Fair Value (Tables)

9 Months Ended

Feb. 28, 2022

Fair Value Disclosures [Abstract]

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

At February 28, 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 instruments (1)	$	-	$	7,354	$	-	$	7,354
Total assets	$	-	$	7,354	$	-	$	7,354
Liabilities
Derivative instruments (1)	$	-	$	23,954	$	-	$	23,954
Total liabilities	$	-	$	23,954	$	-	$	23,954

At May 31, 2021, 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 instruments (1)	$	-	$	78,148	$	-	$	78,148
Total assets	$	-	$	78,148	$	-	$	78,148
Liabilities
Derivative instruments (1)	$	-	$	15,197	$	-	$	15,197
Total liabilities	$	-	$	15,197	$	-	$	15,197

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

Assets Measured at Fair Value on Non-Recurring Basis

At February 28, 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 Twinsburg, Ohio facility with an estimated fair market value of $700,000.  Refer to “NOTE F – Goodwill and Long-Lived Assets” for additional information.  

At May 31, 2021, 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 (2)	$	-	$	400	$	-	$	400
Total assets	$	-	$	400	$	-	$	400

⁽²⁾ Comprised of our alternative fuel cylinders assets at the Jefferson, Ohio facility with an estimated fair market value of $400,000.  Refer to “NOTE F – Goodwill and Long-Lived Assets” for additional information.