470, Debt, with the prior lenders under the Company's Tranche A Revolving Credit facility and the substitution of such lenders under the revolving credit facility with a new lender, MidCap, with which the Company had no prior loans outstanding. In connection with this transaction:

Fees of $0.8 million paid to the old lenders that were extinguished under the Tranche A Revolving Credit facility were expensed within SG&A on the Company's Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2021;
Deferred financing costs associated with the extinguished, old lenders prior to the effective date of Amendment No. 8, amounting to approximately $4.7 million, were expensed within "Amortization of debt issuance costs” on the Company's Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2021; and
Fees of approximately $2.1 million paid to the new lender and third parties were recorded as deferred financing costs and are amortized in accordance with the straight-line method over the revised term of Tranche A through May 7, 2024.

The above-mentioned Amendment No. 8 also included an extinguishment and a modification of a term loan in connection with the existing SISO Term Loan Facility. More specifically, in accordance with ASC 470, Debt:

Extinguishment accounting was applied to one existing prior lender, which is no longer involved with the SISO Term Loan Facility after Amendment No. 8. In connection with such extinguishment, deferred financing costs of approximately $1.4 million were expensed within "Amortization of debt issuance costs” on the Company's Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2021; and
Modification accounting was applied to those exiting lenders for which the cash flow effect between the amount owed to them before and after the consummation of Amendment No. 8, on a present value basis, was less than 10% and, thus, the debt instruments were not considered to be substantially different. In connection with such modification, fees of approximately $0.9 million paid to the lenders were recorded as deferred financing costs and are amortized within "Amortization of debt issuance costs” (together with previously exiting deferred financing costs associated with these lenders of approximately $4.0 million), in accordance with the new effective interest rate computed over the revised term of the SISO Term Loan Facility. Additionally, approximately $0.4 million of fees paid to third parties were expensed within SG&A on the Company's Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2021.

First Quarter of 2021 Financing Transactions
Tranche A - Revolving Credit Facility and SISO Term Loan Facility

On March 8, 2021, Products Corporation entered into Amendment No. 7 to the Amended 2016 Revolving Credit Agreement (“Amendment No. 7”). Amendment No. 7, among other things, made certain amendments pursuant to which (i) the maturity date applicable to the “Tranche A” revolving loans under the Amended 2016 Revolving Credit Agreement was extended from September 7, 2021 to June 8, 2023, (ii) the commitments under the “Tranche A” revolving facility were reduced from $400 million to $300 million and (iii) a new $100 million senior secured second-in, second-out term loan facility maturing June 8, 2023 (the “SISO Term Loan Facility”) was established and Products Corporation borrowed $100 million of term loans thereunder. Except as to pricing, maturity, enforcement priority and certain voting rights, the terms of the SISO Term Loan Facility were substantially consistent with the first-in, last-out “Tranche B” term loan facility under the Amended 2016 Revolving Credit Agreement, including as to guarantees and collateral.

Term loans under the SISO Term Loan Facility accrue interest at the LIBOR rate, subject to a floor of 1.75%, plus a margin of 5.75%. In addition, Amendment No. 7 increased the interest rate margin applicable to the “Tranche A” revolving loans by 0.50% to a range of 2.50% to 3.0%, depending on average excess revolving availability. Products Corporation paid certain customary fees to Citibank, N.A. and the lenders under the Amended 2016 Revolving Credit Facility in connection with Amendment No. 7.

The above-mentioned Amendment No. 7 represented an exchange of an existing revolving credit agreement with a new revolving credit agreement with the same lenders as defined by ASC 470, Debt, under the revolving credit facility. All pre-existing unamortized deferred financing costs associated with the old revolving credit agreement of approximately $0.8 million were added to the newly incurred deferred financing costs of approximately $4.2 million and their total of approximately $5.1 million will be amortized in accordance with the straight-line method over the term of Tranche A through June 8, 2023. Additionally, approximately $4.3 million of new deferred financing costs were incurred in connection with the SISO Term Loan Facility with the new lenders, which are amortized in accordance with the effective interest method over the term of the facility.

2021 Foreign Asset-Based Term Facility

On March 2, 2021 (the “2021 ABTL Closing Date”), Revlon Finance LLC (the “ABTL Borrower”), a wholly owned indirect subsidiary of Products Corporation, certain foreign subsidiaries of Products Corporation party thereto as guarantors, the lenders party thereto and Blue Torch Finance LLC, as administrative agent and collateral agent (the “ABTL Agent”), entered into an Asset-Based Term Loan Credit Agreement (the “2021 Foreign Asset-Based Term Agreement”, and the term loan facility thereunder, the “2021 Foreign Asset-Based Term Facility”).

