SEC Document

RPM INTERNATIONAL INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)

 

We are currently analyzing the various components of the Act and its impact on our financial statements, including the estimated impact resulting from the re-measurement of our deferred tax assets and liabilities and the estimated charge for the one-time tax on our deferred foreign earnings and expect to record provisional amounts for these impacts in our third quarter financial statements.

We regularly assess our permanent reinvestment assertion regarding undistributed foreign earnings.  The Act includes other provisions that may factor into our reinvestment assertions.  Any prospective changes in our assertions regarding permanent reinvestment of undistributed earnings will be recorded in the period of the change.

 

 

NOTE 10 — INVENTORIES

Inventories, net of reserves, were composed of the following major classes:

 

 

 

November 30, 2017

 

 

May 31, 2017

 

(In thousands)

 

 

 

Raw material and supplies

 

$

269,887

 

 

$

248,426

 

Finished goods

 

 

594,132

 

 

 

539,771

 

Total Inventory, Net of Reserves

 

$

864,019

 

 

$

788,197

 

 

 

NOTE 11 — STOCK REPURCHASE PROGRAM

On January 8, 2008, we announced our authorization of a stock repurchase program under which we may repurchase shares of RPM International Inc. common stock at management’s discretion for general corporate purposes. Our current intent is to limit our repurchases only to amounts required to offset dilution created by stock issued in connection with our equity-based compensation plans, or approximately one to two million shares per year. As a result of this authorization, we may repurchase shares from time to time in the open market or in private transactions at various times and in amounts and for prices that our management deems appropriate, subject to insider trading rules and other securities law restrictions. The timing of our purchases will depend upon prevailing market conditions, alternative uses of capital and other factors. We may limit or terminate the repurchase program at any time. During the three and six month periods ended November 30, 2017 and 2016, we did not repurchase any shares of our common stock under this program.

 

 

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