RPM International (RPM) 10-Q 6 Apr 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Feb. 28, 2023	Mar. 29, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Feb. 28, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Trading Symbol	RPM
Entity Registrant Name	RPM International Inc.
Entity Central Index Key	0000110621
Current Fiscal Year End Date	--05-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	false
Entity File Number	1-14187
Entity Tax Identification Number	02-0642224
Entity Address, Address Line One	2628 PEARL ROAD
Entity Address, City or Town	MEDINA
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44256
City Area Code	330
Local Phone Number	273-5090
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		128,911,630
Title of 12(b) Security	Common Stock, par value $0.01

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 28, 2023	May 31, 2022
Current Assets
Cash and cash equivalents	$ 193,870	$ 201,672
Trade accounts receivable (less allowances of $47,322 and $46,669, respectively)	1,203,212	1,432,632
Inventories	1,341,303	1,212,618
Prepaid expenses and other current assets	340,990	304,887
Total current assets	3,079,375	3,151,809
Property, Plant and Equipment, at Cost	2,237,743	2,132,915
Allowance for depreciation	(1,071,722)	(1,028,932)
Property, plant and equipment, net	1,166,021	1,103,983
Other Assets
Goodwill	1,288,071	1,337,868
Other intangible assets, net of amortization	562,732	592,261
Operating lease right-of-use assets	327,179	307,797
Deferred income taxes	17,023	18,914
Other	169,022	195,074
Total other assets	2,364,027	2,451,914
Total Assets	6,609,423	6,707,706
Current Liabilities
Accounts payable	577,761	800,369
Current portion of long-term debt	3,130	603,454
Accrued compensation and benefits	204,542	262,445
Accrued losses	22,101	24,508
Other accrued liabilities	311,974	325,632
Total current liabilities	1,119,508	2,016,408
Long-Term Liabilities
Long-term debt, less current maturities	2,819,432	2,083,155
Operating lease liabilities	283,981	265,139
Other long-term liabilities	239,046	276,990
Deferred income taxes	92,474	82,186
Total long-term liabilities	3,434,933	2,707,470
Contingencies and Accrued Losses (Note 15)
Stockholders' Equity
Preferred stock, par value $0.01; authorized 50,000 shares; none issued
Common stock, par value $0.01; authorized 300,000 shares; issued 144,100 and outstanding 128,933 as of February 28, 2023; issued 144,685 and outstanding 129,199 as of May 31, 2022	1,289	1,292
Paid-in capital	1,119,786	1,096,147
Treasury stock, at cost	(769,933)	(717,019)
Accumulated other comprehensive (loss)	(604,821)	(537,337)
Retained earnings	2,306,836	2,139,346
Total RPM International Inc. stockholders' equity	2,053,157	1,982,429
Noncontrolling Interest	1,825	1,399
Total equity	2,054,982	1,983,828
Total Liabilities and Stockholders' Equity	$ 6,609,423	$ 6,707,706

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Feb. 28, 2023	May 31, 2022
Statement of Financial Position [Abstract]
Trade accounts receivable, allowances	$ 47,322	$ 46,669
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, authorized	50,000,000	50,000,000
Preferred stock, issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized	300,000,000	300,000,000
Common stock, issued	145,100,000	144,685,000
Common stock, outstanding	128,933,000	129,199,000

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Income Statement [Abstract]
Net Sales		$ 1,516,176	$ 1,433,879	$ 5,240,204	$ 4,723,838
Cost of Sales		978,142	935,293	3,267,308	3,029,287
Gross Profit		538,034	498,586	1,972,896	1,694,551
Selling, General and Administrative Expenses		450,019	433,569	1,425,969	1,290,245
Restructuring Expense		4,154	1,140	6,780	5,128
Goodwill Impairment		36,745		36,745
Interest Expense		30,756	22,016	85,385	64,127
Investment (Income) Expense, Net		(2,723)	4,355	(5,910)	1,421
(Gain) on Sales of Assets and Business, Net		(25,743)	(249)	(25,881)	(42,491)
Other Expense (Income), Net		2,339	(2,742)	7,065	(9,001)
Income Before Income Taxes		42,487	40,497	442,743	385,122
Provision for Income Taxes		15,248	7,248	114,683	91,962
Net Income		27,239	33,249	328,060	293,160
Less: Net Income Attributable to Noncontrolling Interests		265	230	729	684
Net Income Attributable to RPM International Inc. Stockholders		$ 26,974	$ 33,019	$ 327,331	$ 292,476
Average Number of Shares of Common Stock Outstanding:
Basic		127,495	127,943	127,564	128,013
Diluted	[1]	128,035	129,702	128,789	129,622
Earnings per Share of Common Stock Attributable to RPM International Inc. Stockholders:
Basic		$ 0.21	$ 0.26	$ 2.55	$ 2.27
Diluted		$ 0.21	$ 0.25	$ 2.54	$ 2.26
[1] For the three and nine months ended February 28, 2023, approximately 680,000 shares of stock granted under stock-based compensation plans were excluded from the calculation of diluted EPS, as the effect would have been anti-dilutive. For the three and nine months ended February 28, 2022, approximately 320,000 and 655,000 shares of stock granted under stock-based compensation plans were excluded from the calculation of diluted EPS, as the effect would have been anti-dilutive.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 27,239	$ 33,249	$ 328,060	$ 293,160
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments (net of tax of $72; $296; $2,263 and $3,562, respectively)	(6,935)	16,124	(76,719)	(69,722)
Pension and other postretirement benefit liability adjustments (net of tax of $1,132; $951; $3,637 and $3,630, respectively)	3,606	3,057	11,427	11,086
Unrealized (loss) gain on securities and other (net of tax oUnrealized gain (loss) on securities and other (net of tax of $199; $238; $405 and $473, respectively)	107	(384)	(467)	(287)
Unrealized (loss) gain on derivatives (net of tax of zero; $838; zero and $6,551, respectively)	(555)	2,648	(1,765)	21,448
Total other comprehensive (loss) income	(3,777)	21,445	(67,524)	(37,475)
Total Comprehensive Income	23,462	54,694	260,536	255,685
Less: Comprehensive Income Attributable to Noncontrolling Interests	263	238	689	633
Comprehensive Income Attributable to RPM International Inc. Stockholders	$ 23,199	$ 54,456	$ 259,847	$ 255,052

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, Tax	$ 72	$ 296	$ 2,263	$ 3,562
Pension and other postretirement benefit liability adjustments, Tax	1,132	951	3,637	3,630
Unrealized (loss) on securities and other, Tax	199	238	405	473
Unrealized gain (loss) on derivatives, Tax	$ 0	$ 838	$ 0	$ 6,551

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Cash Flows from Operating Activities:
Net Income	$ 328,060	$ 293,160
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	115,186	114,295
Restructuring charges, net of payments		(2,341)
Goodwill Impairment	36,745
Fair value adjustments to contingent earnout obligations		2,470
Deferred income taxes	8,506	(16,908)
Stock-based compensation expense	23,636	29,287
Net loss on marketable securities	3,241	10,032
Net (gain) on sales of assets and a business	(25,881)	(42,491)
Other	684	112
Changes in assets and liabilities, net of effect from purchases and sales of businesses:
Decrease in receivables	202,742	170,513
(Increase) in inventory	(142,069)	(273,519)
Decrease in prepaid expenses and other current and long-term assets	4,807	506
(Decrease) in accounts payable	(195,093)	(9,884)
(Decrease) in accrued compensation and benefits	(54,747)	(47,442)
(Decrease) in accrued losses	(2,119)	(2,985)
(Decrease) in other accrued liabilities	(40,690)	(68,854)
Cash Provided by Operating Activities	263,008	155,951
Cash Flows from Investing Activities:
Capital expenditures	(179,725)	(152,401)
Acquisition of businesses, net of cash acquired	(47,542)	(116,457)
Purchase of marketable securities	(13,173)	(13,674)
Proceeds from sales of marketable securities	9,596	9,004
Proceeds from sales of assets and a business, net	53,318	51,913
Other	2,127	(55)
Cash (Used for) Investing Activities	(175,399)	(221,670)
Cash Flows from Financing Activities:
Additions to long-term and short-term debt	489,881	300,967
Reductions of long-term and short-term debt	(354,135)	(72,493)
Cash dividends	(159,841)	(152,575)
Repurchases of common stock	(37,500)	(27,500)
Shares of common stock returned for taxes	(15,252)	(10,906)
Payments of acquisition-related contingent consideration	(3,765)	(5,774)
Other	(2,689)	(3,824)
Cash (Used for) Provided by Financing Activities	(83,301)	27,895
Effect of Exchange Rate Changes on Cash and Cash Equivalents	(12,110)	(15,689)
Net Change in Cash and Cash Equivalents	(7,802)	(53,513)
Cash and Cash Equivalents at Beginning of Period	201,672	246,704
Cash and Cash Equivalents at End of Period	193,870	193,191
Cash paid during the period for:
Interest	83,248	58,129
Income Taxes, net of refunds	133,753	130,862
Supplemental Disclosures of Noncash Investing Activities:
Capital expenditures accrued within accounts payable at quarter-end	$ 12,147	$ 9,390

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Total RPM International Inc. Equity	Noncontrolling Interests
Beginning Balance at May. 31, 2021	$ 1,743,025	$ 1,295	$ 1,055,400	$ (653,006)	$ (514,884)	$ 1,852,259	$ 1,741,064	$ 1,961
Beginning Balance (in shares) at May. 31, 2021		129,573,000
Net income	134,795					134,582	134,582	213
Other comprehensive income (loss)	(25,654)				(25,624)		(25,624)	(30)
Dividends declared and paid	(48,901)					(48,901)	(48,901)
Share repurchases under repurchase program	(12,500)	$ (1)	1	(12,500)			(12,500)
Share repurchases under repurchase program (in shares)		(133,000)
Stock compensation expense and other deferred compensation, shares granted less shares returned for taxes	(45)	$ 3	5,760	(5,808)			(45)
Stock compensation expense and other deferred compensation, shares granted less shares returned for taxes (in shares)		303,000
Ending Balance at Aug. 31, 2021	1,790,720	$ 1,297	1,061,161	(671,314)	(540,508)	1,937,940	1,788,576	2,144
Ending Balance (in shares) at Aug. 31, 2021		129,743,000
Beginning Balance at May. 31, 2021	1,743,025	$ 1,295	1,055,400	(653,006)	(514,884)	1,852,259	1,741,064	1,961
Beginning Balance (in shares) at May. 31, 2021		129,573,000
Net income	293,160
Other comprehensive income (loss)	(37,475)
Share repurchases under repurchase program	$ (27,500)
Share repurchases under repurchase program (in shares)	(305,321)
Ending Balance at Feb. 28, 2022	$ 1,836,645	$ 1,295	1,085,317	(691,418)	(552,308)	1,992,160	1,835,046	1,599
Ending Balance (in shares) at Feb. 28, 2022		129,496,000
Beginning Balance at Aug. 31, 2021	1,790,720	$ 1,297	1,061,161	(671,314)	(540,508)	1,937,940	1,788,576	2,144
Beginning Balance (in shares) at Aug. 31, 2021		129,743,000
Net income	125,116					124,875	124,875	241
Other comprehensive income (loss)	(33,266)				(33,237)		(33,237)	(29)
Dividends declared and paid	(52,535)					(51,824)	(51,824)	(711)
Stock compensation expense and other deferred compensation, shares granted less shares returned for taxes	7,721		11,878	(4,157)			7,721
Stock compensation expense and other deferred compensation, shares granted less shares returned for taxes (in shares)		(66,000)
Ending Balance at Nov. 30, 2021	1,837,756	$ 1,297	1,073,039	(675,471)	(573,745)	2,010,991	1,836,111	1,645
Ending Balance (in shares) at Nov. 30, 2021		129,677,000
Net income	33,249					33,019	33,019	230
Other comprehensive income (loss)	21,445				21,437		21,437	8
Dividends declared and paid	(52,134)					(51,850)	(51,850)	(284)
Share repurchases under repurchase program	$ (15,000)	$ (2)	2	(15,000)			(15,000)
Share repurchases under repurchase program (in shares)	(171,933)	(172,000)
Stock compensation expense and other deferred compensation, shares granted less shares returned for taxes	$ 11,329		12,276	(947)			11,329
Stock compensation expense and other deferred compensation, shares granted less shares returned for taxes (in shares)		(9,000)
Ending Balance at Feb. 28, 2022	1,836,645	$ 1,295	1,085,317	(691,418)	(552,308)	1,992,160	1,835,046	1,599
Ending Balance (in shares) at Feb. 28, 2022		129,496,000
Beginning Balance at May. 31, 2022	1,983,828	$ 1,292	1,096,147	(717,019)	(537,337)	2,139,346	1,982,429	1,399
Beginning Balance (in shares) at May. 31, 2022		129,199,000
Net income	169,279					169,013	169,013	266
Other comprehensive income (loss)	(75,630)				(75,568)		(75,568)	(62)
Dividends declared and paid	(51,420)					(51,420)	(51,420)
Other noncontrolling interest activity	(60)							(60)
Share repurchases under repurchase program	(25,000)	$ (3)	3	(25,000)			(25,000)
Share repurchases under repurchase program (in shares)		(303,000)
Stock compensation expense and other deferred compensation, shares granted less shares returned for taxes	(3,395)	$ 2	9,061	(12,458)			(3,395)
Stock compensation expense and other deferred compensation, shares granted less shares returned for taxes (in shares)		203,000
Ending Balance at Aug. 31, 2022	1,997,602	$ 1,291	1,105,211	(754,477)	(612,905)	2,256,939	1,996,059	1,543
Ending Balance (in shares) at Aug. 31, 2022		129,099,000
Beginning Balance at May. 31, 2022	1,983,828	$ 1,292	1,096,147	(717,019)	(537,337)	2,139,346	1,982,429	1,399
Beginning Balance (in shares) at May. 31, 2022		129,199,000
Net income	328,060
Other comprehensive income (loss)	(67,524)
Share repurchases under repurchase program	$ (37,500)
Share repurchases under repurchase program (in shares)	(446,175)
Ending Balance at Feb. 28, 2023	$ 2,054,982	$ 1,289	1,119,786	(769,933)	(604,821)	2,306,836	2,053,157	1,825
Ending Balance (in shares) at Feb. 28, 2023		128,933,000
Beginning Balance at Aug. 31, 2022	1,997,602	$ 1,291	1,105,211	(754,477)	(612,905)	2,256,939	1,996,059	1,543
Beginning Balance (in shares) at Aug. 31, 2022		129,099,000
Net income	131,542					131,344	131,344	198
Other comprehensive income (loss)	11,883				11,859		11,859	24
Dividends declared and paid	(54,220)					(54,220)	(54,220)
Other noncontrolling interest activity	(141)							(141)
Stock compensation expense and other deferred compensation, shares granted less shares returned for taxes	5,419		7,814	(2,395)			5,419
Stock compensation expense and other deferred compensation, shares granted less shares returned for taxes (in shares)		(9,000)
Ending Balance at Nov. 30, 2022	2,092,085	$ 1,291	1,113,025	(756,872)	(601,046)	2,334,063	2,090,461	1,624
Ending Balance (in shares) at Nov. 30, 2022		129,090,000
Net income	27,239					26,974	26,974	265
Other comprehensive income (loss)	(3,777)				(3,775)		(3,775)	(2)
Dividends declared and paid	(54,201)					(54,201)	(54,201)
Other noncontrolling interest activity	(62)							(62)
Share repurchases under repurchase program	$ (12,500)	$ (2)	2	(12,500)			(12,500)
Share repurchases under repurchase program (in shares)	(143,096)	(143,000)
Stock compensation expense and other deferred compensation, shares granted less shares returned for taxes	$ 6,198		6,759	(561)			6,198
Stock compensation expense and other deferred compensation, shares granted less shares returned for taxes (in shares)		(14,000)
Ending Balance at Feb. 28, 2023	$ 2,054,982	$ 1,289	$ 1,119,786	$ (769,933)	$ (604,821)	$ 2,306,836	$ 2,053,157	$ 1,825
Ending Balance (in shares) at Feb. 28, 2023		128,933,000

