Fair Value Measurements (Tables)

9 Months Ended

Feb. 28, 2022

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 February 28, 2022
Available-for-sale debt securities:
U.S. Treasury and other government	$	-	$	26,193	$	-		$	26,193
Corporate bonds		-		171		-			171
Total available-for-sale debt securities		-		26,364		-			26,364
Marketable equity securities:
Stocks - foreign		807		-		-			807
Stocks - domestic		6,798		-		-			6,798
Mutual funds - foreign		-		43,658		-			43,658
Mutual funds - domestic		-		86,250		-			86,250
Total marketable equity securities		7,605		129,908		-			137,513
Contingent consideration		-		-		(9,746	)		(9,746	)
Total	$	7,605	$	156,272	$	(9,746	)	$	154,131

(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 February 28, 2022 and May 31, 2021 are as follows:

	At February 28, 2022
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	193,191	$	193,191
Marketable equity securities		137,513		137,513
Available-for-sale debt securities		26,364		26,364
Long-term debt, including current portion		2,586,356		2,734,424
	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