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Fair Value (Tables) | 9 Months Ended
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Feb. 28, 2023
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | At February 28, 2023, 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 financial instruments (1) |  | $ | - |  |  | $ | 33,490 |  |  | $ | - |  |  | $ | 33,490 |
Total assets |  | $ | - |  |  | $ | 33,490 |  |  | $ | - |  |  | $ | 33,490 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments (1) |  | $ | - |  |  | $ | 22,628 |  |  | $ | - |  |  | $ | 22,628 |
Total liabilities |  | $ | - |  |  | $ | 22,628 |  |  | $ | - |  |  | $ | 22,628 |
(1) The fair value of our 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 Q – Derivative Financial Instruments and Hedging Activities” for additional information regarding our use of derivative financial instruments. At May 31, 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 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 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 Q – 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 February 28, 2023, 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 and used (1) |  | $ | - |  |  | $ | 70 |  |  | $ | - |  |  | $ | 70 |
Total assets |  | $ | - |  |  | $ | 70 |  |  | $ | - |  |  | $ | 70 |
(1) During the three months ended February 28, 2023, we recognized a pre-tax impairment charge of $484,000 related to certain assets associated with a capital project at our Building Products facility in Jefferson, Ohio, that were determined to have no alternative use and written down to their estimated salvage value of approximately $70,000. At May 31, 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 Samuel facility in Twinsburg, Ohio facility with an estimated fair market value of $700,000. Refer to “Note E – Impairment of 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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