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Feb. 28, 2023	Nov. 30, 2022	Aug. 31, 2022	Feb. 28, 2022	Nov. 30, 2021	Aug. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared and paid per share	$ 0.42	$ 0.42	$ 0.40	$ 0.40	$ 0.40	$ 0.38

Consolidation, Noncontrolling I

Consolidation, Noncontrolling Interests and Basis of Presentation	9 Months Ended
	Feb. 28, 2023
Accounting Policies [Abstract]
Consolidation, Noncontrolling Interests and Basis of Presentation	NOTE 1 — CONSOLIDATION, NONCONTROLLING INTERESTS AND BASIS OF PRESENTATION The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with Generally Accepted Accounting Principles in the U.S. (“GAAP”) for interim financial information and the instructions to Form 10-Q. In our opinion, all adjustments (consisting of normal, recurring accruals) considered necessary for a fair presentation have been included for the three- and nine-month periods ended February 28, 2023, and February 28, 2022. For further information, refer to the Consolidated Financial Statements and Notes included in our Annual Report on Form 10-K for the year ended May 31, 2022. Our financial statements include all of our majority-owned subsidiaries. We account for our investments in less-than-majority-owned joint ventures, for which we have the ability to exercise significant influence, under the equity method. Effects of transactions between related companies are eliminated in consolidation. Noncontrolling interests are presented in our Consolidated Financial Statements as if parent company investors (controlling interests) and other minority investors (noncontrolling interests) in partially-owned subsidiaries have similar economic interests in a single entity. As a result, investments in noncontrolling interests are reported as equity in our Consolidated Financial Statements. Additionally, our Consolidated Financial Statements include 100 % of a controlled subsidiary’s earnings, rather than only our share. Transactions between the parent company and noncontrolling interests are reported in equity as transactions between stockholders, provided that these transactions do not create a change in control. Our business is dependent on external weather factors. Historically, we have experienced strong sales and net income in our first, second and fourth fiscal quarters comprising the three-month periods ending August 31, November 30 and May 31, respectively, with weaker performance in our third fiscal quarter (December through February).

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Feb. 28, 2023
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	NOTE 2 — NEW ACCOUNTING PRONOUNCEMENTS New Accounting Pronouncements The Company has not adopted any Accounting Standard Updates (“ASU”) during fiscal 2023 that have a material impact on our Consolidated Financial Statements. Additionally, there are no current ASU's issued, but not adopted, that are expected to have a material impact on the Company.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Feb. 28, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	NOTE 4 — GOODWILL AND OTHER INTANGIBLE ASSETS The changes in the carrying amount of goodwill, by reportable segment, for the nine months ended February 28, 2023, are as follows: CPG PCG Consumer SPG (In thousands) Segment Segment Segment Segment Total Balance as of May 31, 2022 $ 453,651 $ 201,815 $ 515,597 $ 166,805 $ 1,337,868 Acquisitions 7,306 907 16,952 281 25,446 Divestitures - - - ( 15,723 ) ( 15,723 ) Impairments - ( 36,745 ) - - ( 36,745 ) Translation adjustments & other ( 14,452 ) ( 3,737 ) ( 3,364 ) ( 1,222 ) ( 22,775 ) Balance as of February 28, 2023 $ 446,505 $ 162,240 $ 529,185 $ 150,141 $ 1,288,071 Total accumulated goodwill impairment losses were $ 156.3 million at May 31, 2022. Of the accumulated balance, $ 141.4 million is included in our SPG segment, and $ 14.9 million is included in our CPG segment. For the three and nine months ended February 28, 2023, we recognized $ 36.7 million of goodwill impairment losses, which was recorded by our PCG segment. At February 28, 2023, accumulated impairment losses total $ 193.0 m illion. In August 2022, we announced our MAP 2025 operational improvement initiative. Initial phases of the plan focused on commercial initiatives, operational efficiencies, and procurement. However, as previously disclosed, due to the challenged macroeconomic environment, we evaluated certain business restructuring actions, specifically our go to market strategy for operating in Europe. During the third quarter ended February 28, 2023, due to declining profitability and regulatory headwinds, management decided to restructure the Universal Sealants (“USL”) reporting unit within our PCG segment and is correspondingly exploring strategic alternatives for our USL infrastructure services business within the United Kingdom ("U.K."), which represents approximat ely 30 % o f annual revenues of the reporting unit. Due to this decision, we determined that an interim goodwill impairment assessment was required, as well as an impairment assessment for our other long-lived assets. Accordingly, for the three and nine months ended February 28, 2023, we recorded an impairment loss totali ng $ 36.7 million for the im pairment of goodwill a nd $ 2.5 million f or the impairment of an indefinite-lived tradename in our USL reporting unit. We did no t record any impairments for our definite-lived long-lived assets as a result of this assessment. Our goodwill impairment assessment included estimating the fair value of our USL reporting unit and comparing it with its carrying amount at February 28, 2023. Since the carrying amount of the USL reporting unit exceeded its fair value, we recognized an impairment loss. We estimated the fair value of the USL reporting unit using both the income and the market approaches. For the income approach, we estimated the fair value of our USL reporting unit by applying a discounted future cash flow calculation to USL’s projected earnings before interest, taxes, depreciation and amortization (“EBITDA”). In applying this methodology, we relied on a number of factors, including actual and forecasted operating results, future operating margins, and market data. The discounted cash flow used in the goodwill impairment test for USL assumed discrete period revenue growth through fiscal 2027 for the ongoing USL businesses in the U.K. and North America as well as probability-weighted cash flows that were dependent on the methodology utilized in determining strategic alternatives for the U.K. infrastructure services business. In applying the market approach, we used market multiples derived from a set of companies similar to USL. After recording the goodwill imp airment charge of $ 36.7 million, $ 1.1 million of goodwill remains on th e USL balance sheets as of February 28, 2023. Calculating the fair value of the USL’s indefinite-lived tradenames required the use of various estimates and assumptions. We estimated the fair value of USL’s indefinite-lived tradenames by applying a relief-from-royalty calculation, which included discounted future cash flows related to projected revenues for those USL tradenames impacted by this decision. In applying this methodology, we relied on a number of factors, including actual and forecasted revenues and market data. As the carrying amount of one of the tradenames exceeded its fair value, an impairment loss o f $ 2.5 million was recorded for the three and nine months ended February 28, 2023. This impairment loss was classified in restructuring expense within our PCG segment. The impairment assessment for our long-lived assets, such as property and equipment and purchased intangibles subject to amortization, involved estimating the fair value of USL’s long-lived assets and comparing it with its carrying amount. Measuring a potential impairment of long-lived assets requires the use of various estimates and assumptions, including the determination of which cash flows are directly related to the assets being evaluated, the respective useful lives over which those cash flows will occur and potential residual values, if any. The results of our testing indicated that the carrying values of these assets were recoverable, as such we did no t record an impairment of our long-lived assets for the three and nine months ended February 28, 2023. Any changes to underlying assumptions used in USL's goodwill impairment assessment, including if the financial performance of the reporting unit does not meet expectations in future years or changes in management's methodology utilized in determining strategic alternatives for the U.K. infrastructure services business, may cause a change to the results of the impairment assessment in future periods and, as such, could result in an impairment of goodwill or other long-lived assets.

Restructuring

Restructuring	9 Months Ended
	Feb. 28, 2023
Restructuring and Related Activities [Abstract]
Restructuring	NOTE 3 — RESTRUCTURING We record restructuring charges associated with management-approved restructuring plans to either reorganize one or more of our business segments, or to remove duplicative headcount and infrastructure associated with our businesses. Restructuring charges can include severance costs to eliminate a specified number of associates, infrastructure charges to vacate facilities and consolidate operations, contract cancellation costs and other costs. We record the short-term portion of our restructuring liability in Other Accrued Liabilities and the long-term portion, if any, in Other Long-Term Liabilities in our Consolidated Balance Sheets. During 2018, we approved and implemented the initial phases of a multi-year restructuring plan, which is referred to as the 2020 Margin Acceleration Plan (“MAP to Growth”). On May 31, 2021, we formally concluded our MAP to Growth. However, certain projects identified prior to that date will be completed throughout fiscal 2023. For MAP to Growth, we incurred $ 0.7 million and $ 3.3 million of restructuring costs for the three and nine months ended February 28, 2023, respectively. We incurred $ 1.1 million and $ 5.1 million of restructuring costs for the three and nine months ended February 28, 2022, respectively. The current total expected costs associated with this plan are $ 121.6 million, of which $ 120.6 million has been incurred to date. In August 2022, we approved and announced our Margin Achievement Plan 2025 (“MAP 2025”). MAP 2025 is a multi-year restructuring plan to build on the achievements of MAP to Growth and designed to improve margins by streamlining business processes, reducing working capital, implementing commercial initiatives to drive improved mix and salesforce effectiveness and improving operating efficiency. Initial phases of the plan have focused on commercial initiatives, operational efficiencies, and procurement. Most activities under MAP 2025 are anticipated to be completed by the end of fiscal year 2025. The current total expected costs associated with this plan are outlined below. Throughout our MAP 2025 initiative, we will continue to assess and find areas of improvement and cost savings. As such, the final implementation of the aforementioned phases and total expected costs are subject to change. Following is a summary of the charges recorded in connection with MAP 2025 by reportable segment as well as the total expected costs related to projects identified to date: Three Months Nine Months Cumulative Total (In thousands) February 28, 2023 February 28, 2023 to Date Costs Construction Products Group ("CPG") Segment: Severance and benefit costs $ 324 $ 324 $ 324 $ 3,755 Total Charges $ 324 $ 324 $ 324 $ 3,755 Performance Coatings Group ("PCG") Segment: Severance and benefit costs $ 573 $ 573 $ 573 $ 3,038 Facility closure and other related costs - - - 1,000 Other restructuring costs (a) 2,537 2,537 2,537 2,552 Total Charges $ 3,110 $ 3,110 $ 3,110 $ 6,590 Consumer Segment: Severance and benefit costs $ 13 $ 13 $ 13 $ 4,018 Total Charges $ 13 $ 13 $ 13 $ 4,018 Specialty Products Group ("SPG") Segment: Severance and benefit costs $ - $ - $ - $ 740 Facility closure and other related costs - - - 3,059 Total Charges $ - $ - $ - $ 3,799 Consolidated: Severance and benefit costs $ 910 $ 910 $ 910 $ 11,551 Facility closure and other related costs - - - 4,059 Other restructuring costs 2,537 2,537 2,537 2,552 Total Charges $ 3,447 $ 3,447 $ 3,447 $ 18,162 (a) Other restructuring costs are associated with the impairment of an indefinite-lived tradename as described below in Note 4, "Goodwill and Other Intangible Assets," of the Consolidated Financial Statements .

