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Restructuring | 3 Months Ended
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Aug. 31, 2025
Restructuring and Related Activities [Abstract] |
Restructuring | NOTE 3 — RESTRUCTURING We record restructuring charges associated with management-approved restructuring plans to either reorganize one or more of our business segments, or to remove duplicative headcount and infrastructure associated with our businesses. Restructuring charges can include severance costs to eliminate a specified number of associates, infrastructure charges to vacate facilities and consolidate operations, contract cancellation costs and other costs. We record the short-term portion of our restructuring liability in other accrued liabilities and the long-term portion, if any, in other long-term liabilities in our Consolidated Balance Sheets. In August 2022, we approved and announced our Margin Achievement Plan 2025 (“MAP 2025”), which was a multi-year restructuring plan designed to improve margins by streamlining business processes, reducing working capital, implementing commercial initiatives to drive improved mix, pricing discipline and salesforce effectiveness and improving operating efficiency. On May 31, 2025, we formally concluded MAP 2025; however, certain projects identified prior to May 31, 2025, are not yet completed. As a result, we plan to continue recognizing restructuring costs throughout fiscal 2026. The current total expected costs associated with this plan are outlined below and increased approximately $2.6 million compared to our prior quarter estimate, attributable to increases in expected severance and benefit costs of $3.2 million and decreases in expected facility closure and other related costs of $0.6 million. The total expected costs are subject to change as we complete these projects. Following is a summary of the charges recorded in connection with MAP 2025 by reportable segment, as well as the total expected costs related to projects identified to date:
|  | Three Months Ended |  |  | Three Months Ended |  |  | Cumulative Costs |  |  | Total Expected |
(In thousands) |  | August 31, 2025 |  |  | August 31, 2024 |  |  | to Date |  |  | Costs |
Construction Products Group ("CPG") Segment: |  |  |  |  |  |  |  |  |  |  |  |
Severance and benefit costs |  | $ | 1,941 |  |  | $ | 890 |  |  | $ | 21,659 |  |  | $ | 26,757 |
Facility closure and other related costs |  |  | 655 |  |  |  | 376 |  |  |  | 3,033 |  |  |  | 7,791 |
Total Charges |  | $ | 2,596 |  |  | $ | 1,266 |  |  | $ | 24,692 |  |  | $ | 34,548 |
Performance Coatings Group ("PCG") Segment: |  |  |  |  |  |  |  |  |  |  |  |
Severance and benefit costs |  | $ | 3,307 |  |  | $ | 482 |  |  | $ | 13,645 |  |  | $ | 13,837 |
Facility closure and other related costs |  |  | 636 |  |  |  | 341 |  |  |  | 3,628 |  |  |  | 4,602 |
Other restructuring costs |  |  | - |  |  |  | - |  |  |  | 7,092 |  |  |  | 7,092 |
Total Charges |  | $ | 3,943 |  |  | $ | 823 |  |  | $ | 24,365 |  |  | $ | 25,531 |
Consumer Segment: |  |  |  |  |  |  |  |  |  |  |  |
Severance and benefit costs |  | $ | 1,828 |  |  | $ | 5,087 |  |  | $ | 21,999 |  |  | $ | 23,124 |
Facility closure and other related costs |  |  | 447 |  |  |  | 26 |  |  |  | 3,923 |  |  |  | 5,632 |
Other restructuring costs |  |  | - |  |  |  | - |  |  |  | 532 |  |  |  | 532 |
Total Charges |  | $ | 2,275 |  |  | $ | 5,113 |  |  | $ | 26,454 |  |  | $ | 29,288 |
Corporate/Other: |  |  |  |  |  |  |  |  |  |  |  |
Severance and benefit (credits) |  | $ | - |  |  | $ | - |  |  | $ | (50 | ) |  | $ | (50 | )
Total Charges |  | $ | - |  |  | $ | - |  |  | $ | (50 | ) |  | $ | (50 | )
Consolidated: |  |  |  |  |  |  |  |  |  |  |  |
Severance and benefit costs |  | $ | 7,076 |  |  | $ | 6,459 |  |  | $ | 57,253 |  |  | $ | 63,668 |
Facility closure and other related costs |  |  | 1,738 |  |  |  | 743 |  |  |  | 10,584 |  |  |  | 18,025 |
Other restructuring costs |  |  | - |  |  |  | - |  |  |  | 7,624 |  |  |  | 7,624 |
Total Charges |  | $ | 8,814 |  |  | $ | 7,202 |  |  | $ | 75,461 |  |  | $ | 89,317 |
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 |  |  | Total |
Balance at June 1, 2025 |  | $ | 13,055 |  |  | $ | 432 |  |  | $ | 13,487 |
Additions charged to expense |  |  | 7,076 |  |  |  | 1,738 |  |  |  | 8,814 |
Cash payments charged against reserve |  |  | (5,286 | ) |  |  | (1,653 | ) |  |  | (6,939 | )
Non-cash charges and other adjustments |  |  | 188 |  |  |  | (83 | ) |  |  | 105 |
Balance at August 31, 2025 |  | $ | 15,033 |  |  | $ | 434 |  |  | $ | 15,467 |
(In thousands) |  | Severance and Benefits Costs |  |  | Facility Closure and Other Related Costs |  |  | Total |
Balance at June 1, 2024 |  | $ | 17,351 |  |  | $ | 18 |  |  | $ | 17,369 |
Additions charged to expense |  |  | 6,459 |  |  |  | 743 |  |  |  | 7,202 |
Cash payments charged against reserve |  |  | (7,443 | ) |  |  | (736 | ) |  |  | (8,179 | )
Non-cash charges and other adjustments |  |  | 244 |  |  |  | - |  |  |  | 244 |
Balance at August 31, 2024 |  | $ | 16,611 |  |  | $ | 25 |  |  | $ | 16,636 |

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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