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Fair Value (Tables)
 9 Months Ended
Feb. 28, 2023
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

At February 28, 2023, our assets and liabilities measured at fair value on a recurring basis were as follows:

 

 

 

 

 

 

Significant

 

 

 

 

 

 

 

 

 

Quoted Prices

 

 

Other

 

 

Significant

 

 

 

 

 

 

in Active

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

Markets

 

 

Inputs

 

 

Inputs

 

 

 

 

(in thousands)

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Totals

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (1)

 

$

-

 

 

$

33,490

 

 

$

-

 

 

$

33,490

 

Total assets

 

$

-

 

 

$

33,490

 

 

$

-

 

 

$

33,490

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (1)

 

$

-

 

 

$

22,628

 

 

$

-

 

 

$

22,628

 

Total liabilities

 

$

-

 

 

$

22,628

 

 

$

-

 

 

$

22,628

 

 

(1)
The fair value of our derivative financial instruments is based on the present value of the expected future cash flows considering the risks involved, including non-performance risk, and using discount rates appropriate for the respective maturities. Market observable, Level 2 inputs are used to determine the present value of the expected future cash flows. Refer to “Note Q – Derivative Financial Instruments and Hedging Activities” for additional information regarding our use of derivative financial instruments.

 

At May 31, 2022, our assets and liabilities measured at fair value on a recurring basis were as follows:

 

 

 

 

 

 

Significant

 

 

 

 

 

 

 

 

 

Quoted Prices

 

 

Other

 

 

Significant

 

 

 

 

 

 

in Active

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

Markets

 

 

Inputs

 

 

Inputs

 

 

 

 

(in thousands)

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Totals

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (1)

 

$

-

 

 

$

12,643

 

 

$

-

 

 

$

12,643

 

Total assets

 

$

-

 

 

$

12,643

 

 

$

-

 

 

$

12,643

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (1)

 

$

-

 

 

$

9,003

 

 

$

-

 

 

$

9,003

 

Total liabilities

 

$

-

 

 

$

9,003

 

 

$

-

 

 

$

9,003

 

 

(1)
The fair value of our derivative financial instruments is based on the present value of the expected future cash flows considering the risks involved, including non-performance risk, and using discount rates appropriate for the respective maturities. Market observable, Level 2 inputs are used to determine the present value of the expected future cash flows. Refer to “Note Q – Derivative Financial Instruments and Hedging Activities” for additional information regarding our use of derivative financial instruments.
Assets Measured at Fair Value on Non-Recurring Basis

At February 28, 2023, our assets measured at fair value on a non-recurring basis were as follows:

 

 

 

 

 

 

Significant

 

 

 

 

 

 

 

 

 

Quoted Prices

 

 

Other

 

 

Significant

 

 

 

 

 

 

in Active

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

Markets

 

 

Inputs

 

 

Inputs

 

 

 

 

(in thousands)

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Totals

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Long-lived assets held and used (1)

 

$

-

 

 

$

70

 

 

$

-

 

 

$

70

 

Total assets

 

$

-

 

 

$

70

 

 

$

-

 

 

$

70

 

 

(1)
During the three months ended February 28, 2023, we recognized a pre-tax impairment charge of $484,000 related to certain assets associated with a capital project at our Building Products facility in Jefferson, Ohio, that were determined to have no alternative use and written down to their estimated salvage value of approximately $70,000.

 

At May 31, 2022, our assets measured at fair value on a non-recurring basis were as follows:

 

 

 

 

 

 

Significant

 

 

 

 

 

 

 

 

 

Quoted Prices

 

 

Other

 

 

Significant

 

 

 

 

 

 

in Active

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

Markets

 

 

Inputs

 

 

Inputs

 

 

 

 

(in thousands)

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Totals

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Long-lived assets held for sale (1)

 

$

-

 

 

$

700

 

 

$

-

 

 

$

700

 

Total assets

 

$

-

 

 

$

700

 

 

$

-

 

 

$

700

 

 

(1)
Comprised of production equipment at our Samuel facility in Twinsburg, Ohio facility with an estimated fair market value of $700,000. Refer to “Note E – Impairment of Long-Lived Assets” for additional information.