Fair Value Measurements (Tables)

9 Months Ended

Feb. 28, 2018

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, 2018
U.S. Treasury and other government	$	-	$	22,209	$	-		$	22,209
Corporate bonds				574					574
Stocks - domestic		1,311							1,311
Mutual funds - foreign				48,327					48,327
Mutual funds - domestic				105,379					105,379
Contingent consideration						(14,653	)		(14,653	)
Total	$	1,311	$	176,489	$	(14,653	)	$	163,147

(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 February 28, 2018 and May 31, 2017 are as follows:

	At February 28, 2018
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	264,386	$	264,386
Marketable equity securities		155,017		155,017
Marketable debt securities		22,783		22,783
Long-term debt, including current portion		2,183,425		2,243,062

	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