Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements (Tables)

v3.26.3
Fair Value Measurements (Tables)
 3 Months Ended
Aug. 31, 2026
Fair Value Disclosures [Abstract]  
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows:

 

 

 

August 31, 2026

 

 

 

 

 

 

 

Quoted

 

 

Significant

 

 

 

 

 

 

 

 

 

 

 

prices in

 

 

other

 

 

Significant

 

 

 

Carrying

 

 

active

 

 

observable

 

 

unobservable

 

 

 

value

 

 

markets

 

 

inputs

 

 

inputs

 

In millions

 

(Fair value)

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted and unrestricted cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

Total restricted and unrestricted cash equivalents

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

 

$

 

—

 

AFS securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

 

86.9

 

 

$

 

—

 

 

$

 

86.9

 

 

$

 

—

 

Corporate bonds

 

 

 

2,339.6

 

 

 

 

—

 

 

 

 

2,339.6

 

 

 

 

—

 

Municipal bonds

 

 

 

811.1

 

 

 

 

—

 

 

 

 

811.1

 

 

 

 

—

 

U.S. government agency and treasury securities

 

 

 

1,202.2

 

 

 

 

—

 

 

 

 

1,202.2

 

 

 

 

—

 

VRDNs

 

 

 

204.3

 

 

 

 

—

 

 

 

 

204.3

 

 

 

 

—

 

Total AFS securities

 

$

 

4,644.1

 

 

$

 

—

 

 

$

 

4,644.1

 

 

$

 

—

 

Other

 

$

 

37.6

 

 

$

 

37.6

 

 

$

 

—

 

 

$

 

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other long-term liabilities

 

$

 

37.6

 

 

$

 

37.6

 

 

$

 

—

 

 

$

 

—

 

 

 

 

 

May 31, 2026

 

 

 

 

 

 

 

Quoted

 

 

Significant

 

 

 

 

 

 

 

 

 

 

 

prices in

 

 

other

 

 

Significant

 

 

 

Carrying

 

 

active

 

 

observable

 

 

unobservable

 

 

 

value

 

 

markets

 

 

inputs

 

 

inputs

 

In millions

 

(Fair value)

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted and unrestricted cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities

 

$

 

25.3

 

 

$

 

25.3

 

 

$

 

—

 

 

$

 

—

 

Total restricted and unrestricted cash equivalents

 

$

 

25.3

 

 

$

 

25.3

 

 

$

 

—

 

 

$

 

—

 

AFS securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

 

106.8

 

 

$

 

—

 

 

$

 

106.8

 

 

$

 

—

 

Corporate bonds

 

 

 

2,336.6

 

 

 

 

—

 

 

 

 

2,336.6

 

 

 

 

—

 

Municipal bonds

 

 

 

831.2

 

 

 

 

—

 

 

 

 

831.2

 

 

 

 

—

 

U.S. government agency and treasury securities

 

 

 

1,213.8

 

 

 

 

—

 

 

 

 

1,213.8

 

 

 

 

—

 

Total AFS securities

 

$

 

4,488.4

 

 

$

 

—

 

 

$

 

4,488.4

 

 

$

 

—

 

Other

 

$

 

36.3

 

 

$

 

36.3

 

 

$

 

—

 

 

$

 

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other long-term liabilities

 

$

 

36.3

 

 

$

 

36.3

 

 

$

 

—

 

 

$

 

—

 
Schedule of Amortized Cost and Fair Value of Borrowings

The Company's long-term borrowings are accounted for on a historical cost basis. The amortized cost and fair value of these borrowings were as follows:

 

 

 

August 31, 2026

 

 

May 31, 2026

 

 

 

Amortized

 

 

Fair

 

 

Amortized

 

 

Fair

 

In millions

 

cost

 

 

value

 

 

cost

 

 

value

 

Senior Notes, Series B

 

$

 

399.5

 

 

$

 

394.3

 

 

$

 

399.5

 

 

$

 

397.4

 

5-Year Fixed Rate Bonds

 

 

 

1,488.7

 

 

 

 

1,489.3

 

 

 

 

1,487.9

 

 

 

 

1,504.9

 

7-Year Fixed Rate Bonds

 

 

 

1,485.8

 

 

 

 

1,485.4

 

 

 

 

1,485.2

 

 

 

 

1,504.3

 

10-Year Fixed Rate Bonds

 

 

 

1,184.0

 

 

 

 

1,175.5

 

 

 

 

1,183.5

 

 

 

 

1,194.2

 

Total long-term borrowings, net of debt issuance costs

 

$

 

4,558.0

 

 

$

 

4,544.5

 

 

$

 

4,556.1

 

 

$

 

4,600.8