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Restructuring (Tables)
 6 Months Ended
Nov. 30, 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

 

 

Six Months

Ended

 

 

Cumulative

Costs

 

 

Total

Expected

 

(In thousands)

 

November 30, 2020

 

 

November 30, 2020

 

 

to Date

 

 

Costs

 

Construction Products Group ("CPG") Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Severance and benefit costs (a)

 

$

1,394

 

 

$

1,574

 

 

$

19,668

 

 

$

20,568

 

Facility closure and other related costs

 

 

440

 

 

 

808

 

 

 

5,285

 

 

 

6,503

 

Other restructuring costs

 

 

62

 

 

 

99

 

 

 

2,039

 

 

 

2,634

 

Total Charges

 

$

1,896

 

 

$

2,481

 

 

$

26,992

 

 

$

29,705

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance Coatings Group ("PCG") Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Severance and benefit costs (b)

 

$

802

 

 

$

1,841

 

 

$

15,226

 

 

$

16,714

 

Facility closure and other related costs

 

 

556

 

 

 

844

 

 

 

6,191

 

 

 

7,905

 

Other restructuring costs

 

 

184

 

 

 

213

 

 

 

814

 

 

 

824

 

Total Charges

 

$

1,542

 

 

$

2,898

 

 

$

22,231

 

 

$

25,443

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consumer Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Severance and benefit costs (c)

 

$

(4

)

 

$

786

 

 

$

11,253

 

 

$

11,253

 

Facility closure and other related costs

 

 

785

 

 

 

1,382

 

 

 

10,319

 

 

 

12,719

 

Other restructuring costs

 

 

204

 

 

 

302

 

 

 

4,421

 

 

 

4,481

 

Total Charges

 

$

985

 

 

$

2,470

 

 

$

25,993

 

 

$

28,453

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Products Group ("SPG") Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Severance and benefit costs (d)

 

$

(57

)

 

$

411

 

 

$

7,341

 

 

$

8,012

 

Facility closure and other related costs

 

 

507

 

 

 

775

 

 

 

4,941

 

 

 

6,204

 

Other restructuring costs

 

 

45

 

 

 

116

 

 

 

1,238

 

 

 

1,238

 

Total Charges

 

$

495

 

 

$

1,302

 

 

$

13,520

 

 

$

15,454

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate/Other Segment:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Severance and benefit costs

 

$

-

 

 

$

-

 

 

$

13,347

 

 

$

13,347

 

Total Charges

 

$

-

 

 

$

-

 

 

$

13,347

 

 

$

13,347

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Severance and benefit costs

 

$

2,135

 

 

$

4,612

 

 

$

66,835

 

 

$

69,894

 

Facility closure and other related costs

 

 

2,288

 

 

 

3,809

 

 

 

26,736

 

 

 

33,331

 

Other restructuring costs

 

 

495

 

 

 

730

 

 

 

8,512

 

 

 

9,177

 

Total Charges

 

$

4,918

 

 

$

9,151

 

 

$

102,083

 

 

$

112,402

 

 

(a)

Severance and benefit costs are associated with the elimination of 12 positions and 21 positions during the three and six months ended November 30, 2020, respectively.  

(b)

Severance and benefit costs are associated with the elimination of 11 position and 50 positions during the three and six months ended November 30, 2020, respectively.

(c)

Severance and benefit recoveries are associated with the adjustment of estimated severance accruals for the three months ended November 30, 2020.  Severance and benefit costs for the six months ended November 30, 2020 are associated with the elimination of three positions partially offset by the adjustment in severance accruals during the period.

(d)

Severance and benefit recoveries for the three months ended November 30, 2020 are associated with the reversal of severance accruals made for five positions which will no longer be eliminated, partially offset by the charges incurred related to the elimination of one position.  Severance and benefit charges for the six months ended November 30, 2020 are associated with the elimination of 24 positions.

 

 

 

 

 

 

Three Months

Ended

 

 

Six Months

Ended

 

(In thousands)

 

November 30, 2019

 

 

November 30, 2019

 

CPG Segment:

 

 

 

 

 

 

 

 

Severance and benefit costs (e)

 

$

1,447

 

 

$

1,607

 

Facility closure and other related costs

 

 

110

 

 

 

798

 

Other restructuring costs

 

 

39

 

 

 

39

 

Total Charges

 

$

1,596

 

 

$

2,444

 

 

 

 

 

 

 

 

 

 

PCG Segment:

 

 

 

 

 

 

 

 

Severance and benefit costs (f)

 

$

431

 

 

$

2,931

 

Facility closure and other related costs

 

 

636

 

 

 

745

 

Other restructuring costs

 

 

172

 

 

 

172

 

Total Charges

 

$

1,239

 

 

$

3,848

 

 

 

 

 

 

 

 

 

 

Consumer Segment:

 

 

 

 

 

 

 

 

Severance and benefit costs (g)

 

$

780

 

 

$

1,547

 

