Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Jun. 30, 2014 | |
Document Documentand Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | FY | |
Trading Symbol | REV | |
Entity Registrant Name | REVLON INC /DE/ | |
Entity Central Index Key | 887921 | |
Current Fiscal Year End Date | -19 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (shares) | 52,374,470 | |
Entity Public Float | $356,458,319 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Current assets: | |||
Cash and cash equivalents | $275.30 | $244.10 | [1] |
Trade receivables, less allowance for doubtful accounts of $9.3 and $4.2 as of December 31, 2014 and December 31, 2013, respectively | 238.9 | 253.5 | [1] |
Inventories | 156.6 | 175 | [1] |
Deferred income taxes – current | 58.4 | 65.1 | [1] |
Prepaid expenses and other | 44.6 | 61.4 | [1] |
Total current assets | 773.8 | 799.1 | [1] |
Property, plant and equipment, net of accumulated depreciation of $250.5 and $243.1 as of December 31, 2014 and December 31, 2013, respectively | 212 | 195.9 | [1] |
Deferred income taxes – noncurrent | 53.1 | 65.7 | [1] |
Goodwill | 464.1 | 472.3 | [1] |
Intangible assets, net of accumulated amortization of $39.3 and $19.0 as of December 31, 2014 and December 31, 2013, respectively | 327.8 | 360.1 | [1] |
Other assets | 113.3 | 123.8 | [1] |
Total assets | 1,944.10 | 2,016.90 | [1] |
Current liabilities: | |||
Short-term borrowings | 6.6 | 7.9 | [1] |
Current portion of long-term debt | 31.5 | 65.4 | [1] |
Accounts payable | 153.5 | 165.7 | [1] |
Accrued expenses and other | 273.3 | 313.7 | [1] |
Liabilities, Current | 464.9 | 552.7 | [1] |
Long-term debt | 1,832.40 | 1,862.30 | [1] |
Long-term pension and other post-retirement plan liabilities | 200.9 | 118.3 | [1] |
Other long-term liabilities | 90 | 80.1 | [1] |
Stockholders' deficiency: | |||
Additional paid-in capital | 1,020.90 | 1,015.30 | [1] |
Treasury stock, at cost: 777,181 and 754,853 shares of Class A Common Stock as of December 31, 2014 and 2013, respectively. | -10.5 | -9.8 | [1] |
Accumulated deficit | -1,411.80 | -1,452.70 | [1] |
Accumulated other comprehensive loss | -243.2 | -149.8 | [1] |
Total stockholders’ deficiency | -644.1 | -596.5 | [1] |
Total liabilities and stockholders’ deficiency | 1,944.10 | 2,016.90 | [1] |
Class A Common Stock | |||
Stockholders' deficiency: | |||
Class A Common Stock, par value $0.01 per share; 900,000,000 shares authorized; 53,925,029 and 53,231,651 shares issued as of December 31, 2014 and December 31, 2013, respectively | $0.50 | $0.50 | [1] |
[1] | During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts on trade receivables | $9.30 | $4.20 |
Accumulated depreciation on property, plant and equipment | 250.5 | 243.1 |
Accumulated amortization on intangible assets | $39.30 | $19 |
Treasury Stock, at cost, shares (shares) | 777,181 | 754,853 |
Class A Common Stock | ||
Common Stock, par value (usd per share) | $0.01 | $0.01 |
Common Stock, shares authorized (shares) | 900,000,000 | 900,000,000 |
Common Stock, shares issued (shares) | 53,925,029 | 53,231,651 |
Treasury Stock, at cost, shares (shares) | 777,181 | 754,853 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (USD $) | 12 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Income Statement [Abstract] | ||||||
Net sales | $1,941 | $1,494.70 | $1,396.40 | |||
Cost of sales | 668.3 | 545.1 | 493.8 | |||
Gross profit | 1,272.70 | 949.6 | 902.6 | |||
Selling, general and administrative expenses | 1,009.50 | 731.7 | 682.6 | |||
Acquisition and integration costs | 6.4 | 25.4 | 0 | |||
Restructuring charges and other, net | 21.3 | 3.5 | 20.5 | |||
Operating income | 235.5 | 189 | 199.5 | |||
Other expenses, net: | ||||||
Interest expense | 84.4 | 73.8 | 79.1 | |||
Interest expense – preferred stock dividends | 0 | 5 | 6.5 | |||
Amortization of debt issuance costs | 5.5 | 5.2 | 5.3 | |||
Loss on early extinguishment of debt | 2 | 29.7 | 0 | |||
Foreign currency losses, net | 25 | 3.7 | 2.8 | |||
Miscellaneous, net | 1.2 | 1 | 0.9 | |||
Other expenses, net | 118.1 | 118.4 | 94.6 | |||
Income from continuing operations before income taxes | 117.4 | 70.6 | 104.9 | |||
Provision for income taxes | 77.8 | 46 | 43.7 | |||
Income from continuing operations, net of taxes | 39.6 | 24.6 | 61.2 | |||
Income (loss) from discontinued operations, net of taxes | 1.3 | -30.4 | -10.1 | |||
Net income (loss) | 40.9 | -5.8 | 51.1 | |||
Other comprehensive (loss) income : | ||||||
Currency translation adjustment, net of tax | -24.6 | [1] | -4.1 | [1] | -1.5 | [1] |
Amortization of pension related costs, net of tax | 4.5 | [2],[3],[4] | 7.7 | [2],[3],[4] | 9.4 | [2],[3],[4],[5] |
Pension re-measurement, net of tax | -69.6 | [6] | 53.3 | [6] | -15.4 | [6] |
Pension curtailment gain | 0 | 0 | 0.2 | [5] | ||
Revaluation of derivative financial instruments, net of tax | -3.7 | [7],[8] | 1.5 | [7],[8] | 0 | [7] |
Other comprehensive (loss) income | -93.4 | [9] | 58.4 | [9] | -7.3 | [9] |
Total comprehensive (loss) income | ($52.50) | $52.60 | $43.80 | |||
Basic earnings (loss) per common share: | ||||||
Continuing operations (usd per share) | $0.76 | $0.47 | $1.17 | |||
Discontinued operations (usd per share) | $0.02 | ($0.58) | ($0.19) | |||
Basic earnings per share (usd per share) | $0.78 | ($0.11) | $0.98 | |||
Diluted earnings (loss) per common share: | ||||||
Continuing operations (usd per share) | $0.76 | $0.47 | $1.17 | |||
Discontinued operations (usd per share) | $0.02 | ($0.58) | ($0.19) | |||
Diluted earnings per share (usd per share) | $0.78 | ($0.11) | $0.98 | |||
Weighted average number of common shares outstanding: | ||||||
Basic (shares) | 52,359,897 | 52,356,798 | 52,348,636 | |||
Diluted (shares) | 52,423,939 | 52,357,729 | 52,356,882 | |||
[1] | Net of tax benefit of $2.1 million, $3.3 million and $1.0 million for 2014, 2013 and 2012, respectively. | |||||
[2] | Net of tax expense of $0.1 million, $1.2 million and $1.0 million for 2014, 2013 and 2012, respectively. | |||||
[3] | This other comprehensive income component is included in the computation of net periodic benefit (income) costs. See Note 14, “Savings, Pension and Post-Retirement Benefits,†for additional information regarding net periodic benefit (income) costs. | |||||
[4] | Amounts represent the change in Accumulated Other Comprehensive Loss as a result of the amortization of unrecognized prior service costs and actuarial losses (gains) arising during each year related to the Company’s pension and other post-retirement plans. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,†for further discussion of the Company’s pension and other post-retirement plans. | |||||
[5] | (c) As a result of the September 2012 Program, the Company recognized a curtailment gain of $1.7 million, partially offset by $0.1 million of accumulated actuarial losses and $0.1 million of prior service costs previously reported within Accumulated Other Comprehensive Loss, for a net gain of $1.5 million, which was recorded within restructuring charges for 2012. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,†for further discussion of the Company’s pension and other post-retirement plans. | |||||
[6] | Net of tax (benefit) expense of $(42.0) million, $33.5 million and $(7.2) million for 2014, 2013 and 2012, respectively. | |||||
[7] | Net of tax (benefit) expense of $(2.3) million and $1.0 million for 2014 and 2013, respectively. | |||||
[8] | (d) For 2014 and 2013, the 2013 Interest Rate Swap was deemed effective and therefore, the changes in fair value related to the 2013 Interest Rate Swap are recorded in Other Comprehensive Income. See Note 13, "Financial Instruments" for further discussion of the 2013 Interest Rate Swap. | |||||
[9] | See Note 17, “Accumulated Other Comprehensive Loss,†regarding the changes in the accumulated balances for each component of other comprehensive income (loss) during each of 2014, 2013 and 2012. |
CONSOLIDATED_STATEMENTS_OF_OPE1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Currency translation adjustment, tax | $2.10 | $3.30 | $1 |
Amortization of pension related costs, tax benefit | -0.1 | -1.2 | -1 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | -42 | 33.5 | -7.2 |
Revaluation of derivative financial instruments, tax | $2.30 | ($1) | $0 |
CONSOLIDATED_STATEMENT_OF_STOC
CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIENCY (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Beginning balance | ($596.50) | [1] | ($649.30) | ($596.50) | [1] | ($649.30) | ($692.90) | ||||||||
Treasury stock acquired, at cost | -0.7 | [2] | -1.2 | [2] | |||||||||||
Stock-based compensation amortization | 5.5 | 0.2 | 0.3 | ||||||||||||
Excess tax benefits from stock-based compensation | 0.1 | 0.7 | |||||||||||||
Net income (loss) | 2.7 | [3],[4] | 5.5 | [3],[4] | -33.1 | [5],[6],[7] | -6.9 | [5],[6],[7] | 40.9 | -5.8 | 51.1 | ||||
Other comprehensive income (loss), net | -93.4 | [8] | 58.4 | [8] | -7.3 | [8] | |||||||||
Ending balance | -644.1 | -596.5 | [1] | -644.1 | -596.5 | [1] | -649.3 | ||||||||
Shares Paid for Tax Withholding for Share Based Compensation | 22,328 | 83,582 | |||||||||||||
Adjustments Related to Tax Withholding for Share-based Compensation | 0.7 | 1.2 | |||||||||||||
Common Stock | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Beginning balance | 0.5 | ||||||||||||||
Ending balance | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | |||||||||
Additional Paid-In-Capital | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Beginning balance | 1,015.30 | 1,015.10 | 1,015.30 | 1,015.10 | 1,014.10 | ||||||||||
Stock-based compensation amortization | 5.5 | 0.2 | 0.3 | ||||||||||||
Excess tax benefits from stock-based compensation | 0.1 | 0.7 | |||||||||||||
Ending balance | 1,020.90 | 1,015.30 | 1,020.90 | 1,015.30 | 1,015.10 | ||||||||||
Treasury Stock | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Beginning balance | -9.8 | -9.8 | -8.6 | ||||||||||||
Treasury stock acquired, at cost | -0.7 | [2] | -1.2 | [2] | |||||||||||
Ending balance | -10.5 | -10.5 | -9.8 | ||||||||||||
Accumulated Deficit | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Beginning balance | -1,452.70 | -1,446.90 | -1,452.70 | -1,446.90 | -1,498 | ||||||||||
Net income (loss) | 40.9 | -5.8 | 51.1 | ||||||||||||
Ending balance | -1,411.80 | -1,452.70 | -1,411.80 | -1,452.70 | -1,446.90 | ||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Beginning balance | -149.8 | -208.2 | -149.8 | -208.2 | -200.9 | ||||||||||
Other comprehensive income (loss), net | -93.4 | [8] | 58.4 | [8] | -7.3 | [8] | |||||||||
Ending balance | -243.2 | -149.8 | -243.2 | -149.8 | -208.2 | ||||||||||
Class A Common Stock | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Shares Paid for Tax Withholding for Share Based Compensation | 0 | 0 | |||||||||||||
Class A Common Stock | Treasury Stock | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Shares Paid for Tax Withholding for Share Based Compensation | 22,328 | 83,582 | |||||||||||||
Treasury Stock Acquired, Average Cost Per Share | $33.54 | $14.20 | |||||||||||||
Adjustments Related to Tax Withholding for Share-based Compensation | $0.70 | $1.20 | |||||||||||||
[1] | During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details. | ||||||||||||||
[2] | Pursuant to the share withholding provisions of both the Third and Fourth Amended and Restated Revlon, Inc. Stock Plan (the “Stock Planâ€), certain employees, in lieu of paying withholding taxes on the vesting of certain restricted stock, authorized the withholding of an aggregate 22,328 and 83,582 shares of Revlon, Inc. Class A Common Stock during 2014 and 2012, respectively, to satisfy the minimum statutory tax withholding requirements related to such vesting. These shares were recorded as treasury stock using the cost method, at a weighted average price per share of $33.54 and $14.20 during 2014 and 2012, respectively, based on the closing price of Revlon, Inc. Class A Common Stock as reported on the NYSE consolidated tape on the respective vesting dates, for a total of $0.7 million in 2014 and $1.2 million in 2012. For details on such withholding taxes on the vesting of certain restricted stock, see Note 18, “Stockholders’ Deficiency.†| ||||||||||||||
[3] | continuing operations, net income and basic and diluted income per share for the second and third quarter of 2014 were unfavorably impacted by foreign currency losses, net, of $7.2 million and $9.3 million, respectively, related to the required re-measurement of Revlon Venezuela's monetary assets and liabilities at June 30, 2014, and the results of unfavorable impacts of the revaluation of certain U.S. Dollar denominated intercompany payables during the third quarter of 2014. (See Note 1, "Description of Business and Summary of Significant Accounting Policies - Foreign Currency Translation" for further discussion on Venezuela currency restrictions and related devaluation). (c)Â (Loss) inc | ||||||||||||||
[4] | from continuing operations, net income and basic and diluted income per share for the first quarter of 2014 were unfavorably impacted by restructuring charges of $13.5 million related to the Integration Program, as well as $3.8 million of acquisition and integration costs related to the Colomer Acquisition (See Note 2, "Business Combinations," and Note 3, “Restructuring Chargesâ€). Additionally, in the first quarter of 2014, the Company incurred a $1.9 million aggregate loss on early extinguishment of debt due to the February 2014 Term Loan Amendment. (See Note 11, “Long-Term Debtâ€).(b) I | ||||||||||||||
[5] | nuing operations, net (loss) and basic and diluted (loss) per share for the first quarter of 2013 were unfavorably impacted by a $27.9 million aggregate loss on early extinguishment of debt due to the 2013 Senior Notes Refinancing and the February 2013 Term Loan Amendments. (See Note 11, “Long-Term Debtâ€).(e) (Loss) income from con | ||||||||||||||
[6] | operations, net (loss) income and basic and diluted (loss) income per share for the first quarter of 2013 and the second quarter of 2013 were favorably impacted by an $8.3 million and an $18.1 million, respectively, gain from insurance proceeds due to the settlement of the Company's claims for the loss of inventory, business interruption and property losses as a result of the fire at the Company's Venezuela facility. (f)Â (Loss) from continuing opera | ||||||||||||||
[7] | et (loss) and basic and diluted (loss) per share for the fourth quarter of 2013 were unfavorably impacted by $19.1 million of acquisition and integration costs related to the Colomer Acquisition. Additionally, the Company incurred $21.4 million of restructuring and related charges in the fourth quarter of 2013 related to the December 2013 Program, of which $20.0 million relates to the Company's exit of its business operations in China which was recorded in loss from discontinued operations, net of taxes. | ||||||||||||||
[8] | See Note 17, “Accumulated Other Comprehensive Loss,†regarding the changes in the accumulated balances for each component of other comprehensive income (loss) during each of 2014, 2013 and 2012. |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net income (loss) | $40.90 | ($5.80) | $51.10 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Depreciation and amortization | 102.6 | 76.7 | 64.9 | ||
Foreign currency loss from Venezuela re-measurement | 6 | 0.6 | 0 | ||
Amortization of debt discount | 1.4 | 1.5 | 2.1 | ||
Stock-based compensation amortization | 5.5 | 0.2 | 0.3 | ||
Provision for deferred income taxes | 64.3 | 30.8 | 28.4 | ||
Loss on early extinguishment of debt | 2 | 29.7 | 0 | ||
Amortization of debt issuance costs | 5.5 | 5.2 | 5.3 | ||
Insurance proceeds for property, plant and equipment | 0 | -13.1 | 0 | ||
(Gain) loss on sale of certain assets | -2.1 | -2.9 | 0.4 | ||
Pension and other post-retirement (income) loss | -5.3 | -0.2 | 4 | ||
Change in assets and liabilities: | |||||
(Increase) decrease in trade receivables | -5.5 | 40.1 | -4.7 | ||
Decrease (Increase) in inventories | 9.2 | 10.2 | -4.4 | ||
Decrease (Increase) in prepaid expenses and other current assets | 15.2 | 7.5 | -2.9 | ||
Increase in accounts payable | 0.2 | 19 | 4.5 | ||
(Decrease) Increase in accrued expenses and other current liabilities | -2.7 | -11.4 | 47.3 | ||
Pension and other post-retirement plan contributions | -19 | -18.5 | -29.8 | ||
Purchases of permanent displays | -45.3 | -44.5 | -43.2 | ||
Other, net | 1.1 | -1.8 | -19.2 | ||
Net cash provided by operating activities | 174 | 123.3 | 104.1 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Capital expenditures | -55.5 | -28.6 | -20.9 | ||
Business acquisitions, net of cash and cash equivalents acquired | 0 | -627.6 | -66.2 | ||
Insurance proceeds for property, plant and equipment | 0 | 13.1 | 0 | ||
Proceeds from the sale of certain assets | 3.4 | 3.7 | 0.8 | ||
Net cash used in investing activities | -52.1 | -639.4 | -86.3 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Net (decrease) increase in short-term borrowings and overdraft | -4.7 | -6.3 | 6.3 | ||
Redemption of Preferred Stock | 0 | -48.6 | 0 | ||
Payment of financing costs | -1.8 | -48.8 | -0.4 | ||
Other financing activities | -3.2 | -2.6 | -1.3 | ||
Net cash (used in) provided by financing activities | -75.1 | 649 | -3.4 | ||
Effect of exchange rate changes on cash and cash equivalents | -15.6 | -5.1 | 0.2 | ||
Net increase in cash and cash equivalents | 31.2 | 127.8 | 14.6 | ||
Cash and cash equivalents at beginning of period | 244.1 | [1] | 116.3 | 101.7 | |
Cash and cash equivalents at end of period | 275.3 | 244.1 | [1] | 116.3 | |
Cash paid during the period for: | |||||
Interest | 85.6 | 72.5 | 78.6 | ||
Income taxes, net of refunds | 21.1 | 12.7 | 18 | ||
Preferred stock dividends | 0 | 6.2 | 6.2 | ||
Supplemental schedule of non-cash investing and financing activities: | |||||
Treasury stock received to satisfy minimum tax withholding liabilities | 0.7 | 0 | 1.2 | ||
Senior Subordinated Term Loan Due 2014 | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Repayments of long term debt | -58.4 | 0 | 0 | ||
Acquisition Term Loan | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Repayments of long term debt | -7 | 0 | 0 | ||
Proceeds from the issuance of the 5¾% Senior Notes | 0 | 698.3 | 0 | ||
5 3/4% Senior Notes Due 2021 | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Proceeds from the issuance of the 5¾% Senior Notes | 0 | 500 | 0 | ||
9 3/4% Senior Secured Notes Due 2015 | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Repayments of long term debt | 0 | -330 | 0 | ||
2011 Term Loan | |||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Repayments of long term debt | $0 | ($113) | ($8) | ||
[1] | During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details. |
DESCRIPTION_OF_BUSINESS_AND_SU
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Revlon, Inc. (and together with its subsidiaries, the "Company") conducts its business exclusively through its direct wholly-owned operating subsidiary, Revlon Consumer Products Corporation ("Products Corporation"), and its subsidiaries. Revlon, Inc. is a direct and indirect majority-owned subsidiary of MacAndrews & Forbes Incorporated (together with certain of its affiliates other than the Company, "MacAndrews & Forbes"), a corporation wholly-owned by Ronald O. Perelman. The Company’s vision is to establish Revlon as the quintessential and most innovative beauty company in the world by offering products that make consumers feel attractive and beautiful. We want to inspire our consumers to express themselves boldly and confidently. The Company operates in two segments, the consumer division (“Consumer”) and the professional division (“Professional”), and manufactures, markets and sells worldwide an extensive array of beauty and personal care products, including cosmetics, hair color, hair care and hair treatments, beauty tools, men's grooming products, anti-perspirant deodorants, fragrances, skincare and other beauty care products. The Company’s principal customers for its products in the Consumer segment include large mass volume retailers and chain drug and food stores (collectively, the “mass retail channel”) in the U.S. and internationally, as well as certain department stores and other specialty stores, such as perfumeries, outside the U.S. The Company's principal customers for its products in the Professional segment include hair and nail salons and distributors in the U.S. and internationally. | |
Unless the context otherwise requires, all references to the Company mean Revlon, Inc. and its subsidiaries. Revlon, Inc., as a public holding company, has no business operations of its own and owns, as its only material asset, all of the outstanding capital stock of Products Corporation. As such, its net income/(loss) has historically consisted predominantly of the net income/(loss) of Products Corporation, and in 2014, 2013 and 2012 included $9.8 million, $8.1 million and $19.3 million, respectively, in expenses incidental to being a public holding company. | |
The accompanying Consolidated Financial Statements include the accounts of the Company after the elimination of all material intercompany balances and transactions. Certain prior year amounts have been reclassified to conform to the current year presentation. | |
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Significant estimates made in the accompanying Consolidated Financial Statements include, but are not limited to, allowances for doubtful accounts, inventory valuation reserves, expected sales returns and allowances, trade support costs, certain assumptions related to the valuation of acquired intangible and long-lived assets and the recoverability of intangible and long-lived assets, income taxes, including deferred tax valuation allowances and reserves for estimated tax liabilities, restructuring costs, certain estimates and assumptions used in the calculation of the net periodic benefit (income) costs and the projected benefit obligations for the Company’s pension and other post-retirement plans, including the expected long-term return on pension plan assets and the discount rate used to value the Company’s pension benefit obligations. | |
Immaterial Correction - Presentation of Consolidated Balance Sheet as of December 31, 2013 | |
Deferred income taxes - noncurrent, which represented the Company's noncurrent deferred tax assets, and other long-term liabilities, which include the Company's noncurrent deferred tax liabilities, as of December 31, 2013 were retrospectively corrected in the second quarter of 2014 to reflect the Consumer and Professional U.S. entities as one tax-paying component, as well as to appropriately reflect offsetting noncurrent deferred tax assets and noncurrent deferred tax liabilities within other Professional entities. The Company has deemed the correction to be immaterial as there was no impact to the Company’s results of operations, cash flows and stockholders’ deficiency for any period, and there are no qualitative factors which would indicate that the change is material. This immaterial correction decreased deferred income taxes - noncurrent and other long-term liabilities, as of December 31, 2013, to $65.7 million and $80.1 million, respectively, as reported in the accompanying Consolidated Balance Sheet, from the previously reported amounts of $179.6 million and $194.0 million, respectively. | |
Discontinued Operations Presentation | |
As a result of the Company's decision on December 30, 2013 to exit its business operations in China, the Company has reported the results of its China operations within income (loss) from discontinued operations, net of taxes in the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income for all periods presented. See Note 4, "Discontinued Operations," for further discussion. | |
Cash and Cash Equivalents: | |
Cash equivalents are primarily investments in high-quality, short-term money market instruments with original maturities of three months or less and are carried at cost, which approximates fair value. Cash equivalents were $6.3 million and $1.2 million as of December 31, 2014 and 2013, respectively. Accounts payable includes $2.2 million and $6.4 million of outstanding checks not yet presented for payment at December 31, 2014 and 2013, respectively. | |
Certain of the Company's foreign subsidiaries utilize a cash pooling arrangement with a financial institution for cash management purposes. This cash pooling arrangement allows the participating entities to withdraw cash from the financial institution to the extent aggregate cash deposits held by its participating locations are available at the financial institution. To the extent any participating location on an individual basis is in an overdraft position, such overdrafts would be recorded within short-term borrowings in the consolidated balance sheet and reflected as financing activities in the consolidated statement of cash flows, and the cash deposits held as collateral for such overdrafts would be classified as restricted cash within cash and cash equivalents. As of December 31, 2014, the Company had $3.4 million of such overdrafts recorded in short-term borrowings and $3.4 million of restricted cash recorded in cash and cash equivalents in the Consolidated Balance Sheet. | |
Trade Receivables: | |
Trade receivables represent payments due to the Company for previously recognized net sales, reduced by an allowance for doubtful accounts for balances which are estimated to be uncollectible at December 31, 2014 and 2013, respectively. The Company grants credit terms in the normal course of business to its customers. Trade credit is extended based upon periodically updated evaluations of each customer's ability to perform its payment obligations. The Company does not normally require collateral or other security to support credit sales. The allowance for doubtful accounts is determined based on historical experience and ongoing evaluations of the Company's receivables and evaluations of the risks of payment. The allowance for doubtful accounts is recorded against trade receivable balances when they are deemed uncollectible. Recoveries of trade receivables previously reserved are recorded in the consolidated statements of operations and comprehensive income when received. At December 31, 2014 and 2013, the Company's three largest customers accounted for an aggregate of approximately 31% and 30%, respectively, of outstanding trade receivables. | |
Inventories: | |
Inventories are stated at the lower of cost or market value. Cost is principally determined by the first-in, first-out method. The Company records adjustments to the value of inventory based upon its forecasted plans to sell its inventories, as well as planned product discontinuances. The physical condition (e.g., age and quality) of the inventories is also considered in establishing the valuation. | |
Property, Plant and Equipment and Other Assets: | |
Property, plant and equipment is recorded at cost and is depreciated on a straight-line basis over the estimated useful lives of such assets as follows: land improvements, 20 to 30 years; buildings and improvements, 5 to 50 years; machinery and equipment, 3 to 15 years; office furniture and fixtures, 3 to 15 years; and capitalized software, 2 to 5 years. Leasehold improvements and building improvements are amortized over their estimated useful lives or the terms of the leases or remaining life of the original structure, respectively, whichever is shorter. Repairs and maintenance are charged to operations as incurred, and expenditures for additions and improvements are capitalized. See Note 7, “Property, Plant and Equipment, Net” for further discussion of the above. | |
Included in other assets are permanent wall displays amounting to $63.3 million and $62.7 million as of December 31, 2014 and 2013, respectively, which are amortized generally over a period of 1 to 5 years. In the event of product discontinuances, from time to time the Company may accelerate the amortization of related permanent wall displays based on the estimated remaining useful life of the asset. Amortization expense for permanent wall displays was $42.5 million, $39.2 million and $36.0 million for 2014, 2013 and 2012, respectively. The Company has also included, in other assets, net deferred financing costs related to the issuance of the Company’s debt instruments amounting to $26.9 million and $32.5 million as of December 31, 2014 and 2013, respectively, which are amortized over the terms of the related debt instruments using the effective-interest method. | |
Long-lived assets, including property, plant and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, the Company estimates the undiscounted future cash flows (excluding interest) resulting from the use of the asset and its ultimate disposition. If the sum of the undiscounted cash flows (excluding interest) is less than the carrying value, the Company recognizes an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the asset. In connection with integrating Colomer into the Company's business, the Company determined it would implement a company-wide, SAP enterprise resource planning system. As a result, the Company recognized a $5.9 million impairment charge related to in-progress capitalized software development costs during the year ended December 31, 2013 which was included as a component of acquisition and integration costs for 2013 in the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income. There were no significant impairment of long-lived assets during the years ended December 31, 2014 and 2013. | |
Goodwill: | |
Goodwill represents the excess purchase price for businesses acquired over the fair value of net assets acquired. Goodwill is not amortized, but rather is reviewed annually for impairment at the reporting unit level using September 30th carrying values, or when there is evidence that events or changes in circumstances indicate that the Company’s carrying amount may not be recovered. For the 2014 and 2013 annual impairment tests, the Company performed a qualitative assessment to determine whether it would be necessary to perform the two-step goodwill impairment test. The Company did not record any impairment of goodwill during 2014, 2013 or 2012. As of December 31, 2014, there have been no significant events since the timing of the Company’s annual impairment test that would have triggered additional impairment testing. See Note 2, “Business Combinations” and Note 8, “Goodwill and Intangible Assets, Net” for further discussion of the Company's goodwill. | |
Intangible Assets, net: | |
Intangible Assets, net, include trade names and trademarks, customer relationships, patents and internally developed intellectual property ("IP") and acquired licenses. Indefinite-lived intangible assets, consisting of certain trade names, are not amortized, but rather are tested for impairment annually on September 30th, similar to goodwill, and an impairment is recognized if the carrying amount exceeds the fair value of the intangible asset. Intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values. The Company writes off the gross carrying amount and accumulated amortization for intangible assets in the year in which the asset becomes fully amortized. Finite-lived intangible assets are considered for impairment upon certain “triggering events” and an impairment is recognized if the carrying amount of the intangible asset exceeds the estimate of undiscounted future cash flows. There was no impairment of intangible assets in 2014, 2013 and 2012. See Note 2, “Business Combinations” and Note 8, “Goodwill and Intangible Assets, Net” for further discussion of the Company's intangible assets, including a summary of finite-lived and indefinite-lived intangible assets. | |
Revenue Recognition and Sales Returns: | |
The Company's policy is to recognize revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable and collection is probable. The Company records revenue from the sale of its products when risk of loss and title to the product transfers to the customer. Net sales are comprised of gross revenues less expected returns, trade discounts and customer allowances, which include costs associated with off-invoice mark-downs and other price reductions, as well as trade promotions and coupons. These incentive costs are recognized at the later of the date on which the Company recognizes the related revenue or the date on which the Company offers the incentive. | |
The Company allows customers to return their unsold products if and when they meet certain Company-established criteria as set forth in the Company's trade terms. The Company regularly reviews and revises, when deemed necessary, its estimates of sales returns based primarily upon the historical rate of actual product returns, planned product discontinuances, new product launches and estimates of customer inventory and promotional sales. The Company records sales returns as a reduction to sales and cost of sales, and an increase to accrued liabilities and inventories. Returned products, which are recorded as inventories, are valued based upon the amount that the Company expects to realize upon their subsequent disposition. The physical condition and marketability of the returned products are the major factors considered by the Company in estimating their realizable value. | |
Revenues derived from licensing arrangements, including any pre-payments, are recognized in the period in which they are earned, but not before the initial license term commences. | |
Cost of Sales: | |
Cost of sales includes all of the costs to manufacture the Company's products. For products manufactured in the Company's own facilities, such costs include raw materials and supplies, direct labor and factory overhead. For products manufactured for the Company by third-party contractors, such cost represents the amounts invoiced by the contractors. Cost of sales also includes the cost of refurbishing products returned by customers that will be offered for resale and the cost of inventory write-downs associated with adjustments of held inventories to their net realizable value. These costs are reflected in the Company’s consolidated statements of operations and comprehensive income when the product is sold and net sales revenues are recognized or, in the case of inventory write-downs, when circumstances indicate that the carrying value of inventories is in excess of their recoverable value. Additionally, cost of sales reflects the costs associated with any free products included as sales and promotional incentives. These incentive costs are recognized on the later of the date that the Company recognizes the related revenue or the date on which the Company offers the incentive. | |
Selling, General and Administrative Expenses: | |
Selling, general and administrative (“SG&A”) expenses include expenses to advertise the Company's products, such as television advertising production costs and air-time costs, print advertising costs, digital marketing costs, promotional displays and consumer promotions. SG&A expenses also include the amortization of permanent wall displays and intangible assets, depreciation of certain fixed assets, distribution costs (such as freight and handling), non-manufacturing overhead (principally personnel and related expenses), selling and trade educations fees, insurance and professional service fees. | |
Advertising: | |
Advertising within SG&A expenses includes television, print, digital marketing and other advertising production costs which are expensed the first time the advertising takes place. The costs of promotional displays are expensed in the period in which they are shipped to customers. Advertising expenses were $383.2 million, $278.5 million and $252.6 million for 2014, 2013 and 2012, respectively, and were included in SG&A expenses in the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company also has various arrangements with customers pursuant to its trade terms to reimburse them for a portion of their advertising costs, which provide advertising benefits to the Company. Additionally, from time to time the Company may pay fees to customers in order to expand or maintain shelf space for its products. The costs that the Company incurs for "cooperative" advertising programs, end cap placement, shelf placement costs, slotting fees and marketing development funds, if any, are expensed as incurred and are recorded as a reduction within net sales. | |
Distribution Costs: | |
Costs, such as freight and handling costs, associated with product distribution are recorded within SG&A expenses when incurred. Distribution costs were $84.9 million, $66.5 million and $61.1 million for 2014, 2013 and 2012, respectively. | |
Income Taxes: | |
Income taxes are calculated using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in income tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. | |
Research and Development: | |
Research and development expenditures are expensed as incurred and included within SG&A expenses. The amounts charged in 2014, 2013 and 2012 for research and development expenditures were $31.6 million, $26.9 million and $24.2 million, respectively. | |
Foreign Currency Translation: | |
Assets and liabilities of foreign operations are translated into U.S. Dollars at the rates of exchange in effect at the balance sheet date. Income and expense items are translated at the weighted average exchange rates prevailing during each period presented. Gains and losses resulting from foreign currency transactions are included in the results of operations. Gains and losses resulting from translation of financial statements of foreign subsidiaries and branches operating in non-hyperinflationary economies are recorded as a component of accumulated other comprehensive loss until either the sale or upon the complete or substantially complete liquidation by the Company of its investment in a foreign entity. To the extent that foreign subsidiaries and branches operate in hyperinflationary economies, non-monetary assets and liabilities are translated at historical rates and translation adjustments are included in the Company's results of operations. | |
Venezuela - Highly-Inflationary Economy: Effective January 1, 2010, Venezuela was designated as a highly inflationary economy under U.S. GAAP. As a result, beginning January 1, 2010, the U.S. Dollar is the functional currency for the Company’s subsidiary in Venezuela (“Revlon Venezuela”). As Venezuela is designated as highly inflationary, currency translation adjustments of Revlon Venezuela’s balance sheet are reflected in the Company's earnings. | |
Venezuela - Currency Restrictions: Currency restrictions enacted by the Venezuelan government in 2003 have become more restrictive and have impacted Revlon Venezuela’s ability to obtain U.S. dollars in exchange for Venezuelan Bolivars ("Bolivars") at the official foreign exchange rates from the Venezuelan government and its foreign exchange commission, the Comisión de Administracion de Divisas (“CADIVI”). In May 2010, the Venezuelan government took control over the previously freely-traded foreign currency exchange market and, in June 2010, replaced it with a new foreign currency exchange system, the Sistema de Transacciones en Moneda Extranjera (“SITME”). In the second quarter of 2011, the Company began using a SITME rate of 5.5 Bolivars per U.S. dollar to translate Revlon Venezuela’s financial statements, as this was the rate at which the Company accessed U.S. dollars in the SITME market during this period (the “SITME Rate”). Through December 31, 2012, the Company continued using the SITME Rate to translate Revlon Venezuela’s financial statements. | |
Venezuela - 2013 Currency Devaluation: In February 2013, the Venezuelan government announced the devaluation of its local currency, Bolivars, relative to the U.S. Dollar, changing the official exchange rate to 6.3 Bolivars per U.S. Dollar (the "Official Rate"). The Venezuelan government also announced that the SITME currency market administered by the central bank would be eliminated, and as a result, the Company began using the Official Rate of 6.3 Bolivars per U.S. Dollar to translate Revlon Venezuela’s financial statements beginning in 2013. To reflect the impact of the currency devaluation, a one-time foreign currency loss of $0.6 million was recorded in earnings during the first quarter of 2013 as a result of the required re-measurement of Revlon Venezuela’s monetary assets and liabilities. | |
Venezuela - 2014 Currency Devaluation: In January 2014, the Venezuela government announced that the CADIVI would be replaced by the government-operated National Center of Foreign Commerce (the "CENCOEX"), and indicated that the Sistema Complementario de Administración de Divisas (“SICAD”) market would continue to be offered as an alternative foreign currency exchange. Additionally, a parallel foreign currency exchange system, SICAD II, started functioning in March 2014 and allows companies to apply for the purchase of foreign currency and foreign currency denominated securities for any legal use or purpose. During 2014, the SICAD II exchange system has had an average transaction rate to the Company of approximately 53 Bolivars per U.S. Dollar (the “SICAD II Rate”). | |
Throughout 2014, the Company exchanged Bolivars for U.S. Dollars to the extent permitted through the various foreign currency markets available based on its ability to participate in those markets. Prior to June 30, 2014, the Company utilized the Official Rate of 6.3 Bolivars per U.S. Dollar. Following a consideration of the Company's specific facts and circumstances, which included its legal ability and intent to participate in the SICAD II exchange market to import finished goods into Venezuela, the Company determined that it was appropriate to utilize the SICAD II Rate of 53 Bolivars per U.S. Dollar to translate Revlon Venezuela’s financial statements beginning on June 30, 2014. As a result, the Company recorded a foreign currency loss of $6.0 million in the second quarter of 2014 related to the required re-measurement of Revlon Venezuela’s monetary assets and liabilities. | |
For 2014, the change to the SICAD II Rate of 53 Bolivars per U.S. Dollar, as compared to the Official Rate of 6.3 Bolivars per U.S. Dollar, has had the impact of reducing the Company's consolidated net sales by $16.2 million and reducing the Company's consolidated operating income by $8.4 million. | |
Basic and Diluted Earnings per Common Share and Classes of Stock: | |
Shares used in basic earnings per share are computed using the weighted average number of common shares outstanding during each period. Shares used in diluted earnings per share include the dilutive effect of unvested restricted shares and outstanding stock options under the stock plan using the treasury stock method. (See Note 20, "Basic and Diluted Earnings (Loss) Per Common Share"). | |
Stock-Based Compensation: | |
The Company recognizes stock-based compensation costs for its restricted stock, measured at the fair value of each award at the time of grant, as an expense over the period during which an employee is required to provide service. Upon the vesting of restricted stock, any resulting tax benefits are recognized in additional paid-in-capital. Any resulting tax deficiencies are recognized in the consolidated statements of operations and comprehensive income as tax expense to the extent that the tax deficiency amount exceeds any existing additional paid-in-capital resulting from previously realized excess tax benefits from previous awards. The Company reflects such excess tax benefits as cash flows from financing activities in the consolidated statements of cash flows. | |
Derivative Financial Instruments: | |
The Company is exposed to certain risks relating to its ongoing business operations. The Company uses derivative financial instruments, including (i) foreign currency forward exchange contracts (“FX Contracts”) intended for the purpose of managing foreign currency exchange risk by reducing the effects of fluctuations in foreign currency exchange rates on the Company’s net cash flows and (ii) interest rate hedging transactions intended for the purpose of managing interest rate risk associated with Products Corporation’s variable rate indebtedness. | |
Foreign Currency Forward Exchange Contracts | |
Products Corporation enters into FX Contracts primarily to hedge the anticipated net cash flows resulting from inventory purchases and intercompany payments denominated in currencies other than the local currencies of the Company’s foreign and domestic operations and generally have maturities of less than one year. The Company does not apply hedge accounting to its FX Contracts. The Company records FX Contracts in its consolidated balance sheet at fair value and changes in fair value are immediately recognized in earnings. Fair value of the Company’s FX Contracts is determined by using observable market transactions of spot and forward rates. See Note 13, “Financial Instruments” for further discussion of the Company's FX Contracts. | |
Interest Rate Swap | |
In November 2013, Products Corporation executed the 2013 Interest Rate Swap (as hereinafter defined), which has been designated as a cash flow hedge of the variability of the forecasted three-month LIBOR interest rate payments related to its Acquisition Term Loan (as hereinafter defined). The Company records changes in the fair value of cash flow hedges that are designated as effective instruments as a component of accumulated other comprehensive loss. Any ineffectiveness in such cash flow hedges is immediately recognized in earnings. Gains and losses deferred in accumulated other comprehensive loss are recognized in current-period earnings when earnings are affected by the variability of cash flows of the hedged forecasted transaction. See Note 13, “Financial Instruments” for further discussion of the Company's 2013 Interest Rate Swap. | |
Recently Adopted Accounting Pronouncements | |
In March 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-04, “Accounting for Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date,” which requires an entity to record an obligation resulting from joint and several liability arrangements at the greater of the amount that the entity has agreed to pay or the amount the entity expects to pay. Additional disclosures about joint and several liability arrangements are also required. The Company adopted ASU No. 2013-04 on January 1, 2014, which is required to be applied retrospectively for obligations that existed at that date. The adoption of ASU No. 2013-04 did not have an impact on the Company's results of operations, financial condition or financial statement disclosures. | |
In March 2013, the FASB issued ASU No. 2013-05, “Foreign Currency Matters: Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity,” which clarifies the applicable guidance for a parent company's accounting for the release of the cumulative translation adjustment into net income. This guidance is effective for fiscal periods beginning after December 15, 2013, and is to be applied prospectively to derecognition events occurring after the effective date. The Company adopted ASU No. 2013-05 on January 1, 2014 and its adoption did not have a material impact on the Company's results of operations, financial condition or financial statement disclosures. | |
In November 2014, the FASB issued ASU No. 2014-17, “Business Combinations Topic 805, Pushdown Accounting." The new standard eliminates previous pushdown accounting requirements and provides the option to apply pushdown accounting in separate financial statements upon a change-in-control event. The election is available to the acquired company, as well as to any direct or indirect subsidiaries of the acquired company. Each acquired company or any of its subsidiaries can make its own election independently. The new standard is effective immediately for all new change-in-control events or those occurring in periods for which financial statements have not yet been issued. Accordingly, a company can make an election regarding pushdown accounting for a change-in-control event that occurred in any open financial reporting period. The adoption of ASU No. 2014-17 did not have a material impact on the Company's results of operations, financial condition or financial statement disclosures. | |
Recently Issued Accounting Standards or Updates Not Yet Effective | |
In April 2014, the FASB issued ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity," which changes the requirements for reporting discontinued operations under Accounting Standards Codification ("Codification") Topic 205. Under ASU No. 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. The standard states that a strategic shift could include a disposal of (i) a major geographical area of operations, (ii) a major line of business, (iii) a major equity method investment or (iv) other major parts of an entity. ASU No. 2014-08 no longer precludes presentation as a discontinued operation if (i) there are operations and cash flows of the component that have not been eliminated from the reporting entity’s ongoing operations or (ii) there is significant continuing involvement with a component after its disposal. Additional disclosures about discontinued operations will also be required. The guidance is effective for annual periods beginning on or after December 15, 2014, and is applied prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. The Company adopted ASU No. 2014-08 on a prospective basis beginning January 1, 2015 and the Company will assess the impact that the new standard will have on the Company's results of operation, financial condition and disclosures at the time a transaction for which the standard is applicable occurs. | |
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers," which supersedes the revenue recognition requirements in the Accounting Standards Codification Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of the new ASU No. 2014-09 is for companies to recognize revenue from the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and improve guidance for multiple-element arrangements. The guidance is effective for annual and interim periods beginning after December 15, 2016, with early adoption prohibited. The Company expects to adopt ASU No. 2014-09 beginning January 1, 2017 and is in the process of assessing the impact that the new guidance will have on the Company's results of operations, financial condition and disclosures. | |
In August 2014, the FASB issued ASU No. 2014-15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" that will explicitly require management to assess an entity's ability to continue as a going concern and to provide related footnote disclosures if conditions give rise to substantial doubt. According to the new standard, substantial doubt exists if it is probable that the entity will be unable to meet its obligations within one year after the issuance date. The likelihood threshold of "probable", similar to its current use in U.S. GAAP for loss contingencies, will be used to define substantial doubt. Disclosures will be required if conditions give rise to substantial doubt including whether and how management's plans will alleviate the substantial doubt. The guidance is effective for annual periods beginning after December 15, 2015, with early adoption prohibited. The Company expects to adopt ASU No. 2014-15 beginning January 1, 2016 and is in the process of assessing the impact that the new guidance will have on the Company's results of operations, financial condition and financial statement disclosures. |
BUSINESS_COMBINATION
BUSINESS COMBINATION | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Business Combinations [Abstract] | ||||||||||||
BUSINESS COMBINATION | BUSINESS COMBINATION | |||||||||||
The Colomer Acquisition | ||||||||||||
On October 9, 2013 (the "Acquisition Date"), Products Corporation completed its acquisition of The Colomer Group Participations, S.L. ("Colomer" and the "Colomer Acquisition"), a Spanish company which primarily manufactures, markets and sells professional products to hair and nail salons and other professional channels under brands such as Revlon Professional, CND, including CND Shellac, and American Crew, as well as retail and multi-cultural product lines. The cash purchase price for the Colomer Acquisition was $664.5 million, which Products Corporation financed with proceeds from the Acquisition Term Loan under the Amended Term Loan Facility (both as hereinafter defined). The Colomer Acquisition provides the Company with broad brand, geographic and channel diversification and substantially expands the Company's business, providing both distribution into new channels and cost synergy opportunities. | ||||||||||||
The results of operations of the Colomer business have been included, commencing on the Acquisition Date, in the Company’s Consolidated Financial Statements. | ||||||||||||
For 2014 and 2013, respectively, the Company has incurred acquisition and integration costs related to the Colomer Acquisition, summarized as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Acquisition costs | $ | 0.5 | $ | 12.9 | ||||||||
Integration costs | 5.9 | 12.5 | ||||||||||
Total acquisition and integration costs | $ | 6.4 | $ | 25.4 | ||||||||
Acquisition costs in 2014 and 2013 primarily include legal and consulting fees related to the Colomer Acquisition. The integration costs consist of non-restructuring costs related to the Company's plans to integrate Colomer's operations into the Company's business. Integration costs incurred during 2014 primarily include employee-related costs related to management changes and audit-related fees. For 2013, integration costs were primarily related to an impairment of in-progress capitalized software development costs and employee-related costs related to management changes. | ||||||||||||
Purchase Price Allocation | ||||||||||||
The Company accounted for the Colomer Acquisition as a business combination during the fourth quarter of 2013. The table below summarizes the amounts recognized for assets acquired and liabilities assumed as of the Acquisition Date, as well as adjustments made in the period after the Acquisition Date to the amounts initially recorded in 2013 (the "Measurement Period Adjustments"). Accordingly, the Company retrospectively adjusted its consolidated balance sheet as of December 31, 2013 to reflect these Measurement Period Adjustments. The Measurement Period Adjustments did not have a material impact on the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income for 2014. | ||||||||||||
The total consideration of $664.5 million was recorded based on the respective estimated fair values of the net assets acquired on the Acquisition Date with resulting goodwill, as follows: | ||||||||||||
Amounts Previously Recognized as of October 9, 2013 (Provisional) (a) | Measurement Period Adjustments | Amounts Recognized as of Acquisition Date (Adjusted) | ||||||||||
Cash and cash equivalents | $ | 36.9 | $ | — | $ | 36.9 | ||||||
Trade receivables | 83.9 | — | 83.9 | |||||||||
Inventories | 75.1 | — | 75.1 | |||||||||
Prepaid expenses and other | 31.3 | — | 31.3 | |||||||||
Property, plant and equipment | 96.7 | — | 96.7 | |||||||||
Intangible assets(b) | 292.7 | 5.4 | 298.1 | |||||||||
Goodwill(b)(c) | 255.7 | (2.4 | ) | 253.3 | ||||||||
Deferred tax asset - noncurrent | 53.1 | — | 53.1 | |||||||||
Other assets(c) | 1.9 | 3.9 | 5.8 | |||||||||
Total assets acquired | 927.3 | 6.9 | 934.2 | |||||||||
Accounts payable | 48 | — | 48 | |||||||||
Accrued expenses and other | 65.6 | — | 65.6 | |||||||||
Long-term debt | 0.9 | — | 0.9 | |||||||||
Long-term pension and other benefit plan liabilities | 4.5 | — | 4.5 | |||||||||
Deferred tax liability(b) | 123.3 | 2.1 | 125.4 | |||||||||
Other long-term liabilities(c) | 20.5 | 4.8 | 25.3 | |||||||||
Total liabilities assumed | 262.8 | 6.9 | 269.7 | |||||||||
Total consideration | $ | 664.5 | $ | — | $ | 664.5 | ||||||
(a) As previously reported in Revlon, Inc.'s 2013 Annual Report on Form 10-K. | ||||||||||||
(b) The Measurement Period Adjustments to intangible assets, deferred tax liability and goodwill in the first quarter of 2014 related to a change in assumptions used to calculate the fair value of an acquired customer relationship intangible asset, which increased the intangible asset by $5.4 million and extended the life of the asset from 10 to 20 years, increased deferred tax liabilities by $2.1 million, and resulted in a net decrease to goodwill of $3.3 million. | ||||||||||||
(c) The Company recorded a $3.9 million income tax adjustment to the beginning tax balance within other assets and a $4.8 million adjustment to other long-term liabilities, resulting in a net increase to goodwill of $0.9 million. | ||||||||||||
In determining the fair values of net assets acquired in the Colomer Acquisition and resulting goodwill, the Company considered, among other factors, an analysis of Colomer's historical financial performance and an estimate of the future performance of the acquired business, as well as market participants' intended use of the acquired assets. | ||||||||||||
The acquired intangible assets, based on the fair values of the identifiable intangible assets, are as follows: | ||||||||||||
Fair Values at October 9, 2013 | Weighted Average Useful Life (in years) | |||||||||||
Trade names, indefinite-lived | $ | 108.6 | Indefinite | |||||||||
Trade names, finite-lived | 109.4 | 20-May | ||||||||||
Customer relationships | 62.4 | 15 - 20 | ||||||||||
License agreement | 4.1 | 10 | ||||||||||
Internally-developed IP | 13.6 | 10 | ||||||||||
Total acquired intangible assets | $ | 298.1 | ||||||||||
Unaudited Pro Forma Results | ||||||||||||
The unaudited pro forma results include the historical consolidated statements of operations of the Company and Colomer, giving effect to the Colomer Acquisition and related financing transactions as if they had occurred on January 1, 2012. | ||||||||||||
The following table presents the Company's pro forma consolidated net sales and income from continuing operations, before income taxes for 2013 and 2012. | ||||||||||||
Unaudited Pro Forma Results | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Net sales | $ | 1,908.90 | $ | 1,911.60 | ||||||||
