SEC Document

 

RPM INTERNATIONAL INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

 

 

Three Months Ended

 

 

 

August 31,

 

 

August 31,

 

 

 

 

2017

 

 

 

2016

 

Cash Flows From Operating Activities:

 

 

 

 

 

 

 

 

Net income

 

$

116,903

 

 

$

113,394

 

Adjustments to reconcile net income to net cash provided by (used for) operating

   activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

19,893

 

 

 

17,679

 

Amortization

 

 

11,483

 

 

 

11,121

 

Deferred income taxes

 

 

9,815

 

 

 

(434

)

Stock-based compensation expense

 

 

7,465

 

 

 

8,171

 

Other non-cash interest expense

 

 

1,422

 

 

 

2,481

 

Realized (gains) on sales of marketable securities

 

 

(2,861

)

 

 

(2,584

)

Other

 

 

(140

)

 

 

18

 

Changes in assets and liabilities, net of effect from purchases and sales of businesses:

 

 

 

 

 

 

 

 

Decrease in receivables

 

 

1,646

 

 

 

28,663

 

(Increase) in inventory

 

 

(46,771

)

 

 

(42,763

)

(Increase) in prepaid expenses and other current and long-term assets

 

 

(10,865

)

 

 

(18,206

)

(Decrease) in accounts payable

 

 

(72,688

)

 

 

(70,598

)

(Decrease) in accrued compensation and benefits

 

 

(69,008

)

 

 

(77,738

)

(Decrease) in accrued losses

 

 

(5,765

)

 

 

(2,021

)

Increase in other accrued liabilities

 

 

20,147

 

 

 

38,015

 

Other

 

 

(6,765

)

 

 

1,302

 

Cash (Used For) Provided By Operating Activities

 

 

(26,089

)

 

 

6,500

 

Cash Flows From Investing Activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(17,533

)

 

 

(16,957

)

Acquisition of businesses, net of cash acquired

 

 

(36,169

)

 

 

(17,274

)

Purchase of marketable securities

 

 

(56,275

)

 

 

(13,099

)

Proceeds from sales of marketable securities

 

 

40,792

 

 

 

12,602

 

Other

 

 

702

 

 

 

272

 

Cash (Used For) Investing Activities

 

 

(68,483

)

 

 

(34,456

)

Cash Flows From Financing Activities:

 

 

 

 

 

 

 

 

Additions to long-term and short-term debt

 

 

19,125

 

 

 

91,669

 

Reductions of long-term and short-term debt

 

 

(760

)

 

 

(76,973

)

Cash dividends

 

 

(40,089

)

 

 

(36,529

)

Shares repurchased and returned for taxes

 

 

(5,346

)

 

 

(17,105

)

Payments of acquisition-related contingent consideration

 

 

(3,258

)

 

 

(4,033

)

Other

 

 

(747

)

 

 

(866

)

Cash (Used For) Financing Activities

 

 

(31,075

)

 

 

(43,837

)

Effect of Exchange Rate Changes on Cash and Cash Equivalents

 

 

11,341

 

 

 

1,111

 

Net Change in Cash and Cash Equivalents

 

 

(114,306

)

 

 

(70,682

)

Cash and Cash Equivalents at Beginning of Period

 

 

350,497

 

 

 

265,152

 

Cash and Cash Equivalents at End of Period

 

$

236,191

 

 

$

194,470

 

 

The accompanying notes to consolidated financial statements are an integral part of these statements.

 

 

 

6



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