| 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 nine-month periods ending February 29, 2024, as well as the total expected costs related to projects identified to date:
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|
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Three Months
Ended |
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Nine Months
Ended |
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Cumulative
Costs |
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|
Total
Expected |
|
(In thousands) |
|
February 29, 2024 |
|
|
February 29, 2024 |
|
|
to Date |
|
|
Costs |
|
Construction Products Group ("CPG") Segment: |
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|
|
|
|
|
|
|
|
|
Severance and benefit costs |
|
$ |
4,034 |
|
|
$ |
4,836 |
|
|
$ |
10,928 |
|
|
$ |
16,698 |
|
Facility closure and other related costs |
|
|
163 |
|
|
|
163 |
|
|
|
163 |
|
|
|
16,435 |
|
Total Charges |
|
$ |
4,197 |
|
|
$ |
4,999 |
|
|
$ |
11,091 |
|
|
$ |
33,133 |
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|
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|
|
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|
Performance Coatings Group ("PCG") Segment: |
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|
|
|
|
|
|
|
|
|
|
|
Severance and benefit costs |
|
$ |
579 |
|
|
$ |
1,623 |
|
|
$ |
2,771 |
|
|
$ |
5,339 |
|
Facility closure and other related costs |
|
|
2 |
|
|
|
125 |
|
|
|
125 |
|
|
|
1,557 |
|
Other restructuring costs (a) |
|
|
- |
|
|
|
4,555 |
|
|
|
7,092 |
|
|
|
7,092 |
|
Total Charges |
|
$ |
581 |
|
|
$ |
6,303 |
|
|
$ |
9,988 |
|
|
$ |
13,988 |
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|
|
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|
|
|
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|
|
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Consumer Segment: |
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|
|
|
|
|
|
Severance and benefit costs |
|
$ |
817 |
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|
$ |
852 |
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|
$ |
1,359 |
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|
$ |
1,598 |
|
Facility closure and other related costs |
|
|
18 |
|
|
|
32 |
|
|
|
653 |
|
|
|
693 |
|
Total Charges |
|
$ |
835 |
|
|
$ |
884 |
|
|
$ |
2,012 |
|
|
$ |
2,291 |
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|
|
|
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|
|
|
|
|
|
|
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|
Specialty Products Group ("SPG") Segment: |
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|
|
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|
|
|
|
|
|
|
Severance and benefit costs |
|
$ |
639 |
|
|
$ |
1,774 |
|
|
$ |
2,579 |
|
|
$ |
3,562 |
|
Facility closure and other related costs |
|
|
107 |
|
|
|
136 |
|
|
|
136 |
|
|
|
6,688 |
|
Total Charges |
|
$ |
746 |
|
|
$ |
1,910 |
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|
$ |
2,715 |
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|
$ |
10,250 |
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Corporate/Other Segment: |
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Severance and benefit (credits) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(50 |
) |
|
$ |
(50 |
) |
Total Charges |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(50 |
) |
|
$ |
(50 |
) |
|
|
|
|
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|
|
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Consolidated: |
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|
|
|
|
|
|
|
|
|
|
|
Severance and benefit costs |
|
$ |
6,069 |
|
|
$ |
9,085 |
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|
$ |
17,587 |
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|
$ |
27,147 |
|
Facility closure and other related costs |
|
|
290 |
|
|
|
456 |
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|
|
1,077 |
|
|
|
25,373 |
|
Other restructuring costs |
|
|
- |
|
|
|
4,555 |
|
|
|
7,092 |
|
|
|
7,092 |
|
Total Charges |
|
$ |
6,359 |
|
|
$ |
14,096 |
|
|
$ |
25,756 |
|
|
$ |
59,612 |
|
(a)Of the $4.6 million of other restructuring costs incurred for the nine-month period ending February 29, 2024, $3.3 million is associated with the impairment of an indefinite-lived tradename as described below in Note 4, "Goodwill and Other Intangible Assets," of the Consolidated Financial Statements. Following is a summary of the charges recorded in connection with MAP 2025 by reportable segment for the three- and nine-month periods ending February 28, 2023:
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|
Three Months
Ended |
|
|
Nine Months
Ended |
|
(In thousands) |
|
February 28, 2023 |
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|
February 28, 2023 |
|
CPG Segment: |
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|
|
|
|
|
Severance and benefit costs |
|
$ |
324 |
|
|
$ |
324 |
|
Total Charges |
|
$ |
324 |
|
|
$ |
324 |
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|
|
|
|
|
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|
PCG Segment: |
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|
|
|
|
|
Severance and benefit costs |
|
$ |
573 |
|
|
$ |
573 |
|
Other restructuring costs (b) |
|
|
2,537 |
|
|
|
2,537 |
|
Total Charges |
|
$ |
3,110 |
|
|
$ |
3,110 |
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|
|
|
|
|
|
|
Consumer Segment: |
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|
|
|
|
|
Severance and benefit costs |
|
$ |
13 |
|
|
$ |
13 |
|
Total Charges |
|
$ |
13 |
|
|
$ |
13 |
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Consolidated: |
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|
|
|
|
|
Severance and benefit costs |
|
$ |
910 |
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|
$ |
910 |
|
Other restructuring costs |
|
|
2,537 |
|
|
|
2,537 |
|
Total Charges |
|
$ |
3,447 |
|
|
$ |
3,447 |
|
(b)Other restructuring costs are associated with the impairment of an indefinite-lived tradename as described below in Note 4, "Goodwill and Other Intangible Assets," of the Consolidated Financial Statements.
|
| 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) |
|
Severance and
Benefits Costs |
|
|
Facility
Closure and
Other Related
Costs |
|
|
Other Asset
Write-Offs |
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|
Total |
|
Balance at November 30, 2023 |
|
$ |
2,805 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
2,805 |
|
Additions charged to expense |
|
|
6,069 |
|
|
|
290 |
|
|
|
- |
|
|
|
6,359 |
|
Cash payments charged against reserve |
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|
(1,863 |
) |
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|
(288 |
) |
|
|
- |
|
|
|
(2,151 |
) |
Non-cash charges and other adjustments |
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
(1 |
) |
Balance at February 29, 2024 |
|
$ |
7,010 |
|
|
$ |
2 |
|
|
$ |
- |
|
|
$ |
7,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 |
|
|
9,085 |
|
|
|
456 |
|
|
|
4,555 |
|
|
|
14,096 |
|
Cash payments charged against reserve |
|
|
(4,808 |
) |
|
|
(454 |
) |
|
|
- |
|
|
|
(5,262 |
) |
Non-cash charges and other adjustments |
|
|
16 |
|
|
|
- |
|
|
|
(4,555 |
) |
|
|
(4,539 |
) |
Balance at February 29, 2024 |
|
$ |
7,010 |
|
|
$ |
2 |
|
|
$ |
- |
|
|
$ |
7,012 |
|
|