Fair Value Measurements (Tables)

9 Months Ended

Feb. 28, 2021

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 February 28, 2021
Available-for-sale debt securities:
U.S. Treasury and other government	$	-	$	25,447	$	-		$	25,447
Corporate bonds		-		181		-			181
Total available-for-sale debt securities		-		25,628		-			25,628
Marketable equity securities:
Stocks - foreign		536		-		-			536
Stocks - domestic		6,240		-		-			6,240
Mutual funds - foreign		-		42,445		-			42,445
Mutual funds - domestic		-		77,919		-			77,919
Total marketable equity securities		6,776		120,364		-			127,140
Contingent consideration		-		-		(15,258	)		(15,258	)
Total	$	6,776	$	145,992	$	(15,258	)	$	137,510

(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 February 28, 2021 and May 31, 2020 are as follows:

	At February 28, 2021
(In thousands)	Carrying Value		Fair Value
Cash and cash equivalents	$	249,214	$	249,214
Marketable equity securities		127,140		127,140
Available-for-sale debt securities		25,628		25,628
Long-term debt, including current portion		2,311,510		2,507,299
	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