Restructuring Plan

3 Months Ended

May 31, 2021

Restructuring and Related Activities [Abstract]

Restructuring Plan

Note 7 - Restructuring Plan

In October 2017, we announced a restructuring plan (referred to as “Project Refuel”) intended to enhance performance primarily in the Beauty and former Nutritional Supplements segments. Project Refuel includes charges for a reduction-in-force and the elimination of certain contracts. During the first quarter of fiscal 2019, we expanded Project Refuel to include the realignment and streamlining of our supply chain structure. We are targeting total annualized profit improvements of approximately $10.5 million to $12.5 million over the duration of the plan. We estimate the plan to be completed during fiscal 2022 and expect to incur total restructuring charges of approximately $10.3 million over the duration of the plan, of which $9.2 million have been incurred through the first quarter of fiscal 2022. Restructuring provisions are determined based on estimates prepared at the time the restructuring actions are approved by management and are revised periodically.

We incurred an insignificant amount and $0.3 million of pre-tax restructuring costs during the three months ended May 31, 2021 and May 31, 2020, respectively, which are recorded as “Restructuring

charges” in the condensed consolidated statements of income. During the three month period ended May 31, 2021, we made total cash restructuring payments of $0.1 million. Since implementing Project Refuel, we have made total cash restructuring payments of $9.2 million as of May 31, 2021.