Income from continuing operations, before income taxes | 125.2 | 106 | ||||||||||
The pro forma results, prepared in accordance with U.S. GAAP, include the following pro forma adjustments related to the Colomer Acquisition: | ||||||||||||
(i) as a result of an $11.1 million fair value adjustment to acquired inventory at the Acquisition Date, the Company recognized $8.5 million of the increase in cost of sales in its historical 2013 consolidated financial statements. The pro forma adjustments include an adjustment to reverse the $8.5 million recognized in 2013 cost of sales and recognize the full $11.1 million in 2012 cost of sales; | ||||||||||||
(ii) the pro forma increase in depreciation and amortization expense based on the fair value adjustments to property, plant and equipment and acquired finite-lived intangible assets recorded in connection with the Colomer Acquisition of $14.3 million and $19.2 million in 2013 and 2012, respectively; | ||||||||||||
(iii) the elimination of goodwill impairment charges recognized by Colomer in 2013 and 2012 of $9.0 million and $5.3 million, respectively; | ||||||||||||
(iv) the elimination of acquisition and integration costs recognized by the Company and Colomer in 2013 and 2012 of $25.8 million and $0.8 million, respectively; | ||||||||||||
(v) the elimination of Colomer's debt facility fees of $3.6 million recognized in 2013, as the debt facility was closed on the Acquisition Date; and | ||||||||||||
(vi) the pro forma increase in interest expense and amortization of debt issuance costs, resulting from the issuance of the Acquisition Term Loan used by Products Corporation to finance the Colomer Acquisition, for a total combined increase of $19.4 million and $24.4 million in 2013 and 2012, respectively. | ||||||||||||
The unaudited pro forma results do not include: (1) any revenue or cost reductions that may be achieved through the business combination; or (2) the impact of non-recurring items directly related to the business combination. | ||||||||||||
The unaudited pro forma results are not necessarily indicative of the operating results that would have occurred if the Colomer Acquisition had been completed as of the date for which the pro forma financial information is presented. In addition, the unaudited pro forma results do not purport to project the future consolidated operating results of the combined company. |
RESTRUCTURING_CHARGES
RESTRUCTURING CHARGES | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Restructuring Charges [Abstract] | ||||||||||||||||||||||||||||
RESTRUCTURING CHARGES | RESTRUCTURING CHARGES | |||||||||||||||||||||||||||
Integration Program | ||||||||||||||||||||||||||||
In January 2014, the Company announced that it was implementing actions to integrate Colomer’s operations into the Company’s business, as well as additional restructuring actions identified to reduce costs across the Company’s businesses (all such actions, together, the “Integration Program”). | ||||||||||||||||||||||||||||
The Company expects to recognize total restructuring charges, capital expenditures and related non-restructuring costs under the Integration Program of approximately $50 million in the aggregate over the periods described below. | ||||||||||||||||||||||||||||
The Integration Program is designed to deliver cost reductions throughout the combined organization by generating synergies and operating efficiencies within the Company’s global supply chain and consolidating offices and back office support, and other actions designed to reduce SG&A expenses. Certain actions that are part of the Integration Program are subject to consultations with employees, works councils or unions and governmental authorities. The Company expects to substantially complete the Integration Program by the end of 2015. | ||||||||||||||||||||||||||||
The approximately $50 million of total expected non-restructuring costs, capital expenditures and restructuring charges under the Integration Program referred to above consist of the following: | ||||||||||||||||||||||||||||
1 | $5.9 million and $12.5 million and of non-restructuring integration costs recognized during 2014 and 2013, respectively. Such costs have been reflected within acquisition and integration costs in the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income and are related to combining Colomer’s operations into the Company’s business; | |||||||||||||||||||||||||||
2 | Expected integration-related capital expenditures of approximately $7 million, $4.4 million of which has been paid during 2014 with the remaining balance expected to be paid in 2015; and | |||||||||||||||||||||||||||
3 | Expected total restructuring and related charges of approximately $25 million, $20.1 million of which was recognized during 2014 with the remaining charges expected to be recognized in 2015. A summary of the restructuring and related charges for the Integration Program incurred through 2014 and those expected to be incurred in 2015, are as follows: | |||||||||||||||||||||||||||
Restructuring Charges and Other, Net | ||||||||||||||||||||||||||||
Employee Severance and Other Personnel Benefits | Other | Total Restructuring Charges | Inventory Write-offs and Other Manufacturing-Related Costs (a) | Other Charges (b) | Total Restructuring and Related Charges | |||||||||||||||||||||||
Charges incurred through December 31, 2014 | $ | 17.3 | $ | 1.6 | $ | 18.9 | $ | 0.6 | $ | 0.6 | $ | 20.1 | ||||||||||||||||
Total expected charges | $ | 18 | $ | 3 | $ | 21 | $ | 2 | $ | 2 | $ | 25 | ||||||||||||||||
(a) | Inventory write-offs and other manufacturing-related costs are recorded within cost of sales within the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income. | |||||||||||||||||||||||||||
(b) | Other charges are recorded within SG&A expenses within the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income. | |||||||||||||||||||||||||||
Of the $20.1 million of restructuring and related charges recognized in connection with the Integration Program in 2014, $10.2 million related to the Consumer segment and $9.9 million related to the Professional segment. | ||||||||||||||||||||||||||||
The Company expects that cash payments related to the restructuring and related charges in connection with the Integration Program will total approximately $24 million, of which $9.6 million was paid during 2014, and the majority of the remaining balance of $14.4 million is expected to be paid in 2015. | ||||||||||||||||||||||||||||
December 2013 Program | ||||||||||||||||||||||||||||
In December 2013, the Company announced restructuring actions that included exiting its business operations in China, as well as implementing other immaterial restructuring actions outside the U.S., which are expected to generate other operating efficiencies (the "December 2013 Program"). These restructuring actions resulted in the Company eliminating approximately 1,100 positions in 2014, primarily in China, which included eliminating in the first quarter of 2014 approximately 940 beauty advisors retained indirectly through a third-party agency. The charges incurred for the December 2013 Program relate entirely to the Consumer segment. | ||||||||||||||||||||||||||||
A summary of the restructuring and related charges incurred during 2014 in connection with the December 2013 Program are as follows: | ||||||||||||||||||||||||||||
Restructuring Charges and Other, Net | ||||||||||||||||||||||||||||
Employee Severance and Other Personnel Benefits | Other | Total Restructuring Charges | Allowances and Returns | Inventory Write-offs | Other Charges | Total Restructuring and Related Charges | ||||||||||||||||||||||
Charges incurred through December 31, 2013 | $ | 9.1 | $ | 0.5 | $ | 9.6 | $ | 7.4 | $ | 4 | $ | 0.4 | $ | 21.4 | ||||||||||||||
Adjustments recorded for the year ended December 31, 2014 (a) | (0.5 | ) | (0.2 | ) | (0.7 | ) | (0.9 | ) | (0.9 | ) | — | (2.5 | ) | |||||||||||||||
Cumulative charges incurred through December 31, 2014 | $ | 8.6 | $ | 0.3 | $ | 8.9 | $ | 6.5 | $ | 3.1 | $ | 0.4 | $ | 18.9 | ||||||||||||||
Total expected charges | $ | 8.6 | $ | 0.3 | $ | 8.9 | $ | 6.5 | $ | 3.1 | $ | 0.4 | $ | 18.9 | ||||||||||||||
(a) | Of the $2.5 million adjustment for 2014 related to the December 2013 Program, $2.3 million relates to the Company's exit of its business operations in China which were recorded within income (loss) from discontinued operations, net of taxes. See Note 4, "Discontinued Operations," for further discussion. The remaining $0.2 million of such adjustment was recorded in restructuring charges and other, net within income from continuing operations, net of taxes. | |||||||||||||||||||||||||||
The Company expects net cash payments related to the December 2013 Program to total approximately $17 million, of which $15.5 million was paid during 2014, $0.1 million was paid in 2013, and the remaining balance of $1.4 million is expected to be paid in 2015. | ||||||||||||||||||||||||||||
September 2012 Program | ||||||||||||||||||||||||||||
In September 2012, the Company announced a restructuring (the “September 2012 Program”), which primarily involved the Company exiting its owned manufacturing facility in France and its leased manufacturing facility in Maryland; rightsizing its organizations in France and Italy; and realigning its operations in Latin America and Canada. The charges incurred related to the September 2012 Program relate entirely to the Consumer segment. | ||||||||||||||||||||||||||||
Cumulative charges of $27.2 million were recognized in connection with the September 2012 program, $24.1 million of which was recorded during 2012 and $3.1 million was recorded in 2013. Total net cash payments of $25.1 million were paid in connection with the September 2012 Program, $4.0 million of which was paid during 2014, $17.3 million was paid in 2013 and $3.8 million was paid in 2012. | ||||||||||||||||||||||||||||
Other Immaterial Actions | ||||||||||||||||||||||||||||
In 2014, the Company recorded net charges totaling $2.7 million of restructuring and related charges, for other immaterial restructuring actions within both the Consumer and Professional segments, due to $5.3 million of charges primarily related to employee-related costs, partially offset by a $2.6 million gain related to the sale of property, plant and equipment. | ||||||||||||||||||||||||||||
Restructuring Reserve | ||||||||||||||||||||||||||||
The related liability balance and activity for each of the Company's restructuring programs as summarized above is presented as follows: | ||||||||||||||||||||||||||||
Utilized, Net | ||||||||||||||||||||||||||||
Balance | (Income) Expense, Net | Foreign Currency Translation | Cash | Non-cash | Balance End of Year | |||||||||||||||||||||||
Beginning of Year | ||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||
Integration Program: | ||||||||||||||||||||||||||||
Employee severance and other personnel benefits | $ | — | $ | 17.3 | $ | (0.1 | ) | $ | (7.6 | ) | $ | — | $ | 9.6 | ||||||||||||||
Other | — | 1.6 | — | (1.2 | ) | (0.3 | ) | 0.1 | ||||||||||||||||||||
December 2013 Program: | ||||||||||||||||||||||||||||
Employee severance and other personnel benefits | 9 | (0.5 | ) | (0.2 | ) | (7.3 | ) | 0.2 | 1.2 | |||||||||||||||||||
Other | 0.5 | (0.2 | ) | — | (0.3 | ) | — | — | ||||||||||||||||||||
September 2012 Program: | ||||||||||||||||||||||||||||
Employee severance and other personnel benefits | 2.7 | — | (0.1 | ) | (2.5 | ) | 0.1 | 0.2 | ||||||||||||||||||||
Other | 1.5 | — | — | (1.5 | ) | — | — | |||||||||||||||||||||
2014 Other immaterial actions: | ||||||||||||||||||||||||||||
Employee severance and other personnel benefits | — | 5 | (0.1 | ) | (2.0 | ) | — | 2.9 | ||||||||||||||||||||
Other | — | 0.2 | — | (0.2 | ) | — | — | |||||||||||||||||||||
Total restructuring reserve | $ | 13.7 | $ | 23.4 | $ | (0.5 | ) | $ | (22.6 | ) | $ | — | $ | 14 | ||||||||||||||
Gain on sale of property, plant and equipment for 2014 other immaterial actions | (2.6 | ) | ||||||||||||||||||||||||||
Portion of restructuring benefits recorded within income (loss) from discontinued operations (a) | 0.5 | |||||||||||||||||||||||||||
Total restructuring charges and other, net, from continuing operations | $ | 21.3 | ||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||
December 2013 Program: | ||||||||||||||||||||||||||||
Employee severance and other personnel benefits | $ | — | $ | 9.1 | $ | — | $ | (0.1 | ) | $ | — | $ | 9 | |||||||||||||||
Other | — | 0.5 | — | — | — | 0.5 | ||||||||||||||||||||||
September 2012 Program: | ||||||||||||||||||||||||||||
Employee severance and other personnel benefits | 18 | 2.9 | (0.1 | ) | (18.1 | ) | — | 2.7 | ||||||||||||||||||||
Other | 0.9 | 2.3 | — | (1.7 | ) | — | 1.5 | |||||||||||||||||||||
Lease exit | 0.3 | — | — | (0.3 | ) | — | — | |||||||||||||||||||||
Total restructuring reserve | $ | 19.2 | 14.8 | $ | (0.1 | ) | $ | (20.2 | ) | $ | — | $ | 13.7 | |||||||||||||||
Gain on sale of France facility | (2.5 | ) | ||||||||||||||||||||||||||
Portion of restructuring charges recorded within (loss) income from discontinued operations (a) | (8.8 | ) | ||||||||||||||||||||||||||
Total restructuring charges and other, net from continuing operations | $ | 3.5 | ||||||||||||||||||||||||||
(a) Refer to Note 4, "Discontinued Operations" for additional information regarding the Company's exit of its business operations in China. | ||||||||||||||||||||||||||||
As of December 31, 2014, $13.7 million of the restructuring reserve balance was included within accrued expenses and other and $0.3 million was included within other long-term liabilities in the Company's Consolidated Balance Sheet. As of December 31, 2013, the entire restructuring reserve balance was included within accrued expenses and other in the Company's Consolidated Balance Sheet. |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS | |||||||||||
On December 30, 2013, the Company announced that it was implementing restructuring actions which included exiting its business operations in China (refer to Note 3, "Restructuring Charges - December 2013 Program"). | ||||||||||||
The results of the China discontinued operations are included within income (loss) from discontinued operations, net of taxes, and relate to the Consumer segment. The summary comparative financial results of discontinued operations are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales (a) | $ | 2.6 | $ | 13.8 | $ | 29.7 | ||||||
Income (loss) from discontinued operations, before taxes (b) | 1.5 | (30.8 | ) | (10.5 | ) | |||||||
Benefit for income taxes | 0.2 | (0.4 | ) | (0.4 | ) | |||||||
Income (loss) from discontinued operations, net of taxes | 1.3 | (30.4 | ) | (10.1 | ) | |||||||
(a) | Net sales during 2014 include favorable adjustments to sales returns related to the Company's exit of its China operations. | |||||||||||
(b) | Included in loss from discontinued operations, before taxes for 2013 is $20.0 million of restructuring and related charges related to the Company's exit of its business operations in China as part of the December 2013 Program. Refer to Note 3, "Restructuring Charges - December 2013 Program," for related disclosures. | |||||||||||
Assets and liabilities of the China discontinued operations included in the Consolidated Balance Sheets consist of the following: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Cash and cash equivalents | $ | 2.4 | $ | 0.9 | ||||||||
Trade receivables, net | 0.2 | 1.9 | ||||||||||
Total current assets | 2.6 | 2.8 | ||||||||||
Total assets | $ | 2.6 | $ | 2.8 | ||||||||
Accounts payable | $ | 0.2 | $ | 4.7 | ||||||||
Accrued expenses and other | 3.9 | 27.6 | ||||||||||
Total current liabilities | 4.1 | 32.3 | ||||||||||
Other long-term liabilities | — | 2.8 | ||||||||||
Total liabilities | $ | 4.1 | $ | 35.1 | ||||||||
INVENTORIES
INVENTORIES | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
INVENTORIES | INVENTORIES | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Raw materials and supplies | $ | 47.2 | $ | 50.8 | ||||
Work-in-process | 9 | 12.8 | ||||||
Finished goods | 100.4 | 111.4 | ||||||
$ | 156.6 | $ | 175 | |||||
PREPAID_EXPENSES_AND_OTHER_Not
PREPAID EXPENSES AND OTHER (Notes) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
PREPAID EXPENSES AND OTHER | PREPAID EXPENSES AND OTHER | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Prepaid expenses | $ | 17.3 | $ | 22.5 | ||||
Other | 27.3 | 38.9 | ||||||
$ | 44.6 | $ | 61.4 | |||||
PROPERTY_PLANT_AND_EQUIPMENT_N
PROPERTY, PLANT AND EQUIPMENT (Notes) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
PROPERTY, PLANT AND EQUIPMENT | PROPERTY, PLANT AND EQUIPMENT | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Land and improvements | $ | 11.7 | $ | 12.9 | ||||
Building and improvements | 83.9 | 86.6 | ||||||
Machinery, equipment and capital leases | 198.7 | 193.5 | ||||||
Office furniture, fixtures and capitalized software | 104.2 | 107 | ||||||
Leasehold improvements | 28.1 | 16.5 | ||||||
Construction-in-progress | 35.9 | 22.5 | ||||||
Property, plant and equipment, gross | 462.5 | 439 | ||||||
Accumulated depreciation | (250.5 | ) | (243.1 | ) | ||||
Property, plant and equipment, net | $ | 212 | $ | 195.9 | ||||
Depreciation expense for 2014, 2013 and 2012 was $36.9 million, $25.2 million and $22.7 million, respectively. |
GOODWILL_AND_INTANGIBLE_ASSETS
GOODWILL AND INTANGIBLE ASSETS, NET | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||
GOODWILL AND INTANGIBLE ASSETS, NET | GOODWILL AND INTANGIBLE ASSETS, NET | |||||||||||||
Goodwill | ||||||||||||||
The following table presents the changes in goodwill by segment during each of 2014 and 2013: | ||||||||||||||
Consumer | Professional | Total | ||||||||||||
Balance at January 1, 2013 | $ | 217.8 | $ | — | $ | 217.8 | ||||||||
Goodwill acquired | — | 255.7 | 255.7 | |||||||||||
Foreign currency translation adjustment | $ | 0.1 | $ | 1.1 | $ | 1.2 | ||||||||
Balance at December 31, 2013 before Measurement Period Adjustments (a) | $ | 217.9 | $ | 256.8 | $ | 474.7 | ||||||||
Measurement Period Adjustments | — | (2.4 | ) | (2.4 | ) | |||||||||
Balance at December 31, 2013 | 217.9 | 254.4 | 472.3 | |||||||||||
Foreign currency translation adjustment | — | (8.2 | ) | (8.2 | ) | |||||||||
Balance at December 31, 2014 | $ | 217.9 | $ | 246.2 | $ | 464.1 | ||||||||
(a) As previously reported in Revlon, Inc.'s 2013 Form 10-K. | ||||||||||||||
The goodwill acquired during 2013 relates to the Colomer Acquisition and was assigned to the Professional segment. During the first quarter of 2014, the Company recorded Measurement Period Adjustments to certain net assets and intangible assets acquired in the Colomer Acquisition on October 9, 2013. See Note 2, "Business Combination" for further discussion of the Colomer Acquisition. | ||||||||||||||
Intangible Assets, Net | ||||||||||||||
The following tables present details of the Company's total intangible assets for each of 2014 and 2013: | ||||||||||||||
31-Dec-14 | ||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Useful Life (in Years) | |||||||||||
Finite-lived intangible assets: | ||||||||||||||
Trademarks and Licenses | $ | 140.5 | $ | (23.5 | ) | $ | 117 | 14 | ||||||
Customer relationships | 109.1 | (13.4 | ) | 95.7 | 17 | |||||||||
Patents and Internally-Developed IP | 16.2 | (2.4 | ) | 13.8 | 10 | |||||||||
Total finite-lived intangible assets | $ | 265.8 | $ | (39.3 | ) | $ | 226.5 | |||||||
Indefinite-lived intangible assets: | ||||||||||||||
Trade Names | $ | 101.3 | $ | — | $ | 101.3 | ||||||||
Total indefinite-lived intangible assets | $ | 101.3 | $ | — | $ | 101.3 | ||||||||
Total intangible assets | $ | 367.1 | $ | (39.3 | ) | $ | 327.8 | |||||||
December 31, 2013 (a) | ||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Useful Life (in Years) | |||||||||||
Finite-lived intangible assets: | ||||||||||||||
Trademarks and Licenses | $ | 142.1 | $ | (11.0 | ) | $ | 131.1 | 14 | ||||||
Customer relationships | 111.5 | (6.7 | ) | 104.8 | 16 | |||||||||
Patents and Internally-Developed IP | 15.8 | (1.3 | ) | 14.5 | 10 | |||||||||
Total finite-lived intangible assets | $ | 269.4 | $ | (19.0 | ) | $ | 250.4 | |||||||
Indefinite-lived intangible assets: | ||||||||||||||
Trade Names | $ | 109.7 | $ | — | $ | 109.7 | ||||||||
Total indefinite-lived intangible assets | $ | 109.7 | $ | — | $ | 109.7 | ||||||||
Total intangible assets | $ | 379.1 | $ | (19.0 | ) | $ | 360.1 | |||||||
(a) During the first quarter of 2014, the Company recorded Measurement Period Adjustments to customer relationships acquired in the Colomer Acquisition on October 9, 2013. Accordingly, 2013 has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details. | ||||||||||||||
Amortization expense for finite-lived intangible assets was $21.3 million, $10.4 million and $4.6 million for 2014, 2013 and 2012, respectively. | ||||||||||||||
The following table reflects the estimated future amortization expense, a portion of which is subject to exchange rate fluctuations, for the Company's finite-lived intangible assets as of December 31, 2014: | ||||||||||||||
Estimated Amortization Expense | ||||||||||||||
2015 | $ | 20.9 | ||||||||||||
2016 | 20.7 | |||||||||||||
2017 | 20.6 | |||||||||||||
2018 | 19.6 | |||||||||||||
2019 | 16.9 | |||||||||||||
Thereafter | 127.8 | |||||||||||||
Total | $ | 226.5 | ||||||||||||
ACCRUED_EXPENSES_AND_OTHER
ACCRUED EXPENSES AND OTHER | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ||||||||
ACCRUED EXPENSES AND OTHER | ACCRUED EXPENSES AND OTHER | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Sales returns and allowances | $ | 70.6 | $ | 91.5 | ||||
Compensation and related benefits | 66.8 | 74.5 | ||||||
Advertising and promotional costs | 44.9 | 42.9 | ||||||
Taxes | 23.4 | 28.5 | ||||||
Interest | 11 | 13.8 | ||||||
Restructuring reserve | 13.7 | 13.7 | ||||||
Other | 42.9 | 48.8 | ||||||
$ | 273.3 | $ | 313.7 | |||||
SHORT_TERM_BORROWINGS_Notes
SHORT TERM BORROWINGS (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Short Term Debt Disclosure [Abstract] | |
Short-term Debt [Text Block] | SHORT-TERM BORROWINGS |
Products Corporation had outstanding short-term borrowings (excluding borrowings under the Amended Credit Agreements or 2011 Credit Agreements (as hereinafter defined), which are reflected in Note 11, "Long-Term Debt"), aggregating $6.6 million and $7.9 million at December 31, 2014 and 2013, respectively. The weighted average interest rate on these short-term borrowings outstanding at December 31, 2014 and 2013 was 6.2% and 5.5%, respectively. |
LONGTERM_DEBT
LONG-TERM DEBT | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
LONG-TERM DEBT | LONG-TERM DEBT | |||||||
31-Dec-14 | 31-Dec-13 | |||||||
Amended Term Loan Facility: Acquisition Term Loan due 2019, net of discounts (see (a) | $ | 691.6 | $ | 698.3 | ||||
below) | ||||||||
Amended Term Loan Facility: 2011 Term Loan due 2017, net of discounts (see (a) below) | 671.6 | 670.1 | ||||||
Amended Revolving Credit Facility (see (a) below) | — | — | ||||||
5¾% Senior Notes due 2021 (see (b) below) | 500 | 500 | ||||||
Non-Contributed Loan portion of the Amended and Restated Senior Subordinated Term Loan due 2014 (see (c) below) | — | 58.4 | ||||||
Spanish Government Loan due 2025 (see (d) below) | 0.7 | 0.9 | ||||||
1,863.90 | 1,927.70 | |||||||
Less current portion (*) | (31.5 | ) | (65.4 | ) | ||||
$ | 1,832.40 | $ | 1,862.30 | |||||
(*) The Company classified $31.5 million of long-term debt as a current liability, which is primarily comprised of the $24.6 million required “excess cash flow” prepayment (as defined under Amended Term Loan Agreement (as hereinafter defined) to be made on or before April 10, 2015 (See below under "Amended Term Loan Facility") and the Company’s regularly scheduled $1.7 million quarterly principal amortization payments (after giving effect to such prepayment). | ||||||||
The Company completed several debt transactions during 2014 and 2013. | ||||||||
2014 Debt Transactions | ||||||||
February 2014 Term Loan Amendment | ||||||||
In February 2014, Products Corporation entered into an amendment (the “February 2014 Term Loan Amendment”) to its amended term loan agreement among Products Corporation, as borrower, a syndicate of lenders and Citicorp USA, Inc. (“CUSA”), as administrative agent and collateral agent. The amended term loan agreement is comprised of (i) the $675.0 million term loan due November 19, 2017 (the "2011 Term Loan" or the “2011 Term Loan Facility”) and (ii) the $700.0 million term loan due October 8, 2019 (the "Acquisition Term Loan"), which had $693.0 million in aggregate principal balance outstanding as of December 31, 2014 (together, the "Amended Term Loan Agreement" and the "Amended Term Loan Facility"). Pursuant to the February 2014 Term Loan Amendment, the interest rates applicable to Eurodollar Loans under the $675.0 million 2011 Term Loan bear interest at the Eurodollar Rate plus 2.5% per annum, with the Eurodollar Rate not to be less than 0.75% (compared to 3.0% and 1.0%, respectively, prior to the February 2014 Term Loan Amendment), while Alternate Base Rate Loans under the 2011 Term Loan bear interest at the Alternate Base Rate plus 1.5%, with the Alternate Base Rate not to be less than 1.75% (compared to 2.0% in each case prior to the February 2014 Term Loan Amendment) (and as each such term is defined in the Amended Term Loan Agreement). | ||||||||
Products Corporation's Acquisition Term Loan and Amended Revolving Credit Facility (as hereinafter defined) were not amended in connection with the February 2014 Term Loan Amendment. | ||||||||
During 2014, the Company incurred approximately $1.1 million of fees and expenses in connection with the February 2014 Term Loan Amendment, which were expensed as incurred, and wrote-off $0.8 million of unamortized debt discount and deferred financing costs as a result of the February 2014 Term Loan Amendment. These amounts, totaling $1.9 million, were recognized within loss on early extinguishment of debt in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income for the year ended December 31, 2014. | ||||||||
Repayment of Non-Contributed Loan | ||||||||
On May 1, 2014, Products Corporation used available cash on hand to optionally prepay in full the remaining $58.4 million principal amount outstanding under the non-contributed loan portion of the Amended and Restated Senior Subordinated Term Loan Agreement (the "Non-Contributed Loan") that remained owing from Products Corporation to various third parties. The Non-Contributed Loan would have otherwise matured on October 8, 2014. In connection with such prepayment, the Company wrote-off $0.1 million of deferred financing costs, which were recognized within loss on early extinguishment of debt in the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income for 2014. | ||||||||
2013 Debt Transactions | ||||||||
Term Loan and Revolving Credit Facility Amendments | ||||||||
(i) February 2013 Term Loan Amendments | ||||||||
In February 2013, Products Corporation consummated an amendment (the "February 2013 Term Loan Amendments"), to its Amended Term Loan Agreement, pursuant to which Products Corporation reduced the total aggregate principal amount outstanding under the 2011 Term Loan from $788.0 million to $675.0 million, using a portion of the proceeds from Products Corporation’s issuance of its 5¾% Senior Notes (see “2013 Senior Notes Refinancing” below), together with cash on hand. Before giving effect to the February 2014 Term Loan Amendment, the February 2013 Term Loan Amendments also reduced the interest rates on the 2011 Term Loan such that Eurodollar Loans bore interest at the Eurodollar Rate plus 3.00% per annum, with the Eurodollar Rate not to be less than 1.00% (compared to 3.50% and 1.25%, respectively, prior to the February 2013 Term Loan Amendments), while Alternate Base Rate Loans bore interest at the Alternate Base Rate plus 2.00%, with the Alternate Base Rate not to be less than 2.00% (compared to 2.50% and 2.25%, respectively, prior to the February 2013 Term Loan Amendments) (and as each such term is defined in the Amended Term Loan Agreement). | ||||||||
Pursuant to the February 2013 Term Loan Amendments, Products Corporation, under certain circumstances, also has the right to request the 2011 Term Loan to be increased by up to the greater of (i) $300 million and (ii) an amount such that Products Corporation’s First Lien Secured Leverage Ratio (as defined in the Amended Term Loan Agreement) does not exceed 3.50:1.00 (compared to $300 million prior to the February 2013 Term Loan Amendments), provided that the lenders are not committed to provide any such increase. Any such increase would be in addition to the Acquisition Term Loan. | ||||||||
(ii) August 2013 Term Loan Amendments | ||||||||
In August 2013, in connection with the Colomer Acquisition, Products Corporation consummated further amendments (the "August 2013 Term Loan Amendments") to its Amended Term Loan Agreement, which permitted, among other things: (i) Products Corporation's consummation of the Colomer Acquisition; and (ii) Products Corporation's incurring up to $700 million of term loans to use as a source of funds to consummate the Colomer Acquisition and pay related fees and expenses. | ||||||||
(iii) Incremental Amendment | ||||||||
In August 2013, in connection with the Colomer Acquisition, Products Corporation entered into an incremental amendment (the "Incremental Amendment") resulting in the Amended Term Loan Agreement with Citibank, N.A., JPMorgan Chase Bank, N.A., Bank of America, N.A, Credit Suisse AG, Cayman Islands Branch, Wells Fargo Bank, N.A. and Deutsche Bank AG New York Branch (collectively, the "Initial Acquisition Lenders") and CUSA, as administrative agent and collateral agent, pursuant to which the Initial Acquisition Lenders committed to provide the Acquisition Term Loan. The Acquisition Term Loan was issued on October 8, 2013 and Products Corporation and used the net proceeds of $698.3 million as a source of funds to consummate the Colomer Acquisition and pay related fees and expenses. | ||||||||
(iv) Amended Revolving Credit Facility | ||||||||
In August 2013, in connection with the Colomer Acquisition, Products Corporation consummated an amendment (the "August 2013 Revolver Amendment") to its third amended and restated revolving credit agreement dated June 16, 2011 (the "2011 Revolving Credit Agreement") which amended its $140.0 million asset-backed, multi-currency revolving credit facility (the "2011 Revolving Credit Facility") to permit, among other things: (a) Products Corporation's consummation of the Colomer Acquisition; and (b) Products Corporation's incurring up to $700 million of the Acquisition Term Loan that Products Corporation used as a source of funds to consummate the Colomer Acquisition. Additionally, the August 2013 Revolver Amendment (1) reduced Products Corporation's interest rate spread over the LIBOR rate applicable to Eurodollar Loans under the facility from a range, based on availability, of 2.00% to 2.50%, to a range of 1.50% to 2.00%; (2) reduced the commitment fee on unused availability under the facility from 0.375% to 0.25%; and (3) extended the maturity of the facility, which was previously scheduled to mature in June 2016, to the earlier of (i) August 2018 or (ii) the date that is 90 days prior to the earliest maturity date of any term loans then outstanding under Products Corporation's bank term loan agreements, but not earlier than June 2016. | ||||||||
Additionally, in December 2013, Products Corporation entered into an incremental amendment (the "December 2013 Revolver Amendment" and together with the August 2013 Revolver Amendment, the "2013 Revolver Amendments") to its third amended and restated revolving credit agreement, dated as of June 16, 2011 (as amended by the 2013 Revolver Amendments, the "Amended Revolving Credit Agreement" and "Amended Revolving Credit Facility"). Under the terms of the December 2013 Revolver Amendment, the lenders' commitment to provide borrowings to Products Corporation and its subsidiary borrowers under the Amended Revolving Credit Facility was increased from $140.0 million to $175.0 million. | ||||||||
2013 Senior Notes Refinancing | ||||||||
In February 2013, Products Corporation issued $500.0 million aggregate principal amount of 5¾% Senior Notes due February 15, 2021 (the “5¾% Senior Notes”) to investors at par pursuant to the 5¾% Senior Notes Indenture, dated as of February 8, 2013 (the “5¾% Senior Notes Indenture”). Products Corporation used $491.2 million of the net proceeds (net of underwriters' fees) from the issuance of the 5¾% Senior Notes to repay and redeem all of the $330.0 million outstanding aggregate principal amount of its 9¾% Senior Secured Notes due November 2015 (the “9¾% Senior Secured Notes"), as well as to pay an aggregate of $28.0 million for the applicable redemption and tender offer premiums, accrued interest and related fees and expenses. Products Corporation used a portion of the remaining proceeds, together with existing cash, to pay approximately $113 million of principal on its 2011 Term Loan in conjunction with the February 2013 Term Loan Amendments. Products Corporation used the remaining balance available from the issuance of the 5¾% Senior Notes for general corporate purposes, including, without limitation, debt reduction transactions, such as repaying to Revlon, Inc. at maturity on October 8, 2013 the Contributed Loan (as hereinafter defined), which Revlon, Inc. used to pay the liquidation preference of Revlon, Inc.'s Series A Preferred Stock, par value $0.01 per share (the "Series A Preferred Stock"), in connection with its mandatory redemption of such stock on such date. Refer to “5¾% Senior Notes” below for further discussion. | ||||||||
Mandatory Redemption of Series A Preferred Stock | ||||||||
In October 2009, Revlon, Inc. consummated a voluntary exchange offer transaction (the “2009 Exchange Offer’) in which each issued and outstanding share of Revlon, Inc.’s Class A Common Stock was exchangeable on a one-for-one basis for a newly-issued series of Revlon, Inc.’s Series A Preferred Stock. Revlon, Inc. issued to stockholders (other than MacAndrews & Forbes and its affiliates) 9,336,905 shares of Series A Preferred Stock in exchange for the same number of shares of Class A Common Stock exchanged in the 2009 Exchange Offer. The Series A Preferred Stock was initially recorded by Revlon, Inc. as a long-term liability at its fair value of $47.9 million upon issuance. On October 8, 2013, Revlon, Inc. completed the mandatory redemption of the Series A Preferred Stock for $48.6 million in accordance with its certificate of designation, which represented a $5.21 liquidation preference for each of the 9,336,905 shares of Series A Preferred Stock issued in the 2009 Exchange Offer. | ||||||||
Long-Term Debt Agreements | ||||||||
(a) Amended Credit Agreements | ||||||||
The following is a summary description of the Amended Term Loan Facility, which includes the 2011 Term Loan and the Acquisition Term Loan, and the Amended Revolving Credit Facility. Unless otherwise indicated, capitalized terms have the meanings given to them in the Amended Term Loan Agreement and/or the Amended Revolving Credit Agreement (the "Amended Credit Agreements"), as applicable. Investors should refer to the Amended Revolving Credit Agreement and/or the Amended Term Loan Agreement for complete terms and conditions, as these summary descriptions are subject to a number of qualifications and exceptions. | ||||||||
Amended Revolving Credit Facility | ||||||||
Availability under the Amended Revolving Credit Facility varies based on a borrowing base that is determined by the value of eligible trade receivables and eligible inventory in the U.S. and the U.K. and eligible real property and equipment in the U.S. from time to time. | ||||||||
In January 2014, Colomer's U.S.-domiciled subsidiaries (the “Colomer U.S. Subsidiaries”) became additional guarantors under Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility and the 5¾% Senior Notes Indenture. In connection with becoming guarantors, substantially all of the assets of the Colomer U.S. Subsidiaries were pledged as collateral under Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility, thereby increasing the value of the assets supporting the borrowing base under the Amended Revolving Credit Facility. | ||||||||
If the value of the eligible assets is not sufficient to support the $175.0 million borrowing base under the Amended Revolving Credit Facility, Products Corporation will not have full access to the Amended Revolving Credit Facility. Products Corporation’s ability to borrow under the Amended Revolving Credit Facility is also conditioned upon the satisfaction of certain conditions precedent and Products Corporation’s compliance with other covenants in the Amended Revolving Credit Agreement. | ||||||||
In each case subject to borrowing base availability, the Amended Revolving Credit Facility is available to: | ||||||||
(i) Products Corporation in revolving credit loans denominated in U.S. Dollars; | ||||||||
(ii) Products Corporation in swing line loans denominated in U.S. Dollars up to $30.0 million; | ||||||||
(iii) Products Corporation in standby and commercial letters of credit denominated in U.S. Dollars and other currencies up to $60.0 million; and | ||||||||
(iv) Products Corporation and certain of its international subsidiaries designated from time to time in revolving credit loans and bankers’ acceptances denominated in U.S. Dollars and other currencies. | ||||||||
Under the Amended Revolving Credit Facility, borrowings (other than loans in foreign currencies) bear interest, if made as Eurodollar Loans, at the Eurodollar Rate plus the applicable margin set forth in the grid below and, if made as Alternate Base Rate Loans, at the Alternate Base Rate plus the applicable margin set forth in the grid below. | ||||||||
Excess Availability | Alternate Base Rate Loans | Eurodollar Loans, Eurocurrency Loan or Local Rate Loans | ||||||
Greater than or equal to $92,000,000 | 0.50% | 1.50% | ||||||
Less than $92,000,000 but greater than or equal to $46,000,000 | 0.75% | 1.75% | ||||||
Less than $46,000,000 | 1.00% | 2.00% | ||||||
Local Loans (as defined in the Amended Revolving Credit Agreement) bear interest, if mutually acceptable to Products Corporation and the relevant foreign lenders, at the Local Rate, and otherwise (i) if in foreign currencies or in U.S. Dollars at the Eurodollar Rate or the Eurocurrency Rate plus the applicable margin set forth in the grid above or (ii) if in U.S. Dollars at the Alternate Base Rate plus the applicable margin set forth in the grid above. | ||||||||
Prior to the termination date of the Amended Revolving Credit Facility, revolving loans are required to be prepaid (without any permanent reduction in commitment) with: | ||||||||
(i) the net cash proceeds from sales of Revolving Credit First Lien Collateral by Products Corporation or any of Products Corporation’s subsidiary guarantors (other than dispositions in the ordinary course of business and certain other exceptions); and | ||||||||
(ii) the net proceeds from the issuance by Products Corporation or any of its subsidiaries of certain additional debt, to the extent there remains any such proceeds after satisfying Products Corporation’s repayment obligations under the Amended Term Loan Facility. | ||||||||
Products Corporation pays to the lenders under the Amended Revolving Credit Facility a commitment fee of 0.25% of the average daily unused portion of the Amended Revolving Credit Facility, which fee is payable quarterly in arrears. Under the Amended Revolving Credit Facility, Products Corporation also pays: | ||||||||
(i) to foreign lenders a fronting fee of 0.25% per annum on the aggregate principal amount of specified Local Loans (which fee is retained by foreign lenders out of the portion of the Applicable Margin payable to such foreign lender); | ||||||||
(ii) to foreign lenders an administrative fee of 0.25% per annum on the aggregate principal amount of specified Local Loans; | ||||||||
(iii) to the multi-currency lenders a letter of credit commission equal to the product of (a) the Applicable Margin for revolving credit loans that are Eurodollar Rate loans (adjusted for the term that the letter of credit is outstanding) and (b) the aggregate undrawn face amount of letters of credit; and | ||||||||
(iv) to the issuing lender, a letter of credit fronting fee of 0.25% per annum of the aggregate undrawn face amount of letters of credit, which fee is a portion of the Applicable Margin. | ||||||||
Under certain circumstances, Products Corporation has the right to request that the Amended Revolving Credit Facility be increased by up to $100.0 million, provided that the lenders are not committed to provide any such increase. | ||||||||
Under certain circumstances, if and when the difference between (i) the borrowing base under the Amended Revolving Credit Facility and (ii) the amounts outstanding under the Amended Revolving Credit Facility is less than $20.0 million for a period of two consecutive days or more, and until such difference is equal to or greater than $20.0 million for a period of 30 consecutive business days, the Amended Revolving Credit Facility requires Products Corporation to maintain a consolidated fixed charge coverage ratio (the ratio of EBITDA minus Capital Expenditures to Cash Interest Expense for such period) of a minimum of 1.0 to 1.0. | ||||||||
The Amended Revolving Credit Facility matures on the earlier of August 14, 2018 and the date that is 90 days prior to the earliest maturity date of any term loans then outstanding under the Amended Term Loan Facility, but not earlier than June 16, 2016. | ||||||||
Amended Term Loan Facility | ||||||||
Term loans under the Amended Term Loan Facility bear interest at the following interest rates: | ||||||||
Eurodollar Loans | Alternate Base Rate Loans | |||||||
2011 Term Loans | Eurodollar Rate plus 2.50% per annum (with the Eurodollar Rate not to be less than 0.75%) | Alternate Base Rate plus 1.50% (with the Alternate Base Rate not to be less than 1.75%) | ||||||
Acquisition Term Loans | Eurodollar Rate plus 3.00% per annum (with the Eurodollar Rate not to be less than 1.00%) | Alternate Base Rate plus 2.00% (with the Alternate Base Rate not to be less than 2.00%) | ||||||
The term loans under the Amended Term Loan Facility are required to be prepaid with: | ||||||||
(i) the net cash proceeds in excess of $10 million for each 12-month period ending on March 31 received during such period from sales of Term Loan First Lien Collateral by Products Corporation or any of its subsidiary guarantors with carryover of unused annual basket amounts up to a maximum of $25 million and with respect to certain specified dispositions up to an additional $25 million in the aggregate (subject to a reinvestment right for 365 days, or 545 days if the Company has within such 365-day period entered into a legally binding commitment to invest such funds); | ||||||||
(ii) the net proceeds from the issuance by Products Corporation or any of its subsidiaries of certain additional debt; and | ||||||||
(iii) 50% of Products Corporation’s “excess cash flow” (as defined under the Amended Term Loan Agreement), commencing with excess cash flow for the 2013 fiscal year payable in the first 100 days of 2014. | ||||||||
In addition to its regularly scheduled $1.7 million principal repayment due on March 31, 2015, prior to April 10, 2015, Products Corporation is required to prepay, on or before April 10, 2015, $24.6 million of indebtedness under the Amended Term Loan Facility, representing 50% of its 2014 “excess cash flow” (as defined under the Amended Term Loan Agreement), which prepayment shall be applied on a ratable basis between the principal amounts outstanding under 2011 Term Loan and the Acquisition Term Loan. The amount of the prepayment applied to the 2011 Term Loan will be used to reduce the principal amount outstanding (as all amortization payments under the 2011 Term Loan have been paid). The amount applied to the Acquisition Term Loan will be used to reduce Products Corporation's future regularly scheduled quarterly amortization payments under the Acquisition Term Loan on a ratable basis from $1.8 million prior to the prepayment to $1.7 million after giving effect to the prepayment and through October 2019. | ||||||||
The Amended Term Loan Facility contains a financial covenant limiting Products Corporation’s first lien senior secured leverage ratio (the ratio of Products Corporation’s senior secured debt that has a lien on the collateral which secures the Amended Term Loan Facility that is not junior or subordinated to the liens securing the Amended Term Loan Facility (excluding debt outstanding under the Amended Revolving Credit Facility)) to EBITDA, as each such term is defined in the Amended Term Loan Facility, to no more than 4.25 to 1.0 for each period of four consecutive fiscal quarters ending through the maturity date of the Amended Term Loan Facility. | ||||||||
Products Corporation, under certain circumstances, also has the right to request the Amended Term Loan Facility to be increased by up to the greater of (i) $300 million and (ii) an amount such that Products Corporation’s First Lien Secured Leverage Ratio (as defined in the Amended Term Loan Agreement) does not exceed 3.50:1.00, provided that the lenders are not committed to provide any such increase. Such increase is in addition to the Acquisition Term Loan. | ||||||||
The 2011 Term Loan outstanding under the Amended Term Loan Facility matures on November 19, 2017. The Acquisition Term Loan under the Amended Term Loan Facility has the same terms as the 2011 Term Loans, except that: (i) it matures on the sixth anniversary of the closing of the Acquisition Term Loan (or October 8, 2019); and (ii) it amortizes on March 31, June 30, September 30 and December 31 of each year (which commenced March 31, 2014), in an amount equal to 0.25% of the aggregate principal amount of the Acquisition Term Loan. | ||||||||
Provisions Applicable to the Amended Term Loan Facility and the Amended Revolving Credit Facility | ||||||||
The Amended Credit Agreements are supported by, among other things, guarantees from Revlon, Inc. and, subject to certain limited exceptions, Products Corporation’s domestic subsidiaries. Products Corporation’s obligations under the Amended Term Loan Agreement and the Amended Revolving Credit Agreement and the obligations under such guarantees are secured by, subject to certain limited exceptions, substantially all of Products Corporation’s assets and the assets of the guarantors, including: | ||||||||
(i) a mortgage on owned real property, including Products Corporation’s facility in Oxford, North Carolina; | ||||||||
(ii) Products Corporation’s capital stock and the capital stock of the subsidiary guarantors and 66% of the voting capital stock and 100% of the non-voting capital stock of Products Corporation’s and the subsidiary guarantors’ first-tier, non-U.S. subsidiaries; | ||||||||
(iii) Products Corporation’s and the subsidiary guarantors’ intellectual property and other intangible property; and | ||||||||
(iv) Products Corporation’s and the subsidiary guarantors’ inventory, trade receivables, equipment, investment property and deposit accounts. | ||||||||
The liens on, among other things, inventory, trade receivables, deposit accounts, investment property (other than Products Corporation’s capital stock and the capital stock of Products Corporation’s subsidiaries), real property, equipment, fixtures and certain intangible property secure the Amended Revolving Credit Facility on a first priority basis and the Amended Term Loan Facility on a second priority basis. The liens on Products Corporation’s capital stock and the capital stock of Products Corporation’s subsidiaries and intellectual property and certain other intangible property secure the Amended Term Loan Facility on a first priority basis and the Amended Revolving Credit Facility on a second priority basis. Such arrangements are set forth in the Third Amended and Restated Intercreditor and Collateral Agency Agreement, dated as of March 11, 2010, by and among Products Corporation and CUSA, as administrative agent and as collateral agent for the benefit of the secured parties for the Amended Term Loan Facility and Amended Revolving Credit Facility (the “2010 Intercreditor Agreement”). The 2010 Intercreditor Agreement also provides that the liens referred to above may be shared from time to time, subject to certain limitations, with specified types of other obligations incurred or guaranteed by Products Corporation, such as foreign exchange and interest rate hedging obligations and foreign working capital lines. | ||||||||
The Amended Credit Agreements contain various restrictive covenants prohibiting Products Corporation and its subsidiaries from: | ||||||||
(i) incurring additional indebtedness or guarantees, with certain exceptions; | ||||||||
(ii) making dividend and other payments or loans to Revlon, Inc. or other affiliates, with certain exceptions, including among others: | ||||||||
(a) exceptions permitting Products Corporation to pay dividends or make other payments to Revlon, Inc. to enable it to, among other things, pay expenses incidental to being a public holding company, including, among other things, professional fees such as legal, accounting and insurance fees, regulatory fees, such as SEC filing fees and NYSE listing fees, and other expenses related to being a public holding company; | ||||||||
(b) subject to certain circumstances, to finance the purchase by Revlon, Inc. of its Class A Common Stock in connection with the delivery of such Class A Common Stock to grantees under the Fourth Amended and Restated Revlon, Inc. Stock Plan and/or the payment of withholding taxes in connection with the vesting of restricted stock awards under such plan; | ||||||||
(c) subject to certain limitations, to pay dividends or make other payments to finance the purchase, redemption or other retirement for value by Revlon, Inc. of stock or other equity interests or equivalents in Revlon, Inc. held by any current or former director, employee or consultant in his or her capacity as such; and | ||||||||
(d) subject to certain limitations, to make other restricted payments to Products Corporation’s affiliates in an amount up to $10 million per year (plus $10 million for each calendar year commencing with 2011), other restricted payments in an aggregate amount not to exceed $35 million and certain other restricted payments, including without limitation those based upon certain financial tests; | ||||||||
(iii) creating liens or other encumbrances on Products Corporation’s or its subsidiaries’ assets or revenues, granting negative pledges or selling or transferring any of Products Corporation’s or its subsidiaries’ assets, all subject to certain limited exceptions; | ||||||||
(iv) with certain exceptions, engaging in merger or acquisition transactions; | ||||||||
(v) prepaying indebtedness and modifying the terms of certain indebtedness and specified material contractual obligations, subject to certain exceptions; | ||||||||
(vi) making investments, subject to certain exceptions; and | ||||||||
(vii) entering into transactions with Products Corporation’s affiliates involving aggregate payments or consideration in excess of $10 million other than upon terms that are not materially less favorable when taken as a whole to Products Corporation or its subsidiaries as terms that would be obtainable at the time for a comparable transaction or series of similar transactions in arm’s length dealings with an unrelated third person and where such payments or consideration exceed $20 million, unless such transaction has been approved by all of Products Corporation’s independent directors, subject to certain exceptions. | ||||||||
The events of default under the Amended Credit Agreements include customary events of default for such types of agreements, including, among others: | ||||||||
(i) nonpayment of any principal, interest or other fees when due, subject in the case of interest and fees to a grace period; | ||||||||
(ii) non-compliance with the covenants in the Amended Term Loan Agreement, the Amended Revolving Credit Agreement or the ancillary security documents, subject in certain instances to grace periods; | ||||||||
(iii) the institution of any bankruptcy, insolvency or similar proceedings by or against Products Corporation, any of its subsidiaries or Revlon, Inc., subject in certain instances to grace periods; | ||||||||
(iv) default by Revlon, Inc. or any of its subsidiaries (A) in the payment of certain indebtedness when due (whether at maturity or by acceleration) in excess of $50.0 million in aggregate principal amount or (B) in the observance or performance of any other agreement or condition relating to such debt, provided that the amount of debt involved is in excess of $50.0 million in aggregate principal amount, or the occurrence of any other event, the effect of which default referred to in this subclause (iv) is to cause or permit the holders of such debt to cause the acceleration of payment of such debt; | ||||||||
(v) in the case of the Amended Term Loan Facility, a cross default under the Amended Revolving Credit Facility, and in the case of the Amended Revolving Credit Facility, a cross default under the Amended Term Loan Facility; | ||||||||
(vi) the failure by Products Corporation, certain of Products Corporation’s subsidiaries or Revlon, Inc. to pay certain material judgments; | ||||||||
(vii) a change of control such that (A) Revlon, Inc. shall cease to be the beneficial and record owner of 100% of Products Corporation’s capital stock, (B) Ronald O. Perelman (or his estate, heirs, executors, administrator or other personal representative) and his or their controlled affiliates shall cease to “control” Products Corporation, and any other person or group of persons owns, directly or indirectly, more than 35% of Products Corporation’s total voting power, (C) any person or group of persons other than Ronald O. Perelman (or his estate, heirs, executors, administrator or other personal representative) and his or their controlled affiliates shall “control” Products Corporation or (D) during any period of two consecutive years, the directors serving on Products Corporation’s Board of Directors at the beginning of such period (or other directors nominated by at least a majority of such continuing directors) shall cease to be a majority of the directors; | ||||||||
(viii) Revlon, Inc. shall have any meaningful assets or indebtedness or shall conduct any meaningful business other than its ownership of Products Corporation and such activities as are customary for a publicly traded holding company which is not itself an operating company, in each case subject to limited exceptions; and | ||||||||
(ix) the failure of certain affiliates which hold Products Corporation’s or its subsidiaries’ indebtedness to be party to a valid and enforceable agreement prohibiting such affiliate from demanding or retaining payments in respect of such indebtedness, subject to certain exceptions. | ||||||||
If Products Corporation is in default under the senior secured leverage ratio under the Amended Term Loan Facility or the consolidated fixed charge coverage ratio under the Amended Revolving Credit Agreement, Products Corporation may cure such default by issuing certain equity securities to, or receiving capital contributions from, Revlon, Inc. and applying such cash which is deemed to increase EBITDA for the purpose of calculating the applicable ratio. Products Corporation may exercise this cure right two times in any four-quarter period. | ||||||||
Covenants | ||||||||
Products Corporation was in compliance with all applicable covenants under the Amended Term Loan Agreement and the Amended Revolving Credit Facility as of December 31, 2014 and 2013. At December 31, 2014, the aggregate principal amounts outstanding under the Acquisition Term Loan and the 2011 Term Loan were $693.0 million and $675.0 million, respectively, and availability under the $175.0 million Amended Revolving Credit Facility, based upon the calculated borrowing base less $9.0 million of outstanding undrawn letters of credit and nil then drawn on the Amended Revolving Credit Facility, was $166.0 million. | ||||||||
(b) 5¾% Senior Notes | ||||||||
On February 8, 2013, Products Corporation completed its offering (the "2013 Senior Notes Refinancing"), pursuant to an exemption from registration under the Securities Act of 1933 (as amended, the "Securities Act"), of $500.0 million aggregate principal amount of the 5¾% Senior Notes. The 5¾% Senior Notes are unsecured and were issued to investors at par. The 5¾% Senior Notes mature on February 15, 2021. Interest on the 5¾% Senior Notes accrues at 5¾% per annum, paid every six months on February 15th and August 15th. (See "Registration Rights" below). | ||||||||
The 5¾% Senior Notes were issued pursuant to the 5¾% Senior Notes Indenture, dated as of February 8, 2013 (the “Notes Closing Date”), by and among Products Corporation, Products Corporation’s domestic subsidiaries (the “Guarantors”), which also currently guarantee Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility, and U.S. Bank National Association, as trustee. The Guarantors issued guarantees (the “Guarantees”) of Products Corporation’s obligations under the 5¾% Senior Notes and the 5¾% Senior Notes Indenture on a joint and several, senior unsecured basis. In January 2014, the Colomer U.S. Subsidiaries became additional guarantors under Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility and the 5¾% Senior Notes Indenture. | ||||||||
In December 2013, Products Corporation consummated an offer to exchange the original 5¾% Senior Notes for $500 million of new 5¾% Senior Notes, which have substantially the same terms as the original 5¾% Senior Notes, except that they are registered under the Securities Act (such registered new notes being the “5¾% Senior Notes”). See "Registration Rights" below for further discussion. | ||||||||
