Restructuring and Other Expense (Income), net

3 Months Ended

Aug. 31, 2018

Restructuring And Related Activities [Abstract]

Restructuring and Other Expense (Income), Net

NOTE E – Restructuring and Other Expense (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 is summarized below for the period presented:

	Balance, as of		Expense								Balance, as of
(in thousands)	May 31, 2018		(income)			Payments			Adjustments		August 31, 2018
Early retirement and severance	$	1,116	$	904		$	(658	)	$	2	$	1,364
Facility exit and other costs		-		122			-			10		132
	$	1,116		1,026		$	(658	)	$	12	$	1,496
Net gain on sale of assets				(1,962	)
Restructuring and other income, net			$	(936	)

Severance and facility exit costs in the table above resulted primarily from activities related to the ongoing consolidation of the Company’s industrial gas operations in Portugal following the acquisition of AMTROL in the prior year.  During the three months ended August 31, 2018, the Company also completed the sale of two oil & gas manufacturing facilities resulting in a net gain of $1,962,000.  The total liability associated with our restructuring activities as of August 31, 2018 is expected to be paid in the next twelve months.