v3.26.3
Fair Value (Tables)
 3 Months Ended
Aug. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

At August 31, 2026, 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)

 

$

-

 

 

$

9.1

 

 

$

-

 

 

$

9.1

 

Total assets

 

$

-

 

 

$

9.1

 

 

$

-

 

 

$

9.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (1)

 

$

-

 

 

$

10.3

 

 

$

-

 

 

$

10.3

 

Total liabilities

 

$

-

 

 

$

10.3

 

 

$

-

 

 

$

10.3

 

 

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

At May 31, 2026, 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)

 

$

-

 

 

$

8.6

 

 

$

-

 

 

$

8.6

 

Equity securities (2)

 

 

122.2

 

 

 

-

 

 

 

-

 

 

 

122.2

 

Total assets

 

$

122.2

 

 

$

8.6

 

 

$

-

 

 

$

130.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Derivative financial instruments (1)

 

$

-

 

 

$

6.1

 

 

$

-

 

 

$

6.1

 

Total liabilities

 

$

-

 

 

$

6.1

 

 

$

-

 

 

$

6.1

 

 

 
(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 14 – Derivative Financial Instruments and Hedging Activities” for additional information regarding the use of derivative financial instruments.
(2)
The fair value of the Company’s equity securities is based upon quoted market prices in active markets.
Assets Measured at Fair Value on Non-Recurring Basis

At May 31, 2026, 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, intangible assets, and other assets - Electrical Steel (1)

 

$

-

 

 

$

-

 

 

$

76.8

 

 

$

76.8

 

Long-lived assets held and used - Taylor (2)

 

$

-

 

 

$

-

 

 

$

0.5

 

 

$

0.5

 

Total assets

 

$

-

 

 

$

-

 

 

$

77.3

 

 

$

77.3

 

 

 
(1)
During fiscal 2026, the Company measured the fair values of certain long-lived asset groups and the Electrical Steel reporting unit in connection with the impairment analyses performed. These fair value measurements were classified within Level 3 of the fair value hierarchy because they included significant unobservable inputs. The fair values of the affected long-lived asset groups were determined using a discounted cash flow method, market approach, cost approach, or combination thereof, which included significant unobservable inputs.
(2)
During fiscal 2026, the net book value of certain machinery at the manufacturing facility in Taylor, Michigan was lowered to $0.5 million based on prices for similar assets.
Summary of Carrying Value and Estimated Fair Value of Long-Term Debt, Including Current Maturities

The following table provides a summary of the carrying value and estimated fair value of the Company's long-term debt, including current maturities, as of the dates presented:

 

 

 

August 31,

 

 

May 31,

 

(In millions)

 

2026

 

 

2026

 

Carrying Value

 

$

1,665.5

 

 

$

71.4

 

Fair Value, estimated (1)

 

 

1,733.3

 

 

 

71.8

 

 

 
(1)
The estimated fair value of long-term debt, excluding current maturities and variable rate debt, was determined using quoted market prices for the Company's fixed rate debt instruments. These fair value measurements are classified within Level 2 of the fair value hierarchy. 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.
Schedule of Investments

The following table summarizes these investments at August 31, 2026:

(In millions)

 

Fair Value

 

 

Unfunded Commitments

 

 

Redemption Frequency

 

Redemption Period Notice

Private equity funds

 

$

25.4

 

 

$

3.3

 

 

N/A

 

N/A