Restructuring and Other (Income), Net

6 Months Ended

Nov. 30, 2025

Restructuring and Related Activities [Abstract]

Restructuring and Other (Income), Net

Note 4 – Restructuring and Other (Income), Net

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

A progression of the liabilities associated with the restructuring activities, combined with a reconciliation to the restructuring and other (income), net financial statement caption in the Company’s consolidated statement of earnings as of the dates presented, is summarized below:

	Balance, as of		Expense								Balance, as of
(In millions)	May 31, 2025		(Income)			Payments			Adjustments		November 30, 2025
Early retirement and severance	$	2.1	$	-		$	(1.2	)	$	-	$	0.9
Net gain on sale of assets				(1.0	)
Restructuring and other (income), net			$	(1.0	)

During the six months ended November 30, 2025, the following actions were taken related to our restructuring activities:

•The Company made early retirement and severance payments of $0.7 million associated with a TWB voluntary retirement program (“VRP”). Under the terms of the VRP, eligible TWB employees in the U.S. who chose to participate in the program were offered severance based on their years of service. The VRP was closed to employee acceptance during the fourth quarter of fiscal 2025. The Company does not expect to incur additional material severance expenses in fiscal 2026 or beyond due to these announced plans.

•The Company made severance payments of $0.5 million associated with its announced plans to consolidate WSCP’s remaining Cleveland, Ohio toll processing manufacturing facility into WSCP’s existing manufacturing facility in Twinsburg, Ohio. The Company does not expect to incur additional material severance expenses in fiscal 2026 or beyond due to these announced plans. During the first quarter of fiscal 2026, the Company sold machinery and equipment with a net book value of $0.3 million that was reported within assets held for sale for net cash proceeds of $1.3 million, resulting in a pre-tax gain of $1.0 million.

The total liability as of November 30, 2025, is expected to be paid in the next 12 months.