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Guarantees
3 Months Ended
Aug. 31, 2023
Guarantees and Product Warranties [Abstract]  
Guarantees

Note G – Guarantees

 

We do not have guarantees that we believe are reasonably likely to have a material current or future effect on our consolidated financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. However, at August 31, 2023 we were party to an operating lease for an aircraft in which we have guaranteed a residual value at the termination of the lease, which ends on March 30, 2028. The maximum obligation under the terms of this guarantee was approximately $16,491 at August 31, 2023. Based on current facts and circumstances, we have estimated the likelihood of payment pursuant to this guarantee is not probable and, therefore, no amount has been recognized in our consolidated financial statements.

 

At August 31, 2023, we also had in place $12,137 of outstanding stand-by letters of credit issued to third-party service providers. The fair value of these guarantee instruments, based on premiums paid, was not material and no amounts were drawn against them at August 31, 2023.