Fair Value Measurements (Tables)

3 Months Ended

Aug. 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 August 31, 2019
Available-for-sale debt securities:
U.S. Treasury and other government	$	-	$	25,254	$	-		$	25,254
Corporate bonds				479					479
Total available-for-sale debt securities		-		25,733		-			25,733
Trading and other equity securities:
Mutual funds - foreign				33,595					33,595
Mutual funds - domestic				77,053					77,053
Total trading and other equity securities		-		110,648		-			110,648
Contingent consideration						(15,668	)		(15,668	)
Total	$	-	$	136,381	$	(15,668	)	$	120,713

(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

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, 2019 and May 31, 2019 are as follows:

	At August 31, 2019
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	212,091	$	212,091
Marketable equity securities		97,895		97,895
Marketable debt securities		25,733		25,733
Long-term debt, including current portion		2,600,796		2,709,219

	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