FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Aug. 31, 2011

Assets and Liabilities that are Measured at Fair Value on a Recurring Basis and are Categorized Using the Fair Value Hierarchy

The following table presents 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, 2011
U.S. Treasury and other government	$	—	$	25,270		$	—	$	25,270
Foreign bonds				37					37
Mortgage-backed securities				338					338
Corporate bonds				2,967					2,967
Stocks — foreign		37,693		—					37,693
Stocks — domestic		31,596		—					31,596
Mutual funds — foreign				16,092					16,092
Mutual funds — domestic				25,995					25,995
Foreign currency forward contract				6,279					6,279
Cross-currency swap				(23,110	)				(23,110	)
Total	$	69,289	$	53,868		$	—	$	123,157

(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, 2011
U.S. Treasury and other government	$	—	$	26,480		$	—	$	26,480
Mortgage-backed securities				532					532
Corporate bonds				3,029					3,029
Stocks — foreign		37,549							37,549
Stocks — domestic		31,849							31,849
Mutual funds — foreign				18,413					18,413
Mutual funds — domestic				31,791					31,791
Foreign currency forward contract				6,157					6,157
Cross-currency swap				(20,519	)				(20,519	)
Total	$	69,398	$	65,883		$	—	$	135,281

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, 2011 and May 31, 2011 are as follows:

	At August 31, 2011
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	373,355	$	373,355
Marketable equity securities		111,376		111,376
Marketable debt securities		28,612		28,612
Long-term debt, including current portion		1,105,421		1,214,394
	At May 31, 2011
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	435,011	$	435,011
Marketable equity securities		119,602		119,602
Marketable debt securities		30,041		30,041
Long-term debt, including current portion		1,108,853		1,203,016