Restructuring and Other Income, Net

3 Months Ended

Aug. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring and Other Income, Net

Note F – Restructuring and Other Income, Net

We consider restructuring activities to be programs whereby we fundamentally change our operations, such as closing and consolidating manufacturing facilities or moving manufacturing of a product to another location. Restructuring activities may also involve substantial realignment of the management structure of a business unit in response to changing market conditions.

A progression of the liabilities associated with our restructuring activities, combined with a reconciliation to the restructuring and other income, net financial statement caption, in our consolidated statement of earnings for the three months ended August 31, 2022 is summarized below:

	Balance, as of										Balance, as of
(in thousands)	May 31, 2022		Income			Payments			Adjustments		August 31, 2022
Early retirement and severance	$	541	$	77		$	(422	)	$	-	$	196
Facility exit and other costs		-		-			-			-		-
	$	541	$	77		$	(422	)	$	-	$	196
Net gain on sale of assets (1)				(1,177	)
Restructuring and other income, net			$	(1,100	)

(1)On June 14, 2022, we sold real property in Tulsa, Oklahoma, for net cash proceeds of $5,775,000, resulting in a pre-tax gain of $1,177,000. These assets were excluded from the sale of our former oil & gas equipment business in January 2021. The net book value classified as assets held for sale immediately prior to closing was $4,598,000.

The total liability associated with our restructuring activities as of August 31, 2022 is expected to be paid in the next twelve months.