Restructuring (Tables)

6 Months Ended

Nov. 30, 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 six-month periods ending November 30, 2024, as well as the total expected costs related to projects identified to date:

	Three Months Ended		Six Months Ended		Cumulative Costs			Total Expected
(In thousands)	November 30, 2024		November 30, 2024		to Date			Costs
Construction Products Group ("CPG") Segment:
Severance and benefit costs	$	938	$	1,828	$	17,031		$	20,306
Facility closure and other related costs		294		670		1,278			6,498
Total Charges	$	1,232	$	2,498	$	18,309		$	26,804
Performance Coatings Group ("PCG") Segment:
Severance and benefit costs	$	917	$	1,067	$	4,926		$	5,491
Facility closure and other related costs		7		12		184			1,493
Other restructuring costs		-		-		7,092			7,092
Total Charges	$	924	$	1,079	$	12,202		$	14,076
Consumer Segment:
Severance and benefit costs	$	3,418	$	7,356	$	17,129		$	18,014
Facility closure and other related costs		437		457		1,234			2,198
Total Charges	$	3,855	$	7,813	$	18,363		$	20,212
Specialty Products Group ("SPG") Segment:
Severance and benefit costs	$	409	$	1,890	$	5,589		$	5,629
Facility closure and other related costs		1,137		1,479		2,014			3,078
Total Charges	$	1,546	$	3,369	$	7,603		$	8,707
Corporate/Other Segment:
Severance and benefit (credits)	$	-	$	-	$	(50	)	$	(50	)
Total Charges	$	-	$	-	$	(50	)	$	(50	)
Consolidated:
Severance and benefit costs	$	5,682	$	12,141	$	44,625		$	49,390
Facility closure and other related costs		1,875		2,618		4,710			13,267
Other restructuring costs		-		-		7,092			7,092
Total Charges	$	7,557	$	14,759	$	56,427		$	69,749

Following is a summary of the charges recorded in connection with MAP 2025 by reportable segment for the three- and six-month periods ending November 30, 2023:

	Three Months Ended		Six Months Ended
(In thousands)	November 30, 2023		November 30, 2023
CPG Segment:
Severance and benefit costs	$	387	$	802
Total Charges	$	387	$	802
PCG Segment:
Severance and benefit costs	$	213	$	1,044
Facility closure and other related costs		93		123
Other restructuring costs (a)		-		4,555
Total Charges	$	306	$	5,722
Consumer Segment:
Severance and benefit costs	$	35	$	35
Facility closure and other related costs		-		14
Total Charges	$	35	$	49
SPG Segment:
Severance and benefit costs	$	482	$	1,135
Facility closure and other related costs		29		29
Total Charges	$	511	$	1,164
Consolidated:
Severance and benefit costs	$	1,117	$	3,016
Facility closure and other related costs		122		166
Other restructuring costs		-		4,555
Total Charges	$	1,239	$	7,737

(a)Of the $4.6 million of other restructuring costs incurred for the six-month period ending November 30, 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 August 31, 2024	$	16,611		$	25		$	-	$	16,636
Additions charged to expense		5,682			1,875			-		7,557
Cash payments charged against reserve		(3,960	)		(1,611	)		-		(5,571	)
Non-cash charges and other adjustments		(708	)		-			-		(708	)
Balance at November 30, 2024	$	17,625		$	289		$	-	$	17,914

(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		12,141			2,618			-		14,759
Cash payments charged against reserve		(11,403	)		(2,347	)		-		(13,750	)
Non-cash charges and other adjustments		(464	)		-			-		(464	)
Balance at November 30, 2024	$	17,625		$	289		$	-	$	17,914

(In thousands)	Severance and Benefits Costs			Facility Closure and Other Related Costs			Other Asset Write-Offs		Total
Balance at August 31, 2023	$	2,510		$	-		$	-	$	2,510
Additions charged to expense		1,117			122			-		1,239
Cash payments charged against reserve		(884	)		(122	)		-		(1,006	)
Non-cash charges and other adjustments		62			-			-		62
Balance at November 30, 2023	$	2,805		$	-		$	-	$	2,805

(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		3,016			166			4,555			7,737
Cash payments charged against reserve		(2,945	)		(166	)		-			(3,111	)
Non-cash charges and other adjustments		17			-			(4,555	)		(4,538	)
Balance at November 30, 2023	$	2,805		$	-		$	-		$	2,805