SEC Document


The changes in benefit obligations of the plans at May 31, 2017 and 2016 were as follows:

 

         U.S. Plans          Non-U.S. Plans  
(In thousands)        2017        2016          2017        2016  

Accumulated postretirement benefit obligation at beginning of year

       $   7,653        $ 7,640        $ 25,420        $ 24,646       

Service cost

                 1,097          1,061      

Interest cost

       229          235          854          832       

Benefit payments

       (2,383        (251        (529        (464)      

Actuarial (gains) losses

       393          29          1,766          536       

Currency exchange rate changes

                 (740        (1,191)      

Accumulated and accrued postretirement benefit obligation at end of year

       $   5,892          $   7,653          $   27,868          $   25,420       

In determining the postretirement benefit amounts outlined above, measurement dates as of May 31 for each period were applied.

Amounts recognized in the Consolidated Balance Sheets for the years ended May 31, 2017 and 2016 are as follows:

 

         U.S. Plans          Non-U.S. Plans  
(In thousands)        2017        2016          2017        2016  

Current liabilities

     $ (411)        $ (455)        $ (522)        $ (482)      

Noncurrent liabilities

       (5,481)          (7,198)          (27,346)          (24,938)      

Net Amount Recognized

     $   (5,892)        $   (7,653)        $   (27,868)        $   (25,420)      

The following table presents the pretax net actuarial gain (loss) and prior service credits recognized in accumulated other comprehensive income (loss) not affecting retained earnings:

 

          U.S. Plans           Non-U.S. Plans  
(In thousands)         2017        2016           2017        2016  

Net actuarial gain (loss)

      $ (299      $ 94           $   (7,354)        $   (5,986)  

Prior service credits

        1,107          1,341               

Total recognized in accumulated other comprehensive income not affecting retained earnings

      $ 808        $ 1,435           $ (7,354      $ (5,986

The following table includes the changes recognized in other comprehensive income:

 

 

          U.S. Plans           Non-U.S. Plans  
(In thousands)         2017        2016           2017        2016  

Changes in plan assets and benefit obligations recognized in other comprehensive income:

                     

Prior service cost

      $ -        $ -           $ -        $ -  

Net loss (gain) arising during the year

        393          29             1,766          536  

Effect of exchange rates on amounts included in AOCI

                   (168        (290

Amounts recognized as a component of net periodic benefit cost:

                     

Amortization or curtailment recognition of prior service credit (cost)

        234          247               

Amortization or settlement recognition of net gain (loss)

        -          -             (230        (229

Total recognized in other comprehensive loss (income)

      $ 627        $ 276           $ 1,368        $ 17  

The following weighted-average assumptions were used to determine our year-end benefit obligations and net periodic postretirement benefit costs under the plans:

 

 

          U.S. Plans           Non-U.S. Plans  
Year-End Benefit Obligations         2017        2016           2017        2016  

Discount rate

        3.61%          3.76%             3.61%          3.92%  

Current healthcare cost trend rate

        14.75%          10.37%             5.85%          5.98%  

Ultimate healthcare cost trend rate

        4.36%          4.36%             4.20%          4.20%  

Year ultimate healthcare cost trend rate will be realized

        2037          2037             2030          2030  

 

                   U.S. Plans                             Non-U.S. Plans           
Net Periodic Postretirement Cost         2017        2016        2015               2017        2016        2015  

Discount rate

        3.76%          3.95%          4.00%               3.92%          4.00%          4.40%      

Healthcare cost trend rate

        10.37%          11.34%          12.28%               5.98%          6.06%          6.31%      

Ultimate healthcare cost trend rate

        4.36%          4.50%          4.50%               4.20%          4.20%          4.20%      

Year ultimate healthcare cost trend rate will be realized

        2037          2029          2029               2030          2030          2030      

 

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