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 for the nine months ended February 28, 2022 is summarized below:

	Balance, as of		Expense									Balance, as of
(in thousands)	May 31, 2021		(Income)			Payments			Adjustments			February 28, 2022
Early retirement and severance	$	771	$	(236	)	$	(164	)	$	(58	)	$	313
Facility exit and other costs		449		(449	)		-			-			-
	$	1,220	$	(685	)	$	(164	)	$	(58	)	$	313
Net gain on sale of assets ⁽¹⁾⁽²⁾				(13,240	)
Gain on lease buyout ⁽³⁾				(857	)
Restructuring and other income, net			$	(14,782	)

⁽¹⁾On June 9, 2021, the Company’s consolidated joint venture, WSP, sold the remaining assets of its Canton, Michigan, facility for net cash proceeds of $19,850,000, resulting in a pre-tax gain of $12,244,000. Net assets previously classified as held for sale were $7,606,000.

⁽²⁾During the current fiscal year, the Company sold real property in Wooster and Bremen, Ohio, for net cash proceeds of $8,723,000, resulting in pre-tax gains of $860,000. These assets were excluded from the sale of the Company’s former oil & gas equipment business in January 2021. The combined net book value classified as assets held for sale immediately prior to closing was $7,863,000.

⁽³⁾On September 10, 2021, the Company executed an agreement to buy out 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 $857,000. This facility was retained in connection with the divestiture of the Company’s former engineered cabs business and had not been operational since June 2020.

The total liability associated with our restructuring activities as of February 28, 2022 is expected to be paid in the next twelve months.