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Fair Value Measurements (Tables)
 12 Months Ended
May 31, 2017
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

At May 31, 2017, our financial assets and liabilities measured at fair value on a recurring basis were as follows:

 

(in thousands)    Quoted  Prices
in
Active
Markets
(Level 1)		      Significant
Other
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		      Totals  

Assets

            

Derivative contracts (1)

    $ -      $ 8,326      $ -      $ 8,326  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total assets

    $ -      $ 8,326      $ -      $ 8,326  
  

 

 

     

 

 

     

 

 

     

 

 

  

Liabilities

            

Derivative contracts (1)

    $ -      $ 1,142      $ -      $ 1,142  

Contingent consideration obligation (2)

      -        -        585        585  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total liabilities

    $ -      $ 1,142      $ 585      $ 1,727  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

At May 31, 2016, our financial assets and liabilities measured at fair value on a recurring basis were as follows:

 

(in thousands)    Quoted  Prices
in
Active
Markets
(Level 1)		      Significant
Other
Observable
Inputs
(Level 2)		      Significant
Unobservable
Inputs
(Level 3)		      Totals  

Assets

            

Derivative contracts (1)

    $ -      $ 21,790      $ -      $ 21,790  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total assets

    $ -      $ 21,790      $ -      $ 21,790  
  

 

 

     

 

 

     

 

 

     

 

 

  

Liabilities

            

Derivative contracts (1)

    $ -      $ 2,013      $ -      $ 2,013  

Contingent consideration obligations (2)

      -        -        4,519        4,519  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total liabilities

    $ -      $ 2,013      $ 4,519      $ 6,532  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1)

The fair value of our derivative contracts is based on the present value of the expected future cash flows considering the risks involved, including non-performance risk, and using discount rates appropriate for the respective maturities. Market observable, Level 2 inputs are used to determine the present value of the expected future cash flows. Refer to “Note P – Derivative Instruments and Hedging Activities” for additional information regarding our use of derivative instruments.

 

(2)

The fair value of the contingent consideration obligations is determined using a probability weighted cash flow approach based on management’s projections of future cash flows of the acquired businesses. The fair value measurements are based on significant inputs not observable in the market and thus represent Level 3 measurements.