Fair Value Measurements (Tables)

9 Months Ended

Feb. 28, 2019

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, 2019
Available-for-sale debt securities:
U.S. Treasury and other government	$	-	$	23,335	$	-		$	23,335
Corporate bonds				449					449
Total available-for-sale debt securities		-		23,784		-			23,784
Trading and other equity securities:
Mutual funds - foreign				32,844					32,844
Mutual funds - domestic				68,754					68,754
Total trading and other equity securities		-		101,598		-			101,598
Contingent consideration						(21,815	)		(21,815	)
Total	$	-	$	125,382	$	(21,815	)	$	103,567

(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 February 28, 2019 and May 31, 2018 are as follows:

	At February 28, 2019
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	195,169	$	195,169
Marketable equity securities		89,234		89,234
Marketable debt securities		23,784		23,784
Long-term debt, including current portion		2,524,218		2,464,343

	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