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Subsequent Events
6 Months Ended
Nov. 30, 2016
Subsequent Events [Abstract]  
Subsequent Events

NOTE 16 – SUBSEQUENT EVENTS

Subsequent to the end of our second fiscal quarter, we established a restructuring plan, which includes the closure of a European facility and severance charges for certain personnel in our specialty reportable segment.  We are in the process of finalizing our estimates, but currently anticipate the charges related to these actions to approximate $10.0 million. We expect to announce our plan to affected personnel and record a restructuring charge during our third fiscal quarter ending February 28, 2017.  

Subsequent to the end of our second fiscal quarter, we made the decision to exit the Flowcrete polymer flooring business located in the Middle East.  As a result of this decision, we determined it was appropriate to perform additional reviews of our existing reserves for obsolete and slow moving inventory as well as the collectability of our accounts receivable.  Accordingly, we determined that it was necessary as of November 30, 2016 to record a charge for approximately $12.3 million related to this decision.  

As previously reported, during fiscal 2015, a plan of reorganization was confirmed (the “Bankruptcy Plan”) and, effective as of December 23, 2014, Bondex, SPHC, Republic and NMBFiL emerged from bankruptcy.  In accordance with the Bankruptcy Plan, trusts were established under Section 524(g) of the United States Bankruptcy Code (together, the “Trust”) and were funded with first installments.  Borrowings under our New Revolving Credit Facility were used to fund the initial trust payment of $450 million, which is classified as long-term debt in our Consolidated Balance Sheets.  The Trust was funded with $450 million in cash and a promissory note, bearing no interest and maturing on or before December 23, 2018 (the “Bankruptcy Note”). The Bankruptcy Plan, and Bankruptcy Note, provide for additional contributions to the Trust. Accordingly, on December 23, 2016, we deposited $102.5 million into the Trust.