| 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 years ended May 31, 2024 and 2023, as well as the total expected costs related to projects identified to date:
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Year Ended |
|
Year Ended |
|
Cumulative
Costs |
|
Total
Expected |
|
(In thousands) |
|
May 31, 2024 |
|
May 31, 2023 |
|
to Date |
|
Costs |
|
CPG Segment: |
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|
|
|
|
|
|
|
|
Severance and benefit costs |
|
$ |
9,111 |
|
$ |
6,092 |
|
$ |
15,203 |
|
$ |
20,114 |
|
Facility closure and other related costs |
|
|
608 |
|
|
- |
|
|
608 |
|
|
16,942 |
|
Total Charges |
|
$ |
9,719 |
|
$ |
6,092 |
|
$ |
15,811 |
|
$ |
37,056 |
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|
|
|
|
|
|
|
|
|
|
PCG Segment: |
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|
|
|
|
|
|
|
|
Severance and benefit costs |
|
$ |
2,711 |
|
$ |
1,148 |
|
$ |
3,859 |
|
$ |
4,777 |
|
Facility closure and other related costs |
|
|
172 |
|
|
- |
|
|
172 |
|
|
643 |
|
Other restructuring costs (1) |
|
|
4,555 |
|
|
2,537 |
|
|
7,092 |
|
|
7,092 |
|
Total Charges |
|
$ |
7,438 |
|
$ |
3,685 |
|
$ |
11,123 |
|
$ |
12,512 |
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Consumer Segment: |
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|
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|
|
|
|
Severance and benefit costs |
|
$ |
9,266 |
|
$ |
507 |
|
$ |
9,773 |
|
$ |
17,087 |
|
Facility closure and other related costs |
|
|
156 |
|
|
621 |
|
|
777 |
|
|
3,675 |
|
Total Charges |
|
$ |
9,422 |
|
$ |
1,128 |
|
$ |
10,550 |
|
$ |
20,762 |
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|
|
|
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|
|
|
|
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SPG Segment: |
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|
|
|
|
|
Severance and benefit costs |
|
$ |
2,894 |
|
$ |
805 |
|
$ |
3,699 |
|
$ |
4,672 |
|
Facility closure and other related costs |
|
|
535 |
|
|
- |
|
|
535 |
|
|
6,557 |
|
Total Charges |
|
$ |
3,429 |
|
$ |
805 |
|
$ |
4,234 |
|
$ |
11,229 |
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|
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Corporate/Other Segment: |
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|
|
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|
Severance and benefit (credits) |
|
$ |
- |
|
$ |
(50 |
) |
$ |
(50 |
) |
$ |
(50 |
) |
Total Charges |
|
$ |
- |
|
$ |
(50 |
) |
$ |
(50 |
) |
$ |
(50 |
) |
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Consolidated: |
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Severance and benefit costs |
|
$ |
23,982 |
|
$ |
8,502 |
|
$ |
32,484 |
|
$ |
46,600 |
|
Facility closure and other related costs |
|
|
1,471 |
|
|
621 |
|
|
2,092 |
|
|
27,817 |
|
Other restructuring costs |
|
|
4,555 |
|
|
2,537 |
|
|
7,092 |
|
|
7,092 |
|
Total Charges |
|
$ |
30,008 |
|
$ |
11,660 |
|
$ |
41,668 |
|
$ |
81,509 |
|
(1)Of the $4.6 million of other restructuring costs incurred during the year ended May 31, 2024, $3.3 million is associated with the impairment of an indefinite-lived tradename. The $2.5 million of other restructuring costs incurred during the year ended May 31, 2023, is associated with the impairment of an indefinite-lived tradename. See Note C, "Goodwill and Other Intangible Assets," of the Consolidated Financial Statements below for further description.
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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) |
Severance and
Benefits Costs |
|
Facility
Closure
and Other
Related Costs |
|
Other Asset
Write-Offs |
|
Total |
|
Balance at June 1, 2022 |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
Additions charged to expense |
|
8,502 |
|
|
621 |
|
|
2,537 |
|
|
11,660 |
|
Cash payments charged against reserve |
|
(5,486 |
) |
|
(121 |
) |
|
- |
|
|
(5,607 |
) |
Non-cash charges and other adjustments |
|
(299 |
) |
|
(500 |
) |
|
(2,537 |
) |
|
(3,336 |
) |
Balance at May 31, 2023 |
$ |
2,717 |
|
$ |
- |
|
$ |
- |
|
$ |
2,717 |
|
Additions charged to expense |
|
23,982 |
|
|
1,471 |
|
|
4,555 |
|
|
30,008 |
|
Cash payments charged against reserve |
|
(9,381 |
) |
|
(1,423 |
) |
|
- |
|
|
(10,804 |
) |
Non-cash charges and other adjustments |
|
33 |
|
|
(30 |
) |
|
(4,555 |
) |
|
(4,552 |
) |
Balance at May 31, 2024 |
$ |
17,351 |
|
$ |
18 |
|
$ |
- |
|
$ |
17,369 |
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