Restructuring

6 Months Ended

Nov. 30, 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 decreased approximately $0.9 million compared to our prior quarter estimate, attributable to decreases in expected severance and benefit costs of $1.6 million and increases in expected facility closure and other related costs of $0.7 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		Six Months Ended		Cumulative Costs			Total Expected
(In thousands)	November 30, 2025		November 30, 2025		to Date			Costs
CPG Segment:
Severance and benefit costs	$	634	$	2,575	$	22,293		$	24,571
Facility closure and other related costs		1,229		1,884		4,262			9,097
Total Charges	$	1,863	$	4,459	$	26,555		$	33,668
PCG Segment:
Severance and benefit costs	$	268	$	3,575	$	13,913		$	14,050
Facility closure and other related costs		502		1,138		4,130			5,112
Other restructuring costs		-		-		7,092			7,092
Total Charges	$	770	$	4,713	$	25,135		$	26,254
Consumer Segment:
Severance and benefit costs	$	1,460	$	3,288	$	23,459		$	23,459
Facility closure and other related costs		438		885		4,361			4,561
Other restructuring costs		-		-		532			532
Total Charges	$	1,898	$	4,173	$	28,352		$	28,552
Corporate/Other:
Severance and benefit (credits)	$	-	$	-	$	(50	)	$	(50	)
Total Charges	$	-	$	-	$	(50	)	$	(50	)
Consolidated:
Severance and benefit costs	$	2,362	$	9,438	$	59,615		$	62,030
Facility closure and other related costs		2,169		3,907		12,753			18,770
Other restructuring costs		-		-		7,624			7,624
Total Charges	$	4,531	$	13,345	$	79,992		$	88,424

Following is a summary of the charges recorded in connection with MAP 2025 by reportable segment:

	Three Months Ended		Six Months Ended
(In thousands)	November 30, 2024		November 30, 2024
CPG Segment:
Severance and benefit costs	$	938	$	1,828
Facility closure and other related costs		294		670
Total Charges	$	1,232	$	2,498
PCG Segment:
Severance and benefit costs	$	1,336	$	1,818
Facility closure and other related costs		1,142		1,483
Total Charges	$	2,478	$	3,301
Consumer Segment:
Severance and benefit costs	$	3,408	$	8,495
Facility closure and other related costs		439		465
Total Charges	$	3,847	$	8,960
Consolidated:
Severance and benefit costs	$	5,682	$	12,141
Facility closure and other related costs		1,875		2,618
Total Charges	$	7,557	$	14,759

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 August 31, 2025	$	15,033		$	434		$	15,467
Additions charged to expense		2,362			2,169			4,531
Cash payments charged against reserve		(4,930	)		(2,643	)		(7,573	)
Non-cash charges and other adjustments		(176	)		40			(136	)
Balance at November 30, 2025	$	12,289		$	-		$	12,289

(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		9,438			3,907			13,345
Cash payments charged against reserve		(10,216	)		(4,296	)		(14,512	)
Non-cash charges and other adjustments		12			(43	)		(31	)
Balance at November 30, 2025	$	12,289		$	-		$	12,289

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