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Note 4 - Financial Instruments and Fair Value Measurements
9 Months Ended
Aug. 25, 2018
Notes to Financial Statements  
Fair Value Disclosures [Text Block]
4.
Financial Instruments and Fair Value Measurements
 
Financial Instruments
 
Our financial instruments include cash and cash equivalents, short-term investments in certificates of deposit, accounts receivable, cost method investments, accounts payable and notes payable. Because of their short maturities, the carrying amounts of cash and cash equivalents, short-term investments in certificates of deposit, accounts receivable, and accounts payable approximate fair value.
 
Investments
 
Our short-term investments of
$22,643
at
August 25, 2018
and
$23,125
at
November 25, 2017
consisted of certificates of deposit (CDs). At
August 25, 2018,
the CDs had original terms averaging
nine
months, bearing interest at rates ranging from
0.10%
to
2.45%.
At
August 25, 2018,
the weighted average remaining time to maturity of the CDs was approximately
six
months and the weighted average yield of the CDs was approximately
2.11%.
Each CD is placed with a federally insured financial institution and all deposits are within federal deposit insurance limits. Due to the nature of these investments and their relatively short maturities, the carrying amount of the short-term investments at
August 25, 2018
and
November 25, 2017
approximates their fair value.
 
Fair Value Measurement
 
 
The Company accounts for items measured at fair value in accordance with ASC Topic
820,
Fair Value Measurements and Disclosures
. ASC
820’s
valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions. ASC
820
classifies these inputs into the following hierarchy:
 
Level
1
Inputs
– Quoted prices for identical instruments in active markets.
 
Level
2
Inputs
– Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are
not
active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
 
Level
3
Inputs
– Instruments with primarily unobservable value drivers.
 
We believe that the carrying amounts of our current assets and current liabilities approximate fair value due to the short-term nature of these items. The recurring estimate of the fair value of our notes payable for disclosure purposes (see Note
8
) involves Level
3
inputs. Our primary non-recurring fair value estimates typically involve business acquisitions (Note
3
) which involve a combination of Level
2
and Level
3
inputs.