Fair Value Measurements (Tables)

3 Months Ended

Aug. 31, 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 August 31, 2015
U.S. Treasury and other government	$	—	$	21,119		$	—		$	21,119
Foreign bonds				38						38
Mortgage-backed securities				96						96
Corporate bonds				1,353						1,353
Stocks — foreign		3,979								3,979
Stocks — domestic		33,218								33,218
Mutual funds — foreign				30,938						30,938
Mutual funds — domestic				51,222						51,222
Foreign currency forward contract				(5,226	)					(5,226	)
Contingent consideration							(26,013	)		(26,013	)
Total	$	37,197	$	99,540		$	(26,013	)	$	110,724

(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, 2015
U.S. Treasury and other government	$	—	$	21,349		$	—		$	21,349
Foreign bonds				38						38
Mortgage-backed securities				128						128
Corporate bonds				1,389						1,389
Stocks — foreign		3,976								3,976
Stocks — domestic		39,458								39,458
Mutual funds — foreign				34,541						34,541
Mutual funds — domestic				53,891						53,891
Foreign currency forward contract				(6,369	)					(6,369	)
Contingent consideration							(27,598	)		(27,598	)
Total	$	43,434	$	104,967		$	(27,598	)	$	120,803

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 August 31, 2015 and May 31, 2015 are as follows:

	At August 31, 2015
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	169,458	$	169,458
Marketable equity securities		119,357		119,357
Marketable debt securities		22,606		22,606
Long-term debt, including current portion		1,732,191		1,827,275

	At May 31, 2015
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	174,711	$	174,711
Marketable equity securities		131,866		131,866
Marketable debt securities		22,904		22,904
Long-term debt, including current portion		1,656,075		1,783,962