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Feb. 28, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 5 — FAIR VALUE MEASUREMENTS Financial instruments recorded in the Consolidated Balance Sheets include cash and cash equivalents, trade accounts receivable, marketable securities, notes and accounts payable, and debt. An allowance for credit losses is established for trade accounts receivable using assessments of current creditworthiness of customers, historical collection experience, the aging of receivables and other currently available evidence. Trade accounts receivable balances are written-off against the allowance if a final determination of uncollectibility is made. All provisions for allowance for doubtful collection of accounts are included in selling, general and administrative ("SG&A") expense. The valuation techniques utilized for establishing the fair values of assets and liabilities are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect management’s market assumptions. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value, as follows: Level 1 Inputs — Quoted prices for identical instruments in active markets. Level 2 Inputs — Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. Level 3 Inputs — Instruments with primarily unobservable value drivers. The following tables present our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. (In thousands) Quoted Prices Significant Significant Fair Value at Available-for-sale debt securities: U.S. Treasury and other government $ - $ 24,806 $ - $ 24,806 Corporate bonds - 139 - 139 Total available-for-sale debt securities - 24,945 - 24,945 Marketable equity securities: Stocks – foreign 723 - - 723 Stocks – domestic 4,768 - - 4,768 Mutual funds – foreign - 39,278 - 39,278 Mutual funds – domestic - 73,899 - 73,899 Total marketable equity securities 5,491 113,177 - 118,668 Contingent consideration - - ( 2,235 ) ( 2,235 ) Total $ 5,491 $ 138,122 $ ( 2,235 ) $ 141,378 (In thousands) Quoted Prices Assets Significant Significant Fair Value at Available-for-sale debt securities: U.S. Treasury and other government $ - $ 25,239 $ - $ 25,239 Corporate bonds - 155 - 155 Total available-for-sale debt securities - 25,394 - 25,394 Marketable equity securities: Stocks – foreign 598 - - 598 Stocks – domestic 5,085 - - 5,085 Mutual funds – foreign - 39,139 - 39,139 Mutual funds – domestic - 74,227 - 74,227 Total marketable equity securities 5,683 113,366 - 119,049 Contingent consideration - - ( 10,529 ) ( 10,529 ) Total $ 5,683 $ 138,760 $ ( 10,529 ) $ 133,914 Our investments in available-for-sale debt securities and marketable equity securities are valued using a market approach. The availability of inputs observable in the market varies from instrument to instrument and depends on a variety of factors, including the type of instrument, whether the instrument is actively traded and other characteristics particular to the transaction. For most of our financial instruments, pricing inputs are readily observable in the market, the valuation methodology used is widely accepted by market participants, and the valuation does not require significant management discretion. For other financial instruments, pricing inputs are less observable in the market and may require management judgment. The contingent consideration represents the estimated fair value of the additional variable cash consideration payable in connection with recent acquisitions that is contingent upon the achievement of certain performance milestones. We estimated the fair value using expected future cash flows over the period in which the obligation is expected to be settled which is considered to be a Level 3 input. During the first nine months of fiscal 2023, we recorded an increase in the contingent consideration accrual related to acquisitions of $ 2.1 million and paid approximately $ 10.4 million to satisfy contingent consideration obligations relating to certain performance milestones that were established in prior periods and achieved during the current year. During the first nine months of fiscal 2022, we recorded an increase in the accrual for approximately $ 2.5 million related to fair value adjustments and paid approximately $ 5.8 million to satisfy contingent consideration obligations relating to certain performance milestones that were established in prior periods and achieved during fiscal 2022. In the Consolidated Statements of Cash Flows, payments of acquisition-related contingent consideration for the amount recognized at fair value as of the acquisition date are reported in cash flows from financing activities, while payments of contingent consideration in excess of fair value as of the acquisition date, are reported in cash flows from operating activities within other accrued liabilities. The carrying value of our current financial instruments, which include cash and cash equivalents, marketable securities, trade accounts receivable, accounts payable and short-term debt approximates fair value because of the short-term maturity of these financial instruments. At February 28, 2023 and May 31, 2022, the fair value of our long-term debt was estimated using active market quotes, based on our current incremental borrowing rates for similar types of borrowing arrangements, which are Level 2 inputs. Based on the analysis performed, the fair value and the carrying value of our cash and cash equivalents and long-term debt as of February 28, 2023 and May 31, 2022 are as follows: At February 28, 2023 (In thousands) Carrying Value Fair Value Cash and cash equivalents $ 193,870 $ 193,870 Long-term debt, including current portion 2,822,562 2,614,247 At May 31, 2022 (In thousands) Carrying Value Fair Value Cash and cash equivalents $ 201,672 $ 201,672 Long-term debt, including current portion 2,686,609 2,618,978

Investment (Income) Expense, Ne

Investment (Income) Expense, Net	9 Months Ended
	Feb. 28, 2023
Other Income and Expenses [Abstract]
Investment (Income) Expense, Net	NOTE 6 — INVESTMENT (INCOME) EXPENSE, NET Investment (income) expense, net, consists of the following components: Three Months Ended Nine Months Ended February 28, February 28, February 28, February 28, (In thousands) 2023 2022 2023 2022 Interest (income) $ ( 2,266 ) $ ( 1,203 ) $ ( 6,805 ) $ ( 3,349 ) Net loss on marketable securities 429 8,215 3,241 10,032 Dividend (income) ( 886 ) ( 2,657 ) ( 2,346 ) ( 5,262 ) Investment (income) expense, net $ ( 2,723 ) $ 4,355 $ ( 5,910 ) $ 1,421 Net Loss on Marketable Securities Three Months Ended Nine Months Ended February 28, February 28, February 28, February 28, (In thousands) 2023 2022 2023 2022 Unrealized losses on marketable equity securities $ 946 $ 8,903 $ 3,704 $ 11,227 Realized (gains) on marketable equity securities ( 525 ) ( 699 ) ( 435 ) ( 1,223 ) Realized losses (gains) on available-for-sale debt securities 8 11 ( 28 ) 28 Net loss on marketable securities $ 429 $ 8,215 $ 3,241 $ 10,032

(Gain) on Sales of Assets and B

(Gain) on Sales of Assets and Business, Net	9 Months Ended
	Feb. 28, 2023
Gain on Sales of Assets, Net [Abstract]
(Gain) on Sales of Assets and Business, Net	NOTE 7 — (GAIN) ON SALES OF ASSETS AND BUSINESS, NET During the three and nine months ended February 28, 2023, we recognized net gains of $ 25.7 million and $ 25.9 million, respectively, on the sale of certain real property assets and a business divestiture. On January 20, 2023, we completed the divestiture of our Guardian Protection Products, Inc ("Guardian") business for proceeds of approximately $ 49.2 million, net of cash disposed. The transaction also includes a future contingent cash receipt of up to an additional $ 7.5 million which may be recognized upon achievement of certain financial goals. In connection with the divestiture, we recognized a gain of $ 24.7 million for the quarter ended February 28, 2023, which is included in (gain) on sales of assets and business, net in our Consolidated Statements of Income. As of November 30, 2022, the criteria necessary to be classified as held for sale on the accompanying Consolidated Balance Sheets had not been met. Guardian, headquartered in Hickory, North Carolina, was a reporting unit included in our SPG segment and is a seller of furniture protection plans and protection products for fabric, leather, and wood applications. The sale of Guardian does not represent a strategic shift that will have a major effect on our operations and financial results and therefore is not presented as discontinued operations. During the three and nine months ended February 28, 2022, we recognized net gains of $ 0.2 million and $ 42.5 million, respectively, on the sale of certain real property assets. Most significantly, certain real property assets for the Toronto, Ontario location, within our CPG segment, were sold on September 15, 2021 for $ 49.8 million. We received $ 48.0 million of net proceeds after adjustments and expenses and recognized a gain of $ 41.9 million. The purpose of this transaction was to generate cash by monetizing a real estate market opportunity. In conjunction with the sale, we executed a leaseback agreement commencing September 15, 2021 and expiring on September 14, 2024 . During the second quarter of fiscal 2022, the lease was classified as an operating lease with total future minimum lease payments during the initial term of the lease of approximately $ 3.4 million. An incremental borrowing rate of 1.3 % was used to determine the ROU asset. We recorded a $ 3.7 million operating lease right-of-use asset and corresponding liabilities in our Consolidated Balance Sheets during the second quarter of fiscal 2022.

Other Expense (Income), Net

Other Expense (Income), Net	9 Months Ended
	Feb. 28, 2023
Other Income and Expenses [Abstract]
Other Expense (Income), Net	NOTE 8 — OTHER EXPENSE (INCOME), NET Other expense (income), net, consists of the following components: Three Months Ended Nine Months Ended February 28, February 28, February 28, February 28, (In thousands) 2023 2022 2023 2022 Pension non-service costs (credits) 2,648 $ ( 2,644 ) $ 7,650 $ ( 8,012 ) Other ( 309 ) ( 98 ) ( 585 ) ( 989 ) Other expense (income), net $ 2,339 $ ( 2,742 ) $ 7,065 $ ( 9,001 )

Income Taxes

Income Taxes	9 Months Ended
	Feb. 28, 2023
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 9 — INCOME TAXES The effective income tax rate of 35.9 % for the three months ended February 28, 2023 compares to the effective income tax rate of 17.9 % for the three months ended February 28, 2022. The effective income tax rate of 25.9 % for the nine months ended February 28, 2023 compares to the effective income tax rate of 23.9 % for the nine months ended February 28, 2022. The effective income tax rates for the three- and nine-month periods ended February 28, 2023 and 2022 reflect variances from the 21 % statutory rate due primarily to the unfavorable impact of state and local income taxes, non-deductible business expenses, and the net tax on foreign subsidiary income resulting from the global intangible low-taxed income provisions, partially offset by tax benefits related to equity compensation. Further, the effective tax rates for the three- and nine-month periods ended February 28, 2023 reflect the unfavorable impact of a noncash impairment charge for goodwill that is nondeductible for tax purposes. Additionally, the effective tax rates for the three- and nine-month periods ended February 28, 2022 reflect net favorable changes in foreign tax credit valuation allowances. Our deferred tax liability for unremitted foreign earnings was $ 0.7 million as of February 28, 2023, which represents our estimate of the net tax cost associated with the remittance of $ 202.5 million of foreign earnings that are not considered to be permanently reinvested. We have not provided for foreign withholding or income taxes on the remaining foreign subsidiaries’ undistributed earnings because such earnings have been retained and reinvested by the subsidiaries as of February 28, 2023. Accordingly, no provision has been made for foreign withholding or income taxes, which may become payable if the remaining undistributed earnings of foreign subsidiaries were remitted to us as dividends.

Inventories

Inventories	9 Months Ended
	Feb. 28, 2023
Inventory Disclosure [Abstract]
Inventories	NOTE 10 — INVENTORIES Inventories, net of reserves, were composed of the following major classes: (In thousands) February 28, 2023 May 31, 2022 Raw material and supplies $ 521,729 $ 560,886 Finished goods 819,574 651,732 Total Inventory, Net of Reserves $ 1,341,303 $ 1,212,618

Borrowings

Borrowings	9 Months Ended
	Feb. 28, 2023
Debt Disclosure [Abstract]
Borrowings	NOTE 11 — BORROWINGS 3.45% Notes due 2022 On November 15, 2022, we repaid the $ 300.0 million aggregate principal amount outstanding on our 3.45 % Notes due 2022. Revolving Credit Agreement During the quarter ended August 31, 2022, we amended our $ 1.3 billion unsecured syndicated revolving credit facility (the "Revolving Credit Facility"), which was set to expire on October 31, 2023 . The amendment extended the expiration date to August 1, 2027 and increased the borrowing capacity to $ 1.35 billion. The Revolving Credit Facility bears interest at either the base rate or the adjusted Secured Overnight Financing Rate (SOFR), as defined, at our option, plus a spread determined by our debt rating. The amount outstanding on the Revolving Credit Facility adjusted for deferred financing fees, net of amortization as of February 28, 2023 and May 31, 2022, was $ 701.4 million and $ 442.2 million, respectively. The Revolving Credit Facility is available to refinance existing indebtedness, to finance working capital and capital expenditures, and for general corporate purposes. Term Loan Credit Facility Agreement On August 1, 2022, we amended the term loan credit facility, which was set to expire on February 21, 2023 , to extend the maturity date to August 1, 2025 , and paid down the borrowings outstanding on the term loan to $ 250 million. The term loan bears interest at either the base rate or the adjusted SOFR, as defined, at our option, plus a spread determined by our debt rating. The amount outstanding on the term loan adjusted for deferred financing fees, net of amortization as of February 28, 2023 and May 31, 2022, was $ 249.7 million and $ 299.8 million, respectively.

Stock Repurchase Program

Stock Repurchase Program	9 Months Ended
	Feb. 28, 2023
Equity [Abstract]
Stock Repurchase Program	NOTE 12 — STOCK REPURCHASE PROGRAM On January 8, 2008 , we announced our authorization of a stock repurchase program under which we may repurchase shares of RPM International Inc. common stock at management’s discretion. As announced on November 28, 2018, our goal was to return $ 1.0 billion in capital to stockholders by May 31, 2021 through share repurchases and the retirement of our convertible note during fiscal 2019. On April 16, 2019, after taking into account share repurchases under our existing stock repurchase program to date, our Board of Directors authorized the repurchase of the remaining $ 600.0 million in value of RPM International Inc. common stock by May 31, 2021. As previously announced, given macroeconomic uncertainty resulting from the Covid pandemic, we had suspended stock repurchases under the program, but in January 2021, our Board of Directors authorized the resumption of our stock repurchase program. At the time of resuming the program, $ 469.7 million of shares of common stock remained available for repurchase. The Board of Directors also extended the stock repurchase program beyond its original May 31, 2021 expiration date until such time that the remaining $ 469.7 million of capital has been returned to our stockholders. As a result, we may repurchase shares from time to time in the open market or in private transactions at various times and in amounts and for prices that our management deems appropriate, subject to insider trading rules and other securities law restrictions. The timing of our purchases will depend upon prevailing market conditions, alternative uses of capital and other factors. We may limit or terminate the repurchase program at any time. During the three and nine months ended February 28, 2023, we repurchased 143,096 and 446,175 shares of our common stock at a cost of approximately $ 12.5 million and $ 37.5 million, or an average of $ 87.35 per share and $ 84.05 per share. During the three and nine months ended February 28, 2022, we repurchased 171,933 and 305,321 shares of our common stock at a cost of approximately $ 15.0 million and $ 27.5 million, or an average of $ 87.24 per share and $ 90.07 per share. The maximum dollar amount that may yet be repurchased under our stock repurchase program was approximately $ 329.8 million at February 28, 2023.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Feb. 28, 2023
Earnings Per Share [Abstract]
Earnings Per Share	NOTE 13 — EARNINGS PER SHARE The following table sets forth the reconciliation of the numerator and denominator of basic and diluted earnings per share ("EPS") for the three- and nine-month periods ended February 28, 2023 and 2022. Three Months Ended Nine Months Ended February 28, February 28, February 28, February 28, (In thousands, except per share amounts) 2023 2022 2023 2022 Numerator for earnings per share: Net income attributable to RPM International Inc. stockholders $ 26,974 $ 33,019 $ 327,331 $ 292,476 Less: Allocation of earnings and dividends to participating securities ( 274 ) ( 133 ) ( 1,593 ) ( 2,222 ) Net income available to common shareholders - basic 26,700 32,886 325,738 290,254 Reverse: Allocation of earnings and dividends to participating securities - 133 1,593 2,222 Net income available to common shareholders - diluted $ 26,700 $ 33,019 $ 327,331 $ 292,476 Denominator for basic and diluted earnings per share: Basic weighted average common shares 127,495 127,943 127,564 128,013 Average diluted options and awards 540 1,759 1,225 1,609 Total shares for diluted earnings per share (1) 128,035 129,702 128,789 129,622 Earnings Per Share of Common Stock Attributable to RPM International Inc. Stockholders: Basic Earnings Per Share of Common Stock $ 0.21 $ 0.26 $ 2.55 $ 2.27 Method used to calculate basic earnings per share Two-class Two-class Two-class Two-class Diluted Earnings Per Share of Common Stock $ 0.21 $ 0.25 $ 2.54 $ 2.26 Method used to calculate diluted earnings per share Two-class Treasury Treasury Treasury (1) For the three and nine months ended February 28, 2023, approximately 680,000 shares of stock granted under stock-based compensation plans were excluded from the calculation of diluted EPS, as the effect would have been anti-dilutive. For the three and nine months ended February 28, 2022, approximately 320,000 and 655,000 shares of stock granted under stock-based compensation plans were excluded from the calculation of diluted EPS, as the effect would have been anti-dilutive.

