FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Nov. 30, 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 November 30, 2011
U.S. Treasury and other government	$	—	$	17,189		$	—	$	17,189
Foreign bonds				36					36
Mortgage-backed securities				342					342
Corporate bonds				2,871					2,871
Stocks — foreign		1,214							1,214
Stocks — domestic		25,481							25,481
Mutual funds — foreign				15,289					15,289
Mutual funds — domestic				37,387					37,387
Cross-currency swap				(14,042	)				(14,042	)
Total	$	26,695	$	59,072		$	—	$	85,767
(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 November 30, 2011 and May 31, 2011 are as follows:

	At November 30, 2011
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	300,955	$	300,955
Marketable equity securities		79,371		79,371
Marketable debt securities		20,438		20,438
Long-term debt, including current portion		1,094,404		1,177,747
	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