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Fair Value (Tables)
 9 Months Ended
Feb. 29, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

At February 29, 2024, the Company’s 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 millions)

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Totals

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (1)

 

$

-

 

 

$

3.9

 

 

$

-

 

 

$

3.9

 

Total assets

 

$

-

 

 

$

3.9

 

 

$

-

 

 

$

3.9

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (1)

 

$

-

 

 

$

9.1

 

 

$

-

 

 

$

9.1

 

Total liabilities

 

$

-

 

 

$

9.1

 

 

$

-

 

 

$

9.1

 

 

(1)
The fair value of the Company’s 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 N – Derivative Financial Instruments and Hedging Activities” for additional information regarding the use of derivative financial instruments.

 

At May 31, 2023, the Company’s 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 millions)

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Totals

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (1)

 

$

-

 

 

$

2.3

 

 

$

-

 

 

$

2.3

 

Total assets

 

$

-

 

 

$

2.3

 

 

$

-

 

 

$

2.3

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (1)

 

$

-

 

 

$

9.8

 

 

$

-

 

 

$

9.8

 

Total liabilities

 

$

-

 

 

$

9.8

 

 

$

-

 

 

$

9.8

 

 

(1)
The fair value of the Company’s 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 N – Derivative Financial Instruments and Hedging Activities” for additional information regarding the use of derivative financial instruments.
Assets Measured at Fair Value on Non-Recurring Basis

 

At May 31, 2023, the Company’s 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 millions)

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Totals

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Long-lived assets held for sale (1)

 

$

-

 

 

$

2.6

 

 

$

-

 

 

$

2.6

 

Total assets

 

$

-

 

 

$

2.6

 

 

$

-

 

 

$

2.6

 

 

(1)
Comprised of the following: (a) idled equipment at the manufacturing facility in Taylor, Michigan; and (b) the net assets of the Company’s former WSCP toll processing facility in Cleveland, Ohio.