Company Quick10K Filing
Quick10K
Avon Products
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$4.29 443 $1,901
10-Q 2019-09-30 Quarter: 2019-09-30
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-11-13 Shareholder Vote, Other Events, Exhibits
8-K 2019-11-06 Other Events
8-K 2019-11-06 Other Events
8-K 2019-11-05 Enter Agreement, Exhibits
8-K 2019-10-31 Earnings, Exhibits
8-K 2019-10-04 Enter Agreement, Exhibits
8-K 2019-10-02 Enter Agreement, Shareholder Rights
8-K 2019-09-19 Officers
8-K 2019-08-01 Earnings, Exhibits
8-K 2019-07-31 Enter Agreement, Shareholder Rights, Exhibits
8-K 2019-07-03 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2019-06-25 Other Events, Exhibits
8-K 2019-06-19 Other Events, Exhibits
8-K 2019-05-22 Other Events, Exhibits
8-K 2019-05-22 Enter Agreement, Other Events, Exhibits
8-K 2019-05-16 Officers, Amend Bylaw, Shareholder Vote, Exhibits
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-05-01 Officers, Other Events, Exhibits
8-K 2019-04-25 Other Events, Exhibits
8-K 2019-04-02 Shareholder Vote
8-K 2019-03-19
8-K 2019-03-04 Officers
8-K 2019-02-22 M&A
8-K 2019-02-14 Earnings, Exhibits
8-K 2019-02-12 Enter Agreement, Leave Agreement, Off-BS Arrangement, Exhibits
8-K 2019-01-30 Exit Costs, Other Events, Exhibits
8-K 2019-01-09
8-K 2019-01-08 Enter Agreement
8-K 2018-12-20 Officers
8-K 2018-12-13 Officers
8-K 2018-11-01 Earnings, Exhibits
8-K 2018-09-21 Regulation FD, Exhibits
8-K 2018-08-02 Earnings, Exhibits
8-K 2018-05-16 Shareholder Vote
8-K 2018-04-02 Shareholder Vote
8-K 2018-03-26 Enter Agreement, Exhibits
8-K 2018-03-19 Officers, Shareholder Vote
8-K 2018-02-15 Earnings, Exhibits
8-K 2018-02-03 Officers, Other Events, Exhibits
8-K 2018-01-12 Officers
PG Procter & Gamble 303,959
CL Colgate Palmolive 63,049
CHD Church & Dwight 19,680
SCL Stepan 2,146
EPC Edgewell Personal Care 1,516
REV Revlon 879
ELF e.l.f. Beauty 834
LEVB Level Brands 97
UG United Guardian 90
CAW CCA Industries 21
AVP 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 exhibit101.htm
EX-10.2 exhibit102.htm
EX-31.1 a2019930-ex311.htm
EX-31.2 a2019930-ex312.htm
EX-32.1 a2019930-ex321.htm
EX-32.2 a2019930-ex322.htm

Avon Products Earnings 2019-09-30

AVP 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES OF AMERICA
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
_________________________
FORM 10-Q
_________________________
Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended September 30, 2019
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 1-4881
_________________________
AVON PRODUCTS, INC.
(Exact name of registrant as specified in its charter)
_________________________
New York 13-0544597
(State or other jurisdiction of
Incorporation or organization)
 (I.R.S. Employer
Identification No.)
Building 6, Chiswick Park, London W4 5HR
United Kingdom
(Address of principal executive offices)
+44-1904-232425
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.25 per shareAVPNYSE

Indicate by check mark whether the registrant (1) has 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 registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the 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
If an emerging growth company, indicate by check mark if the registrant has 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 the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

The number of shares of Common Stock (par value $0.25) outstanding at September 30, 2019 was 443,525,346.




TABLE OF CONTENTS
 
  Page
Numbers
Item 1.
Three and Nine Months Ended September 30, 2019 and September 30, 2018




13 - 41
Item 2.
41 - 64
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.