Pension Plans

Pension Plans	9 Months Ended
	Feb. 28, 2023
Retirement Benefits [Abstract]
Pension Plans	NOTE 14 — PENSION PLANS We offer defined benefit pension plans, defined contribution pension plans, and various postretirement benefit plans. The following tables provide the retirement-related benefit plans’ impact on income before income taxes for the three- and nine-month periods ended February 28, 2023 and 2022: U.S. Plans Non-U.S. Plans Three Months Ended Three Months Ended (In thousands) February 28, February 28, February 28, February 28, Pension Benefits 2023 2022 2023 2022 Service cost $ 10,890 $ 11,914 $ 951 $ 1,348 Interest cost 7,173 3,842 1,728 1,282 Expected return on plan assets ( 9,536 ) ( 10,386 ) ( 1,727 ) ( 2,073 ) Amortization of: Prior service cost (credit) - 1 ( 27 ) ( 38 ) Net actuarial losses recognized 4,487 4,225 125 114 Net Periodic Benefit Cost $ 13,014 $ 9,596 $ 1,050 $ 633 U.S. Plans Non-U.S. Plans Three Months Ended Three Months Ended (In thousands) February 28, February 28, February 28, February 28, Postretirement Benefits 2023 2022 2023 2022 Service cost $ - $ - $ 287 $ 432 Interest cost 21 10 368 299 Amortization of: Prior service (credit) ( 30 ) ( 40 ) - - Net actuarial losses (gains) recognized 11 15 ( 14 ) 32 Net Periodic Benefit Cost (Credit) $ 2 $ ( 15 ) $ 641 $ 763 U.S. Plans Non-U.S. Plans Nine Months Ended Nine Months Ended (In thousands) February 28, February 28, February 28, February 28, Pension Benefits 2023 2022 2023 2022 Service cost $ 32,670 $ 35,742 $ 2,853 $ 4,044 Interest cost 21,519 11,526 5,184 3,846 Expected return on plan assets ( 28,608 ) ( 31,158 ) ( 5,181 ) ( 6,219 ) Amortization of: Prior service cost (credit) - 3 ( 81 ) ( 114 ) Net actuarial losses recognized 13,461 12,675 375 342 Net Periodic Benefit Cost $ 39,042 $ 28,788 $ 3,150 $ 1,899 U.S. Plans Non-U.S. Plans Nine Months Ended Nine Months Ended (In thousands) February 28, February 28, February 28, February 28, Postretirement Benefits 2023 2022 2023 2022 Service cost $ - $ - $ 861 $ 1,296 Interest cost 63 30 1,104 897 Amortization of: Prior service (credit) ( 90 ) ( 120 ) - - Net actuarial losses (gains) recognized 33 45 ( 42 ) 96 Net Periodic Benefit Cost (Credit) $ 6 $ ( 45 ) $ 1,923 $ 2,289 Due to a reduction in return on plan assets and higher interest costs which are only partially offset by a reduction in service cost due to higher discount rates, net periodic pension cost for fiscal 2023 is higher than our fiscal 2022 expense. We expect that pension expense will fluctuate on a year-to-year basis, depending upon the investment performance of plan assets and potential changes in interest rates, and these fluctuations may have a material impact on our consolidated financial results in the future. We previously disclosed in our financial statements for the fiscal year ended May 31, 2022 that we are required and expect to contribute approximately $ 1.3 million to our retirement plans in the U.S. and approximately $ 4.9 million to plans outside the U.S. during the current fiscal year and that we will evaluate whether to make additional contributions throughout fiscal 2023. As a result of our evaluation, we elected to contribute $ 62.3 million to the main pension plan in the U.S. during the current quarter, which will result in total expected U.S. contributions of $ 63.6 million during fiscal year 2023.

Contingencies and Accrued Losse

Contingencies and Accrued Losses	9 Months Ended
	Feb. 28, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Accrued Losses	NOTE 15 — CONTINGENCIES AND ACCRUED LOSSES Product Liability Matters We provide, through our wholly-owned insurance subsidiaries, certain insurance coverage, primarily product liability coverage, to our other subsidiaries. Excess coverage is provided by third-party insurers. Our product liability accruals provide for these potential losses as well as other uninsured claims. Product liability accruals are established based upon actuarial calculations of potential liability using industry experience, actual historical experience and actuarial assumptions developed for similar types of product liability claims, including development factors and lag times. To the extent there is a reasonable possibility that potential losses could exceed the amounts already accrued, we believe that the amount of any such additional loss would be immaterial to our results of operations, liquidity and consolidated financial position. Warranty Matters We also offer warranties on many of our products, as well as long-term warranty programs at certain of our businesses, and have established product warranty liabilities. We review these liabilities for adequacy on a quarterly basis and adjust them as necessary. The primary factors that could affect these liabilities may include changes in performance rates as well as costs of replacement. Provision for estimated warranty costs is recorded at the time of sale and periodically adjusted, as required, to reflect actual experience. It is probable that we will incur future losses related to warranty claims we have received but that have not been fully investigated and related to claims not yet received. While our warranty liabilities represent our best estimates at February 28, 2023, we can provide no assurances that we will not experience material claims in the future or that we will not incur significant costs to resolve such claims beyond the amounts accrued or beyond what we may recover from our suppliers. Based upon the nature of the expense, product warranty expense is recorded as a component of cost of sales or within SG&A. Also, due to the nature of our businesses, the amount of claims paid can fluctuate from one period to the next. While our warranty liabilities represent our best estimates of our expected losses at any given time, from time-to-time we may revise our estimates based on our experience relating to factors such as weather conditions, specific circumstances surrounding product installations and other factors. The following table includes the changes in our accrued warranty balances: Three Months Ended Nine Months Ended February 28, February 28, February 28, February 28, (In thousands) 2023 2022 2023 2022 Beginning Balance $ 11,509 $ 12,886 $ 10,905 $ 13,175 Deductions (1) ( 5,620 ) ( 5,186 ) ( 20,124 ) ( 16,868 ) Provision charged to expense 5,558 4,628 20,666 16,021 Ending Balance $ 11,447 $ 12,328 $ 11,447 $ 12,328 (1) Primarily claims paid during the period. Environmental Matters Like other companies participating in similar lines of business, some of our subsidiaries are involved in environmental remediation matters. It is our policy to accrue remediation costs when the liability is probable and the costs are reasonably estimable, which generally is not later than at completion of a feasibility study or when we have committed to an appropriate plan of action. We also take into consideration the estimated period of time over which payments may be required. The liabilities are reviewed periodically and, as investigation and remediation activities continue, adjustments are made as necessary. Liabilities for losses from environmental remediation obligations do not consider the effects of inflation and anticipated expenditures are not discounted to their present value. The liabilities are not offset by possible recoveries from insurance carriers or other third parties but do reflect anticipated allocations among potentially responsible parties at federal superfund sites or similar state-managed sites, third-party indemnity obligations, and an assessment of the likelihood that such parties will fulfill their obligations at such sites. Other Contingencies One of our former subsidiaries in our SPG reportable segment has been the subject of a proceeding in which one of its former distributors brought suit against the subsidiary for breach of contract. Following a June 2017 trial, a jury determined that the distributor was not entitled to any damages on the distributor’s claims. On appeal, the Ninth Circuit Court of Appeals ordered a new trial with respect to certain issues. On December 10, 2021, a new jury awarded $ 6.0 million in damages to the distributor. Per the parties’ contracts, the distributor may also be entitled to recover some portion of its attorneys’ fees. The distributor timely filed an appeal of the new jury's verdict, and we timely filed a cross-appeal. The appeal action remains pending before the Ninth Circuit Court of Appeals. As a result of the jury’s award and in consideration of our appeal, we accrued $ 2.6 million for this matter in the second quarter of fiscal 2022, which we believe to be the low end of the range of loss. While an ultimate loss in excess of the accrued amount is reasonably possible, we believe that the high end of the range of loss would not be materially more than the $ 6.0 million noted above. This contingency remains a retained liability of the Company. Gain on Business Interruption Insurance In April 2021, there was a significant plant explosion at a key alkyd resin supplier which caused severe supply chain disruptions. As a result of this disruption, the Consumer segment incurred incremental costs and lost sales during fiscal 2021 and 2022. A claim for these losses was submitted under our business interruption insurance policy. During the third quarter of fiscal 2023 the Consumer segment recovered $ 20.0 million from insurance. These proceeds were recorded as a gain in the three- and nine-month periods ended February 28, 2023. The insurance gain is recorded as a reduction to SG&A expenses in our Consolidated Statements of Income, and the proceeds are included within cash flows from operating activities in our Consolidated Statement of Cash Flows.

Revenue

Revenue	9 Months Ended
	Feb. 28, 2023
Revenue from Contract with Customer [Abstract]
Revenue	NOTE 16 — REVENUE We operate a portfolio of businesses that manufacture and sell a variety of product lines that include specialty paints, protective coatings, roofing systems, sealants and adhesives, among other things. We disaggregate revenues from the sales of our products and services based upon geographical location by each of our reportable segments, which are aligned by similar economic factors, trends and customers, which best depict the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. See Note 17, “Segment Information,” to the Consolidated Financial Statements for further details regarding our disaggregated revenues, as well as a description of each of the unique revenue streams related to each of our four reportable segments. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. The majority of our revenue is recognized at a point in time. However, we also record revenues generated under construction contracts, mainly in connection with the installation of specialized roofing and flooring systems and related services. For certain polymer flooring installation projects, we account for our revenue using the output method, as we consider square footage of completed flooring to be the best measure of progress toward the complete satisfaction of the performance obligation. In contrast, for certain of our roofing installation projects, we account for our revenue using the input method, as that method was the best measure of performance as it considers costs incurred in relation to total expected project costs, which essentially represents the transfer of control for roofing systems to the customer. In general, for our construction contracts, we record contract revenues and related costs as our contracts progress on an over-time model. We have elected to apply the practical expedient to recognize revenue net of allowances for returns and any taxes collected from customers, which are subsequently remitted to governmental authorities. Payment terms and conditions vary by contract type, although our customers’ payment terms generally include a requirement to pay within 30 to 60 days of fulfilling our performance obligations . In instances where the timing of revenue recognition differs from the timing of invoicing, we have determined that our contracts generally do not include a significant financing component. We have elected to apply the practical expedient to treat all shipping and handling costs as fulfillment costs, as a significant portion of these costs are incurred prior to control transfer. Significant Judgments Our contracts with customers may include promises to transfer multiple products and/or services to a customer. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. For example, judgment is required to determine whether products sold in connection with the sale of installation services are considered distinct and accounted for separately, or not distinct and accounted for together with installation services and recognized over time. We provide customer rebate programs and incentive offerings, including special pricing and co-operative advertising arrangements, promotions and other volume-based incentives. These customer programs and incentives are considered variable consideration and recognized as a reduction of net sales. Up-front consideration provided to customers is capitalized as a component of other assets and amortized over the estimated life of the contractual arrangement. We include in revenue variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the variable consideration is resolved. In general, this determination is made based upon known customer program and incentive offerings at the time of sale and expected sales volume forecasts as it relates to our volume-based incentives. This determination is updated each reporting period. Certain of our contracts include contingent consideration that is receivable only upon the final inspection and acceptance of a project. We include estimates of such variable consideration in our transaction price. Based on historical experience, we consider the probability-based expected value method appropriate to estimate the amount of such variable consideration. Our products are generally sold with a right of return, and we may provide other credits or incentives, which are accounted for as variable consideration when estimating the amount of revenue to recognize. Returns and credits are estimated at contract inception and updated at the end of each reporting period as additional information becomes available. We record a right of return liability to accrue for expected customer returns. Historical actual returns are used to estimate future returns as a percentage of current sales. Obligations for returns and refunds were not material individually or in the aggregate. We offer assurance type warranties on our products as well as separately sold warranty contracts. Revenue related to warranty contracts that are sold separately is recognized over the life of the warranty term. Warranty liabilities for our assurance type warranties are discussed further in Note 15, “Contingencies and Accrued Losses,” to the Consolidated Financial Statements. Contract Balances Timing of revenue recognition may differ from the timing of invoicing customers. Our contract assets are recorded for products and services that have been provided to our customer but have not yet been billed and are included in prepaid expenses and other current assets in our consolidated balance sheets. Our short-term contract liabilities consist of advance payments, or deferred revenue, and are included in other accrued liabilities in our consolidated balance sheets. Trade accounts receivable, net of allowances, and net contract assets consisted of the following: (In thousands, except percentages) February 28, 2023 May 31, 2022 $ Change % Change Trade accounts receivable, less allowances $ 1,203,212 $ 1,432,632 $ ( 229,420 ) - 16.0 % Contract assets $ 66,100 $ 57,234 $ 8,866 15.5 % Contract liabilities - short-term ( 53,481 ) ( 44,938 ) ( 8,543 ) 19.0 % Net Contract Assets $ 12,619 $ 12,296 $ 323 The $ 0.3 million increase in our net contract assets from May 31, 2022 to February 28, 2023, resulted primarily due to the timing of construction jobs in progress at February 28, 2023 versus May 31, 2022. We also record long-term deferred revenue, which amounted to $ 60.8 million and $ 62.5 million as of February 28, 2023 and May 31, 2022, respectively. The long-term portion of deferred revenue is related to warranty contracts and is included in other long-term liabilities in our consolidated balance sheets. We have elected to adopt the practical expedient to not disclose the aggregate amount of transaction price allocated to performance obligations that are unsatisfied as of the end of the reporting period for performance obligations that are part of a contract with an original expected duration of one year or less. We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. As our contract terms are primarily one year or less in duration, we have elected to apply a practical expedient to expense costs as incurred for costs to obtain a contract with a customer when the amortization period would have been one year or less. These costs include our internal sales force compensation program and certain incentive programs as we have determined annual compensation is commensurate with annual sales activities. Allowance for Credit Losses Our primary allowance for credit losses is the allowance for doubtful accounts. The allowance for doubtful accounts reduces the trade accounts receivable balance to the estimated net realizable value equal to the amount that is expected to be collected. The allowance was based on assessments of current creditworthiness of customers, historical collection experience, the aging of receivables and other currently available evidence. Trade accounts receivable balances are written-off against the allowance if a final determination of uncollectibility is made. All provisions for allowances for doubtful collection of accounts are included in selling, general and administrative expenses. The following tables summarize the activity for the allowance for credit losses for the three and nine months ended February 28, 2023 and 2022: Three Months Ended Nine Months Ended February 28, February 28, February 28, February 28, (In thousands) 2023 2022 2023 2022 Beginning Balance $ 48,041 $ 50,932 $ 46,669 $ 55,922 Bad debt provision 1,950 571 9,473 2,645 Uncollectible accounts written off, net of recoveries ( 2,667 ) ( 2,436 ) ( 7,573 ) ( 7,335 ) Translation adjustments ( 2 ) 727 ( 1,247 ) ( 1,438 ) Ending Balance $ 47,322 $ 49,794 $ 47,322 $ 49,794

