XML 15 R12.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Fair Value Measurements
6 Months Ended
May 31, 2011
Fair Value Measurements [Abstract]  
Fair Value Measurements
Note 7: Fair Value Measurements
The following table details the fair value measurements within the fair value hierarchy of our financial assets at May 31, 2011:
                                 
(In thousands)
            Fair Value Measurements at the Reporting Date Using  
            Quoted Prices in              
            Active Markets     Significant Other     Significant  
    May 31,     Using Identical     Observable Inputs     Unobservable  
Description   2011     Assets (Level 1)     (Level 2)     Inputs (Level 3)  
 
Money market funds
  $ 117,778     $ 117,778     $ —     $ —  
State and municipal bond obligations
    78,924       —       78,924       —  
Auction rate securities — municipal bonds
    23,732       —       —       23,732  
Auction rate securities — student loans
    11,052       —       —       11,052  
Corporate bonds
    11,544       —       11,544       —  
Foreign exchange derivatives
    (43 )     —       (43 )     —  
 
Total
  $ 242,987     $ 117,778     $ 90,425     $ 34,784  
 
The following table details the fair value measurements within the fair value hierarchy of our financial assets at November 30, 2010:
                                 
(In thousands)
            Fair Value Measurements at the Reporting Date Using  
            Quoted Prices in              
            Active Markets     Significant Other     Significant  
    Nov. 30,     Using Identical     Observable Inputs     Unobservable  
Description   2010     Assets (Level 1)     (Level 2)     Inputs (Level 3)  
 
Money market funds
  $ 122,415     $ 122,415     $ —     $ —  
State and municipal bond obligations
    25,681       —       25,681       —  
US government and agency securities
    10,000       —       10,000       —  
Auction rate securities — municipal bonds
    23,640       —       —       23,640  
Auction rate securities — student loans
    16,003       —       —       16,003  
Corporate bonds
    9,397       —       9,397       —  
Certificates of deposit
    185       —       185       —  
Foreign exchange derivatives
    867       —       867       —  
 
Total
  $ 208,188     $ 122,415     $ 46,130     $ 39,643  
 
The valuation technique used to measure fair value for our Level 1 and Level 2 assets is a market approach, using prices and other relevant information generated by market transactions involving identical or comparable assets. The valuation technique used to measure fair value for our Level 3 assets is an income approach, where the expected weighted average future cash flows were discounted back to present value for each asset.
The following table reflects the activity for our financial assets measured at fair value using Level 3 inputs:
                                 
(In thousands)
    Three Months Ended May 31,     Six Months Ended May 31,  
    2011     2010     2011     2010  
 
Balance, beginning of period
  $ 39,839     $ 55,905     $ 39,643     $ 58,454  
Redemptions and repurchases
    (6,000 )     (6,475 )     (6,200 )     (8,725 )
Unrealized gain (loss) included in accumulated other comprehensive income
  945       275       1,341       (24 )
Unrealized gain on ARS trading securities included in other income
    —       481       —       547  
Unrealized loss on put option related to ARS rights offering included in other income
    —       (481 )     —       (547 )
 
Balance, end of period
  $ 34,784     $ 49,705     $ 34,784     $ 49,705