Fair Value Measurements (Tables)

12 Months Ended

May 31, 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 May 31, 2013
U.S. Treasury and other government	$	—	$	20,636		$	—		$	20,636
Foreign bonds				41						41
Mortgage-backed securities				156						156
Corporate bonds				1,968						1,968
Stocks—foreign		1,334								1,334
Stocks—domestic		29,365								29,365
Mutual funds—foreign				20,222						20,222
Mutual funds—domestic				39,371						39,371
Foreign currency forward contract				(4,751	)					(4,751	)
Cross-currency swap				(10,048	)					(10,048	)
Contingent consideration				—			(64,500	)		(64,500	)
Total	$	30,699	$	67,595		$	(64,500	)	$	33,794

(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 May 31, 2013 and May 31, 2012 are as follows:

	At May 31, 2013
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	343,554	$	343,554
Marketable equity securities		90,292		90,292
Marketable debt securities		22,801		22,801
Long-term debt, including current portion		1,373,697		1,501,850
	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