Fair Value Measurements (Tables)

3 Months Ended

Aug. 31, 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 August 31, 2018
U.S. Treasury and other government	$	-	$	24,027	$	-		$	24,027
Corporate bonds				451					451
Mutual funds - foreign				47,595					47,595
Mutual funds - domestic				113,891					113,891
Contingent consideration						(13,416	)		(13,416	)
Total	$	-	$	185,964	$	(13,416	)	$	172,548

(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, 2018
U.S. Treasury and other government	$	-	$	23,049	$	-		$	23,049
Corporate bonds				467					467
Mutual funds - foreign				47,410					47,410
Mutual funds - domestic				107,017					107,017
Contingent consideration						(17,998	)		(17,998	)
Total	$	-	$	177,943	$	(17,998	)	$	159,945

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, 2018 and May 31, 2018 are as follows:

	At August 31, 2018
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	202,183	$	202,183
Marketable equity securities		149,560		149,560
Marketable debt securities		24,478		24,478
Long-term debt, including current portion		2,270,535		2,320,331

	At May 31, 2018
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	244,422	$	244,422
Marketable equity securities		144,555		144,555
Marketable debt securities		23,516		23,516
Long-term debt, including current portion		2,174,144		2,215,458