Restructuring (Tables)

3 Months Ended

Aug. 31, 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-month periods ending August 31, 2024 and 2023, as well as the total expected costs related to projects identified to date:

	Three Months Ended		Three Months Ended		Cumulative Costs			Total Expected
(In thousands)	August 31, 2024		August 31, 2023		to Date			Costs
Construction Products Group ("CPG") Segment:
Severance and benefit costs	$	890	$	415	$	16,093		$	20,037
Facility closure and other related costs		376		-		984			6,715
Total Charges	$	1,266	$	415	$	17,077		$	26,752
Performance Coatings Group ("PCG") Segment:
Severance and benefit costs	$	150	$	831	$	4,009		$	5,669
Facility closure and other related costs		5		30		177			1,435
Other restructuring costs (a)		-		4,555		7,092			7,092
Total Charges	$	155	$	5,416	$	11,278		$	14,196
Consumer Segment:
Severance and benefit costs	$	3,938	$	-	$	13,711		$	17,826
Facility closure and other related costs		20		14		797			2,726
Total Charges	$	3,958	$	14	$	14,508		$	20,552
Specialty Products Group ("SPG") Segment:
Severance and benefit costs	$	1,481	$	653	$	5,180		$	5,220
Facility closure and other related costs		342		-		877			3,978
Total Charges	$	1,823	$	653	$	6,057		$	9,198
Corporate/Other Segment:
Severance and benefit (credits)	$	-	$	-	$	(50	)	$	(50	)
Total Charges	$	-	$	-	$	(50	)	$	(50	)
Consolidated:
Severance and benefit costs	$	6,459	$	1,899	$	38,943		$	48,702
Facility closure and other related costs		743		44		2,835			14,854
Other restructuring costs		-		4,555		7,092			7,092
Total Charges	$	7,202	$	6,498	$	48,870		$	70,648

(a)Of the $4.6 million of other restructuring costs incurred for the three-month period ending August 31, 2023, $3.3 million is associated with the impairment of an indefinite-lived tradename as described above.

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 June 1, 2024	$	17,351		$	18		$	-	$	17,369
Additions charged to expense		6,459			743			-		7,202
Cash payments charged against reserve		(7,443	)		(736	)		-		(8,179	)
Non-cash charges and other adjustments		244			-			-		244
Balance at August 31, 2024	$	16,611		$	25		$	-	$	16,636

(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		1,899			44			4,555			6,498
Cash payments charged against reserve		(2,061	)		(44	)		-			(2,105	)
Non-cash charges and other adjustments		(45	)		-			(4,555	)		(4,600	)
Balance at August 31, 2023	$	2,510		$	-		$	-		$	2,510