| 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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Year Ended |
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Year Ended |
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Year Ended |
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Cumulative
Costs |
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Total
Expected |
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(In thousands) |
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May 31, 2025 |
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May 31, 2024 |
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May 31, 2023 |
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to Date |
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Costs |
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CPG Segment: |
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Severance and benefit costs |
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$ |
4,147 |
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$ |
9,111 |
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$ |
6,092 |
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$ |
19,350 |
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$ |
24,331 |
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Facility closure and other related costs |
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1,700 |
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|
608 |
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- |
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|
2,308 |
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|
8,792 |
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Total Charges |
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$ |
5,847 |
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$ |
9,719 |
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$ |
6,092 |
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$ |
21,658 |
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$ |
33,123 |
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PCG Segment: |
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Severance and benefit costs |
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$ |
2,885 |
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$ |
2,711 |
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$ |
1,148 |
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$ |
6,744 |
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$ |
7,363 |
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Facility closure and other related costs |
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252 |
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172 |
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- |
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|
424 |
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1,957 |
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Other restructuring costs (1) |
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- |
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4,555 |
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2,537 |
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|
7,092 |
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|
7,092 |
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Total Charges |
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$ |
3,137 |
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$ |
7,438 |
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$ |
3,685 |
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$ |
14,260 |
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$ |
16,412 |
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Consumer Segment: |
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Severance and benefit costs |
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$ |
8,451 |
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$ |
9,266 |
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$ |
507 |
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$ |
18,224 |
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$ |
20,270 |
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Facility closure and other related costs |
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2,253 |
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|
156 |
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|
621 |
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|
3,030 |
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|
4,064 |
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Total Charges |
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$ |
10,704 |
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$ |
9,422 |
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$ |
1,128 |
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$ |
21,254 |
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$ |
24,334 |
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SPG Segment: |
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Severance and benefit costs |
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$ |
2,210 |
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$ |
2,894 |
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$ |
805 |
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$ |
5,909 |
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$ |
8,530 |
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Facility closure and other related costs |
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2,549 |
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|
535 |
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- |
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3,084 |
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|
3,874 |
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Other restructuring costs |
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|
532 |
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- |
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- |
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|
532 |
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|
532 |
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Total Charges |
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$ |
5,291 |
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$ |
3,429 |
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$ |
805 |
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$ |
9,525 |
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$ |
12,936 |
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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 |
) |
$ |
(50 |
) |
Total Charges |
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$ |
- |
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$ |
- |
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$ |
(50 |
) |
$ |
(50 |
) |
$ |
(50 |
) |
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Consolidated: |
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Severance and benefit costs |
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$ |
17,693 |
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$ |
23,982 |
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$ |
8,502 |
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$ |
50,177 |
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$ |
60,444 |
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Facility closure and other related costs |
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|
6,754 |
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|
1,471 |
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|
621 |
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|
8,846 |
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18,687 |
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Other restructuring costs |
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|
532 |
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4,555 |
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2,537 |
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|
7,624 |
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7,624 |
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Total Charges |
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$ |
24,979 |
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$ |
30,008 |
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$ |
11,660 |
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$ |
66,647 |
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$ |
86,755 |
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(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 |
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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 |
$ |
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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23,982 |
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1,471 |
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4,555 |
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|
30,008 |
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Cash payments charged against reserve |
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(9,381 |
) |
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(1,423 |
) |
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- |
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(10,804 |
) |
Non-cash charges and other adjustments |
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33 |
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(30 |
) |
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(4,555 |
) |
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(4,552 |
) |
Balance at May 31, 2024 |
$ |
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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17,693 |
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6,754 |
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|
532 |
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24,979 |
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Cash payments charged against reserve |
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(22,126 |
) |
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(6,340 |
) |
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- |
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(28,466 |
) |
Non-cash charges and other adjustments |
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137 |
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- |
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(532 |
) |
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(395 |
) |
Balance at May 31, 2025 |
$ |
13,055 |
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$ |
432 |
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$ |
- |
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$ |
13,487 |
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