Fair Value Measurements

6 Months Ended

Nov. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

We measure certain financial assets and liabilities at fair value on a recurring basis, including SERP assets and liabilities, and foreign currency derivatives. The fair value of financial assets and liabilities can be determined based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, as follows:

Level 1 – Observable inputs, such as quoted prices in active markets for identical assets or liabilities;

Level 2 – Inputs, other than the quoted prices in active markets, that are observable either directly or through corroboration with observable market data; and

Level 3 – Unobservable inputs, for which there is little or no market data for the assets or liabilities, such as those that may be used with internally-developed valuation models.

Our assets and liabilities measured at fair value on a recurring basis were determined as follows:

	November 30, 2015
	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Balance
Assets
SERP
Money market fund	$	35	$	—	$	—	$	35
Mutual funds	3,239		—		—		3,239
Foreign exchange forward contracts	—		12		—		12
Total assets measured at fair value	$	3,274	$	12	$	—	$	3,286
Liabilities
SERP	$	3,274	$	—	$	—	$	3,274
Total liabilities measured at fair value	$	3,274	$	—	$	—	$	3,274

	May 31, 2015
	Quoted Prices in Active Markets for Identical Instruments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Balance
Assets
SERP
Money market fund	$	166	$	—	$	—	$	166
Mutual funds	3,355		—		—		3,355
Total assets measured at fair value	$	3,521	$	—	$	—	$	3,521
Liabilities
SERP	$	3,521	$	—	$	—	$	3,521
Foreign exchange forward contracts	—		16		—		16
Total liabilities measured at fair value	$	3,521	$	16	$	—	$	3,537

The fair value measures for our SERP assets and liabilities were derived from quoted market prices in active markets and are included in Level 1 inputs. Our SERP assets include money market and mutual funds, which we classify as trading securities. Foreign currency forward contracts were valued based on observable market spot and forward rates as of our reporting date and are included in Level 2 inputs.