Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.2.0.727
Fair Value Measurements (Tables)
 12 Months Ended
May. 31, 2015
Fair Value Disclosures [Abstract]  
Financial assets and liabilities measured at fair value on a recurring basis
The Company’s financial assets and liabilities measured at fair value on a recurring basis were as follows:
 
 
May 31, 2015
In millions
 
Carrying
value
(Fair value)
 
Quoted
prices in
active
markets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
 
Commercial paper
 
$
15.0

 
$
—

 
$
15.0

 
$
—

General obligation municipal bonds
 
55.1

 
—

 
55.1

 
—

Pre-refunded municipal bonds
 
20.5

 
—

 
20.5

 
—

Revenue municipal bonds
 
12.3

 
—

 
12.3

 
—

Money market securities
 
0.2

 
0.2

 
—

 
—

Total cash equivalents
 
$
103.1

 
$
0.2

 
$
102.9

 
$
—

Available-for-sale securities:
 
 
 
 
 
 
 
 
General obligation municipal bonds
 
$
1,703.7

 
$
—

 
$
1,703.7

 
$
—

Pre-refunded municipal bonds
 
102.7

 
—

 
102.7

 
—

Revenue municipal bonds
 
963.6

 
—

 
963.6

 
—

Variable rate demand notes
 
825.6

 
—

 
825.6

 
—

Total available-for-sale securities
 
$
3,595.6

 
$
—

 
$
3,595.6

 
$
—

Other
 
$
14.2

 
$
14.2

 
$
—

 
$
—

Liabilities:
 
 
 
 
 
 
 
 
Other long-term liabilities
 
$
14.2

 
$
14.2

 
$
—

 
$
—


 
 
May 31, 2014
In millions
 
Carrying
value
(Fair value)
 
Quoted
prices in
active
markets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
Assets:
 
 
 
 
 
 
 
 
Cash equivalents:
 
 
 
 
 
 
 
 
Commercial paper
 
$
6.0

 
$
—

 
$
6.0

 
$
—

General obligation municipal bonds
 
10.9

 
—

 
10.9

 
—

Pre-refunded municipal bonds
 
31.2

 
—

 
31.2

 
—

Revenue municipal bonds
 
17.7

 
—

 
17.7

 
—

Total cash equivalents
 
$
65.8

 
$
—

 
$
65.8

 
$
—

Available-for-sale securities:
 
 
 
 
 
 
 
 
General obligation municipal bonds
 
$
1,628.5

 
$
—

 
$
1,628.5

 
$
—

Pre-refunded municipal bonds
 
142.8

 
—

 
142.8

 
—

Revenue municipal bonds
 
867.8

 
—

 
867.8

 
—

Variable rate demand notes
 
752.3

 
—

 
752.3

 
—

Total available-for-sale securities
 
$
3,391.4

 
$
—

 
$
3,391.4

 
$
—

Other
 
$
12.3

 
$
12.3

 
$
—

 
$
—

Liabilities:
 
 
 
 
 
 
 
 
Other long-term liabilities
 
$
12.3

 
$
12.3

 
$
—

 
$
—