Fair Value Measurements (Tables)

6 Months Ended

Nov. 30, 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 November 30, 2013
U.S. Treasury and other government	$	—	$	19,472		$	—		$	19,472
Foreign bonds				40						40
Mortgage-backed securities				144						144
Corporate bonds				1,905						1,905
Stocks — foreign		440								440
Stocks — domestic		39,557								39,557
Mutual funds — foreign				31,902						31,902
Mutual funds — domestic				41,764						41,764
Foreign currency forward contract				2,620						2,620
Cross-currency swap				(18,668	)					(18,668	)
Contingent consideration				—			(72,386	)		(72,386	)
Total	$	39,997	$	79,179		$	(72,386	)	$	46,790

(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

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, 2013 and May 31, 2013 are as follows:

	At November 30, 2013
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	224,172	$	224,172
Marketable equity securities		113,663		113,663
Marketable debt securities		21,561		21,561
Long-term debt, including current portion		1,369,950		1,452,556

	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