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PENSION AND POST-RETIREMENT BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2018
Retirement Benefits [Abstract]  
Reconciliation of Projected Benefit Obligations, Plan Assets, Funded Status and Amounts Recognized in Consolidated Financial Statements
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,
 
2018
 
2017
 
2018
 
2017
Change in Benefit Obligation:
 
 
 
 
 
 
 
Benefit obligation - beginning of year
$
(661.4
)
 
$
(640.5
)
 
$
(14.0
)
 
$
(13.4
)
Service cost
(2.0
)
 
(3.0
)
 
—

 
—

Interest cost
(18.6
)
 
(19.6
)
 
(0.4
)
 
(0.4
)
Actuarial gain (loss)
42.0

 
(22.3
)
 
1.4

 
(1.1
)
Curtailment gain
—

 
3.3

 
—

 
—

Other pension settlements
—

 
3.6

 
—

 
—

Benefits paid
45.2

 
43.2

 
0.8

 
0.9

Other (a)
—

 
(18.4
)
 
—

 
—

Plan participant contributions
(0.6
)
 
(0.7
)
 
—

 
—

Foreign currency translation adjustments
4.4

 
(7.0
)
 
—

 
—

Benefit obligation - end of year
$
(591.0
)
 
$
(661.4
)
 
$
(12.2
)
 
$
(14.0
)
Change in Plan Assets:
 
 
 
 
 
 
 
Fair value of plan assets - beginning of year
$
497.2

 
$
464.0

 
$
—

 
$
—

Actual return on plan assets
(24.2
)
 
53.5

 
—

 
—

Employer contributions
8.0

 
7.6

 
0.8

 
0.9

Other pension settlements
—

 
(3.6
)
 
—

 
—

Benefits paid
(45.2
)
 
(43.2
)
 
(0.8
)
 
(0.9
)
Other (a)
—

 
11.6

 
—

 
 
Plan participant contributions
0.6

 
0.7

 
—

 
 
Foreign currency translation adjustments
(4.0
)
 
6.6

 
—

 
—

Fair value of plan assets - end of year
$
432.4

 
$
497.2

 
$
—

 
$
—

Unfunded status of plans at December 31,
$
(158.6
)
 
$
(164.2
)
 
$
(12.2
)
 
$
(14.0
)
(a) 
Other includes the addition of a foreign non-qualified defined benefit plan assumed in connection with the Elizabeth Arden Acquisition.
Amounts Recognized in Consolidated Balance Sheets
With respect to the Company's pension plans and other post-retirement benefit plans, amounts recognized in the Company’s Consolidated Balance Sheets at December 31, 2018 and 2017 consisted of the following:
 
Pension Plans
 
Other Post-Retirement Benefit Plans
 
December 31,
 
2018
 
2017
 
2018
 
2017
Other long-term assets
$
4.8

 
$
1.5

 
$
—

 
$
—

 
 
 
 
 
 
 
 
Accrued expenses and other
(5.9
)
 
(6.2
)
 
(0.7
)
 
(0.7
)
Pension and other post-retirement benefit liabilities
(157.5
)
 
(159.5
)
 
(11.5
)
 
(13.3
)
Total liability
$
(158.6
)
 
$
(164.2
)
 
$
(12.2
)
 
$
(14.0
)
 
 
 
 
 
 
 
 
Accumulated other comprehensive loss, gross
$
252.6

 
$
253.2

 
$
2.7

 
$
4.5

Income tax benefit
(44.4
)
 
(43.3
)
 
(0.6
)
 
(0.9
)
Portion allocated to Revlon Holdings
(0.8
)
 
(0.9
)
 
—

 
(0.2
)
Accumulated other comprehensive loss, net
$
207.4

 
$
209.0

 
$
2.1

 
$
3.4
Projected Benefit Obligation, Accumulated Benefit Obligation, a Fair Value of Plan Assets
As of December 31, 2018 and 2017, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company's pension plans are as follows:
 
December 31,
 
2018
 
2017
Projected benefit obligation
$
591.0

 
$
661.4

Accumulated benefit obligation
589.1

 
661.1

Fair value of plan assets
432.4

 
497.2
Components of Net Periodic Benefit (Income) Costs
The components of net periodic benefit costs for the Company's pension and the other post-retirement benefit plans were as follows for the periods presented:
 
 
 
 
 
 
 
 
 
Pension Plans
 
Other
Post-Retirement Benefit Plans
 
Year Ended December 31,
 
2018
 
2017
 
2018
 
2017
Net periodic benefit costs:
 
 
 
 
 
 
 
Service cost
$
2.0

 
$
3.0

 
$
—

 
$
—

Interest cost
18.6

 
19.6

 
0.4

 
0.4

Expected return on plan assets
(27.8
)
 
(28.6
)
 
