Fair Value Measurements (Tables)

3 Months Ended

Aug. 31, 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 August 31, 2023
Available-for-sale debt securities:
U.S. Treasury and other government	$	-	$	25,983	$	-		$	25,983
Corporate bonds		-		137		-			137
Total available-for-sale debt securities		-		26,120		-			26,120
Marketable equity securities:
Stocks – foreign		1,049		-		-			1,049
Stocks – domestic		9,742		-		-			9,742
Mutual funds – foreign		-		41,667		-			41,667
Mutual funds – domestic		-		81,644		-			81,644
Total marketable equity securities		10,791		123,311		-			134,102
Contingent consideration		-		-		(3,074	)		(3,074	)
Total	$	10,791	$	149,431	$	(3,074	)	$	157,148

(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, 2023
Available-for-sale debt securities:
U.S. Treasury and other government	$	-	$	27,021	$	-		$	27,021
Corporate bonds		-		141		-			141
Total available-for-sale debt securities		-		27,162		-			27,162
Marketable equity securities:
Stocks – foreign		786		-		-			786
Stocks – domestic		5,009		-		-			5,009
Mutual funds – foreign		-		40,074		-			40,074
Mutual funds – domestic		-		75,284		-			75,284
Total marketable equity securities		5,795		115,358		-			121,153
Contingent consideration		-		-		(2,686	)		(2,686	)
Total	$	5,795	$	142,520	$	(2,686	)	$	145,629

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 August 31, 2023 and May 31, 2023 are as follows:

	At August 31, 2023
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	240,586	$	240,586
Long-term debt, including current portion		2,505,311		2,296,118
	At May 31, 2023
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	215,787	$	215,787
Long-term debt, including current portion		2,683,809		2,490,863