Fair Value Measurements (Tables)

9 Months Ended

Feb. 28, 2014

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, 2014
U.S. Treasury and other government	$	—	$	18,248		$	—		$	18,248
Foreign bonds				40						40
Mortgage-backed securities				143						143
Corporate bonds				1,883						1,883
Stocks — foreign		1,485								1,485
Stocks — domestic		38,992								38,992
Mutual funds — foreign				8,119						8,119
Mutual funds — domestic				43,204						43,204
Foreign currency forward contract				3,816						3,816
Cross-currency swap				(21,099	)					(21,099	)
Contingent consideration							(80,906	)		(80,906	)
Total	$	40,477	$	54,354		$	(80,906	)	$	13,925

(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 February 28, 2014 and May 31, 2013 are as follows:

	At February 28, 2014
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	216,001	$	216,001
Marketable equity securities		91,800		91,800
Marketable debt securities		20,314		20,314
Long-term debt, including current portion		1,388,435		1,531,086
	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