Segment Information

Segment Information	9 Months Ended
	Feb. 28, 2023
Segment Reporting [Abstract]
Segment Information	NOTE 17 — SEGMENT INFORMATION We operate a portfolio of businesses and product lines that manufacture and sell a variety of specialty paints, protective coatings, roofing systems, flooring solutions, sealants, cleaners and adhesives. We manage our portfolio by organizing our businesses and product lines into four reportable segments as outlined below, which also represent our operating segments. Within each operating segment, we manage product lines and businesses which generally address common markets, share similar economic characteristics, utilize similar technologies and can share manufacturing or distribution capabilities. Our four operating segments represent components of our business for which separate financial information is available that is utilized on a regular basis by our chief operating decision maker in determining how to allocate the assets of the company and evaluate performance. These four operating segments are each managed by an operating segment manager, who is responsible for the day-to-day operating decisions and performance evaluation of the operating segment’s underlying businesses. We evaluate the profit performance of our segments primarily based on income before income taxes, but also look to earnings (loss) before interest and taxes (“EBIT”), as a performance evaluation measure because interest (income) expense, net is essentially related to corporate functions, as opposed to segment operations. Our CPG reportable segment products are sold throughout North America and also account for the majority of our international sales. Our construction product lines are sold directly to contractors, distributors and end-users, such as industrial manufacturing facilities, public institutions and other commercial customers. Products and services within this reportable segment include construction sealants and adhesives, coatings and chemicals, roofing systems, concrete admixture and repair products, building envelope solutions, insulated cladding, flooring systems, and weatherproofing solutions. Our PCG reportable segment products are sold throughout North America, as well as internationally, and are sold directly to contractors, distributors and end-users, such as industrial manufacturing facilities, public institutions and other commercial customers. Products and services within this reportable segment include high-performance flooring solutions, corrosion control and fireproofing coatings, infrastructure repair systems, fiberglass reinforced plastic gratings and drainage systems. Our Consumer reportable segment manufactures and markets professional use and do-it-yourself (“DIY”) products for a variety of mainly consumer applications, including home improvement and personal leisure activities. Our Consumer reportable segment’s major manufacturing and distribution operations are located primarily in North America, along with a few locations in Europe and other parts of the world. Our Consumer reportable segment products are primarily sold directly to mass merchandisers, home improvement centers, hardware stores, paint stores, craft shops and through distributors. The Consumer reportable segment offers products that include specialty, hobby and professional paints; caulks; adhesives; cleaners; sandpaper and other abrasives; silicone sealants and wood stains. Our SPG reportable segment products are sold throughout North America and a few international locations, primarily in Europe. Our specialty product lines are sold directly to contractors, distributors and end-users, such as industrial manufacturing facilities, public institutions and other commercial customers. The SPG reportable segment offers products that include industrial cleaners, restoration services equipment, colorants, nail enamels, exterior finishes, edible coatings and specialty glazes for pharmaceutical and food industries, and other specialty original equipment manufacturer (“OEM”) coatings. In addition to our four reportable segments, there is a category of certain business activities and expenses, referred to as corporate/other, that does not constitute an operating segment. This category includes our corporate headquarters and related administrative expenses, results of our captive insurance companies, gains or losses on the sales of certain assets and other expenses not directly associated with any reportable segment. Assets related to the corporate/other category consist primarily of investments, prepaid expenses and headquarters’ property and equipment. These corporate and other assets and expenses reconcile reportable segment data to total consolidated income before income taxes and identifiable assets. We reflect income from our joint ventures on the equity method and receive royalties from our licensees. The following tables present a disaggregation of revenues by geography, and the results of our reportable segments consistent with our management philosophy, by representing the information we utilize, in conjunction with various strategic, operational and other financial performance criteria, in evaluating the performance of our portfolio of businesses. Three Months Ended February 28, 2023 CPG PCG Consumer SPG Consolidated (In thousands) Net Sales (based on shipping location) United States $ 280,916 $ 189,913 $ 431,829 $ 163,056 $ 1,065,714 Foreign Canada 34,934 18,662 37,957 898 92,451 Europe 107,609 56,192 47,613 19,084 230,498 Latin America 51,728 9,047 6,666 455 67,896 Asia Pacific 21,827 5,784 4,466 7,511 39,588 Other Foreign - 20,029 - - 20,029 Total Foreign 216,098 109,714 96,702 27,948 450,462 Total $ 497,014 $ 299,627 $ 528,531 $ 191,004 $ 1,516,176 Three Months Ended February 28, 2022 CPG PCG Consumer SPG Consolidated (In thousands) Net Sales (based on shipping location) United States $ 259,606 $ 167,623 $ 403,524 $ 154,516 $ 985,269 Foreign Canada 39,479 17,220 29,432 1,378 87,509 Europe 114,226 54,057 46,695 24,121 239,099 Latin America 47,459 7,720 7,707 368 63,254 Asia Pacific 21,256 5,431 4,259 8,988 39,934 Other Foreign - 18,814 - - 18,814 Total Foreign 222,420 103,242 88,093 34,855 448,610 Total $ 482,026 $ 270,865 $ 491,617 $ 189,371 $ 1,433,879 Nine Months Ended February 28, 2023 CPG PCG Consumer SPG Consolidated (In thousands) Net Sales (based on shipping location) United States $ 1,124,047 $ 628,320 $ 1,486,556 $ 515,078 $ 3,754,001 Foreign Canada 170,415 63,636 127,039 2,946 364,036 Europe 340,589 169,912 150,738 61,242 722,481 Latin America 158,992 29,168 20,217 1,195 209,572 Asia Pacific 66,782 17,941 13,832 25,324 123,879 Other Foreign - 66,235 - - 66,235 Total Foreign 736,778 346,892 311,826 90,707 1,486,203 Total $ 1,860,825 $ 975,212 $ 1,798,382 $ 605,785 $ 5,240,204 Nine Months Ended February 28, 2022 CPG PCG Consumer SPG Consolidated (In thousands) Net Sales (based on shipping location) United States $ 974,201 $ 531,655 $ 1,267,373 $ 457,115 $ 3,230,344 Foreign Canada 184,940 54,355 93,714 5,609 338,618 Europe 377,220 172,850 162,032 74,446 786,548 Latin America 144,366 20,958 22,935 1,407 189,666 Asia Pacific 59,811 17,579 13,169 26,473 117,032 Other Foreign 40 61,590 - - 61,630 Total Foreign 766,377 327,332 291,850 107,935 1,493,494 Total $ 1,740,578 $ 858,987 $ 1,559,223 $ 565,050 $ 4,723,838 Three Months Ended Nine Months Ended (In thousands) February 28, February 28, February 28, February 28, Income (Loss) Before Income Taxes 2023 2022 2023 2022 CPG Segment $ 8,181 $ 31,498 $ 192,836 $ 276,223 PCG Segment ( 8,352 ) 24,917 83,896 97,849 Consumer Segment 68,146 16,893 278,708 95,912 SPG Segment 39,482 25,881 94,798 71,028 Corporate/Other ( 64,970 ) ( 58,692 ) ( 207,495 ) ( 155,890 ) Consolidated $ 42,487 $ 40,497 $ 442,743 $ 385,122 (In thousands) February 28, May 31, Identifiable Assets 2023 2022 CPG Segment $ 2,163,171 $ 2,160,071 PCG Segment 1,102,585 1,115,780 Consumer Segment 2,360,032 2,405,764 SPG Segment 822,343 839,419 Corporate/Other 161,292 186,672 Consolidated $ 6,609,423 $ 6,707,706

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	9 Months Ended
	Feb. 28, 2023
Accounting Changes and Error Corrections [Abstract]
New Accounting Pronouncements	NEW ACCOUNTING PRONOUNCEMENTS New Accounting Pronouncements The Company has not adopted any Accounting Standard Updates (“ASU”) during fiscal 2023 that have a material impact on our Consolidated Financial Statements. Additionally, there are no current ASU's issued, but not adopted, that are expected to have a material impact on the Company.

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Feb. 28, 2023
Restructuring and Related Activities [Abstract]
Summary of Charges Recorded in Connection with Restructuring by Reportable Segment	Following is a summary of the charges recorded in connection with MAP 2025 by reportable segment as well as the total expected costs related to projects identified to date: Three Months Nine Months Cumulative Total (In thousands) February 28, 2023 February 28, 2023 to Date Costs Construction Products Group ("CPG") Segment: Severance and benefit costs $ 324 $ 324 $ 324 $ 3,755 Total Charges $ 324 $ 324 $ 324 $ 3,755 Performance Coatings Group ("PCG") Segment: Severance and benefit costs $ 573 $ 573 $ 573 $ 3,038 Facility closure and other related costs - - - 1,000 Other restructuring costs (a) 2,537 2,537 2,537 2,552 Total Charges $ 3,110 $ 3,110 $ 3,110 $ 6,590 Consumer Segment: Severance and benefit costs $ 13 $ 13 $ 13 $ 4,018 Total Charges $ 13 $ 13 $ 13 $ 4,018 Specialty Products Group ("SPG") Segment: Severance and benefit costs $ - $ - $ - $ 740 Facility closure and other related costs - - - 3,059 Total Charges $ - $ - $ - $ 3,799 Consolidated: Severance and benefit costs $ 910 $ 910 $ 910 $ 11,551 Facility closure and other related costs - - - 4,059 Other restructuring costs 2,537 2,537 2,537 2,552 Total Charges $ 3,447 $ 3,447 $ 3,447 $ 18,162 (a) Other restructuring costs are associated with the impairment of an indefinite-lived tradename as described below in Note 4, "Goodwill and Other Intangible Assets," of the Consolidated Financial Statements .

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Feb. 28, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Amount of Goodwill, by Reportable Segment	The changes in the carrying amount of goodwill, by reportable segment, for the nine months ended February 28, 2023, are as follows: CPG PCG Consumer SPG (In thousands) Segment Segment Segment Segment Total Balance as of May 31, 2022 $ 453,651 $ 201,815 $ 515,597 $ 166,805 $ 1,337,868 Acquisitions 7,306 907 16,952 281 25,446 Divestitures - - - ( 15,723 ) ( 15,723 ) Impairments - ( 36,745 ) - - ( 36,745 ) Translation adjustments & other ( 14,452 ) ( 3,737 ) ( 3,364 ) ( 1,222 ) ( 22,775 ) Balance as of February 28, 2023 $ 446,505 $ 162,240 $ 529,185 $ 150,141 $ 1,288,071

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Feb. 28, 2023
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis and Categorized using Fair Value Hierarchy	The following tables present our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. (In thousands) Quoted Prices Significant Significant Fair Value at Available-for-sale debt securities: U.S. Treasury and other government $ - $ 24,806 $ - $ 24,806 Corporate bonds - 139 - 139 Total available-for-sale debt securities - 24,945 - 24,945 Marketable equity securities: Stocks – foreign 723 - - 723 Stocks – domestic 4,768 - - 4,768 Mutual funds – foreign - 39,278 - 39,278 Mutual funds – domestic - 73,899 - 73,899 Total marketable equity securities 5,491 113,177 - 118,668 Contingent consideration - - ( 2,235 ) ( 2,235 ) Total $ 5,491 $ 138,122 $ ( 2,235 ) $ 141,378 (In thousands) Quoted Prices Assets Significant Significant Fair Value at Available-for-sale debt securities: U.S. Treasury and other government $ - $ 25,239 $ - $ 25,239 Corporate bonds - 155 - 155 Total available-for-sale debt securities - 25,394 - 25,394 Marketable equity securities: Stocks – foreign 598 - - 598 Stocks – domestic 5,085 - - 5,085 Mutual funds – foreign - 39,139 - 39,139 Mutual funds – domestic - 74,227 - 74,227 Total marketable equity securities 5,683 113,366 - 119,049 Contingent consideration - - ( 10,529 ) ( 10,529 ) Total $ 5,683 $ 138,760 $ ( 10,529 ) $ 133,914
Fair Value and Carrying Value of Cash and Cash Equivalents and Long-Term Debt	Based on the analysis performed, the fair value and the carrying value of our cash and cash equivalents and long-term debt as of February 28, 2023 and May 31, 2022 are as follows: At February 28, 2023 (In thousands) Carrying Value Fair Value Cash and cash equivalents $ 193,870 $ 193,870 Long-term debt, including current portion 2,822,562 2,614,247 At May 31, 2022 (In thousands) Carrying Value Fair Value Cash and cash equivalents $ 201,672 $ 201,672 Long-term debt, including current portion 2,686,609 2,618,978

