Segment Information

9 Months Ended

Feb. 28, 2025

Segment Reporting [Abstract]

Segment Information

NOTE 16 — 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 and services are sold throughout North America and also account for a significant portion of our international sales. Our construction product lines are sold directly to manufacturers, contractors, distributors and end-users, including industrial manufacturing facilities, concrete and cement producers, 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, parking decks, insulated cladding, firestopping, flooring systems, and weatherproofing solutions.

Our PCG reportable segment products and services 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 and fiberglass reinforced plastic structures.

Our Consumer reportable segment manufactures and markets professional use and do-it-yourself ("DIY") products for a variety of mainly residential 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, Australia and South America. 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 internationally, primarily in Europe. Our SPG 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 restoration services equipment, colorants, nail enamels, factory applied industrial coatings, preservation products, and edible coatings and specialty glazes for pharmaceutical and food industries.

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, 2025	CPG Segment		PCG Segment		Consumer Segment		SPG Segment		Consolidated
(In thousands)
Net Sales (based on shipping location)
United States	$	281,740	$	204,272	$	415,346	$	135,234	$	1,036,592
Foreign
Canada		37,768		17,607		30,899		825		87,099
Europe		102,141		58,465		46,881		16,807		224,294
Latin America		51,759		8,064		5,708		906		66,437
Asia Pacific		-		27,797		4,958		4,965		37,720
Other Foreign		-		24,420		-		-		24,420
Total Foreign		191,668		136,353		88,446		23,503		439,970
Total	$	473,408	$	340,625	$	503,792	$	158,737	$	1,476,562
Three Months Ended February 29, 2024	CPG Segment		PCG Segment		Consumer Segment		SPG Segment		Consolidated
(In thousands)
Net Sales (based on shipping location)
United States	$	289,042	$	202,857	$	415,607	$	149,908	$	1,057,414
Foreign
Canada		41,353		20,032		32,609		1,267		95,261
Europe		105,617		55,481		47,780		18,147		227,025
Latin America		59,741		10,321		6,447		582		77,091
Asia Pacific		-		30,231		4,756		6,590		41,577
Other Foreign		-		24,614		-		-		24,614
Total Foreign		206,711		140,679		91,592		26,586		465,568
Total	$	495,753	$	343,536	$	507,199	$	176,494	$	1,522,982
Nine Months Ended February 28, 2025	CPG Segment		PCG Segment		Consumer Segment		SPG Segment		Consolidated
(In thousands)
Net Sales (based on shipping location)
United States	$	1,252,722	$	655,297	$	1,401,670	$	438,893	$	3,748,582
Foreign
Canada		184,892		65,625		116,803		3,030		370,350
Europe		350,564		174,600		169,998		54,861		750,023
Latin America		169,337		27,519		18,529		2,514		217,899
Asia Pacific		-		87,191		15,513		18,856		121,560
Other Foreign		-		82,255		-		-		82,255
Total Foreign		704,793		437,190		320,843		79,261		1,542,087
Total	$	1,957,515	$	1,092,487	$	1,722,513	$	518,154	$	5,290,669
Nine Months Ended February 29, 2024	CPG Segment		PCG Segment		Consumer Segment		SPG Segment		Consolidated
(In thousands)
Net Sales (based on shipping location)
United States	$	1,194,335	$	650,672	$	1,435,713	$	449,629	$	3,730,349
Foreign
Canada		190,695		69,579		118,551		3,698		382,523
Europe		360,488		177,603		166,292		59,528		763,911
Latin America		194,774		28,034		20,588		1,898		245,294
Asia Pacific		-		93,415		14,346		19,674		127,435
Other Foreign		-		77,602		-		-		77,602
Total Foreign		745,957		446,233		319,777		84,798		1,596,765
Total	$	1,940,292	$	1,096,905	$	1,755,490	$	534,427	$	5,327,114

	Three Months Ended						Nine Months Ended
(In thousands)	February 28,			February 29,			February 28,			February 29,
Income (Loss) Before Income Taxes	2025			2024			2025			2024
CPG Segment	$	9,923		$	15,060		$	272,573		$	253,910
PCG Segment		42,818			47,039			170,883			153,362
Consumer Segment		47,998			65,159			244,459			295,054
SPG Segment		5,257			9,803			37,154			36,345
Corporate/Other		(65,045	)		(53,480	)		(180,685	)		(190,112	)
Consolidated	$	40,951		$	83,581		$	544,384		$	548,559

(In thousands)	February 28,		May 31,
Identifiable Assets	2025		2024
CPG Segment	$	2,106,173	$	2,160,352
PCG Segment		1,244,947		1,164,165
Consumer Segment		2,130,701		2,283,370
SPG Segment		731,130		733,646
Corporate/Other		406,624		245,010
Consolidated	$	6,619,575	$	6,586,543