Restructuring and Other Expense, Net (Tables)

12 Months Ended

May 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Progression of Liabilities Associated with Restructuring Activities, Combined with Reconciliation to Restructuring and Other Expense, Net

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.


	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.