Investment (Income) Expense, _2

Investment (Income) Expense, Net (Tables)	9 Months Ended
	Feb. 28, 2023
Other Income and Expenses [Abstract]
Investment (Income) Expense, Net	Investment (income) expense, net, consists of the following components: Three Months Ended Nine Months Ended February 28, February 28, February 28, February 28, (In thousands) 2023 2022 2023 2022 Interest (income) $ ( 2,266 ) $ ( 1,203 ) $ ( 6,805 ) $ ( 3,349 ) Net loss on marketable securities 429 8,215 3,241 10,032 Dividend (income) ( 886 ) ( 2,657 ) ( 2,346 ) ( 5,262 ) Investment (income) expense, net $ ( 2,723 ) $ 4,355 $ ( 5,910 ) $ 1,421
Net (Gain) Loss on Marketable Securities	Net Loss on Marketable Securities Three Months Ended Nine Months Ended February 28, February 28, February 28, February 28, (In thousands) 2023 2022 2023 2022 Unrealized losses on marketable equity securities $ 946 $ 8,903 $ 3,704 $ 11,227 Realized (gains) on marketable equity securities ( 525 ) ( 699 ) ( 435 ) ( 1,223 ) Realized losses (gains) on available-for-sale debt securities 8 11 ( 28 ) 28 Net loss on marketable securities $ 429 $ 8,215 $ 3,241 $ 10,032

Other Expense (Income), Net (Ta

Other Expense (Income), Net (Tables)	9 Months Ended
	Feb. 28, 2023
Other Income and Expenses [Abstract]
Schedule of Other Expense (Income), Net	Other expense (income), net, consists of the following components: Three Months Ended Nine Months Ended February 28, February 28, February 28, February 28, (In thousands) 2023 2022 2023 2022 Pension non-service costs (credits) 2,648 $ ( 2,644 ) $ 7,650 $ ( 8,012 ) Other ( 309 ) ( 98 ) ( 585 ) ( 989 ) Other expense (income), net $ 2,339 $ ( 2,742 ) $ 7,065 $ ( 9,001 )

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Feb. 28, 2023
Inventory Disclosure [Abstract]
Major Classes of Inventories, Net of Reserves	Inventories, net of reserves, were composed of the following major classes: (In thousands) February 28, 2023 May 31, 2022 Raw material and supplies $ 521,729 $ 560,886 Finished goods 819,574 651,732 Total Inventory, Net of Reserves $ 1,341,303 $ 1,212,618

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Feb. 28, 2023
Earnings Per Share [Abstract]
Reconciliation of Numerator and Denominator of Basic and Diluted Earnings Per Share	The following table sets forth the reconciliation of the numerator and denominator of basic and diluted earnings per share ("EPS") for the three- and nine-month periods ended February 28, 2023 and 2022. Three Months Ended Nine Months Ended February 28, February 28, February 28, February 28, (In thousands, except per share amounts) 2023 2022 2023 2022 Numerator for earnings per share: Net income attributable to RPM International Inc. stockholders $ 26,974 $ 33,019 $ 327,331 $ 292,476 Less: Allocation of earnings and dividends to participating securities ( 274 ) ( 133 ) ( 1,593 ) ( 2,222 ) Net income available to common shareholders - basic 26,700 32,886 325,738 290,254 Reverse: Allocation of earnings and dividends to participating securities - 133 1,593 2,222 Net income available to common shareholders - diluted $ 26,700 $ 33,019 $ 327,331 $ 292,476 Denominator for basic and diluted earnings per share: Basic weighted average common shares 127,495 127,943 127,564 128,013 Average diluted options and awards 540 1,759 1,225 1,609 Total shares for diluted earnings per share (1) 128,035 129,702 128,789 129,622 Earnings Per Share of Common Stock Attributable to RPM International Inc. Stockholders: Basic Earnings Per Share of Common Stock $ 0.21 $ 0.26 $ 2.55 $ 2.27 Method used to calculate basic earnings per share Two-class Two-class Two-class Two-class Diluted Earnings Per Share of Common Stock $ 0.21 $ 0.25 $ 2.54 $ 2.26 Method used to calculate diluted earnings per share Two-class Treasury Treasury Treasury (1) For the three and nine months ended February 28, 2023, approximately 680,000 shares of stock granted under stock-based compensation plans were excluded from the calculation of diluted EPS, as the effect would have been anti-dilutive. For the three and nine months ended February 28, 2022, approximately 320,000 and 655,000 shares of stock granted under stock-based compensation plans were excluded from the calculation of diluted EPS, as the effect would have been anti-dilutive.

Pension Plans (Tables)

Pension Plans (Tables)	9 Months Ended
	Feb. 28, 2023
Retirement Benefits [Abstract]
Retirement-Related Benefit Plans' Impact on Income Before Income Taxes	The following tables provide the retirement-related benefit plans’ impact on income before income taxes for the three- and nine-month periods ended February 28, 2023 and 2022: U.S. Plans Non-U.S. Plans Three Months Ended Three Months Ended (In thousands) February 28, February 28, February 28, February 28, Pension Benefits 2023 2022 2023 2022 Service cost $ 10,890 $ 11,914 $ 951 $ 1,348 Interest cost 7,173 3,842 1,728 1,282 Expected return on plan assets ( 9,536 ) ( 10,386 ) ( 1,727 ) ( 2,073 ) Amortization of: Prior service cost (credit) - 1 ( 27 ) ( 38 ) Net actuarial losses recognized 4,487 4,225 125 114 Net Periodic Benefit Cost $ 13,014 $ 9,596 $ 1,050 $ 633 U.S. Plans Non-U.S. Plans Three Months Ended Three Months Ended (In thousands) February 28, February 28, February 28, February 28, Postretirement Benefits 2023 2022 2023 2022 Service cost $ - $ - $ 287 $ 432 Interest cost 21 10 368 299 Amortization of: Prior service (credit) ( 30 ) ( 40 ) - - Net actuarial losses (gains) recognized 11 15 ( 14 ) 32 Net Periodic Benefit Cost (Credit) $ 2 $ ( 15 ) $ 641 $ 763 U.S. Plans Non-U.S. Plans Nine Months Ended Nine Months Ended (In thousands) February 28, February 28, February 28, February 28, Pension Benefits 2023 2022 2023 2022 Service cost $ 32,670 $ 35,742 $ 2,853 $ 4,044 Interest cost 21,519 11,526 5,184 3,846 Expected return on plan assets ( 28,608 ) ( 31,158 ) ( 5,181 ) ( 6,219 ) Amortization of: Prior service cost (credit) - 3 ( 81 ) ( 114 ) Net actuarial losses recognized 13,461 12,675 375 342 Net Periodic Benefit Cost $ 39,042 $ 28,788 $ 3,150 $ 1,899 U.S. Plans Non-U.S. Plans Nine Months Ended Nine Months Ended (In thousands) February 28, February 28, February 28, February 28, Postretirement Benefits 2023 2022 2023 2022 Service cost $ - $ - $ 861 $ 1,296 Interest cost 63 30 1,104 897 Amortization of: Prior service (credit) ( 90 ) ( 120 ) - - Net actuarial losses (gains) recognized 33 45 ( 42 ) 96 Net Periodic Benefit Cost (Credit) $ 6 $ ( 45 ) $ 1,923 $ 2,289

Contingencies and Accrued Los_2

Contingencies and Accrued Losses (Tables)	9 Months Ended
	Feb. 28, 2023
Commitments and Contingencies Disclosure [Abstract]
Changes in Accrued Warranty Balances	The following table includes the changes in our accrued warranty balances: Three Months Ended Nine Months Ended February 28, February 28, February 28, February 28, (In thousands) 2023 2022 2023 2022 Beginning Balance $ 11,509 $ 12,886 $ 10,905 $ 13,175 Deductions (1) ( 5,620 ) ( 5,186 ) ( 20,124 ) ( 16,868 ) Provision charged to expense 5,558 4,628 20,666 16,021 Ending Balance $ 11,447 $ 12,328 $ 11,447 $ 12,328 (1) Primarily claims paid during the period.

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Feb. 28, 2023
Revenue from Contract with Customer [Abstract]
Trade Accounts Receivable Net of Allowances and Net Contract Assets	Trade accounts receivable, net of allowances, and net contract assets consisted of the following: (In thousands, except percentages) February 28, 2023 May 31, 2022 $ Change % Change Trade accounts receivable, less allowances $ 1,203,212 $ 1,432,632 $ ( 229,420 ) - 16.0 % Contract assets $ 66,100 $ 57,234 $ 8,866 15.5 % Contract liabilities - short-term ( 53,481 ) ( 44,938 ) ( 8,543 ) 19.0 % Net Contract Assets $ 12,619 $ 12,296 $ 323 The $ 0.3 million increase in our net contract assets from May 31, 2022 to February 28, 2023, resulted primarily due to the timing of construction jobs in progress at February 28, 2023 versus May 31, 2022.
Summary of Activity for Allowance for Credit Losses	The following tables summarize the activity for the allowance for credit losses for the three and nine months ended February 28, 2023 and 2022: Three Months Ended Nine Months Ended February 28, February 28, February 28, February 28, (In thousands) 2023 2022 2023 2022 Beginning Balance $ 48,041 $ 50,932 $ 46,669 $ 55,922 Bad debt provision 1,950 571 9,473 2,645 Uncollectible accounts written off, net of recoveries ( 2,667 ) ( 2,436 ) ( 7,573 ) ( 7,335 ) Translation adjustments ( 2 ) 727 ( 1,247 ) ( 1,438 ) Ending Balance $ 47,322 $ 49,794 $ 47,322 $ 49,794

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Feb. 28, 2023
Segment Reporting [Abstract]
Summary of Disaggregation of Revenues by Geography and Results of Reportable Segments	The following tables present a disaggregation of revenues by geography, and the results of our reportable segments consistent with our management philosophy, by representing the information we utilize, in conjunction with various strategic, operational and other financial performance criteria, in evaluating the performance of our portfolio of businesses. Three Months Ended February 28, 2023 CPG PCG Consumer SPG Consolidated (In thousands) Net Sales (based on shipping location) United States $ 280,916 $ 189,913 $ 431,829 $ 163,056 $ 1,065,714 Foreign Canada 34,934 18,662 37,957 898 92,451 Europe 107,609 56,192 47,613 19,084 230,498 Latin America 51,728 9,047 6,666 455 67,896 Asia Pacific 21,827 5,784 4,466 7,511 39,588 Other Foreign - 20,029 - - 20,029 Total Foreign 216,098 109,714 96,702 27,948 450,462 Total $ 497,014 $ 299,627 $ 528,531 $ 191,004 $ 1,516,176 Three Months Ended February 28, 2022 CPG PCG Consumer SPG Consolidated (In thousands) Net Sales (based on shipping location) United States $ 259,606 $ 167,623 $ 403,524 $ 154,516 $ 985,269 Foreign Canada 39,479 17,220 29,432 1,378 87,509 Europe 114,226 54,057 46,695 24,121 239,099 Latin America 47,459 7,720 7,707 368 63,254 Asia Pacific 21,256 5,431 4,259 8,988 39,934 Other Foreign - 18,814 - - 18,814 Total Foreign 222,420 103,242 88,093 34,855 448,610 Total $ 482,026 $ 270,865 $ 491,617 $ 189,371 $ 1,433,879 Nine Months Ended February 28, 2023 CPG PCG Consumer SPG Consolidated (In thousands) Net Sales (based on shipping location) United States $ 1,124,047 $ 628,320 $ 1,486,556 $ 515,078 $ 3,754,001 Foreign Canada 170,415 63,636 127,039 2,946 364,036 Europe 340,589 169,912 150,738 61,242 722,481 Latin America 158,992 29,168 20,217 1,195 209,572 Asia Pacific 66,782 17,941 13,832 25,324 123,879 Other Foreign - 66,235 - - 66,235 Total Foreign 736,778 346,892 311,826 90,707 1,486,203 Total $ 1,860,825 $ 975,212 $ 1,798,382 $ 605,785 $ 5,240,204 Nine Months Ended February 28, 2022 CPG PCG Consumer SPG Consolidated (In thousands) Net Sales (based on shipping location) United States $ 974,201 $ 531,655 $ 1,267,373 $ 457,115 $ 3,230,344 Foreign Canada 184,940 54,355 93,714 5,609 338,618 Europe 377,220 172,850 162,032 74,446 786,548 Latin America 144,366 20,958 22,935 1,407 189,666 Asia Pacific 59,811 17,579 13,169 26,473 117,032 Other Foreign 40 61,590 - - 61,630 Total Foreign 766,377 327,332 291,850 107,935 1,493,494 Total $ 1,740,578 $ 858,987 $ 1,559,223 $ 565,050 $ 4,723,838 Three Months Ended Nine Months Ended (In thousands) February 28, February 28, February 28, February 28, Income (Loss) Before Income Taxes 2023 2022 2023 2022 CPG Segment $ 8,181 $ 31,498 $ 192,836 $ 276,223 PCG Segment ( 8,352 ) 24,917 83,896 97,849 Consumer Segment 68,146 16,893 278,708 95,912 SPG Segment 39,482 25,881 94,798 71,028 Corporate/Other ( 64,970 ) ( 58,692 ) ( 207,495 ) ( 155,890 ) Consolidated $ 42,487 $ 40,497 $ 442,743 $ 385,122 (In thousands) February 28, May 31, Identifiable Assets 2023 2022 CPG Segment $ 2,163,171 $ 2,160,071 PCG Segment 1,102,585 1,115,780 Consumer Segment 2,360,032 2,405,764 SPG Segment 822,343 839,419 Corporate/Other 161,292 186,672 Consolidated $ 6,609,423 $ 6,707,706

