SEC Document

 

RPM INTERNATIONAL INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

 

 

Six Months Ended

 

 

 

November 30,

 

 

November 30,

 

 

 

 

2017

 

 

 

2016

 

Cash Flows From Operating Activities:

 

 

 

 

 

 

 

 

Net income

 

$

212,761

 

 

$

43,138

 

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

   activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

40,386

 

 

 

35,568

 

Amortization

 

 

23,245

 

 

 

22,111

 

Goodwill and other intangible asset impairments

 

 

-

 

 

 

188,298

 

Deferred income taxes

 

 

(32,276

)

 

 

(59,363

)

Stock-based compensation expense

 

 

14,429

 

 

 

17,013

 

Other non-cash interest expense

 

 

2,843

 

 

 

4,964

 

Realized (gains) on sales of marketable securities

 

 

(4,897

)

 

 

(3,698

)

Other

 

 

9

 

 

 

(47

)

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

 

 

 

 

 

 

 

 

Decrease in receivables

 

 

34,136

 

 

 

110,871

 

(Increase) in inventory

 

 

(62,923

)

 

 

(81,586

)

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

 

 

3,919

 

 

 

(20,876

)

(Decrease) in accounts payable

 

 

(95,302

)

 

 

(69,518

)

(Decrease) in accrued compensation and benefits

 

 

(45,464

)

 

 

(55,662

)

(Decrease) in accrued losses

 

 

(8,490

)

 

 

(899

)

Increase in other accrued liabilities

 

 

33,304

 

 

 

28,057

 

Other

 

 

(494

)

 

 

361

 

Cash Provided By Operating Activities

 

 

115,186

 

 

 

158,732

 

Cash Flows From Investing Activities:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(45,295

)

 

 

(48,049

)

Acquisition of businesses, net of cash acquired

 

 

(54,647

)

 

 

(65,201

)

Purchase of marketable securities

 

 

(96,039

)

 

 

(25,142

)

Proceeds from sales of marketable securities

 

 

58,867

 

 

 

24,588

 

Other

 

 

469

 

 

 

956

 

Cash (Used For) Investing Activities

 

 

(136,645

)

 

 

(112,848

)

Cash Flows From Financing Activities:

 

 

 

 

 

 

 

 

Additions to long-term and short-term debt

 

 

35,036

 

 

 

76,369

 

Reductions of long-term and short-term debt

 

 

(1,535

)

 

 

(73,588

)

Cash dividends

 

 

(82,878

)

 

 

(76,604

)

Shares repurchased and returned for taxes

 

 

(12,125

)

 

 

(19,663

)

Payments of acquisition-related contingent consideration

 

 

(3,359

)

 

 

(4,130

)

Other

 

 

(1,464

)

 

 

(1,365

)

Cash (Used For) Financing Activities

 

 

(66,325

)

 

 

(98,981

)

Effect of Exchange Rate Changes on Cash and Cash Equivalents

 

 

5,144

 

 

 

(6,148

)

Net Change in Cash and Cash Equivalents

 

 

(82,640

)

 

 

(59,245

)

Cash and Cash Equivalents at Beginning of Period

 

 

350,497

 

 

 

265,152

 

Cash and Cash Equivalents at End of Period

 

$

267,857

 

 

$

205,907

 

 

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

 

 

 

6



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