Fair Value Measurements (Tables)

9 Months Ended

Feb. 29, 2020

Fair Value Disclosures [Abstract]

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 29, 2020
Available-for-sale debt securities:
U.S. Treasury and other government	$	-	$	25,045	$	-		$	25,045
Corporate bonds		-		445		-			445
Total available-for-sale debt securities		-		25,490		-			25,490
Trading and other equity securities:
Stocks - domestic		2,789		-		-			2,789
Mutual funds - foreign		-		33,349		-			33,349
Mutual funds - domestic		-		66,088		-			66,088
Total trading and other equity securities		2,789		99,437		-			102,226
Contingent consideration		-		-		(15,648	)		(15,648	)
Total	$	2,789	$	124,927	$	(15,648	)	$	112,068

(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 February 29, 2020 and May 31, 2019 are as follows:

	At February 29, 2020
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	212,242	$	212,242
Marketable equity securities		89,215		89,215
Marketable debt securities		25,490		25,490
Long-term debt, including current portion		2,559,763		2,725,297
	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