v3.25.2
Segment Information
 12 Months Ended
May 31, 2025
Segment Reporting [Abstract]  
Segment Information

NOTE R — SEGMENT INFORMATION

We operate a portfolio of businesses and product lines that manufacture and sell a variety of specialty paints, protective coatings, roofing systems, flooring solutions, sealants, cleaners and adhesives. We manage our portfolio by organizing our businesses and product lines into four reportable segments as outlined below, which also represent our operating segments. Within each operating segment, we manage product lines and businesses which generally address common markets, share similar economic characteristics, utilize similar technologies and can share manufacturing or distribution capabilities. Our four operating segments are each managed by an operating segment manager, who is responsible for the day-to-day operating decisions and performance evaluation of the operating segment’s underlying businesses. These four operating segments represent components of our business for which separate financial information is available that is utilized on a regular basis by our Chief Operating Decision Maker ("CODM"), who is our Chairman, President and Chief Executive Officer. Our CODM evaluates the profit performance of our segments and allocates resources primarily based on income before income taxes, but also looks to EBIT, or adjusted EBIT, because interest (income) expense, net is essentially related to corporate functions, as opposed to segment operations. Our CODM utilizes these performance metrics in determining how to allocate the assets of the company, evaluate performance in periodic reviews, and during the annual budget and forecasting process.

Our CPG reportable segment products and services are sold throughout North America and also account for a significant portion of our international sales. Our construction product lines are sold directly to manufacturers, contractors, distributors and end-users, including industrial manufacturing facilities, concrete and cement producers, public institutions and other commercial customers. Products and services within this reportable segment include construction sealants and adhesives, coatings and chemicals, roofing systems, concrete admixture and repair products, building envelope solutions, parking decks, insulated cladding, firestopping, flooring systems, and weatherproofing solutions.

Our PCG reportable segment products and services are sold throughout North America, as well as internationally, and are sold directly to contractors, distributors and end-users, such as industrial manufacturing facilities, public institutions and other commercial customers. Products and services within this reportable segment include high-performance flooring solutions, corrosion control and fireproofing coatings, infrastructure repair systems and FRP structures.

Our Consumer reportable segment manufactures and markets professional use and DIY products for a variety of mainly residential applications, including home improvement and personal leisure activities. Our Consumer reportable segment’s major manufacturing and distribution operations are located primarily in North America, along with a few locations in Europe and Latin America. Our Consumer reportable segment products are primarily sold directly to mass merchandisers, home improvement centers, hardware stores, paint stores, craft shops and through distributors. The Consumer reportable segment offers products that include specialty, hobby and professional paints; caulks; adhesives; cleaners; sandpaper and other abrasives; silicone sealants and wood stains. Sales to The Home Depot, Inc. represented less than 10% of our consolidated net sales for fiscal 2025, 2024 and 2023, respectively. Furthermore, sales to The Home Depot, Inc. represented 24%, 23% and 23% of our Consumer segment net sales for each of the fiscal years ended May 31, 2025, 2024 and 2023, respectively.

Our SPG reportable segment products are sold throughout North America and internationally, primarily in Europe. Our SPG product lines are sold directly to contractors, distributors and end-users, such as industrial manufacturing facilities, public institutions and other commercial customers. The SPG reportable segment offers products that include restoration services equipment, colorants, nail enamels, factory applied industrial coatings, preservation products, and edible coatings and specialty glazes for pharmaceutical and food industries.

In addition to our four reportable segments, there is a category of certain business activities and expenses, referred to as corporate/other, that does not constitute an operating segment. This category includes our corporate headquarters and related administrative expenses, results of our captive insurance companies, gains or losses on the sales of investments and other expenses not directly associated with any reportable segment. These corporate and other expenses reconcile reportable segment data to total consolidated income before income taxes.

We reflect income from our joint ventures on the equity method and receive royalties from our licensees.

Effective June 1, 2023, certain Asia Pacific businesses and management structure, formerly of our CPG segment, were transferred to our PCG segment to create operating efficiencies and a more unified go-to-market strategy in Asia Pacific. Fiscal year 2023 historical segment results have been recast to reflect the impact of this change.