Products Corporation used a portion of the $491.2 million of net proceeds from the issuance of the 5¾% Senior Notes (net of underwriters' fees) to repay and redeem all of the $330.0 million outstanding aggregate principal amount of its 9¾% Senior Secured Notes, as well as to pay $8.6 million of accrued interest. Products Corporation incurred an aggregate of $19.4 million of fees for the applicable redemption and tender offer premiums, related fees and expenses in connection with redemption and repayment of the 9¾% Senior Secured Notes and other fees and expenses in connection with the issuance of the 5¾% Senior Notes. Products Corporation used a portion of the remaining proceeds from the issuance of the 5¾% Senior Notes, together with existing cash, to pay approximately $113.0 million of principal on its 2011 Term Loan in conjunction with the February 2013 Term Loan Amendments. Products Corporation used the remaining balance available from the issuance of the 5¾% Senior Notes for general corporate purposes, including, without limitation, debt reduction transactions, such as repaying to Revlon, Inc. at maturity on October 8, 2013 the Contributed Loan, which Revlon, Inc. used to pay the liquidation preference of Revlon, Inc.'s Preferred Stock in connection with its mandatory redemption on such date. | ||||||||
Ranking | ||||||||
The 5¾% Senior Notes are Products Corporation’s unsubordinated, unsecured obligations and rank senior in right of payment to any future subordinated obligations of Products Corporation and rank pari passu in right of payment with all existing and future senior debt of Products Corporation. Similarly, each Guarantee is the relevant Guarantor’s joint and several, unsubordinated and unsecured obligation and ranks senior in right of payment to any future subordinated obligations of such Guarantor and ranks pari passu in right of payment with all existing and future senior debt of such Guarantor. The Guarantees were issued on a joint and several basis. | ||||||||
The 5¾% Senior Notes and the Guarantees rank effectively junior to Products Corporation’s Amended Term Loan Facility and Amended Revolving Credit Facility, which are secured, as well as indebtedness and preferred stock of Products Corporation’s foreign and immaterial subsidiaries (the “Non-Guarantor Subsidiaries”), none of which guarantee the 5¾% Senior Notes. | ||||||||
Optional Redemption | ||||||||
On and after February 15, 2016, the 5¾% Senior Notes may be redeemed at Products Corporation's option, at any time as a whole, or from time to time in part, at the following redemption prices (expressed as percentages of principal amount), plus accrued interest to the date of redemption, if redeemed during the 12-month period beginning on February 15th of the years indicated below: | ||||||||
Year | Percentage | |||||||
2016 | 104.313 | % | ||||||
2017 | 102.875 | % | ||||||
2018 | 101.438 | % | ||||||
2019 and thereafter | 100 | % | ||||||
Products Corporation may redeem the 5¾% Senior Notes at its option at any time or from time to time prior to February 15, 2016, as a whole or in part, at a redemption price per 5¾% Senior Note equal to the sum of (1) the then outstanding principal amount thereof, plus (2) accrued and unpaid interest (if any) to the date of redemption, plus (3) the applicable premium based on the applicable treasury rate plus 75 basis points. | ||||||||
Prior to February 15, 2016, Products Corporation may, from time to time, redeem up to 35% of the aggregate principal amount of the 5¾% Senior Notes and any additional notes with, and to the extent Products Corporation actually receives, the net proceeds of one or more equity offerings from time to time, at 105.75% of the principal amount thereof, plus accrued interest to the date of redemption. | ||||||||
Change of Control | ||||||||
Upon the occurrence of specified change of control events, Products Corporation is required to make an offer to purchase all of the 5¾% Senior Notes at a purchase price of 101% of the outstanding principal amount of the 5¾% Senior Notes as of the date of any such repurchase, plus accrued and unpaid interest to the date of repurchase. | ||||||||
Certain Covenants | ||||||||
The 5¾% Senior Notes Indenture limits Products Corporation’s and the Guarantors’ ability, and the ability of certain other subsidiaries, to: | ||||||||
• | incur or guarantee additional indebtedness (“Limitation on Debt”); | |||||||
• | pay dividends, make repayments on indebtedness that is subordinated in right of payment to the 5¾% Senior Notes and make other “restricted payments” (“Limitation on Restricted Payments”); | |||||||
• | make certain investments; | |||||||
• | create liens on their assets to secure debt; | |||||||
• | enter into transactions with affiliates; | |||||||
• | merge, consolidate or amalgamate with another company (“Successor Company”); | |||||||
• | transfer and sell assets (“Limitation on Asset Sales”); and | |||||||
• | permit restrictions on the payment of dividends by Products Corporation’s subsidiaries (“Limitation on Dividends from Subsidiaries”). | |||||||
These covenants are subject to important qualifications and exceptions. The 5¾% Senior Notes Indenture also contains customary affirmative covenants and events of default. | ||||||||
In addition, if during any period of time the 5¾% Senior Notes receive investment grade ratings from both Standard & Poor’s and Moody’s Investors Services, Inc. and no default or event of default has occurred and is continuing under the 5¾% Senior Notes Indenture, Products Corporation and its subsidiaries will not be subject to the covenants on Limitation on Debt, Limitation on Restricted Payments, Limitation on Asset Sales, Limitation on Dividends from Subsidiaries and certain provisions of the Successor Company covenant. | ||||||||
Registration Rights | ||||||||
On the Notes Closing Date, Products Corporation, the Guarantors and the representatives of the initial purchasers of the 5¾% Senior Notes entered into a Registration Rights Agreement, pursuant to which Products Corporation and the Guarantors agreed with the representatives of the initial purchasers, for the benefit of the holders of the 5¾% Senior Notes, that Products Corporation would, at its cost, among other things: (i) file a registration statement with respect to the 5¾% Senior Notes within 150 days after the Notes Closing Date to be used in connection with the exchange of the 5¾% Senior Notes and related guarantees for publicly registered notes and related guarantees with substantially identical terms in all material respects (except for the transfer restrictions relating to the 5¾% Senior Notes and interest rate increases as described below); (ii) use its reasonable best efforts to cause the applicable registration statement to become effective under the Securities Act within 210 days after the Notes Closing Date; and (iii) use its reasonable best efforts to effect an exchange offer of the 5¾% Senior Notes and the related guarantees for registered notes and related guarantees within 270 days after the Notes Closing Date. In addition, under certain circumstances, Products Corporation was required to file a shelf registration statement to cover resales of the 5¾% Senior Notes. If Products Corporation failed to satisfy such obligations, it was obligated to pay additional interest to each holder of the 5¾% Senior Notes that were subject to transfer restrictions, with respect to the first 90-day period immediately following any such failure, at a rate of 0.25% per annum on the principal amount of the 5¾% Senior Notes that were subject to transfer restrictions held by such holder. The amount of additional interest increased by an additional 0.25% per annum with respect to each subsequent 90-day period until all registration requirements were satisfied, up to a maximum amount of additional interest of 0.50% per annum on the principal amount of the 5¾% Senior Notes that were subject to transfer restrictions. | ||||||||
On December 24, 2013, Products Corporation, consummated an offer to exchange Products Corporation’s 5¾% Senior Notes for new notes, with substantially the same terms, but which were registered under the Securities Act. By having the Registration Statement declared effective by the SEC on November 22, 2013, Products Corporation cured the first registration default that occurred under the Registration Rights Agreement, because the Registration Statement had not been declared effective by September 6, 2013. By consummating the Exchange Offer on December 24, 2013, Products Corporation cured the second registration default under the Registration Rights Agreement, that occurred because Products Corporation had not consummated the Exchange Offer by November 5, 2013. The first registration default caused the interest on the 5¾% Senior Notes to increase from 5.75% per annum to 6.00% per annum from September 7, 2013 through December 5, 2013 and the second registration default caused the interest on the 5¾% Senior Notes to increase to 6.25% per annum from December 6, 2013 through December 23, 2013. With Products Corporation having consummated the Exchange Offer on December 24, 2013, interest on the 5¾% Senior Notes resumed accruing at the original rate of 5.75% per annum effective from such date. The Company recorded additional interest expense of $0.4 million during the year ended December 31, 2013 with respect to the registration defaults. | ||||||||
Covenants | ||||||||
Products Corporation was in compliance with all applicable covenants under its 5¾% Senior Notes Indenture as of December 31, 2014. | ||||||||
(c) Amended and Restated Senior Subordinated Term Loan Agreement | ||||||||
In January 2008, Products Corporation entered into a $170.0 million Senior Subordinated Term Loan Agreement with MacAndrews & Forbes and on February 1, 2008 used the $170.0 million of proceeds from such loan to repay in full the $167.4 million remaining aggregate principal amount of Products Corporation’s 8 5/8% Senior Subordinated Notes, which matured on February 1, 2008, and to pay $2.55 million of related fees and expenses. | ||||||||
In September 2008, Products Corporation used $63.0 million of the net proceeds from the July 2008 sale of the Company’s Bozzano business in Brazil to partially repay $63.0 million of the outstanding aggregate principal amount of the Senior Subordinated Term Loan. Following such partial repayment, there remained outstanding $107.0 million in aggregate principal amount under such loan consisting of $48.6 million (the “Contributed Loan”) and $58.4 million (the “Non-Contributed Loan”). As of the date of the 2009 Exchange Offer and prior to its October 8, 2013 maturity date when it was completely repaid (the proceeds of which Revlon, Inc. used to consummate the mandatory redemption of the Preferred Stock on such date), the Contributed Loan was due to Revlon, Inc. by Products Corporation. Upon consummation of the 2009 Exchange Offer, MacAndrews & Forbes contributed to Revlon, Inc. $48.6 million of the $107.0 million aggregate principal amount of the Senior Subordinated Term Loan made by MacAndrews & Forbes to Products Corporation (the “Contributed Loan”). As of the date of the 2009 Exchange Offer and prior to its October 8, 2013 maturity date when it was completely repaid (the proceeds of which Revlon, Inc. used to consummate the mandatory redemption of the Preferred Stock on such date), the Contributed Loan was due to Revlon, Inc. by Products Corporation. The $48.6 million Contributed Loan represented $5.21 of outstanding principal amount under the Senior Subordinated Term Loan for each of the 9,336,905 shares of Class A Common Stock exchanged in the 2009 Exchange Offer, in which Revlon, Inc. issued to MacAndrews & Forbes 9,336,905 shares of Class A Common Stock at a ratio of one share of Class A Common Stock for each $5.21 of outstanding principal amount of the Senior Subordinated Term Loan contributed to Revlon, Inc. The terms of the Senior Subordinated Term Loan Agreement were also amended to extend the maturity date of the Contributed Loan to October 8, 2013 and to change the annual interest rate on the Contributed Loan to 12.75%. | ||||||||
Upon consummation of the 2009 Exchange Offer, the terms of the Senior Subordinated Term Loan Agreement were also amended to extend the maturity date of the $58.4 million principal amount of the Senior Subordinated Term Loan (the “Non-Contributed Loan”) to October 8, 2014 and to change the annual interest rate on the Non-Contributed Loan to 12%. | ||||||||
On April 30, 2012, MacAndrews & Forbes exercised its right to assign its interest in the Non-Contributed Loan. In connection with such assignment, Products Corporation entered into an Amended and Restated Senior Subordinated Term Loan Agreement with MacAndrews & Forbes and a related Administrative Letter was entered into with Citibank, N.A. and MacAndrews & Forbes, to among other things: | ||||||||
i. | modify the interest rate on the Non-Contributed Loan from its prior 12% fixed rate to a floating rate of LIBOR plus 7%, with a 1.5% LIBOR floor, resulting in an interest rate of approximately 8.5% per annum (or a 3.5% reduction per annum) upon the effectiveness of the Amended and Restated Senior Subordinated Term Loan Agreement; | |||||||
ii. | insert prepayment premiums such that Products Corporation could optionally prepay the Non-Contributed Loan (a) from November 1, 2013 through April 30, 2014 with a 2% prepayment premium on the aggregate principal amount of the Non-Contributed Loan being prepaid, and (b) from May 1, 2014 through maturity on October 8, 2014 with no prepayment premium; and | |||||||
iii. | designate Citibank, N.A. as the administrative agent for the Non-Contributed Loan. | |||||||
Concurrent with the effectiveness of the Amended and Restated Senior Subordinated Term Loan Agreement, MacAndrews & Forbes assigned its entire interest in the Non-Contributed Loan to several third parties. | ||||||||
On October 8, 2013, Revlon, Inc. consummated the mandatory redemption of the Series A Preferred Stock (in accordance with its certificate of designation) for $48.6 million using the proceeds from Products Corporation's repayment of the Contributed Loan to Revlon, Inc. on such date. | ||||||||
On May 1, 2014, Products Corporation used available cash on hand to optionally prepay in full the remaining $58.4 million principal amount outstanding under the Non-Contributed Loan that remained owing from Products Corporation to various third parties. The Non-Contributed Loan would have otherwise matured on October 8, 2014. In connection with the prepayment, the Company wrote-off $0.1 million of deferred financing costs, which were recognized within loss on early extinguishment of debt in the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income for the year ended December 31, 2014. | ||||||||
(d) Spanish Government Loan | ||||||||
In connection with the Colomer Acquisition, the Company acquired the Colomer Group's euro-denominated loan payable to the Spanish government (the "Spanish Government Loan"), which loan had $0.7 million aggregate principal amount outstanding as of December 31, 2014 (based on foreign exchange rates in effect as of such date). The Spanish Government Loan does not bear interest and is payable in 10 equal installments on June 30th of each year beginning in 2016 through 2025. | ||||||||
Long-Term Debt Maturities | ||||||||
The aggregate amounts of contractual long-term debt maturities at December 31, 2014 in the years 2015 through 2019 and thereafter are as follows: | ||||||||
Years Ended December 31, | Long-Term Debt Maturities | |||||||
2015 | $ | 31.5 | (a) | |||||
2016 | 7 | (a) | ||||||
2017 | 669.8 | (b) | ||||||
2018 | 7 | (a) | ||||||
2019 | 653.1 | (c) | ||||||
Thereafter | 500.3 | (d) | ||||||
Total long-term debt | 1,868.70 | |||||||
Discounts | (4.8 | ) | ||||||
Total long-term debt, net of discounts | $ | 1,863.90 | ||||||
(a) | Amount includes the quarterly amortization payments required under the Acquisition Term Loan as well as the required $24.6 million “excess cash flow” prepayment to be made on or before April 10, 2015 under the Amended Term Loan Agreement (as defined under the Amended Term Loan Agreement). | |||||||
(b) | Amount includes the aggregate principal amount expected to be outstanding under the 2011 Term Loan which matures on November 19, 2017, after giving effect to the quarterly amortization payments required under the Acquisition Term Loan and the excess cash flow prepayment discussed in note (a) above. | |||||||
(c) | Amount is comprised of the aggregate principal amount expected to be outstanding under the Acquisition Term Loan assuming a maturity date of October 9, 2019, after giving effect to the amortization payments and excess cash flow prepayment referred to in note (a) above. | |||||||
(d) | Amount is primarily comprised of the $500.0 million aggregate principal amount outstanding as of December 31, 2014 under the 5¾% Senior Notes, which mature on February 21, 2021. |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS | |||||||||||||||||||
Assets and liabilities are required to be categorized into three levels of fair value based upon the assumptions used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3, if applicable, generally would require significant management judgment. The three levels for categorizing the fair value measurement of assets and liabilities are as follows: | ||||||||||||||||||||
• | Level 1: Fair valuing the asset or liability using observable inputs, such as quoted prices in active markets for identical assets or liabilities; | |||||||||||||||||||
• | Level 2: Fair valuing the asset or liability using inputs other than quoted prices that are observable for the applicable asset or liability, either directly or indirectly, such as quoted prices for similar (as opposed to identical) assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active; and | |||||||||||||||||||
• | Level 3: Fair valuing the asset or liability using unobservable inputs that reflect the Company’s own assumptions regarding the applicable asset or liability. | |||||||||||||||||||
As of December 31, 2014, the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value are categorized in the table below: | ||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets: | ||||||||||||||||||||
Derivatives: | ||||||||||||||||||||
FX Contracts(a) | $ | 0.2 | $ | — | $ | 0.2 | $ | — | ||||||||||||
Total assets at fair value | $ | 0.2 | $ | — | $ | 0.2 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||
Derivatives: | ||||||||||||||||||||
FX Contracts(a) | $ | — | $ | — | $ | — | $ | — | ||||||||||||
2013 Interest Rate Swap(b) | 3.5 | — | 3.5 | — | ||||||||||||||||
Total liabilities at fair value | $ | 3.5 | $ | — | $ | 3.5 | $ | — | ||||||||||||
As of December 31, 2013, the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value are categorized in the table below: | ||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets: | ||||||||||||||||||||
Derivatives: | ||||||||||||||||||||
FX Contracts(a) | $ | 1 | $ | — | $ | 1 | $ | — | ||||||||||||
2013 Interest Rate Swap(b) | 2.5 | — | 2.5 | — | ||||||||||||||||
Total assets at fair value | $ | 3.5 | $ | — | $ | 3.5 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||
Derivatives: | ||||||||||||||||||||
FX Contracts(a) | $ | 0.2 | $ | — | $ | 0.2 | $ | — | ||||||||||||
Total liabilities at fair value | $ | 0.2 | $ | — | $ | 0.2 | $ | — | ||||||||||||
(a) | The fair value of the Company’s foreign currency forward exchange contracts ("FX Contracts") was measured based on observable market transactions of spot and forward rates on the respective dates. See Note 13, “Financial Instruments.” | |||||||||||||||||||
(b) | The fair value of the Company's 2013 Interest Rate Swap was measured based on the implied forward rates from the U.S. Dollar three-month LIBOR yield curve on the respective dates. See Note 13, “Financial Instruments.” | |||||||||||||||||||
As of December 31, 2014, the fair values and carrying values of the Company’s long-term debt, including the current portion of long-term debt, are categorized in the table below: | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Carrying Value | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Long-term debt, including current portion | $ | — | $ | 1,844.00 | $ | — | $ | 1,844.00 | $ | 1,863.90 | ||||||||||
As of December 31, 2013, the fair values and carrying values of the Company’s long-term debt, including the current portion of long-term debt, are categorized in the table below: | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Carrying Value | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Long-term debt, including current portion | $ | — | $ | 1,931.90 | $ | — | $ | 1,931.90 | $ | 1,927.70 | ||||||||||
The fair value of the Company's long-term debt, including the current portion of long-term debt, is based on the quoted market prices for the same issues or on the current rates offered for debt of similar remaining maturities. | ||||||||||||||||||||
The carrying amounts of cash and cash equivalents, trade receivables, notes receivable, accounts payable and short-term borrowings approximate their fair values. |
FINANCIAL_INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS | |||||||||||||||||||
Products Corporation maintains standby and trade letters of credit for various corporate purposes under which Products Corporation is obligated, of which $9.0 million and $9.9 million (including amounts available under credit agreements in effect at that time) were maintained at December 31, 2014 and December 31, 2013, respectively. Included in these amounts is approximately $7.7 million and $8.1 million at December 31, 2014 and December 31, 2013, respectively, in standby letters of credit which support Products Corporation’s self-insurance programs. The estimated liability under such programs is accrued by Products Corporation. | ||||||||||||||||||||
Derivative Financial Instruments | ||||||||||||||||||||
The Company uses derivative financial instruments, primarily (i) FX Contracts, intended for the purpose of managing foreign currency exchange risk by reducing the effects of fluctuations in foreign currency exchange rates on the Company’s net cash flows, and (ii) interest rate hedging transactions, such as the 2013 Interest Rate Swap, intended for the purpose of managing interest rate risk associated with Products Corporation’s variable rate indebtedness. | ||||||||||||||||||||
Foreign Currency Forward Exchange Contracts | ||||||||||||||||||||
The FX Contracts are entered into primarily to hedge the anticipated net cash flows resulting from inventory purchases and intercompany payments denominated in currencies other than the local currencies of the Company’s foreign and domestic operations and generally have maturities of less than one year. | ||||||||||||||||||||
The U.S. Dollar notional amount of the FX Contracts outstanding at December 31, 2014 and December 31, 2013 was $7.6 million and $52.9 million, respectively. | ||||||||||||||||||||
Interest Rate Swap Transaction | ||||||||||||||||||||
In November 2013, Products Corporation executed a forward-starting floating-to-fixed interest rate swap transaction with a 1.00% floor, based on a notional amount of $400 million in respect of indebtedness under the Acquisition Term Loan over a period of three years (the "2013 Interest Rate Swap"). The Company designated the 2013 Interest Rate Swap as a cash flow hedge of the variability of the forecasted three-month LIBOR interest rate payments related to its Acquisition Term Loan with respect to the $400 million notional amount over the three-year term of the 2013 Interest Rate Swap. Under the terms of the 2013 Interest Rate Swap, Products Corporation will receive from the counterparty a floating interest rate based on the higher of three-month USD LIBOR or 1.00% commencing in May 2015, while paying a fixed interest rate payment to the counterparty equal to 2.0709% (which effectively fixes the interest rate on such notional amount at 5.0709% over the three-year term of the 2013 Interest Rate Swap.) For 2014, the 2013 Interest Rate Swap was deemed effective and therefore the changes in fair value related to the 2013 Interest Rate Swap have been recorded in Other Comprehensive Loss. As of December 31, 2014, the balance of deferred net losses on derivatives included in accumulated other comprehensive income was $(2.2) million after-tax. (See "Quantitative Information – Derivative Financial Instruments" below). The Company expects that $(1.3) million of the after-tax amounts related to the 2013 Interest Rate Swap will be reclassified into earnings over the next 12 months as a result of transactions that are expected to occur over that period. The amount ultimately realized in earnings may differ as the LIBOR is subject to change. Realized gains and losses are ultimately determined by actual rates at maturity of the derivative. | ||||||||||||||||||||
Credit Risk | ||||||||||||||||||||
Exposure to credit risk in the event of nonperformance by any of the counterparties is limited to the gross fair value of the derivative instruments in asset positions, which totaled $0.2 million and $3.5 million as of December 31, 2014 and December 31, 2013, respectively. The Company attempts to minimize exposure to credit risk by generally entering into derivative contracts with counterparties that have investment-grade credit ratings and are major financial institutions. The Company also periodically monitors any changes in the credit ratings of its counterparties. Given the current credit standing of the Company's counterparties to its derivative instruments, the Company believes the risk of loss under these derivative instruments arising from any non-performance by any of the counterparties is remote. | ||||||||||||||||||||
Quantitative Information – Derivative Financial Instruments | ||||||||||||||||||||
The effects of the Company’s derivative instruments on its consolidated financial statements were as follows: | ||||||||||||||||||||
(a) | Fair Values of Derivative Financial Instruments in Consolidated Balance Sheets: | |||||||||||||||||||
Fair Values of Derivative Instruments | ||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||
Balance Sheet | December 31, | December 31, | Balance Sheet | December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Classification | Fair Value | Fair Value | Classification | Fair Value | Fair Value | |||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
2013 Interest Rate Swap(i) | Prepaid expenses and other | $ | — | $ | — | Accrued expenses and other | $ | 2.1 | $ | — | ||||||||||
Other assets | — | 2.5 | Other long-term liabilities | 1.4 | — | |||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
FX Contracts(ii) | Prepaid expenses and other | $ | 0.2 | $ | 1 | Accrued Expenses | $ | — | $ | 0.2 | ||||||||||
(i) The fair values of the 2013 Interest Rate Swap at December 31, 2014 and December 31, 2013 were measured based on the implied forward rates from the U.S. Dollar three-month LIBOR yield curve at December 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||
(ii) The fair values of the FX Contracts at December 31, 2014 and December 31, 2013 were measured based on observable market transactions of spot and forward rates at December 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||
(b) Effects of Derivative Financial Instruments on the Consolidated Statements of Operations and Comprehensive (Loss) Income for each of 2014, 2013 and 2012: | ||||||||||||||||||||
Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
2013 Interest Rate Swap, net of tax (a) | $ | (3.7 | ) | $ | 1.5 | $ | — | |||||||||||||
(a) | Net of tax (benefit) expense of $(2.3) million and $1.0 million for each of 2014 and 2013. | |||||||||||||||||||
Income Statement Classification | Amount of Gain (Loss) Recognized in Net Income | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
FX Contracts | Foreign currency gain (loss), net | $ | 0.5 | $ | 2.2 | $ | (1.9 | ) | ||||||||||||
PENSION_AND_POSTRETIREMENT_BEN
PENSION AND POST-RETIREMENT BENEFITS | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||||||||||
PENSION AND POST-RETIREMENT BENEFITS | SAVINGS PLAN, PENSION AND POST-RETIREMENT BENEFITS | |||||||||||||||||||||||
Savings Plan: | ||||||||||||||||||||||||
The Company offers a qualified defined contribution plan for its U.S.-based employees, the Revlon Employees' Savings, Investment and Profit Sharing Plan (as amended, the "Savings Plan"), which allows eligible participants to contribute up to 25%, and highly compensated participants to contribute up to 6%, of eligible compensation through payroll deductions, subject to certain annual dollar limitations imposed by the Internal Revenue Service (the "IRS"). The Company matches employee contributions at fifty cents for each dollar contributed up to the first 6% of eligible compensation (for a total match of 3% of employee contributions). The Company made cash matching contributions of $2.4 million to the Savings Plan during each of 2014, 2013 and 2012, respectively. The Company also offers a non-qualified defined contribution plan (the “Excess Savings Plan”) providing benefits for certain U.S. employees who are in excess of IRS limitations. These non-qualified defined contribution benefits are funded from the general assets of the Company. | ||||||||||||||||||||||||
The Company’s qualified and non-qualified defined contribution savings plans for its U.S.-based employees contain a discretionary profit sharing component that enables the Company, should it elect to do so, to make discretionary profit sharing contributions. For 2014, the Company made discretionary profit sharing contributions to the Savings Plan and non-qualified defined contribution savings plan of $4.0 million (of which $3.1 million was paid in 2014 and $0.9 million was paid in January 2015), or 3% of eligible compensation, which was credited on a quarterly basis. In 2013, the Company made discretionary profit sharing contributions to the Savings Plan and non-qualified defined contribution savings plan of $4.1 million (of which $3.2 million was paid in 2013 and $0.9 million was paid in January 2014), or 3% of eligible compensation, which was credited on a quarterly basis. For 2012, the Company made discretionary profit sharing contributions to the Savings Plan and non-qualified defined contribution savings plan of $3.9 million (of which $3.0 million was paid in 2012 and $0.9 million was paid in January 2013), or 3% of eligible compensation, which was credited on a quarterly basis. | ||||||||||||||||||||||||
Pension Benefits: | ||||||||||||||||||||||||
In 2009, Products Corporation’s U.S. qualified defined benefit pension plan (the Revlon Employees’ Retirement Plan, which covered a substantial portion of the Company's employees in the U.S.) and its non-qualified pension plan (the Revlon Pension Equalization Plan) were amended to cease future benefit accruals under such plan after December 31, 2009. No additional benefits have accrued since December 31, 2009, other than interest credits on participant account balances under the cash balance program of the Company’s U.S. pension plans. Also, service credits for vesting and early retirement eligibility will continue to accrue in accordance with the terms of the respective plans. In 2010, the Company amended its Canadian defined benefit pension plan (the Affiliated Revlon Companies Employment Plan) to reduce future benefit accruals under such plan after December 31, 2010. Additionally, while the Company closed its U.K. defined pension plan to new entrants in 2002, then-existing participants continue to accrue pension benefits. | ||||||||||||||||||||||||
Effective December 31, 2012, Products Corporation merged two of its qualified defined benefit pension plans; therefore, as of December 31, 2012, Products Corporation sponsors two qualified defined benefit pension plans. The Company also has non-qualified pension plans which provide benefits for certain U.S. and non-U.S. employees, and for U.S. employees in excess of IRS limitations in the U.S. and in certain limited cases contractual benefits for certain former officers of the Company. These non-qualified plans are funded from the general assets of the Company. | ||||||||||||||||||||||||
Also, during 2012, the Company announced plans to exit its owned manufacturing facility in France and rightsize its organization in France as part of the September 2012 Program (as defined in Note 3, “Restructuring Charges”). As a result of the September 2012 Program, the Company recognized a curtailment gain of $1.7 million, partially offset by $0.2 million of prior service costs and accumulated actuarial losses previously reported within accumulated other comprehensive loss, for a net gain of $1.5 million, which was recorded within restructuring charges and other, net for 2012. | ||||||||||||||||||||||||
Other Post-retirement Benefits: | ||||||||||||||||||||||||
The Company previously sponsored an unfunded retiree benefit plan, which provides death benefits payable to beneficiaries of a very limited number of former employees. Participation in this plan was limited to participants enrolled as of December 31, 1993. The Company also administers an unfunded medical insurance plan on behalf of Revlon Holdings, certain costs of which have been apportioned to Revlon Holdings under the transfer agreements among Revlon, Inc., Products Corporation and MacAndrews & Forbes. (See Note 22, “Related Party Transactions - Transfer Agreements”). | ||||||||||||||||||||||||
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, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in Benefit Obligation: | ||||||||||||||||||||||||
Benefit obligation - beginning of year | $ | (668.2 | ) | $ | (744.6 | ) | $ | (14.4 | ) | $ | (16.5 | ) | ||||||||||||
Service cost | (0.8 | ) | (0.9 | ) | — | — | ||||||||||||||||||
Interest cost | (30.1 | ) | (27.6 | ) | (0.5 | ) | (0.6 | ) | ||||||||||||||||
Actuarial gain (loss) | (108.0 | ) | 65.5 | (0.2 | ) | 1.6 | ||||||||||||||||||
Benefits paid | 41 | 39.1 | 0.7 | 0.8 | ||||||||||||||||||||
Currency translation adjustments | 4.4 | (0.1 | ) | — | 0.3 | |||||||||||||||||||
Other | — | 0.4 | 1.5 | — | ||||||||||||||||||||
Benefit obligation - end of year | $ | (761.7 | ) | $ | (668.2 | ) | $ | (12.9 | ) | $ | (14.4 | ) | ||||||||||||
Change in Plan Assets: | ||||||||||||||||||||||||
Fair value of plan assets - beginning of year | $ | 557.6 | $ | 520.2 | $ | — | $ | — | ||||||||||||||||
Actual return on plan assets | 37.6 | 58.1 | — | — | ||||||||||||||||||||
Employer contributions | 18.2 | 17.7 | 0.7 | 0.8 | ||||||||||||||||||||
Benefits paid | (41.0 | ) | (39.1 | ) | (0.7 | ) | (0.8 | ) | ||||||||||||||||
Currency translation adjustments | (4.7 | ) | 0.7 | — | — | |||||||||||||||||||
Fair value of plan assets - end of year | $ | 567.7 | $ | 557.6 | $ | — | $ | — | ||||||||||||||||
Unfunded status of plans at December 31, | $ | (194.0 | ) | $ | (110.6 | ) | $ | (12.9 | ) | $ | (14.4 | ) | ||||||||||||
In respect of the Company's pension plans and other post-retirement benefit plans, amounts recognized in the Company’s Consolidated Balance Sheets at December 31, 2014 and 2013 consist of the following: | ||||||||||||||||||||||||
Pension Plans | Other Post-Retirement Benefit Plans | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Other long-term assets | $ | 0.8 | $ | — | $ | — | $ | — | ||||||||||||||||
Accrued expenses and other | $ | (6.1 | ) | $ | (5.9 | ) | $ | (0.7 | ) | $ | (0.8 | ) | ||||||||||||
Pension and other post-retirement benefit liabilities | (188.7 | ) | (104.7 | ) | (12.2 | ) | (13.6 | ) | ||||||||||||||||
Total liability | (194.0 | ) | (110.6 | ) | (12.9 | ) | (14.4 | ) | ||||||||||||||||
Accumulated other comprehensive loss, gross | 277.6 | 170.1 | 2.5 | 2.8 | ||||||||||||||||||||
Income tax (benefit) expense | (43.7 | ) | (1.8 | ) | 0.1 | 0.1 | ||||||||||||||||||
Portion allocated to Revlon Holdings | (1.0 | ) | (0.7 | ) | (0.2 | ) | — | |||||||||||||||||
Accumulated other comprehensive loss, net | $ | 232.9 | $ | 167.6 | $ | 2.4 | $ | 2.9 | ||||||||||||||||
With respect to the above accrued expenses and other, the Company has recorded receivables from affiliates of $3.1 million and $2.6 million at December 31, 2014 and 2013, respectively, relating to pension plan liabilities retained by such affiliates. | ||||||||||||||||||||||||
The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the Company's pension plans are as follows: | ||||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Projected benefit obligation | $ | 761.7 | $ | 668.2 | ||||||||||||||||||||
Accumulated benefit obligation | 761 | 667.3 | ||||||||||||||||||||||
Fair value of plan assets | 567.7 | 557.6 | ||||||||||||||||||||||
Net Periodic Benefit Cost: | ||||||||||||||||||||||||
The components of net periodic benefit (income) costs for the Company’s pension and the other post-retirement benefit plans are as follows: | ||||||||||||||||||||||||
Other | ||||||||||||||||||||||||
Post-Retirement | ||||||||||||||||||||||||
Pension Plans | Benefit Plans | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Net periodic benefit (income) costs: | ||||||||||||||||||||||||
Service cost | $ | 0.8 | $ | 0.9 | $ | 1.6 | $ | — | $ | — | $ | — | ||||||||||||
Interest cost | 30.1 | 27.6 | 30 | 0.5 | 0.6 | 0.7 | ||||||||||||||||||
Expected return on plan assets | (41.3 | ) | (38.3 | ) | (35.2 | ) | — | — | — | |||||||||||||||
Amortization of actuarial loss | 4.5 | 8.6 | 8.1 | 0.1 | 0.4 | 0.3 | ||||||||||||||||||
Curtailment gain | — | — | (1.5 | ) | — | — | — | |||||||||||||||||
(5.9 | ) | (1.2 | ) | 3 | 0.6 | 1 | 1 | |||||||||||||||||
Portion allocated to Revlon Holdings | (0.1 | ) | (0.1 | ) | (0.1 | ) | — | (0.1 | ) | — | ||||||||||||||
$ | (6.0 | ) | $ | (1.3 | ) | $ | 2.9 | $ | 0.6 | $ | 0.9 | $ | 1 | |||||||||||
For 2014, the Company recognized net periodic benefit income of $(5.4) million, as compared to $(0.4) million in 2013, primarily due to an increase in the fair value of pension plan assets at December 31, 2014, as well as lower amortization of actuarial losses. | ||||||||||||||||||||||||
During 2013, the Company recognized net period benefit income of $(0.4) million, compared to net period benefit costs of $3.9 million in 2012, driven primarily by the increase in the fair value of pension plan assets and a decrease in the interest cost at December 31, 2013, which was driven by an increase in the discount rate from 2012. | ||||||||||||||||||||||||
Net periodic benefit (income) costs are reflected in the Company's Consolidated Financial Statements as follows: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Net periodic benefit (income) costs: | ||||||||||||||||||||||||
Cost of sales | $ | (4.2 | ) | $ | (2.3 | ) | ||||||||||||||||||
Selling, general and administrative expense | (0.7 | ) | 2.4 | |||||||||||||||||||||
Inventories | (0.5 | ) | (0.5 | ) | ||||||||||||||||||||
$ | (5.4 | ) | $ | (0.4 | ) | |||||||||||||||||||
Amounts recognized in accumulated other comprehensive loss at December 31, 2014 in respect of the Company’s pension plans and other post-retirement plans, which have not yet been recognized as a component of net periodic benefit cost, are as follows: | ||||||||||||||||||||||||
Pension Benefits | Post-Retirement Benefits | Total | ||||||||||||||||||||||
Net actuarial loss | $ | 277.6 | $ | 2.5 | $ | 280.1 | ||||||||||||||||||
Prior service cost | — | — | — | |||||||||||||||||||||
Accumulated Other Comprehensive Loss, Gross | 277.6 | 2.5 | 280.1 | |||||||||||||||||||||
Income tax (benefit) expense | (43.7 | ) | 0.1 | (43.6 | ) | |||||||||||||||||||
Portion allocated to Revlon Holdings | (1.0 | ) | (0.2 | ) | (1.2 | ) | ||||||||||||||||||
Accumulated Other Comprehensive Loss, Net | $ | 232.9 | $ | 2.4 | $ | 235.3 | ||||||||||||||||||
The total actuarial losses and prior service costs in respect of the Company’s pension plans and other post-retirement plans included in accumulated other comprehensive loss at December 31, 2014 and expected to be recognized in net periodic benefit cost during the fiscal year ended December 31, 2015, is $8.2 million and $0.1 million, respectively. | ||||||||||||||||||||||||
Pension 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 | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Discount rate | 3.89 | % | 4.68 | % | 3.74 | % | 4.48 | % | ||||||||||||||||
Rate of future compensation increases | 3 | % | 3 | % | 2.33 | % | 3.4 | % | ||||||||||||||||
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 | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Discount rate | 4.68 | % | 3.78 | % | 4.38 | % | 4.48 | % | 4.33 | % | 4.77 | % | ||||||||||||
Expected long-term return on plan assets | 7.75 | % | 7.75 | % | 7.75 | % | 6 | % | 6 | % | 6.22 | % | ||||||||||||
Rate of future compensation increases | 3 | % | 3 | % | 3.5 | % | 3.4 | % | 2.97 | % | 3.05 | % | ||||||||||||
The 3.89% weighted-average discount rate used to determine the Company’s projected benefit obligation of the Company’s U.S. plans at the end of 2014 was derived by reference to appropriate benchmark yields on high quality corporate bonds, with terms which approximate the duration of the benefit payments and the relevant benchmark bond indices considering the individual plan’s characteristics. The rate selected approximates the rate at which the Company believes the U.S. pension benefits could have been effectively settled. The discount rates used to determine the Company’s projected benefit obligation of the Company’s primary international plans at the end of 2014 were derived from similar local studies, in conjunction with local actuarial consultants and asset managers. | ||||||||||||||||||||||||
In selecting its expected long-term rate of return on its plan assets, the Company considers a number of factors, including, without limitation, recent and historical performance of plan assets, the plan portfolios' asset allocations over a variety of time periods compared with third-party studies, the performance of the capital markets in recent years and other factors, as well as advice from various third parties, such as the plans' advisors, investment managers and actuaries. While the Company considered both the recent performance and the historical performance of plan assets, the Company’s assumptions are based primarily on its estimates of long-term, prospective rates of return. Using the aforementioned methodologies, the Company selected a 7.75% and 6.00% weighted-average long-term rate of return on plan assets assumption during 2014 for the U.S and International pension plans, respectively. Differences between actual and expected asset returns are recognized in the net periodic benefit cost over the remaining service period of the active participating employees. | ||||||||||||||||||||||||
The rate of future compensation increases is an assumption used by the actuarial consultants for pension accounting and is determined based on the Company’s current expectation for such increases. | ||||||||||||||||||||||||
Investment Policy: | ||||||||||||||||||||||||
The Investment Committee for the Company's U.S. pension plans (the “Investment Committee”) has adopted (and revises from time to time) an investment policy for the U.S. pension plans with the objective of meeting or exceeding, over time, the expected long-term rate of return on plan assets assumption, weighed against a reasonable risk level. In connection with this objective, the Investment Committee retains a professional investment advisor who recommends investment managers that invest plan assets in the following asset classes: common and preferred stock, mutual funds, fixed income securities, common and collective funds, hedge funds, group annuity contracts and cash and other investments. The Company’s international plans follow a similar methodology in conjunction with local actuarial consultants and asset managers. | ||||||||||||||||||||||||
The investment policy adopted by the Investment Committee provides for investments in a broad range of publicly-traded securities, among other things. The investments are in domestic and international stocks, ranging from small to large capitalization stocks, debt securities ranging from domestic and international treasury issues, corporate debt securities, mortgages and asset-backed issues. Other investments may include cash and cash equivalents and hedge funds. The investment policy also allows for private equity, not covered in investments described above, provided that such investments are approved by the Investment Committee prior to their selection. Also, global balanced strategies are utilized to provide for investments in a broad range of publicly-traded stocks and bonds in both domestic and international markets as described above. In addition, the global balanced strategies can include commodities, provided that such investments are approved by the Investment Committee prior to their selection. | ||||||||||||||||||||||||
The Investment Committee’s investment policy does not allow the use of derivatives for speculative purposes, but such policy does allow its investment managers to use derivatives for the purpose of reducing risk exposures or to replicate exposures of a particular asset class. | ||||||||||||||||||||||||
The Company’s U.S. and international pension plans have target ranges which are intended to be flexible guidelines for allocating the plans’ assets among various classes of assets. These target ranges are reviewed periodically and considered for readjustment when an asset class weighting is outside of its target range (recognizing that these are flexible target ranges that may vary from time to time) with the objective of achieving the expected long-term rate of return on plan assets assumption, weighed against a reasonable risk level. The target ranges per asset class are 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% - 30% | — | ||||||||||||||||||||||
Common and collective funds | 25% - 55% | 100% | ||||||||||||||||||||||
Hedge funds | 0% - 15% | — | ||||||||||||||||||||||
Group annuity contract | 0% - 5% | — | ||||||||||||||||||||||
Cash and other investments | 0% - 10% | — | ||||||||||||||||||||||
Fair Value of Pension Plan Assets: | ||||||||||||||||||||||||
The following table presents information on the fair value of the U.S. and international pension plan assets at December 31, 2014 and 2013: | ||||||||||||||||||||||||
U.S. Plans | International Plans | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Fair value of plan assets | $ | 496.1 | $ | 492.5 | $ | 71.6 | $ | 65.1 | ||||||||||||||||
The Company determines the fair values of the Company’s U.S. and international pension plan assets as follows: | ||||||||||||||||||||||||
• | Common and preferred stock: The fair values of the investments included in the common and preferred stock asset class generally reflect the closing price reported on the major market where the individual securities are traded. The Company classifies common and preferred stock investments within Level 1 of the fair value hierarchy. | |||||||||||||||||||||||
• | Mutual funds: The fair values of the investments included in the mutual funds asset class are determined using net asset value (“NAV”) provided by the administrator of the funds. The NAV is based on the closing price reported on the major market where the individual securities within the mutual fund are traded. The Company classifies mutual fund investments within Level 1 of the fair value hierarchy. | |||||||||||||||||||||||
• | Fixed income securities: The fair values of the investments included in the fixed income securities asset class are based on a compilation of primarily observable market information and/or broker quotes. The Company classifies fixed income securities investments primarily within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||
• | Common and collective funds: The fair values of the investments included in the common and collective funds asset class are determined using NAV provided by the administrator of the funds. The NAV is based on the value of the underlying assets owned by the common and collective fund, minus its liabilities, and then divided by the number of shares outstanding. The Company classifies common and collective fund investments within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||
• | Hedge funds: The hedge fund asset class includes hedge funds that primarily invest in a grouping of equities, fixed income instruments, currencies, derivatives and/or commodities. The fair values of investments included in the hedge funds class are determined using NAV provided by the administrator of the funds. The NAV is based on securities listed or quoted on a national securities exchange or market, or traded in the over-the-counter market, and is valued at the closing quotation posted by that exchange or trading system. Securities not listed or quoted on a national securities exchange or market are valued primarily through observable market information or broker quotes. The hedge fund investments generally can be sold on a quarterly or monthly basis and may employ leverage. The Company classifies hedge fund investments within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||
• | Group annuity contract: The group annuity contract asset class primarily invests in equities, corporate bonds and government bonds. The fair values of securities listed or quoted on a national securities exchange or market, or traded in the over-the-counter market, are valued at the closing quotation posted by that exchange or trading system. Securities not listed or quoted on a national securities exchange or market are valued primarily through observable market information or broker quotes. The Company classifies group annuity contract investments within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||
• | Cash and cash equivalents: Cash and cash equivalents are measured at cost, which approximates fair value. The Company classifies cash and cash equivalents within Level 1 of the fair value hierarchy. | |||||||||||||||||||||||
The fair values of the U.S. and International pension plan assets at December 31, 2014, by asset categories were as follows: | ||||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs | |||||||||||||||||||||
(Level 3) | ||||||||||||||||||||||||
Common and Preferred Stock: | ||||||||||||||||||||||||
U.S. small/mid cap equity | $ | 20.5 | $ | 20.5 | $ | — | $ | — | ||||||||||||||||
Mutual Funds(a): | ||||||||||||||||||||||||
Corporate bonds | 17.5 | 17.5 | — | — | ||||||||||||||||||||
Government bonds | 13.6 | 13.6 | — | — | ||||||||||||||||||||
U.S. large cap equity | 68.5 | 68.5 | — | — | ||||||||||||||||||||
International equities | 7.3 | 7.3 | — | — | ||||||||||||||||||||
Emerging markets international equity | 6.1 | 6.1 | — | — | ||||||||||||||||||||
Other | 3.1 | 3.1 | — | — | ||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||
Corporate bonds | 55 | — | 55 | — | ||||||||||||||||||||
Government bonds | 10.9 | — | 10.9 | — | ||||||||||||||||||||
Common and Collective Funds(a): | ||||||||||||||||||||||||
Corporate bonds | 75.4 | — | 75.4 | — | ||||||||||||||||||||
Government bonds | 60 | — | 60 | — | ||||||||||||||||||||
U.S. large cap equity | 24.3 | — | 24.3 | — | ||||||||||||||||||||
U.S. small/mid cap equity | 21 | — | 21 | — | ||||||||||||||||||||
International equities | 89.9 | — | 89.9 | — | ||||||||||||||||||||
Emerging markets international equity | 17.6 | — | 17.6 | — | ||||||||||||||||||||
Cash and cash equivalents | 3.7 | — | 3.7 | — | ||||||||||||||||||||
Other | 3.1 | — | 3.1 | — | ||||||||||||||||||||
Hedge Funds(a): | ||||||||||||||||||||||||
Corporate bonds | 6.8 | — | 6.8 | — | ||||||||||||||||||||
Government bonds | (8.8 | ) | — | (8.8 | ) | — | ||||||||||||||||||
U.S. large cap equity | 9.1 | — | 9.1 | — | ||||||||||||||||||||
International equities | 15.9 | — | 15.9 | — | ||||||||||||||||||||
Emerging markets international equity | 4.1 | — | 4.1 | — | ||||||||||||||||||||
Cash and cash equivalents | 26.8 | — | 26.8 | — | ||||||||||||||||||||
Other | 4.2 | — | 4.2 | — | ||||||||||||||||||||
Group Annuity Contract | 2.8 | — | 2.8 | — | ||||||||||||||||||||
Cash and cash equivalents | 9.3 | 9.3 | — | — | ||||||||||||||||||||
Fair value of plan assets at December 31, 2014 | $ | 567.7 | $ | 145.9 | $ | 421.8 | $ | — | ||||||||||||||||
(a) | The investments in mutual funds, common and collective funds and hedge 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 Company’s direct ownership unit of account. | |||||||||||||||||||||||
The fair values of the U.S. and International pension plan assets at December 31, 2013, by asset categories were as follows: | ||||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||
Common and Preferred Stock: | ||||||||||||||||||||||||
U.S. small/mid cap equity | $ | 23.1 | $ | 23.1 | $ | — | $ | — | ||||||||||||||||
Mutual Funds(a): | ||||||||||||||||||||||||
Corporate bonds | 24.4 | 24.4 | — | — | ||||||||||||||||||||
Government bonds | 15.1 | 15.1 | — | — | ||||||||||||||||||||
U.S. large cap equity | 68.7 | 68.7 | — | — | ||||||||||||||||||||
International equities | 4.3 | 4.3 | — | — | ||||||||||||||||||||
Emerging markets international equity | 4.2 | 4.2 | — | — | ||||||||||||||||||||
Other | 0.9 | 0.9 | — | — | ||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||
Corporate bonds | 46.1 | — | 45.8 | 0.3 | ||||||||||||||||||||
Government bonds | 9.6 | — | 8 | 1.6 | ||||||||||||||||||||
Common and Collective Funds(a): | ||||||||||||||||||||||||
Corporate bonds | 53.7 | — | 53.7 | — | ||||||||||||||||||||
Government bonds | 69.8 | — | 69.8 | — | ||||||||||||||||||||
U.S. large cap equity | 33.8 | — | 33.8 | — | ||||||||||||||||||||
U.S. small/mid cap equity | 23 | — | 23 | — | ||||||||||||||||||||
International equities | 92.1 | — | 92.1 | — | ||||||||||||||||||||
Emerging markets international equity | 17.3 | — | 17.3 | — | ||||||||||||||||||||
Cash and cash equivalents | 2 | — | 2 | — | ||||||||||||||||||||
Other | 2.9 | — | 2.9 | — | ||||||||||||||||||||
Hedge Funds(a): | ||||||||||||||||||||||||
Corporate bonds | 11.8 | — | 11.8 | — | ||||||||||||||||||||
Government bonds | 24.5 | — | 24.5 | — | ||||||||||||||||||||
U.S. large cap equity | 4.3 | — | 4.3 | — | ||||||||||||||||||||
International equities | 6.1 | — | 6.1 | — | ||||||||||||||||||||
Cash and cash equivalents | 5.7 | — | 5.7 | — | ||||||||||||||||||||
Other | 4.1 | — | 4.1 | — | ||||||||||||||||||||
Group Annuity Contract | 2.6 | — | 2.6 | — | ||||||||||||||||||||
Cash and cash equivalents | 7.5 | 7.5 | — | — | ||||||||||||||||||||
Fair value of plan assets at December 31, 2013 | $ | 557.6 | $ | 148.2 | $ | 407.5 | $ | 1.9 | ||||||||||||||||
(a) | The investments in mutual funds, common and collective funds and hedge 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 Company’s direct ownership unit of account. | |||||||||||||||||||||||
The following table sets forth a summary of changes in the fair values of the U.S. and International pension plans’ Level 3 assets for each of 2014 and 2013: | ||||||||||||||||||||||||
Total | Fixed Income Securities | Hedge Funds | ||||||||||||||||||||||
Balance, December 31, 2012 | $ | 0.6 | $ | 0.6 | $ | — | ||||||||||||||||||
Purchases, sales, and settlements, net | 0.6 | 0.6 | — | |||||||||||||||||||||
Loss on assets held during the period | (0.2 | ) | (0.2 | ) | — | |||||||||||||||||||
Transfers into Level 3 | 0.9 | 0.9 | — | |||||||||||||||||||||
Balance, December 31, 2013 | 1.9 | 1.9 | — | |||||||||||||||||||||
Purchases, sales and settlements, net | (0.5 | ) | (0.5 | ) | — | |||||||||||||||||||
Loss on assets held during the period | — | — | — | |||||||||||||||||||||
Transfers out of Level 3 | (1.4 | ) | (1.4 | ) | — | |||||||||||||||||||
Balance, December 31, 2014 | $ | — | $ | — | $ | — | ||||||||||||||||||
The amount transferred out of Level 3 in the fair value hierarchy during 2014 relates to certain U.S. pension plan investments in South American government bonds. During 2014, observable market information became available for these plan assets and as a result, the assets have been categorized as Level 2 within the hierarchy. The U.S. pension plan did not realize any material gains or losses related to these investments during 2014 or 2013. | ||||||||||||||||||||||||
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 2014, the Company contributed $18.2 million to its pension plans and $0.7 million to its other post-retirement benefit plans. During 2015, the Company expects to contribute approximately $20 million to its pension and other post-retirement benefit plans. | ||||||||||||||||||||||||
Estimated 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 | |||||||||||||||||||||||
2015 | $ | 41.3 | $ | 0.8 | ||||||||||||||||||||
2016 | 42 | 0.9 | ||||||||||||||||||||||
2017 | 42.9 | 0.9 | ||||||||||||||||||||||
2018 | 43.8 | 0.9 | ||||||||||||||||||||||
2019 | 44.4 | 0.9 | ||||||||||||||||||||||
Years 2020 to 2024 | 231.8 | 4.6 | ||||||||||||||||||||||
STOCK_COMPENSATION_PLAN_Notes
STOCK COMPENSATION PLAN (Notes) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of stock option activity for each of 2014, 2013 and 2012 is presented below: | ||||||
Stock Options (000's) | Weighted Average Exercise Price | ||||||
Outstanding at January 1, 2012 | 264.5 | $ | 31.02 | ||||
Forfeited and expired | (256.4 | ) | 31.06 | ||||
Outstanding at December 31, 2012 | 8.1 | 29.91 | |||||
Forfeited and expired | (7.3 | ) | 30.17 | ||||
Outstanding at December 31, 2013 | 0.8 | 27.5 | |||||
Forfeited and expired | (0.8 | ) | 27.5 | ||||
Outstanding at December 31, 2014 | — | — | |||||
STOCK COMPENSATION PLAN | |||||||
Revlon, Inc. maintains the Fourth Amended and Restated Revlon, Inc. Stock Plan (the "Stock Plan"), which provides for awards of stock options, stock appreciation rights, restricted or unrestricted stock and restricted stock units to eligible employees and directors of Revlon, Inc. and its affiliates, including Products Corporation. An aggregate of 6,565,000 shares are reserved for issuance as Awards under the Stock Plan, subject to the adjustment provisions of the Stock Plan. In July 2014, the Stock Plan was amended to renew the Stock Plan for a 7-year renewal term expiring on April 14, 2021. | |||||||
Stock options: | |||||||
Non-qualified stock options granted under the Stock Plan are granted at prices that equal or exceed the fair market value of Class A Common Stock on the grant date and have a term of 7 years. Option grants generally vest over service periods that range from 1 year to 4 years. | |||||||
