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Fair Value Measurements (Tables) | 12 Months Ended
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May 31, 2024
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," 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 |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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