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 F – Derivatives and Hedging for discussion of their classification within the fair value hierarchy.
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(In thousands) |
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Quoted Prices in Active Markets for Identical Assets (Level 1) |
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|
Significant Other Observable Inputs (Level 2) |
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|
Significant Unobservable Inputs (Level 3) |
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Fair Value at May 31, 2022 |
|
Available-for-sale debt securities: |
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|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and other government |
|
$ |
- |
|
|
$ |
25,239 |
|
|
$ |
- |
|
|
$ |
25,239 |
|
Corporate bonds |
|
|
- |
|
|
|
155 |
|
|
|
- |
|
|
|
155 |
|
Total available-for-sale debt securities |
|
|
- |
|
|
|
25,394 |
|
|
|
- |
|
|
|
25,394 |
|
Marketable equity securities: |
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|
|
|
|
|
|
|
|
|
|
|
Stocks-foreign |
|
|
598 |
|
|
|
- |
|
|
|
- |
|
|
|
598 |
|
Stocks-domestic |
|
|
5,085 |
|
|
|
- |
|
|
|
- |
|
|
|
5,085 |
|
Mutual funds - foreign |
|
|
- |
|
|
|
39,139 |
|
|
|
- |
|
|
|
39,139 |
|
Mutual funds - domestic |
|
|
- |
|
|
|
74,227 |
|
|
|
- |
|
|
|
74,227 |
|
Total marketable equity securities |
|
|
5,683 |
|
|
|
113,366 |
|
|
|
- |
|
|
|
119,049 |
|
Contingent consideration |
|
|
- |
|
|
|
- |
|
|
|
(10,529 |
) |
|
|
(10,529 |
) |
Total |
|
$ |
5,683 |
|
|
$ |
138,760 |
|
|
$ |
(10,529 |
) |
|
$ |
133,914 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2021 |
|
Available-for-sale debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and other government |
|
$ |
- |
|
|
$ |
26,563 |
|
|
$ |
- |
|
|
$ |
26,563 |
|
Corporate bonds |
|
|
- |
|
|
|
182 |
|
|
|
- |
|
|
|
182 |
|
Total available-for-sale debt securities |
|
|
- |
|
|
|
26,745 |
|
|
|
- |
|
|
|
26,745 |
|
Marketable equity securities: |
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|
|
|
|
|
|
|
|
|
|
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Stocks-foreign |
|
|
768 |
|
|
|
- |
|
|
|
- |
|
|
|
768 |
|
Stocks-domestic |
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|
6,975 |
|
|
|
- |
|
|
|
- |
|
|
|
6,975 |
|
Mutual funds - foreign |
|
|
- |
|
|
|
47,916 |
|
|
|
- |
|
|
|
47,916 |
|
Mutual funds - domestic |
|
|
- |
|
|
|
86,428 |
|
|
|
- |
|
|
|
86,428 |
|
Total marketable equity securities |
|
|
7,743 |
|
|
|
134,344 |
|
|
|
- |
|
|
|
142,087 |
|
Contingent consideration |
|
|
- |
|
|
|
- |
|
|
|
(13,335 |
) |
|
|
(13,335 |
) |
Total |
|
$ |
7,743 |
|
|
$ |
161,089 |
|
|
$ |
(13,335 |
) |
|
$ |
155,497 |
|
|
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 May 31, 2022 and 2021 are as follows:
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At May 31, 2022 |
|
(In thousands) |
|
Carrying Value |
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|
Fair Value |
|
Cash and cash equivalents |
|
$ |
201,672 |
|
|
$ |
201,672 |
|
Marketable equity securities |
|
|
119,049 |
|
|
|
119,049 |
|
Available-for-sale debt securities |
|
|
25,394 |
|
|
|
25,394 |
|
Long-term debt, including current portion |
|
|
2,686,609 |
|
|
|
2,618,978 |
|
|
|
|
|
|
|
|
|
|
At May 31, 2021 |
|
(In thousands) |
|
Carrying Value |
|
|
Fair Value |
|
Cash and cash equivalents |
|
$ |
246,704 |
|
|
$ |
246,704 |
|
Marketable equity securities |
|
|
142,087 |
|
|
|
142,087 |
|
Available-for-sale debt securities |
|
|
26,745 |
|
|
|
26,745 |
|
Long-term debt, including current portion |
|
|
2,379,826 |
|
|
|
2,570,206 |
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|