FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Feb. 28, 2012

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 February 28, 2012 and May 31, 2011 (in thousands):

	Fair Value Measurements
	Level		February 28, 2012			May 31, 2011
Deferred compensation plan – Assets		1	$	8,551		$	8,792
Deferred compensation plan – Liabilities		1		(8,551	)		(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 February 28, 2012 and May 31, 2011 (in thousands):

	Fair Value Measurements
	Level		February 28, 2012		May 31, 2011
Long-lived assets held for sale *		2	$	58,161	$	24,686
Long-lived assets held for use		2		4,145		747
Total			$	62,306	$	25,433

* Included in the carrying value of long-lived assets held for sale as of February 28, 2012 and May 31, 2011 are $19.1 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 39 weeks ended February 28, 2012 and March 1, 2011 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 Income (in thousands):

	Thirteen weeks ended				Thirty-nine weeks ended
	February 28, 2012		March 1,  2011		February 28, 2012		March 1,  2011
Long-lived assets held for sale	$	141	$	888	$	347	$	1,877
Long-lived assets held for use		11,393		–		12,023		349
	$	11,534	$	888	$	12,370	$	2,226

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):

	February 28, 2012				May 31, 2011
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Deferred Compensation Plan
investment in RTI common stock	$	1,487	$	1,205	$	1,556	$	1,653
Long-term debt and capital leases		307,248		311,500		344,274		348,272
Letters of credit		–		222		–		178