Fair Value Measurements (Tables)

12 Months Ended

May 31, 2017

Fair Value Disclosures [Abstract]

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 May 31, 2017
U.S. Treasury and other government	$	-	$	22,119	$	-		$	22,119
Corporate bonds				797					797
Stocks - domestic		2,467							2,467
Mutual funds - foreign				37,435					37,435
Mutual funds - domestic				101,637					101,637
Contingent consideration						(17,979	)		(17,979	)
Total	$	2,467	$	161,988	$	(17,979	)	$	146,476

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

	At May 31, 2017
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	350,497	$	350,497
Marketable equity securities		141,539		141,539
Marketable debt securities		22,916		22,916
Long-term debt, including current portion		2,090,082		2,243,167
	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		1,769,601