Fair Value Measurements (Tables)

6 Months Ended

Nov. 30, 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 November 30, 2014
U.S. Treasury and other government	$	—	$	19,520		$	—		$	19,520
Foreign bonds				39						39
Mortgage-backed securities				135						135
Corporate bonds				1,597						1,597
Stocks — foreign		2,099								2,099
Stocks — domestic		35,485								35,485
Mutual funds — foreign				33,844						33,844
Mutual funds — domestic				42,484						42,484
Foreign currency forward contract				(2,877	)					(2,877	)
Cross-currency swap				(4,538	)					(4,538	)
Contingent consideration							(38,466	)		(38,466	)
Total	$	37,584	$	90,204		$	(38,466	)	$	89,322

(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, 2014
U.S. Treasury and other government	$	—	$	21,144		$	—		$	21,144
Foreign bonds				40						40
Mortgage-backed securities				140						140
Corporate bonds				1,756						1,756
Stocks — foreign		1,633								1,633
Stocks — domestic		39,904								39,904
Mutual funds — foreign				33,340						33,340
Mutual funds — domestic				44,923						44,923
Foreign currency forward contract				2,582						2,582
Cross-currency swap				(19,550	)					(19,550	)
Contingent consideration							(81,296	)		(81,296	)
Total	$	41,537	$	84,375		$	(81,296	)	$	44,616

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, 2014 and May 31, 2014 are as follows:

	At November 30, 2014
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	296,527	$	296,527
Marketable equity securities		113,912		113,912
Marketable debt securities		21,291		21,291
Long-term debt, including current portion		1,427,233		1,564,972

	At May 31, 2014
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	332,868	$	332,868
Marketable equity securities		119,800		119,800
Marketable debt securities		23,080		23,080
Long-term debt, including current portion		1,351,627		1,516,062