Restructuring and Other Expense (Income), Net (Tables)

9 Months Ended

Feb. 28, 2023

Restructuring and Related Activities [Abstract]

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

A progression of the liabilities associated with our restructuring activities, combined with a reconciliation to the restructuring and other expense (income), net financial statement caption, in our consolidated statement of earnings for the nine months ended February 28, 2023 is summarized below:

(in thousands)	Balance, as of May 31, 2022		Expense (Income)			Payments			Adjustments		Balance, as of February 28, 2023
Early retirement and severance	$	541	$	908		$	(1,083	)	$	-	$	366
Net gain on sale of assets				(5,466	)
Restructuring and other income, net			$	(4,558	)

•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 had been excluded from the sale of our former oil & gas equipment business in January 2021. The assets were classified in assets held for sale on the consolidated balance sheets immediately prior to the closing of the sale.

•On October 31, 2022, our consolidated steel processing joint venture, WSP, sold its remaining manufacturing facility, located in Jackson, Michigan. Net proceeds of $21,277,000 were realized in connection with the transaction, of which $2,000,000 is being held in escrow for contingent indemnification obligations associated with general representations and warranties. The transaction resulted in a pre-tax gain of $3,926,000. The assets had a net book value of $14,263,000 and were classified as assets held for sale on the consolidated balance sheet as of May 31, 2022.