FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Nov. 29, 2011

FAIR VALUE MEASUREMENTS [Abstract]

Fair Values of Financial Assets and Liabilities Measured on a Recurring Basis

The following table presents the fair values of our financial assets and liabilities measured at fair value on a recurring basis as of November 29, 2011 and May 31, 2011 (in thousands):

	Fair Value Measurements
	Level		November 29, 2011				May 31, 2011
Deferred compensation plan – Assets		1		$	7,920			$	8,792
Deferred compensation plan – Liabilities		1			(7,920	)			(8,792	)
Total				$	–			$	–

Fair Values of Financial Assets and Liabilities Measured on a Non-Recurring basis

The following table presents the fair values for those assets and liabilities measured on a non-recurring basis and remaining on our Condensed Consolidated Balance Sheets as of November 29, 2011 and May 31, 2011 (in thousands):

	Fair Value Measurements
		Level	November 29, 2011		May 31, 2011
Long-lived assets held for sale *		2	$	23,187	$	24,686
Long-lived assets held for use		2		839		747
Total			$	24,026	$	25,433

* Included in the carrying value of long-lived assets held for sale as of November 29, 2011 and May 31, 2011 are $20.7 million and $23.3 million, respectively, of assets included in Construction in progress in the Condensed Consolidated Balance Sheets as we do not expect to sell these assets within the next 12 months.

The following table presents the losses recognized during the 13 and 26 weeks ended November 29, 2011 and November 30, 2010 resulting from fair value measurements of assets and liabilities measured on a non-recurring basis.  These losses are included in Closures and impairments in our Condensed Consolidated Statements of Operations (in thousands):

	Thirteen weeks ended				Twenty-six weeks ended
	November 29, 2011		November 30, 2010		November 29, 2011		November 30, 2010
Long-lived assets held for sale	$	–	$	–	$	206	$	989
Long-lived assets held for use		630		12		630		349
	$	630	$	12	$	836	$	1,338

Carrying Amounts and Fair Values of Other Financial Instruments Not Measured on a Recurring Basis

The carrying amounts and fair values of our other financial instruments not measured on a recurring basis using fair value, however subject to fair value disclosures are as follows (in thousands):

	November 29, 2011		May 31, 2011
	Carrying Amount	Fair Value	Carrying Amount	Fair Value
Deferred Compensation Plan
investment in RTI common stock	$     1,513	$      1,035	$     1,556	$      1,653
Long-term debt and capital leases	342,157	343,432	344,274	348,272
Letters of credit	–	222	–	178