Fair Value (Tables)

6 Months Ended

Nov. 30, 2016

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

At November 30, 2016, our 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 instruments (1)	$	-	$	20,612	$	-	$	20,612
Total assets	$	-	$	20,612	$	-	$	20,612
Liabilities
Derivative instruments (1)	$	-	$	956	$	-	$	956
Contingent consideration obligation (2)		-		-		4,549		4,549
Total liabilities	$	-	$	956	$	4,549	$	5,505

At May 31, 2016, our 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 instruments (1)	$	-	$	21,790	$	-	$	21,790
Total assets	$	-	$	21,790	$	-	$	21,790
Liabilities
Derivative instruments (1)	$	-	$	2,013	$	-	$	2,013
Contingent consideration obligations (2)		-		-		4,519		4,519
Total liabilities	$	-	$	2,013	$	4,519	$	6,532

(1) The fair value of our derivative 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 N – Derivative Instruments and Hedging Activities” for additional information regarding our use of derivative instruments.

(2) The fair value of the contingent consideration obligations is determined using a probability weighted cash flow approach based on management’s projections of future cash flows of the acquired businesses. The fair value measurement was based on Level 3 inputs not observable in the market.