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PENSION AND POST-RETIREMENT BENEFITS (Tables)

12 Months Ended

Dec. 31, 2021

Reconciliation of the Projected Benefit Obligations, Plan Assets, Funded Status and Amounts Recognized in the 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,
	2021		2020		2021		2020
Change in Benefit Obligation:
Benefit obligation - beginning of year	$	(666.5)	$	(629.7)	$	(14.5)	$	(13.4)
Service cost	(1.4)		(1.7)		—		—
Interest cost	(9.1)		(15.0)		(0.2)		(0.3)
Actuarial (loss) gain	23.1		(65.8)		1.6		(1.5)
Settlement and Curtailment gain	2.6		5.5		—		—


Benefits paid	42.1		44.0		0.7		0.7
Plan Amendments	(1.0)		0.2		—		—
Plan participant contributions	(0.3)		(0.5)		—		—
Foreign currency translation adjustments	1.2		(3.5)		—		—
Benefit obligation - end of year	$	(609.3)	$	(666.5)	$	(12.4)	$	(14.5)
Change in Plan Assets:
Fair value of plan assets - beginning of year	$	463.0	$	462.4	$	—	$	—
Actual return (loss) on plan assets	33.9		35.9		—		—
Employer contributions	21.8		9.1		0.7		0.7

Settlement gain	(2.1)		(4.1)		—		—
Benefits paid	(42.1)		(44.0)		(0.7)		(0.7)

Plan participant contributions	0.3		0.5		—		—
Foreign currency translation adjustments	(0.8)		3.2		—		—
Fair value of plan assets - end of year	$	474.0	$	463.0	$	—	$	—
Unfunded status of plans at December 31, 2021	$	(135.3)	$	(203.5)	$	(12.4)	$	(14.5)

Schedule of Amounts Recognized in the 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, 2021 and 2020 consisted of the following:




	Pension Plans				Other Post-Retirement Benefit Plans
	December 31,
	2021		2020		2021		2020
Other long-term assets	$	6.8	$	1.3	$	—	$	—
Accrued expenses and other	(6.3)		(6.2)		(0.9)		(0.7)
Pension and other post-retirement benefit liabilities	(135.8)		(198.6)		(11.5)		(13.8)
Total liability	$	(135.3)	$	(203.5)	$	(12.4)	$	(14.5)

Accumulated other comprehensive loss, gross	$	257.6	$	307.5	$	2.9	$	5.1
Income tax benefit	(50.3)		(50.6)		(1.1)		(0.9)
Portion allocated to Revlon Holdings	(0.9)		(0.8)		0.4		0.2
Accumulated other comprehensive loss, net	$	206.4	$	256.1	$	2.2	$	4.4

Schedule of Projected Benefit Obligation, Accumulated Benefit Obligation and Fair Value of Plan Assets

The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the Company's pension plans are as follows:



	December 31,
	2021		2020
Projected benefit obligation	$	609.3	$	666.5
Accumulated benefit obligation	607.0		663.6
Fair value of plan assets	474.0		463.0

Schedule of Components of Net Periodic Benefit Costs

The components of net periodic benefit costs for the Company's pension and the other post-retirement benefit plans for the year ended December 31, 2021 and 2020, respectively, were as follows:


	Pension Plans				Other Post-Retirement Benefit Plans
	Year Ended December 31,
	2021		2020		2021		2020
Net periodic benefit costs:
Service cost	$	1.4	$	1.7	$	—	$	—
Interest cost	9.1		15.0		0.2		0.3
Expected return on plan assets	(19.7)		(22.8)		—		—
Amortization of actuarial loss	13.3		11.0		0.6		0.4
Curtailment and Settlement gain	—		(1.5)		—		—
Total net periodic benefit costs prior to allocation	$	4.1	$	3.4	$	0.8	$	0.7
Portion allocated to Revlon Holdings	(0.1)		(0.1)		—		—
Total net periodic benefit costs	$	4.0	$	3.3	$	0.8	$	0.7

Schedule of Classification of Net Periodic Benefit Costs

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


	Year Ended December 31,
		2021		2020
Net periodic benefit costs:

Selling, general and administrative expense		$	1.4	$	1.7
Miscellaneous, net		3.4		2.3
Total net periodic benefit costs		$	4.8	$	4.0

Schedule of Net Periodic Benefit Cost Not yet Recognized

Amounts recognized in accumulated other comprehensive loss at December 31, 2021 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
	2021
Net actuarial loss	$	255.7	$	2.9	$	258.6
Prior service cost	1.9		—		1.9
Accumulated Other Comprehensive Loss, Gross	257.6		2.9		260.5
Income tax benefit	(50.3)		(1.1)		(51.4)
Portion allocated (to) from Revlon Holdings	(0.9)		0.4		(0.5)
Accumulated Other Comprehensive Loss, Net	$	206.4	$	2.2	$	208.6

