Restructuring (Tables)

9 Months Ended

Feb. 28, 2025

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 28, 2025, 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 28, 2025		February 28, 2025		to Date			Costs
Construction Products Group ("CPG") Segment:
Severance and benefit costs	$	759	$	2,587	$	17,790		$	20,152
Facility closure and other related costs		238		908		1,516			8,033
Total Charges	$	997	$	3,495	$	19,306		$	28,185
Performance Coatings Group ("PCG") Segment:
Severance and benefit costs	$	227	$	1,294	$	5,153		$	5,617
Facility closure and other related costs		65		77		249			1,326
Other restructuring costs		-		-		7,092			7,092
Total Charges	$	292	$	1,371	$	12,494		$	14,035
Consumer Segment:
Severance and benefit costs	$	752	$	8,108	$	17,881		$	18,220
Facility closure and other related costs		1,033		1,490		2,267			3,766
Total Charges	$	1,785	$	9,598	$	20,148		$	21,986
Specialty Products Group ("SPG") Segment:
Severance and benefit costs	$	236	$	2,126	$	5,825		$	5,899
Facility closure and other related costs		146		1,625		2,160			2,817
Total Charges	$	382	$	3,751	$	7,985		$	8,716
Corporate/Other:
Severance and benefit (credits)	$	-	$	-	$	(50	)	$	(50	)
Total Charges	$	-	$	-	$	(50	)	$	(50	)
Consolidated:
Severance and benefit costs	$	1,974	$	14,115	$	46,599		$	49,838
Facility closure and other related costs		1,482		4,100		6,192			15,942
Other restructuring costs		-		-		7,092			7,092
Total Charges	$	3,456	$	18,215	$	59,883		$	72,872

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:

	Three Months Ended		Nine Months Ended
(In thousands)	February 29, 2024		February 29, 2024
CPG Segment:
Severance and benefit costs	$	4,034	$	4,836
Facility closure and other related costs		163		163
Total Charges	$	4,197	$	4,999
PCG Segment:
Severance and benefit costs	$	579	$	1,623
Facility closure and other related costs		2		125
Other restructuring costs (a)		-		4,555
Total Charges	$	581	$	6,303
Consumer Segment:
Severance and benefit costs	$	817	$	852
Facility closure and other related costs		18		32
Total Charges	$	835	$	884
SPG Segment:
Severance and benefit costs	$	639	$	1,774
Facility closure and other related costs		107		136
Total Charges	$	746	$	1,910
Consolidated:
Severance and benefit costs	$	6,069	$	9,085
Facility closure and other related costs		290		456
Other restructuring costs		-		4,555
Total Charges	$	6,359	$	14,096

(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 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 November 30, 2024	$	17,625		$	289		$	-	$	17,914
Additions charged to expense		1,974			1,482			-		3,456
Cash payments charged against reserve		(5,033	)		(1,759	)		-		(6,792	)
Non-cash charges and other adjustments		(383	)		-			-		(383	)
Balance at February 28, 2025	$	14,183		$	12		$	-	$	14,195

(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		14,115			4,100			-		18,215
Cash payments charged against reserve		(16,436	)		(4,106	)		-		(20,542	)
Non-cash charges and other adjustments		(847	)		-			-		(847	)
Balance at February 28, 2025	$	14,183		$	12		$	-	$	14,195

(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