Consolidation, Noncontrolling_2

Consolidation, Noncontrolling Interests and Basis of Presentation - Additional Information (Detail)	Feb. 28, 2023
Accounting Policies [Abstract]
Percentage of controlled subsidiary's earnings	100%

Restructuring - Additional Info

Restructuring - Additional Information (Detail) - MAP to Growth - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Restructuring Cost And Reserve [Line Items]
Current total expected costs	$ 121.6		$ 121.6
Restructuring costs	0.7	$ 1.1	3.3	$ 5.1
Restructuring and related cost incurred to date	$ 120.6		$ 120.6

Summary of Charges Recorded in

Summary of Charges Recorded in Connection with Restructuring by Reportable Segment (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Restructuring Cost and Reserve [Line Items]
Current Year Charges		$ 4,154	$ 1,140	$ 6,780	$ 5,128
MAP 2025
Restructuring Cost and Reserve [Line Items]
Current Year Charges		3,447		3,447
Cumulative Costs to Date		3,447		3,447
Total Expected Costs		18,162		18,162
MAP 2025 | Severance and benefit costs
Restructuring Cost and Reserve [Line Items]
Current Year Charges		910		910
Cumulative Costs to Date		910		910
Total Expected Costs		11,551		11,551
MAP 2025 | Facility Closure and Other Related Costs
Restructuring Cost and Reserve [Line Items]
Current Year Charges		0		0
Cumulative Costs to Date		0		0
Total Expected Costs		4,059		4,059
MAP 2025 | Other Restructuring Costs
Restructuring Cost and Reserve [Line Items]
Current Year Charges		2,537		2,537
Cumulative Costs to Date		2,537		2,537
Total Expected Costs		2,552		2,552
MAP 2025 | Construction Products Segment
Restructuring Cost and Reserve [Line Items]
Current Year Charges		324		324
Cumulative Costs to Date		324		324
Total Expected Costs		3,755		3,755
MAP 2025 | Construction Products Segment | Severance and benefit costs
Restructuring Cost and Reserve [Line Items]
Current Year Charges		324		324
Cumulative Costs to Date		324		324
Total Expected Costs		3,755		3,755
MAP 2025 | Performance Coatings Segment
Restructuring Cost and Reserve [Line Items]
Current Year Charges		3,110		3,110
Cumulative Costs to Date		3,110		3,110
Total Expected Costs		6,590		6,590
MAP 2025 | Performance Coatings Segment | Severance and benefit costs
Restructuring Cost and Reserve [Line Items]
Current Year Charges		573		573
Cumulative Costs to Date		573		573
Total Expected Costs		3,038		3,038
MAP 2025 | Performance Coatings Segment | Facility Closure and Other Related Costs
Restructuring Cost and Reserve [Line Items]
Current Year Charges		0		0
Cumulative Costs to Date		0		0
Total Expected Costs		1,000		1,000
MAP 2025 | Performance Coatings Segment | Other Restructuring Costs
Restructuring Cost and Reserve [Line Items]
Current Year Charges	[1]	2,537		2,537
Cumulative Costs to Date	[1]	2,537		2,537
Total Expected Costs	[1]	2,552		2,552
MAP 2025 | Consumer Segment
Restructuring Cost and Reserve [Line Items]
Current Year Charges		13		13
Cumulative Costs to Date		13		13
Total Expected Costs		4,018		4,018
MAP 2025 | Consumer Segment | Severance and benefit costs
Restructuring Cost and Reserve [Line Items]
Current Year Charges		13		13
Cumulative Costs to Date		13		13
Total Expected Costs		4,018		4,018
MAP 2025 | Specialty Products Group Segment
Restructuring Cost and Reserve [Line Items]
Current Year Charges		0		0
Cumulative Costs to Date		0		0
Total Expected Costs		3,799		3,799
MAP 2025 | Specialty Products Group Segment | Severance and benefit costs
Restructuring Cost and Reserve [Line Items]
Current Year Charges		0		0
Cumulative Costs to Date		0		0
Total Expected Costs		740		740
MAP 2025 | Specialty Products Group Segment | Facility Closure and Other Related Costs
Restructuring Cost and Reserve [Line Items]
Current Year Charges		0		0
Cumulative Costs to Date		0		0
Total Expected Costs		$ 3,059		$ 3,059
[1] Other restructuring costs are associated with the impairment of an indefinite-lived tradename as described below in Note 4, "Goodwill and Other Intangible Assets," of the Consolidated Financial Statements .

Changes in Carrying Amount of G

Changes in Carrying Amount of Goodwill, by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Feb. 28, 2023	Feb. 28, 2023
Goodwill [Line Items]
Goodwill beginning balance		$ 1,337,868
Acquisitions		25,446
Divestitures		(15,723)
Impairments	$ (36,745)	(36,745)
Translation adjustments & other		(22,775)
Goodwill ending balance	1,288,071	1,288,071
CPG Segment
Goodwill [Line Items]
Goodwill beginning balance		453,651
Acquisitions		7,306
Translation adjustments & other		(14,452)
Goodwill ending balance	446,505	446,505
PCG Segment
Goodwill [Line Items]
Goodwill beginning balance		201,815
Acquisitions		907
Impairments	(36,700)	(36,745)
Translation adjustments & other		(3,737)
Goodwill ending balance	162,240	162,240
Consumer Segment
Goodwill [Line Items]
Goodwill beginning balance		515,597
Acquisitions		16,952
Translation adjustments & other		(3,364)
Goodwill ending balance	529,185	529,185
SPG Segments
Goodwill [Line Items]
Goodwill beginning balance		166,805
Acquisitions		281
Divestitures		(15,723)
Translation adjustments & other		(1,222)
Goodwill ending balance	$ 150,141	$ 150,141

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Feb. 28, 2023	Feb. 28, 2023	May 31, 2022
Goodwill And Intangible Assets [Line Items]
Accumulated goodwill impairment losses	$ 193,000,000	$ 193,000,000	$ 156,300,000
Goodwill impairment losses	36,745,000	36,745,000
Goodwill	1,288,071,000	1,288,071,000	1,337,868,000
Impairment of our long-lived assets	0	0
Universal Sealants
Goodwill And Intangible Assets [Line Items]
Impairments for definite-lived long-lived assets		0
Goodwill	1,100,000	1,100,000
Trade names | Universal Sealants
Goodwill And Intangible Assets [Line Items]
Impairment of indefinite-lived assets	2,500,000	2,500,000
SPG Segments
Goodwill And Intangible Assets [Line Items]
Accumulated goodwill impairment losses			141,400,000
Goodwill	150,141,000	150,141,000	166,805,000
CPG Segment
Goodwill And Intangible Assets [Line Items]
Accumulated goodwill impairment losses			14,900,000
Goodwill	446,505,000	446,505,000	453,651,000
PCG Segment
Goodwill And Intangible Assets [Line Items]
Goodwill impairment losses	36,700,000	36,745,000
Goodwill	$ 162,240,000	162,240,000	201,815,000
PCG Segment | Universal Sealants
Goodwill And Intangible Assets [Line Items]
Percentage of annual revenue	30%
Consumer Segment
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 529,185,000	$ 529,185,000	$ 515,597,000

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis and Categorized using Fair Value Hierarchy (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Feb. 28, 2023	May 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total available-for-sale securities	$ 24,945	$ 25,394
Total marketable equity securities	118,668	119,049
Assets (liabilities) at fair value	141,378	133,914
U.S. Treasury and other government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total available-for-sale securities	24,806	25,239
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total available-for-sale securities	139	155
Stocks | Foreign
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable equity securities	723	598
Stocks | Domestic
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable equity securities	4,768	5,085
Mutual funds | Foreign
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable equity securities	39,278	39,139
Mutual funds | Domestic
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable equity securities	73,899	74,227
Contingent consideration liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	(2,235)	(10,529)
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable equity securities	5,491	5,683
Assets (liabilities) at fair value	5,491	5,683
Quoted Prices in Active Markets for Identical Assets (Level 1) | Stocks | Foreign
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable equity securities	723	598
Quoted Prices in Active Markets for Identical Assets (Level 1) | Stocks | Domestic
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable equity securities	4,768	5,085
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total available-for-sale securities	24,945	25,394
Total marketable equity securities	113,177	113,366
Assets (liabilities) at fair value	138,122	138,760
Significant Other Observable Inputs (Level 2) | U.S. Treasury and other government
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total available-for-sale securities	24,806	25,239
Significant Other Observable Inputs (Level 2) | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total available-for-sale securities	139	155
Significant Other Observable Inputs (Level 2) | Mutual funds | Foreign
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable equity securities	39,278	39,139
Significant Other Observable Inputs (Level 2) | Mutual funds | Domestic
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable equity securities	73,899	74,227
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) at fair value	(2,235)	(10,529)
Significant Unobservable Inputs (Level 3) | Contingent consideration liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ (2,235)	$ (10,529)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Feb. 28, 2023	Feb. 28, 2022
Fair Value Disclosures [Abstract]
Settlements of contingent consideration obligations	$ 10.4	$ 5.8
Increase in accrual related to fair value adjustments	$ 2.1	$ 2.5

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value and Carrying Value of Cash and Cash Equivalents and Long-Term Debt (Detail) - USD ($) $ in Thousands	Feb. 28, 2023	May 31, 2022
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	$ 193,870	$ 201,672
Long-term debt, including current portion	2,822,562	2,686,609
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	193,870	201,672
Long-term debt, including current portion	$ 2,614,247	$ 2,618,978

Investment (Income) Expense, _3

Investment (Income) Expense, Net - Investment (Income) Expense, Net (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Investment Income, Net [Abstract]
Interest (income)	$ (2,266)	$ (1,203)	$ (6,805)	$ (3,349)
Net loss on marketable securities	429	8,215	3,241	10,032
Dividend (income)	(886)	(2,657)	(2,346)	(5,262)
Investment (income) expense, net	$ (2,723)	$ 4,355	$ (5,910)	$ 1,421

Investment (Income) Expense, _4

Investment (Income) Expense, Net - Net (Gain) Loss on Marketable Securities (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Net (Gain) Loss on Marketable Securities
Unrealized losses on marketable equity securities	$ 946	$ 8,903	$ 3,704	$ 11,227
Realized (gains) on marketable equity securities	(525)	(699)	(435)	(1,223)
Realized losses (gains) on available-for-sale debt securities	8	11	(28)	28
Net loss on marketable securities	$ 429	$ 8,215	$ 3,241	$ 10,032

(Gain) on Sales of Assets and_2

(Gain) on Sales of Assets and Business, Net - Additional Information (Detail) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended
	Jan. 20, 2023	Sep. 15, 2021	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022	Nov. 30, 2022	May 31, 2022
Sale Leaseback Transaction [Line Items]
Net gain sales of assets		$ 41,900	$ 25,743	$ 249	$ 25,881	$ 42,491
Sale of property assets		49,800
Net proceeds after adjustments and expenses		$ 48,000
Gain on divestiture			24,700
Sale leaseback agreement commencement date					Sep. 15, 2021
Sale leaseback agreement expiration date					Sep. 14, 2024
Operating lease, future minimum lease payments							$ 3,400
Operating lease, borrowing rate							1.30%
Operating lease right-of-use assets			$ 327,179		$ 327,179			$ 307,797
Divestiture of businesses	$ 49,200
Cash receipt upon achievement of financial milestones	$ 7,500
Leaseback Agreement
Sale Leaseback Transaction [Line Items]
Operating lease right-of-use assets							$ 3,700
Operating lease, liability							$ 3,700

Other Expense (Income), Net - S

Other Expense (Income), Net - Schedule of Other Expense (Income), Net (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Other Income and Expenses [Abstract]
Pension non-service costs (credits)	$ 2,648	$ (2,644)	$ 7,650	$ (8,012)
Other	(309)	(98)	(585)	(989)
Other expense (income), net	$ 2,339	$ (2,742)	$ 7,065	$ (9,001)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Income Tax Disclosure [Abstract]
Effective income tax expense rate	35.90%	17.90%	25.90%	23.90%
Corporate income tax rate	21%	21%	21%	21%
Deferred income tax liability	$ 700,000		$ 700,000
Unremitted foreign earnings	202,500,000		202,500,000
Provision for deferred income taxes	$ 0		$ 0

Inventories - Major Classes of

Inventories - Major Classes of Inventories, Net of Reserves (Detail) - USD ($) $ in Thousands	Feb. 28, 2023	May 31, 2022
Inventory Disclosure [Abstract]
Raw material and supplies	$ 521,729	$ 560,886
Finished goods	819,574	651,732
Total Inventory, Net of Reserves	$ 1,341,303	$ 1,212,618

Borrowings - Additional Informa

Borrowings - Additional Information (Detail) - USD ($) $ in Millions					3 Months Ended
	Nov. 15, 2022	Aug. 01, 2022	Feb. 21, 2020	Nov. 30, 2018	Aug. 31, 2022	Feb. 28, 2023	May 31, 2022
Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility borrowing maximum capacity				$ 1,300	$ 1,350
Credit facility expiration date				Oct. 31, 2023	Aug. 01, 2027
Amount outstanding on credit facility						$ 701.4	$ 442.2
3.450% Notes due 2022
Debt Instrument [Line Items]
Repayment of aggregate principal amount outstanding	$ 300
Debt, Interest Rate	3.45%
Term Loan
Debt Instrument [Line Items]
Maturity date		Aug. 01, 2025	Feb. 21, 2023
Amount outstanding on credit facility		$ 250				$ 249.7	$ 299.8

Stock Repurchase Program - Addi

Stock Repurchase Program - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended				9 Months Ended
	Jan. 31, 2021	Feb. 28, 2023	Aug. 31, 2022	Feb. 28, 2022	Aug. 31, 2021	Feb. 28, 2023	Feb. 28, 2022	May 31, 2021
Stock Repurchase Programs [Line Items]
Authorization of stock repurchase program						Jan. 08, 2008
Capital to be returned to stockholders through share repurchases								$ 1,000,000
Stock repurchase program, remaining authorized repurchase, value	$ 469,700	$ 329,800				$ 329,800		$ 600,000
Stock repurchase program expiration date	May 31, 2021
Shares repurchased		143,096		171,933		446,175	305,321
Shares repurchased, value		$ 12,500	$ 25,000	$ 15,000	$ 12,500	$ 37,500	$ 27,500
Repurchase of common stock price per shares		$ 87.35		$ 87.24		$ 84.05	$ 90.07

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Numerator and Denominator of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Numerator for earnings per share:
Net income attributable to RPM International Inc. stockholders		$ 26,974	$ 33,019	$ 327,331	$ 292,476
Less: Allocation of earnings and dividends to participating securities		(274)	(133)	(1,593)	(2,222)
Net income available to common shareholders - basic		26,700	32,886	325,738	290,254
Reverse: Allocation of earnings and dividends to participating securities			133	1,593	2,222
Net income available to common shareholders - diluted		$ 26,700	$ 33,019	$ 327,331	$ 292,476
Denominator for basic and diluted earnings per share:
Basic weighted average common shares		127,495	127,943	127,564	128,013
Average diluted options and awards		540	1,759	1,225	1,609
Total shares for diluted earnings per share	[1]	128,035	129,702	128,789	129,622
Earnings Per Share of Common Stock Attributable to RPM International Inc. Stockholders:
Basic Earnings Per Share of Common Stock		$ 0.21	$ 0.26	$ 2.55	$ 2.27
Method used to calculate basic earnings per share		Two-class	Two-class	Two-class	Two-class
Diluted Earnings Per Share of Common Stock		$ 0.21	$ 0.25	$ 2.54	$ 2.26
Method used to calculate diluted earnings per share		Two-class	Treasury	Treasury	Treasury
[1] For the three and nine months ended February 28, 2023, approximately 680,000 shares of stock granted under stock-based compensation plans were excluded from the calculation of diluted EPS, as the effect would have been anti-dilutive. For the three and nine months ended February 28, 2022, approximately 320,000 and 655,000 shares of stock granted under stock-based compensation plans were excluded from the calculation of diluted EPS, as the effect would have been anti-dilutive.

