2013 Form 10-K Financial Statement

#000119312513300693 Filed on July 24, 2013

View on sec.gov

Income Statement

Concept 2013 2012 Q2 2012 Q1
Revenue $4.079B $1.102B $773.6M
YoY Change 7.97% 12.22% 13.95%
Cost Of Revenue $2.376B $641.4M $470.4M
YoY Change 6.3% 13.46% 14.91%
Gross Profit $1.703B $460.4M $303.2M
YoY Change 10.4% 10.56% 12.5%
Gross Profit Margin 41.75% 41.79% 39.19%
Selling, General & Admin $1.309B $322.2M $277.5M
YoY Change 13.28% 8.45% 8.41%
% of Gross Profit 76.89% 69.98% 91.51%
Research & Development $49.30M
YoY Change 8.59%
% of Gross Profit 2.9%
Depreciation & Amortization $55.72M $21.30M $17.80M
YoY Change 7.27% 16.39% 0.0%
% of Gross Profit 3.27% 4.63% 5.87%
Operating Expenses $1.359B $321.8M $277.5M
YoY Change 13.11% 8.39% 8.41%
Operating Profit $344.2M $138.6M $25.74M
YoY Change 0.89% 15.97% 89.46%
Interest Expense $79.85M -$15.80M $17.90M
YoY Change 10.83% 37.39% 8.45%
% of Operating Profit 23.2% -11.4% 69.52%
Other Income/Expense, Net -$57.72M $1.399M
YoY Change -701.3%
Pretax Income $5.104M $122.0M $11.44M
YoY Change -97.28% 13.07% 474.96%
Income Tax $67.04M $33.40M $3.512M
% Of Pretax Income 1313.48% 27.38% 30.71%
Net Earnings $98.60M $82.57M $6.625M
YoY Change -54.34% 17.66% 503.92%
Net Earnings / Revenue 2.42% 7.49% 0.86%
Basic Earnings Per Share $0.75 $0.63 $0.05
Diluted Earnings Per Share $0.74 $0.63 $0.05
COMMON SHARES
Basic Shares Outstanding 129.0M shares 128.1M shares
Diluted Shares Outstanding 129.8M shares 130.4M shares

Balance Sheet

Concept 2013 2012 Q2 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $343.6M $316.0M $272.2M
YoY Change 8.73% -27.36% -1.2%
Cash & Equivalents $343.6M $316.0M $272.2M
Short-Term Investments
Other Short-Term Assets $206.2M $185.9M $281.6M
YoY Change 10.92% -27.67% 17.63%
Inventory $548.7M $490.0M $517.2M
Prepaid Expenses
Receivables $787.5M $745.5M $613.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.886B $1.737B $1.684B
YoY Change 8.55% -6.99% 9.97%
LONG-TERM ASSETS
Property, Plant & Equipment $492.4M $418.8M $402.8M
YoY Change 17.57% 7.39% 5.59%
Goodwill $849.3M
YoY Change 2.15%
Intangibles $345.6M
YoY Change 10.47%
Long-Term Investments
YoY Change
Other Assets $169.1M $210.7M $107.8M
YoY Change -19.74% 86.99% 3.88%
Total Long-Term Assets $2.235B $1.824B $1.730B
YoY Change 22.49% 45.14% 39.21%
TOTAL ASSETS
Total Short-Term Assets $1.886B $1.737B $1.684B
Total Long-Term Assets $2.235B $1.824B $1.730B
Total Assets $4.121B $3.562B $3.414B
YoY Change 15.69% 1.33% 8.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $478.2M $391.5M $287.4M
YoY Change 22.15% 9.11% 8.64%
Accrued Expenses $445.3M $331.1M $332.7M
YoY Change 34.49% -11.47% -1.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.500M $2.584M $3.200M
YoY Change 73.08% 3.36% 10.34%
Total Short-Term Liabilities $928.0M $725.1M $623.3M
YoY Change 27.98% -1.38% 3.08%
LONG-TERM LIABILITIES
Long-Term Debt $1.369B $1.113B $1.100B
YoY Change 23.02% 0.61% 17.87%
Other Long-Term Liabilities $417.2M $381.6M $218.7M
YoY Change 9.33% 70.35% -14.66%
Total Long-Term Liabilities $1.786B $1.523B $1.318B
YoY Change 19.52% 9.36% 5.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $928.0M $725.1M $623.3M
Total Long-Term Liabilities $1.786B $1.523B $1.318B
Total Liabilities $2.920B $2.248B $2.146B
YoY Change 22.78% 5.65% 16.05%
SHAREHOLDERS EQUITY
Retained Earnings $686.8M
YoY Change 17.8%
Common Stock $1.316M
YoY Change 0.77%
Preferred Stock
YoY Change
Treasury Stock (at cost) $69.48M
YoY Change 11.18%
Treasury Stock Shares
Shareholders Equity $1.201B $1.184B $1.268B
YoY Change
Total Liabilities & Shareholders Equity $4.121B $3.562B $3.414B
YoY Change 15.69% 1.33% 8.19%

