Restructuring and Other Income, Net

6 Months Ended

Nov. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring and Other Income, Net

Note E – Restructuring and Other Income, 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 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).

Restructuring and other income, net in the second quarter of fiscal 2023 of $4.3 million resulted primarily from the sale of the remaining net assets of WSP on October 31, 2022. The sale resulted in net cash proceeds of $20.8 million which resulted in a pre-tax gain of $3.9 million.

There were no liabilities associated with our restructuring activities at November 30, 2023.