XML 91 R44.htm IDEA: XBRL DOCUMENT v3.20.1
PENSION AND POST-RETIREMENT BENEFITS (Tables)
12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Schedule of Net Funded Status
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 PlansOther Post-Retirement Benefit Plans
December 31,
2019201820192018
Change in Benefit Obligation:
Benefit obligation - beginning of year$(591.0) $(661.4) $(12.2) $(14.0) 
Service cost(1.9) (2.0) —  —  
Interest cost(20.0) (18.6) (0.4) (0.4) 
Actuarial (loss) gain(59.3) 42.0  (1.5) 1.4  
Benefits paid43.6  45.2  0.7  0.8  
Plan Amendments(1.2) —  —  —  
Plan participant contributions(0.6) (0.6) —  —  
Foreign currency translation adjustments0.7  4.4  —  —  
Benefit obligation - end of year$(629.7) $(591.0) $(13.4) $(12.2) 
Change in Plan Assets:
Fair value of plan assets - beginning of year$432.4  $497.2  $—  $—  
Actual return (loss) on plan assets61.3  (24.2) —  —  
Employer contributions11.4  8.0  0.7  0.8  
Benefits paid(43.6) (45.2) (0.7) (0.8) 
Plan participant contributions0.6  0.6  —  —  
Foreign currency translation adjustments0.3  (4.0) —  —  
Fair value of plan assets - end of year$462.4  $432.4  $—  $—  
Unfunded status of plans at December 31, 2019$(167.3) $(158.6) $(13.4) $(12.2) 
Schedule of Amounts Recognized in Balance Sheet
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, 2019 and 2018 consisted of the following:

Pension PlansOther Post-Retirement Benefit Plans
December 31,
2019201820192018
Other long-term assets$3.6  $4.8  $—  $—  
Accrued expenses and other(2.7) (5.9) (0.4) (0.7) 
Pension and other post-retirement benefit liabilities(168.2) (157.5) (13.0) (11.5) 
Total liability$(167.3) $(158.6) $(13.4) $(12.2) 
Accumulated other comprehensive loss, gross$266.1  $252.6  $4.0  $2.7  
Income tax benefit(48.7) (44.4) (1.0) (0.6) 
Portion allocated to Revlon Holdings(0.8) (0.8) 0.2  —  
Accumulated other comprehensive loss, net$216.6  $207.4  $3.2  $2.1  
Schedule of Plan with Accumulated Benefit Obligation in Excess of Plan Assets
As of December 31, 2019 and 2018, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company's pension plans are as follows:
December 31,
20192018
Projected benefit obligation$629.7  $591.0  
Accumulated benefit obligation627.9  589.1  
Fair value of plan assets462.4  432.4  
Schedule of 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 for the years ended December 31, 2019 and 2018, respectively, were as follows:

Pension PlansOther
Post-Retirement Benefit Plans
Year Ended December 31,
2019201820192018
Net periodic benefit costs:
Service cost$1.9  $2.0  $—  $—  
Interest cost20.0  18.6  0.4  0.4  
Expected return on plan assets(25.1) (27.8) —  —  
Amortization of actuarial loss9.9  9.2  0.2  0.4  
Curtailment gain—  (0.1) —  —  
Total net periodic benefit costs prior to allocation$6.7  $1.9  $0.6  $0.8  
Portion allocated to Revlon Holdings(0.1) (0.1) —  —  
Total net periodic benefit costs $6.6  $1.8  $0.6  $0.8  
Schedule of Classification of Net Periodic Benefit (Income) Costs
Net periodic benefit costs are reflected in the Company's Consolidated Financial Statements as follows for the periods presented:
Year Ended December 31,
20192018
Net periodic benefit costs:
Cost of sales$—  $0.1  
Selling, general and administrative expense1.9  1.9  
Miscellaneous, net5.3  0.6  
Total net periodic benefit costs$7.2  $2.6  
Schedule of Net Periodic Benefit Cost Not yet Recognized
Amounts recognized in accumulated other comprehensive loss at December 31, 2019 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 BenefitsPost-Retirement BenefitsTotal
Net actuarial loss$265.0  $4.0  $269.0  
Prior service cost1.1  —  1.1  
Accumulated Other Comprehensive Loss, Gross266.1  4.0  270.1  
Income tax benefit(48.7) (1.0) (49.7) 
Portion allocated (to) from Revlon Holdings(0.8) 0.2  (0.6) 
Accumulated Other Comprehensive Loss, Net$216.6  $3.2  $219.8  
Schedule of Defined Benefit Plan Assumptions
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. PlansInternational Plans
2019201820192018
Discount rate3.01 %4.13 %1.81 %2.52 %
Rate of future compensation increases3.50 %3.50 %2.02 %2.02 %

