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Restructuring and Other Income, Net (Tables)
 9 Months Ended
Feb. 28, 2022
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 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.