At December 31, 2014 there were no options exercisable under the Stock Plan, and 800 and 8,105 stock options exercisable at December 31, 2013 and 2012, respectively. | |||||||
A summary of stock option activity for each of 2014, 2013 and 2012 is presented below: | |||||||
Stock Options (000's) | Weighted Average Exercise Price | ||||||
Outstanding at January 1, 2012 | 264.5 | $ | 31.02 | ||||
Forfeited and expired | (256.4 | ) | 31.06 | ||||
Outstanding at December 31, 2012 | 8.1 | 29.91 | |||||
Forfeited and expired | (7.3 | ) | 30.17 | ||||
Outstanding at December 31, 2013 | 0.8 | 27.5 | |||||
Forfeited and expired | (0.8 | ) | 27.5 | ||||
Outstanding at December 31, 2014 | — | — | |||||
Restricted stock awards and restricted stock units: | |||||||
The Stock Plan allows for awards of restricted stock and restricted stock units to employees and directors of Revlon, Inc. and its affiliates, including Products Corporation. The restricted stock awards granted under the Stock Plan vest over service periods that generally range from 3 years to 5 years. In 2014, the Company granted 693,378 shares of restricted stock to certain executives which vest over a 5-year period. In October 2013, the Company granted 120,000 shares of restricted common stock with a 3-year vesting period to an executive who ceased employment with the Company during 2014, with the final 80,000 shares vesting in equal installments in October 2015 and October 2016. There have not been any other restricted stock awards granted since 2009. | |||||||
A summary of the restricted stock and restricted stock unit activity for each of 2014, 2013 and 2012 is presented below: | |||||||
Restricted Stock (000's) | Weighted Average Grant Date Fair Value | ||||||
Outstanding at January 1, 2012 | 257.4 | $ | 7.04 | ||||
Vested(a) | (257.4 | ) | 7.04 | ||||
Outstanding at December 31, 2012 | — | — | |||||
Granted | 120 | 24.8 | |||||
Outstanding at December 31, 2013 | 120 | 24.8 | |||||
Granted | 693.4 | 31.01 | |||||
Vested(a) | (40.0 | ) | 24.8 | ||||
Outstanding at December 31, 2014 | 773.4 | 30.37 | |||||
(a) | Of the amounts vested during 2014 and 2012, 22,328 and 83,582 shares, respectively, were withheld by the Company to satisfy certain grantees’ minimum withholding tax requirements, which withheld shares became Revlon, Inc. treasury stock and are not sold on the open market. (See discussion under “Treasury Stock” in Note 18, “Stockholders’ Deficiency”). | ||||||
The Company recognizes non-cash compensation expense related to restricted stock awards and restricted stock units under the Stock Plan using the straight-line method over the remaining service period. The Company recorded compensation expense related to restricted stock awards under the Stock Plan of $5.5 million, $0.2 million and $0.3 million during 2014, 2013 and 2012, respectively. The total fair value of restricted stock and restricted stock units that vested during 2014 and 2013 was $1.0 million and nil, respectively. The deferred stock-based compensation related to restricted stock awards was $18.8 million at December 31, 2014 and will be amortized ratably to compensation expense over the remaining vesting period of 4.3 years. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
INCOME TAXES | INCOME TAXES | |||||||||||
The Company's income before income taxes and the applicable provision for income taxes are as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income from continuing operations before income taxes: | ||||||||||||
United States | $ | 137.1 | $ | 26 | $ | 87.2 | ||||||
Foreign | (19.7 | ) | 44.6 | 17.7 | ||||||||
$ | 117.4 | $ | 70.6 | $ | 104.9 | |||||||
Provision for (benefit from) income taxes: | ||||||||||||
United States federal | $ | 54.6 | $ | 24.8 | $ | 41.8 | ||||||
State and local | 18.1 | 13.8 | (9.6 | ) | ||||||||
Foreign | 5.1 | 7.4 | 11.5 | |||||||||
$ | 77.8 | $ | 46 | $ | 43.7 | |||||||
Current: | ||||||||||||
United States federal | $ | 2.6 | $ | 3.2 | $ | 2.2 | ||||||
State and local | 3.7 | 0.7 | 2.4 | |||||||||
Foreign | 7.2 | 11.3 | 10.7 | |||||||||
13.5 | 15.2 | 15.3 | ||||||||||
Deferred: | ||||||||||||
United States federal | 52 | 21.6 | 39.6 | |||||||||
State and local | 14.4 | 13.1 | (12.0 | ) | ||||||||
Foreign | (2.1 | ) | (3.9 | ) | 0.8 | |||||||
64.3 | 30.8 | 28.4 | ||||||||||
Total provision for income taxes | $ | 77.8 | $ | 46 | $ | 43.7 | ||||||
The actual tax on income before income taxes is reconciled to the applicable statutory federal income tax rate below. | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Computed income tax expense | $ | 41.1 | $ | 24.7 | $ | 36.7 | ||||||
State and local taxes, net of U.S. federal income tax benefit | 19.9 | 8.9 | 4 | |||||||||
Foreign and U.S. tax effects attributable to operations outside the U.S. | 4.2 | (4.9 | ) | (4.4 | ) | |||||||
Establishment (release) of valuation allowance | 6.4 | — | (15.8 | ) | ||||||||
Foreign dividends and earnings taxable in the U.S. | 5.4 | 11 | 12.7 | |||||||||
Restructuring charges and litigation loss contingency for which there is no tax benefit | — | 2.7 | 11.1 | |||||||||
Other | 0.8 | 3.6 | (0.6 | ) | ||||||||
Tax expense | $ | 77.8 | $ | 46 | $ | 43.7 | ||||||
Deferred taxes are the result of temporary differences between the bases of assets and liabilities for financial reporting and income tax purposes. Deferred tax assets and liabilities at December 31, 2014 and 2013 were comprised of the following: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013(a) | |||||||||||
Deferred tax assets: | ||||||||||||
Inventories | $ | 7.6 | $ | 9.1 | ||||||||
Net operating loss carryforwards - U.S. | 94.1 | 140.7 | ||||||||||
Net operating loss carryforwards - foreign | 57.9 | 69.9 | ||||||||||
Employee benefits | 100.7 | 65 | ||||||||||
State and local taxes | 2.7 | 2.3 | ||||||||||
Sales related reserves | 26.2 | 33.3 | ||||||||||
Other | 46.1 | 42.9 | ||||||||||
Total gross deferred tax assets | 335.3 | 363.2 | ||||||||||
Less valuation allowance | (57.1 | ) | (61.7 | ) | ||||||||
Total deferred tax assets, net of valuation allowance | 278.2 | 301.5 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Plant, equipment and other assets | (30.0 | ) | (29.3 | ) | ||||||||
Intangibles | (88.0 | ) | (98.8 | ) | ||||||||
Foreign currency translation adjustment | 3.9 | 1.9 | ||||||||||
Other | (55.3 | ) | (45.2 | ) | ||||||||
Total gross deferred tax liabilities | (169.4 | ) | (171.4 | ) | ||||||||
Net deferred tax assets | $ | 108.8 | $ | 130.1 | ||||||||
(a) During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments to certain net assets and intangible assets acquired in the Colomer Acquisition on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details. | ||||||||||||
As previously disclosed, in assessing the recoverability of its deferred tax assets, management regularly considers whether some portion or all of the deferred tax assets will not be realized based on the recognition threshold and measurement of a tax position. The ultimate realization of deferred tax assets is generally dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. | ||||||||||||
Based on the level of historical losses for certain jurisdictions within the U.S., the Company had maintained a deferred tax valuation allowance against certain of its deferred tax assets. As of December 31, 2012, the Company had experienced improved earnings trends and had cumulative taxable income in such jurisdictions. As a result of such earnings trends and the Company’s tax position, and based upon the Company’s projections for future taxable income over the periods in which the deferred tax assets are recoverable, management concluded that it was more likely than not that the Company would realize the benefits of certain of its net deferred tax assets existing at December 31, 2012 in those jurisdictions. Therefore, at December 31, 2012, the Company realized a non-cash benefit of $15.8 million related to a reduction of the Company’s deferred tax valuation allowance on certain of its net deferred tax assets for certain jurisdictions within the U.S. The Company reflected this benefit in the tax provision and this non-cash benefit increased net income at December 31, 2012. | ||||||||||||
A valuation allowance has been provided for those deferred tax assets for which, in the opinion of the Company's management, it is more-likely-than-not that the deferred tax assets will not be realized. At December 31, 2014, the deferred tax valuation allowance primarily represents amounts for foreign tax loss carryforwards and certain U.S. state and local tax loss carryforwards. The deferred tax valuation allowance decreased by $4.6 million and $8.9 million during 2014 and 2013, respectively. The decrease in the deferred tax valuation allowance during 2014 was primarily due to foreign currency translation and the amalgamation of certain foreign subsidiaries, partially offset by the establishment of a valuation allowance against certain deferred tax assets in the Professional segment during 2014. The decrease in the deferred tax valuation allowance during 2013 was primarily due to changes in the presentation of the Company's unrecognized tax benefits as a result of its prospective adoption of ASU No. 2013-11 at December 31, 2013, partially offset by a valuation allowance recorded against certain deferred tax assets resulting from the Colomer Acquisition. | ||||||||||||
After December 31, 2014, the Company has tax loss carryforwards of approximately $436.4 million, of which $244.2 million are foreign and $192.2 million are domestic (federal). The losses expire in future years as follows: 2015- $0.3 million; 2016- $4.0 million; 2017- $9.2 million; 2018 and beyond- $236.0 million; and unlimited- $186.9 million. The Company could receive the benefit of such tax loss carryforwards only to the extent it has taxable income during the carryforward periods in the applicable tax jurisdictions. As of December 31, 2014, there were no consolidated federal net operating losses available from the MacAndrews & Forbes Group (as hereinafter defined) from periods prior to the March 25, 2004 deconsolidation (as described below). | ||||||||||||
The Company remains subject to examination of its income tax returns in various jurisdictions including, without limitation, Australia, Canada and Spain for tax years ended December 31, 2010 through December 31, 2013 and South Africa and the U.S. (federal) for tax years ended December 31, 2011 through December 31, 2013. The Company classifies interest and penalties as a component of the provision for income taxes. During 2014 and 2013, the Company recognized in the Consolidated Statements of Operations and Comprehensive (Loss) Income a decrease of $0.9 million and a decrease of $1.7 million, respectively, in accrued interest and penalties. | ||||||||||||
At December 31, 2014 and 2013, the Company had unrecognized tax benefits of $62.0 million and $74.5 million, respectively, including $11.3 million and $11.6 million, respectively, of accrued interest and penalties. All of the unrecognized tax benefits, to the extent reduced and unutilized in future periods, would affect the Company’s effective tax rate. A reconciliation of the beginning and ending amount of the unrecognized tax benefits is as follows: | ||||||||||||
Balance at January 1, 2013 | $ | 49.9 | ||||||||||
Increase based on tax positions taken in a prior year | 25.8 | |||||||||||
Decrease based on tax positions taken in a prior year | (1.6 | ) | ||||||||||
Increase based on tax positions taken in the current year | 9.3 | |||||||||||
Decrease resulting from the lapse of statutes of limitations | (8.9 | ) | ||||||||||
Balance at December 31, 2013 | 74.5 | |||||||||||
Increase based on tax positions taken in a prior year | 12.6 | |||||||||||
Decrease based on tax positions taken in a prior year | (22.8 | ) | ||||||||||
Increase based on tax positions taken in the current year | 8 | |||||||||||
Decrease resulting from the lapse of statutes of limitations | (10.3 | ) | ||||||||||
Balance at December 31, 2014 | $ | 62 | ||||||||||
In addition, the Company believes that it is reasonably possible that its unrecognized tax benefits during 2015 will increase by approximately $2.4 million as a result of changes in various tax positions, each of which is individually insignificant. | ||||||||||||
The Company has not provided for U.S. federal income taxes and foreign withholding taxes on $42.0 million of foreign subsidiaries' cumulative undistributed earnings as of December 31, 2014 because such earnings are intended to be indefinitely reinvested overseas. If these future earnings are repatriated to the U.S., or if the Company determines that such earnings will be remitted in the foreseeable future, additional tax provisions may be required. Due to the complexities in the tax laws and the assumptions that would have to be made, it is not practicable to estimate the amounts of income tax provisions that may be required. | ||||||||||||
As a result of the closing of the 2004 Revlon Exchange Transactions (as hereinafter defined in Note 22, “Related Party Transactions - Tax Sharing Agreements”), as of March 25, 2004, Revlon, Inc., Products Corporation and their U.S. subsidiaries were no longer included in the affiliated group of which MacAndrews & Forbes was the common parent (the “MacAndrews & Forbes Group”) for federal income tax purposes. Revlon Holdings (as hereinafter defined in Note 22, “Related Party Transactions - Transfer Agreements”), Revlon, Inc., Products Corporation and certain of its subsidiaries, and MacAndrews & Forbes Incorporated entered into a tax sharing agreement (as subsequently amended and restated, the "MacAndrews & Forbes Tax Sharing Agreement"), for taxable periods beginning on or after January 1, 1992 through and including March 25, 2004, during which Revlon, Inc. and Products Corporation or a subsidiary of Products Corporation was a member of the MacAndrews & Forbes Group. In these taxable periods, Revlon, Inc.'s and Products Corporation's federal taxable income and loss were included in such group's consolidated tax return filed by MacAndrews & Forbes Incorporated. Revlon, Inc. and Products Corporation were also included in certain state and local tax returns of MacAndrews & Forbes Incorporated or its subsidiaries. Revlon, Inc. and Products Corporation remain liable under the MacAndrews & Forbes Tax Sharing Agreement for all such taxable periods through and including March 25, 2004 for amounts determined to be due as a result of a redetermination arising from an audit or otherwise, equal to the taxes that Revlon, Inc. or Products Corporation would otherwise have had to pay if it were to have filed separate federal, state or local income tax returns for such periods. | ||||||||||||
Following the closing of the 2004 Revlon Exchange Transactions, Revlon, Inc. became the parent of a new consolidated group for federal income tax purposes and Products Corporation's federal taxable income and loss are included in such group's consolidated tax returns. Accordingly, Revlon, Inc. and Products Corporation entered into a tax sharing agreement (the "Revlon Tax Sharing Agreement") pursuant to which Products Corporation is required to pay to Revlon, Inc. amounts equal to the taxes that Products Corporation would otherwise have had to pay if Products Corporation were to file separate federal, state or local income tax returns, limited to the amount, and payable only at such times, as Revlon, Inc. will be required to make payments to the applicable taxing authorities. | ||||||||||||
There were no federal tax payments or payments in lieu of taxes from Revlon, Inc. to Revlon Holdings pursuant to the MacAndrews & Forbes Tax Sharing Agreement in 2014 or 2013 with respect to periods covered by the MacAndrews & Forbes Tax Sharing Agreement, and the Company expects that there will not be any such payments in 2015. During 2014, there were $0.3 million of federal tax payments from Products Corporation to Revlon, Inc. pursuant to the Revlon Tax Sharing Agreement with respect to 2014 and nil with respect to 2013. During 2013, there was $1.3 million in federal tax payments from Products Corporation to Revlon, Inc. pursuant to the Revlon Tax Sharing Agreement with respect to 2012. The Company expects that there will be no federal tax payments from Products Corporation to Revlon, Inc. pursuant to the Revlon Tax Sharing Agreement during 2015 with respect to 2014. | ||||||||||||
Pursuant to the asset transfer agreement referred to in Note 22, “Related Party Transactions - Transfer Agreements,” Products Corporation assumed all tax liabilities of Revlon Holdings other than (i) certain income tax liabilities arising prior to January 1, 1992 to the extent such liabilities exceeded the reserves on Revlon Holdings' books as of January 1, 1992 or were not of the nature reserved for and (ii) other tax liabilities to the extent such liabilities are related to the business and assets retained by Revlon Holdings. |
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE LOSS | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS | |||||||||||||||||||||||
The components of accumulated other comprehensive loss as of December 31, 2014, 2013 and 2012 are as follows: | ||||||||||||||||||||||||
Foreign Currency Translation | Actuarial (Loss) Gain on Post-retirement Benefits | Prior Service Cost on Post-retirement Benefits | Deferred Gain (Loss) - Hedging | Other | Accumulated Other Comprehensive Loss | |||||||||||||||||||
Balance at January 1, 2012 | $ | 24.8 | $ | (225.6 | ) | $ | (0.1 | ) | $ | — | $ | — | $ | (200.9 | ) | |||||||||
Unrealized gains (losses), net of tax of $1.0 million | (1.5 | ) | — | — | — | — | (1.5 | ) | ||||||||||||||||
Amortization of pension related costs, net of tax of $(1.0) million(a)(b) | — | 9.4 | — | — | — | 9.4 | ||||||||||||||||||
Pension re-measurement, net of tax of $7.2 million | — | (15.4 | ) | — | — | — | (15.4 | ) | ||||||||||||||||
Pension curtailment gain(c) | — | 0.1 | 0.1 | — | — | 0.2 | ||||||||||||||||||
Balance at December 31, 2012 | $ | 23.3 | $ | (231.5 | ) | $ | — | $ | — | $ | — | $ | (208.2 | ) | ||||||||||
Unrealized gains (losses), net of tax of $3.3 million | (4.1 | ) | — | — | — | — | (4.1 | ) | ||||||||||||||||
Amortization of pension related costs, net of tax of $(1.2) million(a) | — | 7.7 | — | — | — | 7.7 | ||||||||||||||||||
Pension re-measurement, net of tax of $(33.5) million | — | 53.3 | — | — | — | 53.3 | ||||||||||||||||||
Revaluation of derivative financial instrument, net of tax of $(1.0) million(d) | — | — | — | 1.5 | — | 1.5 | ||||||||||||||||||
Balance at December 31, 2013 | $ | 19.2 | $ | (170.5 | ) | $ | — | $ | 1.5 | $ | — | $ | (149.8 | ) | ||||||||||
Currency translation adjustment, net of tax of $2.1 million | (24.6 | ) | — | — | — | — | (24.6 | ) | ||||||||||||||||
Amortization of pension related costs, net of tax of $(0.1) million(a) | — | 4.5 | — | — | — | 4.5 | ||||||||||||||||||
Pension re-measurement, net of tax of $42.0 million | — | (69.6 | ) | — | — | — | (69.6 | ) | ||||||||||||||||
Revaluation of derivative financial instrument, net of tax of $2.3 million(d) | — | — | — | (3.7 | ) | — | (3.7 | ) | ||||||||||||||||
Other | — | 0.3 | — | — | (0.3 | ) | — | |||||||||||||||||
Other comprehensive loss | (24.6 | ) | (64.8 | ) | — | (3.7 | ) | (0.3 | ) | (93.4 | ) | |||||||||||||
Balance at December 31, 2014 | $ | (5.4 | ) | $ | (235.3 | ) | $ | — | $ | (2.2 | ) | $ | (0.3 | ) | $ | (243.2 | ) | |||||||
(a) | Amounts represent the change in Accumulated Other Comprehensive Loss as a result of the amortization of unrecognized prior service costs and actuarial losses (gains) arising during each year related to the Company’s pension and other post-retirement plans. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,” for further discussion of the Company’s pension and other post-retirement plans. | |||||||||||||||||||||||
(b) | Included in this amount is a $2.0 million reclassification adjustment recorded in the first quarter of 2012 related to deferred taxes on the amortization of actuarial losses. | |||||||||||||||||||||||
(c) | As a result of the September 2012 Program, the Company recognized a curtailment gain of $1.7 million, partially offset by $0.1 million of accumulated actuarial losses and $0.1 million of prior service costs previously reported within Accumulated Other Comprehensive Loss, for a net gain of $1.5 million, which was recorded within restructuring charges for 2012. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,” for further discussion of the Company’s pension and other post-retirement plans. | |||||||||||||||||||||||
(d) | For 2014 and 2013, the 2013 Interest Rate Swap was deemed effective and therefore, the changes in fair value related to the 2013 Interest Rate Swap are recorded in Other Comprehensive Income. See Note 13, "Financial Instruments" for further discussion of the 2013 Interest Rate Swap. |
STOCKHOLDERS_DEFICIENCY_Notes
STOCKHOLDER'S DEFICIENCY (Notes) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
STOCKHOLDER'S DEFICIENCY [Abstract] | |||||||||
Stockholders' Equity Note Disclosure [Text Block] | STOCKHOLDERS' DEFICIENCY | ||||||||
Information about the Company's common and treasury stock issued and/or outstanding is as follows: | |||||||||
Common Stock | |||||||||
Class A | Class B | Treasury Stock | |||||||
Balance, January 1, 2012 | 49,986,651 | 3,125,000 | 671,271 | ||||||
Withholding of restricted stock to satisfy taxes | — | — | 83,582 | ||||||
Balance, December 31, 2012 | 49,986,651 | 3,125,000 | 754,853 | ||||||
Conversion of Class B shares to Class A shares | 3,125,000 | (3,125,000 | ) | — | |||||
Restricted stock grants | 120,000 | — | — | ||||||
Balance, December 31, 2013 | 53,231,651 | — | 754,853 | ||||||
Restricted stock grants | 693,378 | — | — | ||||||
Withholding of restricted stock to satisfy taxes | — | — | 22,328 | ||||||
Balance, December 31, 2014 | 53,925,029 | — | 777,181 | ||||||
Common Stock | |||||||||
As of December 31, 2014, the Company's authorized common stock consisted of 900 million shares of Class A Common Stock and 200 million shares of Class B common stock, par value $0.01 per share ("Class B Common Stock" and together with the Class A Common Stock, the "Common Stock"). In October 2009, Revlon, Inc., amended its certificate of incorporation to (1) clarify that the provision requiring that holders of its Class A Common Stock and holders of its Class B Common Stock receive the same consideration in certain business combinations shall only apply in connection with transactions involving third parties and (2) increase the number of Revlon, Inc.’s authorized shares of preferred stock from 20 million to 50 million and, accordingly, to increase the number of Revlon, Inc.’s authorized shares of capital stock from 1,120 million to 1,150 million. The holders of Class A Common Stock and Class B Common Stock vote as a single class on all matters, except as otherwise required by law, with each share of Class A Common Stock entitling its holder to one vote and each share of the Class B Common Stock entitling its holder to ten votes. The holders of the Company's two classes of Common Stock are entitled to share equally in the earnings of the Company from dividends, when and if declared by Revlon, Inc.’s Board of Directors. Each share of Class B Common Stock is convertible into one share of Class A Common Stock. | |||||||||
In October 2013, MacAndrews & Forbes exercised its right under Revlon, Inc.'s Restated Certificate of Incorporation to voluntarily convert all of the 3,125,000 shares of Revlon, Inc. Class B Common Stock (previously held in the name of REV Holdings LLC) on a one-for-one basis into 3,125,000 shares of Revlon, Inc. Class A Common Stock. The shares of Revlon, Inc.'s Class A Common Stock issued in such conversion were not registered under the Securities Act. As MacAndrews & Forbes is an accredited investor within the meaning of Rule 501 of Regulation D under the Securities Act, such shares were issued in reliance on exemptions from registration under Section 4(2) of the Securities Act and Rule 506 of Regulation D under the Securities Act. Appropriate restrictive legends were affixed to the certificate representing the shares of Class A Common Stock issued to REV Holdings LLC in such conversion. Revlon, Inc. did not receive any proceeds in connection with such conversion. As a result of such conversion, as of December 31, 2014 there are no shares of Class B Common Stock outstanding. | |||||||||
As of December 31, 2014, after giving effect to the foregoing transactions, MacAndrews & Forbes beneficially owned approximately 78% of Revlon, Inc.’s Class A Common Stock, representing approximately 78% of Revlon, Inc.’s outstanding voting capital stock. | |||||||||
Treasury Stock | |||||||||
Pursuant to the share withholding provisions of the Stock Plan, an employee, in lieu of paying withholding taxes on the vesting of certain shares of restricted stock, authorized the withholding of 22,328 shares of Revlon, Inc. Class A Common Stock to satisfy its minimum statutory tax withholding requirements related to such vesting events on October 28, 2014. These shares were recorded as treasury stock using the cost method, at $33.54 per share, based on the NYSE closing price per share on the applicable vesting date, for a total of $0.7 million. During 2012, a total of 83,582 shares of Revlon, Inc. Class A Common Stock were withheld to satisfy the minimum statutory tax withholding requirements related to the vesting of shares of restricted stock in the aggregate amount of $1.2 million. |
SEGMENT_DATA_AND_RELATED_INFOR
SEGMENT DATA AND RELATED INFORMATION | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||
SEGMENT DATA AND RELATED INFORMATION | SEGMENT DATA AND RELATED INFORMATION | |||||||||||||||||
Operating segments include components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (the “Chief Executive Officer”) in deciding how to allocate resources and in assessing the Company's performance. As a result of the similarities in the procurement, marketing and distribution processes for all of the Company’s products, much of the information provided in the consolidated financial statements is similar to, or the same as, that reviewed on a regular basis by the Company's management. | ||||||||||||||||||
At December 31, 2014, the Company’s operations are organized into the following two operating segments, which also represent the Company’s reportable segments: | ||||||||||||||||||
• | Consumer - The Consumer segment is comprised of the Company's consumer brands, which primarily include Revlon, Almay, SinfulColors and Pure Ice in cosmetics; Revlon ColorSilk in women’s hair color; Revlon in beauty tools; and Mitchum in anti-perspirant deodorants. The Company’s principal customers for its consumer products include the mass retail channel, consisting of large mass volume retailers and chain drug and food stores in the U.S. and internationally, as well as certain department stores and other specialty stores, such as perfumeries, outside the U.S. The Consumer segment also includes a skincare and hair color line sold in the mass retail channel, primarily in Spain, which were acquired as part of the Colomer Acquisition. | |||||||||||||||||
• | Professional - The Professional segment is comprised primarily of the brands which the Company acquired in the Colomer Acquisition, which include Revlon Professional in hair color and hair care; CND-branded products in nail polishes and nail enhancements; and American Crew in men’s grooming products, all of which are sold worldwide in the professional salon channel. The Company’s principal customers for its professional products include hair and nail salons and distributors in the U.S. and internationally. The Professional segment also includes a multi-cultural line consisting of Creme of Nature hair care products sold in the mass retail channel and in professional salons, primarily in the U.S. | |||||||||||||||||
The Company's management evaluates segment profit, which is defined as income from continuing operations before interest, taxes, depreciation, amortization, stock-based compensation expense, gains/losses on foreign currency fluctuations, gains/losses on the early extinguishment of debt and miscellaneous expenses, for each of the Company's Consumer and Professional segments. Segment profit also excludes unallocated corporate expenses and the impact of certain items that are not directly attributable to the segments' underlying operating performance, which includes the impacts of: (i) restructuring and related charges; (ii) acquisition and integration costs; (iii) costs of sales resulting from a fair value adjustment to inventory acquired in the Colomer Acquisition; (iv) insurance proceeds received in 2013 related to the 2011 fire that destroyed the Company's facility in Venezuela; (v) insurance proceeds from the recovery of litigation settlements; and (vi) an accrual for estimated clean-up costs related to the Company's facility in Venezuela. Such items are shown below in the table reconciling segment profit to consolidated income from continuing operations before income taxes. Unallocated corporate expenses primarily include general and administrative expenses related to the corporate organization. These expenses are recorded in unallocated corporate expenses as these items are centrally directed and controlled and are not included in internal measures of segment operating performance. The Company does not have any material inter-segment sales. | ||||||||||||||||||
The accounting policies for each of the reportable segments are the same as those described in Note 1, “Description of Business and Summary of Significant Accounting Policies.” The assets and liabilities of the Company are managed centrally and are reported internally in the same manner as the consolidated financial statements; thus, no additional information regarding assets and liabilities of the Company’s operating segments is produced for the Company's management or included in these financial statements. | ||||||||||||||||||
The following table is a comparative summary of the Company’s net sales and segment profit by operating segment for each of 2014, 2013 and 2012. In the table below, certain amounts have been reclassified to conform to the presentation for 2014. Consumer segment net sales and segment profit include the results of retail brands acquired in the Colomer Acquisition, which had been included in the Professional segment in Revlon, Inc.'s 2013 Annual Report on Form 10-K. | ||||||||||||||||||
Twelve Months Ended December 31, | ||||||||||||||||||
2014 (a) | 2013 (a) | 2012 | ||||||||||||||||
Segment Net Sales: | ||||||||||||||||||
Consumer | $ | 1,438.30 | $ | 1,394.20 | $ | 1,396.40 | ||||||||||||
Professional | 502.7 | 100.5 | — | |||||||||||||||
Total | $ | 1,941.00 | $ | 1,494.70 | $ | 1,396.40 | ||||||||||||
Segment Profit: | ||||||||||||||||||
Consumer | $ | 347.6 | $ | 347.2 | $ | 363.1 | ||||||||||||
Professional | 104.8 | 5.1 | — | |||||||||||||||
Total | $ | 452.4 | $ | 352.3 | $ | 363.1 | ||||||||||||
Reconciliation: | ||||||||||||||||||
Segment Profit | $ | 452.4 | $ | 352.3 | $ | 363.1 | ||||||||||||
Less: | ||||||||||||||||||
Unallocated corporate expenses | 77.2 | 68.6 | 65.4 | |||||||||||||||
Depreciation and amortization | 102.6 | 76.7 | 64.9 | |||||||||||||||
Non-cash stock compensation expense | 5.5 | 0.2 | 0.3 | |||||||||||||||
Non-recurring items: | ||||||||||||||||||
Restructuring and related charges | 22.6 | 4.5 | — | |||||||||||||||
Acquisition and integration costs | 6.4 | 25.4 | — | |||||||||||||||
Inventory purchase accounting adjustment, cost of sales | 2.6 | 8.5 | — | |||||||||||||||
Gain from insurance proceeds related to Venezuela fire | — | (26.4 | ) | — | ||||||||||||||
Accrual for clean-up costs related to destroyed facility in Venezuela | — | 7.6 | 24.1 | |||||||||||||||
Shareholder litigation recoveries | — | (1.8 | ) | 8.9 | ||||||||||||||
Operating Income | 235.5 | 189 | 199.5 | |||||||||||||||
Less: | ||||||||||||||||||
Interest Expense | 84.4 | 73.8 | 79.1 | |||||||||||||||
Interest Expense - Preferred Stock | — | 5 | 6.5 | |||||||||||||||
Amortization of debt issuance costs | 5.5 | 5.2 | 5.3 | |||||||||||||||
Loss on early extinguishment of debt | 2 | 29.7 | — | |||||||||||||||
Foreign currency losses (gains), net | 25 | 3.7 | 2.8 | |||||||||||||||
Miscellaneous, net | 1.2 | 1 | 0.9 | |||||||||||||||
Income from continuing operations before income taxes | $ | 117.4 | $ | 70.6 | $ | 104.9 | ||||||||||||
(a) Consumer segment net sales and segment profit include the results of retail brands acquired in the Colomer Acquisition, which had previously been included in the Professional segment. | ||||||||||||||||||
As of December 31, 2014, the Company had operations established in 24 countries outside of the U.S. and its products are sold throughout the world. Generally, net sales by geographic area are presented by attributing revenues from external customers on the basis of where the products are sold. Walmart and its affiliates worldwide accounted for approximately 16%, 20% and 22% of the Company’s worldwide net sales in 2014, 2013 and 2012, respectively. | ||||||||||||||||||
The Company expects that Walmart and a small number of other customers will, in the aggregate, continue to account for a large portion of the Company’s net sales. As is customary in the consumer products industry, none of the Company’s customers is under an obligation to continue purchasing products from the Company in the future. | ||||||||||||||||||
In the tables below, certain prior year amounts have been reclassified to conform to the current period’s presentation. | ||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Geographic area: | ||||||||||||||||||
Net sales: | ||||||||||||||||||
United States | $ | 1,021.90 | 53% | $ | 832.8 | 56% | $ | 799.8 | 57% | |||||||||
Outside of the United States | 919.1 | 47% | 661.9 | 44% | 596.6 | 43% | ||||||||||||
$ | 1,941.00 | $ | 1,494.70 | $ | 1,396.40 | |||||||||||||
December 31, | December 31, | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Long-lived assets, net: | ||||||||||||||||||
United States | $ | 845.5 | 76% | $ | 837 | 73% | ||||||||||||
Outside of the United States | 271.7 | 24% | 315.1 | 27% | ||||||||||||||
$ | 1,117.20 | $ | 1,152.10 | |||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Classes of similar products: | ||||||||||||||||||
Net sales: | ||||||||||||||||||
Color cosmetics | $ | 1,032.40 | 53% | $ | 926.4 | 62% | $ | 913 | 65% | |||||||||
Hair care | 545 | 28% | 263.9 | 18% | 191.1 | 14% | ||||||||||||
Beauty care and fragrance | 363.6 | 19% | 304.4 | 20% | 292.3 | 21% | ||||||||||||
$ | 1,941.00 | $ | 1,494.70 | $ | 1,396.40 | |||||||||||||
BASIC_AND_DILUTED_EARNINGS_LOS
BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share, Basic and Diluted [Abstract] | ||||||||||||
BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE | BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE | |||||||||||
Shares used in basic earnings (loss) per share are computed using the weighted average number of common shares outstanding during each period. Shares used in diluted earnings (loss) per share include the dilutive effect of unvested restricted stock and outstanding stock options under the Company’s Stock Plan using the treasury stock method. For 2013 and 2012 all outstanding options to purchase shares of Class A Common Stock that could potentially dilute basic earnings (loss) per common share in the future were excluded from the calculation of diluted earnings (loss) per common share, as their effect would have been anti-dilutive, as in each case their exercise price was in excess of the average NYSE closing price of the Class A Common Stock for these periods. At December 31, 2014, there were no outstanding stock options under the Company's Stock Plan. | ||||||||||||
For each of 2013 and 2012, 20,437 and 3,354 weighted average shares, respectively of unvested restricted stock awards were excluded from the computation of diluted earnings (loss) per common share because their effect would have been anti-dilutive. No unvested restricted stock awards were excluded from the computation of diluted earnings (loss) per common share at December 31, 2014. | ||||||||||||
The components of basic and diluted earnings per common share for each of 2014, 2013 and 2012 are as follows: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Income from continuing operations, net of taxes | $ | 39.6 | $ | 24.6 | $ | 61.2 | ||||||
Income (loss) from discontinued operations, net of taxes | 1.3 | (30.4 | ) | (10.1 | ) | |||||||
Net income | $ | 40.9 | $ | (5.8 | ) | $ | 51.1 | |||||
Denominator: | ||||||||||||
Weighted average common shares outstanding – Basic | 52,359,897 | 52,356,798 | 52,348,636 | |||||||||
Effect of dilutive restricted stock | 64,042 | 931 | 8,246 | |||||||||
Weighted average common shares outstanding – Diluted | 52,423,939 | 52,357,729 | 52,356,882 | |||||||||
Basic earnings (loss) per common share: | ||||||||||||
Continuing operations | $ | 0.76 | $ | 0.47 | $ | 1.17 | ||||||
Discontinued operations | 0.02 | (0.58 | ) | (0.19 | ) | |||||||
Net income | $ | 0.78 | $ | (0.11 | ) | $ | 0.98 | |||||
Diluted earnings (loss) per common share: | ||||||||||||
Continuing operations | $ | 0.76 | $ | 0.47 | $ | 1.17 | ||||||
Discontinued operations | 0.02 | (0.58 | ) | (0.19 | ) | |||||||
Net income | $ | 0.78 | $ | (0.11 | ) | $ | 0.98 | |||||
CONTINGENCIES
CONTINGENCIES | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||
CONTINGENCIES | COMMITMENTS AND CONTINGENCIES | ||||||||||||||||||||||||||||
Products Corporation currently leases manufacturing, executive, research and development, and sales facilities and various types of equipment under operating and capital lease agreements. Rental expense was $26.6 million, $19.8 million and $16.2 million for 2014, 2013 and 2012, respectively. Minimum rental commitments under all noncancelable leases, including those pertaining to idled facilities, are presented below. | |||||||||||||||||||||||||||||
Minimum Rental Commitments | Total | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | ||||||||||||||||||||||
Capital leases | $ | 7.7 | $ | 3.7 | $ | 2.7 | $ | 1 | $ | 0.2 | $ | 0.1 | $ | — | |||||||||||||||
Operating leases | 146.2 | 25.7 | 20.1 | 16 | 13.8 | 11.9 | 58.7 | ||||||||||||||||||||||
The Company is involved in various routine legal proceedings incidental to the ordinary course of its business. The Company believes that the outcome of all pending legal proceedings in the aggregate is not reasonably likely to have a material adverse effect on the Company’s business, financial condition and/or its results of operations. However, in light of the uncertainties involved in legal proceedings generally, the ultimate outcome of a particular matter could be material to the Company’s operating results for a particular period depending on, among other things, the size of the loss or the nature of the liability imposed and the level of the Company’s income for that particular period. | |||||||||||||||||||||||||||||
As previously announced, in October 2009, the Company consummated its voluntary exchange offer in which, among other things, Revlon, Inc. issued to stockholders who elected to exchange shares (other than MacAndrews & Forbes) 9,336,905 shares of its Preferred Stock in exchange for the same number of shares of Revlon, Inc. Class A Common Stock tendered in the Exchange Offer (the “Exchange Offer”). During 2009, several class action lawsuits were brought against the Company, Revlon, Inc.’s then directors and MacAndrews & Forbes (collectively, “Defendants”) related to the 2009 Exchange Offer. Plaintiffs in each of these actions sought, among other things, an award of damages and the costs and disbursements of such actions, including a reasonable allowance for the fees and expenses of each such plaintiff’s attorneys and experts. | |||||||||||||||||||||||||||||
Although the Company continued to believe that it had meritorious defenses to the asserted claims in the actions, the Defendants and plaintiffs agreed to the terms of a settlement and in October 2012, which at the time was pending approval from the courts to which it was presented, executed the settlement agreements to resolve all claims in all of the actions (the “Settlement”). | |||||||||||||||||||||||||||||
In 2012, the Company recorded a charge of $8.9 million with respect to the Company’s then-estimated costs of resolving the actions, including the Company’s estimate at that time of additional payments to be made to the settling stockholders. This charge was included within SG&A expenses in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income for 2012. | |||||||||||||||||||||||||||||
The class action settlement was conditioned, and became effective in August 2013, upon final approval of the derivative action settlement and final dismissal of the actions pending outside of the Delaware Court of Chancery. In August 2013, a payment of $8.9 million, representing the Company's allocable portion of the settlement amount, was made to settle all amounts owed by the Company in connection with the settlement agreements. | |||||||||||||||||||||||||||||
Revlon, Inc. agreed with the staff of the SEC (or the “Commission”) on the terms of a proposed settlement of an investigation relating to certain disclosures made by Revlon, Inc. in its public filings in 2009 in connection with the 2009 Exchange Offer. In June 2013, the Commission approved such settlement and Revlon, Inc. entered into the settlement without admitting or denying the findings set forth therein and, pursuant to its terms, Revlon, Inc., among other things, paid a civil penalty of $850,000. The settlement amount was previously accrued in the fourth quarter of 2012 within SG&A expenses and accrued expenses and other in Revlon, Inc.'s Consolidated Financial Statements. | |||||||||||||||||||||||||||||
In September 2013, Revlon, Inc. received a final payment of approximately $1.8 million of insurance proceeds in connection with matters related to the 2009 Exchange Offer. These proceeds were recorded as a gain within SG&A expenses in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income for 2013. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS |
As of December 31, 2014, MacAndrews & Forbes beneficially owned approximately 78% of Revlon, Inc.'s Class A Common Stock representing approximately 78% of Revlon, Inc.’s outstanding shares of voting capital stock. As a result, MacAndrews & Forbes is able to elect Revlon, Inc.’s entire Board of Directors and control the vote on all matters submitted to a vote of Revlon, Inc.'s stockholders. MacAndrews & Forbes is wholly-owned by Ronald O. Perelman, Chairman of Revlon, Inc.’s Board of Directors. | |
Transfer Agreements | |
In June 1992, Revlon, Inc. and Products Corporation entered into an asset transfer agreement with Revlon Holdings LLC, a Delaware limited liability company and formerly a Delaware corporation known as Revlon Holdings Inc. ("Revlon Holdings"), and which is an affiliate and an indirect wholly-owned subsidiary of MacAndrews & Forbes, and certain of Revlon Holdings’ wholly-owned subsidiaries. Revlon, Inc. and Products Corporation also entered into a real property asset transfer agreement with Revlon Holdings. Pursuant to such agreements, in June 1992, Revlon Holdings transferred certain assets to Products Corporation and Products Corporation assumed all of the liabilities of Revlon Holdings, other than certain specifically excluded assets and liabilities (the liabilities excluded are referred to as the "Excluded Liabilities"). Certain consumer products lines sold in demonstrator-assisted distribution channels considered not integral to the Company's business and that historically had not been profitable and certain other assets and liabilities were retained by Revlon Holdings. Revlon Holdings agreed to indemnify Revlon, Inc. and Products Corporation against losses arising from the Excluded Liabilities, and Revlon, Inc. and Products Corporation agreed to indemnify Revlon Holdings against losses arising from the liabilities assumed by Products Corporation. The amounts reimbursed by Revlon Holdings to Products Corporation for the Excluded Liabilities was $0.2 million for each of 2014 and 2013, and $0.3 million for 2012. A $0.1 million receivable balance from MacAndrews & Forbes was included within prepaid expenses and other in the Company’s Consolidated Balance Sheets for transactions subject to the Transfer Agreements, at December 31, 2014 and 2013. | |
Reimbursement Agreements | |
Revlon, Inc., Products Corporation and MacAndrews & Forbes Inc. (a wholly-owned subsidiary of MacAndrews & Forbes) have entered into reimbursement agreements (the "Reimbursement Agreements") pursuant to which (i) MacAndrews & Forbes Inc. is obligated to provide (directly or through its affiliates) certain professional and administrative services, including, without limitation, employees, to Revlon, Inc. and its subsidiaries, including, without limitation, Products Corporation, and to purchase services from third party providers, such as insurance, legal, accounting and air transportation services, on behalf of Revlon, Inc. and its subsidiaries, including Products Corporation, to the extent requested by Products Corporation, and (ii) Products Corporation is obligated to provide certain professional and administrative services, including, without limitation, employees, to MacAndrews & Forbes and to purchase services from third party providers, such as insurance, legal and accounting services, on behalf of MacAndrews & Forbes to the extent requested by MacAndrews & Forbes, provided that in each case the performance of such services does not cause an unreasonable burden to MacAndrews & Forbes or Products Corporation, as the case may be. | |
The Company reimburses MacAndrews & Forbes for the allocable costs of the services purchased for or provided by MacAndrews & Forbes to the Company and its subsidiaries and for the reasonable out-of-pocket expenses incurred by MacAndrews & Forbes in connection with the provision of such services. MacAndrews & Forbes reimburses Products Corporation for the allocable costs of the services purchased for or provided by Products Corporation to MacAndrews & Forbes and for the reasonable out-of-pocket expenses incurred in connection with the purchase or provision of such services. Each of the Company, on the one hand, and MacAndrews & Forbes Inc., on the other, has agreed to indemnify the other party for losses arising out of the services provided by it under the Reimbursement Agreements, other than losses resulting from its willful misconduct or gross negligence. | |
The Reimbursement Agreements may be terminated by either party on 90 days' notice. The Company does not intend to request services under the Reimbursement Agreements unless their costs would be at least as favorable to the Company as could be obtained from unaffiliated third parties. | |
The Company participates in MacAndrews & Forbes' directors and officers liability insurance program (the “D&O Insurance Program”), as well as its other insurance coverages, such as property damage, business interruption, liability and other coverages, which cover the Company, as well as MacAndrews & Forbes and its subsidiaries. The limits of coverage for certain of the policies are available on an aggregate basis for losses to any or all of the participating companies and their respective directors and officers. The Company reimburses MacAndrews & Forbes from time to time for their allocable portion of the premiums for such coverage or the Company pays the insurers directly, which premiums the Company believes are more favorable than the premiums the Company would pay were it to secure stand-alone coverage. Any amounts paid by the Company directly to MacAndrews & Forbes in respect of premiums are included in the amounts paid under the Reimbursement Agreements. | |
The net activity related to services provided and/or (purchased) under the Reimbursement Agreements during 2014 was $(3.8) million, which primarily included partial payments made by the Company to MacAndrews & Forbes during the first quarter of 2014 for premiums related to the Company's allocable portion of the 5-year renewal of the D&O Insurance Program for the period from January 31, 2012 through January 31, 2017. The net activity related to services provided and/or (purchased) under the Reimbursement Agreements during 2013 was $(4.4) million, which primarily included a $6.1 million partial payment made by the Company to MacAndrews & Forbes during the first quarter of 2013 for premiums related to the Company's allocable portion of the 5-year renewal of the D&O Insurance Program for the period from January 31, 2012 through January 31, 2017, partially offset by a $1.8 million payment from MacAndrews & Forbes for reimbursable costs incurred by the Company related to matters covered by the D&O Insurance Program. The net activity related to services provided and/or purchased under the Reimbursement Agreements during 2012 was $3.3 million, which primarily included a $18.0 million payment from MacAndrews & Forbes for reimbursable costs incurred by the Company related to matters covered by the D&O Insurance Program, partially offset by the initial $14.6 million partial pre-payment made by the Company to MacAndrews & Forbes during the first quarter of 2012 for premiums related to the Company’s allocable portion of the D&O Insurance Program. The receivable balances from MacAndrews & Forbes were nil at both December 31, 2014 and December 31, 2013 for transactions subject to the Reimbursement Agreements. | |
Tax Sharing Agreements | |
As a result of a debt-for-equity exchange transaction completed in March 2004 (the “2004 Revlon Exchange Transactions”), as of March 25, 2004, Revlon, Inc., Products Corporation and their U.S. subsidiaries were no longer included in the MacAndrews & Forbes Group for U.S. federal income tax purposes. See Note 16, “Income Taxes,” for further discussion on these agreements and related transactions in 2014, 2013 and 2012. | |
Registration Rights Agreement | |
Prior to the consummation of Revlon, Inc.'s initial public equity offering in February 1996, Revlon, Inc. and Revlon Worldwide Corporation (which subsequently merged into REV Holdings LLC, a Delaware limited liability company and a wholly-owned subsidiary of MacAndrews & Forbes (“REV Holdings”)), the then direct parent of Revlon, Inc., entered into a registration rights agreement (the "Registration Rights Agreement"). In February 2003, MacAndrews & Forbes executed a joinder agreement to the Registration Rights Agreement, pursuant to which REV Holdings, MacAndrews & Forbes and certain transferees of Revlon, Inc.'s Common Stock held by REV Holdings (the "Holders") had the right to require Revlon, Inc. to register under the Securities Act all or part of the Class A Common Stock owned by such Holders, including, without limitation, the shares of Class A Common Stock purchased by MacAndrews & Forbes in connection with Revlon, Inc.'s 2003 $50.0 million equity rights offering and the shares of Class A Common Stock which were issued to REV Holdings upon its conversion of all 3,125,000 shares of its Class B Common Stock in October 2013 (a "Demand Registration"). In connection with the closing of the 2004 Revlon Exchange Transactions and pursuant to the 2004 Investment Agreement, MacAndrews & Forbes executed a joinder agreement that provided that MacAndrews & Forbes would also be a Holder under the Registration Rights Agreement and that all shares acquired by MacAndrews & Forbes pursuant to the 2004 Investment Agreement are deemed to be registrable securities under the Registration Rights Agreement. This included all of the shares of Class A Common Stock acquired by MacAndrews & Forbes in connection with Revlon, Inc.’s March 2006 $110 million rights offering of shares of its Class A Common Stock and related private placement to MacAndrews & Forbes, and Revlon, Inc.’s January 2007 $100 million rights offering of shares of its Class A Common Stock and related private placement to MacAndrews & Forbes. | |
Revlon, Inc. may postpone giving effect to a Demand Registration for a period of up to 30 days if Revlon, Inc. believes such registration might have a material adverse effect on any plan or proposal by Revlon, Inc. with respect to any financing, acquisition, recapitalization, reorganization or other material transaction, or if Revlon, Inc. is in possession of material non-public information that, if publicly disclosed, could result in a material disruption of a major corporate development or transaction then pending or in progress or could result in other material adverse consequences to Revlon, Inc. In addition, the Holders have the right to participate in registrations by Revlon, Inc. of its Class A Common Stock (a "Piggyback Registration"). The Holders will pay all out-of-pocket expenses incurred in connection with any Demand Registration. Revlon, Inc. will pay any expenses incurred in connection with a Piggyback Registration, except for underwriting discounts, commissions and expenses attributable to the shares of Class A Common Stock sold by such Holders. | |
Other | |
As disclosed in Note 21, “Commitments and Contingencies,” during 2012, Revlon, Inc. and MacAndrews & Forbes entered into settlement agreements in connection with the previously disclosed litigation actions related to the 2009 Exchange Offer. Such settlements became effective in August 2013 and resulted in total cash payments of approximately $36.9 million to settle all actions and related claims by Revlon, Inc.’s stockholders, of which $23.5 million were paid from insurance proceeds. In August 2013, a payment of $8.9 million, representing the Company's allocable portion of the settlement amount, was made to settle all amounts owed by Revlon, Inc. in connection with the settlement agreements. The Company previously recorded the $8.9 million charge during 2012, which represented Revlon, Inc.’s allocable portion of the total settlement payments not expected to be covered by insurance. Additionally, in September 2013, Revlon, Inc. received a final payment of approximately $1.8 million of insurance proceeds in connection with matters related to the 2009 Exchange Offer. These proceeds are recorded as a gain within SG&A expenses in the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income for 2013. | |
Certain of Products Corporation’s debt obligations, including the Amended Credit Agreements and Products Corporation's 5¾% Senior Notes, have been, and may in the future be, supported by, among other things, subject to certain limited exceptions, all of the domestic subsidiaries of Products Corporation and, for the Amended Credit Agreements, guarantees from Revlon, Inc. The obligations under such guarantees are secured by, among other things, the capital stock of Products Corporation and, subject to certain limited exceptions, the capital stock of all of Products Corporation's domestic subsidiaries and 66% of the capital stock of Products Corporation's and its domestic subsidiaries' first-tier foreign subsidiaries. See Note 11, “Long Term Debt,” for a discussion of the terms of the Amended Credit Agreements and 5¾% Senior Notes. |
QUARTERLY_RESULTS_OF_OPERATION
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Quarterly Financial Information [Text Block] | QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | |||||||||||||||
The following is a summary of the Company’s unaudited quarterly results of operations for each of 2014 and 2013: | ||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||||
Net sales | $ | 469.8 | $ | 497.9 | $ | 472.3 | $ | 501 | ||||||||
Gross profit | 306.3 | 330.7 | 307.7 | 328 | ||||||||||||
Income from continuing operations, net of taxes(a) (b) | 8.7 | 14.4 | 14.2 | 2.3 | ||||||||||||
(Loss) income from discontinued operations, net of taxes(c) | (3.2 | ) | 3.7 | 0.4 | 0.4 | |||||||||||
Net income(a)(b) | 5.5 | 18.1 | 14.6 | 2.7 | ||||||||||||
*Basic income (loss) per common share(a)(b)(c): | ||||||||||||||||
Continuing operations | 0.17 | 0.27 | 0.27 | 0.04 | ||||||||||||
Discontinued operations | (0.06 | ) | 0.07 | 0.01 | 0.01 | |||||||||||
Net income (loss) | $ | 0.11 | $ | 0.34 | $ | 0.28 | $ | 0.05 | ||||||||
*Diluted income (loss) per common share(a)(b)(c): | ||||||||||||||||
Continuing operations | 0.17 | 0.27 | 0.27 | 0.04 | ||||||||||||
Discontinued operations | (0.06 | ) | 0.07 | 0.01 | 0.01 | |||||||||||
Net income (loss) | $ | 0.11 | $ | 0.34 | $ | 0.28 | $ | 0.05 | ||||||||
Year Ended December 31, 2013 | ||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||||
Net sales | $ | 325.9 | $ | 344.7 | $ | 333.1 | $ | 491 | ||||||||
Gross profit | 211.5 | 222.1 | 212 | 304 | ||||||||||||
(Loss) income from continuing operations, net of taxes(d)(e)(f) | (4.5 | ) | 27.1 | 11 | (9.0 | ) | ||||||||||
Loss from discontinued operations, net of taxes | (2.4 | ) | (2.4 | ) | (1.5 | ) | (24.1 | ) | ||||||||
Net (loss) income (d)(e)(f) | (6.9 | ) | 24.7 | 9.5 | (33.1 | ) | ||||||||||
*Basic (loss) income per common share(d)(e)(f): | ||||||||||||||||
Continuing operations | (0.08 | ) | 0.52 | 0.21 | (0.17 | ) | ||||||||||
Discontinued operations | (0.05 | ) | (0.05 | ) | (0.03 | ) | (0.46 | ) | ||||||||
Net (loss) income | $ | (0.13 | ) | $ | 0.47 | $ | 0.18 | $ | (0.63 | ) | ||||||
*Diluted (loss) income per common share(d)(e)(f): | ||||||||||||||||
Continuing operations | (0.08 | ) | 0.52 | 0.21 | (0.17 | ) | ||||||||||
Discontinued operations | (0.05 | ) | (0.05 | ) | (0.03 | ) | (0.46 | ) | ||||||||
Net (loss) income | $ | (0.13 | ) | $ | 0.47 | $ | 0.18 | $ | (0.63 | ) | ||||||
(*) | The sum of the quarterly earnings per share amounts does not equal the annual amount reported since per share amounts are computed independently for each quarter and for the full year based upon the respective weighted-average common shares outstanding and other dilutive potential common shares for each respective period. | |||||||||||||||
