| 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-month periods ending August 31, 2024 and 2023, as well as the total expected costs related to projects identified to date:
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Three Months
Ended |
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Three Months
Ended |
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Cumulative
Costs |
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Total
Expected |
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(In thousands) |
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August 31, 2024 |
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|
August 31, 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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$ |
890 |
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$ |
415 |
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$ |
16,093 |
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$ |
20,037 |
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Facility closure and other related costs |
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|
376 |
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|
|
- |
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|
|
984 |
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|
|
6,715 |
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Total Charges |
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$ |
1,266 |
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|
$ |
415 |
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|
$ |
17,077 |
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|
$ |
26,752 |
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Performance Coatings Group ("PCG") Segment: |
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Severance and benefit costs |
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$ |
150 |
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|
$ |
831 |
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|
$ |
4,009 |
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|
$ |
5,669 |
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Facility closure and other related costs |
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5 |
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|
30 |
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|
177 |
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|
1,435 |
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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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$ |
155 |
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|
$ |
5,416 |
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|
$ |
11,278 |
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$ |
14,196 |
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Consumer Segment: |
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Severance and benefit costs |
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$ |
3,938 |
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$ |
- |
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$ |
13,711 |
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$ |
17,826 |
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Facility closure and other related costs |
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|
20 |
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|
14 |
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|
797 |
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|
2,726 |
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Total Charges |
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$ |
3,958 |
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|
$ |
14 |
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|
$ |
14,508 |
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$ |
20,552 |
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Specialty Products Group ("SPG") Segment: |
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Severance and benefit costs |
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$ |
1,481 |
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$ |
653 |
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$ |
5,180 |
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$ |
5,220 |
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Facility closure and other related costs |
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|
342 |
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|
|
- |
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|
|
877 |
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|
3,978 |
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Total Charges |
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$ |
1,823 |
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$ |
653 |
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|
$ |
6,057 |
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$ |
9,198 |
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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 |
) |
|
$ |
(50 |
) |
Total Charges |
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$ |
- |
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|
$ |
- |
|
|
$ |
(50 |
) |
|
$ |
(50 |
) |
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Consolidated: |
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Severance and benefit costs |
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$ |
6,459 |
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$ |
1,899 |
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$ |
38,943 |
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$ |
48,702 |
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Facility closure and other related costs |
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|
743 |
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|
44 |
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2,835 |
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|
14,854 |
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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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$ |
7,202 |
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$ |
6,498 |
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$ |
48,870 |
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$ |
70,648 |
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(a)Of the $4.6 million of other restructuring costs incurred for the three-month period ending August 31, 2023, $3.3 million is associated with the impairment of an indefinite-lived tradename as described above.
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| Summary of Activity in Restructuring Reserves |
A summary of the activity in the restructuring reserves related to MAP 2025 is as follows:
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(in thousands) |
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Severance and
Benefits Costs |
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Facility
Closure and
Other Related
Costs |
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|
Other Asset
Write-Offs |
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Total |
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Balance at June 1, 2024 |
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$ |
17,351 |
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|
$ |
18 |
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|
$ |
- |
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$ |
17,369 |
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Additions charged to expense |
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|
6,459 |
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|
743 |
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- |
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|
7,202 |
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Cash payments charged against reserve |
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|
(7,443 |
) |
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(736 |
) |
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- |
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(8,179 |
) |
Non-cash charges and other adjustments |
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|
244 |
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|
|
- |
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- |
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|
|
244 |
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Balance at August 31, 2024 |
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$ |
16,611 |
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|
$ |
25 |
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$ |
- |
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$ |
16,636 |
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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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|
1,899 |
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|
|
44 |
|
|
|
4,555 |
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|
6,498 |
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Cash payments charged against reserve |
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(2,061 |
) |
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(44 |
) |
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|
- |
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|
(2,105 |
) |
Non-cash charges and other adjustments |
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(45 |
) |
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|
- |
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(4,555 |
) |
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|
(4,600 |
) |
Balance at August 31, 2023 |
|
$ |
2,510 |
|
|
$ |
- |
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$ |
- |
|
|
$ |
2,510 |
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