Fair Value (Tables)

3 Months Ended

Aug. 31, 2017

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

At August 31, 2017, 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 contracts (1)	$	-	$	9,079	$	-	$	9,079
Total assets	$	-	$	9,079	$	-	$	9,079
Liabilities
Derivative contracts (1)	$	-	$	342	$	-	$	342
Contingent consideration obligation (2)		-		-		593		593
Total liabilities	$	-	$	342	$	593	$	935

At May 31, 2017, 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 contracts (1)	$	-	$	8,326	$	-	$	8,326
Total assets	$	-	$	8,326	$	-	$	8,326
Liabilities
Derivative contracts (1)	$	-	$	1,142	$	-	$	1,142
Contingent consideration obligation (2)		-		-		585		585
Total liabilities	$	-	$	1,142	$	585	$	1,727

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