Restructuring and Other Income, Net

3 Months Ended

Aug. 31, 2023

Restructuring and Related Activities [Abstract]

Restructuring and Other Income, Net

Note E – Restructuring and Other Income, Net

We consider restructuring activities to be programs whereby we fundamentally change our 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).

We made severance payments associated with a prior restructuring initiative within Building Products totaling $135 during the three months ended August 31, 2023. As a result, there were no liabilities associated with our restructuring activities at August 31, 2023.

Restructuring and other income, net in the prior year quarter of $1,100 resulted primarily from the sale of the remaining real property of our former oil & gas equipment business on June 14, 2022, for net cash proceeds of $5,775.