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Guarantees
9 Months Ended
Feb. 28, 2023
Guarantees and Product Warranties [Abstract]  
Guarantees

Note H – Guarantees

 

We do not have guarantees that we believe are reasonably likely to have a material current or future effect on our consolidated financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. However, we had in place $14,137,000 of outstanding stand-by letters of credit issued to third-party service providers at February 28, 2023. No amounts were drawn against these stand-by letters of credit at February 28, 2023. We are also party to an operating lease for an aircraft for which we have guaranteed a residual value at lease termination. The maximum obligation under the terms of this guarantee was approximately $17,180,000 at February 28, 2023.