Principal and Maturity: The 2021 Foreign Asset-Based Term Facility provides for a U.S. dollar-denominated senior secured asset-based term loan facility in an aggregate principal amount of $75 million, the full amount of which was funded on the closing of the facility. On the 2021 ABTL Closing Date, approximately $7.5 million of the proceeds of the 2021 Foreign Asset-Based Term Facility were deposited in an escrow account by the ABTL Agent pending completion of certain post-closing perfection actions with respect to certain foreign real property of the guarantors constituting collateral securing the 2021 Foreign Asset-Based Term Facility. Such perfection actions were subsequently completed, and the escrowed funds were released to the ABTL Borrower. The 2021 Foreign Asset-Based Term Facility has an uncommitted incremental facility pursuant to which it may be increased from time to time by up to the amount of the borrowing base in effect at the time such incremental facility is incurred, subject to certain conditions and the agreement of the lenders providing such increase. The proceeds of the loans under the 2021 Foreign Asset-Based Term Facility were used: (i) to repay in full the obligations under the 2018 Foreign Asset-Based Term Facility (the “ABTL Refinancing”); (ii) to pay fees and expenses in connection with the 2021 Foreign Asset-Based Term Facility and the ABTL Refinancing; and (iii) for working capital and other general corporate purposes. The 2021 Foreign Asset-Based Term Facility matures on March 2, 2024, subject to a springing maturity date of August 1, 2023 if, on such date, any principal amount of loans under the 2016 Term Loan Agreement due September 7, 2023 remain outstanding.

The 2021 Foreign Asset-Based Term Agreement requires the maintenance of a borrowing base supporting the borrowing thereunder, to be evidenced with the delivery of biweekly borrowing base certificates customary for facilities of this type, with more frequent reporting required upon the triggering of certain events. The borrowing base calculation under the 2021 Foreign Asset-Based Term Facility is based on the sum of: (i) 80% of eligible accounts receivable; (ii) 65% of the net orderly liquidation value of eligible finished goods inventory; and (iii) 45% of the mortgage value of eligible real property, in each case with respect to certain of Products Corporation’s subsidiaries organized in Australia, Bermuda, Germany, Italy, Spain and Switzerland (the “ABTL Borrowing Base Guarantors”). The borrowing bases in each jurisdiction are subject to certain customary availability reserves set by the ABTL Agent.

Guarantees and Security: The 2021 Foreign Asset-Based Term Facility is guaranteed by the Borrowing Base Guarantors, as well as by the direct parent entities of each ABTL Borrowing Base Guarantor (not including Revlon, Inc. or Products Corporation) on a limited recourse basis (the “ABTL Parent Guarantors”) and by certain subsidiaries of Products Corporation organized in Mexico (the “ABTL Other Guarantors” and, together with the ABTL Borrower and the ABTL Borrowing Base Guarantors, the “ABTL Loan Parties”). The obligations of the ABTL Loan Parties and the ABTL Parent Guarantors under the 2021 Foreign Asset-Based Term Facility are secured by first-ranking pledges of the equity of each ABTL Loan Party (other than the Other Guarantors), the inventory and accounts receivable of the ABTL Borrowing Base Guarantors, the material bank accounts of each Loan Party, the material intercompany indebtedness owing to any Loan Party (including any intercompany loans made with the proceeds of the 2021 Foreign Asset-Based Term Facility) and certain other material assets of the ABTL Borrowing Base Guarantors, subject to customary exceptions and exclusions. The 2021 Foreign Asset-Based Term Facility includes a cash dominion feature customary for transactions of this type.

Interest and Fees: Interest is payable on each interest payment date as set forth in the 2021 Foreign Asset-Based Term Agreement, and in any event at least quarterly, and accrues on borrowings under the 2021 Foreign Asset-Based Term Facility at a rate per annum equal to the LIBOR rate, with a floor of 1.50%, plus an applicable margin equal to 8.50%. The ABTL Borrower is obligated to pay certain fees and expenses in connection with the 2021 Foreign Asset-Based Term Facility, including a fee payable to Blue Torch Finance LLC for its services as Agent. Loans under the 2021 Foreign Asset-Based Term Facility may be prepaid without premium or penalty, subject to a prepayment premium equal to 3.0% of the aggregate principal amount of loans prepaid or repaid during the first year after the 2021 ABTL Closing Date, 2.0% of the aggregate principal amount of loans prepaid or repaid during the second year after the 2021 ABTL Closing Date and 1.0% of the aggregate principal amount of loans prepaid or repaid thereafter.

