Fair Value Measurements (Tables)

9 Months Ended

Feb. 29, 2016

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 29, 2016
U.S. Treasury and other government	$	-	$	21,799		$	-		$	21,799
Foreign bonds				-						-
Mortgage-backed securities				40						40
Corporate bonds				1,067						1,067
Stocks - foreign		4,058								4,058
Stocks - domestic		28,543								28,543
Cash and cash equivalents		1,534								1,534
Mutual funds - foreign				29,403						29,403
Mutual funds - domestic				50,874						50,874
Foreign currency forward contract				(112	)					(112	)
Contingent consideration							(11,852	)		(11,852	)
Total	$	34,135	$	103,071		$	(11,852	)	$	125,354

(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 February 29, 2016 and May 31, 2015 are as follows:

	At February 29, 2016
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	220,712	$	220,712
Marketable equity securities		112,878		112,878
Marketable debt securities		22,906		22,906
Long-term debt, including current portion		1,753,228		1,989,032

	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