Cashflow Statement

Concept 2013 2012 Q2 2012 Q1
OPERATING ACTIVITIES
Net Income $98.60M $82.57M $6.625M
YoY Change -54.34% 17.66% 503.92%
Depreciation, Depletion And Amortization $55.72M $21.30M $17.80M
YoY Change 7.27% 16.39% 0.0%
Cash From Operating Activities $368.5M $141.4M $43.50M
YoY Change 24.95% 199.58% 450.63%
INVESTING ACTIVITIES
Capital Expenditures -$91.40M -$37.20M -$16.00M
YoY Change 27.65% 105.52% 150.0%
Acquisitions
YoY Change
Other Investing Activities -$11.05M -$27.80M -$36.70M
YoY Change -32.91% 30.52% 50.41%
Cash From Investing Activities -$477.4M -$65.00M -$52.70M
YoY Change 78.59% 64.97% 71.66%
FINANCING ACTIVITIES
Cash Dividend Paid $117.6M
YoY Change 4.9%
Common Stock Issuance & Retirement, Net $3.014M
YoY Change -56.85%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 138.2M -15.80M -27.50M
YoY Change -217.63% -110.86% 127.27%
NET CHANGE
Cash From Operating Activities 368.5M 141.4M 43.50M
Cash From Investing Activities -477.4M -65.00M -52.70M
Cash From Financing Activities 138.2M -15.80M -27.50M
Net Change In Cash 29.20M 60.60M -36.70M
YoY Change -132.48% -60.47% 5.16%
FREE CASH FLOW
Cash From Operating Activities $368.5M $141.4M $43.50M
Capital Expenditures -$91.40M -$37.20M -$16.00M
Free Cash Flow $459.9M $178.6M $59.50M
YoY Change 25.48% 173.51% 316.08%

