<SEC-DOCUMENT>0001193125-15-095408.txt : 20150615
<SEC-HEADER>0001193125-15-095408.hdr.sgml : 20150615
<ACCEPTANCE-DATETIME>20150317162333
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-15-095408
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150317

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RPM INTERNATIONAL INC/DE/
		CENTRAL INDEX KEY:			0000110621
		STANDARD INDUSTRIAL CLASSIFICATION:	PAINTS, VARNISHES, LACQUERS, ENAMELS & ALLIED PRODUCTS [2851]
		IRS NUMBER:				020642224
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0531

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2628 PEARL RD
		STREET 2:		P O BOX 777
		CITY:			MEDINA
		STATE:			OH
		ZIP:			44258
		BUSINESS PHONE:		3302735090

	MAIL ADDRESS:	
		STREET 1:		2628 PEARL RD
		STREET 2:		P O BOX 777
		CITY:			MEDINA
		STATE:			OH
		ZIP:			44258

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RPM INTERNATIONAL INC/OH/
		DATE OF NAME CHANGE:	20021015

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	RPM INC/OH/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REPUBLIC POWDERED METALS INC
		DATE OF NAME CHANGE:	19711027
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March&nbsp;17, 2015 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA EDGAR </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Melissa&nbsp;N. Rocha</P></TD></TR>
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<TD VALIGN="top">Senior Assistant Chief Accountant</TD></TR>
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<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>RPM International Inc. </B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><B>Form 10-K for the Fiscal Year Ended May&nbsp;31, 2014
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><B>Filed August&nbsp;14, 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><B>Form 10-Q for the Period Ended November&nbsp;30, 2014 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><B>Filed January&nbsp;7, 2015 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><B>Response Dated February&nbsp;23, 2015 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><B>File No.&nbsp;1-14187 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear
Ms.&nbsp;Rocha: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of RPM International Inc. (the &#147;Company&#148;), this letter responds to the comments the Company received
from the U.S. Securities and Exchange Commission, Division of Corporation Finance (the &#147;Commission&#148;), dated March&nbsp;3, 2015. For your convenience, we have repeated your comments in <I>italics</I>, and the Company&#146;s responses are
set forth immediately below the corresponding comment of the Commission. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Form 10-K for the year ended May&nbsp;31, 2014 </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Exhibit 13.1 </U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Note Q &#151; Segment
Information, page 69 </U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>SEC Comment #1: </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>We note your response to comment one from our letter dated February&nbsp;6, 2015. In your January&nbsp;7, 2015 earnings call, your CEO
indicated that during the quarter ended November&nbsp;30, 2014, you underperformed in &#147;core consumer products categories with small project paints, caulks and sealants and patch repair products.&#148; Additionally, he indicated that the
&#147;Kirker fingernail enamel business had another disappointing quarterly performance&#148;. Please describe for us the </I></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 17, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>
source of information management uses to make these types of statements for purposes for earnings calls and explain why it would be impracticable to use this source to provide the revenue product
line disclosures described in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">280-10-50-40.</FONT></FONT></FONT> </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Financial data provided by the
Company&#146;s operating segments generally serves as the source of information shared by management during earnings calls. In that regard, in commenting on the underperformance of &#147;core consumer product categories with small project paints,
caulks and sealants and patch and repair products,&#148; Mr.&nbsp;Sullivan was addressing general categories of products that comprise a substantial percentage of the consumer segment&#146;s revenues, rather than singling out individual product
lines within these product categories. The Company does not accumulate or track information by product line, as it does not manage its business in that manner, and that information would be impracticable to track, for the reasons specified in the
Company&#146;s prior response to comment one from your letter dated February&nbsp;6, 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Sullivan&#146;s ability to share
product information concerning Kirker&#146;s performance stemmed from a set of unique circumstances applicable to that business during the relevant period. In that regard, the Company acquired Kirker in fiscal 2014 and had contingent purchase price
obligations under the purchase agreement that were tied to sales of Kirker&#146;s only product, fingernail enamels. The Company monitored Kirker&#146;s sales in order to comply with these contractual obligations and, as a result, Mr.&nbsp;Sullivan
was able to address those matters directly in his remarks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In future earnings calls, in comments that are scripted or unscripted, the
Company&#146;s management will strive to make reference to operating segment businesses rather than broad references pertaining to core products, in an effort to avoid any confusion in this regard. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Form 10-Q for the Period Ended November&nbsp;30, 2014 </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Note 2 &#151; Specialty Products Holding Corp., page 7 </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>SEC Comment #2: </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>We note your response
to comment two from our letter dated February&nbsp;6, 2015. In your response, you indicate that during the third quarter of fiscal 2015, you &#147;took into consideration the increased liquidity requirements of the parent that occurred during the
third quarter and the impact on the Company&#146;s plan for reinvestment of undistributed earnings.&#148; So that we may better understand the timing of your conclusion with regard to repatriation of foreign earnings, please address the following:
</I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><I>&#149;</I></TD>
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<TD ALIGN="left" VALIGN="top"><I>Clarify what you are referring to by the &#147;increased liquidity requirements of the parent that occurred during the third quarter;&#148; </I></TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 17, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><I>&#149;</I></TD>
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<TD ALIGN="left" VALIGN="top"><I>Tell us how you determined that you had both the intent and ability to utilize U.S. resources for the initial and future funding of the trust from the date that you entered into the agreement in principle through
November&nbsp;30, 2014; and </I></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><I>&#149;</I></TD>
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<TD ALIGN="left" VALIGN="top"><I>Please also confirm that when you entered into the agreement in principle in July 2014, you planned to [make] settlement payments on the $347.5 million of promissory notes with U.S. resources. If true, please explain
