Guarantees	12 Months Ended
May 31, 2014
Guarantees	Note F – Guarantees We do not have guarantees that we believe are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. However, as of May 31, 2014, we were party to an operating lease for an aircraft in which we have guaranteed a residual value at the termination of the lease. The maximum obligation under the terms of this guarantee was approximately $13,019,000 at May 31, 2014. We have also guaranteed the repayment of a $3,333,000 term loan held by one of our unconsolidated affiliates, ArtiFlex. Based on current facts and circumstances, we have estimated the likelihood of payment pursuant to these guarantees, and determined that the fair value of our obligation under each guarantee based on those likely outcomes is not material. We also had in place $14,332,000 of outstanding stand-by letters of credit issued to third-party service providers at May 31, 2014. The fair value of these guarantee instruments, based on premiums paid, was not material and no amounts were drawn against them at May 31, 2014.

Note F – Guarantees

We do not have guarantees that we believe are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. However, as of May 31, 2014, we were party to an operating lease for an aircraft in which we have guaranteed a residual value at the termination of the lease. The maximum obligation under the terms of this guarantee was approximately $13,019,000 at May 31, 2014. We have also guaranteed the repayment of a $3,333,000 term loan held by one of our unconsolidated affiliates, ArtiFlex. Based on current facts and circumstances, we have estimated the likelihood of payment pursuant to these guarantees, and determined that the fair value of our obligation under each guarantee based on those likely outcomes is not material.

We also had in place $14,332,000 of outstanding stand-by letters of credit issued to third-party service providers at May 31, 2014. The fair value of these guarantee instruments, based on premiums paid, was not material and no amounts were drawn against them at May 31, 2014.