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Subsequent Events
9 Months Ended
Feb. 28, 2021
Subsequent Events [Abstract]  
Subsequent Events

NOTE S – Subsequent Events

On March 12, 2021, the Company sold its Structural Composites Industries, LLC (“SCI”) facility located in Pomona, California to Luxfer Holdings PLC for total proceeds of approximately $20,000,000, subject to a closing working capital adjustment.  The divestiture includes the SCI entity and the related operating assets.  As a result of the sale, the Company will record a loss in the fourth quarter of fiscal 2021 of approximately $7,000,000, related almost entirely to the allocation of goodwill.  Other than the location being available for sale in its immediate condition, the held for sale criteria had not been met as of February 28, 2021.

 

On March 18, 2021, we entered into a seven-year operating lease for an aircraft in which we guaranteed a residual value at the termination of the lease.  The maximum obligation under the terms of the guarantee is approximately $19,800,000.