Fair Value Measurements (Tables)

9 Months Ended

Aug. 31, 2013

Fair Value Measurements within the Fair Value Hierarchy of the Financial Assets

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at August 31, 2013 (in thousands):



				Fair Value Measurements Using
	Total Fair Value			Level 1		Level 2			Level 3
Assets
Money market funds	$	58,914		$	58,914	$	—		$	—
State and municipal bond obligations	26,640			—		26,640			—
Auction rate securities – municipal bonds	23,707			—		—			23,707
Auction rate securities – student loans	2,866			—		—			2,866
Foreign exchange derivatives	(87		)	—		(87		)	—
Liabilities
Contingent consideration	$	383		$	—	$	—		$	383

The following table details the fair value measurements within the fair value hierarchy of our financial assets at November 30, 2012 (in thousands):



				Fair Value Measurements Using
	Total Fair Value			Level 1		Level 2			Level 3
Money market funds	$	125,591		$	125,591	$	—		$	—
State and municipal bond obligations	50,818			—		50,818			—
Auction rate securities – municipal bonds	23,420			—		—			23,420
Auction rate securities – student loans	2,901			—		—			2,901
Corporate bonds	2,607			—		2,607			—
Foreign exchange derivatives	(186		)	—		(186		)	—

Quantitative Information about Unobservable Inputs

The following table provides additional quantitative information about the unobservable inputs used in our Level 3 asset valuations as of August 31, 2013:



	Valuation Technique	Unobservable Input	Range (Weighted Average)
Auction rate securities	Discounted cash flow	Probability of earning the maximum rate until maturity	0.2% - 9.9% (1.7%)
		Probability of principal return prior to maturity	75.7% - 95.1% (87.0%)
		Probability of default	4.1% - 24.1% (11.3%)
		Liquidity risk premium	4.0%
		Recovery rate in default	50% - 70% (56.5%)
	Market valuation	Market credit default swap spread of insurer	4.05%
		Credit rating of insurer	AA-

Activity for Financial Assets Measured at Fair Value Using Level 3 Inputs

The following table reflects the activity for our financial assets measured at fair value using Level 3 inputs for each period presented (in thousands):



	Three Months Ended					Nine Months Ended
	August 31, 2013		August 31, 2012			August 31, 2013			August 31, 2012
Balance, beginning of period	$	26,500	$	31,448		$	26,321		$	33,539
Redemptions and repurchases	—		—			(25		)	(225		)
Transfer to Level 2 fair value measurement	—		—			—			(2,700		)
Unrealized gains (losses) included in accumulated other comprehensive loss	73		(163		)	277			671
Balance, end of period	$	26,573	$	31,285		$	26,573		$	31,285

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis

The following table details our nonrecurring fair value measurements at November 30, 2012 (in thousands):



			Fair Value Measurements Using
	Total Fair Value		Level 1		Level 2		Level 3		Total Losses
Disposal group	$	16,487	$	—	$	16,487	$	—	$	8,601

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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