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CY2011 us-gaap Deferred Income Tax Expense Benefit
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3900000
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2157000 shares
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7629000
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DeferredForeignIncomeTaxExpenseBenefit
-2678000
CY2011 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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77035000
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7708000
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1058466000
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-39932000
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IncomeTaxReconciliationOtherReconcilingItems
501000
CY2011 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
91885000
CY2011 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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29713000
CY2011 us-gaap Net Income Loss Available To Common Stockholders Basic
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185991000
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332125000
CY2011 us-gaap Payments Of Dividends
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CY2011 rpm Increase Decrease In Prepaid Expense And Other Assets
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22645000
CY2011 rpm Gain Loss On Securities Investments Net
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9675000
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2791000
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CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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6814000
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24502000
CY2011 rpm Other Nonoperating Income Expense Net
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CY2011 rpm Share Based Compensation Arrangement By Sharebased Payment Award All Equity Instruments Vested In Period Total Fair Value
ShareBasedCompensationArrangementBySharebasedPaymentAwardAllEquityInstrumentsVestedInPeriodTotalFairValue
10800000
CY2011 rpm Defined Benefit Plan Employer Matching Contributions
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10900000
CY2011 rpm Repurchase Of Common Stock Shares
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1.0 shares
CY2011 rpm Other Comprehensive Income Loss Defined Benefit Plan Foreign Currency Translation Adjustment Before Tax
OtherComprehensiveIncomeLossDefinedBenefitPlanForeignCurrencyTranslationAdjustmentBeforeTax
4767000
CY2011 rpm Deferred Income Taxes Changes In Accumulated Other Comprehensive Income Loss
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-8116000
CY2011 rpm Other Comprehensive Income Reclassification Adjustment Net Of Tax
OtherComprehensiveIncomeReclassificationAdjustmentNetOfTax
5676000
CY2013 dei Trading Symbol
TradingSymbol
RPM
CY2013 dei Entity Registrant Name
EntityRegistrantName
RPM INTERNATIONAL INC/DE/
CY2013 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2013 dei Amendment Flag
AmendmentFlag
false
CY2013 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2013 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2013 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2013 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013 dei Document Type
DocumentType
10-K
CY2013 dei Document Period End Date
DocumentPeriodEndDate
2013-05-31
CY2013 dei Entity Central Index Key
EntityCentralIndexKey
0000110621
CY2013 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2013 dei Current Fiscal Year End Date
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--05-31
CY2013 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
4489000
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397425000
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LeaseOperatingExpense
46500000
CY2013 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
1979000
CY2013 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
2190000
CY2013 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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5627000
CY2013 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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11248000
CY2013 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
46801000
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P3Y2M12D
CY2013 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
72070000
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y6M
CY2013 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
19470000
CY2013 us-gaap Impairment Of Investments
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51092000
CY2013 us-gaap Other Nonoperating Income Expense
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CY2013 us-gaap Marketable Securities Realized Gain Loss Other Than Temporary Impairments Amount
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14279000
CY2013 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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1318000
CY2013 us-gaap Comprehensive Income Net Of Tax
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117243000
CY2013 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
108031000
CY2013 us-gaap Incremental Common Shares Attributable To Written Put Options
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CY2013 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
19939000
CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
61912000
CY2013 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
-12338000
CY2013 us-gaap Asset Impairment Charges
AssetImpairmentCharges
7416000
CY2013 us-gaap Available For Sale Securities Gross Realized Losses
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600000
CY2013 us-gaap Earnings Per Share Diluted
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0.74
CY2013 us-gaap Payments To Acquire Productive Assets
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91367000
CY2013 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
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P9Y
CY2013 us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
2069000
CY2013 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2013 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
20115000
CY2013 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
18800000
CY2013 us-gaap Goodwill Translation Adjustments
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3696000
CY2013 us-gaap Profit Loss
ProfitLoss
109851000
CY2013 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2009-05-11
CY2013 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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900000
CY2013 us-gaap Common Stock Dividends Per Share Declared
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0.890
CY2013 us-gaap Payments For Repurchase Of Common Stock
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3013000
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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171787000
CY2013 us-gaap Current Federal Tax Expense Benefit
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56590000
CY2013 us-gaap Depreciation And Amortization
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0.379 pure
CY2013 us-gaap Product Warranty Accrual Additions From Business Acquisition
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CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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300902000
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1979000
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27586000
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CY2013 us-gaap Participating Securities Distributed And Undistributed Earnings
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1999000
CY2013 us-gaap Restructuring Charges
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43200000
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27514000
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2013 us-gaap Earnings Per Share Basic
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14260000
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7967000
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CY2013 us-gaap Other Comprehensive Income Loss Reclassification Adjustment For Sale Of Securities Included In Net Income Before Tax