Facility closure and other related costs

 

 

344

 

 

 

860

 

Other restructuring costs

 

 

-

 

 

 

-

 

Total Charges

 

$

1,124

 

 

$

2,407

 

 

 

 

 

 

 

 

 

 

Specialty Segment:

 

 

 

 

 

 

 

 

Severance and benefit costs (h)

 

$

48

 

 

$

414

 

Facility closure and other related costs

 

 

731

 

 

 

2,190

 

Other restructuring costs

 

 

40

 

 

 

104

 

Total Charges

 

$

819

 

 

$

2,708

 

 

 

 

 

 

 

 

 

 

Corporate/Other Segment:

 

 

 

 

 

 

 

 

Severance and benefit costs

 

$

23

 

 

$

16

 

Total Charges

 

$

23

 

 

$

16

 

 

 

 

 

 

 

 

 

 

Consolidated:

 

 

 

 

 

 

 

 

Severance and benefit costs

 

$

2,729

 

 

$

6,515

 

Facility closure and other related costs

 

 

1,821

 

 

 

4,593

 

Other restructuring costs

 

 

251

 

 

 

315

 

Total Charges

 

$

4,801

 

 

$

11,423

 

 

(e)

Severance and benefit costs are associated with the elimination of 25 positions and 46 positions during the three and six months ended November 30, 2019, respectively.  

(f)

Severance and benefit costs are associated with the elimination of 18 position and 69 positions during the three and six months ended November 30, 2019, respectively.

(g)

Severance and benefit costs are associated with the elimination of 9 positions and 11 positions during the three and six months ended November 30, 2019, respectively.

(h)

Severance and benefit costs are associated with the elimination of 49 positions and 59 positions during the three and six months ended November 30, 2019, respectively.
Summary of Activity in Restructuring Reserves

 

 

 

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

 

(in thousands)

 

Severance and

Benefits Costs

 

 

Facility

Closure and

Other Related

Costs

 

 

Other

Restructuring

Costs

 

 

Total

 

Balance at August 31, 2020

 

$

4,893

 

 

$

6,138

 

 

$

-

 

 

$

11,031

 

Additions charged to expense

 

 

2,135

 

 

 

2,288

 

 

 

495

 

 

 

4,918

 

Cash payments charged against reserve

 

 

(2,373

)

 

 

(2,530

)

 

 

(335

)

 

 

(5,238

)

Non-cash charges included above (i)

 

 

-

 

 

 

-

 

 

 

(160

)

 

 

(160

)

Balance at November 30, 2020

 

$

4,655

 

 

$

5,896

 

 

$

-

 

 

$

10,551

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Severance and

Benefits Costs

 

 

Facility

Closure and

Other Related

Costs

 

 

Other

Restructuring

Costs

 

 

Total

 

Balance at June 1, 2020

 

$

7,357

 

 

$

5,880

 

 

$

-

 

 

 

13,237

 

Additions charged to expense

 

 

4,612

 

 

 

3,809

 

 

 

730

 

 

 

9,151

 

Cash payments charged against reserve

 

 

(7,314

)

 

 

(3,793

)

 

 

(335

)

 

 

(11,442

)

Non-cash charges included above (i)

 

 

-

 

 

 

-

 

 

 

(395

)

 

 

(395

)

Balance at November 30, 2020

 

$

4,655

 

 

$

5,896

 

 

$

-

 

 

$

10,551

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Severance and

Benefits Costs

 

 

Facility

Closure and

Other Related

Costs

 

 

Other

Restructuring

Costs

 

 

Total

 

Balance at August 31, 2019

 

$

2,946

 

 

$

9,430

 

 

$

-

 

 

$

12,376

 

Additions charged to expense

 

 

2,729

 

 

 

1,821

 

 

 

251

 

 

 

4,801

 

Cash payments charged against reserve

 

 

(2,109

)

 

 

(5,016

)

 

 

-

 

 

 

(7,125

)

Non-cash charges included above (i)

 

 

-

 

 

 

(155

)

 

 

(251

)

 

 

(406

)

Balance at November 30, 2019

 

$

3,566

 

 

$

6,080

 

 

$

-

 

 

$

9,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Severance and

Benefits Costs

 

 

Facility

Closure and

Other Related

Costs

 

 

Other

Restructuring

Costs

 

 

Total

 

Balance at June 1, 2019

 

$

4,837

 

 

$

7,857

 

 

$

-

 

 

$

12,694

 

Additions charged to expense

 

 

6,515

 

 

 

4,593

 

 

 

315

 

 

 

11,423

 

Cash payments charged against reserve

 

 

(7,786

)

 

 

(5,350

)

 

 

-

 

 

 

(13,136

)

Non-cash charges included above (i)

 

 

-

 

 

 

(1,020

)

 

 

(315

)

 

 

(1,335

)

Balance at November 30, 2019

 

$

3,566

 

 

$

6,080

 

 

$

-

 

 

$

9,646

 

 

(i)

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