XML 43 R16.htm IDEA: XBRL DOCUMENT
v3.25.2

Restructuring and Other Expense, Net | 12 Months Ended
--- | ---
May 31, 2025
Restructuring and Related Activities [Abstract] |
Restructuring and Other Expense, Net | Note E – Restructuring and Other Expense (Income), Net Restructuring activities consist of established programs that are intended to fundamentally change our operations. Our restructuring programs may include closing or consolidating production facilities or moving manufacturing of a product to another location, realignment of the management structure of a business unit in response to changing market conditions or general rationalization of headcount. Our restructuring activities generally give rise to employee-related costs, such as severance pay, and facility-related costs, such as exit costs and gains or losses on asset disposals but may include other incremental operating items associated with the our ongoing businesses that are nonrecurring in nature but incremental to our normal business activities. These items are not part of the ongoing operations of our underlying business and are footnoted in the tables below. 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 fiscal 2025, is summarized below:
|  | Beginning |  |  |  |  |  |  |  |  | Ending |
|  | Balance |  |  | Expense |  |  | Payments |  |  | Balance |
Early retirement and severance |  | $ | 188 |  |  | $ | 1,993 |  |  | $ | (1,596 | ) |  | $ | 585 |
Other restructuring charges |  |  | - |  |  |  | 1,235 |  |  |  | (1,135 | ) |  |  | 100 |
|  | $ | 188 |  |  | $ | 3,228 |  |  | $ | (2,731 | ) |  | $ | 685 |
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 |  |  |  |  | $ | 10,524 |  |  |  |  |  |  |
(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 P – Acquisitions” for additional information. The total liability as of May 31, 2025 is expected to be paid in the immediately following twelve months. 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 fiscal 2024, is summarized below:
|  | Beginning |  |  | Expense |  |  |  |  |  | Ending |
|  | Balance |  |  | (Income) |  |  | Payments |  |  | Balance |
Early retirement and severance |  | $ | 135 |  |  | $ | 714 |  |  | $ | (661 | ) |  | $ | 188 |
Facility exit and other costs |  |  | - |  |  |  | 111 |  |  |  | (111 | ) |  |  | - |
|  | $ | 135 |  |  | $ | 825 |  |  | $ | (772 | ) |  | $ | 188 |
Loss on deconsolidation of Sustainable Energy Solutions (1) |  |  |  |  |  | 30,502 |  |  |  |  |  |  |
Release of contingent liability for Level5 earnout (2) |  |  |  |  |  | (2,000 | ) |  |  |  |  |  |
Restructuring and other expense, net |  |  |  |  | $ | 29,327 |  |  |  |  |  |  |
(1) On May 29, 2024, we entered into an agreement with Hexagon and contributed the net assets of our Sustainable Energy Solutions business to a newly-formed joint venture in which we retained a 49% noncontrolling interest. As a result, we recognized a pre-tax loss of $30,502 within restructuring and other expense, net, including closing costs. (2) During fiscal 2024, we reversed amounts accrued for the anticipated payout under the final earnout opportunity associated with the Level5 acquisition.

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration