Impairment of Long-Lived Assets	9 Months Ended
Feb. 28, 2013
Impairment of Long-Lived Assets	NOTE C – Impairment of Long-Lived Assets We review the carrying value of our long-lived assets, including intangible assets with finite useful lives, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be recoverable. During the third quarter of fiscal 2013, we determined that certain indicators of impairment were present with regard to our consolidated joint venture in India, WNCL. Recoverability of the identified asset group was tested using future cash flow projections based on management’s long range estimates of market conditions. The sum of these undiscounted future cash flows exceeded the $7,488,000 net book value of the asset group and therefore no impairment charges were recognized. Nonetheless, it is reasonably possible that the estimate of undiscounted future cash flows may change in the near term resulting in the need to write down this asset group to fair value. During the first quarter of fiscal 2013, our Pressure Cylinders operations in Czech Republic met the applicable criteria for classification as assets held for sale. The net book value of this asset group was determined to be in excess of fair value, and, as a result, this asset group was written down to its fair value less cost to sell, or $6,934,000, resulting in an impairment charge of $1,570,000. On October 31, 2012, we completed the sale of this asset group to an unrelated third party resulting in a gain of approximately $50,000. The combined impact of these items of $1,520,000 is presented within the impairment of long-lived assets financial statement caption in our consolidated statement of earnings for the nine months ended February 28, 2013.

NOTE C – Impairment of Long-Lived Assets

We review the carrying value of our long-lived assets, including intangible assets with finite useful lives, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be recoverable. During the third quarter of fiscal 2013, we determined that certain indicators of impairment were present with regard to our consolidated joint venture in India, WNCL. Recoverability of the identified asset group was tested using future cash flow projections based on management’s long range estimates of market conditions. The sum of these undiscounted future cash flows exceeded the $7,488,000 net book value of the asset group and therefore no impairment charges were recognized. Nonetheless, it is reasonably possible that the estimate of undiscounted future cash flows may change in the near term resulting in the need to write down this asset group to fair value.

During the first quarter of fiscal 2013, our Pressure Cylinders operations in Czech Republic met the applicable criteria for classification as assets held for sale. The net book value of this asset group was determined to be in excess of fair value, and, as a result, this asset group was written down to its fair value less cost to sell, or $6,934,000, resulting in an impairment charge of $1,570,000. On October 31, 2012, we completed the sale of this asset group to an unrelated third party resulting in a gain of approximately $50,000. The combined impact of these items of $1,520,000 is presented within the impairment of long-lived assets financial statement caption in our consolidated statement of earnings for the nine months ended February 28, 2013.