| 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 as well as the total expected costs related to projects identified to date:
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Three Months
Ended |
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Six Months
Ended |
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Cumulative
Costs |
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Total
Expected |
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(In thousands) |
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November 30, 2023 |
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November 30, 2023 |
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to Date |
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Costs |
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Construction Products Group ("CPG") Segment: |
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|
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Severance and benefit costs |
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$ |
387 |
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$ |
802 |
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|
$ |
6,894 |
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|
$ |
17,110 |
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Facility closure and other related costs |
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|
- |
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|
- |
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|
|
- |
|
|
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15,304 |
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Total Charges |
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$ |
387 |
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|
$ |
802 |
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|
$ |
6,894 |
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|
$ |
32,414 |
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Performance Coatings Group ("PCG") Segment: |
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Severance and benefit costs |
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$ |
213 |
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|
$ |
1,044 |
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|
$ |
2,192 |
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|
$ |
2,369 |
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Facility closure and other related costs |
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|
93 |
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123 |
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|
123 |
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|
1,123 |
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Other restructuring costs (a) |
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- |
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4,555 |
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|
7,092 |
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|
7,092 |
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Total Charges |
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$ |
306 |
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|
$ |
5,722 |
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|
$ |
9,407 |
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|
$ |
10,584 |
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Consumer Segment: |
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Severance and benefit costs |
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$ |
35 |
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|
$ |
35 |
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$ |
542 |
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$ |
542 |
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Facility closure and other related costs |
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|
- |
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14 |
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|
635 |
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|
635 |
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Total Charges |
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$ |
35 |
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|
$ |
49 |
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|
$ |
1,177 |
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$ |
1,177 |
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Specialty Products Group ("SPG") Segment: |
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Severance and benefit costs |
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$ |
482 |
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|
$ |
1,135 |
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$ |
1,940 |
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$ |
2,290 |
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Facility closure and other related costs |
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29 |
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29 |
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|
29 |
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4,828 |
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Total Charges |
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$ |
511 |
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|
$ |
1,164 |
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$ |
1,969 |
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$ |
7,118 |
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Corporate/Other Segment: |
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Severance and benefit (credits) |
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$ |
- |
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$ |
- |
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$ |
(50 |
) |
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$ |
(50 |
) |
Total Charges |
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$ |
- |
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$ |
- |
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|
$ |
(50 |
) |
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$ |
(50 |
) |
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Consolidated: |
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Severance and benefit costs |
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$ |
1,117 |
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$ |
3,016 |
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$ |
11,518 |
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$ |
22,261 |
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Facility closure and other related costs |
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|
122 |
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|
166 |
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|
787 |
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|
21,890 |
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Other restructuring costs |
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- |
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4,555 |
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|
7,092 |
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|
7,092 |
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Total Charges |
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$ |
1,239 |
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$ |
7,737 |
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$ |
19,397 |
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$ |
51,243 |
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(a)Of the $4.6 million of other restructuring costs incurred for the six-month period ending November 30, 2023, $3.3 million is associated with the impairment of an indefinite-lived tradename described above.
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| Summary of Activity in Restructuring Reserves |
A summary of the activity in the restructuring reserves related to MAP 2025 is as follows:
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(in thousands) |
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Severance and
Benefits Costs |
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Facility
Closure and
Other Related
Costs |
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Other Asset
Write-Offs |
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Total |
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Balance at August 31, 2023 |
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$ |
2,510 |
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$ |
- |
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$ |
- |
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$ |
2,510 |
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Additions charged to expense |
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|
1,117 |
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|
122 |
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- |
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|
1,239 |
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Cash payments charged against reserve |
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|
(884 |
) |
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(122 |
) |
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- |
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(1,006 |
) |
Non-cash charges and other adjustments |
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|
62 |
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|
|
- |
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|
- |
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|
|
62 |
|
Balance at November 30, 2023 |
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$ |
2,805 |
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$ |
- |
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$ |
- |
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$ |
2,805 |
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(In thousands) |
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Severance and
Benefits Costs |
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Facility
Closure and
Other Related
Costs |
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Other Asset
Write-Offs |
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Total |
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Balance at June 1, 2023 |
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$ |
2,717 |
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$ |
- |
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$ |
- |
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$ |
2,717 |
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Additions charged to expense |
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|
3,016 |
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|
|
166 |
|
|
|
4,555 |
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|
7,737 |
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Cash payments charged against reserve |
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(2,945 |
) |
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(166 |
) |
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|
- |
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(3,111 |
) |
Non-cash charges and other adjustments |
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|
17 |
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|
- |
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(4,555 |
) |
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|
(4,538 |
) |
Balance at November 30, 2023 |
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$ |
2,805 |
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|
$ |
- |
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$ |
- |
|
|
$ |
2,805 |
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