	Pension Benefits		Post-Retirement Benefits		Total
	2020
Net actuarial loss	$	306.6	$	5.1	$	311.7
Prior service cost	0.9		—		0.9
Accumulated Other Comprehensive Loss, Gross	307.5		5.1		312.6

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
	2021		2020			2021		2020
Discount rate	2.59	%	2.18	%		1.74	%	1.33	%
Rate of future compensation increases	N/A		N/A			1.81	%	1.81	%

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
	2021		2020		2021		2020
Discount rate	2.18	%	3.01	%	1.33	%	1.81	%
Expected long-term return on plan assets	4.50	%	5.50	%	3.46	%	3.39	%
Rate of future compensation increases	N/A		N/A		1.81	%	2.02	%

The target ranges per asset class in effect for 2021 were as follows:


	Target Ranges
	U.S. Plans	International Plans
Asset Class:
Common and preferred stock	0% - 10%	—
Mutual funds	15% - 35%	—
Fixed income securities	0% - 20%	—
Common and collective funds	50% - 75%	100%
Hedge funds	0% - 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, 2021 and 2020:


	U.S. Plans				International Plans
	2021		2020			2021		2020
Fair value of plan assets	$	391.7	$	377.6		$	82.3	$	85.4

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, 2021 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


Mutual Funds (a):
Corporate Bonds	21.9		21.9		—		—
Government Bonds	25.4		25.4		—		—
U.S. Large Cap Equity	0.7		0.7		—		—
International Equities	15.8		15.8		—		—
Emerging Markets International Equity	2.8		2.8		—		—
U.S. Small/Mid Cap Equity	0.6		0.6		—		—
Cash and Cash Equivalents	0.3		0.3		—		—
Other (b)	1.2		1.2		—		—
Fixed Income Securities:

Government Bonds	85.9		—		85.9		—
Common and Collective Funds (a):
Corporate Bonds	27.5		15.8		11.7		—
Government Bonds	42.1		5.1		37.0		—
U.S. Large Cap Equity	98.4		91.9		6.5		—
U.S. Small/Mid Cap Equity	19.4		19.4		—		—
International Equities	74.8		3.3		71.5		—
Emerging Markets International Equity	27.5		20.4		7.1		—
Cash and Cash Equivalents	2.8		2.8		—		—
Other (b)	(0.4)		—		(0.4)		—
Cash and Cash Equivalents	7.6		7.6		—		—
Total Plan Assets in the fair value hierarchy	$	454.3	$	235.0	$	219.3	—

Investments measured at Net Asset Value (c)
Common and Collective Funds	19.7
Hedge Funds	—
Total Plan Assets measured at Net Asset Value	$	19.7

Total Plan Assets at Fair Value	$	474.0	$	235.0	$	219.3	—

(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, 2020 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


Mutual Funds (a):
Corporate Bonds	10.8		10.8		—		—
Government Bonds	15.8		15.8		—		—
U.S. Large Cap Equity	—		—		—		—
International Equities	21.7		21.7		—		—
Emerging Markets International Equity	1.7		1.7		—		—
U.S. Small/Mid Cap Equity	1.1		1.1
Cash and Cash Equivalents	6.0		6.0		—		—
Other (b)	1.2		1.2		—		—
Fixed Income Securities:

Government Bonds	68.1		—		68.1		—
Common and Collective Funds (a):
Corporate Bonds	34.6		20.7		13.9		—
Government Bonds	38.7		4.8		33.9		—
U.S. Large Cap Equity	59.0		51.0		8.0		—
U.S. Small/Mid Cap Equity	24.6		24.6		—		—
International Equities	72.7		4.4		68.3		—
Emerging Markets International Equity	24.5		19.1		5.4		—
Cash and Cash Equivalents	1.8		1.8		—		—
Other (b)	0.6		—		0.6		—
Cash and Cash Equivalents	5.0		5.0		—		—
Total Plan Assets in the fair value hierarchy	$	387.9	$	189.7	$	198.2	—

Investments measured at Net Asset Value (c)
Common and Collective Funds	45.9
Hedge Funds	29.2
Total Plan Assets measured at Net Asset Value	$	75.1

Total Plan Assets at Fair Value	$	463.0	$	189.7	$	198.2	—

(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
2022	$	47.4	$	1.4
2023	$	43.6	$	1.3
2024	$	41.3	$	1.2
2025	$	40.4	$	1.2
2026	$	39.0	$	1.1
Years 2027 to 2031	$	180.8	$	4.3