PENSION AND POST-RETIREMENT BENEFITS

6 Months Ended

Jun. 30, 2020

Retirement Benefits [Abstract]

PENSION AND POST-RETIREMENT BENEFITS

PENSION AND POST-RETIREMENT BENEFITS

Net Periodic Benefit Cost

The components of net periodic benefit costs for the Company's pension and the other post-retirement benefit plans for the three months ended June 30, 2020 and 2019, respectively, were as follows:

	Pension Plans				Other Post-Retirement Benefit Plans
	Three Months Ended June 30,
	2020		2019		2020		2019
Net periodic benefit costs:
Service cost	$	0.4	$	0.5	$	—	$	—
Interest cost	3.7		5.0		0.1		0.1
Expected return on plan assets	(5.6)		(6.0)		—		—
Amortization of actuarial loss	2.9		2.6		0.1		—
Total net periodic benefit costs prior to allocation	$	1.4	$	2.1	$	0.2	$	0.1
Portion allocated to Revlon Holdings	(0.1)		(0.1)		—		—
Total net periodic benefit costs	$	1.3	$	2.0	$	0.2	$	0.1

In the three months ended June 30, 2020, the Company recognized net periodic benefit cost of $1.5 million, compared to net periodic benefit cost of $2.1 million in the three months ended June 30, 2019, primarily due to lower interest costs partially offset by lower expected return on plan assets and higher amortization of actuarial loss.

The components of net periodic benefit costs for the Company's pension and the other post-retirement benefit plans for the six months ended June 30, 2020 and 2019, respectively, were as follows:

	Pension Plans				Other Post-Retirement Benefit Plans
	Six Months Ended June 30,
	2020		2019		2020		2019
Net periodic benefit costs:
Service cost	$	0.8	$	1.0	$	—	$	—
Interest cost	7.4		9.9		0.2		0.2
Expected return on plan assets	(11.4)		(12.0)		—		—
Amortization of actuarial loss	5.6		5.0		0.2		0.1
Total net periodic benefit costs prior to allocation	$	2.4	$	3.9	$	0.4	$	0.3
Portion allocated to Revlon Holdings	(0.1)		(0.1)		—		—
Total net periodic benefit costs	$	2.3	$	3.8	$	0.4	$	0.3

In the six months ended June 30, 2020, the Company recognized net periodic benefit cost of $2.7 million, compared to net periodic benefit cost of $4.1 million in the six months ended June 30, 2019, primarily due to lower interest costs partially offset by lower expected return on plan assets and higher amortization of actuarial loss.

Net periodic benefit costs are reflected in the Company's Unaudited Consolidated Financial Statements as follows for the periods presented:

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Net periodic benefit costs:
Selling, general and administrative expense	$	0.4	$	0.4	$	0.8	$	0.9
Miscellaneous, net	1.1		1.7		1.9		3.2
Total net periodic benefit costs	$	1.5	$	2.1	$	2.7	$	4.1

The Company expects that it will have net periodic benefit cost of approximately $5.5 million for its pension and other post-retirement benefit plans for all of 2020, compared with net periodic benefit cost of $7.2 million in 2019.

Contributions:

The Company’s intent is to fund at least the minimum contributions required to meet applicable federal employee benefit laws and local laws, or to directly pay benefit payments where appropriate. During the three months ended June 30, 2020, $1.8 million and $0.1 million were contributed to the Company’s pension plans and other post-retirement benefit plans, respectively. During the six months ended June 30, 2020, $5.2 million and $0.3 million were contributed to the Company’s pension plans and other post-retirement benefit plans, respectively. During 2020, the Company expects to contribute approximately $19 million in the aggregate to its pension and other post-retirement benefit plans.

As a result of the CARES Act passed by the U.S. Congress in March 2020 to address the economic environment resulting from COVID-19, and in accordance with the Limited Relief for Pension Funding and Retirement Plan Distributions provision of such act, the Company expects to defer approximately $9.4 million of contributions that were otherwise scheduled to be paid to its two qualified pension plans during 2020. The first quarterly contributions for the two qualified plans were originally due by April 15, 2020. The Company had already made $1.6 million in contributions to its qualified pension plans during the first quarter of 2020, prior to adopting the aforementioned provision of the CARES Act. The deferral is in effect only for 2020 and under the CARES relief provisions the Company will be required to pay the contributions by no later than January 1, 2021, including interest at the plans’ 2020 effective interest rate ("EIR") from the original due date to the actual payment date.

Relevant aspects of the qualified defined benefit pension plans, non-qualified pension plans and other post-retirement benefit plans sponsored by Products Corporation are disclosed in Note 12, "Pension and Post-Retirement Benefits," to the Consolidated Financial Statements in the Company's 2019 Form 10-K.