XML 72 R44.htm IDEA: XBRL DOCUMENT v2.4.1.9
PENSION AND POST-RETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2014
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Expected Benefit Payments [Table Text Block]
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid out of the Company’s pension and other post-retirement benefit plans:
 
Total Pension Benefits
 
Total Other Benefits
2015
$
41.3

 
$
0.8

2016
42.0

 
0.9

2017
42.9

 
0.9

2018
43.8

 
0.9

2019
44.4

 
0.9

Years 2020 to 2024
231.8

 
4.6
Schedule Of Target Ranges Per Asset Class Table [Text Block]
The target ranges per asset class are as follows:
 
Target Ranges
 
U.S. Plans
 
International Plans
Asset Class:
 
 
 
Common and preferred stock
0% - 10%
 
—
Mutual funds
20% - 30%
 
—
Fixed income securities
10% - 30%
 
—
Common and collective funds
25% - 55%
 
100%
Hedge funds
0% - 15%
 
—
Group annuity contract
0% - 5%
 
—
Cash and other investments
0% - 10%
 
—
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block]
The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the Company's pension plans are as follows:
 
December 31,
 
2014
 
2013
Projected benefit obligation
$
761.7

 
$
668.2

Accumulated benefit obligation
761.0

 
667.3

Fair value of plan assets
567.7

 
557.6
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block]
Amounts recognized in accumulated other comprehensive loss at December 31, 2014 in respect of the Company’s pension plans and other post-retirement plans, which have not yet been recognized as a component of net periodic benefit cost, are as follows:
 
Pension Benefits
 
Post-Retirement Benefits
 
Total
Net actuarial loss
$
277.6

 
$
2.5

 
$
280.1

Prior service cost
—

 
—

 
—

Accumulated Other Comprehensive Loss, Gross
277.6

 
2.5

 
280.1

Income tax (benefit) expense
(43.7
)
 
0.1

 
(43.6
)
Portion allocated to Revlon Holdings
(1.0
)
 
(0.2
)
 
(1.2
)
Accumulated Other Comprehensive Loss, Net
$
232.9

 
$
2.4

 
$
235.3
Schedule of Changes in Fair Value of Plan Assets [Table Text Block]
The following table presents information on the fair value of the U.S. and international pension plan assets at December 31, 2014 and 2013:
 
U.S. Plans
 
International Plans
 
2014
 
2013
 
2014
 
2013
Fair value of plan assets
$
496.1

 
$
492.5

 
$
71.6

 
$
65.1
Schedule of Allocation of Plan Assets [Table Text Block]
The fair values of the U.S. and International pension plan assets at December 31, 2014, by asset categories were as follows:
 
Total
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Observable Inputs (Level 2)
 
Significant Unobservable Inputs
 (Level 3)
Common and Preferred Stock:
 
 
 
 
 
 
 
U.S. small/mid cap equity
$
20.5

 
$
20.5

 
$
—

 
$
—

Mutual Funds(a):

 

 

 

Corporate bonds
17.5

 
17.5

 
—

 
—

Government bonds
13.6

 
13.6

 
—

 
—

U.S. large cap equity
68.5

 
68.5

 
—

 
—

International equities
7.3

 
7.3

 
—

 
—

Emerging markets international equity
6.1

 
6.1

 
—

 
—

Other
3.1

 
3.1

 
—

 
—

Fixed Income Securities:

 

 

 

Corporate bonds
55.0

 
—

 
55.0

 
—

Government bonds
10.9

 
—

 
10.9

 
—

Common and Collective Funds(a):

 

 

 

Corporate bonds
75.4

 
—

 
75.4

 
—

Government bonds
60.0

 
—

 
60.0

 
—

U.S. large cap equity
24.3

 
—

 
24.3

 
—

U.S. small/mid cap equity
21.0

 
—

 
21.0

 
—

International equities
89.9

 
—

 
89.9

 
—

Emerging markets international equity
17.6

 
—

 
17.6

 
—

Cash and cash equivalents
3.7

 
—

 
3.7

 
—

Other
3.1

 
—

 
3.1

 
—

Hedge Funds(a):

 

 

 

Corporate bonds
6.8

 
—

 
6.8

 
—

Government bonds
(8.8
)
 
—

 
(8.8
)
 
—

U.S. large cap equity
9.1

 
—

 
9.1

 
—

International equities
15.9

 
—

 
15.9

 
—

Emerging markets international equity
4.1

 
—

 
4.1

 
—

Cash and cash equivalents
26.8

 
—

 
26.8

 
—

Other
4.2

 
—

 
4.2

 
—

Group Annuity Contract
2.8

 
—

 
2.8

 
—

Cash and cash equivalents
9.3

 
9.3

 
—

 
—

Fair value of plan assets at December 31, 2014
$
567.7

 
$
145.9

 
$
421.8

 
$
—

(a) 
The investments in mutual funds, common and collective funds and hedge funds are disclosed above within the respective underlying investments’ class (i.e., various equities, corporate bonds, government bonds and other investment classes), while the fair value hierarchy levels of the investments are based on the Company’s direct ownership unit of account.