Affirmative and Negative Covenants: The 2021 Foreign Asset-Based Term Agreement contains certain affirmative and negative covenants that, among other things, limit the ABTL Loan Parties’ ability to, subject to various exceptions and
qualifications: (i) incur additional debt; (ii) incur liens; (iii) sell, transfer or dispose of assets; (iv) make investments; (v) make dividends and distributions on, or repurchases of, equity; (vi) make prepayments of contractually subordinated or junior lien debt; (vii) enter into certain transactions with their affiliates, including amending certain material intercompany agreements or trade terms; (viii) enter into sale-leaseback transactions; (ix) change their lines of business; (x) restrict dividends from their subsidiaries or restrict liens; (xi) change their fiscal year; and (xii) modify the terms of certain debt. The ABTL Parent Guarantors are subject to certain customary holding company covenants. The ability of the Loan Parties to make certain intercompany asset sales, investments, restricted payments and prepayments of intercompany debt is contingent on certain "cash movement conditions" or "payment conditions" being met, which among other things, require a certain level of liquidity for the applicable Loan Party to effect such type of transactions. The 2021 Foreign Asset-Based Term Agreement also contains a financial covenant requiring the ABTL Loan Parties to maintain a minimum average balance of cash and cash equivalents of $3.5 million, tested monthly, based on the last 10 business days of each month, subject to certain cure rights. The 2021 Foreign Asset-Based Term Agreement also contains certain customary representations, warranties and events of default.

Prepayments: The ABTL Borrower must prepay loans under the 2021 Foreign Asset-Based Term Facility to the extent that outstanding loans exceed the borrowing base. In lieu of a mandatory prepayment, the Loan Parties may deposit cash into a designated U.S. bank account with the ABTL Agent that is subject to a control agreement (such cash, the “Qualified Cash”). If an event of default occurs and is continuing, the Qualified Cash may be applied, at the ABTL Agent’s option, to prepay the loans under the 2021 Foreign Asset-Based Term Facility. If the borrowing base subsequently exceeds the outstanding loans, the ABTL Borrower can withdraw Qualified Cash from such bank account to the extent of such excess. In addition, the 2021 Foreign Asset-Based Term Facility is subject to mandatory prepayments from the net proceeds from the incurrence by the Loan Parties of debt not permitted thereunder.

As a result of the ABTL Refinancing and the closing of the 2021 Foreign Asset-Based Term Facility without the participation of MacAndrews & Forbes as a lender, MacAndrews & Forbes’ commitment in respect of the New European ABL FILO Facility under the 2020 Restated Line of Credit Facility terminated on the ABTL Closing Date in accordance with its terms.

The proceeds from the 2021 Foreign Asset-Based Term Facility were used to extinguish the entire amount outstanding under the 2018 Foreign Asset-Based Term Facility as of the closing date, which was due on July 9, 2021. In connection with such extinguishment, approximately $1.0 million of pre-existing unamortized deferred financing costs were expensed within "Amortization of Debt Issuance Costs" on the Company’s Consolidated Statement of Operations and Comprehensive Loss for the year ended December 31, 2021. In accordance with the terms of the 2021 Foreign Asset-Based Term Agreement, approximately $13.8 million of the proceeds from the transaction are held in escrow and are recorded within "Prepaid expenses and other assets" on the Company's Consolidated Balance Sheet as of December 31, 2021.

The Company incurred approximately $3.2 million of new debt issuance costs in connection with the closing of the 2021 Foreign Asset-Based Term Facility, which are amortized within "Amortization of debt issuance costs" in accordance with the effective interest method over the term of the facility.

Changes in Cash Flows

As of December 31, 2021, the Company had cash, cash equivalents and restricted cash of $120.9 million, compared with $102.5 million at December 31, 2020. The following table summarizes the Company’s cash flows from operating, investing and financing activities for the periods presented:
Year Ended December 31,
2021 2020
Net cash used in operating activities $ (11.0) $ (97.3)
Net cash used in investing activities (12.1) (10.3)
Net cash provided by financing activities 44.2  102.5 
Effect of exchange rate changes on cash and cash equivalents (2.7) 3.1 
   Net increase (decrease) in cash, cash equivalents and restricted cash 18.4  (2.0)
Cash, cash equivalents and restricted cash at beginning of period 102.5  104.5 
Cash, cash equivalents and restricted cash at end of period $ 120.9  $ 102.5 

Operating Activities
Net cash used in operating activities was $11.0 million and $97.3 million for the year ended December 31, 2021 and 2020, respectively. The decrease in cash used in operating activities for the year ended December 31, 2021, compared to the year ended December 31, 2020, was primarily driven by a lower loss, partially offset by the upfront cash proceeds of $72.5 million obtained in connection with the Helen of Troy License Agreement during 2020.

