Fair Value Measurements (Tables)

9 Months Ended

Aug. 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 August 31, 2014 (in thousands):



				Fair Value Measurements Using
	Total Fair Value			Level 1		Level 2			Level 3
Assets
Money market funds	$	69,143		$	69,143	$	—		$	—
State and municipal bond obligations	18,912			—		18,912			—
Foreign exchange derivatives	(231		)	—		(231		)	—
Liabilities
Contingent consideration	$	(1,651	)	$	—	$	—		$	(1,651	)

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		)

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, 2014			August 31, 2013		August 31, 2014			August 31, 2013
Balance, beginning of period	$	25,056		$	26,500	$	24,761		$	26,321
Redemptions and sales	(26,196		)	—		(26,196		)	(25		)
Realized losses included in earnings	(2,554		)	—		(2,554		)	—
Unrealized gains included in accumulated other comprehensive loss	3,694			73		3,989			277
Balance, end of period	$	—		$	26,573	$	—		$	26,573

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				Nine Months Ended
	August 31, 2014		August 31, 2013		August 31, 2014			August 31, 2013
Balance, beginning of period	$	1,649	$	379	$	388		$	—
Incurrence of contingent purchase price liability	—		—		1,450			379
Payments of contingent consideration	—		—		(210		)	—
Changes in fair value included in operating expenses	2		4		23			4
Balance, end of period	$	1,651	$	383	$	1,651		$	383

- 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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