(a) | Income from continuing operations, net income and basic and diluted income per share for the first quarter of 2014 were unfavorably impacted by restructuring charges of $13.5 million related to the Integration Program, as well as $3.8 million of acquisition and integration costs related to the Colomer Acquisition (See Note 2, "Business Combinations," and Note 3, “Restructuring Charges”). Additionally, in the first quarter of 2014, the Company incurred a $1.9 million aggregate loss on early extinguishment of debt due to the February 2014 Term Loan Amendment. (See Note 11, “Long-Term Debt”). | |||||||||||||||
(b) | Income from continuing operations, net income and basic and diluted income per share for the second and third quarter of 2014 were unfavorably impacted by foreign currency losses, net, of $7.2 million and $9.3 million, respectively, related to the required re-measurement of Revlon Venezuela's monetary assets and liabilities at June 30, 2014, and the results of unfavorable impacts of the revaluation of certain U.S. Dollar denominated intercompany payables during the third quarter of 2014. (See Note 1, "Description of Business and Summary of Significant Accounting Policies - Foreign Currency Translation" for further discussion on Venezuela currency restrictions and related devaluation). | |||||||||||||||
(c) | (Loss) income from discontinued operations includes the results of the Company's China operations (See Note 4, "Discontinued Operations"). | |||||||||||||||
(d) | (Loss) income from continuing operations, net (loss) and basic and diluted (loss) per share for the first quarter of 2013 were unfavorably impacted by a $27.9 million aggregate loss on early extinguishment of debt due to the 2013 Senior Notes Refinancing and the February 2013 Term Loan Amendments. (See Note 11, “Long-Term Debt”). | |||||||||||||||
(e) | (Loss) income from continuing operations, net (loss) income and basic and diluted (loss) income per share for the first quarter of 2013 and the second quarter of 2013 were favorably impacted by an $8.3 million and an $18.1 million, respectively, gain from insurance proceeds due to the settlement of the Company's claims for the loss of inventory, business interruption and property losses as a result of the fire at the Company's Venezuela facility. | |||||||||||||||
(f) | (Loss) from continuing operations, net (loss) and basic and diluted (loss) per share for the fourth quarter of 2013 were unfavorably impacted by $19.1 million of acquisition and integration costs related to the Colomer Acquisition. Additionally, the Company incurred $21.4 million of restructuring and related charges in the fourth quarter of 2013 related to the December 2013 Program, of which $20.0 million relates to the Company's exit of its business operations in China which was recorded in loss from discontinued operations, net of taxes. |
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II | |||||||||||||||
REVLON, INC. AND SUBSIDIARIES | ||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
Years Ended December 31, 2014, 2013 and 2012 | ||||||||||||||||
(dollars in millions) | ||||||||||||||||
Balance at Beginning of Year | Charged to Cost and Expenses | Other Deductions | Balance at End of Year | |||||||||||||
Allowance for Doubtful Accounts: | ||||||||||||||||
2014 | $ | 4.2 | $ | 8.4 | $ | (3.3 | ) | $ | 9.3 | |||||||
2013 | 3.5 | 1.6 | (0.9 | ) | 4.2 | |||||||||||
2012 | 3.2 | 0.6 | (0.3 | ) | 3.5 | |||||||||||
Allowance for Volume and Early Payment Discounts: | ||||||||||||||||
2014 | $ | 12.1 | $ | 84.7 | $ | (73.4 | ) | $ | 23.4 | |||||||
2013 | 14.6 | 57.6 | (60.1 | ) | 12.1 | |||||||||||
2012 | 15.7 | 58.4 | (59.5 | ) | 14.6 | |||||||||||
Allowance for Sales Returns: | ||||||||||||||||
2014 | $ | 53.1 | $ | 64.3 | $ | (72.0 | ) | $ | 45.4 | |||||||
2013 | 54.5 | 77.8 | (79.2 | ) | 53.1 | |||||||||||
2012 | 57.8 | 73.7 | (77.0 | ) | 54.5 | |||||||||||
DESCRIPTION_OF_BUSINESS_AND_SU1
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation, Policy [Policy Text Block] | The accompanying Consolidated Financial Statements include the accounts of the Company after the elimination of all material intercompany balances and transactions. |
Reclassification, Policy [Policy Text Block] | Certain prior year amounts have been reclassified to conform to the current year presentation. |
Basis of Accounting, Policy [Policy Text Block] | The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the financial statements and reported amounts of revenues and expenses during the periods presented. Actual results could differ from these estimates. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Significant estimates made in the accompanying Consolidated Financial Statements include, but are not limited to, allowances for doubtful accounts, inventory valuation reserves, expected sales returns and allowances, trade support costs, certain assumptions related to the valuation of acquired intangible and long-lived assets and the recoverability of intangible and long-lived assets, income taxes, including deferred tax valuation allowances and reserves for estimated tax liabilities, restructuring costs, certain estimates and assumptions used in the calculation of the net periodic benefit (income) costs and the projected benefit obligations for the Company’s pension and other post-retirement plans, including the expected long-term return on pension plan assets and the discount rate used to value the Company’s pension benefit obligations. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents: |
Cash equivalents are primarily investments in high-quality, short-term money market instruments with original maturities of three months or less and are carried at cost, which approximates fair value. Cash equivalents were $6.3 million and $1.2 million as of December 31, 2014 and 2013, respectively. Accounts payable includes $2.2 million and $6.4 million of outstanding checks not yet presented for payment at December 31, 2014 and 2013, respectively. | |
Certain of the Company's foreign subsidiaries utilize a cash pooling arrangement with a financial institution for cash management purposes. This cash pooling arrangement allows the participating entities to withdraw cash from the financial institution to the extent aggregate cash deposits held by its participating locations are available at the financial institution. To the extent any participating location on an individual basis is in an overdraft position, such overdrafts would be recorded within short-term borrowings in the consolidated balance sheet and reflected as financing activities in the consolidated statement of cash flows, and the cash deposits held as collateral for such overdrafts would be classified as restricted cash within cash and cash equivalents. As of December 31, 2014, the Company had $3.4 million of such overdrafts recorded in short-term borrowings and $3.4 million of restricted cash recorded in cash and cash equivalents in the Consolidated Balance Sheet. | |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Trade Receivables: |
Trade receivables represent payments due to the Company for previously recognized net sales, reduced by an allowance for doubtful accounts for balances which are estimated to be uncollectible at December 31, 2014 and 2013, respectively. The Company grants credit terms in the normal course of business to its customers. Trade credit is extended based upon periodically updated evaluations of each customer's ability to perform its payment obligations. The Company does not normally require collateral or other security to support credit sales. The allowance for doubtful accounts is determined based on historical experience and ongoing evaluations of the Company's receivables and evaluations of the risks of payment. The allowance for doubtful accounts is recorded against trade receivable balances when they are deemed uncollectible. Recoveries of trade receivables previously reserved are recorded in the consolidated statements of operations and comprehensive income when received. At December 31, 2014 and 2013, the Company's three largest customers accounted for an aggregate of approximately 31% and 30%, respectively, of outstanding trade receivables. | |
Inventory, Policy [Policy Text Block] | Inventories: |
Inventories are stated at the lower of cost or market value. Cost is principally determined by the first-in, first-out method. The Company records adjustments to the value of inventory based upon its forecasted plans to sell its inventories, as well as planned product discontinuances. The physical condition (e.g., age and quality) of the inventories is also considered in establishing the valuation. | |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment and Other Assets: |
Property, plant and equipment is recorded at cost and is depreciated on a straight-line basis over the estimated useful lives of such assets as follows: land improvements, 20 to 30 years; buildings and improvements, 5 to 50 years; machinery and equipment, 3 to 15 years; office furniture and fixtures, 3 to 15 years; and capitalized software, 2 to 5 years. Leasehold improvements and building improvements are amortized over their estimated useful lives or the terms of the leases or remaining life of the original structure, respectively, whichever is shorter. Repairs and maintenance are charged to operations as incurred, and expenditures for additions and improvements are capitalized. See Note 7, “Property, Plant and Equipment, Net” for further discussion of the above. | |
Included in other assets are permanent wall displays amounting to $63.3 million and $62.7 million as of December 31, 2014 and 2013, respectively, which are amortized generally over a period of 1 to 5 years. In the event of product discontinuances, from time to time the Company may accelerate the amortization of related permanent wall displays based on the estimated remaining useful life of the asset. Amortization expense for permanent wall displays was $42.5 million, $39.2 million and $36.0 million for 2014, 2013 and 2012, respectively. The Company has also included, in other assets, net deferred financing costs related to the issuance of the Company’s debt instruments amounting to $26.9 million and $32.5 million as of December 31, 2014 and 2013, respectively, which are amortized over the terms of the related debt instruments using the effective-interest method. | |
Long-lived assets, including property, plant and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, the Company estimates the undiscounted future cash flows (excluding interest) resulting from the use of the asset and its ultimate disposition. If the sum of the undiscounted cash flows (excluding interest) is less than the carrying value, the Company recognizes an impairment loss, measured as the amount by which the carrying value exceeds the fair value of the asset. In connection with integrating Colomer into the Company's business, the Company determined it would implement a company-wide, SAP enterprise resource planning system. As a result, the Company recognized a $5.9 million impairment charge related to in-progress capitalized software development costs during the year ended December 31, 2013 which was included as a component of acquisition and integration costs for 2013 in the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income. There were no significant impairment of long-lived assets during the years ended December 31, 2014 and 2013. | |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill: |
Goodwill represents the excess purchase price for businesses acquired over the fair value of net assets acquired. Goodwill is not amortized, but rather is reviewed annually for impairment at the reporting unit level using September 30th carrying values, or when there is evidence that events or changes in circumstances indicate that the Company’s carrying amount may not be recovered. For the 2014 and 2013 annual impairment tests, the Company performed a qualitative assessment to determine whether it would be necessary to perform the two-step goodwill impairment test. The Company did not record any impairment of goodwill during 2014, 2013 or 2012. As of December 31, 2014, there have been no significant events since the timing of the Company’s annual impairment test that would have triggered additional impairment testing. See Note 2, “Business Combinations” and Note 8, “Goodwill and Intangible Assets, Net” for further discussion of the Company's goodwill. | |
Intangible Assets, net: | |
Intangible Assets, net, include trade names and trademarks, customer relationships, patents and internally developed intellectual property ("IP") and acquired licenses. Indefinite-lived intangible assets, consisting of certain trade names, are not amortized, but rather are tested for impairment annually on September 30th, similar to goodwill, and an impairment is recognized if the carrying amount exceeds the fair value of the intangible asset. Intangible assets with finite useful lives are amortized over their respective estimated useful lives to their estimated residual values. The Company writes off the gross carrying amount and accumulated amortization for intangible assets in the year in which the asset becomes fully amortized. Finite-lived intangible assets are considered for impairment upon certain “triggering events” and an impairment is recognized if the carrying amount of the intangible asset exceeds the estimate of undiscounted future cash flows. There was no impairment of intangible assets in 2014, 2013 and 2012. See Note 2, “Business Combinations” and Note 8, “Goodwill and Intangible Assets, Net” for further discussion of the Company's intangible assets, including a summary of finite-lived and indefinite-lived intangible assets. | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition and Sales Returns: |
The Company's policy is to recognize revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable and collection is probable. The Company records revenue from the sale of its products when risk of loss and title to the product transfers to the customer. Net sales are comprised of gross revenues less expected returns, trade discounts and customer allowances, which include costs associated with off-invoice mark-downs and other price reductions, as well as trade promotions and coupons. These incentive costs are recognized at the later of the date on which the Company recognizes the related revenue or the date on which the Company offers the incentive. | |
The Company allows customers to return their unsold products if and when they meet certain Company-established criteria as set forth in the Company's trade terms. The Company regularly reviews and revises, when deemed necessary, its estimates of sales returns based primarily upon the historical rate of actual product returns, planned product discontinuances, new product launches and estimates of customer inventory and promotional sales. The Company records sales returns as a reduction to sales and cost of sales, and an increase to accrued liabilities and inventories. Returned products, which are recorded as inventories, are valued based upon the amount that the Company expects to realize upon their subsequent disposition. The physical condition and marketability of the returned products are the major factors considered by the Company in estimating their realizable value. | |
Revenues derived from licensing arrangements, including any pre-payments, are recognized in the period in which they are earned, but not before the initial license term commences. | |
Cost of Sales, Policy [Policy Text Block] | Cost of Sales: |
Cost of sales includes all of the costs to manufacture the Company's products. For products manufactured in the Company's own facilities, such costs include raw materials and supplies, direct labor and factory overhead. For products manufactured for the Company by third-party contractors, such cost represents the amounts invoiced by the contractors. Cost of sales also includes the cost of refurbishing products returned by customers that will be offered for resale and the cost of inventory write-downs associated with adjustments of held inventories to their net realizable value. These costs are reflected in the Company’s consolidated statements of operations and comprehensive income when the product is sold and net sales revenues are recognized or, in the case of inventory write-downs, when circumstances indicate that the carrying value of inventories is in excess of their recoverable value. Additionally, cost of sales reflects the costs associated with any free products included as sales and promotional incentives. These incentive costs are recognized on the later of the date that the Company recognizes the related revenue or the date on which the Company offers the incentive. | |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General and Administrative Expenses: |
Selling, general and administrative (“SG&A”) expenses include expenses to advertise the Company's products, such as television advertising production costs and air-time costs, print advertising costs, digital marketing costs, promotional displays and consumer promotions. SG&A expenses also include the amortization of permanent wall displays and intangible assets, depreciation of certain fixed assets, distribution costs (such as freight and handling), non-manufacturing overhead (principally personnel and related expenses), selling and trade educations fees, insurance and professional service fees. | |
Advertising Costs, Policy [Policy Text Block] | Advertising: |
Advertising within SG&A expenses includes television, print, digital marketing and other advertising production costs which are expensed the first time the advertising takes place. The costs of promotional displays are expensed in the period in which they are shipped to customers. Advertising expenses were $383.2 million, $278.5 million and $252.6 million for 2014, 2013 and 2012, respectively, and were included in SG&A expenses in the Company's Consolidated Statements of Operations and Comprehensive (Loss) Income. The Company also has various arrangements with customers pursuant to its trade terms to reimburse them for a portion of their advertising costs, which provide advertising benefits to the Company. Additionally, from time to time the Company may pay fees to customers in order to expand or maintain shelf space for its products. The costs that the Company incurs for "cooperative" advertising programs, end cap placement, shelf placement costs, slotting fees and marketing development funds, if any, are expensed as incurred and are recorded as a reduction within net sales. | |
Distribution Expenses, Policy [Policy Text Block] | Distribution Costs: |
Costs, such as freight and handling costs, associated with product distribution are recorded within SG&A expenses when incurred. Distribution costs were $84.9 million, $66.5 million and $61.1 million for 2014, 2013 and 2012, respectively. | |
Income Tax, Policy [Policy Text Block] | Income Taxes: |
Income taxes are calculated using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in income tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. | |
Research and Development Expense, Policy [Policy Text Block] | Research and Development: |
Research and development expenditures are expensed as incurred and included within SG&A expenses. The amounts charged in 2014, 2013 and 2012 for research and development expenditures were $31.6 million, $26.9 million and $24.2 million, respectively. | |
Impact of Foreign Currency Translation [Policy Text Block] | Foreign Currency Translation: |
Assets and liabilities of foreign operations are translated into U.S. Dollars at the rates of exchange in effect at the balance sheet date. Income and expense items are translated at the weighted average exchange rates prevailing during each period presented. Gains and losses resulting from foreign currency transactions are included in the results of operations. Gains and losses resulting from translation of financial statements of foreign subsidiaries and branches operating in non-hyperinflationary economies are recorded as a component of accumulated other comprehensive loss until either the sale or upon the complete or substantially complete liquidation by the Company of its investment in a foreign entity. To the extent that foreign subsidiaries and branches operate in hyperinflationary economies, non-monetary assets and liabilities are translated at historical rates and translation adjustments are included in the Company's results of operations. | |
Venezuela - Highly-Inflationary Economy: Effective January 1, 2010, Venezuela was designated as a highly inflationary economy under U.S. GAAP. As a result, beginning January 1, 2010, the U.S. Dollar is the functional currency for the Company’s subsidiary in Venezuela (“Revlon Venezuela”). As Venezuela is designated as highly inflationary, currency translation adjustments of Revlon Venezuela’s balance sheet are reflected in the Company's earnings. | |
Venezuela - Currency Restrictions: Currency restrictions enacted by the Venezuelan government in 2003 have become more restrictive and have impacted Revlon Venezuela’s ability to obtain U.S. dollars in exchange for Venezuelan Bolivars ("Bolivars") at the official foreign exchange rates from the Venezuelan government and its foreign exchange commission, the Comisión de Administracion de Divisas (“CADIVI”). In May 2010, the Venezuelan government took control over the previously freely-traded foreign currency exchange market and, in June 2010, replaced it with a new foreign currency exchange system, the Sistema de Transacciones en Moneda Extranjera (“SITME”). In the second quarter of 2011, the Company began using a SITME rate of 5.5 Bolivars per U.S. dollar to translate Revlon Venezuela’s financial statements, as this was the rate at which the Company accessed U.S. dollars in the SITME market during this period (the “SITME Rate”). Through December 31, 2012, the Company continued using the SITME Rate to translate Revlon Venezuela’s financial statements. | |
Venezuela - 2013 Currency Devaluation: In February 2013, the Venezuelan government announced the devaluation of its local currency, Bolivars, relative to the U.S. Dollar, changing the official exchange rate to 6.3 Bolivars per U.S. Dollar (the "Official Rate"). The Venezuelan government also announced that the SITME currency market administered by the central bank would be eliminated, and as a result, the Company began using the Official Rate of 6.3 Bolivars per U.S. Dollar to translate Revlon Venezuela’s financial statements beginning in 2013. To reflect the impact of the currency devaluation, a one-time foreign currency loss of $0.6 million was recorded in earnings during the first quarter of 2013 as a result of the required re-measurement of Revlon Venezuela’s monetary assets and liabilities. | |
Venezuela - 2014 Currency Devaluation: In January 2014, the Venezuela government announced that the CADIVI would be replaced by the government-operated National Center of Foreign Commerce (the "CENCOEX"), and indicated that the Sistema Complementario de Administración de Divisas (“SICAD”) market would continue to be offered as an alternative foreign currency exchange. Additionally, a parallel foreign currency exchange system, SICAD II, started functioning in March 2014 and allows companies to apply for the purchase of foreign currency and foreign currency denominated securities for any legal use or purpose. During 2014, the SICAD II exchange system has had an average transaction rate to the Company of approximately 53 Bolivars per U.S. Dollar (the “SICAD II Rate”). | |
Throughout 2014, the Company exchanged Bolivars for U.S. Dollars to the extent permitted through the various foreign currency markets available based on its ability to participate in those markets. Prior to June 30, 2014, the Company utilized the Official Rate of 6.3 Bolivars per U.S. Dollar. Following a consideration of the Company's specific facts and circumstances, which included its legal ability and intent to participate in the SICAD II exchange market to import finished goods into Venezuela, the Company determined that it was appropriate to utilize the SICAD II Rate of 53 Bolivars per U.S. Dollar to translate Revlon Venezuela’s financial statements beginning on June 30, 2014. As a result, the Company recorded a foreign currency loss of $6.0 million in the second quarter of 2014 related to the required re-measurement of Revlon Venezuela’s monetary assets and liabilities. | |
For 2014, the change to the SICAD II Rate of 53 Bolivars per U.S. Dollar, as compared to the Official Rate of 6.3 Bolivars per U.S. Dollar, has had the impact of reducing the Company's consolidated net sales by $16.2 million and reducing the Company's consolidated operating income by $8.4 million. | |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Earnings per Common Share and Classes of Stock: |
Shares used in basic earnings per share are computed using the weighted average number of common shares outstanding during each period. Shares used in diluted earnings per share include the dilutive effect of unvested restricted shares and outstanding stock options under the stock plan using the treasury stock method. (See Note 20, "Basic and Diluted Earnings (Loss) Per Common Share"). | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation: |
The Company recognizes stock-based compensation costs for its restricted stock, measured at the fair value of each award at the time of grant, as an expense over the period during which an employee is required to provide service. Upon the vesting of restricted stock, any resulting tax benefits are recognized in additional paid-in-capital. Any resulting tax deficiencies are recognized in the consolidated statements of operations and comprehensive income as tax expense to the extent that the tax deficiency amount exceeds any existing additional paid-in-capital resulting from previously realized excess tax benefits from previous awards. The Company reflects such excess tax benefits as cash flows from financing activities in the consolidated statements of cash flows. | |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments: |
The Company is exposed to certain risks relating to its ongoing business operations. The Company uses derivative financial instruments, including (i) foreign currency forward exchange contracts (“FX Contracts”) intended for the purpose of managing foreign currency exchange risk by reducing the effects of fluctuations in foreign currency exchange rates on the Company’s net cash flows and (ii) interest rate hedging transactions intended for the purpose of managing interest rate risk associated with Products Corporation’s variable rate indebtedness. | |
Foreign Currency Forward Exchange Contracts | |
Products Corporation enters into FX Contracts primarily to hedge the anticipated net cash flows resulting from inventory purchases and intercompany payments denominated in currencies other than the local currencies of the Company’s foreign and domestic operations and generally have maturities of less than one year. The Company does not apply hedge accounting to its FX Contracts. The Company records FX Contracts in its consolidated balance sheet at fair value and changes in fair value are immediately recognized in earnings. Fair value of the Company’s FX Contracts is determined by using observable market transactions of spot and forward rates. See Note 13, “Financial Instruments” for further discussion of the Company's FX Contracts. | |
Interest Rate Swap | |
In November 2013, Products Corporation executed the 2013 Interest Rate Swap (as hereinafter defined), which has been designated as a cash flow hedge of the variability of the forecasted three-month LIBOR interest rate payments related to its Acquisition Term Loan (as hereinafter defined). The Company records changes in the fair value of cash flow hedges that are designated as effective instruments as a component of accumulated other comprehensive loss. Any ineffectiveness in such cash flow hedges is immediately recognized in earnings. Gains and losses deferred in accumulated other comprehensive loss are recognized in current-period earnings when earnings are affected by the variability of cash flows of the hedged forecasted transaction. See Note 13, “Financial Instruments” for further discussion of the Company's 2013 Interest Rate Swap. | |
Recently Adopted Accounting Pronouncements [Policy Text Block] | Recently Adopted Accounting Pronouncements |
In March 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-04, “Accounting for Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date,” which requires an entity to record an obligation resulting from joint and several liability arrangements at the greater of the amount that the entity has agreed to pay or the amount the entity expects to pay. Additional disclosures about joint and several liability arrangements are also required. The Company adopted ASU No. 2013-04 on January 1, 2014, which is required to be applied retrospectively for obligations that existed at that date. The adoption of ASU No. 2013-04 did not have an impact on the Company's results of operations, financial condition or financial statement disclosures. | |
In March 2013, the FASB issued ASU No. 2013-05, “Foreign Currency Matters: Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity,” which clarifies the applicable guidance for a parent company's accounting for the release of the cumulative translation adjustment into net income. This guidance is effective for fiscal periods beginning after December 15, 2013, and is to be applied prospectively to derecognition events occurring after the effective date. The Company adopted ASU No. 2013-05 on January 1, 2014 and its adoption did not have a material impact on the Company's results of operations, financial condition or financial statement disclosures. | |
In November 2014, the FASB issued ASU No. 2014-17, “Business Combinations Topic 805, Pushdown Accounting." The new standard eliminates previous pushdown accounting requirements and provides the option to apply pushdown accounting in separate financial statements upon a change-in-control event. The election is available to the acquired company, as well as to any direct or indirect subsidiaries of the acquired company. Each acquired company or any of its subsidiaries can make its own election independently. The new standard is effective immediately for all new change-in-control events or those occurring in periods for which financial statements have not yet been issued. Accordingly, a company can make an election regarding pushdown accounting for a change-in-control event that occurred in any open financial reporting period. The adoption of ASU No. 2014-17 did not have a material impact on the Company's results of operations, financial condition or financial statement disclosures. | |
Recently Issued Accounting Standards or Updates Not Yet Effective | |
In April 2014, the FASB issued ASU No. 2014-08, "Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity," which changes the requirements for reporting discontinued operations under Accounting Standards Codification ("Codification") Topic 205. Under ASU No. 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on an entity’s operations and financial results. The standard states that a strategic shift could include a disposal of (i) a major geographical area of operations, (ii) a major line of business, (iii) a major equity method investment or (iv) other major parts of an entity. ASU No. 2014-08 no longer precludes presentation as a discontinued operation if (i) there are operations and cash flows of the component that have not been eliminated from the reporting entity’s ongoing operations or (ii) there is significant continuing involvement with a component after its disposal. Additional disclosures about discontinued operations will also be required. The guidance is effective for annual periods beginning on or after December 15, 2014, and is applied prospectively to new disposals and new classifications of disposal groups as held for sale after the effective date. The Company adopted ASU No. 2014-08 on a prospective basis beginning January 1, 2015 and the Company will assess the impact that the new standard will have on the Company's results of operation, financial condition and disclosures at the time a transaction for which the standard is applicable occurs. | |
In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers," which supersedes the revenue recognition requirements in the Accounting Standards Codification Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of the new ASU No. 2014-09 is for companies to recognize revenue from the transfer of goods or services to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. The new standard also will result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively (for example, service revenue and contract modifications) and improve guidance for multiple-element arrangements. The guidance is effective for annual and interim periods beginning after December 15, 2016, with early adoption prohibited. The Company expects to adopt ASU No. 2014-09 beginning January 1, 2017 and is in the process of assessing the impact that the new guidance will have on the Company's results of operations, financial condition and disclosures. | |
In August 2014, the FASB issued ASU No. 2014-15, "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern" that will explicitly require management to assess an entity's ability to continue as a going concern and to provide related footnote disclosures if conditions give rise to substantial doubt. According to the new standard, substantial doubt exists if it is probable that the entity will be unable to meet its obligations within one year after the issuance date. The likelihood threshold of "probable", similar to its current use in U.S. GAAP for loss contingencies, will be used to define substantial doubt. Disclosures will be required if conditions give rise to substantial doubt including whether and how management's plans will alleviate the substantial doubt. The guidance is effective for annual periods beginning after December 15, 2015, with early adoption prohibited. The Company expects to adopt ASU No. 2014-15 beginning January 1, 2016 and is in the process of assessing the impact that the new guidance will have on the Company's results of operations, financial condition and financial statement disclosures. |
BUSINESS_COMBINATIONS_Tables
BUSINESS COMBINATIONS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Acquisition and Integration Costs | For 2014 and 2013, respectively, the Company has incurred acquisition and integration costs related to the Colomer Acquisition, summarized as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Acquisition costs | $ | 0.5 | $ | 12.9 | ||||||||
Integration costs | 5.9 | 12.5 | ||||||||||
Total acquisition and integration costs | $ | 6.4 | $ | 25.4 | ||||||||
The Colomer Group Participations, S.L. | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The total consideration of $664.5 million was recorded based on the respective estimated fair values of the net assets acquired on the Acquisition Date with resulting goodwill, as follows: | |||||||||||
Amounts Previously Recognized as of October 9, 2013 (Provisional) (a) | Measurement Period Adjustments | Amounts Recognized as of Acquisition Date (Adjusted) | ||||||||||
Cash and cash equivalents | $ | 36.9 | $ | — | $ | 36.9 | ||||||
Trade receivables | 83.9 | — | 83.9 | |||||||||
Inventories | 75.1 | — | 75.1 | |||||||||
Prepaid expenses and other | 31.3 | — | 31.3 | |||||||||
Property, plant and equipment | 96.7 | — | 96.7 | |||||||||
Intangible assets(b) | 292.7 | 5.4 | 298.1 | |||||||||
Goodwill(b)(c) | 255.7 | (2.4 | ) | 253.3 | ||||||||
Deferred tax asset - noncurrent | 53.1 | — | 53.1 | |||||||||
Other assets(c) | 1.9 | 3.9 | 5.8 | |||||||||
Total assets acquired | 927.3 | 6.9 | 934.2 | |||||||||
Accounts payable | 48 | — | 48 | |||||||||
Accrued expenses and other | 65.6 | — | 65.6 | |||||||||
Long-term debt | 0.9 | — | 0.9 | |||||||||
Long-term pension and other benefit plan liabilities | 4.5 | — | 4.5 | |||||||||
Deferred tax liability(b) | 123.3 | 2.1 | 125.4 | |||||||||
Other long-term liabilities(c) | 20.5 | 4.8 | 25.3 | |||||||||
Total liabilities assumed | 262.8 | 6.9 | 269.7 | |||||||||
Total consideration | $ | 664.5 | $ | — | $ | 664.5 | ||||||
(a) As previously reported in Revlon, Inc.'s 2013 Annual Report on Form 10-K. | ||||||||||||
(b) The Measurement Period Adjustments to intangible assets, deferred tax liability and goodwill in the first quarter of 2014 related to a change in assumptions used to calculate the fair value of an acquired customer relationship intangible asset, which increased the intangible asset by $5.4 million and extended the life of the asset from 10 to 20 years, increased deferred tax liabilities by $2.1 million, and resulted in a net decrease to goodwill of $3.3 million. | ||||||||||||
(c) The Company recorded a $3.9 million income tax adjustment to the beginning tax balance within other assets and a $4.8 million adjustment to other long-term liabilities, resulting in a net increase to goodwill of $0.9 million. | ||||||||||||
Schedule of Intangible Assets Acquired | The acquired intangible assets, based on the fair values of the identifiable intangible assets, are as follows: | |||||||||||
Fair Values at October 9, 2013 | Weighted Average Useful Life (in years) | |||||||||||
Trade names, indefinite-lived | $ | 108.6 | Indefinite | |||||||||
Trade names, finite-lived | 109.4 | 20-May | ||||||||||
Customer relationships | 62.4 | 15 - 20 | ||||||||||
License agreement | 4.1 | 10 | ||||||||||
Internally-developed IP | 13.6 | 10 | ||||||||||
Total acquired intangible assets | $ | 298.1 | ||||||||||
Pro Forma Information | The following table presents the Company's pro forma consolidated net sales and income from continuing operations, before income taxes for 2013 and 2012. | |||||||||||
Unaudited Pro Forma Results | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Net sales | $ | 1,908.90 | $ | 1,911.60 | ||||||||
Income from continuing operations, before income taxes | 125.2 | 106 | ||||||||||
RESTRUCTURING_CHARGES_Tables
RESTRUCTURING CHARGES (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Restructuring Charges [Abstract] | ||||||||||||||||||||||||||||
Schedule of Restructuring Activities | A summary of the restructuring and related charges for the Integration Program incurred through 2014 and those expected to be incurred in 2015, are as follows: | |||||||||||||||||||||||||||
Restructuring Charges and Other, Net | ||||||||||||||||||||||||||||
Employee Severance and Other Personnel Benefits | Other | Total Restructuring Charges | Inventory Write-offs and Other Manufacturing-Related Costs (a) | Other Charges (b) | Total Restructuring and Related Charges | |||||||||||||||||||||||
Charges incurred through December 31, 2014 | $ | 17.3 | $ | 1.6 | $ | 18.9 | $ | 0.6 | $ | 0.6 | $ | 20.1 | ||||||||||||||||
Total expected charges | $ | 18 | $ | 3 | $ | 21 | $ | 2 | $ | 2 | $ | 25 | ||||||||||||||||
(a) | Inventory write-offs and other manufacturing-related costs are recorded within cost of sales within the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income. | |||||||||||||||||||||||||||
(b) | Other charges are recorded within SG&A expenses within the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income. | |||||||||||||||||||||||||||
A summary of the restructuring and related charges incurred during 2014 in connection with the December 2013 Program are as follows: | ||||||||||||||||||||||||||||
Restructuring Charges and Other, Net | ||||||||||||||||||||||||||||
Employee Severance and Other Personnel Benefits | Other | Total Restructuring Charges | Allowances and Returns | Inventory Write-offs | Other Charges | Total Restructuring and Related Charges | ||||||||||||||||||||||
Charges incurred through December 31, 2013 | $ | 9.1 | $ | 0.5 | $ | 9.6 | $ | 7.4 | $ | 4 | $ | 0.4 | $ | 21.4 | ||||||||||||||
Adjustments recorded for the year ended December 31, 2014 (a) | (0.5 | ) | (0.2 | ) | (0.7 | ) | (0.9 | ) | (0.9 | ) | — | (2.5 | ) | |||||||||||||||
Cumulative charges incurred through December 31, 2014 | $ | 8.6 | $ | 0.3 | $ | 8.9 | $ | 6.5 | $ | 3.1 | $ | 0.4 | $ | 18.9 | ||||||||||||||
Total expected charges | $ | 8.6 | $ | 0.3 | $ | 8.9 | $ | 6.5 | $ | 3.1 | $ | 0.4 | $ | 18.9 | ||||||||||||||
(a) | Of the $2.5 million adjustment for 2014 related to the December 2013 Program, $2.3 million relates to the Company's exit of its business operations in China which were recorded within income (loss) from discontinued operations, net of taxes. See Note 4, "Discontinued Operations," for further discussion. The remaining $0.2 million of such adjustment was recorded in restructuring charges and other, net within income from continuing operations, net of taxes. | |||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | The related liability balance and activity for each of the Company's restructuring programs as summarized above is presented as follows: | |||||||||||||||||||||||||||
Utilized, Net | ||||||||||||||||||||||||||||
Balance | (Income) Expense, Net | Foreign Currency Translation | Cash | Non-cash | Balance End of Year | |||||||||||||||||||||||
Beginning of Year | ||||||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||||||
Integration Program: | ||||||||||||||||||||||||||||
Employee severance and other personnel benefits | $ | — | $ | 17.3 | $ | (0.1 | ) | $ | (7.6 | ) | $ | — | $ | 9.6 | ||||||||||||||
Other | — | 1.6 | — | (1.2 | ) | (0.3 | ) | 0.1 | ||||||||||||||||||||
December 2013 Program: | ||||||||||||||||||||||||||||
Employee severance and other personnel benefits | 9 | (0.5 | ) | (0.2 | ) | (7.3 | ) | 0.2 | 1.2 | |||||||||||||||||||
Other | 0.5 | (0.2 | ) | — | (0.3 | ) | — | — | ||||||||||||||||||||
September 2012 Program: | ||||||||||||||||||||||||||||
Employee severance and other personnel benefits | 2.7 | — | (0.1 | ) | (2.5 | ) | 0.1 | 0.2 | ||||||||||||||||||||
Other | 1.5 | — | — | (1.5 | ) | — | — | |||||||||||||||||||||
2014 Other immaterial actions: | ||||||||||||||||||||||||||||
Employee severance and other personnel benefits | — | 5 | (0.1 | ) | (2.0 | ) | — | 2.9 | ||||||||||||||||||||
Other | — | 0.2 | — | (0.2 | ) | — | — | |||||||||||||||||||||
Total restructuring reserve | $ | 13.7 | $ | 23.4 | $ | (0.5 | ) | $ | (22.6 | ) | $ | — | $ | 14 | ||||||||||||||
Gain on sale of property, plant and equipment for 2014 other immaterial actions | (2.6 | ) | ||||||||||||||||||||||||||
Portion of restructuring benefits recorded within income (loss) from discontinued operations (a) | 0.5 | |||||||||||||||||||||||||||
Total restructuring charges and other, net, from continuing operations | $ | 21.3 | ||||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||||||
December 2013 Program: | ||||||||||||||||||||||||||||
Employee severance and other personnel benefits | $ | — | $ | 9.1 | $ | — | $ | (0.1 | ) | $ | — | $ | 9 | |||||||||||||||
Other | — | 0.5 | — | — | — | 0.5 | ||||||||||||||||||||||
September 2012 Program: | ||||||||||||||||||||||||||||
Employee severance and other personnel benefits | 18 | 2.9 | (0.1 | ) | (18.1 | ) | — | 2.7 | ||||||||||||||||||||
Other | 0.9 | 2.3 | — | (1.7 | ) | — | 1.5 | |||||||||||||||||||||
Lease exit | 0.3 | — | — | (0.3 | ) | — | — | |||||||||||||||||||||
Total restructuring reserve | $ | 19.2 | 14.8 | $ | (0.1 | ) | $ | (20.2 | ) | $ | — | $ | 13.7 | |||||||||||||||
Gain on sale of France facility | (2.5 | ) | ||||||||||||||||||||||||||
Portion of restructuring charges recorded within (loss) income from discontinued operations (a) | (8.8 | ) | ||||||||||||||||||||||||||
Total restructuring charges and other, net from continuing operations | $ | 3.5 | ||||||||||||||||||||||||||
(a) Refer to Note 4, "Discontinued Operations" for additional information regarding the Company's exit of its business operations in China. |
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Schedule of Discontinued Operations | The results of the China discontinued operations are included within income (loss) from discontinued operations, net of taxes, and relate to the Consumer segment. The summary comparative financial results of discontinued operations are as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net sales (a) | $ | 2.6 | $ | 13.8 | $ | 29.7 | ||||||
Income (loss) from discontinued operations, before taxes (b) | 1.5 | (30.8 | ) | (10.5 | ) | |||||||
Benefit for income taxes | 0.2 | (0.4 | ) | (0.4 | ) | |||||||
Income (loss) from discontinued operations, net of taxes | 1.3 | (30.4 | ) | (10.1 | ) | |||||||
(a) | Net sales during 2014 include favorable adjustments to sales returns related to the Company's exit of its China operations. | |||||||||||
(b) | Included in loss from discontinued operations, before taxes for 2013 is $20.0 million of restructuring and related charges related to the Company's exit of its business operations in China as part of the December 2013 Program. Refer to Note 3, "Restructuring Charges - December 2013 Program," for related disclosures. | |||||||||||
Assets and liabilities of the China discontinued operations included in the Consolidated Balance Sheets consist of the following: | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Cash and cash equivalents | $ | 2.4 | $ | 0.9 | ||||||||
Trade receivables, net | 0.2 | 1.9 | ||||||||||
Total current assets | 2.6 | 2.8 | ||||||||||
Total assets | $ | 2.6 | $ | 2.8 | ||||||||
Accounts payable | $ | 0.2 | $ | 4.7 | ||||||||
Accrued expenses and other | 3.9 | 27.6 | ||||||||||
Total current liabilities | 4.1 | 32.3 | ||||||||||
Other long-term liabilities | — | 2.8 | ||||||||||
Total liabilities | $ | 4.1 | $ | 35.1 | ||||||||
INVENTORIES_Tables
INVENTORIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Components of Inventories | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Raw materials and supplies | $ | 47.2 | $ | 50.8 | ||||
Work-in-process | 9 | 12.8 | ||||||
Finished goods | 100.4 | 111.4 | ||||||
$ | 156.6 | $ | 175 | |||||
PREPAID_EXPENSES_AND_OTHER_Tab
PREPAID EXPENSES AND OTHER (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Prepaid expenses | $ | 17.3 | $ | 22.5 | ||||
Other | 27.3 | 38.9 | ||||||
$ | 44.6 | $ | 61.4 | |||||
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Land and improvements | $ | 11.7 | $ | 12.9 | ||||
Building and improvements | 83.9 | 86.6 | ||||||
Machinery, equipment and capital leases | 198.7 | 193.5 | ||||||
Office furniture, fixtures and capitalized software | 104.2 | 107 | ||||||
Leasehold improvements | 28.1 | 16.5 | ||||||
Construction-in-progress | 35.9 | 22.5 | ||||||
Property, plant and equipment, gross | 462.5 | 439 | ||||||
Accumulated depreciation | (250.5 | ) | (243.1 | ) | ||||
Property, plant and equipment, net | $ | 212 | $ | 195.9 | ||||
GOODWILL_AND_INTANGIBLE_ASSETS1
GOODWILL AND INTANGIBLE ASSETS, NET (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||
Schedule of Goodwill | The following table presents the changes in goodwill by segment during each of 2014 and 2013: | |||||||||||||
Consumer | Professional | Total | ||||||||||||
Balance at January 1, 2013 | $ | 217.8 | $ | — | $ | 217.8 | ||||||||
Goodwill acquired | — | 255.7 | 255.7 | |||||||||||
Foreign currency translation adjustment | $ | 0.1 | $ | 1.1 | $ | 1.2 | ||||||||
Balance at December 31, 2013 before Measurement Period Adjustments (a) | $ | 217.9 | $ | 256.8 | $ | 474.7 | ||||||||
Measurement Period Adjustments | — | (2.4 | ) | (2.4 | ) | |||||||||
Balance at December 31, 2013 | 217.9 | 254.4 | 472.3 | |||||||||||
Foreign currency translation adjustment | — | (8.2 | ) | (8.2 | ) | |||||||||
Balance at December 31, 2014 | $ | 217.9 | $ | 246.2 | $ | 464.1 | ||||||||
(a) As previously reported in Revlon, Inc.'s 2013 Form 10-K. | ||||||||||||||
Schedule of Finite-Lived Intangible AssetS | The following tables present details of the Company's total intangible assets for each of 2014 and 2013: | |||||||||||||
31-Dec-14 | ||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Useful Life (in Years) | |||||||||||
Finite-lived intangible assets: | ||||||||||||||
Trademarks and Licenses | $ | 140.5 | $ | (23.5 | ) | $ | 117 | 14 | ||||||
Customer relationships | 109.1 | (13.4 | ) | 95.7 | 17 | |||||||||
Patents and Internally-Developed IP | 16.2 | (2.4 | ) | 13.8 | 10 | |||||||||
Total finite-lived intangible assets | $ | 265.8 | $ | (39.3 | ) | $ | 226.5 | |||||||
Indefinite-lived intangible assets: | ||||||||||||||
Trade Names | $ | 101.3 | $ | — | $ | 101.3 | ||||||||
Total indefinite-lived intangible assets | $ | 101.3 | $ | — | $ | 101.3 | ||||||||
Total intangible assets | $ | 367.1 | $ | (39.3 | ) | $ | 327.8 | |||||||
December 31, 2013 (a) | ||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Weighted Average Useful Life (in Years) | |||||||||||
Finite-lived intangible assets: | ||||||||||||||
Trademarks and Licenses | $ | 142.1 | $ | (11.0 | ) | $ | 131.1 | 14 | ||||||
Customer relationships | 111.5 | (6.7 | ) | 104.8 | 16 | |||||||||
Patents and Internally-Developed IP | 15.8 | (1.3 | ) | 14.5 | 10 | |||||||||
Total finite-lived intangible assets | $ | 269.4 | $ | (19.0 | ) | $ | 250.4 | |||||||
Indefinite-lived intangible assets: | ||||||||||||||
Trade Names | $ | 109.7 | $ | — | $ | 109.7 | ||||||||
Total indefinite-lived intangible assets | $ | 109.7 | $ | — | $ | 109.7 | ||||||||
Total intangible assets | $ | 379.1 | $ | (19.0 | ) | $ | 360.1 | |||||||
(a) During the first quarter of 2014, the Company recorded Measurement Period Adjustments to customer relationships acquired in the Colomer Acquisition on October 9, 2013. Accordingly, 2013 has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details. | ||||||||||||||
Summary of Changes in Goodwill | The following table reflects the estimated future amortization expense, a portion of which is subject to exchange rate fluctuations, for the Company's finite-lived intangible assets as of December 31, 2014: | |||||||||||||
Estimated Amortization Expense | ||||||||||||||
2015 | $ | 20.9 | ||||||||||||
2016 | 20.7 | |||||||||||||
2017 | 20.6 | |||||||||||||
2018 | 19.6 | |||||||||||||
2019 | 16.9 | |||||||||||||
Thereafter | 127.8 | |||||||||||||
Total | $ | 226.5 | ||||||||||||
ACCRUED_EXPENSES_AND_OTHER_Tab
ACCRUED EXPENSES AND OTHER (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Components of Accrued Expenses and Other | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Sales returns and allowances | $ | 70.6 | $ | 91.5 | ||||
Compensation and related benefits | 66.8 | 74.5 | ||||||
Advertising and promotional costs | 44.9 | 42.9 | ||||||
Taxes | 23.4 | 28.5 | ||||||
Interest | 11 | 13.8 | ||||||
Restructuring reserve | 13.7 | 13.7 | ||||||
Other | 42.9 | 48.8 | ||||||
$ | 273.3 | $ | 313.7 | |||||
LONGTERM_DEBT_Tables
LONG-TERM DEBT (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | The aggregate amounts of contractual long-term debt maturities at December 31, 2014 in the years 2015 through 2019 and thereafter are as follows: | |||||||
Years Ended December 31, | Long-Term Debt Maturities | |||||||
2015 | $ | 31.5 | (a) | |||||
2016 | 7 | (a) | ||||||
2017 | 669.8 | (b) | ||||||
2018 | 7 | (a) | ||||||
2019 | 653.1 | (c) | ||||||
Thereafter | 500.3 | (d) | ||||||
Total long-term debt | 1,868.70 | |||||||
Discounts | (4.8 | ) | ||||||
Total long-term debt, net of discounts | $ | 1,863.90 | ||||||
(a) | Amount includes the quarterly amortization payments required under the Acquisition Term Loan as well as the required $24.6 million “excess cash flow” prepayment to be made on or before April 10, 2015 under the Amended Term Loan Agreement (as defined under the Amended Term Loan Agreement). | |||||||
(b) | Amount includes the aggregate principal amount expected to be outstanding under the 2011 Term Loan which matures on November 19, 2017, after giving effect to the quarterly amortization payments required under the Acquisition Term Loan and the excess cash flow prepayment discussed in note (a) above. | |||||||
(c) | Amount is comprised of the aggregate principal amount expected to be outstanding under the Acquisition Term Loan assuming a maturity date of October 9, 2019, after giving effect to the amortization payments and excess cash flow prepayment referred to in note (a) above. | |||||||
(d) | Amount is primarily comprised of the $500.0 million aggregate principal amount outstanding as of December 31, 2014 under the 5¾% Senior Notes, which mature on February 21, 2021. | |||||||
Schedule of Variable Rates on Revolving Credit Facility [Table Text Block] | Under the Amended Revolving Credit Facility, borrowings (other than loans in foreign currencies) bear interest, if made as Eurodollar Loans, at the Eurodollar Rate plus the applicable margin set forth in the grid below and, if made as Alternate Base Rate Loans, at the Alternate Base Rate plus the applicable margin set forth in the grid below. | |||||||
Excess Availability | Alternate Base Rate Loans | Eurodollar Loans, Eurocurrency Loan or Local Rate Loans | ||||||
Greater than or equal to $92,000,000 | 0.50% | 1.50% | ||||||
Less than $92,000,000 but greater than or equal to $46,000,000 | 0.75% | 1.75% | ||||||
Less than $46,000,000 | 1.00% | 2.00% | ||||||
Components of Long-Term Debt | Term loans under the Amended Term Loan Facility bear interest at the following interest rates: | |||||||
Eurodollar Loans | Alternate Base Rate Loans | |||||||
2011 Term Loans | Eurodollar Rate plus 2.50% per annum (with the Eurodollar Rate not to be less than 0.75%) | Alternate Base Rate plus 1.50% (with the Alternate Base Rate not to be less than 1.75%) | ||||||
Acquisition Term Loans | Eurodollar Rate plus 3.00% per annum (with the Eurodollar Rate not to be less than 1.00%) | Alternate Base Rate plus 2.00% (with the Alternate Base Rate not to be less than 2.00%) | ||||||
31-Dec-14 | 31-Dec-13 | |||||||
Amended Term Loan Facility: Acquisition Term Loan due 2019, net of discounts (see (a) | $ | 691.6 | $ | 698.3 | ||||
below) | ||||||||
Amended Term Loan Facility: 2011 Term Loan due 2017, net of discounts (see (a) below) | 671.6 | 670.1 | ||||||
Amended Revolving Credit Facility (see (a) below) | — | — | ||||||
5¾% Senior Notes due 2021 (see (b) below) | 500 | 500 | ||||||
Non-Contributed Loan portion of the Amended and Restated Senior Subordinated Term Loan due 2014 (see (c) below) | — | 58.4 | ||||||
Spanish Government Loan due 2025 (see (d) below) | 0.7 | 0.9 | ||||||
1,863.90 | 1,927.70 | |||||||
Less current portion (*) | (31.5 | ) | (65.4 | ) | ||||
$ | 1,832.40 | $ | 1,862.30 | |||||
(*) The Company classified $31.5 million of long-term debt as a current liability, which is primarily comprised of the $24.6 million required “excess cash flow” prepayment (as defined under Amended Term Loan Agreement (as hereinafter defined) to be made on or before April 10, 2015 (See below under "Amended Term Loan Facility") and the Company’s regularly scheduled $1.7 million quarterly principal amortization payments (after giving effect to such prepayment). |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
Schedule of Fair Values of Financial Assets and Liabilities | As of December 31, 2014, the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value are categorized in the table below: | |||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets: | ||||||||||||||||||||
Derivatives: | ||||||||||||||||||||
FX Contracts(a) | $ | 0.2 | $ | — | $ | 0.2 | $ | — | ||||||||||||
Total assets at fair value | $ | 0.2 | $ | — | $ | 0.2 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||
Derivatives: | ||||||||||||||||||||
FX Contracts(a) | $ | — | $ | — | $ | — | $ | — | ||||||||||||
2013 Interest Rate Swap(b) | 3.5 | — | 3.5 | — | ||||||||||||||||
Total liabilities at fair value | $ | 3.5 | $ | — | $ | 3.5 | $ | — | ||||||||||||
As of December 31, 2013, the fair values of the Company’s financial assets and liabilities that are required to be measured at fair value are categorized in the table below: | ||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Assets: | ||||||||||||||||||||
Derivatives: | ||||||||||||||||||||
FX Contracts(a) | $ | 1 | $ | — | $ | 1 | $ | — | ||||||||||||
2013 Interest Rate Swap(b) | 2.5 | — | 2.5 | — | ||||||||||||||||
Total assets at fair value | $ | 3.5 | $ | — | $ | 3.5 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||
Derivatives: | ||||||||||||||||||||
FX Contracts(a) | $ | 0.2 | $ | — | $ | 0.2 | $ | — | ||||||||||||
Total liabilities at fair value | $ | 0.2 | $ | — | $ | 0.2 | $ | — | ||||||||||||
(a) | The fair value of the Company’s foreign currency forward exchange contracts ("FX Contracts") was measured based on observable market transactions of spot and forward rates on the respective dates. See Note 13, “Financial Instruments.” | |||||||||||||||||||
(b) | The fair value of the Company's 2013 Interest Rate Swap was measured based on the implied forward rates from the U.S. Dollar three-month LIBOR yield curve on the respective dates. See Note 13, “Financial Instruments.” | |||||||||||||||||||
Financial Liabilities Not Measured At Fair Value But For Which Fair Value Disclosure Is Required | As of December 31, 2014, the fair values and carrying values of the Company’s long-term debt, including the current portion of long-term debt, are categorized in the table below: | |||||||||||||||||||
Fair Value | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Carrying Value | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Long-term debt, including current portion | $ | — | $ | 1,844.00 | $ | — | $ | 1,844.00 | $ | 1,863.90 | ||||||||||
As of December 31, 2013, the fair values and carrying values of the Company’s long-term debt, including the current portion of long-term debt, are categorized in the table below: | ||||||||||||||||||||
Fair Value | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Carrying Value | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Long-term debt, including current portion | $ | — | $ | 1,931.90 | $ | — | $ | 1,931.90 | $ | 1,927.70 | ||||||||||
FINANCIAL_INSTRUMENTS_Tables
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||
Fair Value of Derivative Financial Instruments in Consolidated Balance Sheet | Fair Values of Derivative Financial Instruments in Consolidated Balance Sheets: | |||||||||||||||||||
Fair Values of Derivative Instruments | ||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||
Balance Sheet | December 31, | December 31, | Balance Sheet | December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Classification | Fair Value | Fair Value | Classification | Fair Value | Fair Value | |||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
