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Quarterly Information (Unaudited) | 12 Months Ended
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May 31, 2020
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Information (Unaudited) | NOTE S — QUARTERLY INFORMATION (UNAUDITED) The following is a summary of the quarterly results of operations for the years ended May 31, 2020 and 2019:
|  | For Quarter Ended |
(In thousands, except per share amounts) |  | August 31 |  |  | November 30 |  |  | February 29 |  |  | May 31 |
2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Sales |  | $ | 1,472,764 |  |  | $ | 1,401,292 |  |  | $ | 1,173,976 |  |  | $ | 1,458,962 |
Gross Profit |  | $ | 574,754 |  |  | $ | 529,398 |  |  | $ | 434,747 |  |  | $ | 553,956 |
Net Income Attributable to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
RPM International Inc. Stockholders (a) |  | $ | 106,188 |  |  | $ | 77,030 |  |  | $ | 11,853 |  |  | $ | 109,314 |
Basic Earnings Per Share |  | $ | 0.82 |  |  | $ | 0.60 |  |  | $ | 0.09 |  |  | $ | 0.85 |
Diluted Earnings Per Share |  | $ | 0.82 |  |  | $ | 0.59 |  |  | $ | 0.09 |  |  | $ | 0.84 |
Dividends Per Share |  | $ | 0.350 |  |  | $ | 0.360 |  |  | $ | 0.360 |  |  | $ | 0.360 |
(In thousands, except per share amounts) |  | August 31 |  |  | November 30 |  |  | February 28 |  |  | May 31 |
2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net Sales |  | $ | 1,459,989 |  |  | $ | 1,362,531 |  |  | $ | 1,140,630 |  |  | $ | 1,601,401 |
Gross Profit |  | $ | 549,353 |  |  | $ | 493,731 |  |  | $ | 409,422 |  |  | $ | 635,814 |
Net Income Attributable to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
RPM International Inc. Stockholders (b) |  | $ | 69,764 |  |  | $ | 49,224 |  |  | $ | 14,190 |  |  | $ | 133,380 |
Basic Earnings Per Share |  | $ | 0.52 |  |  | $ | 0.37 |  |  | $ | 0.11 |  |  | $ | 1.03 |
Diluted Earnings Per Share |  | $ | 0.52 |  |  | $ | 0.37 |  |  | $ | 0.11 |  |  | $ | 1.02 |
Dividends Per Share |  | $ | 0.320 |  |  | $ | 0.350 |  |  | $ | 0.350 |  |  | $ | 0.350 |
(a) | Reflects inventory-related charges of $28.8 million in our Consumer reportable segment resulting from SKU rationalization, excess and obsolescence, and exiting unprofitable product lines and regions and $3.2 million in our PCG segment resulting from the exit of unprofitable product lines and regions. Also reflects restructuring charges totaling $33.1 million that were incurred throughout fiscal 2020, as further described in Note B, “Restructuring”.
(b) | Reflects inventory-related charges of $10.5 million in our Consumer reportable segment resulting from more proactive management of inventory and $9.0 million and $1.0 million in inventory reductions related to restructuring activities in our PCG and CPG reportable segments, respectively. Also reflects restructuring charges totaling $42.3 million that were incurred throughout fiscal 2019, as further described in Note B, “Restructuring”.
Quarterly earnings per share may not total to the yearly earnings per share due to the weighted-average number of shares outstanding in each quarter. In addition, during the first quarter of fiscal 2020, we changed our method of accounting for shipping and handling costs, which we have identified as costs paid to third-party shippers for transporting products to customers. Under the new method of accounting, we include shipping costs in cost of sales, whereas previously, they were included in SG&A expense. This change in accounting principle has been applied retrospectively, and the Consolidated Statements of Income amounts presented in the table above for both fiscal 2020 and fiscal 2019 reflect the effect of this accounting principle change.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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