XML 28 R112.htm IDEA: XBRL DOCUMENT v2.4.0.6
Assets Measured at Fair Value on Non-recurring Basis (Parenthetical) (Detail) (USD $)
12 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 3 Months Ended 1 Months Ended 3 Months Ended 1 Months Ended 3 Months Ended
May 31, 2012
May 31, 2011
May 31, 2010
May 31, 2012
Long-lived assets held and used
May 31, 2011
Long-lived assets held and used
May 31, 2011
Long-lived assets held for sale
May 31, 2012
Global Group
May 31, 2012
Global Group
Long-lived assets held and used
May 31, 2011
Metal Framing
May 31, 2011
Metal Framing
Long-lived assets held and used
May 31, 2011
Metal Framing
Long-lived assets held for sale
May 31, 2011
Commercial Stairs
May 31, 2011
Commercial Stairs
Long-lived assets held and used
May 31, 2011
Steel Packaging
May 31, 2011
Steel Packaging
Long-lived assets held and used
May 31, 2011
Metal Framing Facility
Long-lived assets held for sale
Mar. 02, 2011
MISA Metals, Inc
May 31, 2011
MISA Metals, Inc
Long-lived assets held for sale
Mar. 02, 2011
Joint Venture Transactions
ClarkDietrich
May 31, 2011
Joint Venture Transactions
ClarkDietrich
May 09, 2011
Joint Venture Transactions
ArtiFlex
May 31, 2011
Joint Venture Transactions
ArtiFlex
May 31, 2011
Joint Venture Transactions
Long-lived assets held and used
ArtiFlex
Fair Value [Line Items]                                              
Asset measured at fair value on nonrecurring basis $ 225,000 $ 123,743,000   $ 225,000 [1] $ 27,408,000 [2] $ 9,681,000 [3]   $ 225,000   $ 21,125,000 $ 3,797,000   $ 400,000   $ 500,000 $ 3,797,000             $ 9,180,000
Impairment of long-lived assets 355,000 4,386,000 35,409,000       355,000   18,293,000     2,473,000   1,913,000         18,293,000 18,293,000 6,414,000 6,414,000  
Percent of interest by unconsolidated affiliates                                     25.00%   50.00%    
Interest recorded at acquisition-date fair value                                     58,250,000   28,404,000    
Business acquisition, asset acquired                                 $ 88,777,000 $ 5,884,000          
[1] During the fourth quarter of fiscal 2012, due largely to changes in the intended use of certain long-lived assets within our Global Group operating segment, we determined indicators of impairment were present. 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 was less than the net book value of the asset group. The net book value was also determined to be in excess of fair value and, accordingly, the asset group was written down to its fair value of $225,000, resulting in an impairment charge of $355,000. This impairment loss was recorded within impairment of long-lived assets in our consolidated statement of earnings. Fair value was determined based on market prices for similar assets.
[2] During the fourth quarter of fiscal 2011, due largely to changes in the intended use of certain long-lived within our Metal Framing operating segment, we determined indicators of impairment were present. Recoverability of the identified assets was tested using future cash flow projections based on management's estimate of market conditions. The sum of these undiscounted future cash flows was less than the net book value of the asset group. The net book value was also determined to be in excess of fair value and, accordingly, the asset group was written down to its fair value of $21,125,000, resulting in an impairment charge of $18,293,000. This impairment charge was recognized within the joint venture transactions line in our consolidated statement of earnings to correspond with amounts previously recognized in connection with the formation of ClarkDietrich. Fair value was determined based on market prices for similar assets. Certain assets retained subsequently met the criteria for classification as assets held for sale. In accordance with the applicable accounting guidance, the net assets of these facilities were presented separately as assets held for sale in our consolidated balance sheet as of May 31, 2011. As the related assets had previously been written down to their fair value of $3,797,000, no additional impairment charges were recognized. The results of these facilities continued to be reported within operating income as they did not qualify for classification as a discontinued operation. During the fourth quarter of fiscal 2011, due largely to changes in the intended use of certain long-lived assets within our former Automotive Body Panels operating segment, we determined indicators of impairment were present. 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 was less than the net book value of the asset group. The net book value was also determined to be in excess of fair value and, accordingly, the asset group was written down to its fair value of $9,180,000, resulting in an impairment charge of $6,414,000. This impairment charge was recognized within the joint venture transactions line in our consolidated statement of earnings to correspond with amounts previously recognized in connection with the formation of ArtiFlex. Fair value was determined based on market prices for similar assets. During the fourth quarter of fiscal 2011, due largely to changes in the intended use of certain long-lived assets within our Commercial Stairs business unit, we determined indicators of impairment were present. 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 was less than the net book value of the asset group. The net book value was also determined to be in excess of fair value and, accordingly, the asset group was written down to its fair value of $400,000, resulting in an impairment charge of $2,473,000. This impairment loss was recorded within impairment of long-lived assets in our consolidated statement of earnings. Fair value was determined based on market prices for similar assets. During the fourth quarter of fiscal 2011, due largely to changes in the intended use of certain long-lived assets within our Steel Packaging operating segment, we determined indicators of impairment were present. 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 was less than the net book value of the asset group. The net book value was also determined to be in excess of fair value and, accordingly, the asset group was written down to its fair value of $500,000, resulting in an impairment charge of $1,913,000. This impairment loss was recorded within impairment of long-lived assets in our consolidated statement of earnings. Fair value was determined based on market prices for similar assets.
[3] During the fourth quarter of fiscal 2011, we committed to plans to sell certain steel processing assets acquired in connection with the MMI acquisition, thereby meeting the criteria for classification as assets held for sale. In accordance with the applicable accounting guidance, these assets were presented separately as assets held for sale in our consolidated balance sheet as of May 31, 2011. As the acquired assets were recorded at their acquisition-date fair value of $5,884,000, no impairment charges were recognized. Fair value was determined based on market prices for similar assets. The results of these facilities continued to be reported within operating income as they did not qualify for classification as a discontinued operation. During the fourth quarter of fiscal 2011, the assets of certain of the retained metal framing facilities met the criteria for classification as assets held for sale. In accordance with the applicable accounting guidance, the net assets of these facilities are presented separately as assets held for sale in our consolidated balance sheet as of May 31, 2011. As the related assets had previously been written down to their fair value of $3,797,000, no additional impairment charges were recognized. Fair value was determined based on market prices for similar assets.