Fair Value (Tables)

6 Months Ended

Nov. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

At November 30, 2024, our assets and liabilities measured at fair value on a recurring basis were as follows:

	(Level 1)		(Level 2)		(Level 3)		Totals
Assets (1)
Derivative financial instruments	$	-	$	877	$	-	$	877
Total assets	$	-	$	877	$	-	$	877
Liabilities (1)
Derivative financial instruments	$	-	$	778	$	-	$	778
Total liabilities	$	-	$	778	$	-	$	778

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

	(Level 1)		(Level 2)		(Level 3)		Totals
Assets (1)
Derivative financial instruments	$	-	$	920	$	-	$	920
Total assets	$	-	$	920	$	-	$	920
Liabilities (1)
Derivative financial instruments	$	-	$	1,421	$	-	$	1,421
Total liabilities	$	-	$	1,421	$	-	$	1,421

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(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 O – 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 as follows:

	(Level 1)		(Level 2)		(Level 3)		Totals
Assets
Investment in note receivable (1)	$	-	$	5,000	$	-	$	5,000
Investment in unconsolidated affiliate (2)		-		-		31,367		31,367
Total assets	$	-	$	5,000	$	31,367	$	36,367

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(1)Reflects the write-down of an investment in notes receivable that was determined to be other than temporarily impaired.

(2)On May 29, 2024, in connection with the contribution of the net assets of our former Sustainable Energy Solutions operating segment to the newly-formed Sustainable Energy Solutions joint venture, we obtained a 49% minority ownership interest in the joint venture. 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.