how your circumstances changed such that you now believe it is reasonably possible that foreign earnings may need to be used to settle these promissory notes. </I></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the Company&#146;s Form
10-K for the period ended May&nbsp;31, 2014, it disclosed that its available liquidity, including cash and cash equivalents and amounts available under committed credit facilities, stood at $1.1 billion. At May&nbsp;31, 2014, approximately $310
million of the Company&#146;s consolidated cash and cash equivalents were held at various foreign subsidiaries. As such, available U.S. liquidity was approximately $800 million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In July 2014, when the Company entered into the agreement in principle, it disclosed that the payments to the Trust could be funded using a
combination of cash, amounts obtained via its revolving credit facilities or, depending on market conditions, with funds obtained through the capital markets. Although this disclosure was made contemporaneous with the filing of the Company&#146;s
Form 10-K for the period ended May&nbsp;31, 2014, its July 2014 liquidity did not materially change from the amounts disclosed as of May&nbsp;31, 2014. In addition, the Company expects to generate significant future cash flow from its operations
that could be used to fund the future payments to the Trust. As a point of clarification, at the time the Company entered into the agreement in principle it had the ability and intention to fund both the initial $450 million payment to the Trust, as
well as the future payments to the Trust of $347.5 million (which payments are scheduled to be made in annual installments in December 2016, 2017 and 2018 and may be prepaid at any time without penalty), using available U.S. liquidity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the Company&#146;s Form 10-Q for the period ended November&nbsp;30, 2014, it disclosed that available liquidity, including cash and cash
equivalents and amounts available under its committed credit facilities, stood at $1.0 billion. At that time, approximately $243 million of the Company&#146;s consolidated cash and cash equivalents were held at various foreign subsidiaries and,
therefore, its U.S. liquidity was approximately $767 million. Although the Company&#146;s liquidity changed slightly from May&nbsp;31, 2014, it maintained its </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 17, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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intention and continued to have the ability to utilize available U.S. liquidity as well as expected future cash flow from its operations, or access the capital markets, to fund all payments to
the Trust. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In December 2014, the Company funded the initial $450 million payment using existing U.S. liquidity. After funding the $450
million payment, the Company continues to believe that available U.S. liquidity is sufficient to satisfy the future payments to the Trust. During the third quarter the Company considered the potential of electing to prepay the obligations to the
Trust. The early prepayment of the Trust obligations along with the Company&#146;s stated fiscal objective to more aggressively return capital to stockholders in the form of dividend distributions, were critical to the Company&#146;s conclusion
relative to its assertion regarding the reinvestment of undistributed foreign earnings. That is, it became apparent to the Company during the third quarter that it could no longer assert permanent reinvestment of a portion of the Company&#146;s
undistributed foreign earnings. In light of this information, the Company reviewed its reinvestment of undistributed earnings assertion. As a result, in the third quarter, the Company determined that it would consider using undistributed foreign
earnings, up to $347.5 million, to settle the Trust obligations. The remainder of the Company&#146;s undistributed foreign earnings continues to be permanently reinvested. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with the above, the Company reviewed the guidance in ASC 740-30 and concluded during the third quarter that it no longer met the
exception of ASC 740-30-25-17 with respect to $347.5 million. It is important to note that the Company has not repatriated any portion of the $347.5 million. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In summary, there has been no change in the Company&#146;s ability to use available U.S. liquidity to fund the remaining Trust obligations.
However, in the third quarter, it affirmatively concluded that it may use non-U.S. liquidity to settle the remaining Trust obligations. Accordingly, and consistent with the aforementioned accounting guidance, the Company can no longer assert that it
intends to permanently reinvest foreign earnings in amounts up to those remaining Trust obligations. The circumstances driving the change in the Company&#146;s intention include its objective to protect its ability to distribute returns to
stockholders characterized as dividends, even if the Company elects to prepay all or a portion of its obligations to the Trust. The Company&#146;s ongoing analysis, pursuant to guidance provided in ASC 740-30, was updated in the third quarter
resulting in the Company revising its reinvestment assertion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Finally, as a point of clarification, in the previous response to comment
two, the statement regarding &#147;increased liquidity requirements of the parent that occurred during the third quarter&#148; referred to the increase in debt due to the execution of the promissory notes to the Trust and funding the initial $450
million payment. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">March 17, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations, page 25
</U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Six Months Ended November&nbsp;30, 2014, page 34 </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>SEC Comment #3: </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>We note your response
to comment five from our letter dated February&nbsp;6, 2015. To the extent that product mix is the predominant factor impacting the change in your results of operations between the periods presented, please consider providing greater context to
readers by identifying the types of products that most affected product mix during the period and, if known, the reason for any changes in product mix trends between the periods presented. </I></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Response</U>: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the
staff&#146;s comment and confirms that it will consider additional disclosure regarding the operating segment businesses that most affect product mix, and, if known, the reasons for any changes in product mix trends when product mix is the
predominant factor in period to period changes in its results of operations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company believes that this letter is responsive to your
comments. Should you require further information or if there are any questions concerning the responses set forth above, please do not hesitate to contact me or, in my absence, Gregory S. Harvey ((216) 622-8253; gharvey@calfee.com). </P>
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD VALIGN="top">/s/ John J. Jenkins</TD></TR>
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<TD VALIGN="top">John J. Jenkins</TD></TR></TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Russell L. Gordon </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Edward W. Moore </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Thomas F. McKee </P>
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