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. PlansInternational Plans
2019201820192018
Discount rate4.13 %3.47 %2.52 %2.19 %
Expected long-term return on plan assets6.00 %6.00 %4.86 %4.95 %
Rate of future compensation increases3.50 %3.50 %2.02 %1.75 %
The target ranges per asset class in effect for 2019 were as follows: 
Target Ranges
U.S. PlansInternational Plans
Asset Class:
Common and preferred stock
0% - 10%
—  
Mutual funds
10% - 30%
—  
Fixed income securities
0% - 20%
—  
Common and collective funds
50% - 70%
100%  
Hedge funds
5% - 15%
—  
Cash and other investments
0% - 10%
—  
Schedule of Changes in 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, 2019 and 2018:

U.S. PlansInternational Plans
2019201820192018
Fair value of plan assets$380.6  $358.3  $81.8  $74.1  
Schedule of Allocation of Plan Assets
The fair values of the assets within the Company's U.S. and International pension plans at December 31, 2019 by asset category were as follows:

Quoted Prices in Active Markets for Identical AssetsSignificant Observable InputsSignificant Unobservable Inputs
TotalLevel 1Level 2Level 3
Common and Preferred Stock:
U.S. Small/Mid Cap Equity—  —  —  —  
Mutual Funds (a):
Corporate Bonds10.8  10.8  —  —  
Government Bonds15.8  15.8  —  —  
U.S. Large Cap Equity0.2  0.2  —  —  
International Equities16.3  16.3  —  —  
Emerging Markets International Equity5.9  5.9  —  —  
Cash and Cash Equivalents1.6  1.6  —  —  
Other (b)
2.0  2.0  —  —  
Fixed Income Securities:
Corporate Bonds—  —  —  —  
Government Bonds72.2  —  72.2  —  
Common and Collective Funds (a):
Corporate Bonds33.6  19.4  14.2  —  
Government Bonds38.9  9.1  29.8  —  
U.S. Large Cap Equity55.5  48.7  6.8  —  
U.S. Small/Mid Cap Equity18.2  18.2  —  —  
International Equities70.8  3.4  67.4  —  
Emerging Markets International Equity18.1  13.0  5.1  —  
Cash and Cash Equivalents1.7  1.7  —  —  
Other (b)
2.9  —  2.9  —  
Cash and Cash Equivalents
12.9  12.9  —  —  
Total Plan Assets in the fair value hierarchy$377.4  $179.0  $198.4  —  
Investments measured at Net Asset Value (c)
Common and Collective Funds52.4  
Hedge Funds32.6  
Total Plan Assets measured at Net Asset Value$85.0  
Total Plan Assets at Fair Value$462.4  $179.0  $198.4  —  

(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, 2018 by asset category were as follows:
Quoted Prices in Active Markets for Identical AssetsSignificant Observable InputsSignificant Unobservable Inputs
TotalLevel 1Level 2Level 3
Common and Preferred Stock:
U.S. Small/Mid Cap Equity7.0  7.0  —  —  
Mutual Funds (a):
Corporate Bonds10.6  10.6  —  —  
Government Bonds13.4  13.4  —  —  
U.S. Large Cap Equity0.2  0.2  —  —  
International Equities9.4  9.4  —  —  
Emerging Markets International Equity5.3  5.3  —  —  
Cash and Cash Equivalents2.2  2.2  —  —  
Other (b)
1.8  1.8  —  —  
Fixed Income Securities:
Corporate Bonds—  —  —  —  
Government Bonds70.0  —  70.0  —  
Common and Collective Funds (a):
Corporate Bonds40.7  19.6  21.1  —  
Government Bonds43.0  6.6  36.4  —  
U.S. Large Cap Equity54.5  38.8  15.7  —  
U.S. Small/Mid Cap Equity6.9  6.9  —  —  
International Equities58.4  5.5  52.9  —  
Emerging Markets International Equity14.9  8.5  6.4  —  
Cash and Cash Equivalents1.7  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 Funds36.3  
Hedge Funds35.5  
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.
Schedule of Expected 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 BenefitsTotal Other Benefits
2020$47.7  $1.4  
2021$42.4  $1.3  
2022$42.2  $1.3  
2023$41.5  $1.2  
2024$40.6  $1.2  
Years 2025 to 2029$189.9  $4.7