SEC Document

RPM INTERNATIONAL INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

 

NOTE 13 — PENSION PLANS

We offer defined benefit pension plans, defined contribution pension plans, as well as several unfunded health care benefit plans primarily for certain of our retired employees.   The following tables provide the retirement-related benefit plans’ impact on income before income taxes for the three and six month periods ended November 30, 2017 and 2016:

 

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

November 30,

 

 

November 30,

 

 

November 30,

 

 

November 30,

 

Pension Benefits

 

2017

 

 

2016

 

 

2017

 

 

2016

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

9,465

 

 

$

9,401

 

 

$

1,175

 

 

$

1,127

 

Interest cost

 

 

4,379

 

 

 

4,331

 

 

 

1,145

 

 

 

1,224

 

Expected return on plan assets

 

 

(8,086

)

 

 

(6,252

)

 

 

(1,978

)

 

 

(1,886

)

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost (credit)

 

 

29

 

 

 

54

 

 

 

(6

)

 

 

 

 

Net actuarial losses recognized

 

 

3,618

 

 

 

5,540

 

 

 

419

 

 

 

573

 

Net Periodic Benefit Cost

 

$

9,405

 

 

$

13,074

 

 

$

755

 

 

$

1,038

 

 

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

 

 

Three Months Ended

 

 

Three Months Ended

 

 

 

November 30,

 

 

November 30,

 

 

November 30,

 

 

November 30,

 

Postretirement Benefits

 

2017

 

 

2016

 

 

2017

 

 

2016

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

-

 

 

$

-

 

 

$

311

 

 

$

284

 

Interest cost

 

 

43

 

 

 

57

 

 

 

224

 

 

 

222

 

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service (credit)

 

 

(55

)

 

 

(58

)

 

 

 

 

 

 

 

 

Net actuarial losses recognized

 

 

6

 

 

 

 

 

 

 

79

 

 

 

60

 

Net Periodic Benefit (Credit) Cost

 

$

(6

)

 

$

(1

)

 

$

614

 

 

$

566

 

 

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

 

 

Six Months Ended

 

 

Six Months Ended

 

 

 

November 30,

 

 

November 30,

 

 

November 30,

 

 

November 30,

 

Pension Benefits

 

2017

 

 

2016

 

 

2017

 

 

2016

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

18,930

 

 

$

18,802

 

 

$

2,350

 

 

$

2,254

 

Interest cost

 

 

8,758

 

 

 

8,662

 

 

 

2,290

 

 

 

2,448

 

Expected return on plan assets

 

 

(16,172

)

 

 

(12,504

)

 

 

(3,956

)

 

 

(3,772

)

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost

 

 

58

 

 

 

108

 

 

 

(12

)

 

 

-

 

Net actuarial losses recognized

 

 

7,236

 

 

 

11,080

 

 

 

838

 

 

 

1,146

 

Net Periodic Benefit Cost

 

$

18,810

 

 

$

26,148

 

 

$

1,510

 

 

$

2,076

 

 

 

 

U.S. Plans

 

 

Non-U.S. Plans

 

 

 

Six Months Ended

 

 

Six Months Ended

 

 

 

November 30,

 

 

November 30,

 

 

November 30,

 

 

November 30,

 

Postretirement Benefits

 

2017

 

 

2016

 

 

2017

 

 

2016

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service cost

 

$

-

 

 

$

-

 

 

$

622

 

 

$

568

 

Interest cost

 

 

86

 

 

 

114

 

 

 

448

 

 

 

444

 

Amortization of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Prior service (credit)

 

 

(110

)

 

 

(116

)

 

 

-

 

 

 

-

 

Net actuarial losses recognized

 

 

12

 

 

 

-

 

 

 

158

 

 

 

120

 

Net Periodic Benefit (Credit) Cost

 

$

(12

)

 

$

(2

)

 

$

1,228

 

 

$

1,132

 

18



©2018 RPM International Inc. Terms of Use | Privacy Policy 2628 Pearl Road - P.O. Box 777 - Medina, Ohio 44258 | Phone: 330.273.5090 | Email: info@RPMinc.com