Sale of Receivables	6 Months Ended
Nov. 30, 2018
Sale of Receivables
Sale of Receivables	Note 7 – Sale of Receivables On February 23, 2018, we entered into a Purchase Agreement with Citibank N.A. (“Purchaser”) for the sale, from time to time, of certain accounts receivable due from certain customers (the “Purchase Agreement”). Under the Purchase Agreement, the maximum amount of receivables sold is limited to $150 million. The term of the Purchase Agreement runs through February 22, 2019; however, the Purchase Agreement may also be terminated earlier under certain circumstances. The term of the Purchase Agreement shall be automatically extended for annual terms unless either party provides advance notice that they do not intend to extend the term. We have no retained interests in the sold receivables, other than limited recourse obligations in certain circumstances, and only perform collection and administrative functions for the Purchaser. We account for these receivable transfers as sales under ASC 860, Transfers and Servicing, and de-recognize the sold receivables from our Consolidated Balance Sheet. During the six- month period ended November 30, 2018, we sold $351.0 million of receivables under the Purchase Agreement and remitted $327.5 million to the Purchaser on their behalf. During fiscal 2018, we sold $239.6 million of receivables under the Purchase Agreement and remitted $167.9 million to the Purchaser on their behalf. As of November 30, 2018 and May 31, 2018, we had collected cash of $15.0 million and $10.5 million, respectively, which was not yet remitted to the Purchaser and was classified as Restricted cash on our Condensed Consolidated Balance Sheet. During the three- and six- month periods ended November 30, 2018, we incurred discounts on the sale of our receivables of $0.6 million and $1.0 million, respectively, which were recognized as an expense in Other income, net on our Condensed Consolidated Statements of Operations.

Note 7 – Sale of Receivables

On February 23, 2018, we entered into a Purchase Agreement with Citibank N.A. (“Purchaser”) for the sale, from time to time, of certain accounts receivable due from certain customers (the “Purchase Agreement”). Under the Purchase Agreement, the maximum amount of receivables sold is limited to $150 million. The term of the Purchase Agreement runs through February 22, 2019; however, the Purchase Agreement may also be terminated earlier under certain circumstances. The term of the Purchase Agreement shall be automatically extended for annual terms unless either party provides advance notice that they do not intend to extend the term.

We have no retained interests in the sold receivables, other than limited recourse obligations in certain circumstances, and only perform collection and administrative functions for the Purchaser. We account for these receivable transfers as sales under ASC 860, Transfers and Servicing, and de-recognize the sold receivables from our Consolidated Balance Sheet.

During the six- month period ended November 30, 2018, we sold $351.0 million of receivables under the Purchase Agreement and remitted $327.5 million to the Purchaser on their behalf. During fiscal 2018, we sold $239.6 million of receivables under the Purchase Agreement and remitted $167.9 million to the Purchaser on their behalf. As of November 30, 2018 and May 31, 2018, we had collected cash of $15.0 million and $10.5 million, respectively, which was not yet remitted to the Purchaser and was classified as Restricted cash on our Condensed Consolidated Balance Sheet. During the three- and six- month periods ended November 30, 2018, we incurred discounts on the sale of our receivables of $0.6 million and $1.0 million, respectively, which were recognized as an expense in Other income, net on our Condensed Consolidated Statements of Operations.