Cash, Cash Equivalents and Investments

A summary of our cash, cash equivalents and available-for-sale investments at May 31, 2013 is as follows (in thousands):



	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Cash	$	170,476	$	—	$	—		$	170,476
Money market funds	47,911		—		—			47,911
State and municipal bond obligations	37,228		189		—			37,417
Auction rate securities – municipal bonds	27,150		—		(3,588		)	23,562
Auction rate securities – student loans	3,500		—		(562		)	2,938
Total	$	286,265	$	189	$	(4,150	)	$	282,304

A summary of our cash, cash equivalents and available-for-sale investments at November 30, 2012 is as follows (in thousands):



	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Cash	$	176,201	$	—	$	—		$	176,201
Money market funds	125,591		—		—			125,591
State and municipal bond obligations	50,565		255		(2		)	50,818
Auction rate securities – municipal bonds	27,175		—		(3,755		)	23,420
Auction rate securities – student loans	3,500		—		(599		)	2,901
Corporate bonds	2,608		—		(1		)	2,607
Total	$	385,640	$	255	$	(4,357	)	$	381,538

Such amounts are classified on our condensed consolidated balance sheets as follows (in thousands):



	May 31, 2013						November 30, 2012
	Cash and Equivalents		Short-Term Investments		Long-Term Investments		Cash and Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	170,476	$	—	$	—	$	176,201	$	—	$	—
Money market funds	47,911		—		—		125,591		—		—
State and municipal bond obligations	—		37,417		—		—		50,818		—
Auction rate securities – municipal bonds	—		—		23,562		—		—		23,420
Auction rate securities – student loans	—		—		2,938		—		—		2,901
Corporate bonds	—		—		—		—		2,607		—
Total	$	218,387	$	37,417	$	26,500	$	301,792	$	53,425	$	26,321

The valuation methodologies for our auction rate securities (ARS) are described in Note 4. Based on these methodologies, we determined that the fair value of our ARS investments is $26.5 million and $26.3 million at May 31, 2013 and November 30, 2012, respectively. The temporary impairment recorded in accumulated other comprehensive loss to reduce the value of our available-for-sale ARS investments was $4.2 million and $4.4 million at May 31, 2013 and November 30, 2012, respectively.

We will not be able to access the funds associated with our ARS investments until a future auction for these ARS is successful, we sell the securities in a secondary market, or they are redeemed by the issuer. As such, these remaining investments currently lack short-term liquidity and are therefore classified as long-term investments on the condensed consolidated balance sheets at May 31, 2013 and November 30, 2012.

Based on our cash, cash equivalents and short-term investments balance of $255.8 million, expected operating cash flows and the availability of funds under our revolving credit facility, we do not anticipate that the lack of liquidity associated with our ARS will adversely affect our ability to conduct business and we believe that we have the ability to hold the affected securities throughout the currently estimated recovery period. Therefore, the impairment of these securities is considered only temporary in nature. If the credit rating of either the security issuer or the third-party insurer underlying the investments deteriorates significantly, we may be required to adjust the carrying value of the ARS through an other-than-temporary impairment charge to earnings.

The fair value of debt securities by contractual maturity is as follows (in thousands):



	May 31, 2013		November 30, 2012
Due in one year or less ⁽¹⁾	$	46,705	$	55,001
Due after one year	17,212		24,745
Total	$	63,917	$	79,746


(1)	Includes ARS which are tendered for interest-rate setting purposes periodically throughout the year. Beginning in February 2008, auctions for these securities began to fail, and therefore these investments currently lack short-term liquidity. The remaining contractual maturities of these securities range from 11 to 30 years.

Investments with continuous unrealized losses and their related fair values are as follows at May 31, 2013 (in thousands):



	Less Than 12 Months				12 Months or Greater					Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
Auction rate securities – municipal bonds	$	—	$	—	$	23,562	$	(3,588	)	$	23,562	$	(3,588	)
Auction rate securities – student loans	—		—		2,938		(562		)	2,938		(562		)
Total	$	—	$	—	$	26,500	$	(4,150	)	$	26,500	$	(4,150	)

Investments with continuous unrealized losses and their related fair values are as follows at November 30, 2012 (in thousands):



	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
State and municipal bond obligations	$	5,818	$	(1	)	$	472	$	(1	)	$	6,290	$	(2	)
Auction rate securities – municipal bonds	—		—			23,420		(3,755		)	23,420		(3,755		)
Auction rate securities – student loans	—		—			2,901		(599		)	2,901		(599		)
Corporate bonds	2,607		(1		)	—		—			2,607		(1		)
Total	$	8,425	$	(2	)	$	26,793	$	(4,355	)	$	35,218	$	(4,357	)

The unrealized losses associated with state and municipal bond obligations and corporate bonds are attributable to changes in interest rates. The unrealized losses associated with ARS are discussed above. Management does not believe any unrealized losses represent other-than-temporary impairments based on our evaluation of available evidence as of May 31, 2013 and November 30, 2012.