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Restructuring and Other Income, Net
9 Months Ended
Feb. 29, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Other Income, Net

Note E – Restructuring and Other Income, Net

 

The Company considers restructuring activities to be programs whereby it fundamentally change its 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).

 

During the second quarter of fiscal 2023, restructuring and other income, net 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 and a pre-tax gain of $3.9 million.

 

No material restructuring and other income, net charges were recorded outside of the item mentioned above.

 

There were no liabilities associated with restructuring activities at February 29, 2024.