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Fair Value Measurements (Tables) | 12 Months Ended
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May 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | At May 31, 2023, our financial assets and liabilities measured at fair value on a recurring basis were as follows:
|  | Quoted |  |  | Significant |  |  |  |  |  |  |
|  | Prices |  |  | Other |  |  | Significant |  |  |  |
|  | in Active |  |  | Observable |  |  | Unobservable |  |  |  |
|  | Markets |  |  | Inputs |  |  | Inputs |  |  |  |
(In thousands) |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Totals |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments (1) |  | $ | - |  |  | $ | 2,610 |  |  | $ | - |  |  | $ | 2,610 |
Total assets |  | $ | - |  |  | $ | 2,610 |  |  | $ | - |  |  | $ | 2,610 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments (1) |  | $ | - |  |  | $ | 15,800 |  |  | $ | - |  |  | $ | 15,800 |
Total liabilities |  | $ | - |  |  | $ | 15,800 |  |  | $ | - |  |  | $ | 15,800 |
(1) The fair value of our derivative financial instruments was 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 Financial Instruments and Hedging Activities” for additional information regarding our use of derivative financial instruments. At May 31, 2022, our financial assets and liabilities measured at fair value on a recurring basis were as follows:
|  | Quoted |  |  | Significant |  |  |  |  |  |  |
|  | Prices |  |  | Other |  |  | Significant |  |  |  |
|  | in Active |  |  | Observable |  |  | Unobservable |  |  |  |
|  | Markets |  |  | Inputs |  |  | Inputs |  |  |  |
(In thousands) |  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | Totals |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments (1) |  | $ | - |  |  | $ | 12,643 |  |  | $ | - |  |  | $ | 12,643 |
Total assets |  | $ | - |  |  | $ | 12,643 |  |  | $ | - |  |  | $ | 12,643 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments (1) |  | $ | - |  |  | $ | 9,003 |  |  | $ | - |  |  | $ | 9,003 |
Total liabilities |  | $ | - |  |  | $ | 9,003 |  |  | $ | - |  |  | $ | 9,003 |
(1) The fair value of our derivative financial instruments was 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 Financial Instruments and Hedging Activities” for additional information regarding our use of derivative financial instruments.
Assets Measured at Fair Value on Non-Recurring Basis | At May 31, 2023, our assets measured at fair value on a non-recurring basis were categorized as follows:
|  | Quoted |  |  | Significant |  |  |  |  |  |  |
|  | 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) |  | $ | - |  |  | $ | 2,623 |  |  | $ | - |  |  | $ | 2,623 |
Long-lived assets held and used (2) |  |  | - |  |  |  | 70 |  |  |  | - |  |  |  | 70 |
Total assets |  | $ | - |  |  | $ | 2,693 |  |  | $ | - |  |  | $ | 2,693 |
(1) Comprised of the following: (1) idled equipment at the manufacturing facility in Taylor, Michigan; and (2) the net assets of Samuel's toll processing facility in Cleveland, Ohio. Refer to “Note E – Goodwill and Other Long-Lived Assets” for additional information. (2) Comprised of certain assets associated with a capital project at our Building Products facility in Jefferson, Ohio which were written down to their estimated salvage value of $70. These assets continue to be held and used. Refer to “Note E – Goodwill and Other Long-Lived Assets” for additional information. At May 31, 2022, our assets measured at fair value on a non-recurring basis were categorized as follows:
|  | Quoted |  |  | Significant |  |  |  |  |  |  |
|  | 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 |
Comprised of production equipment at the Samuel facility in Twinsburg, Ohio with an estimated fair market value of $700. Refer to “Note E – Goodwill and Other Long-Lived Assets” for additional information.

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- Definition Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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