Fair Value Measurement - (Tables)

6 Months Ended

Nov. 30, 2019

The tables also display the classification within the fair value hierarchy of the valuation technique used in estimating fair value.



	November 30, 2019				Fair Value Measurement Level
(Dollars in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	114,033	$	114,033	$	114,033	$	—	$	—
Restricted cash	10,638		10,638		10,638		—		—
Equity securities	63,809		63,809		63,809		—		—
Debt securities held-to-maturity	573,547		583,439		—		583,439		—
Deferred compensation investments	5,682		5,682		5,682		—		—
Loans to members, net	26,421,661		28,008,555		—		—		28,008,555
Accrued interest receivable	130,950		130,950		—		130,950		—
Debt service reserve funds	17,151		17,151		17,151		—		—
Derivative assets	53,174		53,174		—		53,174		—

Liabilities:
Short-term borrowings	$	4,789,024	$	4,789,768	$	—	$	4,639,768	$	150,000
Long-term debt	18,434,451		19,783,264		—		11,153,207		8,630,057
Accrued interest payable	148,875		148,875		—		148,875		—
Guarantee liability	13,489		13,763		—		—		13,763
Derivative liabilities	591,027		591,027		—		591,027		—
Subordinated deferrable debt	986,026		1,052,215		—		1,052,215		—
Members’ subordinated certificates	1,355,052		1,355,052		—		—		1,355,052



	May 31, 2019				Fair Value Measurement Level
(Dollars in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	177,922	$	177,922	$	177,922	$	—	$	—
Restricted cash	8,282		8,282		8,282		—		—
Equity securities	87,533		87,533		87,533		—		—
Debt securities held-to-maturity	565,444		570,549		—		570,549		—
Deferred compensation investments	4,984		4,984		4,984		—		—
Loans to members, net	25,899,369		25,743,503		—		—		25,743,503
Accrued interest receivable	133,605		133,605		—		133,605		—
Debt service reserve funds	17,151		17,151		17,151		—		—
Derivative assets	41,179		41,179		—		41,179		—

Liabilities:
Short-term borrowings	$	3,607,726	$	3,608,259	$	—	$	3,608,259	$	—
Long-term debt	19,210,793		20,147,183		—		11,482,715		8,664,468
Accrued interest payable	158,997		158,997		—		158,997		—
Guarantee liability	13,666		13,307		—		—		13,307
Derivative liabilities	391,724		391,724		—		391,724		—
Subordinated deferrable debt	986,020		1,004,707		—		1,004,707		—
Members’ subordinated certificates	1,357,129		1,357,129		—		—		1,357,129

Schedule of the entity's assets and liabilities that are measured at fair value on a recurring basis

The following table presents the carrying value and fair value of financial instruments reported in our condensed consolidated financial statements at fair value on a recurring basis as of November 30, 2019 and May 31, 2019, and the classification of the valuation technique within the fair value hierarchy.



	November 30, 2019						May 31, 2019
(Dollars in thousands)	Level 1		Level 2		Total		Level 1		Level 2		Total
Equity securities	$	63,809	$	—	$	63,809	$	87,533	$	—	$	87,533
Deferred compensation investments	5,682		—		5,682		4,984		—		4,984
Derivative assets	—		53,174		53,174		—		41,179		41,179
Derivative liabilities	—		591,027		591,027		—		391,724		391,724