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Financial Instruments
12 Months Ended
May 31, 2018
Investments, All Other Investments [Abstract]  
Financial Instruments

Note 11. FINANCIAL INSTRUMENTS

 

The following methods and assumptions are used in estimating the fair-value disclosures for financial instruments:

 

Cash, Accounts Receivable and Accounts Payable: The carrying amounts reported in the balance sheet for cash, accounts receivable and accounts payable approximate fair value due to the short-term maturity of these instruments.

 

Long-Term Debt: The carrying amount of loans with floating rates of interest approximate fair value. Fixed rate loans are valued based on cash flows using estimated rates for comparable loans. As of May 31, 2018 and 2017, the carrying amounts reported in the balance sheet approximate fair value for the variable and fixed rate loans.