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Restructuring (Tables)
 9 Months Ended
Feb. 29, 2020
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 restructuring by reportable segment:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

Cumulative Costs

 

 

Total Expected

 

(In thousands)

 

February 29, 2020

 

 

February 29, 2020

 

 

to Date

 

 

Costs

 

Construction Products Group ("CPG") Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Severance and benefit costs (a)

 

$

2,018

 

 

$

3,625

 

 

$

14,854

 

 

$

26,155

 

Facility closure and other related costs

 

 

484

 

 

 

1,282

 

 

 

4,251

 

 

 

8,094

 

Other asset write-offs

 

 

232

 

 

 

271

 

 

 

1,862

 

 

 

2,614

 

Total Charges

 

$

2,734

 

 

$

5,178

 

 

$

20,967

 

 

$

36,863

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Coatings Group ("PCG") Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Severance and benefit costs (b)

 

$

477

 

 

$

3,408

 

 

$

9,821

 

 

$

14,631

 

Facility closure and other related costs

 

 

762

 

 

 

1,507

 

 

 

4,981

 

 

 

5,920

 

Other asset write-offs

 

 

122

 

 

 

294

 

 

 

645

 

 

 

645

 

Total Charges

 

$

1,361

 

 

$

5,209

 

 

$

15,447

 

 

$

21,196

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Severance and benefit costs (c)

 

$

445

 

 

$

1,992

 

 

$

9,370

 

 

$

12,138

 

Facility closure and other related costs

 

 

563

 

 

 

1,423

 

 

 

8,115

 

 

 

9,615

 

Other asset write-offs

 

 

8

 

 

 

8

 

 

 

32

 

 

 

32

 

Total Charges

 

$

1,016

 

 

$

3,423

 

 

$

17,517

 

 

$

21,785

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Severance and benefit costs (d)

 

$

643

 

 

$

1,057

 

 

$

6,393

 

 

$

10,434

 

Facility closure and other related costs

 

 

356

 

 

 

2,546

 

 

 

3,790

 

 

 

6,159

 

Other asset write-offs

 

 

-

 

 

 

104

 

 

 

1,107

 

 

 

1,140

 

Total Charges

 

$

999

 

 

$

3,707

 

 

$

11,290

 

 

$

17,733

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate/Other Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Severance and benefit costs (e)

 

$

1,233

 

 

$

1,249

 

 

$

13,369

 

 

$

13,369

 

Total Charges

 

$

1,233

 

 

$

1,249

 

 

$

13,369

 

 

$

13,369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Severance and benefit costs

 

$

4,816

 

 

$

11,331

 

 

$

53,807

 

 

$

76,727

 

Facility closure and other related costs

 

 

2,165

 

 

 

6,758

 

 

 

21,137

 

 

 

29,788

 

Other asset write-offs

 

 

362

 

 

 

677

 

 

 

3,646

 

 

 

4,431

 

Total Charges

 

$

7,343

 

 

$

18,766

 

 

$

78,590

 

 

$

110,946

 

 

(a)

Severance and benefit costs are associated with the elimination of 27 positions and 73 positions during the three and nine months ended February 29, 2020, respectively.  

(b)

Severance and benefit costs are associated with the elimination of one position and 70 positions during the three and nine months ended February 29, 2020, respectively.

(c)

Severance and benefit costs are associated with the elimination of five positions and 16 positions during the three and nine months ended February 29, 2020, respectively.

(d)

Severance and benefit costs are associated with the elimination of four positions and 63 positions during the three and nine months ended February 29, 2020, respectively.

(e)

Severance and benefit costs are associated with the elimination of two positions during the three and nine months ended February 29, 2020, respectively.

 

 

Three Months Ended

 

 

Nine Months Ended

 

(In thousands)

 

February 28, 2019

 

 

February 28, 2019

 

CPG Segment:

 

 

 

 

 

 

 

 

Severance and benefit costs (f)

 

$

1,315

 

 

$

7,308

 

Facility closure and other related costs

 

 

737

 

 

 

1,134

 

Other asset write-offs

 

 

5

 

 

 

371

 

Total Charges

 

$

2,057

 

 

$

8,813

 

 

 

 

 

 

 

 

 

 

PCG Segment:

 

 

 

 

 

 

 

 

Severance and benefit costs (g)

 

$

398

 

 

$

5,167

 

Facility closure and other related costs

 

 

2,491

 

 

 

3,397

 

Other asset write-offs

 

 

(84

)

 

 

276

 

Total Charges

 

$

2,805

 

 

$

8,840

 

 

 

 

 

 

 

 

 

 

Consumer Segment:

 

 

 

 

 

 

 

 

Severance and benefit costs (h)

 

$

374

 

 

$

1,470

 

Facility closure and other related costs

 

 

830

 

 

 

935

 

Other asset write-offs

 

 

24

 

 

 

24

 

Total Charges

 

$

1,228

 

 

$

2,429

 

 

 

 

 

 

 

 

 

 

Specialty Segment:

 

 

 

 

 

 

 

 

Severance and benefit costs (i)

 

$

1,308

 

 

$

4,985

 

