Fair Value Measurements

6 Months Ended

Nov. 30, 2013

Fair Value Measurements

Note 3: Fair Value Measurements

We measure certain financial assets and liabilities at fair value on a recurring basis, including cash equivalents, SERP assets, and foreign currency derivatives. The fair value of financial assets can be determined based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, as follows:

Level 1 – Observable inputs, such as quoted prices in active markets for identical assets;

Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or through corroboration with observable market data; and

Level 3 – Unobservable inputs, for which there is little or no market data for the assets, such as those that may be used with internally-developed valuation models.

Our assets measured at fair value on a recurring basis were determined as follows:

	At November 30, 2013
	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Balance
Assets
Money market funds	$	14	$	—	$	—	$	14
SERP
Money market fund		135		—		—		135
Mutual funds		3,150		—		—		3,150
Total assets measured at fair value	$	3,299	$	—	$	—	$	3,299
Liabilities
Foreign exchange forward contracts	$	—	$	66		—	$	66
Total liabilities measured at fair value	$	—	$	66	$	—	$	66

	At May 31, 2013
	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Balance
Assets
Money market funds	$	14	$	—	$	—	$	14
SERP
Money market fund		113		—		—		113
Mutual funds		2,834		—		—		2,834
Foreign exchange forward contracts		—		114		—		114
Total assets measured at fair value	$	2,961	$	114	$	—	$	3,075

The fair value measures for our money market funds and SERP asset, which include money market and mutual funds, were derived from quoted market prices in active markets and are included in Level 1 inputs. Foreign currency forward contracts were valued based on observable market spot and forward rates as of our reporting date and are included in Level 2 inputs.