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Restructuring (Tables) | 6 Months Ended
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Nov. 30, 2024
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 MAP 2025 by reportable segment for the three- and six-month periods ending November 30, 2024, 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, 2024 |  |  | November 30, 2024 |  |  | to Date |  |  | Costs |
Construction Products Group ("CPG") Segment: |  |  |  |  |  |  |  |  |  |  |  |
Severance and benefit costs |  | $ | 938 |  |  | $ | 1,828 |  |  | $ | 17,031 |  |  | $ | 20,306 |
Facility closure and other related costs |  |  | 294 |  |  |  | 670 |  |  |  | 1,278 |  |  |  | 6,498 |
Total Charges |  | $ | 1,232 |  |  | $ | 2,498 |  |  | $ | 18,309 |  |  | $ | 26,804 |
Performance Coatings Group ("PCG") Segment: |  |  |  |  |  |  |  |  |  |  |  |
Severance and benefit costs |  | $ | 917 |  |  | $ | 1,067 |  |  | $ | 4,926 |  |  | $ | 5,491 |
Facility closure and other related costs |  |  | 7 |  |  |  | 12 |  |  |  | 184 |  |  |  | 1,493 |
Other restructuring costs |  |  | - |  |  |  | - |  |  |  | 7,092 |  |  |  | 7,092 |
Total Charges |  | $ | 924 |  |  | $ | 1,079 |  |  | $ | 12,202 |  |  | $ | 14,076 |
Consumer Segment: |  |  |  |  |  |  |  |  |  |  |  |
Severance and benefit costs |  | $ | 3,418 |  |  | $ | 7,356 |  |  | $ | 17,129 |  |  | $ | 18,014 |
Facility closure and other related costs |  |  | 437 |  |  |  | 457 |  |  |  | 1,234 |  |  |  | 2,198 |
Total Charges |  | $ | 3,855 |  |  | $ | 7,813 |  |  | $ | 18,363 |  |  | $ | 20,212 |
Specialty Products Group ("SPG") Segment: |  |  |  |  |  |  |  |  |  |  |  |
Severance and benefit costs |  | $ | 409 |  |  | $ | 1,890 |  |  | $ | 5,589 |  |  | $ | 5,629 |
Facility closure and other related costs |  |  | 1,137 |  |  |  | 1,479 |  |  |  | 2,014 |  |  |  | 3,078 |
Total Charges |  | $ | 1,546 |  |  | $ | 3,369 |  |  | $ | 7,603 |  |  | $ | 8,707 |
Corporate/Other Segment: |  |  |  |  |  |  |  |  |  |  |  |
Severance and benefit (credits) |  | $ | - |  |  | $ | - |  |  | $ | (50 | ) |  | $ | (50 | )
Total Charges |  | $ | - |  |  | $ | - |  |  | $ | (50 | ) |  | $ | (50 | )
Consolidated: |  |  |  |  |  |  |  |  |  |  |  |
Severance and benefit costs |  | $ | 5,682 |  |  | $ | 12,141 |  |  | $ | 44,625 |  |  | $ | 49,390 |
Facility closure and other related costs |  |  | 1,875 |  |  |  | 2,618 |  |  |  | 4,710 |  |  |  | 13,267 |
Other restructuring costs |  |  | - |  |  |  | - |  |  |  | 7,092 |  |  |  | 7,092 |
Total Charges |  | $ | 7,557 |  |  | $ | 14,759 |  |  | $ | 56,427 |  |  | $ | 69,749 |
Following is a summary of the charges recorded in connection with MAP 2025 by reportable segment for the three- and six-month periods ending November 30, 2023:
|  | Three Months Ended |  |  | Six Months Ended |
(In thousands) |  | November 30, 2023 |  |  | November 30, 2023 |
CPG Segment: |  |  |  |  |  |
Severance and benefit costs |  | $ | 387 |  |  | $ | 802 |
Total Charges |  | $ | 387 |  |  | $ | 802 |
PCG Segment: |  |  |  |  |  |
Severance and benefit costs |  | $ | 213 |  |  | $ | 1,044 |
Facility closure and other related costs |  |  | 93 |  |  |  | 123 |
Other restructuring costs (a) |  |  | - |  |  |  | 4,555 |
Total Charges |  | $ | 306 |  |  | $ | 5,722 |
Consumer Segment: |  |  |  |  |  |
Severance and benefit costs |  | $ | 35 |  |  | $ | 35 |
Facility closure and other related costs |  |  | - |  |  |  | 14 |
Total Charges |  | $ | 35 |  |  | $ | 49 |
SPG Segment: |  |  |  |  |  |
Severance and benefit costs |  | $ | 482 |  |  | $ | 1,135 |
Facility closure and other related costs |  |  | 29 |  |  |  | 29 |
Total Charges |  | $ | 511 |  |  | $ | 1,164 |
Consolidated: |  |  |  |  |  |
Severance and benefit costs |  | $ | 1,117 |  |  | $ | 3,016 |
Facility closure and other related costs |  |  | 122 |  |  |  | 166 |
Other restructuring costs |  |  | - |  |  |  | 4,555 |
Total Charges |  | $ | 1,239 |  |  | $ | 7,737 |
(a) Of the $4.6 million of other restructuring costs incurred for the six-month period ending November 30, 2023, $3.3 million is associated with the impairment of an indefinite-lived tradename as described above.
Summary of Activity in Restructuring Reserves | 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 |  |  | Other Asset Write-Offs |  |  | 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 |  |  | Other Asset Write-Offs |  |  | 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 |
(In thousands) |  | Severance and Benefits Costs |  |  | Facility Closure and Other Related Costs |  |  | Other Asset Write-Offs |  |  | Total |
Balance at August 31, 2023 |  | $ | 2,510 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,510 |
Additions charged to expense |  |  | 1,117 |  |  |  | 122 |  |  |  | - |  |  |  | 1,239 |
Cash payments charged against reserve |  |  | (884 | ) |  |  | (122 | ) |  |  | - |  |  |  | (1,006 | )
Non-cash charges and other adjustments |  |  | 62 |  |  |  | - |  |  |  | - |  |  |  | 62 |
Balance at November 30, 2023 |  | $ | 2,805 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,805 |
(In thousands) |  | Severance and Benefits Costs |  |  | Facility Closure and Other Related Costs |  |  | Other Asset Write-Offs |  |  | Total |
Balance at June 1, 2023 |  | $ | 2,717 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,717 |
Additions charged to expense |  |  | 3,016 |  |  |  | 166 |  |  |  | 4,555 |  |  |  | 7,737 |
Cash payments charged against reserve |  |  | (2,945 | ) |  |  | (166 | ) |  |  | - |  |  |  | (3,111 | )
Non-cash charges and other adjustments |  |  | 17 |  |  |  | - |  |  |  | (4,555 | ) |  |  | (4,538 | )
Balance at November 30, 2023 |  | $ | 2,805 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,805 |

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- Definition Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.b.2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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