Fair Value Measurements (Tables)

6 Months Ended

Nov. 30, 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 November 30, 2015
U.S. Treasury and other government	$	-	$	21,541		$	-		$	21,541
Foreign bonds				38						38
Mortgage-backed securities				41						41
Corporate bonds				1,167						1,167
Stocks - foreign		4,449								4,449
Stocks - domestic		35,068								35,068
Cash and cash equivalents		1,545								1,545
Mutual funds - foreign				32,155						32,155
Mutual funds - domestic				53,956						53,956
Foreign currency forward contract				(8,678	)					(8,678	)
Contingent consideration							(11,706	)		(11,706	)
Total	$	41,062	$	100,220		$	(11,706	)	$	129,576

(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 November 30, 2015 and May 31, 2015 are as follows:

	At November 30, 2015
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	190,609	$	190,609
Marketable equity securities		125,628		125,628
Marketable debt securities		22,787		22,787
Long-term debt, including current portion		1,676,064		1,724,147

	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