Earnings Per Share - Reconcil_2

Earnings Per Share - Reconciliation of Numerator and Denominator of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - shares	3 Months Ended		9 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Stock-Based Compensation Plans
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares excluded from the calculation of diluted earnings per share	680,000	320,000	680,000	655,000

Pension Plans - Retirement-Rela

Pension Plans - Retirement-Related Benefit Plans' Impact on Income Before Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Pension Benefits | U.S. Plans
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 10,890	$ 11,914	$ 32,670	$ 35,742
Interest cost	7,173	3,842	21,519	11,526
Expected return on plan assets	(9,536)	(10,386)	(28,608)	(31,158)
Prior service cost (credit)		1		3
Net actuarial losses recognized	4,487	4,225	13,461	12,675
Net Periodic Benefit (Credit) Cost	13,014	9,596	39,042	28,788
Pension Benefits | Non-U.S. Plans
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	951	1,348	2,853	4,044
Interest cost	1,728	1,282	5,184	3,846
Expected return on plan assets	(1,727)	(2,073)	(5,181)	(6,219)
Prior service cost (credit)	(27)	(38)	(81)	(114)
Net actuarial losses recognized	125	114	375	342
Net Periodic Benefit (Credit) Cost	1,050	633	3,150	1,899
Postretirement Benefits | U.S. Plans
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	21	10	63	30
Prior service cost (credit)	(30)	(40)	(90)	(120)
Net actuarial losses recognized	11	15	33	45
Net Periodic Benefit (Credit) Cost	2	(15)	6	(45)
Postretirement Benefits | Non-U.S. Plans
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	287	432	861	1,296
Interest cost	368	299	1,104	897
Net actuarial losses recognized	(14)	32	(42)	96
Net Periodic Benefit (Credit) Cost	$ 641	$ 763	$ 1,923	$ 2,289

Pension Plans - Additional Info

Pension Plans - Additional Information (Detail) - Pension Benefits - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2023	May 31, 2022
U.S. Plans
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Contribution to pension plans during current quarter	$ 62.3
Total expected contributions to pension plans	$ 63.6	$ 1.3
Non-U.S. Plans
Defined Benefit Plans And Other Postretirement Benefit Plans Table Text Block [Line Items]
Total expected contributions to pension plans		$ 4.9

Contingencies and Accrued Los_3

Contingencies and Accrued Losses - Changes in Accrued Warranty Balances (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Commitments and Contingencies Disclosure [Abstract]
Beginning Balance		$ 11,509	$ 12,886	$ 10,905	$ 13,175
Deductions	[1]	(5,620)	(5,186)	(20,124)	(16,868)
Provision charged to expense		5,558	4,628	20,666	16,021
Ending Balance		$ 11,447	$ 12,328	$ 11,447	$ 12,328
[1] Primarily claims paid during the period.

Contingencies and Accrued Los_4

Contingencies and Accrued Losses - Additional Information (Detail) - USD ($) $ in Thousands		9 Months Ended
	Dec. 10, 2021	Feb. 28, 2023	May 31, 2022	Nov. 30, 2021
Loss Contingencies [Line Items]
New jury awarded damages value to distributor	$ 6,000
Accrued losses		$ 22,101	$ 24,508
Maximum range of reasonably possible loss		6,000
Gain on business interruption insurance recovery		$ 20,000
Subsidiary Potential Arguments On Appeal
Loss Contingencies [Line Items]
Accrued losses				$ 2,600

Revenue - Additional Informatio

Revenue - Additional Information (Detail) $ in Thousands	9 Months Ended
	Feb. 28, 2023 USD ($) Segment	May 31, 2022 USD ($)
Disaggregation Of Revenue [Line Items]
Number of reportable segments | Segment	4
Revenue performance obligation description of payment terms	Payment terms and conditions vary by contract type, although our customers’ payment terms generally include a requirement to pay within 30 to 60 days of fulfilling our performance obligations
Revenue, Practical Expedient, Financing Component [true false]	false
Increase (decrease) in net contract assets	$ (323)
Long-term deferred revenue	$ 60,800	$ 62,500

Revenue - Summary of Trade Acco

Revenue - Summary of Trade Accounts Receivable Net of Allowances and Net Contract Assets (Detail) - USD ($) $ in Thousands	9 Months Ended
	Feb. 28, 2023	May 31, 2022
Disaggregation Of Revenue [Line Items]
Trade accounts receivable, less allowances	$ 1,203,212	$ 1,432,632
Contract assets	66,100	57,234
Contract liabilities - short-term	(53,481)	(44,938)
Net Contract Assets	12,619	$ 12,296
Change in Contract with Customer, Asset and Liability [Abstract]
Change in trade accounts receivable, less allowances	(229,420)
Change in contract assets	8,866
Change in Net Contract Assets (Liabilities)	$ (323)
Percentage of change in trade accounts receivable, less allowances	(16.00%)
Percentage of change in contract assets	15.50%
Short-term
Change in Contract with Customer, Asset and Liability [Abstract]
Change in contract liabilities	$ (8,543)
Percentage of change in contract liabilities	19%

Revenue - Summary of Activity f

Revenue - Summary of Activity for Allowance for Credit Losses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022
Accounts receivable, allowance for credit loss [Roll Forward]
Beginning balance	$ 48,041	$ 50,932	$ 46,669	$ 55,922
Bad debt provision	1,950	571	9,473	2,645
Uncollectible accounts written off, net of recoveries	(2,667)	(2,436)	(7,573)	(7,335)
Translation adjustments	(2)	727	(1,247)	(1,438)
Ending balance	$ 47,322	$ 49,794	$ 47,322	$ 49,794

Segment Information - Additiona

Segment Information - Additional Information (Detail)	9 Months Ended
	Feb. 28, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments	4
Number of operating segments	4

Segment Information - Summary o

Segment Information - Summary of Disaggregation of Revenues by Geography and Results of Reportable Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Feb. 28, 2023	Feb. 28, 2022	Feb. 28, 2023	Feb. 28, 2022	May 31, 2022
Segment Reporting Information [Line Items]
Net Sales	$ 1,516,176	$ 1,433,879	$ 5,240,204	$ 4,723,838
Income (Loss) Before Income Taxes	42,487	40,497	442,743	385,122
Identifiable Assets	6,609,423		6,609,423		$ 6,707,706
Domestic
Segment Reporting Information [Line Items]
Net Sales	1,065,714	985,269	3,754,001	3,230,344
Foreign
Segment Reporting Information [Line Items]
Net Sales	450,462	448,610	1,486,203	1,493,494
Foreign | Canada
Segment Reporting Information [Line Items]
Net Sales	92,451	87,509	364,036	338,618
Foreign | Europe
Segment Reporting Information [Line Items]
Net Sales	230,498	239,099	722,481	786,548
Foreign | Latin America
Segment Reporting Information [Line Items]
Net Sales	67,896	63,254	209,572	189,666
Foreign | Asia Pacific
Segment Reporting Information [Line Items]
Net Sales	39,588	39,934	123,879	117,032
Foreign | Other Foreign
Segment Reporting Information [Line Items]
Net Sales	20,029	18,814	66,235	61,630
Operating Segments | CPG Segment
Segment Reporting Information [Line Items]
Net Sales	497,014	482,026	1,860,825	1,740,578
Income (Loss) Before Income Taxes	8,181	31,498	192,836	276,223
Identifiable Assets	2,163,171		2,163,171		2,160,071
Operating Segments | CPG Segment | Domestic
Segment Reporting Information [Line Items]
Net Sales	280,916	259,606	1,124,047	974,201
Operating Segments | CPG Segment | Foreign
Segment Reporting Information [Line Items]
Net Sales	216,098	222,420	736,778	766,377
Operating Segments | CPG Segment | Foreign | Canada
Segment Reporting Information [Line Items]
Net Sales	34,934	39,479	170,415	184,940
Operating Segments | CPG Segment | Foreign | Europe
Segment Reporting Information [Line Items]
Net Sales	107,609	114,226	340,589	377,220
Operating Segments | CPG Segment | Foreign | Latin America
Segment Reporting Information [Line Items]
Net Sales	51,728	47,459	158,992	144,366
Operating Segments | CPG Segment | Foreign | Asia Pacific
Segment Reporting Information [Line Items]
Net Sales	21,827	21,256	66,782	59,811
Operating Segments | CPG Segment | Foreign | Other Foreign
Segment Reporting Information [Line Items]
Net Sales				40
Operating Segments | PCG Segment
Segment Reporting Information [Line Items]
Net Sales	299,627	270,865	975,212	858,987
Income (Loss) Before Income Taxes	(8,352)	24,917	83,896	97,849
Identifiable Assets	1,102,585		1,102,585		1,115,780
Operating Segments | PCG Segment | Domestic
Segment Reporting Information [Line Items]
Net Sales	189,913	167,623	628,320	531,655
Operating Segments | PCG Segment | Foreign
Segment Reporting Information [Line Items]
Net Sales	109,714	103,242	346,892	327,332
Operating Segments | PCG Segment | Foreign | Canada
Segment Reporting Information [Line Items]
Net Sales	18,662	17,220	63,636	54,355
Operating Segments | PCG Segment | Foreign | Europe
Segment Reporting Information [Line Items]
Net Sales	56,192	54,057	169,912	172,850
Operating Segments | PCG Segment | Foreign | Latin America
Segment Reporting Information [Line Items]
Net Sales	9,047	7,720	29,168	20,958
Operating Segments | PCG Segment | Foreign | Asia Pacific
Segment Reporting Information [Line Items]
Net Sales	5,784	5,431	17,941	17,579
Operating Segments | PCG Segment | Foreign | Other Foreign
Segment Reporting Information [Line Items]
Net Sales	20,029	18,814	66,235	61,590
Operating Segments | Consumer Segment
Segment Reporting Information [Line Items]
Net Sales	528,531	491,617	1,798,382	1,559,223
Income (Loss) Before Income Taxes	68,146	16,893	278,708	95,912
Identifiable Assets	2,360,032		2,360,032		2,405,764
Operating Segments | Consumer Segment | Domestic
Segment Reporting Information [Line Items]
Net Sales	431,829	403,524	1,486,556	1,267,373
Operating Segments | Consumer Segment | Foreign
Segment Reporting Information [Line Items]
Net Sales	96,702	88,093	311,826	291,850
Operating Segments | Consumer Segment | Foreign | Canada
Segment Reporting Information [Line Items]
Net Sales	37,957	29,432	127,039	93,714
Operating Segments | Consumer Segment | Foreign | Europe
Segment Reporting Information [Line Items]
Net Sales	47,613	46,695	150,738	162,032
Operating Segments | Consumer Segment | Foreign | Latin America
Segment Reporting Information [Line Items]
Net Sales	6,666	7,707	20,217	22,935
Operating Segments | Consumer Segment | Foreign | Asia Pacific
Segment Reporting Information [Line Items]
Net Sales	4,466	4,259	13,832	13,169
Operating Segments | SPG Segments
Segment Reporting Information [Line Items]
Net Sales	191,004	189,371	605,785	565,050
Income (Loss) Before Income Taxes	39,482	25,881	94,798	71,028
Identifiable Assets	822,343		822,343		839,419
Operating Segments | SPG Segments | Domestic
Segment Reporting Information [Line Items]
Net Sales	163,056	154,516	515,078	457,115
Operating Segments | SPG Segments | Foreign
Segment Reporting Information [Line Items]
Net Sales	27,948	34,855	90,707	107,935
Operating Segments | SPG Segments | Foreign | Canada
Segment Reporting Information [Line Items]
Net Sales	898	1,378	2,946	5,609
Operating Segments | SPG Segments | Foreign | Europe
Segment Reporting Information [Line Items]
Net Sales	19,084	24,121	61,242	74,446
Operating Segments | SPG Segments | Foreign | Latin America
Segment Reporting Information [Line Items]
Net Sales	455	368	1,195	1,407
Operating Segments | SPG Segments | Foreign | Asia Pacific
Segment Reporting Information [Line Items]
Net Sales	7,511	8,988	25,324	26,473
Corporate/Other
Segment Reporting Information [Line Items]
Income (Loss) Before Income Taxes	(64,970)	$ (58,692)	(207,495)	$ (155,890)
Identifiable Assets	$ 161,292		$ 161,292		$ 186,672