FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Aug. 30, 2011

Fair Values of Financial Assets and Liabilities Measured on a Recurring Basis

The following table presents the fair values of our financial assets and liabilities measured at fair value on a recurring basis as of August 30, 2011 and May 31, 2011 (in thousands):

	Fair Value Measurements
	Level		August 30, 2011				May 31, 2011
Deferred compensation plan – Assets		1		$	8,088			$	8,792
Deferred compensation plan – Liabilities		1			(8,088	)			(8,792	)
Total				$	–			$	–

Fair Values of Financial Assets and Liabilities Measured on a Non-Recurring basis

The following table presents the fair values for those assets and liabilities measured on a non-recurring basis and remaining on our Condensed Consolidated Balance Sheet as of August 30, 2011 and May 31, 2011 (in thousands):

	Fair Value Measurements
	Level	August 30, 2011		May 31, 2011
Long-lived assets held for sale *	2	$	24,560	$	24,686
Long-lived assets held for use	2		683		747
Total		$	25,243	$	25,433

* Included in the carrying value of long-lived assets held for sale as of August 30, 2011 and May 31, 2011 are $20.7 million and $23.3 million, respectively, of assets included in Construction in progress in the Condensed Consolidated Balance Sheet as we do not expect to sell these assets within the next 12 months.

The following table presents the losses recognized during the 13 weeks ended August 30, 2011 and August 31, 2010 resulting from fair value measurements of assets and liabilities measured on a non-recurring basis (in thousands):

	13 weeks ended
	August 30, 2011		August 31, 2010
Long-lived assets held for sale	$	206	$	989
Long-lived assets held for use		�		337
Total	$	206	$	1,326

Carrying Amounts and Fair Values of Other Financial Instruments Not Measured on a recurring Basis

The carrying amounts and fair values of our other financial instruments not measured on a recurring basis using fair value, however subject to fair value disclosures are as follows (in thousands):

	August 30, 2011				May 31, 2011
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Deferred Compensation Plan
investment in RTI common stock	$	1,522	$	1,280	$	1,556	$	1,653
Long-term debt and capital leases		346,660		348,069		344,274		348,272
Letters of credit		–		199		–		178

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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Reference 8: http://www.xbrl.org/2003/role/presentationRef

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details