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Derivatives (Tables)

3 Months Ended

Aug. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Other Derivatives Not Designated As Hedging Instruments Statements of Financial Performance And Financial Position Location



Fair Value of Derivatives Not Designated as Hedging Instruments		Balance Sheet Location		August 31, 2024				May 31, 2024
Foreign currency forward contracts, net		Other current liabilities		$	580			$	265

Schedule of Gain Loss From Derivatives Not Designated As Hedging Instruments Statements of Financial Performance And Location

The location and amount of gains (losses) from derivatives not designated as hedging instruments in our condensed consolidated statements of operations were as follows:


				Three months ended August 31,
Derivatives Not Designated as Hedging Instruments		Location in statements of operations		2024				2023
Foreign currency forward contracts		Other expense		$	634			$	320

Summary of Interest Rate Swaps on Recurring Basis Using Observable Market Inputs for Similar Assets or Liabilities

We record the fair value of our interest rate swaps on a recurring basis using Level 2 observable market inputs for similar assets or liabilities in active markets.


Fair Value of Derivatives Designated as Hedging Instruments		Balance Sheet Location		August 31, 2024				May 31, 2024
Interest rate swap – current		Other current assets		$	317			$	2,222
Interest rate swap – non-current		Other (non-current liabilities) non-current assets		$	(2,942	)		$	229

Fair Value of Financial Instruments

Fair value measurements are determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants exclusive of any transaction costs. The Company utilizes a fair value hierarchy based upon the observability of inputs used in valuation techniques as follows:

Level 1: Observable inputs such as quoted prices in active markets;

Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The carrying amounts of the Company’s financial instruments other than cash equivalents and marketable securities, which include accounts receivable and accounts payable, approximate fair value based on either their short maturity or current terms for similar instruments.