The fair values of the U.S. and International pension plan assets at December 31, 2013, by asset categories were as follows:
 
Total
 
Quoted Prices in Active Markets for Identical Assets (Level 1)
 
Significant Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
Common and Preferred Stock:
 
 
 
 
 
 
 
U.S. small/mid cap equity
$
23.1

 
$
23.1

 
$
—

 
$
—

Mutual Funds(a):

 

 

 

Corporate bonds
24.4

 
24.4

 
—

 
—

Government bonds
15.1

 
15.1

 
—

 
—

U.S. large cap equity
68.7

 
68.7

 
—

 
—

International equities
4.3

 
4.3

 
—

 
—

Emerging markets international equity
4.2

 
4.2

 
—

 
—

Other
0.9

 
0.9

 
—

 
—

Fixed Income Securities:

 

 

 

Corporate bonds
46.1

 
—

 
45.8

 
0.3

Government bonds
9.6

 
—

 
8.0

 
1.6

Common and Collective Funds(a):

 

 

 

Corporate bonds
53.7

 
—

 
53.7

 
—

Government bonds
69.8

 
—

 
69.8

 
—

U.S. large cap equity
33.8

 
—

 
33.8

 
—

U.S. small/mid cap equity
23.0

 
—

 
23.0

 
—

International equities
92.1

 
—

 
92.1

 
—

Emerging markets international equity
17.3

 
—

 
17.3

 
—

Cash and cash equivalents
2.0

 
—

 
2.0

 
—

Other
2.9

 
—

 
2.9

 
—

Hedge Funds(a):

 

 

 

Corporate bonds
11.8

 
—

 
11.8

 
—

Government bonds
24.5

 
—

 
24.5

 
—

U.S. large cap equity
4.3

 
—

 
4.3

 
—

International equities
6.1

 
—

 
6.1

 
—

Cash and cash equivalents
5.7

 
—

 
5.7

 
—

Other
4.1

 
—

 
4.1

 
—

Group Annuity Contract
2.6

 
—

 
2.6

 
—

Cash and cash equivalents
7.5

 
7.5

 
—

 
—

Fair value of plan assets at December 31, 2013
$
557.6

 
$
148.2

 
$
407.5

 
$
1.9

(a) 
The investments in mutual funds, common and collective funds and hedge funds are disclosed above within the respective underlying investments’ class (i.e., various equities, corporate bonds, government bonds and other investment classes), while the fair value hierarchy levels of the investments are based on the Company’s direct ownership unit of account.

Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block]
The following table sets forth a summary of changes in the fair values of the U.S. and International pension plans’ Level 3 assets for each of 2014 and 2013:
 
Total
 
Fixed Income Securities
 
Hedge Funds
Balance, December 31, 2012
$
0.6

 
$
0.6

 
$
—

Purchases, sales, and settlements, net
0.6

 
0.6

 
—

Loss on assets held during the period
(0.2
)
 
(0.2
)
 
—

Transfers into Level 3
0.9

 
0.9

 
—

Balance, December 31, 2013
1.9

 
1.9

 
—

Purchases, sales and settlements, net
(0.5
)
 
(0.5
)
 
—

Loss on assets held during the period
—

 
—

 
—

Transfers out of Level 3
(1.4
)
 
(1.4
)
 
—

Balance, December 31, 2014
$
—

 
$
—

 
$
—
Schedule of Net Funded Status [Table Text Block]
The following table provides an aggregate reconciliation of the projected benefit obligations, plan assets, funded status and amounts recognized in the Company’s Consolidated Financial Statements related to the Company's significant pension and other post-retirement benefit plans.
 
Pension Plans
 
Other Post-Retirement Benefit Plans
 
December 31,
 
2014
 
2013
 
2014
 
2013
Change in Benefit Obligation:
 
 
 
 
 
 
 
Benefit obligation - beginning of year
$
(668.2
)
 
$
(744.6
)
 
$
(14.4
)
 
$
(16.5
)
Service cost
(0.8
)
 
(0.9
)
 
—

 
—

Interest cost
(30.1
)
 
(27.6
)
 
(0.5
)
 
(0.6
)
Actuarial gain (loss)
(108.0
)
 
65.5

 
(0.2
)
 
1.6

Benefits paid
41.0

 
39.1

 
0.7

 
0.8

Currency translation adjustments
4.4

 
(0.1
)
 
—

 
0.3

Other
—

 
0.4

 
1.5

 
—

Benefit obligation - end of year
$
(761.7
)
 
$
(668.2
)
 
$
(12.9
)
 
$
(14.4
)
Change in Plan Assets:

 

 

 

