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Fair Value of Financial Instruments
9 Months Ended
Feb. 28, 2022
Investments, All Other Investments [Abstract]  
Fair Value of Financial Instruments

Note 10. Fair Value of Financial Instruments

 

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

 

Debt: The carrying amount of notes with floating rates of interest approximate fair value. Fixed rate notes are valued based on cash flows using estimated rates of comparable notes. The carrying amounts reported on the balance sheets approximate fair value.