Restructuring and Other Income, Net (Tables)

6 Months Ended

Nov. 30, 2021

Restructuring And Related Activities [Abstract]

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

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 six months ended November 30, 2021 is summarized below:

	Balance, as of		Expense									Balance, as of
(in thousands)	May 31, 2021		(Income)			Payments			Adjustments			November 30, 2021
Early retirement and severance	$	771	$	(350	)	$	(172	)	$	(55	)	$	194
Facility exit and other costs		449		(449	)		-			-			-
	$	1,220	$	(799	)	$	(172	)	$	(55	)	$	194
Net gain on sale of assets (1)				(12,637	)
Gain on lease buyout (2)				(842	)
Restructuring and other income, net			$	(14,278	)

________________________

⁽¹⁾ The net gain on sale of assets during the six months ended November 30, 2021, resulted primarily from the June 8, 2021, sale of our WSP joint venture’s facility in Canton, Michigan.  In connection with the sale, the Company realized net cash proceeds of $19,850,000 resulting in a pre-tax gain of $12,244,000.

⁽²⁾ On September 10, 2021, the Company executed an agreement to buyout the remaining term of the operating lease at its fabricated products business in Stow, Ohio, for $1,100,000, resulting in a pre-tax gain of $842,000.  This facility was retained in connection with the divestiture of the Company’s former engineered cabs business and has not been operational since June of calendar 2020.