2



PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

AVON PRODUCTS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)

 Three Months Ended
(In millions, except per share data)September 30, 2019September 30, 2018
Product sales$1,117.2  $1,346.3  
Other revenue70.8  77.9  
Total revenue1,188.0  1,424.2  
Costs, expenses and other:
Cost of sales(468.2) (538.4) 
Selling, general and administrative expenses(622.1) (698.9) 
Operating profit97.7  186.9  
Interest expense(32.0) (31.3) 
Loss on extinguishment of debt and credit facilities(8.1)   
Interest income2.1  4.3  
Other income (expense), net57.9  22.2  
Gain on sale of business/assets26.8    
Total other income (expenses)46.7  (4.8) 
Income from continuing operations, before income taxes144.4  182.1  
Income taxes(31.5) (68.3) 
Income from continuing operations, net of tax112.9  113.8  
Loss from discontinued operations, net of tax(6.3)   
Net income106.6  113.8  
Net loss attributable to noncontrolling interests.3  .7  
Net income attributable to Avon$106.9  $114.5  
Earnings (loss) per share
Basic
Basic from continuing operations$0.21  $0.21  
Basic from discontinued operations(0.01)   
Basic attributable to Avon$0.20  $0.21  
Diluted
Diluted from continuing operations$0.21  $0.21  
Diluted from discontinued operations(0.01)   
Diluted attributable to Avon$0.20  $0.21  
The accompanying notes are an integral part of these statements.

3



AVON PRODUCTS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 Nine Months Ended
(In millions, except per share data)September 30, 2019September 30, 2018
Product sales$3,342.2  $3,924.7  
Other revenue207.5  244.9  
Total revenue3,549.7  4,169.6  
Costs, expenses and other:
Cost of sales(1,482.7) (1,657.8) 
Selling, general and administrative expenses(1,942.7) (2,227.0) 
Operating profit124.3  284.8  
Interest expense(95.9) (102.0) 
Loss on extinguishment of debt(10.1) (2.9) 
Interest income5.3  12.0  
Other income (expense), net87.3  .3  
Gain on sale of business/assets50.3    
Total other income (expenses)36.9  (92.6) 
Income before income taxes161.2  192.2  
Income taxes(78.2) (136.5) 
Income from continuing operations, net of tax83.0  55.7  
Loss from discontinued operations, net of tax(29.0)   
Net income54.0  55.7  
Net loss attributable to noncontrolling interests.7  2.4  
Net income attributable to Avon$54.7  $58.1  
Earnings (loss) per share
Basic
Basic from continuing operations$0.14  $0.09  
Basic from discontinued operations(0.06)   
Basic attributable to Avon$0.08  $0.09  
Diluted
Diluted from continuing operations$0.14  $0.09  
Diluted from discontinued operations(0.06)   
Diluted attributable to Avon$0.08  $0.09  
The accompanying notes are an integral part of these statements.

4



AVON PRODUCTS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three Months Ended
(In millions)September 30, 2019September 30, 2018
Net income$106.6  $113.8  
Other comprehensive loss:
Foreign currency translation adjustments  0.8  
Unrealized losses on revaluation of long-term intercompany balances, net of taxes of $0.0
(19.1) (4.6) 
Change in unrealized gains/losses on cash flow hedges, net of taxes of $0.0
.1    
Adjustments and amortization of net actuarial loss and prior service cost, net of taxes of $0.2 and $0.1
1.6  2.1  
 Sale of business(3.4)   
Total other comprehensive loss, net of income taxes(20.8) (1.7) 
Comprehensive income85.8  112.1  
Less: comprehensive loss attributable to noncontrolling interests(.3) (0.9) 
Comprehensive income attributable to Avon$86.1  $113.0  
The accompanying notes are an integral part of these statements.

