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Cash and Marketable Securities | 9 Months Ended
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Feb. 28, 2022
Cash and Cash Equivalents [Abstract] |
Cash and Marketable Securities | 2. CASH AND MARKETABLE SECURITIES Cash and Cash Equivalents Cash and cash equivalents consist of bank demand accounts, savings deposits, certificates of deposit and commercial paper with original maturities of 90 days or less. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed federally insured limits. The Company has not experienced losses related to these balances and believes it is not exposed to significant credit risk regarding its cash and cash equivalents. Cash and cash equivalents were $42,879,000 and $75,602,000 at February 28, 2022 and May 31, 2021, respectively. The carrying value of these assets approximates fair value due to the short maturity of these instruments and is classified as Level 1 in the fair value hierarchy. Marketable Securities The Company has marketable securities held by banks or broker-dealers at February 28, 2022. Changes in market value are monitored and recorded on a monthly basis; in the event of a downgrade in credit quality subsequent to purchase, the marketable securities investment is evaluated to determine the appropriate action to take to minimize the overall risk to our marketable securities portfolio. These securities are classified as available for sale. The primary objective of management’s short-term investment activity is to preserve capital for the purpose of funding current operations, capital expenditures and business acquisitions; short-term investments are not entered into for trading or speculative purposes. These securities are recorded at fair value based on recent trades or pricing models and therefore meet the Level 2 criteria. Interest income on these investments is recorded within other income on the income statement. Adjustments in the fair value of these assets are recorded in other comprehensive income. Marketable Securities as of February 28, 2022 and May 31, 2021 are listed below by classification and remaining maturities.
|  |  |  |  | February 28, |  |  | May 31, |
(in thousands) |  | Maturity |  |  | 2022 |  |  | 2021 |
Commercial Paper & Corporate Bonds |  |  | 0 - 90 days |  |  |  | 94,740 |  |  |  | 106,631 |
|  |  | 91 - 180 days |  |  |  | 85,373 |  |  |  | 78,727 |
|  |  | 181 days - 1 year |  |  |  | 57,310 |  |  |  | 87,590 |
|  |  | 1 - 2 years |  |  |  | 97,887 |  |  |  | 26,752 |
Certificates of Deposit |  |  | 0 - 90 days |  |  |  | 250 |  |  |  | 3,262 |
|  |  | 91 - 180 days |  |  |  | — |  |  |  | 1,260 |
|  |  | 181 days - 1 year |  |  |  | — |  |  |  | 1,263 |
|  |  | 1 - 2 years |  |  |  | — |  |  |  | — |
Total Marketable Securities |  |  |  |  |  | $ | 335,560 |  |  | $ | 305,485 |
The components of marketable securities at February 28, 2022 are as follows:
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |
(in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Commercial Paper & Corporate Bonds |  |  | 337,159 |  |  |  | 7 |  |  |  | (1,856 | ) |  |  | 335,310 |
Certificates of Deposit |  |  | 250 |  |  |  | — |  |  |  | — |  |  |  | 250 |
Total Marketable Securities |  | $ | 337,409 |  |  | $ | 7 |  |  | $ | (1,856 | ) |  | $ | 335,560 |
The components of marketable securities at May 31, 2021 are as follows:
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  |  |
(in thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Commercial Paper & Corporate Bonds |  |  | 299,524 |  |  |  | 209 |  |  |  | (33 | ) |  |  | 299,700 |
Certificates of Deposit |  |  | 5,755 |  |  |  | 30 |  |  |  | — |  |  |  | 5,785 |
Total Marketable Securities |  | $ | 305,279 |  |  | $ | 239 |  |  | $ | (33 | ) |  | $ | 305,485 |

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- References No definition available. + Details
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- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 + Details
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