| 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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|
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Year Ended |
|
Year Ended |
|
Year Ended |
|
Cumulative
Costs |
|
Total
Expected |
|
(In thousands) |
|
May 31, 2026 |
|
May 31, 2025 |
|
May 31, 2024 |
|
to Date |
|
Costs |
|
CPG Segment: |
|
|
|
|
|
|
|
|
|
|
|
Severance and benefit costs |
|
$ |
4,097 |
|
$ |
4,147 |
|
$ |
9,480 |
|
$ |
23,815 |
|
$ |
24,937 |
|
Facility closure and other related costs |
|
|
3,797 |
|
|
1,700 |
|
|
678 |
|
|
6,175 |
|
|
9,575 |
|
Total Charges |
|
$ |
7,894 |
|
$ |
5,847 |
|
$ |
10,158 |
|
$ |
29,990 |
|
$ |
34,512 |
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|
|
|
|
|
|
|
|
|
|
|
PCG Segment: |
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|
|
|
|
|
|
|
|
|
|
Severance and benefit costs |
|
$ |
3,443 |
|
$ |
3,771 |
|
$ |
4,963 |
|
$ |
13,781 |
|
$ |
13,781 |
|
Facility closure and other related costs |
|
|
2,397 |
|
|
2,355 |
|
|
637 |
|
|
5,389 |
|
|
6,189 |
|
Other restructuring costs (1) |
|
|
- |
|
|
- |
|
|
4,555 |
|
|
7,092 |
|
|
7,092 |
|
Total Charges |
|
$ |
5,840 |
|
$ |
6,126 |
|
$ |
10,155 |
|
$ |
26,262 |
|
$ |
27,062 |
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|
|
|
|
|
|
|
|
|
|
|
|
Consumer Segment: |
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|
|
|
|
|
|
Severance and benefit costs |
|
$ |
3,245 |
|
$ |
9,775 |
|
$ |
9,539 |
|
$ |
23,416 |
|
$ |
23,416 |
|
Facility closure and other related costs |
|
|
1,215 |
|
|
2,699 |
|
|
156 |
|
|
4,691 |
|
|
4,691 |
|
Other restructuring costs |
|
|
- |
|
|
532 |
|
|
- |
|
|
532 |
|
|
532 |
|
Total Charges |
|
$ |
4,460 |
|
$ |
13,006 |
|
$ |
9,695 |
|
$ |
28,639 |
|
$ |
28,639 |
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|
|
|
|
|
|
|
|
|
|
|
|
Corporate/Other: |
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|
|
|
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|
|
|
|
|
|
Severance and benefit (credits) |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
(50 |
) |
$ |
(50 |
) |
Total Charges |
|
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
(50 |
) |
$ |
(50 |
) |
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|
|
|
|
|
|
|
|
|
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|
Consolidated: |
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|
|
|
|
|
|
|
|
|
Severance and benefit costs |
|
$ |
10,785 |
|
$ |
17,693 |
|
$ |
23,982 |
|
$ |
60,962 |
|
$ |
62,084 |
|
Facility closure and other related costs |
|
|
7,409 |
|
|
6,754 |
|
|
1,471 |
|
|
16,255 |
|
|
20,455 |
|
Other restructuring costs |
|
|
- |
|
|
532 |
|
|
4,555 |
|
|
7,624 |
|
|
7,624 |
|
Total Charges |
|
$ |
18,194 |
|
$ |
24,979 |
|
$ |
30,008 |
|
$ |
84,841 |
|
$ |
90,163 |
|
(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. See Note C, "Goodwill and Other Intangible Assets," of the Consolidated Financial Statements below for further description. The following is a summary of the charges recorded in connection with this program by reportable segment, as well as the total expected costs related to projects identified to date:
