Fair Value Measurements (Tables)

6 Months Ended

Nov. 30, 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 November 30, 2019
Available-for-sale debt securities:
U.S. Treasury and other government	$	-	$	24,209	$	-		$	24,209
Corporate bonds				471					471
Total available-for-sale debt securities		-		24,680		-			24,680
Trading and other equity securities:
Mutual funds - foreign				36,251					36,251
Mutual funds - domestic				75,037					75,037
Total trading and other equity securities		-		111,288		-			111,288
Contingent consideration						(15,748	)		(15,748	)
Total	$	-	$	135,968	$	(15,748	)	$	120,220

(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 November 30, 2019 and May 31, 2019 are as follows:

	At November 30, 2019
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	208,173	$	208,173
Marketable equity securities		97,798		97,798
Marketable debt securities		24,680		24,680
Long-term debt, including current portion		2,523,475		2,616,790

	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