DERIVATIVES AND HEDGING

12 Months Ended

May 31, 2011

Derivative Instruments and Hedging Activities Disclosure [Text Block]

18. DERIVATIVES AND HEDGING

The Company enters into foreign currency derivative contracts to economically hedge the exposure to foreign currency fluctuations associated with the forecasted purchase of inventory and the foreign exchange risk associated with certain receivables denominated in foreign currencies. These derivative contracts are economic hedges and are not designated as cash flow hedges. The Company marks-to-market these instruments and records the changes in the fair value of these items in current earnings, and it recognizes the unrealized gain or loss in other current assets or liabilities. Unrealized losses of $0.5 were recognized at May 31, 2011 and unrealized gains of $1.1 were recognized at May 31, 2010, respectively.