Restructuring Plan

3 Months Ended

May 31, 2020

Restructuring and Related Activities [Abstract]

Restructuring Plan

Note 11 - Restructuring Plan

In October 2017, we announced that we had approved a restructuring plan (referred to as “Project Refuel”) intended to improve the performance primarily in the Beauty and former Nutritional Supplements segments. Project Refuel includes a reduction-in-force and the elimination of certain contracts.  We are targeting total annualized profit improvements of approximately $9.0 to $11.0 million over the duration of the plan.  We estimate the plan will be completed during fiscal 2021, and expect to incur total restructuring charges of approximately $9.5 million over the duration of the plan. Restructuring provisions are determined based on estimates prepared at the time the restructuring actions are approved by management and are revised periodically.

For the three month period ended May 31, 2020, we incurred pre-tax restructuring charges of $0.3 million. Since implementing Project Refuel, we have incurred $9.0 million of pre-tax restructuring costs as of May 31, 2020.  During the three month period ended May 31, 2020, we made total cash restructuring payments of $0.6 million. Since implementing Project Refuel, we have made total cash restructuring payments of $8.6 million. We had a remaining liability of $0.5 million as of May 31, 2020.