XML 94 R61.htm IDEA: XBRL DOCUMENT v3.7.0.1
Borrowings - Additional Information (Detail)
1 Months Ended 3 Months Ended 12 Months Ended
May 31, 2017
USD ($)
Trust
May 25, 2017
USD ($)
May 09, 2017
USD ($)
Dec. 09, 2013
USD ($)
Dec. 03, 2013
$ / shares
Apr. 30, 2017
$ / shares
May 31, 2017
USD ($)
Trust
$ / shares
Feb. 28, 2017
$ / shares
Nov. 30, 2016
$ / shares
[1]
Aug. 31, 2016
$ / shares
May 31, 2016
USD ($)
$ / shares
Feb. 29, 2016
$ / shares
Nov. 30, 2015
$ / shares
Aug. 31, 2015
$ / shares
May 31, 2017
USD ($)
Trust
$ / shares
May 31, 2016
USD ($)
$ / shares
May 31, 2015
USD ($)
$ / shares
Dec. 23, 2018
USD ($)
Dec. 23, 2017
USD ($)
Mar. 31, 2017
Mar. 02, 2017
USD ($)
Dec. 23, 2016
USD ($)
May 29, 2015
USD ($)
Debt Instrument [Line Items]                                              
Maturities of long-term debt in 2018 $ 253,600,000           $ 253,600,000               $ 253,600,000                
Maturities of long-term debt in 2019 0           0               0                
Maturities of long-term debt in 2020 650,800,000           650,800,000               650,800,000                
Maturities of long-term debt in 2021 193,300,000           193,300,000               193,300,000                
Maturities of long-term debt in 2022 0           0               0                
Maturities of long-term debt thereafter 992,400,000           992,400,000               992,400,000                
Credit facility, available liquidity 799,100,000           799,100,000               799,100,000                
Liquidity available $ 1,150,000,000           $ 1,150,000,000               $ 1,150,000,000                
Consolidated indebtedness 59.30%           59.30%       54.40%       59.30% 54.40%              
Issuance of note $ 205,000,000           $ 205,000,000       $ 205,000,000       $ 205,000,000 $ 205,000,000              
Credit facility borrowing potential maximum capacity 1,000,000,000           1,000,000,000               1,000,000,000                
Initial payment for long term debt                             450,000,000                
Amount funded for trust as per agreement $ 450,000,000 $ 119,100,000         $ 450,000,000               $ 450,000,000             $ 102,500,000  
Number of remaining trust payments due | Trust 1           1               1                
Bankruptcy prepayment discount rate   1.25%                                          
Outstanding balance $ 0           $ 0               $ 0                
Debt instrument, conversion rate         18.8905                   19.049431                
Convertible notes, initial conversion price per share | $ / shares         $ 52.94                                    
Initial conversion price, conversion premium percentage         37.00%                                    
Last reported sale price of RPM common stock | $ / shares         $ 38.64                                    
Dividends Per Share | $ / shares             $ 0.300 $ 0.300 $ 0.300 $ 0.275 $ 0.275 $ 0.275 $ 0.275 $ 0.260 $ 1.175 $ 1.085 $ 1.020            
Convertible Notes                                              
Debt Instrument [Line Items]                                              
Debt, interest rate       2.25%                                      
Note Interest payment frequency, term                             Interest on the Convertible Notes semi-annually on June 15th and December 15th of each year                
Notes maturity date       2020                                      
Dividends Per Share | $ / shares           $ 0.24                                  
Debt instrument, effective interest rate 3.92%           3.92%               3.92%                
Contractual interest                             $ 4,600,000 $ 4,600,000              
Amortization of debt discount premium                             $ 2,900,000 2,800,000              
Debt discount remaining amortized period                             3 years 6 months                
Unamortized debt discount $ 11,200,000           $ 11,200,000               $ 11,200,000                
Carrying amount of the equity component of debt $ 20,700,000           20,700,000               20,700,000                
Margin                                              
Debt Instrument [Line Items]                                              
Interest rate margin 0.70%                                            
Subsequent Event                                              
Debt Instrument [Line Items]                                              
Amount funded for trust as per agreement                                   $ 125,000,000 $ 120,000,000        
Other Long-Term Liabilities                                              
Debt Instrument [Line Items]                                              
Bankruptcy Note, net present value $ 120,400,000           120,400,000               120,400,000                
New Revolving Credit Facility                                              
Debt Instrument [Line Items]                                              
Credit facility, available liquidity $ 599,100,000           $ 599,100,000               $ 599,100,000                
Credit facility borrowing maximum capacity                                 $ 800,000,000            
Credit facility expiration date                                 Dec. 05, 2019            
Interest coverage ratio 920.00%           920.00%               920.00%                
Leverage ratio                             58.10%                
Previous Credit Facility                                              
Debt Instrument [Line Items]                                              
Credit facility borrowing maximum capacity                                 $ 600,000,000            
