Fair Value Measurements (Tables)

6 Months Ended

Nov. 30, 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 November 30, 2017
U.S. Treasury and other government	$	-	$	23,290	$	-		$	23,290
Corporate bonds				730					730
Stocks - domestic		1,877							1,877
Mutual funds - foreign				44,651					44,651
Mutual funds - domestic				103,211					103,211
Contingent consideration						(14,685	)		(14,685	)
Total	$	1,877	$	171,882	$	(14,685	)	$	159,074

(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

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, 2017 and May 31, 2017 are as follows:

	At November 30, 2017
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	267,857	$	267,857
Marketable equity securities		149,739		149,739
Marketable debt securities		24,020		24,020
Long-term debt, including current portion		2,136,960		2,272,309

	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