Fair Value Measurements (Tables)

12 Months Ended

May 31, 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 May 31, 2019
Available-for-sale debt securities:
U.S. Treasury and other government	$	-	$	24,547	$	-		$	24,547
Corporate bonds				462					462
Total available-for-sale debt securities		-		25,009		-			25,009
Trading and other equity securities:
Mutual funds - foreign				32,082					32,082
Mutual funds - domestic				67,739					67,739
Total trading and other equity securities		-		99,821		-			99,821
Contingent consideration						(21,551	)		(21,551	)
Total	$	-	$	124,830	$	(21,551	)	$	103,279

(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 May 31, 2019 and 2018 are as follows:

	At May 31, 2019
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	223,168	$	223,168
Marketable equity securities		87,525		87,525
Marketable debt securities		25,009		25,009
Long-term debt, including current portion		2,525,908		2,526,817

	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