At February 28, 2014, our financial assets and liabilities
measured at fair value on a recurring basis were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in
thousands) |
|
Quoted Prices
in Active
Markets
(Level
1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level
3) |
|
|
Totals |
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative contracts
(1)
|
|
$ |
- |
|
|
$ |
1,839 |
|
|
$ |
- |
|
|
$ |
1,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
- |
|
|
$ |
1,839 |
|
|
$ |
- |
|
|
$ |
1,839 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative contracts
(1)
|
|
$ |
- |
|
|
$ |
4,654 |
|
|
$ |
- |
|
|
$ |
4,654 |
|
|
Contingent consideration
obligation (2)
|
|
|
- |
|
|
|
- |
|
|
|
310 |
|
|
|
310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
$ |
- |
|
|
$ |
4,654 |
|
|
$ |
310 |
|
|
$ |
4,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At May 31, 2013, our financial assets and liabilities
measured at fair value on a recurring basis were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (in
thousands) |
|
Quoted Prices
in Active
Markets
(Level
1) |
|
|
Significant
Other
Observable
Inputs
(Level 2) |
|
|
Significant
Unobservable
Inputs
(Level
3) |
|
|
Totals |
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative contracts
(1)
|
|
$ |
- |
|
|
$ |
761 |
|
|
$ |
- |
|
|
$ |
761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ |
- |
|
|
$ |
761 |
|
|
$ |
- |
|
|
$ |
761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative contracts
(1)
|
|
$ |
- |
|
|
$ |
9,774 |
|
|
$ |
- |
|
|
$ |
9,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities
|
|
$ |
- |
|
|
$ |
9,774 |
|
|
$ |
- |
|
|
$ |
9,774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
The fair value of our derivative contracts is based on the
present value of the expected future cash flows considering the
risks involved, including non-performance risk, and using discount
rates appropriate for the respective maturities. Market observable,
Level 2 inputs are used to determine the present value of the
expected future cash flows. Refer to “NOTE O –
Derivative Instruments and Hedging Activities” for additional
information regarding our use of derivative instruments.
|
| (2) |
The fair value of the contingent consideration obligation is
determined using a Monte Carlo simulation model based on
management’s projections of future EBITDA levels. The fair
value measurement is based on significant inputs not observable in
the market and thus represents a Level 3 measurement. At each
reporting date, we will revalue the contingent consideration
obligation to estimated fair value and record changes in fair value
as income or expense in our consolidated statement of
earnings.
|
|