Item 2.05 Costs Associated with Exit or Disposal Activities
On December 10, 2012, the Finance Committee of the Board of Directors of Avon Products, Inc. (the "Company") approved initiatives relating to global headcount reductions, the closure and rationalization of certain facilities, and the exit of the South Korea and Vietnam markets. These initiatives are expected to be largely completed before the end of 2013.
The Company expects to record total charges related to these initiatives of approximately $80 to $90 million before taxes. Approximately $50 to $60 million of these charges are expected to be recorded in the fourth quarter of 2012, with the remainder expected to be recorded primarily in the first half of 2013.

These charges are expected to be comprised primarily of $55 to $65 million of employee-related costs and $20 to $25 million in accelerated depreciation, in connection with these initiatives. Approximately $65 to $70 million of the total charges are expected to result in future cash expenditures.

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