Fair value of plan assets - beginning of year
$
557.6

 
$
520.2

 
$
—

 
$
—

Actual return on plan assets
37.6

 
58.1

 
—

 
—

Employer contributions
18.2

 
17.7

 
0.7

 
0.8

Benefits paid
(41.0
)
 
(39.1
)
 
(0.7
)
 
(0.8
)
Currency translation adjustments
(4.7
)
 
0.7

 
—

 
—

Fair value of plan assets - end of year
$
567.7

 
$
557.6

 
$
—

 
$
—

Unfunded status of plans at December 31,
$
(194.0
)
 
$
(110.6
)
 
$
(12.9
)
 
$
(14.4
)
Schedule of Amounts Recognized in Balance Sheet [Table Text Block]
In respect of the Company's pension plans and other post-retirement benefit plans, amounts recognized in the Company’s Consolidated Balance Sheets at December 31, 2014 and 2013 consist of the following:
 
Pension Plans
 
Other Post-Retirement Benefit Plans
 
December 31,
 
2014
 
2013
 
2014
 
2013
Other long-term assets
$
0.8

 
$
—

 
$
—

 
$
—

Accrued expenses and other
$
(6.1
)
 
$
(5.9
)
 
$
(0.7
)
 
$
(0.8
)
Pension and other post-retirement benefit liabilities
(188.7
)
 
(104.7
)
 
(12.2
)
 
(13.6
)
Total liability
(194.0
)
 
(110.6
)
 
(12.9
)
 
(14.4
)
 

 

 

 

Accumulated other comprehensive loss, gross
277.6

 
170.1

 
2.5

 
2.8

Income tax (benefit) expense
(43.7
)
 
(1.8
)
 
0.1

 
0.1

Portion allocated to Revlon Holdings
(1.0
)
 
(0.7
)
 
(0.2
)
 
—

Accumulated other comprehensive loss, net
$
232.9

 
$
167.6

 
$
2.4

 
$
2.9
Schedule of Net Benefit Costs
The components of net periodic benefit (income) costs for the Company’s pension and the other post-retirement benefit plans are as follows:
 


Pension Plans
 
Other
Post-Retirement
Benefit Plans
 
Year Ended December 31,
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Net periodic benefit (income) costs:
 
 
 
Service cost
$
0.8

 
$
0.9

 
$
1.6

 
$
—

 
$
—

 
$
—

Interest cost
30.1

 
27.6

 
30.0

 
0.5

 
0.6

 
0.7

Expected return on plan assets
(41.3
)
 
(38.3
)
 
(35.2
)
 
—

 
—

 
—

Amortization of actuarial loss
4.5

 
8.6

 
8.1

 
0.1

 
0.4

 
0.3

Curtailment gain
—

 
—

 
(1.5
)
 
—

 
—

 
—

 
(5.9
)
 
(1.2
)
 
3.0

 
0.6

 
1.0

 
1.0

Portion allocated to Revlon Holdings
(0.1
)
 
(0.1
)
 
(0.1
)
 
—

 
(0.1
)
 
—

 
$
(6.0
)
 
$
(1.3
)
 
$
2.9

 
$
0.6

 
$
0.9

 
$
1.0
Classification of Net Periodic Benefit (Income) Cost
Net periodic benefit (income) costs are reflected in the Company's Consolidated Financial Statements as follows:
 
Year Ended December 31,
 
2014
 
2013
Net periodic benefit (income) costs:
 
 
 
Cost of sales
$
(4.2
)
 
$
(2.3
)
Selling, general and administrative expense
(0.7
)
 
2.4

Inventories
(0.5
)
 
(0.5
)
 
$
(5.4
)
 
$
(0.4
)
Projected Benefit Obligation Assumptions [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Assumptions Used [Table Text Block]
The following weighted-average assumptions were used to determine the Company’s projected benefit obligation of the Company’s U.S. and International pension plans at the end of the respective years:
 
U.S. Plans
 
International Plans
 
2014
 
2013
 
2014
 
2013
Discount rate
3.89
%
 
4.68
%
 
3.74
%
 
4.48
%
Rate of future compensation increases
3.00
%
 
3.00
%
 
2.33
%
 
3.40
%
Net Periodic Benefit Cost Assumptions [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Assumptions Used [Table Text Block]
The following weighted-average assumptions were used to determine the Company’s net periodic benefit (income) cost of the Company’s U.S. and International pension plans during the respective years:
 
U.S. Plans
 
International Plans
 
2014
 
2013
 
2012
 
2014
 
2013
 
2012
Discount rate
4.68
%
 
3.78
%
 
4.38
%
 
4.48
%
 
4.33
%
 
4.77
%
Expected long-term return on plan assets
7.75
%
 
7.75
%
 
7.75
%
 
6.00
%
 
6.00
%
 
6.22
%
Rate of future compensation increases
3.00
%
 
3.00
%
 
3.50
%
 
3.40
%
 
2.97
%
 
3.05
%