Fair Value Measurements (Tables)

9 Months Ended

Feb. 28, 2015

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis

The following tables set forth financial assets and liabilities measured at fair value in the Condensed Consolidated Balance Sheets and the respective pricing levels to which the fair value measurements are classified within the fair value hierarchy as of February 28, 2015 and May 31, 2014.



(In millions)	Fair Value Measurements
	February 28, 2015		May 31, 2014
Financial Assets	Quoted Prices with Other Observable Inputs (Level 2)		Quoted Prices with Other Observable Inputs (Level 2)
Available-for-sale marketable securities:
Asset-backed securities	$	0.3	$	0.4
Corporate securities	0.7		1.2
Government obligations	4.9		7.9
Mortgage-backed securities	0.5		1.6
Foreign currency forward contracts	0.6		0.2
Deferred compensation plan	7.6		6.3
Total	$	14.6	$	17.6

Financial Liabilities
Foreign currency forward contracts	$	0.5	$	0.1
Total	$	0.5	$	0.1

Unrealized Gain (Loss) on Investments

The following is a summary of the carrying and market values of the company's marketable securities as of the respective dates.



	February 28, 2015
(In millions)	Cost		Unrealized Gain		Unrealized Loss		Market Value
Asset-backed securities	$	0.3	$	—	$	—	$	0.3
Corporate securities	0.7		—		—		0.7
Government obligations	4.9		—		—		4.9
Mortgage-backed securities	0.5		—		—		0.5
Total	$	6.4	$	—	$	—	$	6.4

	May 31, 2014
(In millions)	Cost		Unrealized Gain		Unrealized Loss		Market Value
Asset-backed securities	$	0.4	$	—	$	—	$	0.4
Corporate securities	1.2		—		—		1.2
Government obligations	7.9		—		—		7.9
Mortgage-backed securities	1.6		—		—		1.6
Total	$	11.1	$	—	$	—	$	11.1

Investments Classified by Contractual Maturity Date

Maturities of debt securities included in marketable securities as of February 28, 2015, are as follows.



(In millions)	Cost		Fair Value
Due within one year	$	2.7	$	2.7
Due after one year through five years	3.6		3.6
Due after five years through ten years	—		—
Due after more than ten years	0.1		0.1
Total	$	6.4	$	6.4

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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