Fair Value Measurements (Tables)

9 Months Ended

Feb. 28, 2015

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, 2015
U.S. Treasury and other government	$	—	$	19,613		$	—		$	19,613
Foreign bonds				39						39
Mortgage-backed securities				132						132
Corporate bonds				1,466						1,466
Stocks — foreign		2,133								2,133
Stocks — domestic		34,926								34,926
Mutual funds — foreign				32,146						32,146
Mutual funds — domestic				39,387						39,387
Foreign currency forward contract				(5,559	)					(5,559	)
Cross-currency swap				11,622						11,622
Contingent consideration							(37,366	)		(37,366	)
Total	$	37,059	$	98,846		$	(37,366	)	$	98,539

(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 February 28, 2015 and May 31, 2014 are as follows:

	At February 28, 2015
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	220,390	$	220,390
Marketable equity securities		108,592		108,592
Marketable debt securities		21,250		21,250
Long-term debt, including current portion		1,868,111		1,863,113

	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