Facility closure and other related costs

 

 

279

 

 

 

344

 

Other asset write-offs

 

 

977

 

 

 

983

 

Total Charges

 

$

2,564

 

 

$

6,312

 

 

 

 

 

 

 

 

 

 

Corporate/Other Segment:

 

 

 

 

 

 

 

 

Severance and benefit costs (j)

 

$

25

 

 

$

10,085

 

Total Charges

 

$

25

 

 

$

10,085

 

 

 

 

 

 

 

 

 

 

Consolidated:

 

 

 

 

 

 

 

 

Severance and benefit costs

 

$

3,420

 

 

$

29,015

 

Facility closure and other related costs

 

 

4,337

 

 

 

5,810

 

Other asset write-offs

 

 

922

 

 

 

1,654

 

Total Charges

 

$

8,679

 

 

$

36,479

 

 

(f)

Severance and benefit costs are associated with the elimination of three positions and 71 positions during the three and nine months ended February 28, 2019, respectively.  Additionally, $0.2 million included in the charges incurred during the nine months ended February 28, 2019 are associated with the prior elimination of one position within the legal function during fiscal 2018.

(g)

Severance and benefit costs are associated with the elimination of one position and 103 positions during the three and nine months ended February 28, 2019, respectively.

(h)

Severance and benefit costs are associated with the elimination of nine positions and 18 positions during the three and nine months ended February 28, 2019, respectively.

(i)

Severance and benefit costs are associated with the elimination of 10 positions and 130 positions during the three and nine months ended February 28, 2019, respectively.

(j)

Reflects charges related to the severance of two corporate executives, as well as accelerated vesting of equity awards for two corporate executives, four Specialty segment executives and three CPG segment executives in connection with the aforementioned restructuring activities.
Summary of Activity in Restructuring Reserves

A summary of the activity in the restructuring reserves related to our 2020 MAP to Growth is as follows:

 

(In thousands)

 

Severance and Benefits Costs

 

 

Facility Closure and Other Related Costs

 

 

Other Asset Write-Offs

 

 

Total

 

Balance at November 30, 2019

 

$

3,566

 

 

$

6,080

 

 

$

-

 

 

$

9,646

 

Additions charged to expense

 

 

4,816

 

 

 

2,165

 

 

 

362

 

 

 

7,343

 

Cash payments charged against reserve

 

 

(3,182

)

 

 

(2,578

)

 

 

-

 

 

 

(5,760

)

Non-cash charges included above (k)

 

 

(161

)

 

 

-

 

 

 

(362

)

 

 

(523

)

Balance at February 29, 2020

 

$

5,039

 

 

$

5,667

 

 

$

-

 

 

$

10,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Severance and Benefits Costs

 

 

Facility Closure and Other Related Costs

 

 

Other Asset Write-Offs

 

 

Total

 

Balance at June 1, 2019

 

$

4,837

 

 

$

7,857

 

 

$

-

 

 

 

12,694

 

Additions charged to expense

 

 

11,331

 

 

 

6,758

 

 

 

677

 

 

 

18,766

 

Cash payments charged against reserve

 

 

(10,968

)

 

 

(7,928

)

 

 

-

 

 

 

(18,896

)

Non-cash charges included above (k)

 

 

(161

)

 

 

(1,020

)

 

 

(677

)

 

 

(1,858

)

Balance at February 29, 2020

 

$

5,039

 

 

$

5,667

 

 

$

-

 

 

$

10,706

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Severance and Benefits Costs

 

 

Facility Closure and Other Related Costs

 

 

Other Asset Write-Offs

 

 

Total

 

Balance at November 30, 2018

 

$

10,427

 

 

$

2,535

 

 

$

-

 

 

$

12,962

 

Additions charged to expense

 

 

3,420

 

 

 

4,337

 

 

 

922

 

 

 

8,679

 

Cash payments charged against reserve

 

 

(4,975

)

 

 

(1,872

)

 

 

-

 

 

 

(6,847

)

Non-cash charges included above (k)

 

 

-

 

 

 

(6

)

 

 

(922

)

 

 

(928

)

Balance at February 28, 2019

 

$

8,872

 

 

$

4,994

 

 

$

-

 

 

$

13,866

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Severance and Benefits Costs

 

 

Facility Closure and Other Related Costs

 

 

Other Asset Write-Offs

 

 

Total

 

Balance at June 1, 2018

 

$

9,957

 

 

$

6,184

 

 

$

1,373

 

 

$

17,514

 

Additions charged to expense

 

 

29,015

 

 

 

5,810

 

 

 

1,654

 

 

 

36,479

 

Cash payments charged against reserve

 

 

(23,563

)

 

 

(3,620

)

 

 

-

 

 

 

(27,183

)

Non-cash charges included above (k)

 

 

(6,537

)

 

 

(3,380

)

 

 

(3,027

)

 

 

(12,944

)

Balance at February 28, 2019

 

$

8,872

 

 

$

4,994

 

 

$

-

 

 

$

13,866

 

 

(k)

Non-cash charges primarily include accelerated vesting of equity awards and asset-write offs.