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Fair Value Measurements (Tables)
12 Months Ended
May 31, 2022
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 F – 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
May 31, 2022

 

Available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

Stocks-foreign

 

 

768

 

 

 

-

 

 

 

-

 

 

 

768

 

Stocks-domestic

 

 

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:

 

 

At May 31, 2022

 

(In thousands)

 

Carrying Value

 

 

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