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Restructuring and Other (Income) Expense, Net | 12 Months Ended
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May 31, 2023
Restructuring and Related Activities [Abstract] |
Restructuring and Other (Income) Expense, Net | Note F – Restructuring and Other (Income) Expense, 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 for fiscal 2023, is summarized below:
|  | Beginning |  |  | Expense |  |  |  |  |  |  |  |  | Ending |
(In thousands) |  | Balance |  |  | (Income) |  |  | Payments |  |  | Adjustments |  |  | Balance |
Early retirement and severance |  | $ | 541 |  |  | $ | 895 |  |  | $ | (1,301 | ) |  | $ | - |  |  | $ | 135 |
Net gain on sale of assets |  |  |  |  |  | (5,466 | ) |  |  |  |  |  |  |  |  |
Restructuring and other income, net |  |  |  |  | $ | (4,571 | ) |  |  |  |  |  |  |  |  |
During fiscal 2023, the following actions were taken related to our restructuring activities: • On June 14, 2022, we sold real property in Tulsa, Oklahoma, for net cash proceeds of $5,775, resulting in a pre-tax gain of $1,177. These assets had been excluded from the sale of our former oil & gas equipment business in January 2021. The assets were classified as assets held for sale on our consolidated balance sheets immediately prior to the closing of the sale. • On October 31, 2022, our consolidated steel processing joint venture, WSP, sold its remaining manufacturing facility, located in Jackson, Michigan. Net cash proceeds of $21,277 were realized in connection with the transaction, of which $2,000 is being held in escrow for contingent indemnification obligations associated with general representations and warranties. The transaction resulted in a pre-tax gain of $3,926. The assets had a net book value of $14,263 and were classified as assets held for sale on our consolidated balance sheet as of May 31, 2022. The total liability as of May 31, 2023 is expected to be paid in the immediately following twelve months. 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 fiscal 2022, is summarized below:
|  | Beginning |  |  | Expense |  |  |  |  |  |  |  |  | Ending |
(In thousands) |  | Balance |  |  | (Income) |  |  | Payments |  |  | Adjustments |  |  | Balance |
Early retirement and severance |  | $ | 771 |  |  | $ | 4 |  |  | $ | (368 | ) |  | $ | 134 |  |  | $ | 541 |
Facility exit and other costs |  |  | 449 |  |  |  | (449 | ) |  |  | - |  |  |  | - |  |  |  | - |
|  | $ | 1,220 |  |  |  | (445 | ) |  | $ | (368 | ) |  | $ | 134 |  |  | $ | 541 |
Net gain on sale of assets |  |  |  |  |  | (15,794 | ) |  |  |  |  |  |  |  |  |
Gain on lease buyout |  |  |  |  |  | (857 | ) |  |  |  |  |  |  |  |  |
Restructuring and other income, net |  |  |  |  | $ | (17,096 | ) |  |  |  |  |  |  |  |  |
During fiscal 2022, the following actions were taken related to our restructuring activities: • On June 9, 2021, our consolidated joint venture, WSP, sold the remaining assets of its Canton, Michigan, facility with a net book value of $7,606 for net cash proceeds of $19,850, resulting in a pre-tax gain of $12,244. • During fiscal 2022, we sold real property in Wooster, Ohio and Bremen, Ohio, for combined net cash proceeds of $8,723, resulting in aggregate pre-tax gains of $860. These assets were excluded from the sale of our 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. • We completed our exit of the Decatur, Alabama Steel Processing facility and sold the remaining fixed assets with a net book value of $1,366 for net cash proceeds of $4,000 resulting in a pre-tax gain of $2,634. • On September 10, 2021, we executed an agreement to buy out the remaining term of the operating lease at our fabricated products facility in Stow, Ohio, for $1,100, resulting in a pre-tax gain of $857. This facility was retained in connection with the divestiture of our former Engineered Cabs business and had not been operational since June 2020. All of the other assets of our former Engineered Cabs business that were retained were sold or otherwise written-off prior to fiscal 2022.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -URI https://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI https://asc.fasb.org/topic&trid=2175745 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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