Restructuring

3 Months Ended

Aug. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring

NOTE 3 — RESTRUCTURING

We record restructuring charges associated with management-approved restructuring plans to either reorganize one or more of our business segments, or to remove duplicative headcount and infrastructure associated with our businesses. Restructuring charges can include severance costs to eliminate a specified number of associates, infrastructure charges to vacate facilities and consolidate operations, contract cancellation costs and other costs. We record the short-term portion of our restructuring liability in other accrued liabilities and the long-term portion, if any, in other long-term liabilities in our Consolidated Balance Sheets.

In August 2022, we approved and announced our Margin Achievement Plan 2025 (“MAP 2025”), which was a multi-year restructuring plan designed to improve margins by streamlining business processes, reducing working capital, implementing commercial initiatives to drive improved mix, pricing discipline and salesforce effectiveness and improving operating efficiency. On May 31, 2025, we formally concluded MAP 2025; however, certain projects identified prior to May 31, 2025, are not yet completed. As a result, we plan to continue recognizing restructuring costs throughout fiscal 2026.

The current total expected costs associated with this plan are outlined below and increased approximately $2.6 million compared to our prior quarter estimate, attributable to increases in expected severance and benefit costs of $3.2 million and decreases in expected facility closure and other related costs of $0.6 million. The total expected costs are subject to change as we complete these projects.

Following is a summary of the charges recorded in connection with MAP 2025 by reportable segment, 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, 2025		August 31, 2024		to Date			Costs
Construction Products Group ("CPG") Segment:
Severance and benefit costs	$	1,941	$	890	$	21,659		$	26,757
Facility closure and other related costs		655		376		3,033			7,791
Total Charges	$	2,596	$	1,266	$	24,692		$	34,548
Performance Coatings Group ("PCG") Segment:
Severance and benefit costs	$	3,307	$	482	$	13,645		$	13,837
Facility closure and other related costs		636		341		3,628			4,602
Other restructuring costs		-		-		7,092			7,092
Total Charges	$	3,943	$	823	$	24,365		$	25,531
Consumer Segment:
Severance and benefit costs	$	1,828	$	5,087	$	21,999		$	23,124
Facility closure and other related costs		447		26		3,923			5,632
Other restructuring costs		-		-		532			532
Total Charges	$	2,275	$	5,113	$	26,454		$	29,288
Corporate/Other:
Severance and benefit (credits)	$	-	$	-	$	(50	)	$	(50	)
Total Charges	$	-	$	-	$	(50	)	$	(50	)
Consolidated:
Severance and benefit costs	$	7,076	$	6,459	$	57,253		$	63,668
Facility closure and other related costs		1,738		743		10,584			18,025
Other restructuring costs		-		-		7,624			7,624
Total Charges	$	8,814	$	7,202	$	75,461		$	89,317

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			Total
Balance at June 1, 2025	$	13,055		$	432		$	13,487
Additions charged to expense		7,076			1,738			8,814
Cash payments charged against reserve		(5,286	)		(1,653	)		(6,939	)
Non-cash charges and other adjustments		188			(83	)		105
Balance at August 31, 2025	$	15,033		$	434		$	15,467

(In thousands)	Severance and Benefits Costs			Facility Closure and Other Related Costs			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