2013 Interest Rate Swap(i) | Prepaid expenses and other | $ | — | $ | — | Accrued expenses and other | $ | 2.1 | $ | — | ||||||||||
Other assets | — | 2.5 | Other long-term liabilities | 1.4 | — | |||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
FX Contracts(ii) | Prepaid expenses and other | $ | 0.2 | $ | 1 | Accrued Expenses | $ | — | $ | 0.2 | ||||||||||
(i) The fair values of the 2013 Interest Rate Swap at December 31, 2014 and December 31, 2013 were measured based on the implied forward rates from the U.S. Dollar three-month LIBOR yield curve at December 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||
(ii) The fair values of the FX Contracts at December 31, 2014 and December 31, 2013 were measured based on observable market transactions of spot and forward rates at December 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||
Effects of Derivative Financial Instruments on Income and Other Comprehensive Income (Loss) | Effects of Derivative Financial Instruments on the Consolidated Statements of Operations and Comprehensive (Loss) Income for each of 2014, 2013 and 2012: | |||||||||||||||||||
Amount of Gain (Loss) Recognized in Other Comprehensive (Loss) Income | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
2013 Interest Rate Swap, net of tax (a) | $ | (3.7 | ) | $ | 1.5 | $ | — | |||||||||||||
(a) | Net of tax (benefit) expense of $(2.3) million and $1.0 million for each of 2014 and 2013. | |||||||||||||||||||
Income Statement Classification | Amount of Gain (Loss) Recognized in Net Income | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||
FX Contracts | Foreign currency gain (loss), net | $ | 0.5 | $ | 2.2 | $ | (1.9 | ) | ||||||||||||
PENSION_AND_POSTRETIREMENT_BEN1
PENSION AND POST-RETIREMENT BENEFITS (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||
Schedule of Expected Benefit Payments [Table Text Block] | 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 | |||||||||||||||||||||||
2015 | $ | 41.3 | $ | 0.8 | ||||||||||||||||||||
2016 | 42 | 0.9 | ||||||||||||||||||||||
2017 | 42.9 | 0.9 | ||||||||||||||||||||||
2018 | 43.8 | 0.9 | ||||||||||||||||||||||
2019 | 44.4 | 0.9 | ||||||||||||||||||||||
Years 2020 to 2024 | 231.8 | 4.6 | ||||||||||||||||||||||
Schedule Of Target Ranges Per Asset Class Table [Text Block] | The target ranges per asset class are 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% - 30% | — | ||||||||||||||||||||||
Common and collective funds | 25% - 55% | 100% | ||||||||||||||||||||||
Hedge funds | 0% - 15% | — | ||||||||||||||||||||||
Group annuity contract | 0% - 5% | — | ||||||||||||||||||||||
Cash and other investments | 0% - 10% | — | ||||||||||||||||||||||
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets [Table Text Block] | The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for the Company's pension plans are as follows: | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Projected benefit obligation | $ | 761.7 | $ | 668.2 | ||||||||||||||||||||
Accumulated benefit obligation | 761 | 667.3 | ||||||||||||||||||||||
Fair value of plan assets | 567.7 | 557.6 | ||||||||||||||||||||||
Schedule of Net Periodic Benefit Cost Not yet Recognized [Table Text Block] | Amounts recognized in accumulated other comprehensive loss at December 31, 2014 in respect of the Company’s pension plans and other post-retirement plans, which have not yet been recognized as a component of net periodic benefit cost, are as follows: | |||||||||||||||||||||||
Pension Benefits | Post-Retirement Benefits | Total | ||||||||||||||||||||||
Net actuarial loss | $ | 277.6 | $ | 2.5 | $ | 280.1 | ||||||||||||||||||
Prior service cost | — | — | — | |||||||||||||||||||||
Accumulated Other Comprehensive Loss, Gross | 277.6 | 2.5 | 280.1 | |||||||||||||||||||||
Income tax (benefit) expense | (43.7 | ) | 0.1 | (43.6 | ) | |||||||||||||||||||
Portion allocated to Revlon Holdings | (1.0 | ) | (0.2 | ) | (1.2 | ) | ||||||||||||||||||
Accumulated Other Comprehensive Loss, Net | $ | 232.9 | $ | 2.4 | $ | 235.3 | ||||||||||||||||||
Schedule of Changes in Fair Value of Plan Assets [Table Text Block] | The following table presents information on the fair value of the U.S. and international pension plan assets at December 31, 2014 and 2013: | |||||||||||||||||||||||
U.S. Plans | International Plans | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Fair value of plan assets | $ | 496.1 | $ | 492.5 | $ | 71.6 | $ | 65.1 | ||||||||||||||||
Schedule of Allocation of Plan Assets [Table Text Block] | The fair values of the U.S. and International pension plan assets at December 31, 2014, by asset categories were as follows: | |||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs | |||||||||||||||||||||
(Level 3) | ||||||||||||||||||||||||
Common and Preferred Stock: | ||||||||||||||||||||||||
U.S. small/mid cap equity | $ | 20.5 | $ | 20.5 | $ | — | $ | — | ||||||||||||||||
Mutual Funds(a): | ||||||||||||||||||||||||
Corporate bonds | 17.5 | 17.5 | — | — | ||||||||||||||||||||
Government bonds | 13.6 | 13.6 | — | — | ||||||||||||||||||||
U.S. large cap equity | 68.5 | 68.5 | — | — | ||||||||||||||||||||
International equities | 7.3 | 7.3 | — | — | ||||||||||||||||||||
Emerging markets international equity | 6.1 | 6.1 | — | — | ||||||||||||||||||||
Other | 3.1 | 3.1 | — | — | ||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||
Corporate bonds | 55 | — | 55 | — | ||||||||||||||||||||
Government bonds | 10.9 | — | 10.9 | — | ||||||||||||||||||||
Common and Collective Funds(a): | ||||||||||||||||||||||||
Corporate bonds | 75.4 | — | 75.4 | — | ||||||||||||||||||||
Government bonds | 60 | — | 60 | — | ||||||||||||||||||||
U.S. large cap equity | 24.3 | — | 24.3 | — | ||||||||||||||||||||
U.S. small/mid cap equity | 21 | — | 21 | — | ||||||||||||||||||||
International equities | 89.9 | — | 89.9 | — | ||||||||||||||||||||
Emerging markets international equity | 17.6 | — | 17.6 | — | ||||||||||||||||||||
Cash and cash equivalents | 3.7 | — | 3.7 | — | ||||||||||||||||||||
Other | 3.1 | — | 3.1 | — | ||||||||||||||||||||
Hedge Funds(a): | ||||||||||||||||||||||||
Corporate bonds | 6.8 | — | 6.8 | — | ||||||||||||||||||||
Government bonds | (8.8 | ) | — | (8.8 | ) | — | ||||||||||||||||||
U.S. large cap equity | 9.1 | — | 9.1 | — | ||||||||||||||||||||
International equities | 15.9 | — | 15.9 | — | ||||||||||||||||||||
Emerging markets international equity | 4.1 | — | 4.1 | — | ||||||||||||||||||||
Cash and cash equivalents | 26.8 | — | 26.8 | — | ||||||||||||||||||||
Other | 4.2 | — | 4.2 | — | ||||||||||||||||||||
Group Annuity Contract | 2.8 | — | 2.8 | — | ||||||||||||||||||||
Cash and cash equivalents | 9.3 | 9.3 | — | — | ||||||||||||||||||||
Fair value of plan assets at December 31, 2014 | $ | 567.7 | $ | 145.9 | $ | 421.8 | $ | — | ||||||||||||||||
(a) | The investments in mutual funds, common and collective funds and hedge 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 Company’s direct ownership unit of account. | |||||||||||||||||||||||
The fair values of the U.S. and International pension plan assets at December 31, 2013, by asset categories were as follows: | ||||||||||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||
Common and Preferred Stock: | ||||||||||||||||||||||||
U.S. small/mid cap equity | $ | 23.1 | $ | 23.1 | $ | — | $ | — | ||||||||||||||||
Mutual Funds(a): | ||||||||||||||||||||||||
Corporate bonds | 24.4 | 24.4 | — | — | ||||||||||||||||||||
Government bonds | 15.1 | 15.1 | — | — | ||||||||||||||||||||
U.S. large cap equity | 68.7 | 68.7 | — | — | ||||||||||||||||||||
International equities | 4.3 | 4.3 | — | — | ||||||||||||||||||||
Emerging markets international equity | 4.2 | 4.2 | — | — | ||||||||||||||||||||
Other | 0.9 | 0.9 | — | — | ||||||||||||||||||||
Fixed Income Securities: | ||||||||||||||||||||||||
Corporate bonds | 46.1 | — | 45.8 | 0.3 | ||||||||||||||||||||
Government bonds | 9.6 | — | 8 | 1.6 | ||||||||||||||||||||
Common and Collective Funds(a): | ||||||||||||||||||||||||
Corporate bonds | 53.7 | — | 53.7 | — | ||||||||||||||||||||
Government bonds | 69.8 | — | 69.8 | — | ||||||||||||||||||||
U.S. large cap equity | 33.8 | — | 33.8 | — | ||||||||||||||||||||
U.S. small/mid cap equity | 23 | — | 23 | — | ||||||||||||||||||||
International equities | 92.1 | — | 92.1 | — | ||||||||||||||||||||
Emerging markets international equity | 17.3 | — | 17.3 | — | ||||||||||||||||||||
Cash and cash equivalents | 2 | — | 2 | — | ||||||||||||||||||||
Other | 2.9 | — | 2.9 | — | ||||||||||||||||||||
Hedge Funds(a): | ||||||||||||||||||||||||
Corporate bonds | 11.8 | — | 11.8 | — | ||||||||||||||||||||
Government bonds | 24.5 | — | 24.5 | — | ||||||||||||||||||||
U.S. large cap equity | 4.3 | — | 4.3 | — | ||||||||||||||||||||
International equities | 6.1 | — | 6.1 | — | ||||||||||||||||||||
Cash and cash equivalents | 5.7 | — | 5.7 | — | ||||||||||||||||||||
Other | 4.1 | — | 4.1 | — | ||||||||||||||||||||
Group Annuity Contract | 2.6 | — | 2.6 | — | ||||||||||||||||||||
Cash and cash equivalents | 7.5 | 7.5 | — | — | ||||||||||||||||||||
Fair value of plan assets at December 31, 2013 | $ | 557.6 | $ | 148.2 | $ | 407.5 | $ | 1.9 | ||||||||||||||||
(a) | The investments in mutual funds, common and collective funds and hedge 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 Company’s direct ownership unit of account. | |||||||||||||||||||||||
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | The following table sets forth a summary of changes in the fair values of the U.S. and International pension plans’ Level 3 assets for each of 2014 and 2013: | |||||||||||||||||||||||
Total | Fixed Income Securities | Hedge Funds | ||||||||||||||||||||||
Balance, December 31, 2012 | $ | 0.6 | $ | 0.6 | $ | — | ||||||||||||||||||
Purchases, sales, and settlements, net | 0.6 | 0.6 | — | |||||||||||||||||||||
Loss on assets held during the period | (0.2 | ) | (0.2 | ) | — | |||||||||||||||||||
Transfers into Level 3 | 0.9 | 0.9 | — | |||||||||||||||||||||
Balance, December 31, 2013 | 1.9 | 1.9 | — | |||||||||||||||||||||
Purchases, sales and settlements, net | (0.5 | ) | (0.5 | ) | — | |||||||||||||||||||
Loss on assets held during the period | — | — | — | |||||||||||||||||||||
Transfers out of Level 3 | (1.4 | ) | (1.4 | ) | — | |||||||||||||||||||
Balance, December 31, 2014 | $ | — | $ | — | $ | — | ||||||||||||||||||
Schedule of Net Funded Status [Table Text Block] | 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, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Change in Benefit Obligation: | ||||||||||||||||||||||||
Benefit obligation - beginning of year | $ | (668.2 | ) | $ | (744.6 | ) | $ | (14.4 | ) | $ | (16.5 | ) | ||||||||||||
Service cost | (0.8 | ) | (0.9 | ) | — | — | ||||||||||||||||||
Interest cost | (30.1 | ) | (27.6 | ) | (0.5 | ) | (0.6 | ) | ||||||||||||||||
Actuarial gain (loss) | (108.0 | ) | 65.5 | (0.2 | ) | 1.6 | ||||||||||||||||||
Benefits paid | 41 | 39.1 | 0.7 | 0.8 | ||||||||||||||||||||
Currency translation adjustments | 4.4 | (0.1 | ) | — | 0.3 | |||||||||||||||||||
Other | — | 0.4 | 1.5 | — | ||||||||||||||||||||
Benefit obligation - end of year | $ | (761.7 | ) | $ | (668.2 | ) | $ | (12.9 | ) | $ | (14.4 | ) | ||||||||||||
Change in Plan Assets: | ||||||||||||||||||||||||
Fair value of plan assets - beginning of year | $ | 557.6 | $ | 520.2 | $ | — | $ | — | ||||||||||||||||
Actual return on plan assets | 37.6 | 58.1 | — | — | ||||||||||||||||||||
Employer contributions | 18.2 | 17.7 | 0.7 | 0.8 | ||||||||||||||||||||
Benefits paid | (41.0 | ) | (39.1 | ) | (0.7 | ) | (0.8 | ) | ||||||||||||||||
Currency translation adjustments | (4.7 | ) | 0.7 | — | — | |||||||||||||||||||
Fair value of plan assets - end of year | $ | 567.7 | $ | 557.6 | $ | — | $ | — | ||||||||||||||||
Unfunded status of plans at December 31, | $ | (194.0 | ) | $ | (110.6 | ) | $ | (12.9 | ) | $ | (14.4 | ) | ||||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | In respect of the Company's pension plans and other post-retirement benefit plans, amounts recognized in the Company’s Consolidated Balance Sheets at December 31, 2014 and 2013 consist of the following: | |||||||||||||||||||||||
Pension Plans | Other Post-Retirement Benefit Plans | |||||||||||||||||||||||
December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Other long-term assets | $ | 0.8 | $ | — | $ | — | $ | — | ||||||||||||||||
Accrued expenses and other | $ | (6.1 | ) | $ | (5.9 | ) | $ | (0.7 | ) | $ | (0.8 | ) | ||||||||||||
Pension and other post-retirement benefit liabilities | (188.7 | ) | (104.7 | ) | (12.2 | ) | (13.6 | ) | ||||||||||||||||
Total liability | (194.0 | ) | (110.6 | ) | (12.9 | ) | (14.4 | ) | ||||||||||||||||
Accumulated other comprehensive loss, gross | 277.6 | 170.1 | 2.5 | 2.8 | ||||||||||||||||||||
Income tax (benefit) expense | (43.7 | ) | (1.8 | ) | 0.1 | 0.1 | ||||||||||||||||||
Portion allocated to Revlon Holdings | (1.0 | ) | (0.7 | ) | (0.2 | ) | — | |||||||||||||||||
Accumulated other comprehensive loss, net | $ | 232.9 | $ | 167.6 | $ | 2.4 | $ | 2.9 | ||||||||||||||||
Schedule of Net Benefit Costs | The components of net periodic benefit (income) costs for the Company’s pension and the other post-retirement benefit plans are as follows: | |||||||||||||||||||||||
Other | ||||||||||||||||||||||||
Post-Retirement | ||||||||||||||||||||||||
Pension Plans | Benefit Plans | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Net periodic benefit (income) costs: | ||||||||||||||||||||||||
Service cost | $ | 0.8 | $ | 0.9 | $ | 1.6 | $ | — | $ | — | $ | — | ||||||||||||
Interest cost | 30.1 | 27.6 | 30 | 0.5 | 0.6 | 0.7 | ||||||||||||||||||
Expected return on plan assets | (41.3 | ) | (38.3 | ) | (35.2 | ) | — | — | — | |||||||||||||||
Amortization of actuarial loss | 4.5 | 8.6 | 8.1 | 0.1 | 0.4 | 0.3 | ||||||||||||||||||
Curtailment gain | — | — | (1.5 | ) | — | — | — | |||||||||||||||||
(5.9 | ) | (1.2 | ) | 3 | 0.6 | 1 | 1 | |||||||||||||||||
Portion allocated to Revlon Holdings | (0.1 | ) | (0.1 | ) | (0.1 | ) | — | (0.1 | ) | — | ||||||||||||||
$ | (6.0 | ) | $ | (1.3 | ) | $ | 2.9 | $ | 0.6 | $ | 0.9 | $ | 1 | |||||||||||
Classification of Net Periodic Benefit (Income) Cost | Net periodic benefit (income) costs are reflected in the Company's Consolidated Financial Statements as follows: | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Net periodic benefit (income) costs: | ||||||||||||||||||||||||
Cost of sales | $ | (4.2 | ) | $ | (2.3 | ) | ||||||||||||||||||
Selling, general and administrative expense | (0.7 | ) | 2.4 | |||||||||||||||||||||
Inventories | (0.5 | ) | (0.5 | ) | ||||||||||||||||||||
$ | (5.4 | ) | $ | (0.4 | ) | |||||||||||||||||||
Projected Benefit Obligation Assumptions [Member] | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | 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 | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Discount rate | 3.89 | % | 4.68 | % | 3.74 | % | 4.48 | % | ||||||||||||||||
Rate of future compensation increases | 3 | % | 3 | % | 2.33 | % | 3.4 | % | ||||||||||||||||
Net Periodic Benefit Cost Assumptions [Member] | ||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||||||||||||||||||||
Schedule of Assumptions Used [Table Text Block] | 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 | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Discount rate | 4.68 | % | 3.78 | % | 4.38 | % | 4.48 | % | 4.33 | % | 4.77 | % | ||||||||||||
Expected long-term return on plan assets | 7.75 | % | 7.75 | % | 7.75 | % | 6 | % | 6 | % | 6.22 | % | ||||||||||||
Rate of future compensation increases | 3 | % | 3 | % | 3.5 | % | 3.4 | % | 2.97 | % | 3.05 | % |
STOCK_COMPENSATION_PLAN_Tables
STOCK COMPENSATION PLAN (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | A summary of the restricted stock and restricted stock unit activity for each of 2014, 2013 and 2012 is presented below: | ||||||
Restricted Stock (000's) | Weighted Average Grant Date Fair Value | ||||||
Outstanding at January 1, 2012 | 257.4 | $ | 7.04 | ||||
Vested(a) | (257.4 | ) | 7.04 | ||||
Outstanding at December 31, 2012 | — | — | |||||
Granted | 120 | 24.8 | |||||
Outstanding at December 31, 2013 | 120 | 24.8 | |||||
Granted | 693.4 | 31.01 | |||||
Vested(a) | (40.0 | ) | 24.8 | ||||
Outstanding at December 31, 2014 | 773.4 | 30.37 | |||||
(a) | Of the amounts vested during 2014 and 2012, 22,328 and 83,582 shares, respectively, were withheld by the Company to satisfy certain grantees’ minimum withholding tax requirements, which withheld shares became Revlon, Inc. treasury stock and are not sold on the open market. (See discussion under “Treasury Stock” in Note 18, “Stockholders’ Deficiency”). | ||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of stock option activity for each of 2014, 2013 and 2012 is presented below: | ||||||
Stock Options (000's) | Weighted Average Exercise Price | ||||||
Outstanding at January 1, 2012 | 264.5 | $ | 31.02 | ||||
Forfeited and expired | (256.4 | ) | 31.06 | ||||
Outstanding at December 31, 2012 | 8.1 | 29.91 | |||||
Forfeited and expired | (7.3 | ) | 30.17 | ||||
Outstanding at December 31, 2013 | 0.8 | 27.5 | |||||
Forfeited and expired | (0.8 | ) | 27.5 | ||||
Outstanding at December 31, 2014 | — | — | |||||
STOCK COMPENSATION PLAN | |||||||
Revlon, Inc. maintains the Fourth Amended and Restated Revlon, Inc. Stock Plan (the "Stock Plan"), which provides for awards of stock options, stock appreciation rights, restricted or unrestricted stock and restricted stock units to eligible employees and directors of Revlon, Inc. and its affiliates, including Products Corporation. An aggregate of 6,565,000 shares are reserved for issuance as Awards under the Stock Plan, subject to the adjustment provisions of the Stock Plan. In July 2014, the Stock Plan was amended to renew the Stock Plan for a 7-year renewal term expiring on April 14, 2021. | |||||||
Stock options: | |||||||
Non-qualified stock options granted under the Stock Plan are granted at prices that equal or exceed the fair market value of Class A Common Stock on the grant date and have a term of 7 years. Option grants generally vest over service periods that range from 1 year to 4 years. | |||||||
At December 31, 2014 there were no options exercisable under the Stock Plan, and 800 and 8,105 stock options exercisable at December 31, 2013 and 2012, respectively. | |||||||
A summary of stock option activity for each of 2014, 2013 and 2012 is presented below: | |||||||
Stock Options (000's) | Weighted Average Exercise Price | ||||||
Outstanding at January 1, 2012 | 264.5 | $ | 31.02 | ||||
Forfeited and expired | (256.4 | ) | 31.06 | ||||
Outstanding at December 31, 2012 | 8.1 | 29.91 | |||||
Forfeited and expired | (7.3 | ) | 30.17 | ||||
Outstanding at December 31, 2013 | 0.8 | 27.5 | |||||
Forfeited and expired | (0.8 | ) | 27.5 | ||||
Outstanding at December 31, 2014 | — | — | |||||
Restricted stock awards and restricted stock units: | |||||||
The Stock Plan allows for awards of restricted stock and restricted stock units to employees and directors of Revlon, Inc. and its affiliates, including Products Corporation. The restricted stock awards granted under the Stock Plan vest over service periods that generally range from 3 years to 5 years. In 2014, the Company granted 693,378 shares of restricted stock to certain executives which vest over a 5-year period. In October 2013, the Company granted 120,000 shares of restricted common stock with a 3-year vesting period to an executive who ceased employment with the Company during 2014, with the final 80,000 shares vesting in equal installments in October 2015 and October 2016. There have not been any other restricted stock awards granted since 2009. | |||||||
A summary of the restricted stock and restricted stock unit activity for each of 2014, 2013 and 2012 is presented below: | |||||||
Restricted Stock (000's) | Weighted Average Grant Date Fair Value | ||||||
Outstanding at January 1, 2012 | 257.4 | $ | 7.04 | ||||
Vested(a) | (257.4 | ) | 7.04 | ||||
Outstanding at December 31, 2012 | — | — | |||||
Granted | 120 | 24.8 | |||||
Outstanding at December 31, 2013 | 120 | 24.8 | |||||
Granted | 693.4 | 31.01 | |||||
Vested(a) | (40.0 | ) | 24.8 | ||||
Outstanding at December 31, 2014 | 773.4 | 30.37 | |||||
(a) | Of the amounts vested during 2014 and 2012, 22,328 and 83,582 shares, respectively, were withheld by the Company to satisfy certain grantees’ minimum withholding tax requirements, which withheld shares became Revlon, Inc. treasury stock and are not sold on the open market. (See discussion under “Treasury Stock” in Note 18, “Stockholders’ Deficiency”). | ||||||
The Company recognizes non-cash compensation expense related to restricted stock awards and restricted stock units under the Stock Plan using the straight-line method over the remaining service period. The Company recorded compensation expense related to restricted stock awards under the Stock Plan of $5.5 million, $0.2 million and $0.3 million during 2014, 2013 and 2012, respectively. The total fair value of restricted stock and restricted stock units that vested during 2014 and 2013 was $1.0 million and nil, respectively. The deferred stock-based compensation related to restricted stock awards was $18.8 million at December 31, 2014 and will be amortized ratably to compensation expense over the remaining vesting period of 4.3 years. |
INCOME_TAXES_INCOME_TAXES_Tabl
INCOME TAXES INCOME TAXES (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Summary of Income Tax Contingencies [Table Text Block] | A reconciliation of the beginning and ending amount of the unrecognized tax benefits is as follows: | |||||||||||
Balance at January 1, 2013 | $ | 49.9 | ||||||||||
Increase based on tax positions taken in a prior year | 25.8 | |||||||||||
Decrease based on tax positions taken in a prior year | (1.6 | ) | ||||||||||
Increase based on tax positions taken in the current year | 9.3 | |||||||||||
Decrease resulting from the lapse of statutes of limitations | (8.9 | ) | ||||||||||
Balance at December 31, 2013 | 74.5 | |||||||||||
Increase based on tax positions taken in a prior year | 12.6 | |||||||||||
Decrease based on tax positions taken in a prior year | (22.8 | ) | ||||||||||
Increase based on tax positions taken in the current year | 8 | |||||||||||
Decrease resulting from the lapse of statutes of limitations | (10.3 | ) | ||||||||||
Balance at December 31, 2014 | $ | 62 | ||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The Company's income before income taxes and the applicable provision for income taxes are as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income from continuing operations before income taxes: | ||||||||||||
United States | $ | 137.1 | $ | 26 | $ | 87.2 | ||||||
Foreign | (19.7 | ) | 44.6 | 17.7 | ||||||||
$ | 117.4 | $ | 70.6 | $ | 104.9 | |||||||
Provision for (benefit from) income taxes: | ||||||||||||
United States federal | $ | 54.6 | $ | 24.8 | $ | 41.8 | ||||||
State and local | 18.1 | 13.8 | (9.6 | ) | ||||||||
Foreign | 5.1 | 7.4 | 11.5 | |||||||||
$ | 77.8 | $ | 46 | $ | 43.7 | |||||||
Current: | ||||||||||||
United States federal | $ | 2.6 | $ | 3.2 | $ | 2.2 | ||||||
State and local | 3.7 | 0.7 | 2.4 | |||||||||
Foreign | 7.2 | 11.3 | 10.7 | |||||||||
13.5 | 15.2 | 15.3 | ||||||||||
Deferred: | ||||||||||||
United States federal | 52 | 21.6 | 39.6 | |||||||||
State and local | 14.4 | 13.1 | (12.0 | ) | ||||||||
Foreign | (2.1 | ) | (3.9 | ) | 0.8 | |||||||
64.3 | 30.8 | 28.4 | ||||||||||
Total provision for income taxes | $ | 77.8 | $ | 46 | $ | 43.7 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The actual tax on income before income taxes is reconciled to the applicable statutory federal income tax rate below. | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Computed income tax expense | $ | 41.1 | $ | 24.7 | $ | 36.7 | ||||||
State and local taxes, net of U.S. federal income tax benefit | 19.9 | 8.9 | 4 | |||||||||
Foreign and U.S. tax effects attributable to operations outside the U.S. | 4.2 | (4.9 | ) | (4.4 | ) | |||||||
Establishment (release) of valuation allowance | 6.4 | — | (15.8 | ) | ||||||||
Foreign dividends and earnings taxable in the U.S. | 5.4 | 11 | 12.7 | |||||||||
Restructuring charges and litigation loss contingency for which there is no tax benefit | — | 2.7 | 11.1 | |||||||||
Other | 0.8 | 3.6 | (0.6 | ) | ||||||||
Tax expense | $ | 77.8 | $ | 46 | $ | 43.7 | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred taxes are the result of temporary differences between the bases of assets and liabilities for financial reporting and income tax purposes. Deferred tax assets and liabilities at December 31, 2014 and 2013 were comprised of the following: | |||||||||||
December 31, | ||||||||||||
2014 | 2013(a) | |||||||||||
Deferred tax assets: | ||||||||||||
Inventories | $ | 7.6 | $ | 9.1 | ||||||||
Net operating loss carryforwards - U.S. | 94.1 | 140.7 | ||||||||||
Net operating loss carryforwards - foreign | 57.9 | 69.9 | ||||||||||
Employee benefits | 100.7 | 65 | ||||||||||
State and local taxes | 2.7 | 2.3 | ||||||||||
Sales related reserves | 26.2 | 33.3 | ||||||||||
Other | 46.1 | 42.9 | ||||||||||
Total gross deferred tax assets | 335.3 | 363.2 | ||||||||||
Less valuation allowance | (57.1 | ) | (61.7 | ) | ||||||||
Total deferred tax assets, net of valuation allowance | 278.2 | 301.5 | ||||||||||
Deferred tax liabilities: | ||||||||||||
Plant, equipment and other assets | (30.0 | ) | (29.3 | ) | ||||||||
Intangibles | (88.0 | ) | (98.8 | ) | ||||||||
Foreign currency translation adjustment | 3.9 | 1.9 | ||||||||||
Other | (55.3 | ) | (45.2 | ) | ||||||||
Total gross deferred tax liabilities | (169.4 | ) | (171.4 | ) | ||||||||
Net deferred tax assets | $ | 108.8 | $ | 130.1 | ||||||||
(a) During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments to certain net assets and intangible assets acquired in the Colomer Acquisition on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details. |
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||
Components of Accumulated Other Comprehensive Loss | The components of accumulated other comprehensive loss as of December 31, 2014, 2013 and 2012 are as follows: | |||||||||||||||||||||||
Foreign Currency Translation | Actuarial (Loss) Gain on Post-retirement Benefits | Prior Service Cost on Post-retirement Benefits | Deferred Gain (Loss) - Hedging | Other | Accumulated Other Comprehensive Loss | |||||||||||||||||||
Balance at January 1, 2012 | $ | 24.8 | $ | (225.6 | ) | $ | (0.1 | ) | $ | — | $ | — | $ | (200.9 | ) | |||||||||
Unrealized gains (losses), net of tax of $1.0 million | (1.5 | ) | — | — | — | — | (1.5 | ) | ||||||||||||||||
Amortization of pension related costs, net of tax of $(1.0) million(a)(b) | — | 9.4 | — | — | — | 9.4 | ||||||||||||||||||
Pension re-measurement, net of tax of $7.2 million | — | (15.4 | ) | — | — | — | (15.4 | ) | ||||||||||||||||
Pension curtailment gain(c) | — | 0.1 | 0.1 | — | — | 0.2 | ||||||||||||||||||
Balance at December 31, 2012 | $ | 23.3 | $ | (231.5 | ) | $ | — | $ | — | $ | — | $ | (208.2 | ) | ||||||||||
Unrealized gains (losses), net of tax of $3.3 million | (4.1 | ) | — | — | — | — | (4.1 | ) | ||||||||||||||||
Amortization of pension related costs, net of tax of $(1.2) million(a) | — | 7.7 | — | — | — | 7.7 | ||||||||||||||||||
Pension re-measurement, net of tax of $(33.5) million | — | 53.3 | — | — | — | 53.3 | ||||||||||||||||||
Revaluation of derivative financial instrument, net of tax of $(1.0) million(d) | — | — | — | 1.5 | — | 1.5 | ||||||||||||||||||
Balance at December 31, 2013 | $ | 19.2 | $ | (170.5 | ) | $ | — | $ | 1.5 | $ | — | $ | (149.8 | ) | ||||||||||
Currency translation adjustment, net of tax of $2.1 million | (24.6 | ) | — | — | — | — | (24.6 | ) | ||||||||||||||||
Amortization of pension related costs, net of tax of $(0.1) million(a) | — | 4.5 | — | — | — | 4.5 | ||||||||||||||||||
Pension re-measurement, net of tax of $42.0 million | — | (69.6 | ) | — | — | — | (69.6 | ) | ||||||||||||||||
Revaluation of derivative financial instrument, net of tax of $2.3 million(d) | — | — | — | (3.7 | ) | — | (3.7 | ) | ||||||||||||||||
Other | — | 0.3 | — | — | (0.3 | ) | — | |||||||||||||||||
Other comprehensive loss | (24.6 | ) | (64.8 | ) | — | (3.7 | ) | (0.3 | ) | (93.4 | ) | |||||||||||||
Balance at December 31, 2014 | $ | (5.4 | ) | $ | (235.3 | ) | $ | — | $ | (2.2 | ) | $ | (0.3 | ) | $ | (243.2 | ) | |||||||
(a) | Amounts represent the change in Accumulated Other Comprehensive Loss as a result of the amortization of unrecognized prior service costs and actuarial losses (gains) arising during each year related to the Company’s pension and other post-retirement plans. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,” for further discussion of the Company’s pension and other post-retirement plans. | |||||||||||||||||||||||
(b) | Included in this amount is a $2.0 million reclassification adjustment recorded in the first quarter of 2012 related to deferred taxes on the amortization of actuarial losses. | |||||||||||||||||||||||
(c) | As a result of the September 2012 Program, the Company recognized a curtailment gain of $1.7 million, partially offset by $0.1 million of accumulated actuarial losses and $0.1 million of prior service costs previously reported within Accumulated Other Comprehensive Loss, for a net gain of $1.5 million, which was recorded within restructuring charges for 2012. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,” for further discussion of the Company’s pension and other post-retirement plans. | |||||||||||||||||||||||
(d) | For 2014 and 2013, the 2013 Interest Rate Swap was deemed effective and therefore, the changes in fair value related to the 2013 Interest Rate Swap are recorded in Other Comprehensive Income. See Note 13, "Financial Instruments" for further discussion of the 2013 Interest Rate Swap. |
STOCKHOLDERS_DEFICIENCY_Tables
STOCKHOLDER'S DEFICIENCY (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
STOCKHOLDER'S DEFICIENCY [Abstract] | |||||||||
Schedule of Stock by Class [Table Text Block] | Information about the Company's common and treasury stock issued and/or outstanding is as follows: | ||||||||
Common Stock | |||||||||
Class A | Class B | Treasury Stock | |||||||
Balance, January 1, 2012 | 49,986,651 | 3,125,000 | 671,271 | ||||||
Withholding of restricted stock to satisfy taxes | — | — | 83,582 | ||||||
Balance, December 31, 2012 | 49,986,651 | 3,125,000 | 754,853 | ||||||
Conversion of Class B shares to Class A shares | 3,125,000 | (3,125,000 | ) | — | |||||
Restricted stock grants | 120,000 | — | — | ||||||
Balance, December 31, 2013 | 53,231,651 | — | 754,853 | ||||||
Restricted stock grants | 693,378 | — | — | ||||||
Withholding of restricted stock to satisfy taxes | — | — | 22,328 | ||||||
Balance, December 31, 2014 | 53,925,029 | — | 777,181 | ||||||
SEGMENT_DATA_AND_RELATED_INFOR1
SEGMENT DATA AND RELATED INFORMATION (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The following table is a comparative summary of the Company’s net sales and segment profit by operating segment for each of 2014, 2013 and 2012. In the table below, certain amounts have been reclassified to conform to the presentation for 2014. Consumer segment net sales and segment profit include the results of retail brands acquired in the Colomer Acquisition, which had been included in the Professional segment in Revlon, Inc.'s 2013 Annual Report on Form 10-K. | |||||||||||||||||
Twelve Months Ended December 31, | ||||||||||||||||||
2014 (a) | 2013 (a) | 2012 | ||||||||||||||||
Segment Net Sales: | ||||||||||||||||||
Consumer | $ | 1,438.30 | $ | 1,394.20 | $ | 1,396.40 | ||||||||||||
Professional | 502.7 | 100.5 | — | |||||||||||||||
Total | $ | 1,941.00 | $ | 1,494.70 | $ | 1,396.40 | ||||||||||||
Segment Profit: | ||||||||||||||||||
Consumer | $ | 347.6 | $ | 347.2 | $ | 363.1 | ||||||||||||
Professional | 104.8 | 5.1 | — | |||||||||||||||
Total | $ | 452.4 | $ | 352.3 | $ | 363.1 | ||||||||||||
Reconciliation: | ||||||||||||||||||
Segment Profit | $ | 452.4 | $ | 352.3 | $ | 363.1 | ||||||||||||
Less: | ||||||||||||||||||
Unallocated corporate expenses | 77.2 | 68.6 | 65.4 | |||||||||||||||
Depreciation and amortization | 102.6 | 76.7 | 64.9 | |||||||||||||||
Non-cash stock compensation expense | 5.5 | 0.2 | 0.3 | |||||||||||||||
Non-recurring items: | ||||||||||||||||||
Restructuring and related charges | 22.6 | 4.5 | — | |||||||||||||||
Acquisition and integration costs | 6.4 | 25.4 | — | |||||||||||||||
Inventory purchase accounting adjustment, cost of sales | 2.6 | 8.5 | — | |||||||||||||||
Gain from insurance proceeds related to Venezuela fire | — | (26.4 | ) | — | ||||||||||||||
Accrual for clean-up costs related to destroyed facility in Venezuela | — | 7.6 | 24.1 | |||||||||||||||
Shareholder litigation recoveries | — | (1.8 | ) | 8.9 | ||||||||||||||
Operating Income | 235.5 | 189 | 199.5 | |||||||||||||||
Less: | ||||||||||||||||||
Interest Expense | 84.4 | 73.8 | 79.1 | |||||||||||||||
Interest Expense - Preferred Stock | — | 5 | 6.5 | |||||||||||||||
Amortization of debt issuance costs | 5.5 | 5.2 | 5.3 | |||||||||||||||
Loss on early extinguishment of debt | 2 | 29.7 | — | |||||||||||||||
Foreign currency losses (gains), net | 25 | 3.7 | 2.8 | |||||||||||||||
Miscellaneous, net | 1.2 | 1 | 0.9 | |||||||||||||||
Income from continuing operations before income taxes | $ | 117.4 | $ | 70.6 | $ | 104.9 | ||||||||||||
(a) Consumer segment net sales and segment profit include the results of retail brands acquired in the Colomer Acquisition, which had previously been included in the Professional segment. | ||||||||||||||||||
Schedule of Net Sales and Long-Lived Assets by Geographic Area | In the tables below, certain prior year amounts have been reclassified to conform to the current period’s presentation. | |||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Geographic area: | ||||||||||||||||||
Net sales: | ||||||||||||||||||
United States | $ | 1,021.90 | 53% | $ | 832.8 | 56% | $ | 799.8 | 57% | |||||||||
Outside of the United States | 919.1 | 47% | 661.9 | 44% | 596.6 | 43% | ||||||||||||
$ | 1,941.00 | $ | 1,494.70 | $ | 1,396.40 | |||||||||||||
December 31, | December 31, | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Long-lived assets, net: | ||||||||||||||||||
United States | $ | 845.5 | 76% | $ | 837 | 73% | ||||||||||||
Outside of the United States | 271.7 | 24% | 315.1 | 27% | ||||||||||||||
$ | 1,117.20 | $ | 1,152.10 | |||||||||||||||
Schedule of Net Sales by Classes of Similar Products | ||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Classes of similar products: | ||||||||||||||||||
Net sales: | ||||||||||||||||||
Color cosmetics | $ | 1,032.40 | 53% | $ | 926.4 | 62% | $ | 913 | 65% | |||||||||
Hair care | 545 | 28% | 263.9 | 18% | 191.1 | 14% | ||||||||||||
Beauty care and fragrance | 363.6 | 19% | 304.4 | 20% | 292.3 | 21% | ||||||||||||
$ | 1,941.00 | $ | 1,494.70 | $ | 1,396.40 | |||||||||||||
BASIC_AND_DILUTED_EARNINGS_LOS1
BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share, Basic and Diluted [Abstract] | ||||||||||||
Components of Basic and Diluted Earnings Per Share | The components of basic and diluted earnings per common share for each of 2014, 2013 and 2012 are as follows: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Income from continuing operations, net of taxes | $ | 39.6 | $ | 24.6 | $ | 61.2 | ||||||
Income (loss) from discontinued operations, net of taxes | 1.3 | (30.4 | ) | (10.1 | ) | |||||||
Net income | $ | 40.9 | $ | (5.8 | ) | $ | 51.1 | |||||
Denominator: | ||||||||||||
Weighted average common shares outstanding – Basic | 52,359,897 | 52,356,798 | 52,348,636 | |||||||||
Effect of dilutive restricted stock | 64,042 | 931 | 8,246 | |||||||||
Weighted average common shares outstanding – Diluted | 52,423,939 | 52,357,729 | 52,356,882 | |||||||||
Basic earnings (loss) per common share: | ||||||||||||
Continuing operations | $ | 0.76 | $ | 0.47 | $ | 1.17 | ||||||
Discontinued operations | 0.02 | (0.58 | ) | (0.19 | ) | |||||||
Net income | $ | 0.78 | $ | (0.11 | ) | $ | 0.98 | |||||
Diluted earnings (loss) per common share: | ||||||||||||
Continuing operations | $ | 0.76 | $ | 0.47 | $ | 1.17 | ||||||
Discontinued operations | 0.02 | (0.58 | ) | (0.19 | ) | |||||||
Net income | $ | 0.78 | $ | (0.11 | ) | $ | 0.98 | |||||
QUARTERLY_RESULTS_OF_OPERATION1
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | The following is a summary of the Company’s unaudited quarterly results of operations for each of 2014 and 2013: | |||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||||
Net sales | $ | 469.8 | $ | 497.9 | $ | 472.3 | $ | 501 | ||||||||
Gross profit | 306.3 | 330.7 | 307.7 | 328 | ||||||||||||
Income from continuing operations, net of taxes(a) (b) | 8.7 | 14.4 | 14.2 | 2.3 | ||||||||||||
(Loss) income from discontinued operations, net of taxes(c) | (3.2 | ) | 3.7 | 0.4 | 0.4 | |||||||||||
Net income(a)(b) | 5.5 | 18.1 | 14.6 | 2.7 | ||||||||||||
*Basic income (loss) per common share(a)(b)(c): | ||||||||||||||||
Continuing operations | 0.17 | 0.27 | 0.27 | 0.04 | ||||||||||||
Discontinued operations | (0.06 | ) | 0.07 | 0.01 | 0.01 | |||||||||||
Net income (loss) | $ | 0.11 | $ | 0.34 | $ | 0.28 | $ | 0.05 | ||||||||
*Diluted income (loss) per common share(a)(b)(c): | ||||||||||||||||
Continuing operations | 0.17 | 0.27 | 0.27 | 0.04 | ||||||||||||
Discontinued operations | (0.06 | ) | 0.07 | 0.01 | 0.01 | |||||||||||
Net income (loss) | $ | 0.11 | $ | 0.34 | $ | 0.28 | $ | 0.05 | ||||||||
Year Ended December 31, 2013 | ||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | |||||||||||||
Net sales | $ | 325.9 | $ | 344.7 | $ | 333.1 | $ | 491 | ||||||||
Gross profit | 211.5 | 222.1 | 212 | 304 | ||||||||||||
(Loss) income from continuing operations, net of taxes(d)(e)(f) | (4.5 | ) | 27.1 | 11 | (9.0 | ) | ||||||||||
Loss from discontinued operations, net of taxes | (2.4 | ) | (2.4 | ) | (1.5 | ) | (24.1 | ) | ||||||||
Net (loss) income (d)(e)(f) | (6.9 | ) | 24.7 | 9.5 | (33.1 | ) | ||||||||||
*Basic (loss) income per common share(d)(e)(f): | ||||||||||||||||
Continuing operations | (0.08 | ) | 0.52 | 0.21 | (0.17 | ) | ||||||||||
Discontinued operations | (0.05 | ) | (0.05 | ) | (0.03 | ) | (0.46 | ) | ||||||||
Net (loss) income | $ | (0.13 | ) | $ | 0.47 | $ | 0.18 | $ | (0.63 | ) | ||||||
*Diluted (loss) income per common share(d)(e)(f): | ||||||||||||||||
Continuing operations | (0.08 | ) | 0.52 | 0.21 | (0.17 | ) | ||||||||||
Discontinued operations | (0.05 | ) | (0.05 | ) | (0.03 | ) | (0.46 | ) | ||||||||
Net (loss) income | $ | (0.13 | ) | $ | 0.47 | $ | 0.18 | $ | (0.63 | ) | ||||||
(*) | The sum of the quarterly earnings per share amounts does not equal the annual amount reported since per share amounts are computed independently for each quarter and for the full year based upon the respective weighted-average common shares outstanding and other dilutive potential common shares for each respective period. | |||||||||||||||
(a) | Income from continuing operations, net income and basic and diluted income per share for the first quarter of 2014 were unfavorably impacted by restructuring charges of $13.5 million related to the Integration Program, as well as $3.8 million of acquisition and integration costs related to the Colomer Acquisition (See Note 2, "Business Combinations," and Note 3, “Restructuring Charges”). Additionally, in the first quarter of 2014, the Company incurred a $1.9 million aggregate loss on early extinguishment of debt due to the February 2014 Term Loan Amendment. (See Note 11, “Long-Term Debt”). | |||||||||||||||
(b) | Income from continuing operations, net income and basic and diluted income per share for the second and third quarter of 2014 were unfavorably impacted by foreign currency losses, net, of $7.2 million and $9.3 million, respectively, related to the required re-measurement of Revlon Venezuela's monetary assets and liabilities at June 30, 2014, and the results of unfavorable impacts of the revaluation of certain U.S. Dollar denominated intercompany payables during the third quarter of 2014. (See Note 1, "Description of Business and Summary of Significant Accounting Policies - Foreign Currency Translation" for further discussion on Venezuela currency restrictions and related devaluation). | |||||||||||||||
(c) | (Loss) income from discontinued operations includes the results of the Company's China operations (See Note 4, "Discontinued Operations"). | |||||||||||||||
(d) | (Loss) income from continuing operations, net (loss) and basic and diluted (loss) per share for the first quarter of 2013 were unfavorably impacted by a $27.9 million aggregate loss on early extinguishment of debt due to the 2013 Senior Notes Refinancing and the February 2013 Term Loan Amendments. (See Note 11, “Long-Term Debt”). | |||||||||||||||
(e) | (Loss) income from continuing operations, net (loss) income and basic and diluted (loss) income per share for the first quarter of 2013 and the second quarter of 2013 were favorably impacted by an $8.3 million and an $18.1 million, respectively, gain from insurance proceeds due to the settlement of the Company's claims for the loss of inventory, business interruption and property losses as a result of the fire at the Company's Venezuela facility. | |||||||||||||||
(f) | (Loss) from continuing operations, net (loss) and basic and diluted (loss) per share for the fourth quarter of 2013 were unfavorably impacted by $19.1 million of acquisition and integration costs related to the Colomer Acquisition. Additionally, the Company incurred $21.4 million of restructuring and related charges in the fourth quarter of 2013 related to the December 2013 Program, of which $20.0 million relates to the Company's exit of its business operations in China which was recorded in loss from discontinued operations, net of taxes. |
Summary_of_Significant_Account
- Summary of Significant Accounting Policies (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 13, 2013 | Jun. 30, 2011 | |
segment | ||||||||
Customer | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Number of operating segment (segment) | 2 | |||||||
Public Company Holding Expenses | $9.80 | $8.10 | $19.30 | |||||
Deferred income taxes – noncurrent | 53.1 | 65.7 | [1] | |||||
Other long-term liabilities | 90 | 80.1 | [1] | |||||
Cash Equivalents, at Carrying Value | 6.3 | 1.2 | ||||||
Outstanding Checks | 2.2 | 6.4 | ||||||
Entity Wide Revenue Major Customer Number | 3 | |||||||
Entity Wide Account Receivables Major Customer Percentage | 31.00% | 30.00% | ||||||
Property, Plant and Equipment, Net | 212 | 195.9 | [1] | |||||
Depreciation and amortization | 102.6 | 76.7 | 64.9 | |||||
Unamortized Debt Issuance Expense | 26.9 | 32.5 | ||||||
Impairment of Long-Lived Assets Held-for-use | 5.9 | |||||||
Advertising Expense | 383.2 | 278.5 | 252.6 | |||||
Shipping, Handling and Transportation Costs | 84.9 | 66.5 | 61.1 | |||||
Research and Development Expense | 31.6 | 26.9 | 24.2 | |||||
Foreign currency loss from Venezuela re-measurement | 6 | 0.6 | 6 | 0.6 | 0 | |||
Revlon Venezuela1 | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Foreign Currency Exchange Rate, Translation | 6.3 | 5.5 | ||||||
Revlon Venezuela | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Foreign Currency Exchange Rate, Translation | 53 | |||||||
Previously Reported | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Deferred income taxes – noncurrent | 179.6 | [1] | ||||||
Other long-term liabilities | 194 | [1] | ||||||
Consumer Segment | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Decrease In Net Sales From Devaluation | 16.2 | |||||||
Decrease In Operating Income From Devaluation | 8.4 | |||||||
Short-term Debt [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Bank Overdrafts | 3.4 | |||||||
Cash and Cash Equivalents [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Restricted Cash and Cash Equivalents | 3.4 | |||||||
Wall Display [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, Plant and Equipment, Net | 63.3 | 62.7 | ||||||
Depreciation and amortization | $42.50 | $39.20 | $36 | |||||
Minimum | Land Improvements [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 20 years | |||||||
Minimum | Building [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 5 years | |||||||
Minimum | Machinery and Equipment [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||||
Minimum | Furniture and Fixtures [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||||
Minimum | Computer Software, Intangible Asset [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 2 years | |||||||
Minimum | Wall Display [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 1 year | |||||||
Maximum | Land Improvements [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 30 years | |||||||
Maximum | Building [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 50 years | |||||||
Maximum | Machinery and Equipment [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 15 years | |||||||
Maximum | Furniture and Fixtures [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 15 years | |||||||
Maximum | Computer Software, Intangible Asset [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 5 years | |||||||
Maximum | Wall Display [Member] | ||||||||
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 5 years | |||||||
[1] | During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details. |
BUSINESS_COMBINATION_Schedule_
BUSINESS COMBINATION - Schedule of Acquisition and Integration Costs (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||||
Total acquisition and integration costs | $6.40 | $25.40 | $0 | ||
The Colomer Group Participations, S.L. | |||||
Business Acquisition [Line Items] | |||||
Acquisition costs | 0.5 | 12.9 | |||
Integration costs | 5.9 | 12.5 | |||
Total acquisition and integration costs | $6.40 | $25.40 | $3.80 | $19.10 |
BUSINESS_COMBINATION_Schedule_1
BUSINESS COMBINATION - Schedule of Net Asset Acquired (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Oct. 09, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Assets [Abstract] | ||||||
Goodwill | 464.1 | 472.3 | [1] | $217.80 | ||
The Colomer Group Participations, S.L. | ||||||
Assets [Abstract] | ||||||
Cash and cash equivalents | 36.9 | |||||
Trade receivables | 83.9 | |||||
Inventories | 75.1 | |||||
Prepaid expenses and other | 31.3 | |||||
Property, plant and equipment | 96.7 | |||||
Intangible assets | 298.1 | [2] | ||||
Goodwill | 253.3 | [2],[3] | ||||
Deferred tax asset - non-current | 53.1 | |||||
Other assets | 5.8 | [3] | ||||
Total assets acquired | 934.2 | |||||
Liabilities [Abstract] | ||||||
Accounts payable | 48 | |||||
Accrued expenses and other | 65.6 | |||||
Long-term debt | 0.9 | |||||
Long-term pension and other benefit plan liabilities | 4.5 | |||||
Deferred tax liability | 125.4 | [2] | ||||
Other long-term liabilities | 25.3 | [3] | ||||
Total liabilities acquired | 269.7 | |||||
Total consideration | 664.5 | |||||
Amounts Previously Recognized as of October 9, 2013 (Provisional) | ||||||
Assets [Abstract] | ||||||
Goodwill | 474.7 | [4] | ||||
Amounts Previously Recognized as of October 9, 2013 (Provisional) | The Colomer Group Participations, S.L. | ||||||
Assets [Abstract] | ||||||
Cash and cash equivalents | 36.9 | [5] | ||||
Trade receivables | 83.9 | [5] | ||||
Inventories | 75.1 | [5] | ||||
Prepaid expenses and other | 31.3 | [5] | ||||
Property, plant and equipment | 96.7 | [5] | ||||
Intangible assets | 292.7 | [2],[5] | ||||
Goodwill | 255.7 | [2],[3],[5] | ||||
Deferred tax asset - non-current | 53.1 | [5] | ||||
Other assets | 1.9 | [3],[5] | ||||
Total assets acquired | 927.3 | [5] | ||||
Liabilities [Abstract] | ||||||
Accounts payable | 48 | [5] | ||||
Accrued expenses and other | 65.6 | [5] | ||||
Long-term debt | 0.9 | [5] | ||||
Long-term pension and other benefit plan liabilities | 4.5 | [5] | ||||
Deferred tax liability | 123.3 | [2],[5] | ||||
Other long-term liabilities | 20.5 | [3],[5] | ||||
Total liabilities acquired | 262.8 | [5] | ||||
Total consideration | 664.5 | [5] | ||||
Measurement Period Adjustments | The Colomer Group Participations, S.L. | ||||||
Assets [Abstract] | ||||||
Cash and cash equivalents | 0 | |||||
Trade receivables | 0 | |||||
Inventories | 0 | |||||
Prepaid expenses and other | 0 | |||||
Property, plant and equipment | 0 | |||||
Intangible assets | 5.4 | [2] | ||||
Goodwill | -2.4 | [2],[3] | ||||
Deferred tax asset - non-current | 0 | |||||
Other assets | 3.9 | [3] | ||||
Total assets acquired | 6.9 | |||||
Liabilities [Abstract] | ||||||
Accounts payable | 0 | |||||
Accrued expenses and other | 0 | |||||
Long-term debt | 0 | |||||
Long-term pension and other benefit plan liabilities | 0 | |||||
Deferred tax liability | 2.1 | [2] | ||||
Other long-term liabilities | 4.8 | [3] | ||||
Total liabilities acquired | 6.9 | |||||
Total consideration | 0 | |||||
Net impact of measurement period adjustment related to purchase intangible asset on goodwill | -3.3 | |||||
Net impact of measurement period adjustment related to taxes on goodwill | $0.90 | |||||
Customer Relationships [Member] | ||||||
Liabilities [Abstract] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 17 years | 16 years | ||||
Customer Relationships [Member] | The Colomer Group Participations, S.L. | ||||||
Liabilities [Abstract] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 20 years | |||||
Customer Relationships [Member] | Amounts Previously Recognized as of October 9, 2013 (Provisional) | The Colomer Group Participations, S.L. | ||||||
Liabilities [Abstract] | ||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | |||||
[1] | During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details. | |||||
[2] | The Measurement Period Adjustments to intangible assets, deferred tax liability and goodwill in the first quarter of 2014 related to a change in assumptions used to calculate the fair value of an acquired customer relationship intangible asset, which increased the intangible asset by $5.4 million and extended the life of the asset from 10 to 20 years, increased deferred tax liabilities by $2.1 million, and resulted in a net decrease to goodwill of $3.3 million. | |||||
[3] | The Company recorded a $3.9 million income tax adjustment to the beginning tax balance within other assets and a $4.8 million adjustment to other long-term liabilities, resulting in a net increase to goodwill of $0.9 million. | |||||
[4] | As previously reported in Revlon, Inc.'s 2013 Form 10-K. | |||||
[5] | As previously reported in Revlon, Inc.'s 2013 Annual Report on Form 10-K |
BUSINESS_COMBINATION_Schedule_2
BUSINESS COMBINATION - Schedule of Intangible Assets Acquired by Major Asset Category (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 09, 2013 |
The Colomer Group Participations, S.L. | |||
Business Acquisition [Line Items] | |||
Purchased Intangible Assets | $298.10 | ||
Trade Names | The Colomer Group Participations, S.L. | |||
Business Acquisition [Line Items] | |||
Purchased Intangible Assets | 109.4 | ||
Customer relationships | |||
Business Acquisition [Line Items] | |||
Weighted Average Useful Life (in years) | 17 years | 16 years | |
Customer relationships | The Colomer Group Participations, S.L. | |||
Business Acquisition [Line Items] | |||
Purchased Intangible Assets | 62.4 | ||
Weighted Average Useful Life (in years) | 20 years | ||
Licenses | The Colomer Group Participations, S.L. | |||
Business Acquisition [Line Items] | |||
Purchased Intangible Assets | 4.1 | ||
Weighted Average Useful Life (in years) | 10 years | ||
Internally developed IP | The Colomer Group Participations, S.L. | |||
Business Acquisition [Line Items] | |||
Purchased Intangible Assets | 13.6 | ||
Weighted Average Useful Life (in years) | 10 years | ||
Minimum | Trade Names | The Colomer Group Participations, S.L. | |||
Business Acquisition [Line Items] | |||
Weighted Average Useful Life (in years) | 5 years | ||
Minimum | Customer relationships | The Colomer Group Participations, S.L. | |||
Business Acquisition [Line Items] | |||
Weighted Average Useful Life (in years) | 15 years | ||
Maximum | Trade Names | The Colomer Group Participations, S.L. | |||
Business Acquisition [Line Items] | |||
Weighted Average Useful Life (in years) | 20 years | ||
Maximum | Customer relationships | The Colomer Group Participations, S.L. | |||
Business Acquisition [Line Items] | |||
Weighted Average Useful Life (in years) | 20 years | ||
Trade Names | The Colomer Group Participations, S.L. | |||
Business Acquisition [Line Items] | |||
Indefinite-lived intangible assets | $108.60 |
BUSINESS_COMBINATION_Pro_Forma
BUSINESS COMBINATION - Pro Forma Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||||
Cost of sales | $668.30 | $545.10 | $493.80 | ||
Depreciation and amortization | 102.6 | 76.7 | 64.9 | ||
Acquisition and integration costs | 6.4 | 25.4 | 0 | ||
The Colomer Group Participations, S.L. | |||||
Business Acquisition [Line Items] | |||||
Net sales | 1,908.90 | 1,911.60 | |||
Income from continuing operations, before income taxes | 125.2 | 106 | |||
Acquisition and integration costs | 3.8 | 19.1 | 6.4 | 25.4 | |
Fair Value Adjustment to Inventory [Member] | The Colomer Group Participations, S.L. | |||||
Business Acquisition [Line Items] | |||||
Cost of sales | 8.5 | 11.1 | |||
Fair Value Adjustment to Property, Plant and Equipment and Intangible Assets [Member] | The Colomer Group Participations, S.L. | |||||
Business Acquisition [Line Items] | |||||
Depreciation and amortization | 14.3 | 19.2 | |||
Fair Value Adjustment to Goodwill [Member] | The Colomer Group Participations, S.L. | |||||
Business Acquisition [Line Items] | |||||
Goodwill, Impairment Loss | 9 | 5.3 | |||
Acquisition-related Costs [Member] | The Colomer Group Participations, S.L. | |||||
Business Acquisition [Line Items] | |||||
Acquisition and integration costs | 25.8 | 0.8 | |||
Debt [Member] | The Colomer Group Participations, S.L. | |||||
Business Acquisition [Line Items] | |||||
Debt Facility Fees | 3.6 | ||||
Interest Expense and Debt Issuance Cost | $19.40 | $24.40 |
BUSINESS_COMBINATION_Additiona
BUSINESS COMBINATION - Additional Information (Detail) (The Colomer Group Participations, S.L., USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Oct. 09, 2013 |
The Colomer Group Participations, S.L. | |
Business Acquisition [Line Items] | |
Effective date of acquisition | 9-Oct-13 |
Total consideration | $664.50 |
RESTRUCTURING_CHARGES_Restruct
RESTRUCTURING CHARGES - Restructuring and Related Charges (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Charges incurred through December 31, 2014 | $21.30 | $3.50 | $20.50 | |||
Integration Program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges incurred through December 31, 2014 | 20.1 | |||||
Total expected charges | 25 | |||||
Integration Program | Total Restructuring Charges | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges incurred through December 31, 2014 | 18.9 | |||||
Total expected charges | 21 | |||||
Integration Program | Inventory Write-offs and Other Manufacturing-Related Costs | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges incurred through December 31, 2014 | 0.6 | [1] | ||||
Total expected charges | 2 | [1] | ||||
Integration Program | Other Charges | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges incurred through December 31, 2014 | 0.6 | [2] | ||||
Total expected charges | 2 | [2] | ||||
December 2013 Program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges incurred through December 31, 2014 | -2.5 | [3] | 21.4 | 13.5 | 21.4 | |
Cumulative charges incurred through December 31, 2014 | 18.9 | |||||
Total expected charges | 18.9 | |||||
December 2013 Program | Total Restructuring Charges | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges incurred through December 31, 2014 | -0.7 | [3] | 9.6 | |||
Cumulative charges incurred through December 31, 2014 | 8.9 | |||||
Total expected charges | 8.9 | |||||
December 2013 Program | Allowances and Returns | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges incurred through December 31, 2014 | -0.9 | [3] | 7.4 | |||
Cumulative charges incurred through December 31, 2014 | 6.5 | |||||
Total expected charges | 6.5 | |||||
December 2013 Program | Inventory Write-offs and Other Manufacturing-Related Costs | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges incurred through December 31, 2014 | -0.9 | [3] | 4 | |||
Cumulative charges incurred through December 31, 2014 | 3.1 | |||||
Total expected charges | 3.1 | |||||
December 2013 Program | Other Charges | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges incurred through December 31, 2014 | 0 | [3] | 0.4 | |||
Cumulative charges incurred through December 31, 2014 | 0.4 | |||||
Total expected charges | 0.4 | |||||
Employee Severance and Other Personnel Benefits | Integration Program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges incurred through December 31, 2014 | 17.3 | |||||
Total expected charges | 18 | |||||
Employee Severance and Other Personnel Benefits | December 2013 Program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges incurred through December 31, 2014 | -0.5 | [3] | 9.1 | |||
Cumulative charges incurred through December 31, 2014 | 8.6 | |||||
Total expected charges | 8.6 | |||||
Other | Integration Program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges incurred through December 31, 2014 | 1.6 | |||||
Total expected charges | 3 | |||||
Other | December 2013 Program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges incurred through December 31, 2014 | -0.2 | [3] | 0.5 | |||
Cumulative charges incurred through December 31, 2014 | 0.3 | |||||
Total expected charges | 0.3 | |||||
Discontinued Operations | Operations in China | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges incurred through December 31, 2014 | 20 | |||||
Discontinued Operations | Operations in China | December 2013 Program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges incurred through December 31, 2014 | -2.3 | 20 | ||||
Continuing Operations | December 2013 Program | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Charges incurred through December 31, 2014 | ($0.20) | |||||
[1] | Inventory write-offs and other manufacturing-related costs are recorded within cost of sales within the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income. | |||||