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CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.282 pure
CY2013 us-gaap Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Before Tax
OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationBeforeTax
20412000
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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5104000
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128956000 shares
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2 Segment
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28474000
CY2013 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
40039000
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6694000
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ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets
128000
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y10M24D
CY2013 us-gaap Cost Of Goods Sold
CostOfGoodsSold
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CY2013 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
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CY2013 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
44747000
CY2013 us-gaap Depreciation
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AvailableForSaleSecuritiesGrossRealizedGains
12300000
CY2013 us-gaap Gross Profit
GrossProfit
1702719000
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InterestPaid
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LossContingencyLossInPeriod
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CY2013 us-gaap Common Stock Voting Rights
CommonStockVotingRights
The rights will expire May 11, 2019, unless earlier redeemed, exchanged or amended by the board. The new plan specifically provides that our board will review the status of the new plan before its fifth anniversary to determine if any such action should be taken.
CY2013 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
17239000
CY2013 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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6000000
CY2013 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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3095000 shares
CY2013 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax
6014000
CY2013 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
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40063000
CY2013 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-5355000
CY2013 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
103501000
CY2013 us-gaap Net Income Loss
NetIncomeLoss
98603000
CY2013 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-40991000
CY2013 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2013 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-11552000
CY2013 us-gaap Goodwill Acquired During Period
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260789000
CY2013 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-1610000
CY2013 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2013 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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-1614000
CY2013 us-gaap Net Income Loss Available To Common Stockholders Basic
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96604000
CY2013 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
137182000
CY2013 us-gaap Use Of Estimates
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>3) Use of Estimates</b></font></p> <p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management has evaluated subsequent events through the date the Consolidated Financial Statements were filed with the Securities and Exchange Commission.</font></p> </div>
CY2013 us-gaap Payments Of Dividends
PaymentsOfDividends
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CY2013 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
27700000
CY2013 us-gaap Interest Expense
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CY2013 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2013 rpm Increase Decrease In Prepaid Expense And Other Assets
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CY2013 rpm Gain Loss On Securities Investments Net
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CY2013 rpm Other Comprehensive Income Reclassification Adjustments And Other Tax
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633000
CY2013 rpm Net Investment Income And Other Income
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6178000
CY2013 rpm Income Loss Before Interest Expense And Income Taxes
IncomeLossBeforeInterestExpenseAndIncomeTaxes
250559000
CY2013 rpm Increase Decrease In Accrued Loss Reserves
IncreaseDecreaseInAccruedLossReserves
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CY2013 rpm Charge Related To Potential Resolution Of Investigation
ChargeRelatedToPotentialResolutionOfInvestigation
65100000
CY2013 rpm Reductions Of Long Term And Short Term Debt
ReductionsOfLongTermAndShortTermDebt
49376000
CY2013 rpm Other Nonoperating Income Expense Net
OtherNonoperatingIncomeExpenseNet
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CY2013 rpm Share Based Compensation Arrangement By Sharebased Payment Award All Equity Instruments Vested In Period Total Fair Value
ShareBasedCompensationArrangementBySharebasedPaymentAwardAllEquityInstrumentsVestedInPeriodTotalFairValue
3300000
CY2013 rpm Defined Benefit Plan Employer Matching Contributions
DefinedBenefitPlanEmployerMatchingContributions
13100000
CY2013 rpm Equity Based Award Plan Expiration Date
EquityBasedAwardPlanExpirationDate
2019-05-11
CY2013 rpm Tax Credit Carryforward Beginning Expiration Year
TaxCreditCarryforwardBeginningExpirationYear
2014
CY2013 rpm Business Acquisition Number Of Entities Acquired During Period
BusinessAcquisitionNumberOfEntitiesAcquiredDuringPeriod
6 Entity
CY2013 rpm Defined Benefit Plan Vesting Period
DefinedBenefitPlanVestingPeriod
P5Y
CY2013 rpm Other Comprehensive Income Loss Defined Benefit Plan Foreign Currency Translation Adjustment Before Tax
OtherComprehensiveIncomeLossDefinedBenefitPlanForeignCurrencyTranslationAdjustmentBeforeTax
-529000
CY2013 rpm Adoption Date Of Stockholders Rights Plan
AdoptionDateOfStockholdersRightsPlan
2009-04-21
CY2013 rpm Increase Decrease In Valuation Allowance
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14700000
CY2013 rpm Rights Redemption Price Per Right
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0.001
CY2013 rpm Shares Repurchased Authorization Date
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2008-01-08
CY2013 rpm Deferred Income Taxes Changes In Accumulated Other Comprehensive Income Loss
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-19470000
CY2013 rpm Loss Contingency Loss In Period After Tax
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65134000
CY2013 rpm Other Comprehensive Income Reclassification Adjustment Net Of Tax
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1953000
CY2013 rpm Loss On Repositioning Of Operations
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CY2013 rpm Decrease In Foreign Tax Credit Carryforward
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7200000
CY2008 rpm Contingency Period
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P10Y
CY2012 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
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3744000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.025 pure
CY2012 us-gaap Payments For Proceeds From Businesses And Interest In Affiliates
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163414000
CY2012 us-gaap Lease Operating Expense
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40600000
CY2012 us-gaap Income Tax Reconciliation State And Local Income Taxes
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4073000
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6590000
CY2012 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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4921000
CY2012 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
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CY2012 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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17827000
CY2012 us-gaap Other Comprehensive Income Loss Before Tax
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CY2012 us-gaap Increase Decrease In Accounts Payable
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13635000
CY2012 us-gaap Other Comprehensive Income Loss Tax
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