| 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," to the Consolidated Financial Statements 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, 2024 |
|
Available-for-sale debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and other government |
|
$ |
- |
|
|
$ |
26,559 |
|
|
$ |
- |
|
|
$ |
26,559 |
|
Corporate bonds |
|
|
- |
|
|
|
138 |
|
|
|
- |
|
|
|
138 |
|
Total available-for-sale debt securities |
|
|
- |
|
|
|
26,697 |
|
|
|
- |
|
|
|
26,697 |
|
Marketable equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Stocks-foreign |
|
|
1,518 |
|
|
|
- |
|
|
|
- |
|
|
|
1,518 |
|
Stocks-domestic |
|
|
9,028 |
|
|
|
- |
|
|
|
- |
|
|
|
9,028 |
|
Mutual funds - foreign |
|
|
- |
|
|
|
39,114 |
|
|
|
- |
|
|
|
39,114 |
|
Mutual funds - domestic |
|
|
- |
|
|
|
77,966 |
|
|
|
- |
|
|
|
77,966 |
|
Total marketable equity securities |
|
|
10,546 |
|
|
|
117,080 |
|
|
|
- |
|
|
|
127,626 |
|
Contingent consideration |
|
|
- |
|
|
|
- |
|
|
|
(2,229 |
) |
|
|
(2,229 |
) |
Total |
|
$ |
10,546 |
|
|
$ |
143,777 |
|
|
$ |
(2,229 |
) |
|
$ |
152,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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, 2023 |
|
Available-for-sale debt securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and other government |
|
$ |
- |
|
|
$ |
27,021 |
|
|
$ |
- |
|
|
$ |
27,021 |
|
Corporate bonds |
|
|
- |
|
|
|
141 |
|
|
|
- |
|
|
|
141 |
|
Total available-for-sale debt securities |
|
|
- |
|
|
|
27,162 |
|
|
|
- |
|
|
|
27,162 |
|
Marketable equity securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Stocks-foreign |
|
|
786 |
|
|
|
- |
|
|
|
- |
|
|
|
786 |
|
Stocks-domestic |
|
|
5,009 |
|
|
|
- |
|
|
|
- |
|
|
|
5,009 |
|
Mutual funds - foreign |
|
|
- |
|
|
|
40,074 |
|
|
|
- |
|
|
|
40,074 |
|
Mutual funds - domestic |
|
|
- |
|
|
|
75,284 |
|
|
|
- |
|
|
|
75,284 |
|
Total marketable equity securities |
|
|
5,795 |
|
|
|
115,358 |
|
|
|
- |
|
|
|
121,153 |
|
Contingent consideration |
|
|
- |
|
|
|
- |
|
|
|
(2,686 |
) |
|
|
(2,686 |
) |
Total |
|
$ |
5,795 |
|
|
$ |
142,520 |
|
|
$ |
(2,686 |
) |
|
$ |
145,629 |
|
|
| 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, 2024 and 2023 are as follows:
|
|
|
|
|
|
|
|
|
|
|
At May 31, 2024 |
|
(In thousands) |
|
Carrying Value |
|
|
Fair Value |
|
Cash and cash equivalents |
|
$ |
237,379 |
|
|
$ |
237,379 |
|
Long-term debt, including current portion |
|
|
2,127,148 |
|
|
|
1,979,359 |
|
|
|
|
|
|
|
|
|
|
At May 31, 2023 |
|
(In thousands) |
|
Carrying Value |
|
|
Fair Value |
|
Cash and cash equivalents |
|
$ |
215,787 |
|
|
$ |
215,787 |
|
Long-term debt, including current portion |
|
|
2,683,809 |
|
|
|
2,490,863 |
|
|