Fair Value Measurements (Tables)

9 Months Ended

Feb. 28, 2017

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, 2017
U.S. Treasury and other government	$	-	$	22,292		$	-		$	22,292
Corporate bonds				804						804
Stocks - foreign		5,776								5,776
Stocks - domestic		32,769								32,769
Cash and cash equivalents		1,425								1,425
Mutual funds - foreign				34,380						34,380
Mutual funds - domestic				63,174						63,174
Foreign currency forward contract				(168	)					(168	)
Contingent consideration							(14,541	)		(14,541	)
Total	$	39,970	$	120,482		$	(14,541	)	$	145,911

(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 February 28, 2017 and May 31, 2016 are as follows:

	At February 28, 2017
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	210,796	$	210,796
Marketable equity securities		136,099		136,099
Marketable debt securities		23,096		23,096
Long-term debt, including current portion		1,981,533		2,158,984

	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