FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Nov. 30, 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 November 30, 2012
U.S. Treasury and other government	$	—	$	20,938		$	—	$	20,938
Foreign bonds				42					42
Mortgage-backed securities				191					191
Corporate bonds				2,109					2,109
Stocks — foreign		1,544							1,544
Stocks — domestic		29,333							29,333
Mutual funds — foreign				22,622					22,622
Mutual funds — domestic				44,117					44,117
Foreign currency forward contract				(2,567	)				(2,567	)
Cross-currency swap				(10,638	)				(10,638	)
Investment in Kemrock convertible debt				14,273					14,273
Total	$	30,877	$	91,087		$	—	$	121,964
(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 November 30, 2012 and May 31, 2012 are as follows:

	At November 30, 2012
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	261,940	$	261,940
Marketable equity securities		97,616		97,616
Marketable debt securities		37,553		37,553
Long-term debt, including current portion		1,415,169		1,554,588

	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