Fair Value Measurements (Tables)

3 Months Ended

Aug. 31, 2022

Fair Value Disclosures [Abstract]

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

The following tables present our assets and liabilities that are measured at fair value on a recurring basis and are categorized using 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 August 31, 2022
Available-for-sale debt securities:
U.S. Treasury and other government	$	-	$	24,949	$	-		$	24,949
Corporate bonds		-		146		-			146
Total available-for-sale debt securities		-		25,095		-			25,095
Marketable equity securities:
Stocks - foreign		603		-		-			603
Stocks - domestic		4,724		-		-			4,724
Mutual funds - foreign		-		36,353		-			36,353
Mutual funds - domestic		-		72,505		-			72,505
Total marketable equity securities		5,327		108,858		-			114,185
Contingent consideration		-		-		(3,196	)		(3,196	)
Total	$	5,327	$	133,953	$	(3,196	)	$	136,084

(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, 2022
Available-for-sale debt securities:
U.S. Treasury and other government	$	-	$	25,239	$	-		$	25,239
Corporate bonds		-		155		-			155
Total available-for-sale debt securities		-		25,394		-			25,394
Marketable equity securities:
Stocks - foreign		598		-		-			598
Stocks - domestic		5,085		-		-			5,085
Mutual funds - foreign		-		39,139		-			39,139
Mutual funds - domestic		-		74,227		-			74,227
Total marketable equity securities		5,683		113,366		-			119,049
Contingent consideration		-		-		(10,529	)		(10,529	)
Total	$	5,683	$	138,760	$	(10,529	)	$	133,914

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 August 31, 2022 and May 31, 2022 are as follows:

	At August 31, 2022
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	197,574	$	197,574
Marketable equity securities		114,185		114,185
Available-for-sale debt securities		25,095		25,095
Long-term debt, including current portion		2,837,495		2,676,538
	At May 31, 2022
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	201,672	$	201,672
Marketable equity securities		119,049		119,049
Available-for-sale debt securities		25,394		25,394
Long-term debt, including current portion		2,686,609		2,618,978