Fair Value Measurements (Tables)

9 Months Ended

Feb. 28, 2023

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 February 28, 2023
Available-for-sale debt securities:
U.S. Treasury and other government	$	-	$	24,806	$	-		$	24,806
Corporate bonds		-		139		-			139
Total available-for-sale debt securities		-		24,945		-			24,945
Marketable equity securities:
Stocks – foreign		723		-		-			723
Stocks – domestic		4,768		-		-			4,768
Mutual funds – foreign		-		39,278		-			39,278
Mutual funds – domestic		-		73,899		-			73,899
Total marketable equity securities		5,491		113,177		-			118,668
Contingent consideration		-		-		(2,235	)		(2,235	)
Total	$	5,491	$	138,122	$	(2,235	)	$	141,378

(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 Cash and Cash Equivalents and Long-Term Debt

Based on the analysis performed, the fair value and the carrying value of our cash and cash equivalents and long-term debt as of February 28, 2023 and May 31, 2022 are as follows:

	At February 28, 2023
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	193,870	$	193,870
Long-term debt, including current portion		2,822,562		2,614,247
	At May 31, 2022
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	201,672	$	201,672
Long-term debt, including current portion		2,686,609		2,618,978