The following tables present the results of our reportable segments consistent with our management philosophy, by representing the information we utilize, in conjunction with various strategic, operational and other financial performance criteria, in evaluating the performance of our portfolio of businesses, and a disaggregation of revenues by geography. We do not report identifiable assets by segment as this is not a metric used by our CODM to allocate resources or evaluate segment performance.

Year Ended May 31, 2025

 

CPG
Segment

 

 

PCG
Segment

 

 

Consumer
Segment

 

 

SPG
Segment

 

 

Total

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

2,767,428

 

 

$

1,491,695

 

 

$

2,414,052

 

 

$

699,469

 

 

$

7,372,644

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Sales

 

 

1,586,540

 

 

 

814,840

 

 

 

1,482,293

 

 

 

438,493

 

 

 

 

Selling, General and Administrative Expenses

 

 

747,131

 

 

 

452,346

 

 

 

561,772

 

 

 

217,616

 

 

 

 

Other Segment Items (1)

 

 

7,729

 

 

 

(1,085

)

 

 

12,087

 

 

 

16,969

 

 

 

 

Income Before Income Taxes

 

$

426,028

 

 

$

225,594

 

 

$

357,900

 

 

$

26,391

 

 

$

1,035,913

 

Less: Corporate/Other Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

243,153

 

Consolidated Income Before Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

792,760

 

 

Year Ended May 31, 2024

 

CPG
Segment

 

 

PCG
Segment

 

 

Consumer
Segment

 

 

SPG
Segment

 

 

Total

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

2,702,466

 

 

$

1,462,460

 

 

$

2,457,949

 

 

$

712,402

 

 

$

7,335,277

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Sales

 

 

1,545,167

 

 

 

812,625

 

 

 

1,512,159

 

 

 

450,737

 

 

 

 

Selling, General and Administrative Expenses

 

 

757,087

 

 

 

448,421

 

 

 

529,966

 

 

 

214,671

 

 

 

 

Other Segment Items (1)

 

 

14,873

 

 

 

1,463

 

 

 

7,624

 

 

 

3,210

 

 

 

 

Income Before Income Taxes

 

$

385,339

 

 

$

199,951

 

 

$

408,200

 

 

$

43,784

 

 

$

1,037,274

 

Less: Corporate/Other Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

249,437

 

Consolidated Income Before Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

787,837

 

 

Year Ended May 31, 2023

 

CPG
Segment

 

 

PCG
Segment

 

 

Consumer
Segment

 

 

SPG
Segment

 

 

Total

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

2,508,805

 

 

$

1,433,634

 

 

$

2,514,770

 

 

$

799,205

 

 

$

7,256,414

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Sales

 

 

1,542,418

 

 

 

840,076

 

 

 

1,617,886

 

 

 

507,990

 

 

 

 

Selling, General and Administrative Expenses

 

 

648,946

 

 

 

413,407

 

 

 

512,658

 

 

 

213,062

 

 

 

 

Other Segment Items (1)

 

 

16,470

 

 

 

37,682

 

 

 

6,069

 

 

 

(25,126

)

 

 

 

Income Before Income Taxes

 

$

300,971

 

 

$

142,469

 

 

$

378,157

 

 

$

103,279

 

 

$

924,876

 

Less: Corporate/Other Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

275,494

 

Consolidated Income Before Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

649,382

 
(1)
Other Segment Items includes Restructuring Expense, Goodwill Impairment (recorded within our SPG segment in fiscal year 2025 and our PCG segment in fiscal year 2023), Interest Expense, Investment (Income), Net, (Gain) on Sales of Assets and Business, Net and Other (Income) Expense, Net.

 

 

Year Ended May 31, 2025

 

CPG
Segment

 

 

PCG
Segment

 

 

Consumer
Segment

 

 

SPG
Segment

 

 

Consolidated

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales (based on shipping location) (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

1,797,203

 

 

$

890,945

 

 

$

1,958,360

 

 

$

595,554

 

 

$

5,242,062

 

Foreign

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Canada

 

 

264,727

 

 

 

86,792

 

 

 

163,783

 

 

 

3,864

 

 

 

519,166

 

Europe

 

 

479,521

 

 

 

253,450

 

 

 

246,451

 

 

 

73,312

 

 

 

1,052,734

 

Latin America

 

 

225,977

 

 

 

36,001

 

 

 

25,120

 

 

 

3,363

 

