FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Aug. 31, 2012

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, 2012
U.S. Treasury and other government	$	—	$	21,108		$	—	$	21,108
Foreign bonds				41					41
Mortgage-backed securities				244					244
Corporate bonds				2,100					2,100
Stocks — foreign		1,554							1,554
Stocks — domestic		27,612							27,612
Mutual funds — foreign				20,215					20,215
Mutual funds — domestic				39,810					39,810
Cross-currency swap		—		(4,503	)		—		(4,503	)
Conversion option, Kemrock 5.5% bonds							847		847
Investment in Kemrock convertible debt				14,273					14,273
Total	$	29,166	$	93,288		$	847	$	123,301

(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, 2012
U.S. Treasury and other government	$	—	$	19,865		$	—	$	19,865
Foreign bonds				39					39
Mortgage-backed securities				344					344
Corporate bonds				2,649					2,649
Stocks — foreign		1,095							1,095
Stocks — domestic		26,110							26,110
Mutual funds — foreign				17,074					17,074
Mutual funds — domestic				39,283					39,283
Foreign currency forward contract				(1,356	)				(1,356	)
Cross-currency swap				(2,159	)				(2,159	)
Conversion option, Kemrock 5.5% bonds							9,031		9,031
Investment in Kemrock convertible debt				13,670					13,670
Total	$	27,205	$	89,409		$	9,031	$	125,645

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, 2012 and May 31, 2012 are as follows:

	At August 31, 2012
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	257,382	$	257,382
Marketable equity securities		89,191		89,191
Marketable debt securities		37,766		37,766
Long-term debt, including current portion		1,202,610		1,484,689

	At May 31, 2012
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	315,968	$	315,968
Marketable equity securities		83,562		83,562
Marketable debt securities		36,567		36,567
Long-term debt, including current portion		1,115,536		1,232,180