| 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
November 30,
2016 |
|
|
U.S. Treasury and other government |
|
$ |
- |
|
|
$ |
22,016 |
|
|
$ |
- |
|
|
$ |
22,016 |
|
|
Corporate bonds |
|
|
|
|
|
|
870 |
|
|
|
|
|
|
|
870 |
|
|
Stocks - foreign |
|
|
5,605 |
|
|
|
|
|
|
|
|
|
|
|
5,605 |
|
|
Stocks - domestic |
|
|
31,811 |
|
|
|
|
|
|
|
|
|
|
|
31,811 |
|
|
Cash and cash equivalents |
|
|
1,328 |
|
|
|
|
|
|
|
|
|
|
|
1,328 |
|
|
Mutual funds - foreign |
|
|
|
|
|
|
32,135 |
|
|
|
|
|
|
|
32,135 |
|
|
Mutual funds - domestic |
|
|
|
|
|
|
61,027 |
|
|
|
|
|
|
|
61,027 |
|
|
Foreign currency forward contract |
|
|
|
|
|
|
(100 |
) |
|
|
|
|
|
|
(100 |
) |
|
Contingent consideration |
|
|
|
|
|
|
|
|
|
|
(7,640 |
) |
|
|
(7,640 |
) |
|
Total |
|
$ |
38,744 |
|
|
$ |
115,948 |
|
|
$ |
(7,640 |
) |
|
$ |
147,052 |
|
|
(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,
2016 |
|
|
U.S. Treasury and other government |
|
$ |
- |
|
|
$ |
21,838 |
|
|
$ |
- |
|
|
$ |
21,838 |
|
|
Corporate bonds |
|
|
|
|
|
|
1,024 |
|
|
|
|
|
|
|
1,024 |
|
|
Stocks - foreign |
|
|
5,243 |
|
|
|
|
|
|
|
|
|
|
|
5,243 |
|
|
Stocks - domestic |
|
|
30,637 |
|
|
|
|
|
|
|
|
|
|
|
30,637 |
|
|
Mutual funds - foreign |
|
|
|
|
|
|
32,348 |
|
|
|
|
|
|
|
32,348 |
|
|
Mutual funds - domestic |
|
|
|
|
|
|
55,866 |
|
|
|
|
|
|
|
55,866 |
|
|
Foreign currency forward contract |
|
|
|
|
|
|
(159 |
) |
|
|
|
|
|
|
(159 |
) |
|
Contingent consideration |
|
|
|
|
|
|
|
|
|
|
(11,771 |
) |
|
|
(11,771 |
) |
|
Total |
|
$ |
35,880 |
|
|
$ |
110,917 |
|
|
$ |
(11,771 |
) |
|
$ |
135,026 |
|
|
| 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, 2016 and May 31, 2016 are as follows:
|
|
|
At November 30, 2016 |
|
|
(In thousands) |
|
Carrying Value |
|
|
Fair Value |
|
|
Cash and cash equivalents |
|
$ |
205,907 |
|
|
$ |
205,907 |
|
|
Marketable equity securities |
|
|
130,578 |
|
|
|
130,578 |
|
|
Marketable debt securities |
|
|
22,886 |
|
|
|
22,886 |
|
|
Long-term debt, including current portion |
|
|
1,638,847 |
|
|
|
1,904,270 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At May 31, 2016 |
|
|
(In thousands) |
|
Carrying Value |
|
|
Fair Value |
|
|
Cash and cash equivalents |
|
$ |
265,152 |
|
|
$ |
265,152 |
|
|
Marketable equity securities |
|
|
124,094 |
|
|
|
124,094 |
|
|
Marketable debt securities |
|
|
22,862 |
|
|
|
22,862 |
|
|
Long-term debt, including current portion |
|
|
1,639,973 |
|
|
|
1,925,079 |
|
|