—

 
—

Amortization of actuarial loss
9.2

 
9.5

 
0.4

 
0.3

Curtailment gain(a)
(0.1
)
 
(2.6
)
 
—

 
—

Total net periodic benefit costs prior to allocation
$
1.9

 
$
0.9

 
$
0.8

 
$
0.7

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

 
—

Total net periodic benefit costs
$
1.8

 
$
0.8

 
$
0.8

 
$
0.7

(a) As a result of the Elizabeth Arden Acquisition, the Company recognized $0.1 million and $2.6 million in curtailment gains related to a foreign non-qualified defined benefit plan of an Elizabeth Arden subsidiary for the years ended December 31, 2018 and 2017, respectively.
Classification of Net Periodic Benefit (Income) Costs
Net periodic benefit costs are reflected in the Company's Consolidated Financial Statements as follows for the periods presented:
 
Year Ended December 31,
 
2018
 
2017
Net periodic benefit (income) costs:
 
 
 
Cost of sales
$
0.1

 
$
—

Selling, general and administrative expense
1.9

 
3.0

Miscellaneous, net
0.6

 
(1.5
)
Total net periodic benefit costs(a)
$
2.6

 
$
1.5

(a) As a result of the Company's adoption of ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715) - Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost, in 2018, the Company presents the service cost component of NPPC and NPPBC in the same income statement line items as other employee compensation costs arising from services rendered during the period (i.e., in cost of sales and SG&A) and presents the other components of NPPC and NPPBC below operating income, in miscellaneous, net.
Summary of Unrecognized Components of Net Periodic Benefit Cost
Amounts recognized in accumulated other comprehensive loss at December 31, 2018 with respect to the Company’s pension plans and other post-retirement plans, which have not yet been recognized as a component of net periodic benefit cost, were as follows:
 
Pension Benefits
 
Post-Retirement Benefits
 
Total
Net actuarial loss
$
252.7

 
$
2.7

 
$
255.4

Prior service cost
(0.1
)
 
—

 
(0.1
)
Accumulated Other Comprehensive Loss, Gross
252.6

 
2.7

 
255.3

Income tax benefit
(44.4
)
 
(0.6
)
 
(45.0
)
Portion allocated to Revlon Holdings
(0.8
)
 
—

 
(0.8
)
Accumulated Other Comprehensive Loss, Net
$
207.4

 
$
2.1

 
$
209.5
Assumptions Used
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
 
2018
 
2017
 
2018
 
2017
Discount rate
4.13
%
 
3.47
%
 
2.52
%
 
2.19
%
Rate of future compensation increases
3.50
%
 
3.50
%
 
2.02
%
 
1.75
%
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
 
2018
 
2017
 
2018
 
2017
Discount rate
3.47
%
 
3.92
%
 
2.19
%
 
2.24
%
Expected long-term return on plan assets
6.00
%
 
6.50
%
 
4.95
%
 
4.81
%
Rate of future compensation increases
3.50
%
 
3.50
%
 
1.75
%
 
2.01
%
The target ranges per asset class in effect for 2018 were 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% - 20%
 
—
Common and collective funds
30% - 50%
 
100%
Hedge funds
5% - 15%
 
—
Cash and other investments
0% - 10%
 
—
Fair Value of Plan Assets
The following table presents information on the fair value of the Company's U.S. and International pension plan assets at December 31, 2018 and 2017:
 
U.S. Plans
 
International Plans
 
2018
 
2017
 
2018
 
2017
Fair value of plan assets
$
358.3

 
$
413.6

 
$
74.1

 
$
83.6
Fair Value by Asset Categories
:
 
 
 
Quoted Prices in Active Markets for Identical Assets
 
Significant Observable Inputs
 
Significant Unobservable Inputs
 
Total
 
Level 1
 
Level 2
 
Level 3
Common and Preferred Stock:
 
 
 
 
 
 
 
U.S. Small/Mid Cap Equity
$
7.0

 
$
7.0

 
$
—

 
$
—

Mutual Funds (a):
 
 
 
 
 
 
 
Corporate Bonds
10.6

 
10.6

 
—

 
—

Government Bonds
13.4

 
13.4

 
—

 
—

U.S. Large Cap Equity
0.2

 
0.2

 
—

 
—

International Equities
9.4

 
9.4

 
—

 
—

Emerging Markets International Equity
5.3

 
5.3

 
—

 
—

Cash and Cash Equivalents
2.2

 
2.2

 
—

 
—

Other (b)
1.8

 
1.8

 
—

 
—

Fixed Income Securities:
 
 
 
 
 
 
 
Government Bonds
70.0

 
—

 
70.0

 
—

Common and Collective Funds (a):
 
 
 
 
 
 
 
