Segment Information

9 Months Ended

Feb. 28, 2026

Segment Reporting [Abstract]

Segment Information

NOTE 17 — SEGMENT INFORMATION

Effective June 1, 2025, we realigned certain businesses and management structures to recognize how we allocate resources and analyze the operating performance of our operating segments. As such, we now report under three reportable segments instead of our four previous reportable segments. Our three reportable segments are: CPG, PCG and Consumer. In connection with this realignment, we transferred our Legend Brands reporting unit from SPG to CPG, our Industrial Coatings Group and Food Group reporting units from SPG to PCG, and our Color Group reporting unit from SPG to Consumer. This realignment changed our reportable segments beginning with our first quarter of fiscal 2026. As a result, historical segment results have been recast to reflect the impact of this change.

We operate a portfolio of services and product lines which include a variety of specialty paints, protective coatings, roofing systems, flooring solutions, sealants, cleaners and adhesives, among other things. We manage our portfolio by organizing our businesses and product lines into three reportable segments as outlined below, which are comprised from our four operating segments. We have aggregated our Legend Brands and CPG operating segments into our CPG reportable segment, because they are economically similar and meet the other aggregation criteria for determining reportable 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 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. These 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 ("CODM"), who is our Chairman, President and Chief Executive Officer. Our CODM evaluates the profit performance of our segments and allocates resources primarily based on income before income taxes, but also looks to EBIT, or adjusted EBIT, because interest (income) expense, net is essentially related to corporate functions, as opposed to segment operations. Our CODM utilizes these performance metrics in determining how to allocate the assets of the company, evaluate performance in periodic reviews, and during the annual budget and forecasting process.

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, roofing installation, HVAC and roofing restoration, concrete admixture and repair products, building envelope solutions, parking decks, insulated cladding, firestopping, flooring systems, weatherproofing solutions and restoration services equipment.

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, factory applied industrial coatings, preservation products, edible coatings and specialty glazes for pharmaceutical and food industries.

Our Consumer reportable segment manufactures and markets professional use and do-it-yourself 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, Latin America and Asia Pacific. 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; wood stains and colorants.

In addition to our three 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. These corporate and other expenses reconcile reportable segment data to total consolidated income before income taxes.

We reflect income from our joint ventures on the equity method and receive royalties from our licensees.

The following tables present 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, and a disaggregation of revenues by geography. We do not report identifiable assets by segment as this is not a metric used by our CODM to allocate resources or evaluate segment performance.

Three Months Ended February 28, 2026	CPG Segment		PCG Segment		Consumer Segment		Total
(In thousands)
Net Sales	$	546,665	$	496,829	$	564,455	$	1,607,949
Less:
Cost of Sales		335,226		281,767		356,190
Selling, General and Administrative Expenses		182,151		149,999		155,623
Other Segment Items (1)		6,404		4,038		6,892
Income Before Income Taxes	$	22,884	$	61,025	$	45,750	$	129,659
Less: Corporate/Other Expense								60,352
Consolidated Income Before Income Taxes							$	69,307

Three Months Ended February 28, 2025	CPG Segment		PCG Segment			Consumer Segment		Total
(In thousands)
Net Sales	$	494,845	$	458,420		$	523,297	$	1,476,562
Less:
Cost of Sales		313,619		256,554			338,899
Selling, General and Administrative Expenses		171,742		148,693			138,033
Other Segment Items (1)		1,419		(619	)		2,226
Income Before Income Taxes	$	8,065	$	53,792		$	44,139	$	105,996
Less: Corporate/Other Expense									65,045
Consolidated Income Before Income Taxes								$	40,951

Nine Months Ended February 28, 2026	CPG Segment		PCG Segment		Consumer Segment		Total
(In thousands)
Net Sales	$	2,165,550	$	1,569,113	$	1,896,924	$	5,631,587
Less:
Cost of Sales		1,269,970		882,302		1,171,252
Selling, General and Administrative Expenses		603,129		455,193		458,824
Other Segment Items (1)		11,626		6,215		11,668
Income Before Income Taxes	$	280,825	$	225,403	$	255,180	$	761,408
Less: Corporate/Other Expense								183,059
Consolidated Income Before Income Taxes							$	578,349

Nine Months Ended February 28, 2025	CPG Segment		PCG Segment		Consumer Segment		Total
(In thousands)
Net Sales	$	2,043,318	$	1,459,611	$	1,787,740	$	5,290,669
Less:
Cost of Sales		1,209,828		804,571		1,107,563
Selling, General and Administrative Expenses		551,690		443,390		430,958
Other Segment Items (1)		4,792		413		12,395
Income Before Income Taxes	$	277,008	$	211,237	$	236,824	$	725,069
Less: Corporate/Other Expense								180,685
Consolidated Income Before Income Taxes							$	544,384

(1)Other Segment Items includes Restructuring Expense, Interest Expense, Investment (Income), Net and Other (Income), Net.

Three Months Ended February 28, 2026	CPG Segment		PCG Segment		Consumer Segment		Consolidated
(In thousands)
Net Sales (based on shipping location) (2)
United States	$	341,888	$	322,875	$	437,565	$	1,102,328
Foreign
Canada		39,137		21,503		31,198		91,838
Europe		109,057		76,947		83,386		269,390
Latin America		56,583		8,676		5,693		70,952
Asia Pacific		-		37,163		6,613		43,776
Other Foreign		-		29,665		-		29,665
Total Foreign		204,777		173,954		126,890		505,621
Total	$	546,665	$	496,829	$	564,455	$	1,607,949
Three Months Ended February 28, 2025	CPG Segment		PCG Segment		Consumer Segment		Consolidated
(In thousands)
Net Sales (based on shipping location) (2)
United States	$	301,671	$	305,802	$	429,119	$	1,036,592
Foreign
Canada		37,769		18,431		30,899		87,099
Europe		103,646		68,035		52,613		224,294
Latin America		51,759		8,970		5,708		66,437
Asia Pacific		-		32,762		4,958		37,720
Other Foreign		-		24,420		-		24,420
Total Foreign		193,174		152,618		94,178		439,970
Total	$	494,845	$	458,420	$	523,297	$	1,476,562
Nine Months Ended February 28, 2026	CPG Segment		PCG Segment		Consumer Segment		Consolidated
(In thousands)
Net Sales (based on shipping location) (2)
United States	$	1,433,073	$	1,029,540	$	1,479,303	$	3,941,916
Foreign
Canada		190,032		66,499		110,874		367,405
Europe		369,128		246,396		270,318		885,842
Latin America		173,317		26,771		18,650		218,738
Asia Pacific		-		108,312		17,779		126,091
Other Foreign		-		91,595		-		91,595
Total Foreign		732,477		539,573		417,621		1,689,671
Total	$	2,165,550	$	1,569,113	$	1,896,924	$	5,631,587
Nine Months Ended February 28, 2025	CPG Segment		PCG Segment		Consumer Segment		Consolidated
(In thousands)
Net Sales (based on shipping location) (2)
United States	$	1,334,933	$	966,175	$	1,447,474	$	3,748,582
Foreign
Canada		184,892		68,655		116,803		370,350
Europe		354,156		206,445		189,422		750,023
Latin America		169,337		30,034		18,528		217,899
Asia Pacific		-		106,047		15,513		121,560
Other Foreign		-		82,255		-		82,255
Total Foreign		708,385		493,436		340,266		1,542,087
Total	$	2,043,318	$	1,459,611	$	1,787,740	$	5,290,669

(2)It is not practicable to obtain the information needed to disclose revenues attributable to each of our product lines.