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Fair Value (Tables)
 3 Months Ended
Aug. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

At August 31, 2025, the Company’s assets and liabilities measured at fair value on a recurring basis were as follows:

 

(In millions)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Totals

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (1)

 

$

-

 

 

$

2.5

 

 

$

-

 

 

$

2.5

 

Total assets

 

$

-

 

 

$

2.5

 

 

$

-

 

 

$

2.5

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (1)

 

$

-

 

 

$

2.5

 

 

$

-

 

 

$

2.5

 

Total liabilities

 

$

-

 

 

$

2.5

 

 

$

-

 

 

$

2.5

 

 

 

 
(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 13 – Derivative Financial Instruments and Hedging Activities” for additional information regarding the use of derivative financial instruments.

 

At May 31, 2025, the Company’s assets and liabilities measured at fair value on a recurring basis were as follows:

 

(In millions)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Totals

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (1)

 

$

-

 

 

$

5.6

 

 

$

-

 

 

$

5.6

 

Total assets

 

$

-

 

 

$

5.6

 

 

$

-

 

 

$

5.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (1)

 

$

-

 

 

$

3.7

 

 

$

-

 

 

$

3.7

 

Total liabilities

 

$

-

 

 

$

3.7

 

 

$

-

 

 

$

3.7

 

 

 
(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 13 – 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 August 31, 2025, the Company’s assets measured at fair value on a non-recurring basis were as follows:

 

(In millions)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Totals

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Long-lived assets held for sale (1)

 

$

-

 

 

$

-

 

 

$

10.1

 

 

$

10.1

 

Total assets

 

$

-

 

 

$

-

 

 

$

10.1

 

 

$

10.1

 

 

 
(1)
Comprised of the remaining idled assets at WSCP’s Cleveland, Ohio toll processing manufacturing facility. During the first quarter of fiscal 2026, the Company sold machinery and equipment with a net book value of $0.3 million that was reported within assets held for sale for net cash proceeds of $1.3 million, resulting in a pre-tax gain of $1.0 million. Refer to “Note 4– Restructuring and Other (Income), net” for additional information.

 

At May 31, 2025, the Company’s assets measured at fair value on a non-recurring basis were as follows:

 

(In millions)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Totals

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Long-lived assets held for sale (1)

 

$

-

 

 

$

-

 

 

$

10.4

 

 

$

10.4

 

Total assets

 

$

-

 

 

$

-

 

 

$

10.4

 

 

$

10.4

 

 

 
(1)
During the third quarter of fiscal 2025, the Company announced plans to combine WSCP’s Cleveland, Ohio toll processing manufacturing facility into its existing manufacturing facility in Twinsburg, Ohio. At that time, the Company determined there was no impairment related to finance lease assets along with certain other fixed assets encumbered to the land and building of the finance lease assets. Certain machinery and equipment fixed assets and other long-lived assets were written down to their estimated fair value of $1.3 million based on estimated replacement costs and/or prices for similar assets. During the fourth quarter of fiscal 2025, the Company transferred the remaining $10.4 million to assets held for sale, which represented the remaining net assets prior to the held for sale criteria being met. The assets held for sale are expected to be disposed of primarily by sales within the next twelve months.
Summary of Carrying Value and Estimated Fair Value of Outstanding Debt, Excluding Credit Facility

The following table provides a summary of the carrying value and estimated fair value of the Company’s outstanding debt, excluding the Credit Facility, reported on the balance sheets within total liabilities as of the dates presented:

 

 

 

August 31,

 

 

May 31,

 

(In millions)

 

2025

 

 

2025

 

Carrying Value

 

$

73.4

 

 

$

2.3

 

Fair Value, estimated (1)

 

 

73.8

 

 

 

2.8

 

 

 
(1)
The estimated fair value of long-term debt, including current maturities, was calculated based upon models utilizing market observable (Level 2) inputs and credit risk. For long-term variable rate debt, the carrying amount approximates fair value as the variable rates reset frequently at market rates. For the current maturities of long-term debt for fixed rate debt, the carrying amount approximates fair value due to its short-term nature.