Restructuring (Tables)

9 Months Ended

Feb. 29, 2024

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 for the three- and nine-month periods ending February 29, 2024, as well as the total expected costs related to projects identified to date:

	Three Months Ended		Nine Months Ended		Cumulative Costs			Total Expected
(In thousands)	February 29, 2024		February 29, 2024		to Date			Costs
Construction Products Group ("CPG") Segment:
Severance and benefit costs	$	4,034	$	4,836	$	10,928		$	16,698
Facility closure and other related costs		163		163		163			16,435
Total Charges	$	4,197	$	4,999	$	11,091		$	33,133
Performance Coatings Group ("PCG") Segment:
Severance and benefit costs	$	579	$	1,623	$	2,771		$	5,339
Facility closure and other related costs		2		125		125			1,557
Other restructuring costs (a)		-		4,555		7,092			7,092
Total Charges	$	581	$	6,303	$	9,988		$	13,988
Consumer Segment:
Severance and benefit costs	$	817	$	852	$	1,359		$	1,598
Facility closure and other related costs		18		32		653			693
Total Charges	$	835	$	884	$	2,012		$	2,291
Specialty Products Group ("SPG") Segment:
Severance and benefit costs	$	639	$	1,774	$	2,579		$	3,562
Facility closure and other related costs		107		136		136			6,688
Total Charges	$	746	$	1,910	$	2,715		$	10,250
Corporate/Other Segment:
Severance and benefit (credits)	$	-	$	-	$	(50	)	$	(50	)
Total Charges	$	-	$	-	$	(50	)	$	(50	)
Consolidated:
Severance and benefit costs	$	6,069	$	9,085	$	17,587		$	27,147
Facility closure and other related costs		290		456		1,077			25,373
Other restructuring costs		-		4,555		7,092			7,092
Total Charges	$	6,359	$	14,096	$	25,756		$	59,612

(a)Of the $4.6 million of other restructuring costs incurred for the nine-month period ending February 29, 2024, $3.3 million is 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.

Following is a summary of the charges recorded in connection with MAP 2025 by reportable segment for the three- and nine-month periods ending February 28, 2023:

	Three Months Ended		Nine Months Ended
(In thousands)	February 28, 2023		February 28, 2023
CPG Segment:
Severance and benefit costs	$	324	$	324
Total Charges	$	324	$	324
PCG Segment:
Severance and benefit costs	$	573	$	573
Other restructuring costs (b)		2,537		2,537
Total Charges	$	3,110	$	3,110
Consumer Segment:
Severance and benefit costs	$	13	$	13
Total Charges	$	13	$	13
Consolidated:
Severance and benefit costs	$	910	$	910
Other restructuring costs		2,537		2,537
Total Charges	$	3,447	$	3,447

(b)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.

Summary of Activity in Restructuring Reserves

A summary of the activity in the restructuring reserves related to MAP 2025 is as follows:

(in thousands)	Severance and Benefits Costs			Facility Closure and Other Related Costs			Other Asset Write-Offs		Total
Balance at November 30, 2023	$	2,805		$	-		$	-	$	2,805
Additions charged to expense		6,069			290			-		6,359
Cash payments charged against reserve		(1,863	)		(288	)		-		(2,151	)
Non-cash charges and other adjustments		(1	)		-			-		(1	)
Balance at February 29, 2024	$	7,010		$	2		$	-	$	7,012

(In thousands)	Severance and Benefits Costs			Facility Closure and Other Related Costs			Other Asset Write-Offs			Total
Balance at June 1, 2023	$	2,717		$	-		$	-		$	2,717
Additions charged to expense		9,085			456			4,555			14,096
Cash payments charged against reserve		(4,808	)		(454	)		-			(5,262	)
Non-cash charges and other adjustments		16			-			(4,555	)		(4,539	)
Balance at February 29, 2024	$	7,010		$	2		$	-		$	7,012