v3.26.1
Segment Information
 12 Months Ended
May 31, 2026
Segment Reporting [Abstract]  
Segment Information

NOTE R — SEGMENT INFORMATION

Effective June 1, 2025, we realigned certain businesses and management structures to recognize how we allocate resources and analyze the operating performance of our operating segments. As such, we now report under three reportable segments instead of our four previous reportable segments. Our three reportable segments are: CPG, PCG and Consumer. In connection with this realignment, we transferred our Legend Brands reporting unit from SPG to CPG, our Industrial Coatings Group and Food Group reporting units from SPG to PCG, and our Color Group reporting unit from SPG to Consumer. This realignment changed our reportable segments beginning with our first quarter of fiscal 2026. As a result, historical segment results have been recast to reflect the impact of this change.

We operate a portfolio of services and product lines which include a variety of specialty paints, protective coatings, roofing systems, flooring solutions, sealants, cleaners and adhesives, among other things. We manage our portfolio by organizing our businesses and product lines into three reportable segments as outlined below, which are comprised from our four operating segments. We have aggregated our Legend Brands and CPG operating segments into our CPG reportable segment, because they are economically similar and meet the other aggregation criteria for determining reportable 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, roofing installation, HVAC and roofing restoration, concrete admixture and repair products, building envelope solutions, parking decks, insulated cladding, firestopping, flooring systems, weatherproofing solutions and restoration services equipment.

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, FRP structures, factory applied industrial coatings, preservation products, edible coatings and specialty glazes for pharmaceutical and food industry coatings and solutions.

Our Consumer reportable segment manufactures and markets professional use and do-it-yourself 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, Latin America

and Asia Pacific. 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; wood stains and colorants.

In addition to our three 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 certain assets 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.

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, 2026

 

CPG
Segment

 

 

PCG
Segment

 

 

Consumer
Segment

 

 

Total

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

3,069,785

 

 

$

2,131,914

 

 

$

2,661,723

 

 

$

7,863,422

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Sales

 

 

1,753,894

 

 

 

1,200,584

 

 

 

1,650,905

 

 

 

 

Selling, General and Administrative Expenses

 

 

849,530

 

 

 

615,012

 

 

 

635,301

 

 

 

 

Other Segment Items (1)

 

 

18,033

 

 

 

7,274

 

 

 

13,072

 

 

 

 

Income Before Income Taxes

 

$

448,328

 

 

$

309,044

 

 

$

362,445

 

 

$

1,119,817

 

Less: Corporate/Other Expense

 

 

 

 

 

 

 

 

 

 

 

249,477

 

Consolidated Income Before Income Taxes

 

 

 

 

 

 

 

 

 

 

$

870,340

 

 

Year Ended May 31, 2025

 

CPG
Segment

 

 

PCG
Segment

 

 

Consumer
Segment

 

 

Total

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

2,874,452

 

 

$

1,995,816

 

 

$

2,502,376

 

 

$

7,372,644

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Sales

 

 

1,660,611

 

 

 

1,107,047

 

 

 

1,554,508

 

 

 

 

Selling, General and Administrative Expenses

 

 

780,927

 

 

 

609,342

 

 

 

588,596

 

 

 

 

Other Segment Items (1)

 

 

7,803

 

 

 

1,452

 

 

 

26,445

 

 

 

 

Income Before Income Taxes

 

$

425,111

 

 

$

277,975

 

 

$

332,827

 

 

$

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

 

 

Total

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

$

2,827,813

 

 

$

1,958,606

 

 

$

2,548,858

 

 

$

7,335,277

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of Sales

 

 

1,632,435

 

 

 

1,105,889

 

 

 

1,582,364

 

 

 

 

Selling, General and Administrative Expenses

 

 

791,715

 

 

 

603,402

 

 

 

555,028

 

 

 

 

Other Segment Items (1)

 

 

15,342

 

 

 

3,565

 

 

 

8,263

 

 

 

 

Income Before Income Taxes

 

$

388,321

 

 

$

245,750

 

 

$

403,203

 

 

$

1,037,274

 

Less: Corporate/Other Expense

 

 

 

 

 

 

 

 

 

 

 

249,437

 

Consolidated Income Before Income Taxes

 

 

 

 

 

 

 

 

 

 

$

787,837

 
(1)
Other Segment Items includes Restructuring Expense, Goodwill Impairment (recorded within our Consumer segment in fiscal year 2025), Interest Expense, Investment (Income), Net and Other (Income) Expense, Net.

