Fair Value Measurements (Tables)

3 Months Ended

Aug. 31, 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 August 31, 2016
U.S. Treasury and other government	$	-	$	21,962	$	-		$	21,962
Corporate bonds				980					980
Stocks - foreign		5,116							5,116
Stocks - domestic		32,643							32,643
Cash and cash equivalents		1,098							1,098
Mutual funds - foreign				34,027					34,027
Mutual funds - domestic				58,757					58,757
Foreign currency forward contract				115					115
Contingent consideration						(7,737	)		(7,737	)
Total	$	38,857	$	115,841	$	(7,737	)	$	146,961

(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, 2016
U.S. Treasury and other government	$	-	$	21,838		$	-		$	21,838
Corporate bonds				1,024						1,024
Stocks - foreign		5,243								5,243
Stocks - domestic		30,637								30,637
Mutual funds - foreign				32,348						32,348
Mutual funds - domestic				55,866						55,866
Foreign currency forward contract				(159	)					(159	)
Contingent consideration							(11,771	)		(11,771	)
Total	$	35,880	$	110,917		$	(11,771	)	$	135,026

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, 2016 and May 31, 2016 are as follows:

	At August 31, 2016
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	194,470	$	194,470
Marketable equity securities		130,543		130,543
Marketable debt securities		22,942		22,942
Long-term debt, including current portion		1,656,730		1,965,820

	At May 31, 2016
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	265,152	$	265,152
Marketable equity securities		124,094		124,094
Marketable debt securities		22,862		22,862
Long-term debt, including current portion		1,639,973		1,925,079