Fair Value Measurements (Tables)

9 Months Ended

Feb. 28, 2013

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 February 28, 2013
U.S. Treasury and other government	$	—	$	21,038		$	—	$	21,038
Foreign bonds				42					42
Mortgage-backed securities				174					174
Corporate bonds				1,996					1,996
Stocks — foreign		1,375							1,375
Stocks — domestic		32,097							32,097
Mutual funds — foreign				24,927					24,927
Mutual funds — domestic				24,409					24,409
Foreign currency forward contract				(8,648	)				(8,648	)
Cross-currency swap				(10,949	)				(10,949	)
Investment in Kemrock convertible debt				11,611					11,611
Total	$	33,472	$	64,600		$	—	$	98,072
(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 February 28, 2013 and May 31, 2012 are as follows:

	At February 28, 2013
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	247,104	$	247,104
Marketable equity securities		82,808		82,808
Marketable debt securities		34,861		34,861
Long-term debt, including current portion		1,395,938		1,541,185

	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