[2] | Other charges are recorded within SG&A expenses within the Company’s Consolidated Statements of Operations and Comprehensive (Loss) Income. | |||||
[3] | (a)Â Of the $2.5 million adjustment for 2014 related to the December 2013 Program, $2.3 million relates to the Company's exit of its business operations in China which were recorded within income (loss) from discontinued operations, net of taxes. See Note 4, "Discontinued Operations," for further discussion. The remaining $0.2 million of such adjustment was recorded in restructuring charges and other, net within income from continuing operations, net of taxes. |
RESTRUCTURING_CHARGES_Related_
RESTRUCTURING CHARGES - Related Liability Balance and Activity for Restructuring Programs (Detail) (USD $) | 12 Months Ended | 3 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | ||
Restructuring Reserve [Roll Forward] | |||||||
Balance Beginning of Year | $13.70 | $19.20 | $13.70 | ||||
(Income) Expense, Net | 23.4 | 14.8 | |||||
Gain on sale of France facility | -2.5 | ||||||
Restructuring charges and other, net | -21.3 | -3.5 | -20.5 | ||||
Foreign Currency Translation | -0.5 | -0.1 | |||||
Cash utilized, net | -22.6 | -20.2 | |||||
Non-cash utilized, net | 0 | 0 | |||||
Balance End of Year | 14 | 13.7 | 19.2 | 13.7 | |||
Lease And Exit Costs | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Balance Beginning of Year | 0.3 | ||||||
Restructuring charges and other, net | 0 | ||||||
Foreign Currency Translation | 0 | ||||||
Cash utilized, net | -0.3 | ||||||
Non-cash utilized, net | 0 | ||||||
Balance End of Year | 0 | 0 | |||||
Integration Program | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring charges and other, net | -20.1 | ||||||
Cash utilized, net | -9.6 | ||||||
Integration Program | Employee Severance and Other Personnel Benefits | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Balance Beginning of Year | 0 | 0 | |||||
(Income) Expense, Net | 17.3 | ||||||
Restructuring charges and other, net | -17.3 | ||||||
Foreign Currency Translation | -0.1 | ||||||
Cash utilized, net | -7.6 | ||||||
Non-cash utilized, net | 0 | ||||||
Balance End of Year | 9.6 | ||||||
Integration Program | Other | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Balance Beginning of Year | 0 | 0 | |||||
(Income) Expense, Net | 1.6 | ||||||
Restructuring charges and other, net | -1.6 | ||||||
Foreign Currency Translation | 0 | ||||||
Cash utilized, net | -1.2 | ||||||
Non-cash utilized, net | -0.3 | ||||||
Balance End of Year | 0.1 | ||||||
December 2013 Program | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring charges and other, net | 2.5 | [1] | -21.4 | -13.5 | -21.4 | ||
Cash utilized, net | -15.5 | -0.1 | |||||
December 2013 Program | Employee Severance and Other Personnel Benefits | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Balance Beginning of Year | 9 | 0 | 9 | ||||
(Income) Expense, Net | -0.5 | 9.1 | |||||
Restructuring charges and other, net | 0.5 | [1] | -9.1 | ||||
Foreign Currency Translation | -0.2 | 0 | |||||
Cash utilized, net | -7.3 | -0.1 | |||||
Non-cash utilized, net | 0.2 | 0 | |||||
Balance End of Year | 1.2 | 9 | 9 | ||||
December 2013 Program | Other | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Balance Beginning of Year | 0.5 | 0 | 0.5 | ||||
(Income) Expense, Net | -0.2 | 0.5 | |||||
Restructuring charges and other, net | 0.2 | [1] | -0.5 | ||||
Foreign Currency Translation | 0 | 0 | |||||
Cash utilized, net | -0.3 | 0 | |||||
Non-cash utilized, net | 0 | 0 | |||||
Balance End of Year | 0 | 0.5 | 0.5 | ||||
2012 Restructuring Program | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Cash utilized, net | -4 | -17.3 | -3.8 | ||||
2012 Restructuring Program | Employee Severance and Other Personnel Benefits | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Balance Beginning of Year | 2.7 | 18 | 2.7 | ||||
(Income) Expense, Net | 0 | 2.9 | |||||
Foreign Currency Translation | -0.1 | -0.1 | |||||
Cash utilized, net | -2.5 | -18.1 | |||||
Non-cash utilized, net | 0.1 | 0 | |||||
Balance End of Year | 0.2 | 2.7 | 2.7 | ||||
2012 Restructuring Program | Other | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Balance Beginning of Year | 1.5 | 0.9 | 1.5 | ||||
(Income) Expense, Net | 0 | 2.3 | |||||
Foreign Currency Translation | 0 | 0 | |||||
Cash utilized, net | -1.5 | -1.7 | |||||
Non-cash utilized, net | 0 | 0 | |||||
Balance End of Year | 0 | 1.5 | 1.5 | ||||
2014 Other Immaterial Actions | Employee Severance and Other Personnel Benefits | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Balance Beginning of Year | 0 | 0 | |||||
(Income) Expense, Net | 5 | ||||||
Foreign Currency Translation | -0.1 | ||||||
Cash utilized, net | -2 | ||||||
Non-cash utilized, net | 0 | ||||||
Balance End of Year | 2.9 | ||||||
2014 Other Immaterial Actions | Other | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Balance Beginning of Year | 0 | 0 | |||||
(Income) Expense, Net | 0.2 | ||||||
Restructuring charges and other, net | -2.7 | ||||||
Foreign Currency Translation | 0 | ||||||
Cash utilized, net | -0.2 | ||||||
Non-cash utilized, net | 0 | ||||||
Balance End of Year | 0 | ||||||
2014 Other Immaterial Actions | Gain on Sale of Equipment | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring charges and other, net | -2.6 | ||||||
Discontinued Operations | Operations in China | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring charges and other, net | -20 | ||||||
Restructuring charges and other, net included in discontinued operations | 0.5 | [2] | -8.8 | [2] | |||
Discontinued Operations | Operations in China | December 2013 Program | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Restructuring charges and other, net | $2.30 | ($20) | |||||
[1] | (a)Â Of the $2.5 million adjustment for 2014 related to the December 2013 Program, $2.3 million relates to the Company's exit of its business operations in China which were recorded within income (loss) from discontinued operations, net of taxes. See Note 4, "Discontinued Operations," for further discussion. The remaining $0.2 million of such adjustment was recorded in restructuring charges and other, net within income from continuing operations, net of taxes. | ||||||
[2] | Refer to Note 4, "Discontinued Operations" for additional information regarding the Company's exit of its business operations in China. |
RESTRUCTURING_CHARGES_Addition
RESTRUCTURING CHARGES - Additional Information (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | |
job_position | job_position | |||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges and other, net | $21.30 | $3.50 | $20.50 | |||||
Payments for restructuring | 22.6 | 20.2 | ||||||
Restructuring reserve within accrued expenses and other | 13.7 | 13.7 | 13.7 | |||||
Accrued Expenses and Other | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring reserve within accrued expenses and other | 13.7 | |||||||
Other Long-term Liabilities | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring Reserve, Noncurrent | 0.3 | |||||||
Integration Program | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Total expected net charges | 25 | |||||||
Restructuring charges and other, net | 20.1 | |||||||
Total expected restructuring cash payments | 24 | |||||||
Payments for restructuring | 9.6 | |||||||
December 2013 Program | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Total expected net charges | 18.9 | |||||||
Restructuring charges and other, net | -2.5 | [1] | 21.4 | 13.5 | 21.4 | |||
Total expected restructuring cash payments | 17 | |||||||
Payments for restructuring | 15.5 | 0.1 | ||||||
Number of positions eliminated (job positions) | 1,100 | |||||||
Number of positions eliminated related to employees retained indirectly through a third party (job positions) | 940 | |||||||
Restructuring and related costs incurred to date | 18.9 | |||||||
2012 Restructuring Program | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges and other, net | 3.1 | 24.1 | ||||||
Restructuring and related costs incurred to date | 27.2 | 27.2 | ||||||
2012 Restructuring Program | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Total expected restructuring cash payments | 25.1 | |||||||
Payments for restructuring | 4 | 17.3 | 3.8 | |||||
Other | Integration Program | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Total expected net charges | 3 | |||||||
Restructuring charges and other, net | 1.6 | |||||||
Payments for restructuring | 1.2 | |||||||
Other | December 2013 Program | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Total expected net charges | 0.3 | |||||||
Restructuring charges and other, net | -0.2 | [1] | 0.5 | |||||
Payments for restructuring | 0.3 | 0 | ||||||
Restructuring and related costs incurred to date | 0.3 | |||||||
Other | 2012 Restructuring Program | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Payments for restructuring | 1.5 | 1.7 | ||||||
Other | 2014 Other Immaterial Actions | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges and other, net | 2.7 | |||||||
Payments for restructuring | 0.2 | |||||||
Employee Severance and Other Personnel Benefits | Integration Program | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Total expected net charges | 18 | |||||||
Restructuring charges and other, net | 17.3 | |||||||
Payments for restructuring | 7.6 | |||||||
Employee Severance and Other Personnel Benefits | December 2013 Program | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Total expected net charges | 8.6 | |||||||
Restructuring charges and other, net | -0.5 | [1] | 9.1 | |||||
Payments for restructuring | 7.3 | 0.1 | ||||||
Restructuring and related costs incurred to date | 8.6 | |||||||
Employee Severance and Other Personnel Benefits | 2012 Restructuring Program | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Payments for restructuring | 2.5 | 18.1 | ||||||
Employee Severance and Other Personnel Benefits | 2014 Other Immaterial Actions | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Payments for restructuring | 2 | |||||||
Restructuring charges prior to gain on sale of facility | 5.3 | |||||||
Gain on Sale of Equipment | 2014 Other Immaterial Actions | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges and other, net | 2.6 | |||||||
Maximum | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Capital expenditure and related non-restructuring costs | 50 | |||||||
Consumer Segment | Integration Program | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges and other, net | 10.2 | |||||||
Professional | Integration Program | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges and other, net | 9.9 | |||||||
The Colomer Group Participations, S.L. | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Integration related costs | 5.9 | 12.5 | ||||||
Expected Acquisition and integration expected related capital expenditures | 7 | |||||||
Acquisition and integration related capital expenditures | 4.4 | |||||||
Scenario, Forecast [Member] | Integration Program | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Payments for restructuring | 14.4 | |||||||
Scenario, Forecast [Member] | December 2013 Program | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Payments for restructuring | $1.40 | |||||||
[1] | (a)Â Of the $2.5 million adjustment for 2014 related to the December 2013 Program, $2.3 million relates to the Company's exit of its business operations in China which were recorded within income (loss) from discontinued operations, net of taxes. See Note 4, "Discontinued Operations," for further discussion. The remaining $0.2 million of such adjustment was recorded in restructuring charges and other, net within income from continuing operations, net of taxes. |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||
Income Statement Disclosures [Abstract] | |||||||||||||||||
Income (loss) from discontinued operations, net of taxes | $0.40 | [1] | $0.40 | [1] | $3.70 | [1] | ($3.20) | [1] | ($24.10) | ($1.50) | ($2.40) | ($2.40) | $1.30 | ($30.40) | ($10.10) | ||
Restructuring charges and other, net | 21.3 | 3.5 | 20.5 | ||||||||||||||
Operations in China | |||||||||||||||||
Income Statement Disclosures [Abstract] | |||||||||||||||||
Net sales | 2.6 | [2] | 13.8 | 29.7 | |||||||||||||
Income (loss) from discontinued operations, before taxes (b) | 1.5 | -30.8 | [3] | -10.5 | |||||||||||||
Benefit for income taxes | 0.2 | -0.4 | -0.4 | ||||||||||||||
Income (loss) from discontinued operations, net of taxes | 1.3 | -30.4 | -10.1 | ||||||||||||||
Balance Sheet Disclosures [Abstract] | |||||||||||||||||
Cash and cash equivalents | 2.4 | 0.9 | 2.4 | 0.9 | |||||||||||||
Trade receivables, net | 0.2 | 1.9 | 0.2 | 1.9 | |||||||||||||
Total current assets | 2.6 | 2.8 | 2.6 | 2.8 | |||||||||||||
Total assets | 2.6 | 2.8 | 2.6 | 2.8 | |||||||||||||
Accounts payable | 0.2 | 4.7 | 0.2 | 4.7 | |||||||||||||
Accrued expenses and other | 3.9 | 27.6 | 3.9 | 27.6 | |||||||||||||
Total current liabilities | 4.1 | 32.3 | 4.1 | 32.3 | |||||||||||||
Other long-term liabilities | 0 | 2.8 | 0 | 2.8 | |||||||||||||
Total liabilities | 4.1 | 35.1 | 4.1 | 35.1 | |||||||||||||
Discontinued Operations | Operations in China | |||||||||||||||||
Income Statement Disclosures [Abstract] | |||||||||||||||||
Restructuring charges and other, net | $20 | ||||||||||||||||
[1] | discontinued operations includes the results of the Company's China operations (See Note 4, "Discontinued Operations"). (d)Â (Loss) income fr | ||||||||||||||||
[2] | Net sales during 2014 include favorable adjustments to sales returns related to the Company's exit of its China operations. | ||||||||||||||||
[3] | Included in loss from discontinued operations, before taxes for 2013 is $20.0 million of restructuring and related charges related to the Company's exit of its business operations in China as part of the December 2013 Program. Refer to Note 3, "Restructuring Charges - December 2013 Program," for related disclosures |
Inventories_Components_of_Inve
Inventories - Components of Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Inventory Disclosure [Abstract] | |||
Raw materials and supplies | $47.20 | $50.80 | |
Work-in-process | 9 | 12.8 | |
Finished goods | 100.4 | 111.4 | |
Inventories | $156.60 | $175 | [1] |
[1] | During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details. |
PREPAID_EXPENSES_AND_OTHER_Det
PREPAID EXPENSES AND OTHER (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Prepaid expenses | $17.30 | $22.50 | |
Other | 27.3 | 38.9 | |
Prepaid expenses and other | $44.60 | $61.40 | [1] |
[1] | During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details. |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT AND EQUIPMENT (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $462.50 | $439 | ||
Accumulated depreciation | -250.5 | -243.1 | ||
Property, plant and equipment, net | 212 | 195.9 | [1] | |
Depreciation | 36.9 | 25.2 | 22.7 | |
Land and improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 11.7 | 12.9 | ||
Building and improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 83.9 | 86.6 | ||
Machinery, equipment and capital leases | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 198.7 | 193.5 | ||
Office furniture, fixtures and capitalized software | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 104.2 | 107 | ||
Leasehold improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | 28.1 | 16.5 | ||
Construction-in-progress | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, gross | $35.90 | $22.50 | ||
[1] | During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details. |
GOODWILL_AND_INTANGIBLE_ASSETS2
GOODWILL AND INTANGIBLE ASSETS, NET - Changes in Balance of Goodwill (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Goodwill [Roll Forward] | ||||
Beginning Balance | $472.30 | [1] | $217.80 | |
Goodwill acquired | 255.7 | |||
Foreign currency translation adjustment | -8.2 | 1.2 | ||
Ending Balance | 464.1 | 472.3 | [1] | |
Consumer | ||||
Goodwill [Roll Forward] | ||||
Beginning Balance | 217.9 | 217.8 | ||
Goodwill acquired | 0 | |||
Foreign currency translation adjustment | 0 | 0.1 | ||
Ending Balance | 217.9 | 217.9 | ||
Professional | ||||
Goodwill [Roll Forward] | ||||
Beginning Balance | 254.4 | 0 | ||
Goodwill acquired | 255.7 | |||
Foreign currency translation adjustment | -8.2 | 1.1 | ||
Ending Balance | 246.2 | 254.4 | ||
Before Measurement Period Adjustment | ||||
Goodwill [Roll Forward] | ||||
Ending Balance | 474.7 | [2] | ||
Before Measurement Period Adjustment | Consumer | ||||
Goodwill [Roll Forward] | ||||
Ending Balance | 217.9 | [2] | ||
Before Measurement Period Adjustment | Professional | ||||
Goodwill [Roll Forward] | ||||
Ending Balance | 256.8 | [2] | ||
Measurement Period Adjustment | ||||
Goodwill [Roll Forward] | ||||
Measurement Period Adjustments | -2.4 | |||
Measurement Period Adjustment | Consumer | ||||
Goodwill [Roll Forward] | ||||
Measurement Period Adjustments | 0 | |||
Measurement Period Adjustment | Professional | ||||
Goodwill [Roll Forward] | ||||
Measurement Period Adjustments | ($2.40) | |||
[1] | During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details. | |||
[2] | As previously reported in Revlon, Inc.'s 2013 Form 10-K. |
GOODWILL_AND_INTANGIBLE_ASSETS3
GOODWILL AND INTANGIBLE ASSETS, NET - Summary of Intangible Assets (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | $265.80 | $269.40 | ||
Accumulated Amortization | -39.3 | -19 | ||
Total | 226.5 | 250.4 | ||
Indefinite-lived intangible assets | 101.3 | 109.7 | ||
Total intangible assets, gross | 367.1 | 379.1 | ||
Intangible assets, net | 327.8 | 360.1 | [1] | |
Amortization of Intangible Assets | 21.3 | 10.4 | 4.6 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
2015 | 20.9 | |||
2016 | 20.7 | |||
2017 | 20.6 | |||
2018 | 19.6 | |||
2019 | 16.9 | |||
Thereafter | 127.8 | |||
Trademarks and Licenses | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | 140.5 | 142.1 | ||
Accumulated Amortization | -23.5 | -11 | ||
Total | 117 | 131.1 | ||
Weighted Average Useful Life (in years) | 14 years | 14 years | ||
Customer relationships | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | 109.1 | 111.5 | [2] | |
Accumulated Amortization | -13.4 | -6.7 | [2] | |
Total | 95.7 | 104.8 | [2] | |
Weighted Average Useful Life (in years) | 17 years | 16 years | ||
Patents and Internally-Developed IP | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Gross Carrying Amount | 16.2 | 15.8 | ||
Accumulated Amortization | -2.4 | -1.3 | ||
Total | 13.8 | 14.5 | ||
Weighted Average Useful Life (in years) | 10 years | 10 years | ||
Trade Names | ||||
Acquired Finite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived intangible assets | $101.30 | $109.70 | ||
[1] | During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details. | |||
[2] | (a) During the first quarter of 2014, the Company recorded Measurement Period Adjustments to customer relationships acquired in the Colomer Acquisition on October 9, 2013. Accordingly, 2013 has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details. |
Accrued_Expenses_and_Other_Com
Accrued Expenses and Other - Components of Accrued Expenses and Other (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Payables and Accruals [Abstract] | |||
Sales returns and allowances | $70.60 | $91.50 | |
Compensation and related benefits | 66.8 | 74.5 | |
Advertising and promotional costs | 44.9 | 42.9 | |
Taxes | 23.4 | 28.5 | |
Interest | 11 | 13.8 | |
Restructuring reserve | 13.7 | 13.7 | |
Other | 42.9 | 48.8 | |
Accrued expenses and other | $273.30 | $313.70 | [1] |
[1] | During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details. |
SHORT_TERM_BORROWINGS_Details
SHORT TERM BORROWINGS (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Millions, unless otherwise specified | |||
Short Term Debt Disclosure [Abstract] | |||
Short-term borrowings | $6.60 | $7.90 | [1] |
Short-term Debt, Weighted Average Interest Rate | 6.20% | 5.50% | |
[1] | During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details. |
LongTerm_Debt_Components_of_Lo
Long-Term Debt - Components of Long-Term Debt (Detail) (USD $) | 15 Months Ended | 2 Months Ended | 10 Months Ended | 12 Months Ended | 21 Months Ended | 22 Months Ended | 17 Months Ended | 26 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Feb. 25, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Feb. 21, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Aug. 13, 2013 | Dec. 31, 2013 | Oct. 09, 2013 | Feb. 26, 2014 | Feb. 20, 2013 | Dec. 24, 2013 | Feb. 08, 2013 | |
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $31.50 | $31.50 | $31.50 | $31.50 | 31.5 | ||||||||||
Total long-term debt, net of discounts | 1,863.90 | 1,863.90 | 1,863.90 | 1,863.90 | 1,863.90 | 1,927.70 | |||||||||
Less current portion | -31.5 | -31.5 | -31.5 | -31.5 | -31.5 | -65.4 | [1] | ||||||||
Long-term debt | 1,832.40 | 1,832.40 | 1,832.40 | 1,832.40 | 1,832.40 | 1,862.30 | [1] | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 7 | 7 | 7 | 7 | 7 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 669.8 | 669.8 | 669.8 | 669.8 | 669.8 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 7 | 7 | 7 | 7 | 7 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 653.1 | 653.1 | 653.1 | 653.1 | 653.1 | ||||||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 500.3 | 500.3 | 500.3 | 500.3 | 500.3 | ||||||||||
Aggregate principal amount outstanding | 1,868.70 | 1,868.70 | 1,868.70 | 1,868.70 | 1,868.70 | ||||||||||
Debt Instrument, Unamortized Discount | -4.8 | -4.8 | -4.8 | -4.8 | -4.8 | ||||||||||
Acquisition Term Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate (percent) | 3.00% | ||||||||||||||
Aggregate principal amount outstanding | 693 | 693 | 693 | 693 | 693 | 700 | |||||||||
2011 Term Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of Debt | 1.8 | ||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 | ||||||||||
Basis spread on alternative base rate (percent) | 2.00% | 2.00% | 1.50% | 2.50% | 2.00% | ||||||||||
Basis spread on variable rate (percent) | 3.00% | 2.50% | 3.50% | 3.00% | |||||||||||
Less current portion | -31.5 | -31.5 | -31.5 | -31.5 | -31.5 | ||||||||||
Aggregate principal amount outstanding | 675 | 675 | 675 | 675 | 675 | 675 | 675 | 788 | |||||||
Amended Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Revolving credit facility | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||
5 3/4% Senior Notes Due 2021 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Days to file registration statement | 150 days | ||||||||||||||
Senior Secured Notes, net of discounts | 500 | 500 | 500 | 500 | 500 | 500 | |||||||||
Aggregate principal amount outstanding | 500 | 500 | 500 | 500 | 500 | 500 | 500 | ||||||||
Amended and Restated Senior Subordinated Term Loan Due 2014 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Senior subordinated term loan | 0 | 0 | 0 | 0 | 0 | 58.4 | |||||||||
Spanish Government Loan Due 2025 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Other Long-term Debt | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | 0.9 | |||||||||
Amended Term Loan Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Reinvestment Right Period | 365 days | ||||||||||||||
Amended Term Loan Facility | Acquisition Term Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Other Long-term Debt | 691.6 | 691.6 | 691.6 | 691.6 | 691.6 | 698.3 | |||||||||
Amended Term Loan Facility | 2011 Term Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Other Long-term Debt | $671.60 | $671.60 | $671.60 | $671.60 | 671.6 | $670.10 | |||||||||
Less than $92,000,000 but greater than $46,000,000 [Member] | Amended Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on alternative base rate (percent) | 0.75% | ||||||||||||||
Basis spread on variable rate (percent) | 1.75% | ||||||||||||||
Less Than $46,000,000 [Member] | Amended Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on alternative base rate (percent) | 1.00% | ||||||||||||||
Basis spread on variable rate (percent) | 2.00% | ||||||||||||||
Greater than $92,000,000 [Member] | Amended Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on alternative base rate (percent) | 0.50% | ||||||||||||||
Basis spread on variable rate (percent) | 1.50% | ||||||||||||||
Debt Instrument, Redemption, Period Three [Member] | 5 3/4% Senior Notes Due 2021 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Redemption Price, Percentage | 101.44% | ||||||||||||||
Debt Instrument, Redemption, Period Four [Member] | 5 3/4% Senior Notes Due 2021 | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||||||
Minimum | 2011 Term Loan | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on alternative base rate (percent) | 2.25% | 2.00% | |||||||||||||
Basis spread on variable rate (percent) | 1.25% | 1.00% | |||||||||||||
Minimum | Amended Revolving Credit Facility | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate (percent) | 1.50% | 2.00% | |||||||||||||
[1] | During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details. |
LongTerm_Debt_Components_of_Lo1
Long-Term Debt - Components of Long-Term Debt (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Feb. 26, 2014 | Feb. 21, 2013 | Feb. 20, 2013 | Oct. 09, 2013 | Dec. 22, 2013 | Dec. 24, 2013 | Feb. 08, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount outstanding | $1,868.70 | ||||||||
2011 Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount outstanding | 675 | 675 | 675 | 788 | |||||
Acquisition Term Loan | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount outstanding | 693 | 700 | |||||||
Amended Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowings available under credit facility | 175 | 140 | |||||||
5 3/4% Senior Notes Due 2021 | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate principal amount outstanding | 500 | 500 | 500 | ||||||
Stated interest rate (percent) | 5.75% | ||||||||
Amended and Restated Senior Subordinated Term Loan Due 2014 | |||||||||
Debt Instrument [Line Items] | |||||||||
Senior subordinated term loan | $0 | $58.40 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 17 Months Ended | 0 Months Ended | 15 Months Ended | 26 Months Ended | 0 Months Ended | 2 Months Ended | 10 Months Ended | 21 Months Ended | 22 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||||||
In Millions, except Share data, unless otherwise specified | Jul. 31, 2008 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Oct. 09, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Aug. 13, 2013 | Feb. 08, 2013 | Feb. 10, 2013 | Feb. 21, 2013 | Feb. 25, 2014 | Feb. 27, 2014 | Dec. 31, 2014 | Feb. 21, 2013 | Dec. 31, 2014 | Jan. 31, 2008 | Apr. 10, 2015 | Oct. 08, 2013 | Oct. 31, 2009 | Dec. 22, 2013 | Dec. 24, 2013 | Sep. 06, 2013 | Feb. 26, 2014 | Feb. 20, 2013 | Sep. 30, 2008 | |
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Aggregate Amount Of Other Restricted Payments | $35 | |||||||||||||||||||||||||||||
Current portion of long-term debt | 31.5 | 65.4 | [1] | 31.5 | 31.5 | 31.5 | 31.5 | 31.5 | ||||||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 31.5 | 31.5 | 31.5 | 31.5 | 31.5 | 31.5 | ||||||||||||||||||||||||
Short-term borrowings | 6.6 | 7.9 | [1] | 6.6 | 6.6 | 6.6 | 6.6 | 6.6 | ||||||||||||||||||||||
Aggregate principal amount outstanding | 1,868.70 | 1,868.70 | 1,868.70 | 1,868.70 | 1,868.70 | 1,868.70 | ||||||||||||||||||||||||
Proceeds from Divestiture of Businesses | 63 | |||||||||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $0.01 | |||||||||||||||||||||||||||||
Common Stock, Shares, Issued | 9,336,905 | |||||||||||||||||||||||||||||
Contributed Loan | 47.9 | |||||||||||||||||||||||||||||
Preferred Stock, Redemption Amount | 48.6 | |||||||||||||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $5.21 | |||||||||||||||||||||||||||||
Loss on early extinguishment of debt | 1.9 | 27.9 | 2 | 29.7 | 0 | |||||||||||||||||||||||||
Standby and trade letters of credit for various corporate purposes | 9 | 9.9 | 9 | 9 | 9 | 9 | 9 | |||||||||||||||||||||||
Percentage Of Voting Capital Stock | 66.00% | |||||||||||||||||||||||||||||
Percentage Of Non Voting Capital Stock | 100.00% | |||||||||||||||||||||||||||||
Maximum Amount Of Restricted Payments To Affiliates | 10 | |||||||||||||||||||||||||||||
Maximum Consideration For Affiliate Transactions | 10 | |||||||||||||||||||||||||||||
Maximum Aggregate Payments Related To Affiliates | 20 | |||||||||||||||||||||||||||||
Aggregate Principal Amount Default | 50 | 50 | 50 | 50 | 50 | 50 | ||||||||||||||||||||||||
Capital Stock Ownership | 100.00% | |||||||||||||||||||||||||||||
Voting Power Ownership Percentage | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% | ||||||||||||||||||||||||
Acquisition Term Loan | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Aggregate principal amount outstanding | 693 | 693 | 700 | 693 | 693 | 693 | 693 | |||||||||||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | 698.3 | |||||||||||||||||||||||||||||
Basis spread on variable rate (percent) | 3.00% | |||||||||||||||||||||||||||||
Variable rate floor (percent) | 1.00% | |||||||||||||||||||||||||||||
Floor on alternate base rate (percent) | 2.00% | |||||||||||||||||||||||||||||
Repayments of Long-term Debt | 7 | 0 | 0 | |||||||||||||||||||||||||||
debt repayment percentage | 0.25% | |||||||||||||||||||||||||||||
Amended Revolving Credit Facility | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Maximum borrowings available under credit facility | 175 | 175 | 175 | 175 | 175 | 175 | 140 | |||||||||||||||||||||||
Line of Credit Facility, Current Borrowing Capacity | 175 | 175 | 175 | 175 | 175 | 175 | ||||||||||||||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | 0.38% | ||||||||||||||||||||||||||||
Foreign Lenders Fronting Fee | 0.25% | |||||||||||||||||||||||||||||
Foreign Lenders Administrative Fee | 0.25% | |||||||||||||||||||||||||||||
Letter Of Credit Fronting Fee | 0.25% | |||||||||||||||||||||||||||||
Line Of Credit Facility Additional Borrowing Capacity | 100 | 100 | 100 | 100 | 100 | 100 | ||||||||||||||||||||||||
Debt Covenant Line Of Credit Facility Amount Outstanding Threshold | 20 | 20 | 20 | 20 | 20 | 20 | ||||||||||||||||||||||||
Term Of Business Days | 30 days | |||||||||||||||||||||||||||||
Consolidated Fixed Charge Coverage Ratio | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||
Debt Covenant, Number of Consecutive Days with Line of Credit Facility Amount Outstanding Under Threshold | 2 days | |||||||||||||||||||||||||||||
Extended Maturity Date, Number of Days Prior to the Earliest Maturity Date of any Term Loans Outstanding | 90 days | |||||||||||||||||||||||||||||
Standby and trade letters of credit for various corporate purposes | 9 | 9 | 9 | 9 | 9 | 9 | ||||||||||||||||||||||||
Revolving credit facility | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Remaining borrowing capacity | 166 | 166 | 166 | 166 | 166 | 166 | ||||||||||||||||||||||||
5 3/4% Senior Notes Due 2021 | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Aggregate principal amount outstanding | 500 | 500 | 500 | 500 | 500 | 500 | 500 | 500 | ||||||||||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | 491.2 | |||||||||||||||||||||||||||||
Debt issuance cost | 28 | |||||||||||||||||||||||||||||
Maximum redemption | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% | ||||||||||||||||||||||||
Change of control percentage repurchase | 101.00% | 101.00% | 101.00% | 101.00% | 101.00% | 101.00% | ||||||||||||||||||||||||
Days to file registration statement | 150 days | |||||||||||||||||||||||||||||
Days for registration to become effective | 210 days | |||||||||||||||||||||||||||||
Days to affect an exchange offer | 270 days | |||||||||||||||||||||||||||||
Days following failure | 90 days | |||||||||||||||||||||||||||||
Additional Interest | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | ||||||||||||||||||||||||
Additional interest after 90 days | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | ||||||||||||||||||||||||
Subsequent failure period | 90 days | |||||||||||||||||||||||||||||
Maximum additional interest | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% | ||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 5.75% | 6.25% | 5.75% | ||||||||||||||||||||||
Additional interest under Registration Rights Agreement | 0.4 | |||||||||||||||||||||||||||||
Financing Costs | 19.4 | |||||||||||||||||||||||||||||
9 3/4% Senior Secured Notes Due 2015 | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Repayments of Long-term Debt | 0 | 330 | 0 | 330 | ||||||||||||||||||||||||||
Debt Instrument Accrued Interest | 8.6 | |||||||||||||||||||||||||||||
2011 Term Loan | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Current portion of long-term debt | 31.5 | 31.5 | 31.5 | 31.5 | 31.5 | 31.5 | ||||||||||||||||||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 | 1.7 | ||||||||||||||||||||||||
Aggregate principal amount outstanding | 675 | 675 | 675 | 675 | 675 | 675 | 675 | 675 | 675 | 788 | ||||||||||||||||||||
Basis spread on variable rate (percent) | 3.00% | 2.50% | 3.50% | 3.00% | ||||||||||||||||||||||||||
Variable rate floor (percent) | 1.00% | 0.75% | ||||||||||||||||||||||||||||
Basis spread on alternative base rate (percent) | 2.00% | 2.00% | 1.50% | 2.50% | 2.00% | |||||||||||||||||||||||||
Debt Instrument Additional Borrowing Capacity Amount | 300 | |||||||||||||||||||||||||||||
Floor on alternate base rate (percent) | 2.00% | 1.75% | ||||||||||||||||||||||||||||
Repayments of Long-term Debt | 0 | 113 | 8 | 113 | ||||||||||||||||||||||||||
Repayments of Debt | 1.8 | |||||||||||||||||||||||||||||
Amended Term Loan Facility | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Leverage Ratio | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | 3.5 | ||||||||||||||||||||||||
Debt Instrument Additional Borrowing Capacity Amount | 300 | 300 | 300 | 300 | 300 | 300 | ||||||||||||||||||||||||
Amended and Restated Senior Subordinated Term Loan Due 2014 | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Write off of deferred debt issuance cost | 0.1 | |||||||||||||||||||||||||||||
Subordinated Debt | 58.4 | |||||||||||||||||||||||||||||
Spanish Government Loan Due 2025 | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Other Long-term Debt | 0.7 | 0.9 | 0.7 | 0.7 | 0.7 | 0.7 | 0.7 | |||||||||||||||||||||||
Number of Equal Installment Payments | 10 | |||||||||||||||||||||||||||||
February 2014 Term Loan Amendment | 2011 Term Loan | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Debt issuance cost | 1.1 | |||||||||||||||||||||||||||||
Write off of deferred debt issuance cost | 0.8 | |||||||||||||||||||||||||||||
Loss on early extinguishment of debt | 1.9 | |||||||||||||||||||||||||||||
Minimum | Amended Revolving Credit Facility | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Basis spread on variable rate (percent) | 1.50% | 2.00% | ||||||||||||||||||||||||||||
Minimum | 2011 Term Loan | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Basis spread on variable rate (percent) | 1.25% | 1.00% | ||||||||||||||||||||||||||||
Basis spread on alternative base rate (percent) | 2.25% | 2.00% | ||||||||||||||||||||||||||||
Maximum | Amended Revolving Credit Facility | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Basis spread on variable rate (percent) | 2.00% | 2.50% | ||||||||||||||||||||||||||||
Senior Subordinated Term Loan Due 2014 | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Aggregate principal amount outstanding | 107 | |||||||||||||||||||||||||||||
Proceeds from Issuance of Senior Long-term Debt | 170 | |||||||||||||||||||||||||||||
Partial Repayment Of Senior Subordinated Term Loan | 63 | |||||||||||||||||||||||||||||
Amended Term Loan Facility | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Leverage Ratio | 4.25 | 4.25 | 4.25 | 4.25 | 4.25 | 4.25 | ||||||||||||||||||||||||
Net Proceeds On Sale Of Collateral In Excess Amount | 10 | |||||||||||||||||||||||||||||
Maximum Carryover Of Unused Basket Amount | 25 | |||||||||||||||||||||||||||||
Additional Carryover On Certain Specified Dispositions | 25 | |||||||||||||||||||||||||||||
Reinvestment Right Period | 365 days | |||||||||||||||||||||||||||||
Percentage Of Annual Excess Cash Flow For Pre Payment Of Loan | 50.00% | |||||||||||||||||||||||||||||
Reinvestment Right Period, if Company Entered into a Legally Binding Commitment Before Expiration of Initial Reinvestment Right Period | 545 days | |||||||||||||||||||||||||||||
Amended Term Loan Facility | Acquisition Term Loan | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Other Long-term Debt | 691.6 | 698.3 | 691.6 | 691.6 | 691.6 | 691.6 | 691.6 | |||||||||||||||||||||||
Amended Term Loan Facility | 2011 Term Loan | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Other Long-term Debt | 671.6 | 670.1 | 671.6 | 671.6 | 671.6 | 671.6 | 671.6 | |||||||||||||||||||||||
Senior Subordinated Term Loan Due Two Thousand And Thirteen [Member] | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Contributed Loan | 48.6 | |||||||||||||||||||||||||||||
Letter of Credit [Member] | Amended Revolving Credit Facility | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Maximum borrowings available under credit facility | 60 | 60 | 60 | 60 | 60 | 60 | ||||||||||||||||||||||||
Swingline Loan [Member] | Amended Revolving Credit Facility | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Maximum borrowings available under credit facility | 30 | 30 | 30 | 30 | 30 | 30 | ||||||||||||||||||||||||
Debt Instrument, Redemption, Period One [Member] | 5 3/4% Senior Notes Due 2021 | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 104.31% | |||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Two [Member] | 5 3/4% Senior Notes Due 2021 | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 102.88% | |||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Three [Member] | 5 3/4% Senior Notes Due 2021 | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 101.44% | |||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Zero [Member] | 5 3/4% Senior Notes Due 2021 | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 105.75% | |||||||||||||||||||||||||||||
Debt Instrument, Redemption, Period Four [Member] | 5 3/4% Senior Notes Due 2021 | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | |||||||||||||||||||||||||||||
Scenario, Forecast [Member] | 2011 Term Loan | ||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||
Repayments of Debt | $24.60 | |||||||||||||||||||||||||||||
[1] | During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details. |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Fair Values of Financial Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Level 1 | ||||
Assets: | ||||
FX Contracts | $0 | [1] | $0 | [1] |
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | [1] | ||
Total assets at fair value | 0 | 0 | ||
Liabilities: | ||||
FX Contracts | 0 | [1] | 0 | [1] |
Interest Rate Swap, Liability, Fair Value Disclosure | 0 | [1] | ||
Total liabilities at fair value | 0 | 0 | ||
Level 2 | ||||
Assets: | ||||
FX Contracts | 0.2 | [1] | 1 | [1] |
Interest Rate Cash Flow Hedge Asset at Fair Value | 2.5 | [1] | ||
Total assets at fair value | 0.2 | 3.5 | ||
Liabilities: | ||||
FX Contracts | 0 | [1] | 0.2 | [1] |
Interest Rate Swap, Liability, Fair Value Disclosure | 3.5 | [1] | ||
Total liabilities at fair value | 3.5 | 0.2 | ||
Level 3 | ||||
Assets: | ||||
FX Contracts | 0 | [1] | 0 | [1] |
Interest Rate Cash Flow Hedge Asset at Fair Value | 0 | [1] | ||
Total assets at fair value | 0 | 0 | ||
Liabilities: | ||||
FX Contracts | 0 | [1] | 0 | [1] |
Interest Rate Swap, Liability, Fair Value Disclosure | 0 | [1] | ||
Total liabilities at fair value | 0 | 0 | ||
Total | ||||
Assets: | ||||
FX Contracts | 0.2 | [1] | 1 | [1] |
Interest Rate Cash Flow Hedge Asset at Fair Value | 2.5 | [2] | ||
Total assets at fair value | 0.2 | 3.5 | ||
Liabilities: | ||||
FX Contracts | 0 | [1] | 0.2 | [1] |
Interest Rate Swap, Liability, Fair Value Disclosure | 3.5 | [1] | ||
Total liabilities at fair value | $3.50 | $0.20 | ||
[1] | The fair value of the Company’s foreign currency forward exchange contracts ("FX Contracts") was measured based on observable market transactions of spot and forward rates on the respective dates. See Note 13, “Financial Instruments.†| |||
[2] | The fair value of the Company's 2013 Interest Rate Swap was measured based on the implied forward rates from the U.S. Dollar three-month LIBOR yield curve on the respective dates. See Note 13, “Financial Instruments.†|
Fair_Value_Measurements_Schedu1
Fair Value Measurements - Schedule of Fair Values of Financial Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Level 1 | ||
Liabilities: | ||
Long-term debt, including current portion | $0 | $0 |
Level 2 | ||
Liabilities: | ||
Long-term debt, including current portion | 1,844 | 1,931.90 |
Level 3 | ||
Liabilities: | ||
Long-term debt, including current portion | 0 | 0 |
Total | ||
Liabilities: | ||
Long-term debt, including current portion | 1,844 | 1,931.90 |
Carrying Value | ||
Liabilities: | ||
Long-term debt, including current portion | $1,863.90 | $1,927.70 |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Details) (USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Revaluation of derivative financial instruments, tax | ($2.30) | $1 | $0 | ||
Standby and trade letters of credit for various corporate purposes | 9 | 9.9 | |||
Accumulated other comprehensive loss | -243.2 | -149.8 | [1] | -208.2 | -200.9 |
Standby Letters Of Credit Which Support Products Corporations Self Insurance Programs | |||||
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Standby and trade letters of credit for various corporate purposes | 7.7 | 8.1 | |||
Foreign exchange contracts | |||||
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Derivative, notional amount | 7.6 | 52.9 | |||
Interest Rate Swap | |||||
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Derivative, notional amount | 400 | ||||
Term of contract | 3 years | ||||
Floor interest rate (percent) | 1.00% | ||||
Fixed interest rate (percent) | 2.07% | ||||
Fixed interest rate on debt (percent) | 5.07% | ||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | -1.3 | ||||
Total | |||||
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Fair value of assets | 0.2 | 3.5 | |||
Deferred Gain - Hedging | |||||
Fair Value Measurements Of Financial Instruments [Line Items] | |||||
Accumulated other comprehensive loss | ($2.20) | $1.50 | $0 | $0 | |
[1] | During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details. |
Financial_Instruments_Fair_Val
Financial Instruments - Fair Value of Derivative Financial Instruments in Consolidated Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Interest Rate Swap | Designated as Hedging Instrument | Other assets | ||||
Derivative Instruments [Abstract] | ||||
Fair value of gross derivative asset | $0 | [1] | $2.50 | [1] |
Interest Rate Swap | Designated as Hedging Instrument | Other Noncurrent Liabilities | ||||
Derivative Instruments [Abstract] | ||||
Fair value of gross liabilities | 1.4 | [1] | 0 | [1] |
Interest Rate Swap | Designated as Hedging Instrument | Prepaid expenses and other | ||||
Derivative Instruments [Abstract] | ||||
Fair value of gross derivative asset | 0 | [1] | 0 | [1] |
Interest Rate Swap | Designated as Hedging Instrument | Accrued Expenses | ||||
Derivative Instruments [Abstract] | ||||
Fair value of gross liabilities | 2.1 | [1] | 0 | [1] |
Foreign exchange contracts | Not Designated as Hedging Instrument | Prepaid expenses and other | ||||
Derivative Instruments [Abstract] | ||||
Fair value of gross derivative asset | 0.2 | [2] | 1 | [2] |
Foreign exchange contracts | Not Designated as Hedging Instrument | Accrued Expenses | ||||
Derivative Instruments [Abstract] | ||||
Fair value of gross liabilities | $0 | [2] | $0.20 | [2] |
[1] | The fair values of the 2013 Interest Rate Swap at December 31, 2014 and December 31, 2013 were measured based on the implied forward rates from the U.S. Dollar three-month LIBOR yield curve at December 31, 2014 and December 31, 2013, respectively. | |||
[2] | The fair values of the FX Contracts at December 31, 2014 and December 31, 2013 were measured based on observable market transactions of spot and forward rates at December 31, 2014 and December 31, 2013, respectively. |
Financial_Instruments_Effects_
Financial Instruments - Effects of Derivative Financial Instruments on Income and Other Comprehensive Income (Loss) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | ($3.70) | [1],[2] | $1.50 | [1],[2] | $0 | [1] |
Derivative financial instruments, net of tax (benefit) expense | -2.3 | 1 | 0 | |||
Foreign exchange contracts | Not Designated as Hedging Instrument | Foreign Currency Gain (Loss) | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Foreign currency gain (loss), net | 0.5 | 2.2 | -1.9 | |||
Interest Rate Swap | Designated as Hedging Instrument | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax | ($3.70) | $1.50 | $0 | |||
[1] | Net of tax (benefit) expense of $(2.3) million and $1.0 million for 2014 and 2013, respectively. | |||||
[2] | (d) For 2014 and 2013, the 2013 Interest Rate Swap was deemed effective and therefore, the changes in fair value related to the 2013 Interest Rate Swap are recorded in Other Comprehensive Income. See Note 13, "Financial Instruments" for further discussion of the 2013 Interest Rate Swap. |
Recovered_Sheet1
Pension and Post-Retirement Benefits - Additional Information (Details) (USD $) | 12 Months Ended | 1 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2015 | |
plan | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Benefit Plan, Curtailments | $1.70 | ||||||
Net periodic benefit costs | -5.4 | -0.4 | 3.9 | ||||
Expected contributions to benefit plans | 20 | ||||||
Pension curtailment gain | 0 | 0 | 0.2 | [1] | |||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 1.5 | ||||||
Number of Qualified Defined Benefit Pension Plans Merged During Period | 2 | ||||||
Number of Qualified Defined Benefit Pension Plans Covering Substantial Portion of Company's Employees in the U.S. | 2 | ||||||
Cost of Sales | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Net periodic benefit costs | -4.2 | -2.3 | |||||
SG&A Expenses | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Net periodic benefit costs | -0.7 | 2.4 | |||||
Inventories | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Net periodic benefit costs | -0.5 | -0.5 | |||||
Pension Plans | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Net periodic benefit costs | -6 | -1.3 | 2.9 | ||||
Contributions made to benefit plans | 18.2 | 17.7 | |||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | 1.5 | ||||
Other Post-Retirement Benefit Plans | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Net periodic benefit costs | 0.6 | 0.9 | 1 | ||||
Contributions made to benefit plans | 0.7 | 0.8 | |||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | 0 | ||||
Savings Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 6.00% | ||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||||||
Defined Contributions Plan Employer Matching Cash Contributions | 2.4 | ||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 4 | 4.1 | 3.9 | ||||
Defined Contribution Plan Discretionary Contribution Paid | 3.1 | 3.2 | 3 | 0.9 | 0.9 | ||
Defined Contribution Plan Employer Discretionary Contribution Percentage | 3.00% | 3.00% | 3.00% | ||||
Savings Plan [Member] | Non Highly Compensated Participants [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Contribution Plan Employee Maximum Contribution Percentage | 25.00% | ||||||
Savings Plan [Member] | Highly Compensated Participants [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Contribution Plan Employee Maximum Contribution Percentage | 6.00% | ||||||
Subsequent Event [Member] | Savings Plan [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Defined Contribution Plan Discretionary Contribution Paid | $0.90 | ||||||
[1] | (c) As a result of the September 2012 Program, the Company recognized a curtailment gain of $1.7 million, partially offset by $0.1 million of accumulated actuarial losses and $0.1 million of prior service costs previously reported within Accumulated Other Comprehensive Loss, for a net gain of $1.5 million, which was recorded within restructuring charges for 2012. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,†for further discussion of the Company’s pension and other post-retirement plans. |
Recovered_Sheet2
Pension and Post-Retirement Benefits - Components of Net Periodic Benefit Costs (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net periodic benefit (income) costs: | |||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | ($1.50) | ||
Defined Benefit Plan, Net Periodic Benefit Cost | -5.4 | -0.4 | 3.9 |
Pension Plans | |||
Net periodic benefit (income) costs: | |||
Service cost | 0.8 | 0.9 | 1.6 |
Interest cost | 30.1 | 27.6 | 30 |
Expected return on plan assets | -41.3 | -38.3 | -35.2 |
Amortization of actuarial loss | 4.5 | 8.6 | 8.1 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | -1.5 |
Defined Benefit Plan Net Periodic Benefit Cost Before Portion Allocated To Affiliate | -5.9 | -1.2 | 3 |
Defined Benefit Plan Net Periodic Benefit Cost Portion Allocated To Affiliate | -0.1 | -0.1 | -0.1 |
Defined Benefit Plan, Net Periodic Benefit Cost | -6 | -1.3 | 2.9 |
Other Post-Retirement Benefit Plans | |||
Net periodic benefit (income) costs: | |||
Service cost | 0 | 0 | 0 |
Interest cost | 0.5 | 0.6 | 0.7 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of actuarial loss | 0.1 | 0.4 | 0.3 |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 0 | 0 | 0 |
Defined Benefit Plan Net Periodic Benefit Cost Before Portion Allocated To Affiliate | 0.6 | 1 | 1 |
Defined Benefit Plan Net Periodic Benefit Cost Portion Allocated To Affiliate | 0 | -0.1 | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost | $0.60 | $0.90 | $1 |
Pension_and_PostRetirement_Ben2
Pension and Post-Retirement Benefits - Classification of Net Periodic Pension (Income) Costs (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic benefit costs | ($5.40) | ($0.40) | $3.90 |
Cost of Sales | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic benefit costs | -4.2 | -2.3 | |
SG&A Expenses | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic benefit costs | -0.7 | 2.4 | |
Inventories | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic benefit costs | ($0.50) | ($0.50) |
Recovered_Sheet3
PENSION AND POST-RETIREMENT BENEFITS Saving Plans, Pension and Post Retirement Benefits - Aggregate Reconciliation of Projected Benefit Obligations, Plan Assets, Funded Status and Amounts Recognized (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Curtailments | $1.70 | ||
Defined Benefit Plan, Fair Value of Plan Assets | 567.7 | 557.6 | |
Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | -761.7 | -668.2 | -744.6 |
Defined Benefit Plan, Service Cost | -0.8 | -0.9 | -1.6 |
Defined Benefit Plan, Interest Cost | -30.1 | -27.6 | -30 |
Defined Benefit Plan, Actuarial Gain (Loss) | -108 | 65.5 | |
Defined Benefit Plan, Benefits Paid | -41 | -39.1 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 4.4 | -0.1 | |
Defined Benefit Plan, Other Changes | 0 | 0.4 | |
Defined Benefit Plan, Fair Value of Plan Assets | 567.7 | 557.6 | 520.2 |
Defined Benefit Plan, Actual Return on Plan Assets | 37.6 | 58.1 | |
Contributions made to benefit plans | 18.2 | 17.7 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | -4.7 | 0.7 | |
Defined Benefit Plan, Funded Status of Plan | -194 | -110.6 | |
Other Post-Retirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | -12.9 | -14.4 | -16.5 |
Defined Benefit Plan, Service Cost | 0 | 0 | 0 |
Defined Benefit Plan, Interest Cost | -0.5 | -0.6 | -0.7 |
Defined Benefit Plan, Actuarial Gain (Loss) | -0.2 | 1.6 | |
Defined Benefit Plan, Benefits Paid | -0.7 | -0.8 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss) | 0 | 0.3 | |
Defined Benefit Plan, Other Changes | 1.5 | 0 | |
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | 0 |
Defined Benefit Plan, Actual Return on Plan Assets | 0 | 0 | |
Contributions made to benefit plans | 0.7 | 0.8 | |
Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets | 0 | 0 | |
Defined Benefit Plan, Funded Status of Plan | ($12.90) | ($14.40) |
PENSION_AND_POSTRETIREMENT_BEN3
PENSION AND POST-RETIREMENT BENEFITS Summary of Amounts Recognized in Respect to Pension Plans and Other Post-retirement Benefit Plans (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
In Millions, unless otherwise specified | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Other assets | $113.30 | $123.80 | [1] | |
Other Liabilities, Current | -273.3 | -313.7 | [1] | |
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -200.9 | -118.3 | [1] | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 280.1 | |||
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Tax | -43.6 | |||
Defined Benefit Plan Accumulated Other Comprehensive Income Loss After Tax Portion Attributable To Related Party | -1.2 | |||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 235.3 | |||
Defined Benefit Plan, Fair Value of Plan Assets | 567.7 | 557.6 | ||
Pension And Other Postretirement Benefit Plans Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Due from Affiliates | 3.1 | 2.6 | ||
Pension Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan Expected Actuarial Losses Gains And Prior Service Costs To Be Recognized In Net Periodic Benefit Cost In Subsequent Fiscal Year | 8.2 | |||
Defined Benefit Plan, Benefit Obligation | 761.7 | 668.2 | 744.6 | |
Other assets | 0.8 | 0 | ||
Other Liabilities, Current | -6.1 | -5.9 | ||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -188.7 | -104.7 | ||
Defined Benefit Plan, Funded Status of Plan | -194 | -110.6 | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 277.6 | 170.1 | ||
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Tax | -43.7 | -1.8 | ||
Defined Benefit Plan Accumulated Other Comprehensive Income Loss After Tax Portion Attributable To Related Party | -1 | -0.7 | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 232.9 | 167.6 | ||
Defined Benefit Plan, Accumulated Benefit Obligation | 761 | 667.3 | ||
Defined Benefit Plan, Fair Value of Plan Assets | 567.7 | 557.6 | 520.2 | |
Other Post-Retirement Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan Expected Actuarial Losses Gains And Prior Service Costs To Be Recognized In Net Periodic Benefit Cost In Subsequent Fiscal Year | 0.1 | |||
Defined Benefit Plan, Benefit Obligation | 12.9 | 14.4 | 16.5 | |
Other assets | 0 | 0 | ||
Other Liabilities, Current | -0.7 | -0.8 | ||
Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent | -12.2 | -13.6 | ||
Defined Benefit Plan, Funded Status of Plan | -12.9 | -14.4 | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 2.5 | 2.8 | ||
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Tax | 0.1 | 0.1 | ||
Defined Benefit Plan Accumulated Other Comprehensive Income Loss After Tax Portion Attributable To Related Party | -0.2 | 0 | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 2.4 | 2.9 | ||
Defined Benefit Plan, Fair Value of Plan Assets | $0 | $0 | $0 | |
[1] | During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details. |
PENSION_AND_POSTRETIREMENT_BEN4
PENSION AND POST-RETIREMENT BENEFITS Saving Plans, Pension and Post Retirement Benefits - Summary of Unrecognized Components of Net Periodic Benefit Cost (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | $280.10 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 0 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 280.1 | |
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Tax | -43.6 | |
Defined Benefit Plan Accumulated Other Comprehensive Income Loss After Tax Portion Attributable To Related Party | -1.2 | |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 235.3 | |
Pension Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 277.6 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 0 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 277.6 | 170.1 |
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Tax | -43.7 | -1.8 |
Defined Benefit Plan Accumulated Other Comprehensive Income Loss After Tax Portion Attributable To Related Party | -1 | -0.7 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | 232.9 | 167.6 |
Other Post-Retirement Benefit Plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Gains (Losses), before Tax | 2.5 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), Net Prior Service Cost (Credit), before Tax | 0 | |
Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax | 2.5 | 2.8 |
Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Tax | 0.1 | 0.1 |
Defined Benefit Plan Accumulated Other Comprehensive Income Loss After Tax Portion Attributable To Related Party | -0.2 | 0 |
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | $2.40 | $2.90 |
PENSION_AND_POSTRETIREMENT_BEN5
PENSION AND POST-RETIREMENT BENEFITS Saving Plan, Pension and Post-Retirement Benefits - Weighted-average Assumptions Used to Determine Projected Benefit Obligation for Current Year (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.89% | 4.68% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 3.00% | 3.00% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.75% | 7.75% | 7.75% |
Foreign Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.74% | 4.48% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 2.33% | 3.40% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.00% | 6.00% | 6.22% |
PENSION_AND_POSTRETIREMENT_BEN6
PENSION AND POST-RETIREMENT BENEFITS Saving Plans, Pension and Post Retirement Benefits - Weighted-average Assumptions Used to Determine Net Periodic Benefit Cost (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
United States Pension Plan of US Entity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.89% | 4.68% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.68% | 3.78% | 4.38% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 7.75% | 7.75% | 7.75% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.00% | 3.00% | 3.50% |
Foreign Pension Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.74% | 4.48% | |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate | 4.48% | 4.33% | 4.77% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-term Return on Assets | 6.00% | 6.00% | 6.22% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase | 3.40% | 2.97% | 3.05% |
PENSION_AND_POSTRETIREMENT_BEN7
