Fair Value (Tables)

3 Months Ended

Aug. 31, 2012

Schedule Of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

At August 31, 2012, our financial assets and liabilities measured at fair value on a recurring basis were as follows:

(in thousands)	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Totals
Assets
Derivative contracts	$	-	$	739	$	-	$	739
Total assets	$	-	$	739	$	-	$	739
Liabilities
Derivative contracts	$	-	$	12,370	$	-	$	12,370
Total liabilities	$	-	$	12,370	$	-	$	12,370

At May 31, 2012, our financial assets and liabilities measured at fair value on a recurring basis were as follows:

(in thousands)	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Totals
Assets
Derivative contracts	$	-	$	1,157	$	-	$	1,157
Total assets	$	-	$	1,157	$	-	$	1,157
Liabilities
Derivative contracts	$	-	$	14,993	$	-	$	14,993
Total liabilities	$	-	$	14,993	$	-	$	14,993

Assets Measured at Fair Value on Non-recurring Basis

At August 31, 2012, our financial assets and liabilities measured at fair value on a non-recurring basis were as follows:

(in thousands)	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Totals
Assets
Long-lived assets held for sale (1)	$	-	$	6,934	$	-	$	6,934
Total assets	$	-	$	6,934	$	-	$	6,934

(1) During the first quarter of fiscal 2013, certain assets within our Pressure Cylinders operating segment met the applicable criteria for classification as assets held for sale. Accordingly, this asset group is presented separately in our consolidated balance sheet as assets held for sale. The net book value of the asset group was determined to be in excess of fair value, and, as a result, the asset group was written down to its fair value less cost to sell, or $6,934,000, resulting in an impairment charge of $1,570,000. This impairment charge was recorded within impairment of long-lived assets in our consolidated statement of earnings. Fair value was determined based on market prices for similar assets.