OCI: The following table summarizes the tax effects of each component of OCI for the prior three fiscal years:


	2025								2024							2023
	Before- Tax			Tax			Net-of- Tax		Before- Tax		Tax			Net-of- Tax		Before- Tax			Tax			Net-of- Tax
Foreign currency translation	$	2,297		$	953		$	3,250	$	10,578	$	2		$	10,580	$	(6,774	)	$	(39	)	$	(6,813	)
Pension liability adjustment		(83	)		159			76		9,603		(2,330	)		7,273		5,915			(1,401	)		4,514
Cash flow hedges		298			(28	)		270		8,545		(2,048	)		6,497		2,585			(615	)		1,970
OCI	$	2,512		$	1,084		$	3,596	$	28,726	$	(4,376	)	$	24,350	$	1,726		$	(2,055	)	$	(329	)

AOCI: The components of the changes in AOCI at the end of the prior two fiscal years were as follows:



	Foreign			Pension			Cash
	Currency			Liability			Flow
	Translation			Adjustment			Hedges			AOCI
Balance at May 31, 2023	$	(22,123	)	$	(1,730	)	$	674		$	(23,179	)
OCI before reclassifications		1,987			419			14,721			17,127
Reclassification adjustments to income (1)(2)		8,591			9,184			(6,176	)		11,599
Income tax effect		2			(2,330	)		(2,048	)		(4,376	)
Separation of Worthington Steel		10,874			(5,984	)		(5,607	)		(717	)
Balance at May 31, 2024	$	(669	)	$	(441	)	$	1,564		$	454
OCI before reclassifications		2,297			(83	)		689			2,903
Reclassification adjustments to income (1)		-			-			(391	)		(391	)
Income tax effect		953			159			(28	)		1,084
Balance at May 31, 2025	$	2,581		$	(365	)	$	1,834		$	4,050

(1)

Cash flow hedges – disclosed in “Note Q – Derivative Instruments and Hedging Activities.”

(2)

Reflects the following pension liability adjustments:

•

The acceleration of deferred pension costs in AOCI related to separate pension lift-out transactions completed in February 2024 to transfer the pension benefit obligation under the Gerstenslager Plan to third-party insurance companies. Refer to “Note L – Employee Retirement Plans.”

•

The settlement of certain participant balances within the pension plan maintained by WAVE during fiscal 2024.

The estimated net amount of the gains recognized in AOCI at May 31, 2025, expected to be reclassified into net earnings within the succeeding twelve months is $849 (net of tax of $248). This amount was computed using the fair value of the cash flow hedges at May 31, 2025, and will change before actual reclassification from OCI to net earnings during fiscal 2026.