|
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|
|
|
|
|
|
|
|
|
Year Ended |
|
Cumulative
Costs |
|
Total
Expected |
|
(In thousands) |
|
May 31, 2026 |
|
to Date |
|
Costs |
|
CPG Segment: |
|
|
|
|
|
|
|
Severance and benefit costs |
|
$ |
8,968 |
|
$ |
8,968 |
|
$ |
11,772 |
|
Facility closure and other related costs |
|
|
223 |
|
|
223 |
|
|
223 |
|
Total Charges |
|
$ |
9,191 |
|
$ |
9,191 |
|
$ |
11,995 |
|
|
|
|
|
|
|
|
|
PCG Segment: |
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|
|
|
|
|
|
Severance and benefit costs |
|
$ |
5,798 |
|
$ |
5,798 |
|
$ |
6,054 |
|
Facility closure and other related costs |
|
|
446 |
|
|
446 |
|
|
1,445 |
|
Total Charges |
|
$ |
6,244 |
|
$ |
6,244 |
|
$ |
7,499 |
|
|
|
|
|
|
|
|
|
Consumer Segment: |
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|
|
|
|
|
|
Severance and benefit costs |
|
$ |
6,864 |
|
$ |
6,864 |
|
$ |
9,762 |
|
Facility closure and other related costs |
|
|
746 |
|
|
746 |
|
|
1,037 |
|
Total Charges |
|
$ |
7,610 |
|
$ |
7,610 |
|
$ |
10,799 |
|
|
|
|
|
|
|
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|
Corporate/Other: |
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|
|
|
|
|
|
Severance and benefit costs |
|
$ |
1,373 |
|
$ |
1,373 |
|
$ |
1,373 |
|
Total Charges |
|
$ |
1,373 |
|
$ |
1,373 |
|
$ |
1,373 |
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|
|
|
|
|
|
|
|
Consolidated: |
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|
|
|
|
|
|
Severance and benefit costs |
|
$ |
23,003 |
|
$ |
23,003 |
|
$ |
28,961 |
|
Facility closure and other related costs |
|
|
1,415 |
|
|
1,415 |
|
|
2,705 |
|
Total Charges |
|
$ |
24,418 |
|
$ |
24,418 |
|
$ |
31,666 |
|
|
| 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, 2024 |
$ |
17,351 |
|
$ |
18 |
|
$ |
- |
|
$ |
17,369 |
|
Additions charged to expense |
|
17,693 |
|
|
6,754 |
|
|
532 |
|
|
24,979 |
|
Cash payments charged against reserve |
|
(22,126 |
) |
|
(6,340 |
) |
|
- |
|
|
(28,466 |
) |
Non-cash charges and other adjustments |
|
137 |
|
|
- |
|
|
(532 |
) |
|
(395 |
) |
Balance at May 31, 2025 |
|
13,055 |
|
|
432 |
|
|
- |
|
|
13,487 |
|
Additions charged to expense |
|
10,785 |
|
|
7,409 |
|
|
- |
|
|
18,194 |
|
Cash payments charged against reserve |
|
(16,121 |
) |
|
(7,681 |
) |
|
- |
|
|
(23,802 |
) |
Non-cash charges and other adjustments |
|
130 |
|
|
(43 |
) |
|
- |
|
|
87 |
|
Balance at May 31, 2026 |
$ |
7,849 |
|
$ |
117 |
|
$ |
- |
|
$ |
7,966 |
|
A summary of the activity in the restructuring reserves related to this program is as follows:
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Severance and
Benefits Costs |
|
Facility
Closure
and Other
Related Costs |
|
Total |
|
Balance at June 1, 2025 |
$ |
- |
|
$ |
- |
|
$ |
- |
|
Additions charged to expense |
|
23,003 |
|
|
1,415 |
|
|
24,418 |
|
Cash payments charged against reserve |
|
(16,655 |
) |
|
(1,296 |
) |
|
(17,951 |
) |
Non-cash charges and other adjustments |
|
354 |
|
|
- |
|
|
354 |
|
Balance at May 31, 2026 |
$ |
6,702 |
|
$ |
119 |
|
$ |
6,821 |
|
|