 

 

Year Ended May 31, 2026

 

CPG
Segment

 

 

PCG
Segment

 

 

Consumer
Segment

 

 

Consolidated

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales (based on shipping location) (2)

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

2,048,843

 

 

$

1,394,159

 

 

$

2,078,739

 

 

$

5,521,741

 

Foreign

 

 

 

 

 

 

 

 

 

 

 

 

Canada

 

 

265,175

 

 

 

86,653

 

 

 

161,901

 

 

 

513,729

 

Europe

 

 

512,455

 

 

 

338,984

 

 

 

370,681

 

 

 

1,222,120

 

Latin America

 

 

242,876

 

 

 

36,573

 

 

 

25,531

 

 

 

304,980

 

Asia Pacific

 

 

-

 

 

 

154,047

 

 

 

24,871

 

 

 

178,918

 

Other Foreign

 

 

436

 

 

 

121,498

 

 

 

-

 

 

 

121,934

 

Total Foreign

 

 

1,020,942

 

 

 

737,755

 

 

 

582,984

 

 

 

2,341,681

 

Total

 

$

3,069,785

 

 

$

2,131,914

 

 

$

2,661,723

 

 

$

7,863,422

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended May 31, 2025

 

CPG
Segment

 

 

PCG
Segment

 

 

Consumer
Segment

 

 

Consolidated

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales (based on shipping location) (2)

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

1,899,940

 

 

$

1,322,091

 

 

$

2,020,031

 

 

$

5,242,062

 

Foreign

 

 

 

 

 

 

 

 

 

 

 

 

Canada

 

 

264,727

 

 

 

90,656

 

 

 

163,783

 

 

 

519,166

 

Europe

 

 

483,808

 

 

 

295,822

 

 

 

273,104

 

 

 

1,052,734

 

Latin America

 

 

225,977

 

 

 

39,364

 

 

 

25,120

 

 

 

290,461

 

Asia Pacific

 

 

-

 

 

 

139,124

 

 

 

20,338

 

 

 

159,462

 

Other Foreign

 

 

-

 

 

 

108,759

 

 

 

-

 

 

 

108,759

 

Total Foreign

 

 

974,512

 

 

 

673,725

 

 

 

482,345

 

 

 

2,130,582

 

Total

 

$

2,874,452

 

 

$

1,995,816

 

 

$

2,502,376

 

 

$

7,372,644

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended May 31, 2024

 

CPG
Segment

 

 

PCG
Segment

 

 

Consumer
Segment

 

 

Consolidated

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales (based on shipping location) (2)

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

1,815,667

 

 

$

1,292,672

 

 

$

2,077,278

 

 

$

5,185,617

 

Foreign

 

 

 

 

 

 

 

 

 

 

 

 

Canada

 

 

265,287

 

 

 

95,816

 

 

 

165,222

 

 

 

526,325

 

Europe

 

 

488,401

 

 

 

277,312

 

 

 

261,600

 

 

 

1,027,313

 

Latin America

 

 

258,458

 

 

 

39,251

 

 

 

25,072

 

 

 

322,781

 

Asia Pacific

 

 

-

 

 

 

149,920

 

 

 

19,686

 

 

 

169,606

 

Other Foreign

 

 

-

 

 

 

103,635

 

 

 

-

 

 

 

103,635

 

Total Foreign

 

 

1,012,146

 

 

 

665,934

 

 

 

471,580

 

 

 

2,149,660

 

Total

 

$

2,827,813

 

 

$

1,958,606

 

 

$

2,548,858

 

 

$

7,335,277

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

 

May 31,

 

2026

 

 

2025

 

(In thousands)

 

 

 

 

 

 

Long-Lived Assets (3)

 

 

 

 

 

 

United States

 

$

1,605,234

 

 

$

1,475,984

 

Foreign

 

 

 

 

 

 

Canada

 

 

117,401

 

 

 

115,161

 

Europe

 

 

258,548

 

 

 

223,921

 

United Kingdom

 

 

142,471

 

 

 

126,648

 

Other Foreign

 

 

132,840

 

 

 

118,049

 

Total Foreign

 

 

651,260

 

 

 

583,779

 

Total

 

$

2,256,494

 

 

$

2,059,763

 

 

(3)
Long-lived assets include all non-current assets, excluding non-current deferred income taxes, goodwill and intangible assets.