 

 

290,461

 

Asia Pacific

 

 

-

 

 

 

115,748

 

 

 

20,338

 

 

 

23,376

 

 

 

159,462

 

Other Foreign

 

 

-

 

 

 

108,759

 

 

 

-

 

 

 

-

 

 

 

108,759

 

Total Foreign

 

 

970,225

 

 

 

600,750

 

 

 

455,692

 

 

 

103,915

 

 

 

2,130,582

 

Total

 

$

2,767,428

 

 

$

1,491,695

 

 

$

2,414,052

 

 

$

699,469

 

 

$

7,372,644

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended May 31, 2024

 

CPG
Segment

 

 

PCG
Segment

 

 

Consumer
Segment

 

 

SPG
Segment

 

 

Consolidated

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales (based on shipping location) (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

1,695,403

 

 

$

875,713

 

 

$

2,014,689

 

 

$

599,812

 

 

$

5,185,617

 

Foreign

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Canada

 

 

265,287

 

 

 

90,801

 

 

 

165,222

 

 

 

5,015

 

 

 

526,325

 

Europe

 

 

483,318

 

 

 

231,009

 

 

 

233,280

 

 

 

79,706

 

 

 

1,027,313

 

Latin America

 

 

258,458

 

 

 

36,675

 

 

 

25,072

 

 

 

2,576

 

 

 

322,781

 

Asia Pacific

 

 

-

 

 

 

124,627

 

 

 

19,686

 

 

 

25,293

 

 

 

169,606

 

Other Foreign

 

 

-

 

 

 

103,635

 

 

 

-

 

 

 

-

 

 

 

103,635

 

Total Foreign

 

 

1,007,063

 

 

 

586,747

 

 

 

443,260

 

 

 

112,590

 

 

 

2,149,660

 

Total

 

$

2,702,466

 

 

$

1,462,460

 

 

$

2,457,949

 

 

$

712,402

 

 

$

7,335,277

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended May 31, 2023

 

CPG
Segment

 

 

PCG
Segment

 

 

Consumer
Segment

 

 

SPG
Segment

 

 

Consolidated

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales (based on shipping location) (2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

1,572,060

 

 

$

861,190

 

 

$

2,078,519

 

 

$

680,159

 

 

$

5,191,928

 

Foreign

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Canada

 

 

243,608

 

 

 

85,812

 

 

 

178,678

 

 

 

4,084

 

 

 

512,182

 

Europe

 

 

469,064

 

 

 

233,872

 

 

 

212,558

 

 

 

81,260

 

 

 

996,754

 

Latin America

 

 

224,073

 

 

 

39,395

 

 

 

26,315

 

 

 

1,720

 

 

 

291,503

 

Asia Pacific

 

 

-

 

 

 

123,301

 

 

 

18,700

 

 

 

31,982

 

 

 

173,983

 

Other Foreign

 

 

-

 

 

 

90,064

 

 

 

-

 

 

 

-

 

 

 

90,064

 

Total Foreign

 

 

936,745

 

 

 

572,444

 

 

 

436,251

 

 

 

119,046

 

 

 

2,064,486

 

Total

 

$

2,508,805

 

 

$

1,433,634

 

 

$

2,514,770

 

 

$

799,205

 

 

$

7,256,414

 
(2)
It is not practicable to obtain the information needed to disclose revenues attributable to each of our product lines.

 

May 31,

 

2025

 

 

2024

 

(In thousands)

 

 

 

 

 

 

Long-Lived Assets (3)

 

 

 

 

 

 

United States

 

$

1,475,984

 

 

$

1,331,274

 

Foreign

 

 

 

 

 

 

Canada

 

 

115,161

 

 

 

113,846

 

Europe

 

 

223,921

 

 

 

180,785

 

United Kingdom

 

 

126,648

 

 

 

102,895

 

Other Foreign

 

 

118,049

 

 

 

106,990

 

Total Foreign

 

 

583,779

 

 

 

504,516

 

Total

 

$

2,059,763

 

 

$

1,835,790

 

 

(3)
Long-lived assets include all non-current assets, excluding non-current deferred income taxes, goodwill and intangible assets. Amounts from fiscal year 2024 were recast to exclude goodwill and intangible assets to conform with the current year presentation.