XML 53 R7.htm IDEA: XBRL DOCUMENT
v2.4.0.8

RESTATEMENT | 6 Months Ended
--- | ---
Nov. 30, 2012
RESTATEMENT | NOTE A1 — RESTATEMENT The Company determined that the estimated loss contingency was understated by $16.9 million for the three month period and $28.3 million for the six month period ended November 30, 2012, producing an overstatement of net income of $10.8 million for the three month period and $18.0 million for the six month period ended November 30, 2012. The error was identified as a result of an investigation by the Audit Committee, with the assistance of independent advisors, into the timing of our third quarter of fiscal 2013 disclosure and accrual associated with the settlement of the previously disclosed GSA matter. The Company’s Consolidated Balance Sheets; Consolidated Statements of Income; Consolidated Statements of Comprehensive Income; Consolidated Statements of Cash Flows; Note 9. Contingencies and Other Accrued Losses; Note 12. Income Taxes; Note 14. Earnings Per Share; Note 15. Segment Information; and Note 17. Equity, included in this Form 10-Q/A have been restated to correct for the misstatements described above. The following are previously reported and restated balances of affected line items in the Consolidated Balance Sheets as of November 30, 2012 (Unaudited), the Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income for the three and six months ended November 30, 2012 (Unaudited), and Consolidated Statements of Cash Flows for the six months ended November 30, 2012 (Unaudited).
|  | November 30, 2012 |
|  | As Reported |  |  | Adjustment |  |  | Restated |
Consolidated Balance Sheets |  |  |  |  |  |  |  |  |  |  |  |
Deferred income taxes |  | $ | 21,041 |  |  | $ | 10,352 |  |  | $ | 31,393 |
Other accrued liabilities |  |  | 192,360 |  |  |  | 28,344 |  |  |  | 220,704 |
Retained earnings |  |  | 704,345 |  |  |  | (17,992 | ) |  |  | 686,353 |
Total RPM International Inc. stockholders’ equity |  |  | 1,242,952 |  |  |  | (17,992 | ) |  |  | 1,224,960 |
Total equity |  |  | 1,392,542 |  |  |  | (17,992 | ) |  |  | 1,374,550 |
|  | Three Months Ended November 30, 2012 |  |  | Six Months Ended November 30, 2012 |
|  | As Reported |  |  | Adjustment |  |  | Restated |  |  | As Reported |  |  | Adjustment |  |  | Restated |
Consolidated Statements of Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Estimated Loss Contingency |  | $ | — |  |  | $ | 16,926 |  |  | $ | 16,926 |  |  | $ | — |  |  | $ | 28,344 |  |  | $ | 28,344 |
Income before income taxes |  |  | 71,042 |  |  |  | (16,926 | ) |  |  | 54,116 |  |  |  | 143,104 |  |  |  | (28,344 | ) |  |  | 114,760 |
Provision for income taxes |  |  | 24,955 |  |  |  | (6,182 | ) |  |  | 18,773 |  |  |  | 59,150 |  |  |  | (10,352 | ) |  |  | 48,798 |
Net income |  |  | 46,087 |  |  |  | (10,744 | ) |  |  | 35,343 |  |  |  | 83,954 |  |  |  | (17,992 | ) |  |  | 65,962 |
Net income attributable to RPM International Inc. Stockholders |  |  | 41,668 |  |  |  | (10,744 | ) |  |  | 30,924 |  |  |  | 75,581 |  |  |  | (17,992 | ) |  |  | 57,589 |
Earnings Per Share — Basic |  |  | 0.32 |  |  |  | (0.09 | ) |  |  | 0.23 |  |  |  | 0.57 |  |  |  | (0.13 | ) |  |  | 0.44 |
Earnings Per Share — Diluted |  |  | 0.31 |  |  |  | (0.08 | ) |  |  | 0.23 |  |  |  | 0.57 |  |  |  | (0.13 | ) |  |  | 0.44 |
Consolidated Statements of Comprehensive Income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  |  | 46,087 |  |  |  | (10,744 | ) |  |  | 35,343 |  |  |  | 83,954 |  |  |  | (17,992 | ) |  |  | 65,962 |
Total Comprehensive Income |  |  | 48,761 |  |  |  | (10,744 | ) |  |  | 38,017 |  |  |  | 126,899 |  |  |  | (17,992 | ) |  |  | 108,907 |
Comprehensive Income Attributable to RPM International Inc. Stockholders |  |  | 42,531 |  |  |  | (10,744 | ) |  |  | 31,787 |  |  |  | 107,636 |  |  |  | (17,992 | ) |  |  | 89,644 |
|  | Six Months ended November 30, 2012 |
|  | As Reported |  |  | Adjustment |  |  | Restated |
Consolidated Statements of Cash Flows |  |  |  |  |  |  |  |  |  |  |  |
Net Income |  | $ | 83,954 |  |  | $ | (17,992 | ) |  | $ | 65,962 |
Estimated Loss Contingency |  |  | — |  |  |  | 28,344 |  |  |  | 28,344 |
Deferred income taxes |  |  | 3,973 |  |  |  | (10,352 | ) |  |  | (6,379 | )
Cash from Operating Activities |  |  | 127,621 |  |  |  | — |  |  |  | 127,621 |

X
- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22595-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22499-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e30840-122693 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 1 -Section N + Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration