Restructuring and Other (Income) Expense, Net

3 Months Ended

Aug. 31, 2026

Restructuring and Related Activities [Abstract]

Restructuring and Other (Income) Expense, Net

Note 5 – Restructuring and Other (Income) Expense, 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 liabilities associated with restructuring activities, together with a reconciliation to restructuring and other (income) expense, net, financial statement caption in the Company’s consolidated statements of earnings as of the dates presented, is summarized below:


	Balance, as of													Balance, as of
	May 31,		Acquisition		Expense									August 31,
(In millions)	2026		Activity		(Income)			Payments			Adjustments			2026
Early retirement and severance	$	0.4	$	3.2	$	0.5		$	(2.2	)	$	(0.1	)	$	1.8
Facility exit and other costs		-		-		0.8			(0.8	)		-			-
	$	0.4	$	3.2	$	1.3		$	(3.0	)	$	(0.1	)	$	1.8
Net gain on sale of assets						(4.9	)
Restructuring and other (income) expense, net					$	(3.6	)

During the three months ended August 31, 2026, the following actions were taken related to our restructuring activities:

•

The Company acquired a controlling interest in Kloeckner during the first quarter of fiscal 2027, which included pre-existing restructuring and other related activities. During the first quarter of fiscal 2027, restructuring and other related activities at Kloeckner included a net gain on the sale of certain assets associated with the closure of the Shreveport, Louisiana and Frenkendorf, Switzerland facilities, as well as employee-related costs and consulting and other professional fees associated with corporate restructuring activities. The $1.3 million of costs recognized relate to the costs incurred after the Kloeckner Acquisition, and the Company does not expect to incur additional material restructuring costs related to these activities.

•

The Company made early retirement and severance payments of $0.1 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 related to the VRP.

•

During the first quarter of fiscal 2027, the Company made the final severance payments associated with its previously announced plans to consolidate WSCP's remaining Cleveland, Ohio toll processing manufacturing facility into WSCP's existing manufacturing facility in Twinsburg, Ohio. No further material costs are expected in connection with these activities.


	Balance, as of										Balance, as of
	May 31,		Expense								August 31,
(In millions)	2025		(Income)			Payments			Adjustments		2025
Early retirement and severance	$	2.1	$	-		$	(0.8	)	$	-	$	1.3
Net gain on sale of assets				(1.0	)
Restructuring and other (income) expense, net			$	(1.0	)

During the three months ended August 31, 2025, the following actions were taken related to our restructuring activities:

•

The Company made early retirement and severance payments of $0.4 million associated with the TWB VRP during the first quarter of fiscal 2026.

•

The Company made severance payments of $0.4 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 Company expects substantially all of the remaining restructuring liability as of August 31, 2026, to be paid in the next 12 months.