PENSION AND POST-RETIREMENT BENEFITS Saving Plans, Pension and Post Retirement Benefits - Weighted Average Risk Target Ranges Per Asset Class (Details) (Foreign Pension Plan [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Equity Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% |
Mutual Funds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% |
Fixed Income Securities [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% |
Common And Collective Investment Trust Fund [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 100.00% |
Hedge Funds [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% |
Group Annuity Contract [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% |
Cash And Other Investments [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Target Plan Asset Allocations | 0.00% |
PENSION_AND_POSTRETIREMENT_BEN8
PENSION AND POST-RETIREMENT BENEFITS Saving Plans, Pension and Post Retirement Benefits - Fair Value of Pension Plan Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $567.70 | $557.60 |
United States Pension Plan of US Entity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 496.1 | 492.5 |
Foreign Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $71.60 | $65.10 |
PENSION_AND_POSTRETIREMENT_BEN9
PENSION AND POST-RETIREMENT BENEFITS Saving Plans and Post Retirement Benefits - Fair Value of Asset Categories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $567.70 | $557.60 | ||
Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 145.9 | 148.2 | ||
Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 421.8 | 407.5 | ||
Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 1.9 | ||
Group Annuity Contract [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 2.8 | 2.6 | ||
Group Annuity Contract [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Group Annuity Contract [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 2.8 | 2.6 | ||
Group Annuity Contract [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Corporate Bond Securities [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 17.5 | [1] | 24.4 | [1] |
Corporate Bond Securities [Member] | Mutual Funds [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 17.5 | [1] | 24.4 | [1] |
Corporate Bond Securities [Member] | Mutual Funds [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Corporate Bond Securities [Member] | Mutual Funds [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Corporate Bond Securities [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 55 | 46.1 | ||
Corporate Bond Securities [Member] | Fixed Income Securities [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Corporate Bond Securities [Member] | Fixed Income Securities [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 55 | 45.8 | ||
Corporate Bond Securities [Member] | Fixed Income Securities [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0.3 | ||
Corporate Bond Securities [Member] | Common And Collective Investment Trust Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 75.4 | [1] | 53.7 | [1] |
Corporate Bond Securities [Member] | Common And Collective Investment Trust Fund [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Corporate Bond Securities [Member] | Common And Collective Investment Trust Fund [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 75.4 | [1] | 53.7 | [1] |
Corporate Bond Securities [Member] | Common And Collective Investment Trust Fund [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Corporate Bond Securities [Member] | Hedge Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 6.8 | [1] | 11.8 | [1] |
Corporate Bond Securities [Member] | Hedge Funds [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Corporate Bond Securities [Member] | Hedge Funds [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 6.8 | [1] | 11.8 | [1] |
Corporate Bond Securities [Member] | Hedge Funds [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Government Bond [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 13.6 | [1] | 15.1 | [1] |
Government Bond [Member] | Mutual Funds [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 13.6 | [1] | 15.1 | [1] |
Government Bond [Member] | Mutual Funds [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Government Bond [Member] | Mutual Funds [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Government Bond [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 10.9 | 9.6 | ||
Government Bond [Member] | Fixed Income Securities [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Government Bond [Member] | Fixed Income Securities [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 10.9 | 8 | ||
Government Bond [Member] | Fixed Income Securities [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 1.6 | ||
Government Bond [Member] | Common And Collective Investment Trust Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 60 | [1] | 69.8 | [1] |
Government Bond [Member] | Common And Collective Investment Trust Fund [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Government Bond [Member] | Common And Collective Investment Trust Fund [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 60 | [1] | 69.8 | [1] |
Government Bond [Member] | Common And Collective Investment Trust Fund [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Government Bond [Member] | Hedge Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | -8.8 | [1] | 24.5 | [1] |
Government Bond [Member] | Hedge Funds [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Government Bond [Member] | Hedge Funds [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | -8.8 | [1] | 24.5 | [1] |
Government Bond [Member] | Hedge Funds [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Us Large Cap Equity Securities [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 68.5 | [1] | 68.7 | [1] |
Us Large Cap Equity Securities [Member] | Mutual Funds [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 68.5 | [1] | 68.7 | [1] |
Us Large Cap Equity Securities [Member] | Mutual Funds [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Us Large Cap Equity Securities [Member] | Mutual Funds [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Us Large Cap Equity Securities [Member] | Common And Collective Investment Trust Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 24.3 | [1] | 33.8 | [1] |
Us Large Cap Equity Securities [Member] | Common And Collective Investment Trust Fund [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Us Large Cap Equity Securities [Member] | Common And Collective Investment Trust Fund [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 24.3 | [1] | 33.8 | [1] |
Us Large Cap Equity Securities [Member] | Common And Collective Investment Trust Fund [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Us Large Cap Equity Securities [Member] | Hedge Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 9.1 | [1] | 4.3 | [1] |
Us Large Cap Equity Securities [Member] | Hedge Funds [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Us Large Cap Equity Securities [Member] | Hedge Funds [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 9.1 | [1] | 4.3 | [1] |
Us Large Cap Equity Securities [Member] | Hedge Funds [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
International Equity [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 7.3 | [1] | 4.3 | [1] |
International Equity [Member] | Mutual Funds [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 7.3 | [1] | 4.3 | [1] |
International Equity [Member] | Mutual Funds [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
International Equity [Member] | Mutual Funds [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
International Equity [Member] | Common And Collective Investment Trust Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 89.9 | [1] | 92.1 | [1] |
International Equity [Member] | Common And Collective Investment Trust Fund [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
International Equity [Member] | Common And Collective Investment Trust Fund [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 89.9 | [1] | 92.1 | [1] |
International Equity [Member] | Common And Collective Investment Trust Fund [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
International Equity [Member] | Hedge Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 15.9 | [1] | 6.1 | [1] |
International Equity [Member] | Hedge Funds [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
International Equity [Member] | Hedge Funds [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 15.9 | [1] | 6.1 | [1] |
International Equity [Member] | Hedge Funds [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Emerging Markets International Equity [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 6.1 | [1] | 4.2 | [1] |
Emerging Markets International Equity [Member] | Mutual Funds [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 6.1 | [1] | 4.2 | [1] |
Emerging Markets International Equity [Member] | Mutual Funds [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Emerging Markets International Equity [Member] | Mutual Funds [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Emerging Markets International Equity [Member] | Common And Collective Investment Trust Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 17.6 | [1] | 17.3 | [1] |
Emerging Markets International Equity [Member] | Common And Collective Investment Trust Fund [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Emerging Markets International Equity [Member] | Common And Collective Investment Trust Fund [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 17.6 | [1] | 17.3 | [1] |
Emerging Markets International Equity [Member] | Common And Collective Investment Trust Fund [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Emerging Markets International Equity [Member] | Hedge Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 4.1 | [1] | ||
Emerging Markets International Equity [Member] | Hedge Funds [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | ||
Emerging Markets International Equity [Member] | Hedge Funds [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 4.1 | [1] | ||
Emerging Markets International Equity [Member] | Hedge Funds [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | ||
Other Plan Assets [Member] | Mutual Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 3.1 | [1] | 0.9 | [1] |
Other Plan Assets [Member] | Mutual Funds [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 3.1 | [1] | 0.9 | [1] |
Other Plan Assets [Member] | Mutual Funds [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Other Plan Assets [Member] | Mutual Funds [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Other Plan Assets [Member] | Common And Collective Investment Trust Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 3.1 | [1] | 2.9 | [1] |
Other Plan Assets [Member] | Common And Collective Investment Trust Fund [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Other Plan Assets [Member] | Common And Collective Investment Trust Fund [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 3.1 | [1] | 2.9 | [1] |
Other Plan Assets [Member] | Common And Collective Investment Trust Fund [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Other Plan Assets [Member] | Hedge Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 4.2 | [1] | 4.1 | [1] |
Other Plan Assets [Member] | Hedge Funds [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Other Plan Assets [Member] | Hedge Funds [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 4.2 | [1] | 4.1 | [1] |
Other Plan Assets [Member] | Hedge Funds [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Cash and Cash Equivalents [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 9.3 | 7.5 | ||
Cash and Cash Equivalents [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 9.3 | 7.5 | ||
Cash and Cash Equivalents [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Cash and Cash Equivalents [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
Cash and Cash Equivalents [Member] | Common And Collective Investment Trust Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 3.7 | [1] | 2 | [1] |
Cash and Cash Equivalents [Member] | Common And Collective Investment Trust Fund [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Cash and Cash Equivalents [Member] | Common And Collective Investment Trust Fund [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 3.7 | [1] | 2 | [1] |
Cash and Cash Equivalents [Member] | Common And Collective Investment Trust Fund [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Cash and Cash Equivalents [Member] | Hedge Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 26.8 | [1] | 5.7 | [1] |
Cash and Cash Equivalents [Member] | Hedge Funds [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
Cash and Cash Equivalents [Member] | Hedge Funds [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 26.8 | [1] | 5.7 | [1] |
Cash and Cash Equivalents [Member] | Hedge Funds [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
U S Small Mid Cap Equity [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 20.5 | 23.1 | ||
U S Small Mid Cap Equity [Member] | Equity Securities [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 20.5 | 23.1 | ||
U S Small Mid Cap Equity [Member] | Equity Securities [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
U S Small Mid Cap Equity [Member] | Equity Securities [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | ||
U S Small Mid Cap Equity [Member] | Common And Collective Investment Trust Fund [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 21 | [1] | 23 | [1] |
U S Small Mid Cap Equity [Member] | Common And Collective Investment Trust Fund [Member] | Level 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | [1] | 0 | [1] |
U S Small Mid Cap Equity [Member] | Common And Collective Investment Trust Fund [Member] | Level 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 21 | [1] | 23 | [1] |
U S Small Mid Cap Equity [Member] | Common And Collective Investment Trust Fund [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $0 | [1] | $0 | [1] |
[1] | (a) The investments in mutual funds, common and collective funds and hedge 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 Company’s direct ownership unit of account. |
Recovered_Sheet4
PENSION AND POST-RETIREMENT BENEFITS Saving Plans and Post Retirement Benefits - Summary of Changes in Fair Values of Pension Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $567.70 | $557.60 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 1.9 | 0.6 |
Defined Benefit Plan, Purchases, Sales, and Settlements | -0.5 | 0.6 | |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 0 | -0.2 | |
Defined Benefit Plan, Transfers Between Measurement Levels | -1.4 | 0.9 | |
Fixed Income Securities [Member] | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 1.9 | 0.6 |
Defined Benefit Plan, Purchases, Sales, and Settlements | -0.5 | 0.6 | |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 0 | -0.2 | |
Defined Benefit Plan, Transfers Between Measurement Levels | -1.4 | 0.9 | |
Hedge Funds [Member] | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 0 | 0 | 0 |
Defined Benefit Plan, Purchases, Sales, and Settlements | 0 | 0 | |
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 0 | 0 | |
Defined Benefit Plan, Transfers Between Measurement Levels | $0 | $0 |
Recovered_Sheet5
PENSION AND POST-RETIREMENT BENEFITS Saving Plans and Post Retirement Benefits - Estimated Future Benefit Payments (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Other Post-Retirement Benefit Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | $0.80 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 0.9 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 0.9 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 0.9 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 0.9 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | 4.6 |
Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Future Benefit Payments, Next Twelve Months | 41.3 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Two | 42 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Three | 42.9 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Four | 43.8 |
Defined Benefit Plan, Expected Future Benefit Payments, Year Five | 44.4 |
Defined Benefit Plan, Expected Future Benefit Payments, Five Fiscal Years Thereafter | $231.80 |
STOCK_COMPENSATION_PLAN_Detail
STOCK COMPENSATION PLAN (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Oct. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 6,565,000 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Options Expiration Term | 7 years | ||||
Share Based Compensation Arrangement By Share Based Payment Award Options Vesting Period Range Start | 1 year | ||||
Share Based Compensation Arrangement By Share Based Payment Award Options Vesting Period Range End | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 0 | 800 | 8,105 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years 4 months | ||||
Restricted Stock, Outstanding, beginning of period (in shares) | 80,000 | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Period Range Start | 3 years | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Period Range End | 5 years | ||||
Restricted Stock, Granted (in shares) | 693,378 | 120,000 | 120,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | 3 years | |||
Restricted Stock, Outstanding, beginning of period (in shares) | 773,400 | 120,000 | 0 | 257,400 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 1 | $0 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 18.8 | ||||
Segment Reconciling Items | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted Stock or Unit Expense | 5.5 | $0.20 | $0.30 |
STOCK_COMPENSATION_PLAN_Stock_
STOCK COMPENSATION PLAN - Stock Option, and Restricted Stock and Restricted Stock Unit Activity (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Stock Options, Outstanding, beginning of period (in shares) | 800 | 8,100 | 264,500 | |
Stock Options, Forfeited and expired (in shares) | -800 | -7,300 | -256,400 | |
Stock Options, Outstanding, beginning of period (in shares) | 0 | 800 | 8,100 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Weighted Average Exercise Price, Balance, beginning of period (in dollars per share) | $27.50 | $29.91 | $31.02 | |
Weighted Average Exercise Price, Forfeited and expired (in dollars per share) | $27.50 | $30.17 | $31.06 | |
Weighted Average Exercise Price, Balance, beginning of period (in dollars per share) | $0 | $27.50 | $29.91 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Restricted Stock, Outstanding, beginning of period (in shares) | 80,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Shares Paid for Tax Withholding for Share Based Compensation | 22,328 | 83,582 | ||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Restricted Stock, Outstanding, beginning of period (in shares) | 120,000 | 0 | 257,400 | |
Restricted Stock, Vested (in shares) | -40,000 | -257,400 | ||
Restricted Stock, Granted (in shares) | 120,000 | 693,378 | 120,000 | |
Restricted Stock, Outstanding, beginning of period (in shares) | 773,400 | 120,000 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Weighted Average Grant Date Fair Value, Outstanding, beginning of period (in dollars per share) | $24.80 | $0 | $7.04 | |
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $24.80 | $7.04 | ||
Weighted Average Grant Date Fair Value, Vested (in dollars per share) | $31.01 | $24.80 | ||
Weighted Average Grant Date Fair Value, Outstanding, beginning of period (in dollars per share) | $30.37 | $24.80 | $0 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Line Items] | |||
Interest and penalties increase (decrease) | ($0.90) | ($1.70) | |
Unrecognized Tax Benefits | 62 | 74.5 | 49.9 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 11.3 | 11.6 | |
Significant (Increase) Decrease in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | 2.4 | ||
Undistributed Earnings of Foreign Subsidiaries | 42 | ||
Payments From Affiliate Under Tax Sharing Agreement Related To Current Year | 0.3 | ||
Payments From Affiliate Under Tax Sharing Agreement Related To Prior Year | 0 | 1.3 | |
Payments From Affiliate Under Tax Sharing Agreement Expected In Following Year Related To Current Year | 0 | ||
Operating Loss Carryforwards | 436.4 | ||
Operating Loss Carryforwards Expiration In Year One | 0.3 | ||
Operating Loss Carryforwards Expiration In Year Two | 4 | ||
Operating Loss Carryforwards Expiration In Year Three | 9.2 | ||
Operating Loss Carryforwards Expiration In Year Four And Thereafter | 236 | ||
Operating Loss Carryforwards Not Subject To Expiration | 186.9 | ||
Non Cash Income Tax Benefit Related To Release Of Valuation Allowance | 15.8 | ||
Provision for income taxes | 77.8 | 46 | 43.7 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | -4.6 | -8.9 | |
Foreign Tax Authority [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating Loss Carryforwards | 244.2 | ||
Domestic Tax Authority [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating Loss Carryforwards | $192.20 |
INCOME_TAXES_Income_Taxes_Inco
INCOME TAXES Income Taxes - Income before income taxes (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | $137.10 | $26 | $87.20 |
Income (Loss) from Continuing Operations before Income Taxes, Foreign | -19.7 | 44.6 | 17.7 |
Federal Income Tax Expense (Benefit), Continuing Operations | 54.6 | 24.8 | 41.8 |
State and Local Income Tax Expense (Benefit), Continuing Operations | 18.1 | 13.8 | -9.6 |
Foreign Income Tax Expense (Benefit), Continuing Operations | 5.1 | 7.4 | 11.5 |
Current Federal Tax Expense (Benefit) | 2.6 | 3.2 | 2.2 |
Current State and Local Tax Expense (Benefit) | 3.7 | 0.7 | 2.4 |
Income from continuing operations before income taxes | 117.4 | 70.6 | 104.9 |
Current Foreign Tax Expense (Benefit) | 7.2 | 11.3 | 10.7 |
Deferred Federal Income Tax Expense (Benefit) | 52 | 21.6 | 39.6 |
Deferred State and Local Income Tax Expense (Benefit) | 14.4 | 13.1 | -12 |
Income Tax Expense (Benefit) | 77.8 | 46 | 43.7 |
Deferred Foreign Income Tax Expense (Benefit) | -2.1 | -3.9 | 0.8 |
Current Income Tax Expense (Benefit) | 13.5 | 15.2 | 15.3 |
Deferred Income Tax Expense (Benefit) | $64.30 | $30.80 | $28.40 |
INCOME_TAXES_Income_Taxes_Reco
INCOME TAXES Income Taxes - Reconciliation of Tax Expense to Statutory Federal Income Tax Rate (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $41.10 | $24.70 | $36.70 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 19.9 | 8.9 | 4 |
Income Tax Reconciliation Foreign And United States Tax Effects Attributable To Operations Outside United States | 4.2 | -4.9 | -4.4 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 6.4 | 0 | -15.8 |
Income Tax Reconciliation Foreign Dividends And Earnings Taxable In United States | 5.4 | 11 | 12.7 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Restructuring Charges, Amount | 0 | 2.7 | 11.1 |
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 0.8 | 3.6 | -0.6 |
Income Tax Expense (Benefit) | $77.80 | $46 | $43.70 |
INCOME_TAXES_Income_Taxes_Defe
INCOME TAXES Income Taxes - Deferred taxes (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Inventory | $7.60 | $9.10 |
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 94.1 | 140.7 |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 57.9 | 69.9 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Benefits | 100.7 | 65 |
Deferred Tax Assets, State Taxes | 2.7 | 2.3 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Returns and Allowances | 26.2 | 33.3 |
Deferred Tax Assets, Other | 46.1 | 42.9 |
Deferred Tax Assets, Gross | 335.3 | 363.2 |
Deferred Tax Assets, Valuation Allowance | -57.1 | -61.7 |
Deferred Tax Assets, Net of Valuation Allowance | 278.2 | 301.5 |
Deferred Tax Liabilities, Property, Plant and Equipment | -30 | -29.3 |
Deferred Tax Liabilities, Intangible Assets | -88 | -98.8 |
Deferred Tax Liabilities, Unrealized Currency Transaction Gains | 3.9 | 1.9 |
Deferred Tax Liabilities, Other | -55.3 | -45.2 |
Deferred Tax Liabilities, Gross | -169.4 | -171.4 |
Deferred Tax Assets, Net | $108.80 | $130.10 |
INCOME_TAXES_Income_taxes_Unre
INCOME TAXES Income taxes - Unrecognized tax benefits (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Unrecognized Tax Benefits | $62 | $74.50 | $49.90 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 12.6 | 25.8 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | -22.8 | -1.6 | |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 8 | 9.3 | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | ($10.30) | ($8.90) |
Recovered_Sheet6
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | ($149.80) | [1] | ($208.20) | ($200.90) | ||
Currency translation adjustment, net of tax of $2.1 million | -24.6 | [2] | -4.1 | [2] | -1.5 | [2] |
Amortization of pension related costs, net of tax | 4.5 | [3],[4],[5] | 7.7 | [3],[4],[5] | 9.4 | [3],[4],[5],[6] |
Revaluation of derivative financial instruments, net of tax | -3.7 | [7],[8] | 1.5 | [7],[8] | 0 | [7] |
Other Comprehensive Income (Loss), other | 0 | |||||
Other comprehensive loss | -93.4 | [9] | 58.4 | [9] | -7.3 | [9] |
Ending Balance | -243.2 | -149.8 | [1] | -208.2 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | -69.6 | [10] | 53.3 | [10] | -15.4 | [10] |
Pension curtailment gain | 0 | 0 | 0.2 | [6] | ||
Foreign Currency Translation | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | 19.2 | 23.3 | 24.8 | |||
Currency translation adjustment, net of tax of $2.1 million | -24.6 | -4.1 | -1.5 | |||
Amortization of pension related costs, net of tax | 0 | [4] | 0 | [4] | 0 | [4],[6] |
Revaluation of derivative financial instruments, net of tax | 0 | [8] | 0 | [8] | ||
Other Comprehensive Income (Loss), other | 0 | |||||
Other comprehensive loss | -24.6 | |||||
Ending Balance | -5.4 | 19.2 | 23.3 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 0 | 0 | 0 | |||
Pension curtailment gain | 0 | [6] | ||||
Actuarial (Loss) Gain on Post-retirement Benefits | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | -170.5 | -231.5 | -225.6 | |||
Currency translation adjustment, net of tax of $2.1 million | 0 | 0 | 0 | |||
Amortization of pension related costs, net of tax | 4.5 | [4] | 7.7 | [4] | 9.4 | [4],[6] |
Revaluation of derivative financial instruments, net of tax | 0 | [8] | 0 | [8] | ||
Other Comprehensive Income (Loss), other | 0.3 | |||||
Other comprehensive loss | -64.8 | |||||
Ending Balance | -235.3 | -170.5 | -231.5 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | -69.6 | 53.3 | -15.4 | |||
Pension curtailment gain | 0.1 | [6] | ||||
Prior Service Cost On Post Retirement Benefits | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | 0 | 0 | -0.1 | |||
Currency translation adjustment, net of tax of $2.1 million | 0 | 0 | 0 | |||
Amortization of pension related costs, net of tax | 0 | [4] | 0 | [4] | 0 | [4],[6] |
Revaluation of derivative financial instruments, net of tax | 0 | [8] | 0 | [8] | ||
Other Comprehensive Income (Loss), other | 0 | |||||
Other comprehensive loss | 0 | |||||
Ending Balance | 0 | 0 | 0 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 0 | 0 | 0 | |||
Pension curtailment gain | 0.1 | [6] | ||||
Deferred Gain - Hedging | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | 1.5 | 0 | 0 | |||
Currency translation adjustment, net of tax of $2.1 million | 0 | 0 | 0 | |||
Amortization of pension related costs, net of tax | 0 | [4] | 0 | [4] | 0 | [4],[6] |
Revaluation of derivative financial instruments, net of tax | -3.7 | [8] | 1.5 | [8] | ||
Other Comprehensive Income (Loss), other | 0 | |||||
Other comprehensive loss | -3.7 | |||||
Ending Balance | -2.2 | 1.5 | 0 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 0 | 0 | 0 | |||
Pension curtailment gain | 0 | [6] | ||||
Accumulated Other Comprehensive Income (Loss), Other [Member] | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning Balance | 0 | 0 | 0 | |||
Currency translation adjustment, net of tax of $2.1 million | 0 | 0 | 0 | |||
Amortization of pension related costs, net of tax | 0 | [4] | 0 | [4] | 0 | [4],[6] |
Revaluation of derivative financial instruments, net of tax | 0 | [8] | 0 | [8] | ||
Other Comprehensive Income (Loss), other | -0.3 | |||||
Other comprehensive loss | -0.3 | |||||
Ending Balance | -0.3 | 0 | 0 | |||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Net of Tax | 0 | 0 | 0 | |||
Pension curtailment gain | $0 | [6] | ||||
[1] | During the year ended December 31, 2014, the Company recorded Measurement Period Adjustments (as hereinafter defined) to certain net assets and intangible assets acquired in the Colomer Acquisition (as hereinafter defined) on October 9, 2013. Accordingly, the prior period has been retrospectively adjusted for such Measurement Period Adjustments. Refer to Note 2, "Business Combination" for additional details. | |||||
[2] | Net of tax benefit of $2.1 million, $3.3 million and $1.0 million for 2014, 2013 and 2012, respectively. | |||||
[3] | This other comprehensive income component is included in the computation of net periodic benefit (income) costs. See Note 14, “Savings, Pension and Post-Retirement Benefits,†for additional information regarding net periodic benefit (income) costs. | |||||
[4] | Amounts represent the change in Accumulated Other Comprehensive Loss as a result of the amortization of unrecognized prior service costs and actuarial losses (gains) arising during each year related to the Company’s pension and other post-retirement plans. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,†for further discussion of the Company’s pension and other post-retirement plans. | |||||
[5] | Net of tax expense of $0.1 million, $1.2 million and $1.0 million for 2014, 2013 and 2012, respectively. | |||||
[6] | (c) As a result of the September 2012 Program, the Company recognized a curtailment gain of $1.7 million, partially offset by $0.1 million of accumulated actuarial losses and $0.1 million of prior service costs previously reported within Accumulated Other Comprehensive Loss, for a net gain of $1.5 million, which was recorded within restructuring charges for 2012. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,†for further discussion of the Company’s pension and other post-retirement plans. | |||||
[7] | Net of tax (benefit) expense of $(2.3) million and $1.0 million for 2014 and 2013, respectively. | |||||
[8] | (d) For 2014 and 2013, the 2013 Interest Rate Swap was deemed effective and therefore, the changes in fair value related to the 2013 Interest Rate Swap are recorded in Other Comprehensive Income. See Note 13, "Financial Instruments" for further discussion of the 2013 Interest Rate Swap. | |||||
[9] | See Note 17, “Accumulated Other Comprehensive Loss,†regarding the changes in the accumulated balances for each component of other comprehensive income (loss) during each of 2014, 2013 and 2012. | |||||
[10] | Net of tax (benefit) expense of $(42.0) million, $33.5 million and $(7.2) million for 2014, 2013 and 2012, respectively. |
Recovered_Sheet7
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Parentheticals) (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Defined Benefit Plan, Curtailments | $1.70 | ||||
Pension curtailment gain | 0 | 0 | 0.2 | [1] | |
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Curtailments | 1.5 | ||||
Currency translation adjustment, tax | 2.1 | 3.3 | 1 | ||
Amortization of pension related costs, tax benefit | 0.1 | 1.2 | 1 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Tax | 42 | -33.5 | 7.2 | ||
Revaluation of derivative financial instruments, tax | 2.3 | -1 | 0 | ||
Actuarial (Loss) Gain on Post-retirement Benefits | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Reclassification Of Tax Effect On Amortization Of Actuarial Losses To Deferred Taxes | 2 | ||||
Pension curtailment gain | 0.1 | [1] | |||
Prior Service Cost On Post Retirement Benefits | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Pension curtailment gain | $0.10 | [1] | |||
[1] | (c) As a result of the September 2012 Program, the Company recognized a curtailment gain of $1.7 million, partially offset by $0.1 million of accumulated actuarial losses and $0.1 million of prior service costs previously reported within Accumulated Other Comprehensive Loss, for a net gain of $1.5 million, which was recorded within restructuring charges for 2012. See Note 14, “Savings Plan, Pension and Post-retirement Benefits,†for further discussion of the Company’s pension and other post-retirement plans. |
STOCKHOLDERS_DEFICIENCY_Detail
STOCKHOLDER'S DEFICIENCY (Details) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Jan. 02, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2013 | Dec. 31, 2011 |
Class of Stock [Line Items] | ||||||
Treasury Stock, at cost, shares (shares) | 777,181 | 754,853 | 754,853 | 671,271 | ||
Shares Paid for Tax Withholding for Share Based Compensation | 22,328 | 83,582 | ||||
Percentage Ownership Of Outstanding Common Stock By Affiliate | 78.00% | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 0 | |||||
Temporary Equity, Shares Authorized | 50,000,000 | |||||
Capital Stock Shares Authorized | 1,120,000,000 | |||||
Capital Stock Shares Authorized After Amendment | 1,150,000,000 | |||||
Treasury Stock Acquired, Average Cost Per Share | $33.54 | |||||
Adjustments Related to Tax Withholding for Share-based Compensation | $0.70 | $1.20 | ||||
Class A Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Shares Authorized | 900,000,000 | 900,000,000 | ||||
Common Stock, Shares, Issued | 53,925,029 | 53,231,651 | 49,986,651 | 49,986,651 | ||
Treasury Stock, at cost, shares (shares) | 777,181 | 754,853 | ||||
Shares Paid for Tax Withholding for Share Based Compensation | 0 | 0 | ||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 3,125,000 | 3,125,000 | ||||
Percentage Ownership Of Outstanding Common Stock By Affiliate | 78.00% | |||||
Conversion of Stock, Conversion Ratio | 1 | |||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 693,378 | 120,000 | ||||
Common Stock, par value (usd per share) | $0.01 | 0.01 | ||||
Common Class B [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common Stock, Shares Authorized | 200,000,000 | |||||
Common Stock, Shares, Issued | 0 | 0 | 3,125,000 | 3,125,000 | ||
Shares Paid for Tax Withholding for Share Based Compensation | 0 | 0 | ||||
Conversion of Stock, Shares Converted | -3,125,000 | -3,125,000 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 0 | 0 | ||||
Common Stock, par value (usd per share) | $0.01 | |||||
Prior To Amendment [Member] | ||||||
Class of Stock [Line Items] | ||||||
Temporary Equity, Shares Authorized | 20,000,000 |
SEGMENT_DATA_AND_RELATED_INFOR2
SEGMENT DATA AND RELATED INFORMATION- Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||
Number of reportable operating segments (segments) | 2 | ||
Outside of the United States | |||
Segment Reporting Information [Line Items] | |||
Number of countries in which entity operates (countries) | 24 | ||
Walmart [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration Risk, Percentage | 16.00% | 20.00% | 22.00% |
SEGMENT_DATA_AND_RELATED_INFOR3
SEGMENT DATA AND RELATED INFORMATION-Income from continuing operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | $501 | $472.30 | $497.90 | $469.80 | $491 | $333.10 | $344.70 | $325.90 | $1,941 | $1,494.70 | $1,396.40 | ||
Operating Income (Loss) | 235.5 | 189 | 199.5 | ||||||||||
Depreciation and amortization | 102.6 | 76.7 | 64.9 | ||||||||||
Interest expense | 84.4 | 73.8 | 79.1 | ||||||||||
Interest Expense - Preferred Stock | 0 | 5 | 6.5 | ||||||||||
Amortization of debt issuance costs | 5.5 | 5.2 | 5.3 | ||||||||||
Loss on early extinguishment of debt | 1.9 | 27.9 | 2 | 29.7 | 0 | ||||||||
Foreign currency losses (gains), net | 25 | 3.7 | 2.8 | ||||||||||
Miscellaneous, net | 1.2 | 1 | 0.9 | ||||||||||
Income (loss) from continuing operations before income taxes | 117.4 | 70.6 | 104.9 | ||||||||||
Non-recurring items: | |||||||||||||
Restructuring and related charges | 21.3 | 3.5 | 20.5 | ||||||||||
Acquisition and integration costs | 6.4 | 25.4 | 0 | ||||||||||
Corporate Segment | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Unallocated corporate expenses | 77.2 | 68.6 | 65.4 | ||||||||||
Segment Reconciling Items | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Depreciation and amortization | 102.6 | 76.7 | 64.9 | ||||||||||
Restricted Stock or Unit Expense | 5.5 | 0.2 | 0.3 | ||||||||||
Non-recurring items: | |||||||||||||
Restructuring and related charges | 22.6 | 4.5 | 0 | ||||||||||
Acquisition and integration costs | 6.4 | 25.4 | 0 | ||||||||||
Inventory purchase accounting adjustment, cost of sales | 2.6 | 8.5 | 0 | ||||||||||
Gain from insurance proceeds related to Venezuela fire | 0 | -26.4 | 0 | ||||||||||
Demolition Costs | 0 | 7.6 | 24.1 | ||||||||||
Litigation Settlement, Expense | 0 | -1.8 | 8.9 | ||||||||||
Operating Segments | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | 1,941 | 1,494.70 | 1,396.40 | ||||||||||
Operating Income (Loss) | 452.4 | 352.3 | 363.1 | ||||||||||
Operating Segments | Consumer | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | 1,438.30 | [1] | 1,394.20 | [1] | |||||||||
Operating Income (Loss) | 347.6 | [1] | 347.2 | [1] | 363.1 | ||||||||
Operating Segments | Professional | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net sales | 502.7 | 100.5 | 0 | ||||||||||
Operating Income (Loss) | $104.80 | $5.10 | $0 | ||||||||||
[1] | Consumer segment net sales and segment profit include the results of retail brands acquired in the Colomer Acquisition, which had previously been included in the Professional segment. |
SEGMENT_DATA_AND_RELATED_INFOR4
SEGMENT DATA AND RELATED INFORMATION - Schedule of Net Sales and Long-Lived Assets by Geographic Area (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | $501 | $472.30 | $497.90 | $469.80 | $491 | $333.10 | $344.70 | $325.90 | $1,941 | $1,494.70 | $1,396.40 |
Long-Lived Assets, net | 1,117.20 | 1,152.10 | 1,117.20 | 1,152.10 | |||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 1,021.90 | 832.8 | 799.8 | ||||||||
Percentage of net sales by geographic location (percent) | 53.00% | 56.00% | 57.00% | ||||||||
Long-Lived Assets, net | 845.5 | 837 | 845.5 | 837 | |||||||
Percentage of long lived assets, net by geographic location (percent) | 76.00% | 73.00% | 76.00% | 73.00% | |||||||
Outside of the United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net sales | 919.1 | 661.9 | 596.6 | ||||||||
Percentage of net sales by geographic location (percent) | 47.00% | 44.00% | 43.00% | ||||||||
Long-Lived Assets, net | $271.70 | $315.10 | $271.70 | $315.10 | |||||||
Percentage of long lived assets, net by geographic location (percent) | 24.00% | 27.00% | 24.00% | 27.00% |
SEGMENT_DATA_AND_RELATED_INFOR5
SEGMENT DATA AND RELATED INFORMATION - Schedule of Net Sales by Classes of Similar Products (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $501 | $472.30 | $497.90 | $469.80 | $491 | $333.10 | $344.70 | $325.90 | $1,941 | $1,494.70 | $1,396.40 |
Color cosmetics | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 1,032.40 | 926.4 | 913 | ||||||||
Percentage of net sales by classes of similar products (percent) | 53.00% | 62.00% | 65.00% | ||||||||
Hair care | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | 545 | 263.9 | 191.1 | ||||||||
Percentage of net sales by classes of similar products (percent) | 28.00% | 18.00% | 14.00% | ||||||||
Beauty care and fragrance | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net sales | $363.60 | $304.40 | $292.30 | ||||||||
Percentage of net sales by classes of similar products (percent) | 19.00% | 20.00% | 21.00% |
Recovered_Sheet8
Basic and Diluted Earnings (Loss) Per Common Share - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | |
Class A Common Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Common Stock, par value (usd per share) | 0.01 | 0.01 | $0.01 | |
Restricted Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive unvested restricted stock, shares | 0 | 20,437 | 3,354 |
Recovered_Sheet9
Basic and Diluted Earnings (Loss) Per Common Share - Components of Basic and Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Numerator: | |||||||||||||||||||
Income from continuing operations, net of taxes | $2.30 | [1],[2] | $14.20 | [1],[2] | $14.40 | [1],[2] | $8.70 | [1],[2] | ($9) | [3],[4],[5] | $11 | [3],[4],[5] | $27.10 | [3],[4],[5] | ($4.50) | [3],[4],[5] | $39.60 | $24.60 | $61.20 |
Income (loss) from discontinued operations, net of taxes | 0.4 | [6] | 0.4 | [6] | 3.7 | [6] | -3.2 | [6] | -24.1 | -1.5 | -2.4 | -2.4 | 1.3 | -30.4 | -10.1 | ||||
Net income | $2.70 | [1],[2] | $14.60 | [1],[2] | $18.10 | [1],[2] | $5.50 | [1],[2] | ($33.10) | [3],[4],[5] | $9.50 | [3],[4],[5] | $24.70 | [3],[4],[5] | ($6.90) | [3],[4],[5] | $40.90 | ($5.80) | $51.10 |
Denominator: | |||||||||||||||||||
Weighted average common shares outstanding - Basic (shares) | 52,359,897 | 52,356,798 | 52,348,636 | ||||||||||||||||
Effect of dilutive restricted stock (shares) | 64,042 | 931 | 8,246 | ||||||||||||||||
Weighted average common shares outstanding - Diluted (shares) | 52,423,939 | 52,357,729 | 52,356,882 | ||||||||||||||||
Basic earnings (loss) per common share: | |||||||||||||||||||
Continuing operations (usd per share) | $0.04 | [1],[2],[6] | $0.27 | [1],[2],[6] | $0.27 | [1],[2],[6] | $0.17 | [1],[2],[6] | ($0.17) | [3],[4],[5] | $0.21 | [3],[4],[5] | $0.52 | [3],[4],[5] | ($0.08) | [3],[4],[5] | $0.76 | $0.47 | $1.17 |
Discontinued operations (usd per share) | $0.01 | [1],[2],[6] | $0.01 | [1],[2],[6] | $0.07 | [1],[2],[6] | ($0.06) | [1],[2],[6] | ($0.46) | [3],[4],[5] | ($0.03) | [3],[4],[5] | ($0.05) | [3],[4],[5] | ($0.05) | [3],[4],[5] | $0.02 | ($0.58) | ($0.19) |
Basic earnings per share (usd per share) | $0.05 | [1],[2],[6] | $0.28 | [1],[2],[6] | $0.34 | [1],[2],[6] | $0.11 | [1],[2],[6] | ($0.63) | [3],[4],[5] | $0.18 | [3],[4],[5] | $0.47 | [3],[4],[5] | ($0.13) | [3],[4],[5] | $0.78 | ($0.11) | $0.98 |
Diluted earnings (loss) per common share: | |||||||||||||||||||
Continuing operations (usd per share) | $0.04 | [1],[2],[6] | $0.27 | [1],[2],[6] | $0.27 | [1],[2],[6] | $0.17 | [1],[2],[6] | ($0.17) | [3],[4],[5] | $0.21 | [3],[4],[5] | $0.52 | [3],[4],[5] | ($0.08) | [3],[4],[5] | $0.76 | $0.47 | $1.17 |
Discontinued operations (usd per share) | $0.01 | [1],[2],[6] | $0.01 | [1],[2],[6] | $0.07 | [1],[2],[6] | ($0.06) | [1],[2],[6] | ($0.46) | [3],[4],[5] | ($0.03) | [3],[4],[5] | ($0.05) | [3],[4],[5] | ($0.05) | [3],[4],[5] | $0.02 | ($0.58) | ($0.19) |
Diluted earnings per share (usd per share) | $0.05 | [1],[2],[6] | $0.28 | [1],[2],[6] | $0.34 | [1],[2],[6] | $0.11 | [1],[2],[6] | ($0.63) | [3],[4],[5] | $0.18 | [3],[4],[5] | $0.47 | [3],[4],[5] | ($0.13) | [3],[4],[5] | $0.78 | ($0.11) | $0.98 |
[1] | continuing operations, net income and basic and diluted income per share for the second and third quarter of 2014 were unfavorably impacted by foreign currency losses, net, of $7.2 million and $9.3 million, respectively, related to the required re-measurement of Revlon Venezuela's monetary assets and liabilities at June 30, 2014, and the results of unfavorable impacts of the revaluation of certain U.S. Dollar denominated intercompany payables during the third quarter of 2014. (See Note 1, "Description of Business and Summary of Significant Accounting Policies - Foreign Currency Translation" for further discussion on Venezuela currency restrictions and related devaluation). (c)Â (Loss) inc | ||||||||||||||||||
[2] | from continuing operations, net income and basic and diluted income per share for the first quarter of 2014 were unfavorably impacted by restructuring charges of $13.5 million related to the Integration Program, as well as $3.8 million of acquisition and integration costs related to the Colomer Acquisition (See Note 2, "Business Combinations," and Note 3, “Restructuring Chargesâ€). Additionally, in the first quarter of 2014, the Company incurred a $1.9 million aggregate loss on early extinguishment of debt due to the February 2014 Term Loan Amendment. (See Note 11, “Long-Term Debtâ€).(b) I | ||||||||||||||||||
[3] | nuing operations, net (loss) and basic and diluted (loss) per share for the first quarter of 2013 were unfavorably impacted by a $27.9 million aggregate loss on early extinguishment of debt due to the 2013 Senior Notes Refinancing and the February 2013 Term Loan Amendments. (See Note 11, “Long-Term Debtâ€).(e) (Loss) income from con | ||||||||||||||||||
[4] | operations, net (loss) income and basic and diluted (loss) income per share for the first quarter of 2013 and the second quarter of 2013 were favorably impacted by an $8.3 million and an $18.1 million, respectively, gain from insurance proceeds due to the settlement of the Company's claims for the loss of inventory, business interruption and property losses as a result of the fire at the Company's Venezuela facility. (f)Â (Loss) from continuing opera | ||||||||||||||||||
[5] | et (loss) and basic and diluted (loss) per share for the fourth quarter of 2013 were unfavorably impacted by $19.1 million of acquisition and integration costs related to the Colomer Acquisition. Additionally, the Company incurred $21.4 million of restructuring and related charges in the fourth quarter of 2013 related to the December 2013 Program, of which $20.0 million relates to the Company's exit of its business operations in China which was recorded in loss from discontinued operations, net of taxes. | ||||||||||||||||||
[6] | discontinued operations includes the results of the Company's China operations (See Note 4, "Discontinued Operations"). (d)Â (Loss) income fr |
CONTINGENCIES_COMMITMENTS_AND_
CONTINGENCIES COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||||
Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Aug. 31, 2013 | Jun. 13, 2013 | |
Loss Contingencies [Line Items] | ||||||||
Insurance Recoveries | $18,100,000 | $8,300,000 | ||||||
Operating Leases, Rent Expense | 26,600,000 | 19,800,000 | 16,200,000 | |||||
Litigation Related To Two Thousand Nine Exchange Offer [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Insurance Recoveries | 1,800,000 | |||||||
Loss Contingency Accrual, Payments | 8,900,000 | |||||||
Loss Contingency, Loss in Period | 8,900,000 | |||||||
Loss Contingency, Duration After Case Dismissal When Settlement Became Effective | 8/1/13 | |||||||
SEC Investigation [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Litigation Settlement, Amount | $850,000 |
Recovered_Sheet10
CONTINGENCIES Commitments and Contingencies - Additional Information (Details) | Oct. 08, 2009 |
Commitments and Contingencies Disclosure [Abstract] | |
Temporary Equity, Shares Issued | 9,336,905 |
CONTINGENCIES_Commitments_and_1
CONTINGENCIES Commitments and Contingencies - Schedule of Minimum Rental Commitments Under Noncancelable Leases (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
Capital Leases, Future Minimum Payments Due | $7.70 |
Capital Leases, Future Minimum Payments Due, Next Twelve Months | 3.7 |
Capital Leases, Future Minimum Payments Due in Two Years | 2.7 |
Capital Leases, Future Minimum Payments Due in Three Years | 1 |
Capital Leases, Future Minimum Payments Due in Four Years | 0.2 |
Capital Leases, Future Minimum Payments Due in Five Years | 0.1 |
Capital Leases, Future Minimum Payments Due Thereafter | 0 |
Operating Leases, Future Minimum Payments Due | 146.2 |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 25.7 |
Operating Leases, Future Minimum Payments, Due in Two Years | 20.1 |
Operating Leases, Future Minimum Payments, Due in Three Years | 16 |
Operating Leases, Future Minimum Payments, Due in Four Years | 13.8 |
Operating Leases, Future Minimum Payments, Due in Five Years | 11.9 |
Operating Leases, Future Minimum Payments, Due Thereafter | $58.70 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Details) (USD $) | 9 Months Ended | 12 Months Ended | 1 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | Oct. 31, 2013 | Aug. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2012 |
Related Party Transaction [Line Items] | ||||||||
Percentage Ownership Of Outstanding Common Stock By Affiliate | 78.00% | |||||||
Reimbursement Agreements termination period by either party | 90 days | |||||||
Insurance program renewal period | 5 years | |||||||
Insurance program renewal term period | January 31, 2012 through January 31, 2017 | |||||||
Revlon Holdings [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Reimbursements from (to) related party | -0.2 | ($0.30) | ||||||
Due from Related Parties | 0.1 | |||||||
Registration Rights Agreement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Extended Term Of Agreement | 30 days | |||||||
Reimbursements Received | ||||||||
Related Party Transaction [Line Items] | ||||||||
Reimbursements from (to) related party | 1.8 | |||||||
Reimbursement Agreement | ||||||||
Related Party Transaction [Line Items] | ||||||||
Reimbursements from (to) related party | -3.8 | 3.3 | -4.4 | |||||
Costs Reimbursable Under Reimbursement Agreement | 18 | |||||||
Partial Pre Payment For Premiums Related To D And O Insurance Program | 6.1 | 14.6 | ||||||
Due from Related Parties | 0 | 0 | ||||||
Class A Common Stock | ||||||||
Related Party Transaction [Line Items] | ||||||||
Percentage Ownership Of Outstanding Common Stock By Affiliate | 78.00% | |||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 3,125,000 | 3,125,000 | ||||||
Litigation Related To Two Thousand Nine Exchange Offer [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Cash Payments To Settle All Actions | 36.9 | |||||||
Cash Payments To Settle All Actions Covered By Insurance | 23.5 | |||||||
Loss Contingency Accrual, Payments | 8.9 | |||||||
Loss Contingency, Loss in Period | 8.9 | |||||||
Two Thousand Six [Member] | Registration Rights Agreement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Equity Right Offering Value | 110 | |||||||
Two Thousand Seven [Member] | Registration Rights Agreement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Equity Right Offering Value | 100 | |||||||
Two Thousand Three [Member] | Registration Rights Agreement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Equity Right Offering Value | 50 |
QUARTERLY_RESULTS_OF_OPERATION2
QUARTERLY RESULTS OF OPERATIONS - UNAUDITED (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||
Quarterly Results Of Operations [Line Items] | ||||||||||||||||||||
Restructuring charges and other, net | $21.30 | $3.50 | $20.50 | |||||||||||||||||
Acquisition and integration costs | 6.4 | 25.4 | 0 | |||||||||||||||||
Gains (Losses) on Extinguishment of Debt | -1.9 | -27.9 | -2 | -29.7 | 0 | |||||||||||||||
Foreign Currency Transaction Loss, before Tax | 9.3 | 7.2 | ||||||||||||||||||
Net sales | 501 | 472.3 | 497.9 | 469.8 | 491 | 333.1 | 344.7 | 325.9 | 1,941 | 1,494.70 | 1,396.40 | |||||||||
Gross Profit | 328 | 307.7 | 330.7 | 306.3 | 304 | 212 | 222.1 | 211.5 | 1,272.70 | 949.6 | 902.6 | |||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 2.3 | [1],[2] | 14.2 | [1],[2] | 14.4 | [1],[2] | 8.7 | [1],[2] | -9 | [3],[4],[5] | 11 | [3],[4],[5] | 27.1 | [3],[4],[5] | -4.5 | [3],[4],[5] | 39.6 | 24.6 | 61.2 | |
Income (loss) from discontinued operations, net of taxes | 0.4 | [6] | 0.4 | [6] | 3.7 | [6] | -3.2 | [6] | -24.1 | -1.5 | -2.4 | -2.4 | 1.3 | -30.4 | -10.1 | |||||
Net income (loss) | 2.7 | [1],[2] | 14.6 | [1],[2] | 18.1 | [1],[2] | 5.5 | [1],[2] | -33.1 | [3],[4],[5] | 9.5 | [3],[4],[5] | 24.7 | [3],[4],[5] | -6.9 | [3],[4],[5] | 40.9 | -5.8 | 51.1 | |
Continuing operations (usd per share) | $0.04 | [1],[2],[6] | $0.27 | [1],[2],[6] | $0.27 | [1],[2],[6] | $0.17 | [1],[2],[6] | ($0.17) | [3],[4],[5] | $0.21 | [3],[4],[5] | $0.52 | [3],[4],[5] | ($0.08) | [3],[4],[5] | $0.76 | $0.47 | $1.17 | |
Discontinued operations (usd per share) | $0.01 | [1],[2],[6] | $0.01 | [1],[2],[6] | $0.07 | [1],[2],[6] | ($0.06) | [1],[2],[6] | ($0.46) | [3],[4],[5] | ($0.03) | [3],[4],[5] | ($0.05) | [3],[4],[5] | ($0.05) | [3],[4],[5] | $0.02 | ($0.58) | ($0.19) | |
Basic earnings per share (usd per share) | $0.05 | [1],[2],[6] | $0.28 | [1],[2],[6] | $0.34 | [1],[2],[6] | $0.11 | [1],[2],[6] | ($0.63) | [3],[4],[5] | $0.18 | [3],[4],[5] | $0.47 | [3],[4],[5] | ($0.13) | [3],[4],[5] | $0.78 | ($0.11) | $0.98 | |
Continuing operations (usd per share) | $0.04 | [1],[2],[6] | $0.27 | [1],[2],[6] | $0.27 | [1],[2],[6] | $0.17 | [1],[2],[6] | ($0.17) | [3],[4],[5] | $0.21 | [3],[4],[5] | $0.52 | [3],[4],[5] | ($0.08) | [3],[4],[5] | $0.76 | $0.47 | $1.17 | |
Discontinued operations (usd per share) | $0.01 | [1],[2],[6] | $0.01 | [1],[2],[6] | $0.07 | [1],[2],[6] | ($0.06) | [1],[2],[6] | ($0.46) | [3],[4],[5] | ($0.03) | [3],[4],[5] | ($0.05) | [3],[4],[5] | ($0.05) | [3],[4],[5] | $0.02 | ($0.58) | ($0.19) | |
Diluted earnings per share (usd per share) | $0.05 | [1],[2],[6] | $0.28 | [1],[2],[6] | $0.34 | [1],[2],[6] | $0.11 | [1],[2],[6] | ($0.63) | [3],[4],[5] | $0.18 | [3],[4],[5] | $0.47 | [3],[4],[5] | ($0.13) | [3],[4],[5] | $0.78 | ($0.11) | $0.98 | |
Insurance Recoveries | 18.1 | 8.3 | ||||||||||||||||||
December 2013 Program | ||||||||||||||||||||
Quarterly Results Of Operations [Line Items] | ||||||||||||||||||||
Restructuring charges and other, net | 13.5 | 21.4 | -2.5 | [7] | 21.4 | |||||||||||||||
The Colomer Group Participations, S.L. | ||||||||||||||||||||
Quarterly Results Of Operations [Line Items] | ||||||||||||||||||||
Acquisition and integration costs | 3.8 | 19.1 | 6.4 | 25.4 | ||||||||||||||||
Operations in China | ||||||||||||||||||||
Quarterly Results Of Operations [Line Items] | ||||||||||||||||||||
Income (loss) from discontinued operations, net of taxes | 1.3 | -30.4 | -10.1 | |||||||||||||||||
Operations in China | Discontinued Operations | ||||||||||||||||||||
Quarterly Results Of Operations [Line Items] | ||||||||||||||||||||
Restructuring charges and other, net | 20 | |||||||||||||||||||
Operations in China | Discontinued Operations | December 2013 Program | ||||||||||||||||||||
Quarterly Results Of Operations [Line Items] | ||||||||||||||||||||
Restructuring charges and other, net | $20 | ($2.30) | ||||||||||||||||||
[1] | continuing operations, net income and basic and diluted income per share for the second and third quarter of 2014 were unfavorably impacted by foreign currency losses, net, of $7.2 million and $9.3 million, respectively, related to the required re-measurement of Revlon Venezuela's monetary assets and liabilities at June 30, 2014, and the results of unfavorable impacts of the revaluation of certain U.S. Dollar denominated intercompany payables during the third quarter of 2014. (See Note 1, "Description of Business and Summary of Significant Accounting Policies - Foreign Currency Translation" for further discussion on Venezuela currency restrictions and related devaluation). (c)Â (Loss) inc | |||||||||||||||||||
[2] | from continuing operations, net income and basic and diluted income per share for the first quarter of 2014 were unfavorably impacted by restructuring charges of $13.5 million related to the Integration Program, as well as $3.8 million of acquisition and integration costs related to the Colomer Acquisition (See Note 2, "Business Combinations," and Note 3, “Restructuring Chargesâ€). Additionally, in the first quarter of 2014, the Company incurred a $1.9 million aggregate loss on early extinguishment of debt due to the February 2014 Term Loan Amendment. (See Note 11, “Long-Term Debtâ€).(b) I | |||||||||||||||||||
[3] | nuing operations, net (loss) and basic and diluted (loss) per share for the first quarter of 2013 were unfavorably impacted by a $27.9 million aggregate loss on early extinguishment of debt due to the 2013 Senior Notes Refinancing and the February 2013 Term Loan Amendments. (See Note 11, “Long-Term Debtâ€).(e) (Loss) income from con | |||||||||||||||||||
[4] | operations, net (loss) income and basic and diluted (loss) income per share for the first quarter of 2013 and the second quarter of 2013 were favorably impacted by an $8.3 million and an $18.1 million, respectively, gain from insurance proceeds due to the settlement of the Company's claims for the loss of inventory, business interruption and property losses as a result of the fire at the Company's Venezuela facility. (f)Â (Loss) from continuing opera | |||||||||||||||||||
[5] | et (loss) and basic and diluted (loss) per share for the fourth quarter of 2013 were unfavorably impacted by $19.1 million of acquisition and integration costs related to the Colomer Acquisition. Additionally, the Company incurred $21.4 million of restructuring and related charges in the fourth quarter of 2013 related to the December 2013 Program, of which $20.0 million relates to the Company's exit of its business operations in China which was recorded in loss from discontinued operations, net of taxes. | |||||||||||||||||||
[6] | discontinued operations includes the results of the Company's China operations (See Note 4, "Discontinued Operations"). (d)Â (Loss) income fr | |||||||||||||||||||
[7] | (a)Â Of the $2.5 million adjustment for 2014 related to the December 2013 Program, $2.3 million relates to the Company's exit of its business operations in China which were recorded within income (loss) from discontinued operations, net of taxes. See Note 4, "Discontinued Operations," for further discussion. The remaining $0.2 million of such adjustment was recorded in restructuring charges and other, net within income from continuing operations, net of taxes. |
SCHEDULE_II_VALUATION_AND_QUAL1
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS Schedule II - Valuation and Qualifying Accounts (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $4.20 | $3.50 | $3.20 |
Charged to Cost and Expenses | 8.4 | 1.6 | 0.6 |
Other Deductions | -3.3 | -0.9 | -0.3 |
Balance at End of Year | 9.3 | 4.2 | 3.5 |
Allowance For Volume And Early Payment Discount [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 12.1 | 14.6 | 15.7 |
Charged to Cost and Expenses | 84.7 | 57.6 | 58.4 |
Other Deductions | -73.4 | -60.1 | -59.5 |
Balance at End of Year | 23.4 | 12.1 | 14.6 |
Allowance for Sales Returns [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 53.1 | 54.5 | 57.8 |
Charged to Cost and Expenses | 64.3 | 77.8 | 73.7 |
Other Deductions | -72 | -79.2 | -77 |
Balance at End of Year | $45.40 | $53.10 | $54.50 |