Fair Value Measurements (Tables)

6 Months Ended

May 31, 2014

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 May 31, 2014 (in thousands):



				Fair Value Measurements Using
	Total Fair Value			Level 1		Level 2			Level 3
Assets
Money market funds	$	74,692		$	74,692	$	—		$	—
State and municipal bond obligations	24,605			—		24,605			—
Auction rate securities – municipal bonds	22,187			—		—			22,187
Auction rate securities – student loans	2,869			—		—			2,869
Foreign exchange derivatives	(152		)	—		(152		)	—
Liabilities
Contingent consideration	$	(1,649	)	$	—	$	—		$	(1,649	)

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2013 (in thousands):



				Fair Value Measurements Using
	Total Fair Value			Level 1		Level 2		Level 3
Assets
Money market funds	$	54,513		$	54,513	$	—	$	—
State and municipal bond obligations	31,102			—		31,102		—
Auction rate securities – municipal bonds	23,453			—		1,520		21,933
Auction rate securities – student loans	2,828			—		—		2,828
Foreign exchange derivatives	171			—		171		—
Liabilities
Contingent consideration	(388		)	—		—		(388		)

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 May 31, 2014:



	Valuation Technique	Unobservable Input	Range (Weighted Average)
Auction rate securities	Discounted cash flow	Probability of earning the maximum rate until maturity	0.2% - 12.1% (2.1%)
		Probability of principal return prior to maturity	74.9% - 94.4% (86.2%)
		Probability of default	4.4% - 24.9% (11.7%)
		Liquidity risk premium	3.5%
		Recovery rate in default	50.0% - 70.0% (56.5%)

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					Six Months Ended
	May 31, 2014			May 31, 2013		May 31, 2014		May 31, 2013
Balance, beginning of period	$	25,110		$	26,442	$	24,761	$	26,321
Redemptions and sales	—			—		—		(25		)
Unrealized (losses) gains included in accumulated other comprehensive loss	(54		)	58		295		204
Balance, end of period	$	25,056		$	26,500	$	25,056	$	26,500

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

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



	Three Months Ended					Six Months Ended
	May 31, 2014			May 31, 2013		May 31, 2014			May 31, 2013
Balance, beginning of period	$	393		$	—	$	388		$	—
Incurrence of contingent purchase price liability	1,450			379		1,450			379
Payments of contingent consideration	(210		)	—		(210		)	—
Changes in fair value included in operating expenses	16			—		21			—
Balance, end of period	$	1,649		$	379	$	1,649		$	379

- 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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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability.

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