5



AVON PRODUCTS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)

Nine Months Ended
(In millions)September 30, 2019September 30, 2018
Net income$54.0  $55.7  
Other comprehensive income:
Foreign currency translation adjustments1.3  (49.1) 
Unrealized losses on revaluation of long-term intercompany balances, net of taxes of $0.0
(19.4) (48.7) 
Change in unrealized gains/losses on cash flow hedges, net of taxes of $0.0
(2.5)   
Adjustments of and amortization of net actuarial loss and prior service cost, net of taxes of $0.5 and $0.4
4.7  7.8  
 Sale of business(3.4)   
Total other comprehensive loss, net of income taxes(19.3) (90.0) 
Comprehensive income (loss)34.7  (34.3) 
Less: comprehensive loss attributable to noncontrolling interests(.8) (2.8) 
Comprehensive income (loss) attributable to Avon$35.5  $(31.5) 

The accompanying notes are an integral part of these statements.
6



AVON PRODUCTS, INC.
CONSOLIDATED BALANCE SHEETS
December 31, 2018 (Audited) and September 30, 2019 (Unaudited)
(In millions)September 30,
2019
December 31,
2018
Assets
Current Assets
Cash and cash equivalents$564.2  $532.7  
Accounts receivable, net303.0  349.7  
Inventories499.4  542.0  
Prepaid expenses and other265.4  272.0  
Assets held for sale
18.3  65.6  
Total current assets1,650.3  1,762.0  
Property, plant and equipment, at cost1,101.4  1,207.8  
Less accumulated depreciation(624.4) (650.2) 
Property, plant and equipment, net477.0  557.6  
Right-of-use assets172.3  —  
Goodwill82.5  87.4  
Deferred tax asset174.2  212.6  
Other assets513.9  390.4  
Total assets$3,070.2  $3,010.0  
Liabilities, Series C Convertible Preferred Stock and Shareholders’ Deficit
Current Liabilities
Debt maturing within one year$116.2  $12.0  
Accounts payable642.0  816.5  
Accrued compensation104.4  85.5  
Other accrued liabilities387.9  451.3  
Sales taxes and taxes other than income98.2  103.9  
Income taxes10.4  15.9  
Held for sale liabilities  11.4  
Current liabilities of discontinued operations14.2    
Total current liabilities1,373.3  1,496.5  
Long-term debt1,589.1  1,581.6  
Long-term operating lease liability141.7  —  
Employee benefit plans128.2  128.3  
Long-term income taxes127.4  136.2  
Other liabilities74.6  72.1  
Total liabilities3,434.3  3,414.7  
Series C convertible preferred stock511.1  492.1  
Shareholders’ Deficit
Common stock190.4  190.3  
Additional paid-in capital2,310.5  2,303.6  
Retained earnings2,270.0  2,234.3  
Accumulated other comprehensive loss(1,049.7) (1,030.4) 
Treasury stock, at cost(4,603.3) (4,602.3) 
Total Avon shareholders’ deficit(882.1) (904.5) 
Noncontrolling interests6.9  7.7  
Total shareholders’ deficit(875.2) (896.8) 
Total liabilities, series C convertible preferred stock and shareholders’ deficit$3,070.2  $3,010.0  
7



The accompanying notes are an integral part of these statements.
8



AVON PRODUCTS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Three Months EndedNine Months Ended
(In millions)September 30, 2019September 30, 2018September 30, 2019September 30, 2018
Cash Flows from Operating Activities
Net income$106.6  $113.8  $54.0  $55.7  
Loss from discontinued operations, net of tax(6.3)   (29.0)   
Income from continuing operations, net of tax112.9  113.8  83.0  55.7  
Adjustments to reconcile net income from continuing operations to net cash provided (used) by operating activities:
Depreciation18.1  19.5  54.6  61.1  
Amortization5.9  6.5  18.7  20.3  
Provision for doubtful accounts28.2  40.7  86.9  126.9  
Provision for obsolescence6.0  9.2  22.2  22.5  
Share-based compensation3.7  2.0  8.9  9.5  
Foreign exchange losses (gains).6  (9.5) (6.7) 4.0  
Deferred income taxes14.4  (28.3) 21.7  (28.5) 
Impairment loss on assets2.1    15.4    
Gain on sale of business / assets(26.8)   (50.3)   
Certain Brazil indirect taxes(118.3) (194.7) (118.3) (194.7) 
Other 11.5  11.0  16.7  14.2  
Changes in assets and liabilities:
Accounts receivable(15.2) (43.4) (56.1) (93.4) 
Inventories(7.9)