Corporate Bonds
40.7

 
19.6

 
21.1

 
—

Government Bonds
43.0

 
6.6

 
36.4

 
—

U.S. Large Cap Equity
54.5

 
38.8

 
15.7

 
—

U.S. Small/Mid Cap Equity
6.9

 
6.9

 
—

 
—

International Equities
58.4

 
5.5

 
52.9

 
—

Emerging Markets International Equity
14.9

 
8.5

 
6.4

 
—

Cash and Cash Equivalents
1.7

 
1.7

 
—

 
—

Other (b)
(1.6
)
 
—

 
(1.6
)
 
—

Cash and Cash Equivalents
22.2

 
22.2

 
—

 
—

Total Plan Assets in the fair value hierarchy
$
360.6

 
$
159.7

 
$
200.9

 
—

 
 
 
 
 
 
 
 
Investments measured at Net Asset Value (c)
 
 
 
 
 
 
 
Common and Collective Funds
36.3

 
 
 
 
 
 
Hedge Funds
35.5

 
 
 
 
 
 
Total Plan Assets measured at Net Asset Value
$
71.8

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Plan Assets at Fair Value
$
432.4

 
$
159.7

 
$
200.9

 
—


(a)
The investments in mutual funds and common and collective 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 respective trust’s direct ownership unit of account.
(b)
Comprised of investments in equities, fixed income instruments, currencies, derivatives and/or commodities.
(c)
These investments are presented for reconciliation purposes, but are not required to be categorized in the fair value hierarchy as they are measured at fair value using the net asset per share or its equivalent, as permitted by the ASU No. 2015-07 practical expedient.

The fair values of the assets within the Company's U.S. and International pension plans at December 31, 2017 by asset category were as follows:
 
 
 
Quoted Prices in Active Markets for Identical Assets
 
Significant Observable Inputs
 
Significant Unobservable Inputs
 
Total
 
Level 1
 
Level 2
 
Level 3
Common and Preferred Stock:
 
 
 
 
 
 
 
U.S. Small/Mid Cap Equity
$
18.3

 
$
18.3

 
$
—

 
$
—

Mutual Funds (a):
 
 
 
 
 
 
 
Corporate Bonds
17.7

 
17.7

 
—

 
—

Government Bonds
8.4

 
8.4

 
—

 
—

U.S. Large Cap Equity
0.1

 
0.1

 
—

 
—

International Equities
3.8

 
3.8

 
—

 
—

Emerging Markets International Equity
7.4

 
7.4

 
—

 
—

Other (b)
4.5

 
4.5

 
—

 
—

Fixed Income Securities:
 
 
 
 
 
 
 
Corporate Bonds
46.7

 
—

 
46.7

 
—

Government Bonds
15.4

 
—

 
15.4

 
—

Common and Collective Funds (a)(d):
 
 
 
 
 
 
 
Corporate Bonds
49.8

 
27.3

 
22.5

 
—

Government Bonds
44.1

 
7.4

 
36.7

 
—

U.S. Large Cap Equity
68.7

 
55.1

 
13.6

 
—

U.S. Small/Mid Cap Equity
16.1

 
16.1

 
—

 
—

International Equities
75.7

 
5.7

 
70.0

 
—

Emerging Markets International Equity
18.3

 
10.6

 
7.7

 
—

Cash and Cash Equivalents
4.2

 
4.2

 
—

 
—

Other (b)
3.5

 
0.0

 
3.5

 
—

Cash and Cash Equivalents
8.2

 
8.2

 
—

 
—

Total Plan Assets in the fair value hierarchy
$
410.9

 
$
194.8

 
$
216.1

 
$
—

 
 
 
 
 
 
 
 
Investments measured at Net Asset Value (c)
 
 
 
 
 
 
 
Common and Collective Funds
37.5

 
 
 
 
 
 
Hedge Funds
48.8

 
 
 
 
 
 
Total Plan Assets measured at Net Asset Value
$
86.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Plan Assets at Fair Value
$
497.2

 
$
194.8

 
$
216.1

 
$
—


(a)
The investments in mutual funds and common and collective 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 respective trust’s direct ownership unit of account.
(b)
Comprised of investments in equities, fixed income instruments, currencies, derivatives and/or commodities.
(c)
These investments are presented for reconciliation purposes, but are not required to be categorized in the fair value hierarchy as they are measured at fair value using the net asset per share or its equivalent, as permitted by the ASU No. 2015-07 practical expedient.
(d)
Commencing in 2018, the Company determined that certain of its investments in common and collective funds met certain criteria to be considered Level 2 investments within the fair value hierarchy. As such, the 2017 fair value hierarchy schedule was updated to conform to the current presentation.
Expected Future Benefit Payments
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
2019
$
44.5

 
$
1.2

2020
44.5

 
1.2

2021
42.3

 
1.2

2022
42.6

 
1.1

2023
41.8

 
1.1

Years 2024 to 2028
196.1

 
4.7