Fair Value Measurements (Tables)

12 Months Ended

May 31, 2024

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 addition, with respect to our derivative assets and liabilities measured at fair value, refer to Note F, "Derivatives and Hedging," to the Consolidated Financial Statements 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 May 31, 2024
Available-for-sale debt securities:
U.S. Treasury and other government	$	-	$	26,559	$	-		$	26,559
Corporate bonds		-		138		-			138
Total available-for-sale debt securities		-		26,697		-			26,697
Marketable equity securities:
Stocks-foreign		1,518		-		-			1,518
Stocks-domestic		9,028		-		-			9,028
Mutual funds - foreign		-		39,114		-			39,114
Mutual funds - domestic		-		77,966		-			77,966
Total marketable equity securities		10,546		117,080		-			127,626
Contingent consideration		-		-		(2,229	)		(2,229	)
Total	$	10,546	$	143,777	$	(2,229	)	$	152,094

(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 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 May 31, 2024 and 2023 are as follows:

	At May 31, 2024
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	237,379	$	237,379
Long-term debt, including current portion		2,127,148		1,979,359
	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