Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.22.2.2
Fair Value Measurements (Tables)
3 Months Ended
Aug. 31, 2022
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, 2022

 

 

 

 

 

 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

 

49.8

 

 

$

 

 

 

$

 

49.8

 

 

$

 

 

Money market securities

 

 

 

46.1

 

 

 

 

46.1

 

 

 

 

 

 

 

 

 

Total restricted and unrestricted cash equivalents

 

$

 

95.9

 

 

$

 

46.1

 

 

$

 

49.8

 

 

$

 

 

AFS securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

 

54.5

 

 

$

 

 

 

$

 

54.5

 

 

$

 

 

Corporate bonds

 

 

 

686.9

 

 

 

 

 

 

 

 

686.9

 

 

 

 

 

Municipal bonds

 

 

 

1,406.8

 

 

 

 

 

 

 

 

1,406.8

 

 

 

 

 

U.S. government agency and treasury securities

 

 

 

564.9

 

 

 

 

 

 

 

 

564.9

 

 

 

 

 

Variable rate demand notes

 

 

 

11.7

 

 

 

 

 

 

 

 

11.7

 

 

 

 

 

Total AFS securities

 

$

 

2,724.8

 

 

$

 

 

 

$

 

2,724.8

 

 

$

 

 

Other

 

$

 

31.5

 

 

$

 

31.5

 

 

$

 

 

 

$

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other long-term liabilities

 

$

 

31.5

 

 

$

 

31.5

 

 

$

 

 

 

$

 

 

 

 

 

 

May 31, 2022

 

 

 

 

 

 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

$

 

5.2

 

 

$

 

 

 

$

 

5.2

 

 

$

 

 

Time deposits

 

 

 

187.9

 

 

 

 

 

 

 

 

187.9

 

 

 

 

 

VRDNs

 

 

 

10.0

 

 

 

 

 

 

 

 

10.0

 

 

 

 

 

Money market securities

 

$

 

16.1

 

 

$

 

16.1

 

 

$

 

 

 

$

 

 

Total restricted and unrestricted cash equivalents

 

$

 

219.2

 

 

$

 

16.1

 

 

$

 

203.1

 

 

$

 

 

AFS securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset-backed securities

 

$

 

67.2

 

 

$

 

 

 

$

 

67.2

 

 

$

 

 

Corporate bonds

 

 

 

682.1

 

 

 

 

 

 

 

 

682.1

 

 

 

 

 

Municipal bonds

 

 

 

1,485.8

 

 

 

 

 

 

 

 

1,485.8

 

 

 

 

 

U.S. government agency and treasury securities

 

 

 

548.5

 

 

 

 

 

 

 

 

548.5

 

 

 

 

 

VRDNs

 

 

 

1,245.6

 

 

 

 

 

 

 

 

1,245.6

 

 

 

 

 

Total AFS securities

 

$

 

4,029.2

 

 

$

 

 

 

$

 

4,029.2

 

 

$

 

 

Other

 

$

 

30.0

 

 

$

 

30.0

 

 

$

 

 

 

$

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other long-term liabilities

 

$

 

29.9

 

 

$

 

29.9

 

 

$

 

 

 

$