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Fair Value Measurements (Tables)
 12 Months Ended
May 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

At May 31, 2024, our financial assets and liabilities measured at fair value on a recurring basis were as follows:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Totals

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (1)

 

$

-

 

 

$

920

 

 

$

-

 

 

$

920

 

Total assets

 

$

-

 

 

$

920

 

 

$

-

 

 

$

920

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (1)

 

$

-

 

 

$

1,421

 

 

$

-

 

 

$

1,421

 

Total liabilities

 

$

-

 

 

$

1,421

 

 

$

-

 

 

$

1,421

 

 

 
(1)
The fair value of our derivative financial instruments was 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 R – Derivative Financial Instruments and Hedging Activities” for additional information regarding our use of derivative financial instruments.

 

At May 31, 2023, our financial assets and liabilities measured at fair value on a recurring basis were as follows:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Totals

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (1)

 

$

-

 

 

$

314

 

 

$

-

 

 

$

314

 

Total assets

 

$

-

 

 

$

314

 

 

$

-

 

 

$

314

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (1)

 

$

-

 

 

$

5,948

 

 

$

-

 

 

$

5,948

 

Total liabilities

 

$

-

 

 

$

5,948

 

 

$

-

 

 

$

5,948

 

 

 
(1)
The fair value of our derivative financial instruments was 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 R – 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 May 31, 2024, our assets measured at fair value on a non-recurring basis were categorized as follows:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Totals

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Investment in unconsolidated affiliate (1)

 

$

-

 

 

$

-

 

 

$

31,367

 

 

$

31,367

 

Investment in notes receivable (2)

 

 

-

 

 

 

5,000

 

 

 

-

 

 

 

5,000

 

Total assets

 

$

-

 

 

$

5,000

 

 

$

31,367

 

 

$

5,000

 

 

 
(1)
On May 29, 2024, in connection with the contribution of the net assets of the Sustainable Energy Solutions business to the newly-formed Sustainable Energy Solutions joint venture, we obtained a 49% minority ownership interest. In accordance with the applicable accounting guidance, our minority ownership interest in the Sustainable Energy Solutions joint venture was recorded at its acquisition date fair value of $31,367.
(2)
Reflects the write-down of an investment in notes receivable that was determined to be other than temporarily impaired.

 

At May 31, 2023, our assets measured at fair value on a non-recurring basis were categorized as follows:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Totals

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Long-lived assets held and used (1)

 

$

-

 

 

$

70

 

 

$

-

 

 

$

70

 

Total assets

 

$

-

 

 

$

70

 

 

$

-

 

 

$

70

 

 

 
(1)
Comprised of certain assets associated with a capital project at our Building Products facility in Jefferson, Ohio which were written down to their estimated salvage value of $70.