Related Party Transactions |
12 Months Ended |
|---|---|
May 31, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions |
In connection with the Separation, we entered into several agreements with Worthington Steel that govern our ongoing relationships, including a Trademark License Agreement, both short-term and long-term Transition Services Agreements, and a Steel Supply and Services Agreement.
Pursuant to the Steel Supply and Services Agreement, Worthington Steel manufactures and supplies to us, at reasonable market rates, certain flat rolled steel products, and will provide us with certain related support services such as design, engineering/technical services, price risk management, scrap management, steel purchasing, supply chain optimization and product rework services, and other services at our request that are ancillary to the supply of the flat rolled steel products. Purchases from Worthington Steel under this agreement for fiscal 2025 and fiscal 2024 totaled $113,400 and $65,920, respectively. Accounts payable related to these purchases were $9,099 and $9,637 as of May 31, 2025 and May 31, 2024, respectively.
We incurred direct and incremental costs associated with the Separation, including approximately $31,226 and $24,048 during fiscal 2024 and 2023, respectively, of which $18,521 and $17,514 were attributed to discontinued operations. These costs consisted primarily of third-party advisory fees and certain non-recurring employee-related costs and, to the extent not attributed to Worthington Steel, are presented as a separate component of operating expense in our consolidated statements of earnings and held at the corporate level. |