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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, 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)

 

 

Total

 

Assets (1)

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

-

 

 

$

1,398

 

 

$

-

 

 

$

1,398

 

Total assets

 

$

-

 

 

$

1,398

 

 

$

-

 

 

$

1,398

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities (1)

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

-

 

 

$

563

 

 

$

-

 

 

$

563

 

Total liabilities

 

$

-

 

 

$

563

 

 

$

-

 

 

$

563

 

 

 

 

(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, 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)

 

 

Total

 

Assets (1)

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

-

 

 

$

314

 

 

$

-

 

 

$

314

 

Total assets

 

$

-

 

 

$

314

 

 

$

-

 

 

$

314

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities (1)

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments

 

$

-

 

 

$

5,948

 

 

$

-

 

 

$

5,948

 

Total liabilities

 

$

-

 

 

$

5,948

 

 

$

-

 

 

$

5,948

 

 

 

 

(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 29, 2024, there were no assets measured at fair value on a non-recurring basis on our consolidated balance sheet.

 

At May 31, 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)
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.