Restructuring and Other Expense, Net

9 Months Ended

Feb. 28, 2025

Restructuring and Related Activities [Abstract]

Restructuring and Other Expense, Net

Note D – Restructuring and Other Expense, Net

We consider restructuring activities to be programs whereby we fundamentally change our operations, such as divestitures, closing or consolidating facilities, employee severance (including rationalizing headcount or making other significant changes in personnel), and realignment of existing operations (including changes to management structure in response to underlying performance and/or changing market conditions).

A progression of the liabilities associated with our restructuring activities, combined with a reconciliation to the restructuring and other expense, net financial statement caption in our consolidated statement of earnings for the nine months ended February 28, 2025, is summarized below:

	Balance at							Balance at
	May 31, 2024		Expense		Payments			February 28, 2025
Early retirement and severance	$	188	$	1,407	$	(1,193	)	$	402
Other restructuring charges		-		449		(449	)		-
	$	188		1,856	$	(1,642	)	$	402
Net loss on sale of assets				95
Stock-based compensation (1)				2,665
Change in fair value of Ragasco earnout (2)				4,536
Restructuring and other expense, net			$	9,152

(1)Reflects non-cash stock-based compensation expense related to the accelerated vesting of certain outstanding equity awards held by our former CEO upon his retirement, effective November 1, 2024.

(2)Reflects the change in fair value of the contingent liability associated with the Ragasco earnout arrangement covering the 12-month period ended December 31, 2024. See “Note N – Acquisitions” for additional information.

The total liability associated with our restructuring activities as of February 28, 2025 is expected to be paid in the next 12 months.