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Fair Value Measurements (Tables)
3 Months Ended
Aug. 31, 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

August 31,

2020

 

Available-for-sale debt securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and other government

 

$

-

 

 

$

26,736

 

 

$

-

 

 

$

26,736

 

Corporate bonds

 

 

-

 

 

 

191

 

 

 

-

 

 

 

191

 

Total available-for-sale debt securities

 

 

-

 

 

 

26,927

 

 

 

-

 

 

 

26,927

 

Marketable equity securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stocks - domestic

 

 

5,806

 

 

 

-

 

 

 

-

 

 

 

5,806

 

Mutual funds - foreign

 

 

-

 

 

 

45,053

 

 

 

-

 

 

 

45,053

 

Mutual funds - domestic

 

 

-

 

 

 

55,899

 

 

 

-

 

 

 

55,899

 

Total marketable equity securities

 

 

5,806

 

 

 

100,952

 

 

 

-

 

 

 

106,758

 

Contingent consideration

 

 

-

 

 

 

-

 

 

 

(15,928

)

 

 

(15,928

)

Total

 

$

5,806

 

 

$

127,879

 

 

$

(15,928

)

 

$

117,757

 

 

(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 August 31, 2020 and May 31, 2020 are as follows:

 

 

 

At August 31, 2020

 

(In thousands)

 

Carrying Value

 

 

Fair Value

 

Cash and cash equivalents

 

$

251,765

 

 

$

251,765

 

Marketable equity securities

 

 

106,758

 

 

 

106,758

 

Available-for-sale debt securities

 

 

26,927

 

 

 

26,927

 

Long-term debt, including current portion

 

 

2,343,085

 

 

 

2,533,117

 

 

 

 

 

 

 

 

 

 

 

 

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