FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Feb. 28, 2021

FAIR VALUE MEASUREMENTS

Schedule of financial assets and liabilities measured at fair value on recurring basis

	As of February 28, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Derivative assets (a)	$	—	$	7.3	$	—	$	7.3
Total assets	$	—	$	7.3	$	—	$	7.3
Liabilities:
Deferred compensation liabilities (b)	$	—	$	22.7	$	—	$	22.7
Total liabilities	$	—	$	22.7	$	—	$	22.7

	As of May 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Deferred compensation assets	$	0.1	$	—	$	—	$	0.1
Total assets	$	0.1	$	—	$	—	$	0.1
Liabilities:
Derivative liabilities (a)	$	—	$	4.7	$	—	$	4.7
Deferred compensation liabilities (b)		—		18.0		—		18.0
Total liabilities	$	—	$	22.7	$	—	$	22.7

(a) Derivative assets and liabilities included in Level 2 primarily represent commodity swap and option contracts. The fair values of our Level 2 derivative assets and liabilities were determined using valuation models that use market observable inputs including both forward and spot prices for commodities. Derivative assets are presented within “Prepaid expenses and other current assets” and derivative liabilities are presented within “Accrued liabilities” on our Consolidated Balance Sheets.

(b) The fair values of our Level 2 deferred compensation liabilities were valued using third-party valuations, which are based on the net asset values of mutual funds in our retirement plans. While the underlying assets are actively traded on an exchange, the funds are not.