Fair Value Measurements (Tables)

6 Months Ended

Nov. 30, 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 November 30, 2018
Available-for-sale debt securities:
U.S. Treasury and other government	$	-	$	22,783	$	-	$	22,783
Corporate bonds				440				440
Total available-for-sale debt securities		-		23,223		-		23,223
Trading and other equity securities:
Mutual funds - foreign				43,940				43,940
Mutual funds - domestic				84,726				84,726
Total trading and other equity securities		-		128,666		-		128,666
Contingent consideration						15,999		15,999
Total	$	-	$	151,889	$	15,999	$	167,888

(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 November 30, 2018 and May 31, 2018 are as follows:

	At November 30, 2018
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	226,914	$	226,914
Marketable equity securities		116,669		116,669
Marketable debt securities		23,223		23,223
Long-term debt, including current portion		2,372,742		2,313,513

	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