Annual report [Section 13 and 15(d), not S-K Item 405]

Fair Value Measurements (Tables)

v3.25.2
Fair Value Measurements (Tables)
 12 Months Ended
May 31, 2025
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:

 

 

 

May 31, 2025

 

 

 

 

 

 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

 

4.7

 

 

$

 

—

 

 

$

 

4.7

 

 

$

 

—

 

Municipal bonds

 

 

 

0.4

 

 

 

 

—

 

 

 

 

0.4

 

 

 

 

—

 

U.S. government agency and treasury securities

 

 

 

615.5

 

 

 

 

—

 

 

 

 

615.5

 

 

 

 

—

 

Money market securities

 

 

 

42.8

 

 

 

 

42.8

 

 

 

 

—

 

 

 

 

—

 

Total restricted and unrestricted cash equivalents

 

$

 

663.4

 

 

$

 

42.8

 

 

$

 

620.6

 

 

$

 

—

 

AFS securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

 

159.2

 

 

$

 

—

 

 

$

 

159.2

 

 

$

 

—

 

Corporate bonds

 

 

 

1,644.0

 

 

 

 

—

 

 

 

 

1,644.0

 

 

 

 

—

 

Municipal bonds

 

 

 

973.5

 

 

 

 

—

 

 

 

 

973.5

 

 

 

 

—

 

U.S. government agency and treasury securities

 

 

 

978.8

 

 

 

 

—

 

 

 

 

978.8

 

 

 

 

—

 

Total AFS securities

 

$

 

3,755.5

 

 

$

 

—

 

 

$

 

3,755.5

 

 

$

 

—

 

Other

 

$

 

34.5

 

 

$

 

34.5

 

 

$

 

—

 

 

$

 

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other long-term liabilities

 

$

 

34.5

 

 

$

 

34.5

 

 

$

 

—

 

 

$

 

—

 

 

 

 

 

May 31, 2024

 

 

 

 

 

 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency and treasury securities

 

$

 

386.4

 

 

$

 

—

 

 

$

 

386.4

 

 

$

 

—

 

Money market securities

 

 

 

31.4

 

 

 

 

31.4

 

 

 

 

—

 

 

 

 

—

 

Total restricted and unrestricted cash equivalents

 

$

 

417.8

 

 

$

 

31.4

 

 

$

 

386.4

 

 

$

 

—

 

AFS securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

 

134.7

 

 

$

 

—

 

 

$

 

134.7

 

 

$

 

—

 

Corporate bonds

 

 

 

1,368.8

 

 

 

 

—

 

 

 

 

1,368.8

 

 

 

 

—

 

Municipal bonds

 

 

 

973.4

 

 

 

 

—

 

 

 

 

973.4

 

 

 

 

—

 

U.S. government agency and treasury securities

 

 

 

852.7

 

 

 

 

—

 

 

 

 

852.7

 

 

 

 

—

 

Total AFS securities

 

$

 

3,329.6

 

 

$

 

—

 

 

$

 

3,329.6

 

 

$

 

—

 

Other

 

$

 

33.9

 

 

$

 

33.9

 

 

$

 

—

 

 

$

 

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other long-term liabilities

 

$

 

33.9

 

 

$

 

33.9

 

 

$

 

—

 

 

$

 

—

 

 
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:

 

 

 

 

May 31, 2025

 

 

May 31, 2024

 

 

 

Amortized

 

 

Fair

 

 

Amortized

 

 

Fair

 

In millions

 

cost

 

 

value

 

 

cost

 

 

value

 

Senior Notes, Series A

 

$

 

399.8

 

 

$

 

398.3

 

 

$

 

399.5

 

 

$

 

391.8

 

Senior Notes, Series B

 

 

 

399.3

 

 

 

 

395.5

 

 

 

 

399.1

 

 

 

 

386.0

 

5-Year Fixed Rate Bonds

 

 

 

1,484.8

 

 

 

 

1,505.1

 

 

 

 

—

 

 

 

 

—

 

7-Year Fixed Rate Bonds

 

 

 

1,482.7

 

 

 

 

1,504.9

 

 

 

 

—

 

 

 

 

—

 

10-Year Fixed Rate Bonds

 

 

 

1,181.6

 

 

 

 

1,201.9

 

 

 

 

—

 

 

 

 

—

 

Total long-term borrowings, net of debt issuance costs

 

$

 

4,948.2

 

 

$

 

5,005.7

 

 

$

 

798.6

 

 

$

 

777.8