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PENSION AND POST-RETIREMENT BENEFITS (Tables)

12 Months Ended

Dec. 31, 2019

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,
	2019		2018		2019		2018
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 paid	43.6		45.2		0.7		0.8
Plan Amendments	(1.2)		—		—		—
Plan participant contributions	(0.6)		(0.6)		—		—
Foreign currency translation adjustments	0.7		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 assets	61.3		(24.2)		—		—
Employer contributions	11.4		8.0		0.7		0.8


Benefits paid	(43.6)		(45.2)		(0.7)		(0.8)

Plan participant contributions	0.6		0.6		—		—
Foreign currency translation adjustments	0.3		(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 Plans						Other Post-Retirement Benefit Plans
	December 31,
	2019		2018		2019		2018
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,
	2019		2018
Projected benefit obligation	$	629.7	$	591.0
Accumulated benefit obligation	627.9		589.1
Fair value of plan assets	462.4		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 Plans						Other Post-Retirement Benefit Plans
	Year Ended December 31,
	2019		2018		2019		2018
Net periodic benefit costs:
Service cost	$	1.9	$	2.0	$	—	$	—
Interest cost	20.0		18.6		0.4		0.4
Expected return on plan assets	(25.1)		(27.8)		—		—
Amortization of actuarial loss	9.9		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,
	2019		2018
Net periodic benefit costs:
Cost of sales	$	—	$	0.1
Selling, general and administrative expense	1.9		1.9
Miscellaneous, net	5.3		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 Benefits		Post-Retirement Benefits		Total
Net actuarial loss	$	265.0	$	4.0	$	269.0
Prior service cost	1.1		—		1.1
Accumulated Other Comprehensive Loss, Gross	266.1		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. Plans						International Plans
	2019		2018		2019		2018
Discount rate	3.01	%	4.13	%	1.81	%	2.52	%
Rate of future compensation increases	3.50	%	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. Plans						International Plans
	2019		2018		2019		2018
Discount rate	4.13	%	3.47	%	2.52	%	2.19	%
Expected long-term return on plan assets	6.00	%	6.00	%	4.86	%	4.95	%
Rate of future compensation increases	3.50	%	3.50	%	2.02	%	1.75	%

The target ranges per asset class in effect for 2019 were as follows:


	Target Ranges
	U.S. Plans	International 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. Plans						International Plans
	2019		2018		2019			2018
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 Assets		Significant Observable Inputs		Significant Unobservable Inputs
	Total		Level 1		Level 2		Level 3
Common and Preferred Stock:
U.S. Small/Mid Cap Equity	—		—		—		—
Mutual Funds ^(a):
Corporate Bonds	10.8		10.8		—		—
Government Bonds	15.8		15.8		—		—
U.S. Large Cap Equity	0.2		0.2		—		—
International Equities	16.3		16.3		—		—
Emerging Markets International Equity	5.9		5.9		—		—
Cash and Cash Equivalents	1.6		1.6		—		—
Other ^(b)	2.0		2.0		—		—
Fixed Income Securities:
Corporate Bonds	—		—		—		—
Government Bonds	72.2		—		72.2		—
Common and Collective Funds ^(a):
Corporate Bonds	33.6		19.4		14.2		—
Government Bonds	38.9		9.1		29.8		—
U.S. Large Cap Equity	55.5		48.7		6.8		—
U.S. Small/Mid Cap Equity	18.2		18.2		—		—
International Equities	70.8		3.4		67.4		—
Emerging Markets International Equity	18.1		13.0		5.1		—
Cash and Cash Equivalents	1.7		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 Funds	52.4
Hedge Funds	32.6
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 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:
Corporate Bonds	—		—		—		—
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	—

^(b) Comprised of investments in equities, fixed income instruments, currencies, derivatives and/or commodities.

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 Benefits		Total 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