Fair Value Measurements (Tables)

6 Months Ended

Nov. 30, 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 addition, with respect to our derivative assets and liabilities measured at fair value, refer to Note 5, “Derivatives and Hedging” for discussion of their classification within 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, 2020
Available-for-sale debt securities:
U.S. Treasury and other government	$	-	$	26,955	$	-		$	26,955
Corporate bonds		-		194		-			194
Total available-for-sale debt securities		-		27,149		-			27,149
Marketable equity securities:
Stocks - domestic		6,548		-		-			6,548
Mutual funds - foreign		-		36,639		-			36,639
Mutual funds - domestic		-		73,122		-			73,122
Total marketable equity securities		6,548		109,761		-			116,309
Contingent consideration		-		-		(15,954	)		(15,954	)
Total	$	6,548	$	136,910	$	(15,954	)	$	127,504

(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, 2020
Available-for-sale debt securities:
U.S. Treasury and other government	$	-	$	26,736	$	-		$	26,736
Corporate bonds		-		186		-			186
Total available-for-sale debt securities		-		26,922		-			26,922
Marketable equity securities:
Stocks - domestic		3,870		-		-			3,870
Mutual funds - foreign		-		28,815		-			28,815
Mutual funds - domestic		-		63,536		-			63,536
Total marketable equity securities		3,870		92,351		-			96,221
Contingent consideration		-		-		(15,682	)		(15,682	)
Total	$	3,870	$	119,273	$	(15,682	)	$	107,461

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, 2020 and May 31, 2020 are as follows:

	At November 30, 2020
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	272,945	$	272,945
Marketable equity securities		116,309		116,309
Available-for-sale debt securities		27,149		27,149
Long-term debt, including current portion		2,300,336		2,528,830
	At May 31, 2020
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	233,416	$	233,416
Marketable equity securities		87,111		87,111
Available-for-sale debt securities		26,922		26,922
Long-term debt, including current portion		2,539,180		2,618,719