Fair Value Measurements (Tables)

6 Months Ended

Nov. 30, 2021

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis and Categorized using Fair Value Hierarchy

In addition, with respect to our derivative assets and liabilities measured at fair value, refer to Note 5, “Derivatives and Hedging” for discussion of their classification within the fair value hierarchy.

(In thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Fair Value at November 30, 2021
Available-for-sale debt securities:
U.S. Treasury and other government	$	-	$	26,718	$	-		$	26,718
Corporate bonds		-		186		-			186
Total available-for-sale debt securities		-		26,904		-			26,904
Marketable equity securities:
Stocks - foreign		986		-		-			986
Stocks - domestic		7,176		-		-			7,176
Mutual funds - foreign		-		45,142		-			45,142
Mutual funds - domestic		-		90,108		-			90,108
Total marketable equity securities		8,162		135,250		-			143,412
Contingent consideration		-		-		(9,806	)		(9,806	)
Total	$	8,162	$	162,154	$	(9,806	)	$	160,510

(In thousands)	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Fair Value at May 31, 2021
Available-for-sale debt securities:
U.S. Treasury and other government	$	-	$	26,563	$	-		$	26,563
Corporate bonds		-		182		-			182
Total available-for-sale debt securities		-		26,745		-			26,745
Marketable equity securities:
Stocks - foreign		768		-		-			768
Stocks - domestic		6,975		-		-			6,975
Mutual funds - foreign		-		47,916		-			47,916
Mutual funds - domestic		-		86,428		-			86,428
Total marketable equity securities		7,743		134,344		-			142,087
Contingent consideration		-		-		(13,335	)		(13,335	)
Total	$	7,743	$	161,089	$	(13,335	)	$	155,497

Fair Value and Carrying Value of Financial Instruments and Long-Term Debt

Based on the analysis performed, the fair value and the carrying value of our financial instruments and long-term debt as of November 30, 2021 and May 31, 2021 are as follows:

	At November 30, 2021
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	192,851	$	192,851
Marketable equity securities		143,412		143,412
Available-for-sale debt securities		26,904		26,904
Long-term debt, including current portion		2,465,993		2,713,027
	At May 31, 2021
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	246,704	$	246,704
Marketable equity securities		142,087		142,087
Available-for-sale debt securities		26,745		26,745
Long-term debt, including current portion		2,379,826		2,570,206