Investing Activities
Net cash used in investing activities was $12.1 million for the year ended December 31, 2021, compared to $10.3 million of net cash provided by investing activities for the year ended December 31, 2020. The increase in cash used in investing activities primarily related to capital expenditures partially offset by the sale of certain assets in 2021.

Financing Activities
Net cash provided by financing activities was $44.2 million and $102.5 million for the year ended December 31, 2021 and 2020, respectively.
Net cash provided by financing activities for the year ended December 31, 2021 primarily included:
$230.0 million of borrowings under the SISO Term Loan Facility; and
$75.0 million of borrowings under the 2021 Foreign Asset-Based Term Facility;
with the foregoing partially offset by:
$100.0 million of net repayments under the SISO Term Loan Facility;
$58.9 million used to fully repay the 2018 Foreign Asset-Based Term Facility;
$29.3 million of net repayments under the Amended 2016 Revolving Credit Agreement;
$17.9 million of payment of financing costs incurred in connection with the first and second quarters of 2021 refinancing transactions, comprised of: (i) approximately $5.6 million of payments of financing costs incurred in connection with the SISO Term Loan Facility; (ii) approximately $7.0 million of financing costs incurred in connection with the Tranche A revolving credit facility; and (iii) approximately $5.3 million of payments of financing costs incurred in connection with the 2021 Foreign Asset-Based Term Facility;
$15.2 million of interest payments in connection with the troubled debt restructuring accounting treatment of the 2020 Exchange Offer, which were deemed as return of principal to the participating lenders;
$13.9 million of repayments under the 2020 BrandCo Facility;
$13.7 million of decreases in short-term borrowings and overdraft; and
$9.2 million used to partially repay the 2016 Term Loan Facility.
Net cash provided by financing activities for the year ended December 31, 2020 primarily included:
$880.0 million of borrowings under the 2020 BrandCo Term Loan Facility; and
$4.3 million of increases in short-term borrowings and overdraft;
with the foregoing partially offset by:
$200.0 million used to fully repay the 2019 Term Loan Facility;
$281.4 million used to repurchase approximately $324.5 million in aggregate principal face amount of Products Corporation's 5.75% Senior Notes;
$133.5 million used to partially repay the Amended 2016 Revolving Credit Agreement;
$122.0 million used to pay financing costs incurred in connection with the 2020 BrandCo Refinancing Transactions and the 2020 Exchange Offer;
$31.4 million used to partially repay the 2018 Foreign Asset-Based Term Loan; and
$11.5 million used to partially repay the 2016 Term Loan Facility.

Long-Term Debt Instruments

For additional information on the terms and conditions of Products Corporation’s various pre-existing debt instruments and financing transactions, including, without limitation, the 5.75% Senior Notes Exchange Offer, the 2020 BrandCo Facilities, 2016 Term Loan Facility, Amended 2016 Revolving Credit Facility, 2021 Foreign Asset-Based Term Facility, 2019 Term Loan Facility (which was fully repaid as part of consummating the 2020 BrandCo Refinancing Transactions), 2018 Foreign Asset-Based Term Facility (which was fully repaid and refinanced by the 2021 Foreign Asset-Based Term Facility), 2020 Restated Line of Credit Facility (which was terminated in accordance with its terms on December 31, 2020) and 6.25% Senior Notes, reference should be made Note 8, "Debt," to the Company's Audited Consolidated Financial Statements in this 2021 Form 10-K.

Covenants
Products Corporation was in compliance with all applicable covenants under the 2020 BrandCo Credit Agreement, 2016 Credit Agreements, the 2021 Foreign Asset-Based Term Agreement, as well as with all applicable covenants under its 6.25% Senior Notes Indenture, in each case as of December 31, 2021. At December 31, 2021, the aggregate principal amounts outstanding and availability under Products Corporation’s various revolving credit facilities were as follows:
Commitment Borrowing Base Aggregate principal amount outstanding at December 31, 2021 Availability at December 31, 2021 (a)
Tranche A Revolving Credit Facility $ 270.0  $ 182.0  $ 109.6