Unsecured 5.25% notes due June 1, 2045                                              
Debt Instrument [Line Items]                                              
Issuance of note $ 250,000,000           $ 250,000,000       $ 250,000,000       $ 250,000,000 $ 250,000,000         $ 50,000,000   $ 250,000,000
Debt, interest rate 5.25% [2]           5.25% [2]       5.25% [2]       5.25% [2] 5.25% [2]         5.25%   5.25%
Note Interest payment frequency, term                             Interest on the 2045 Notes accrues from December 1, 2016 and is payable semiannually in arrears on June 1st and December 1st of each year, beginning June 1, 2017, at a rate of 5.250% per year                
Unsecured senior notes , maturity date [2]                             Jun. 01, 2045 Jun. 01, 2045              
Debt instrument, effective interest rate 5.29%           5.29%               5.29%         4.839%      
Amortization of debt discount premium                             $ 1,500,000 $ 1,500,000              
Unsecured 3.75% notes due March 15, 2027                                              
Debt Instrument [Line Items]                                              
Issuance of note $ 400,000,000           $ 400,000,000               $ 400,000,000           $ 400,000,000    
Debt, interest rate 3.75%           3.75%       3.75%       3.75% 3.75%         3.75%    
Note Interest payment frequency, term                             Interest on the 2027 Notes accrues from March 2, 2017 and is payable semiannually in arrears on March 15th and September 15th of each year, beginning September 15, 2017, at a rate of 3.750% per year                
Unsecured senior notes , maturity date [3]                             Mar. 15, 2027 Mar. 15, 2027              
Debt instrument, effective interest rate 3.75%           3.75%               3.75%                
Issuance of Debt | Maximum                                              
Debt Instrument [Line Items]                                              
Consolidated indebtedness 65.00%           65.00%               65.00%                
Issuance of Debt | Minimum                                              
Debt Instrument [Line Items]                                              
Interest coverage ratio 350.00%           350.00%               350.00%                
New Accounts Receivable Securitization Facility                                              
Debt Instrument [Line Items]                                              
Debt maturity period     3 years                                        
Accounts receivable from securitization     $ 200,000,000                                        
Accounts Receivable Securitization Facility                                              
Debt Instrument [Line Items]                                              
Credit facility borrowing maximum capacity     $ 200,000,000                                        
Accounts Receivable Securitization Facility | Maximum                                              
Debt Instrument [Line Items]                                              
Monthly unused commitment fee 0.30%                                            
Accounts Receivable Securitization Facility | Minimum                                              
Debt Instrument [Line Items]                                              
Monthly unused commitment fee 0.50%                                            
Unsecured 2.25% senior convertible notes due December 15, 2020                                              
Debt Instrument [Line Items]                                              
Debt, interest rate 2.25%           2.25%       2.25%       2.25% 2.25%              
Unsecured senior notes , maturity date                             Dec. 15, 2020 Dec. 15, 2020              
Unsecured 2.25% senior convertible notes due December 15, 2020 | Convertible Notes                                              
Debt Instrument [Line Items]                                              
Issuance of note       $ 205,000,000                                      
[1] Reflects the pretax goodwill and intangible asset impairment losses of $188.3 million related to our Kirker reporting unit. Refer to Note B, “Goodwill and Other Intangible Assets,” for further information. Also reflects $12.3 million pretax charge relating to the Flowcrete decision to exit the Middle East.
[2] The $250.0 million face amount of the notes due 2045 is adjusted for the amortization of the original issue discount, which approximated $1.5 million at May 31, 2017 and 2016. The original issue discount effectively reduced the ultimate proceeds from the financing. The effective interest rate on the notes, including the amortization of the discount, is 5.29%. In March 2017, as a further issuance of the 5.25% notes due 2045, we closed an offering of $50.0 million aggregate principal, which is adjusted for the unamortized premium received at issuance, which approximated $3.1 million at May 31, 2017. The premium effectively increased the proceeds from the financing. The effective interest rate on the $50.0 million notes issued March 2017 is 4.839%. At May 31, 2017 and 2016, the notes are adjusted for debt issuance costs, net of amortization, for approximately $3.2 million and $2.6 million, respectively.
[3] The $400.0 million face amount of the notes due 2027 is adjusted for the amortization of the original issue discount and debt issuance cost, net of amortization, which approximated $0.5 million and $3.8 million, respectively, at May 31, 2017. The original issue discount effectively reduced the ultimate proceeds from the financing. The effective interest rate on the notes, including the amortization of the discount, is 3.750%.