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Impairment of Long-Lived Assets
3 Months Ended
Aug. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]  
Impairment of Long-Lived Assets

NOTE E – Impairment of Long-Lived Assets

Fiscal 2020:  During the first quarter of fiscal 2020, the Company committed to plans to sell substantially all of the net assets of its Engineered Cabs business with the exception of the fabricated products facility in Stow, Ohio, and the steel packaging facility in Greensburg, Indiana.  As the disposal group met the criteria for classification as assets held for sale as of August 31, 2019, the net assets have been presented separately as assets held for sale in our consolidated balance sheet.  In accordance with the applicable accounting guidance, the net assets were recorded at the lower of net book value or fair value less costs to sell.  The book value of the disposal group exceeded its estimated fair market value of $12,860,000 (determined using Level 2 inputs), resulting in an impairment charge of $35,194,000 during the three months ended August 31, 2019.  Included in the impairment charge is lease ROU assets with a net book value of $905,000 that were deemed fully impaired and written off.  The Company also identified an impairment indicator for the long-lived assets of the fabricated products business as the planned sale will have an adverse impact on the manner and extent in which these assets are used.  As a result, fixed assets with a net book value of $1,469,000 and lease ROU assets with a net book value of $3,938,000 were deemed to be fully impaired and written off.      

Fiscal 2019:  During the first quarter of fiscal 2019, changes in the facts and circumstances related to the planned sale of our cryogenics business in Turkey, Worthington Aritas, resulted in our lowering the estimate of fair value less cost to sell to $7,000,000 which generated an impairment charge of $2,381,000.  Fair value was determined using observable (Level 2) inputs.