Fair Value of Financial Instruments (Tables)

9 Months Ended

Feb. 28, 2014

Fair Value of Financial Instruments

Fair Value, by Balance Sheet Grouping

Carrying and fair values for our financial instruments are presented as follows:

	February 28, 2014				May 31, 2013
(Dollars in thousands)	Carrying value		Fair Value		Carrying Value		Fair Value
Assets:
Cash and cash equivalents	$	842,915	$	842,915	$	177,062	$	177,062
Restricted cash		7,256		7,256		7,696		7,696
Investments		28,702		28,702		31,632		31,632
Time deposits		700,000		700,000		700,000		700,000
Deferred compensation investments		4,035		4,035		3,716		3,716
Loans to members, net		20,589,024		21,015,784		20,251,549		21,318,406
Debt service reserve funds		39,353		39,353		39,803		39,803
Derivative instruments		261,598		261,598		257,878		257,878
Liabilities:
Short-term debt		6,541,987		6,547,673		7,719,483		7,751,021
Long-term debt		12,902,920		14,079,914		10,696,433		12,156,097
Guarantee liability		23,172		26,061		24,742		27,730
Derivative instruments		380,518		380,518		475,278		475,278
Subordinated deferrable debt		400,000		372,200		400,000		404,300
Members’ subordinated certificates		1,486,965		1,486,965		1,729,226		1,880,672
Off-balance sheet instruments:
Commitments		-		-		-		-