Fair Value Measurements

12 Months Ended

Nov. 30, 2011

Note 4: Fair Value Measurements

The following table details the fair value measurements within the fair value hierarchy of our financial assets at November 30, 2011:


(In thousands)
			Fair Value Measurements at the Reporting Date Using
Description	Nov. 30, 2011		Quoted Prices in Active Markets Using Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Money market funds	$	24,220	$	24,220	$	—	$	—
State and municipal bond obligations		84,398		—		84,398		—
Brazilian mutual funds		15,346		15,346		—		—
Auction rate securities – municipal bonds		22,931		—		—		22,931
Auction rate securities – student loans		10,608		—		—		10,608
Corporate bonds		2,562		—		2,562		—
Foreign exchange derivatives		52		—		52		—

Total	$	160,117	$	39,566	$	87,012	$	33,539

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
Description	Nov. 30, 2010		Quoted Prices in Active Markets Using Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Money market funds	$	122,415	$	122,415	$	—	$	—
State and municipal bond obligations		25,681		—		25,681		—
U.S. 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 for fiscal 2011:


(In thousands)
	Level 3 Financial Assets

Balance, December 1, 2010	$	39,643
Redemptions and repurchases at par		(6,300	)
Unrealized gains included in accumulated other comprehensive loss		196

Balance, November 30, 2011	$	33,539

The following table reflects the activity for our financial assets measured at fair value using Level 3 inputs for fiscal 2010:


(In thousands)
	Level 3 Financial Assets

Balance, December 1, 2009	$	58,454
Redemptions and repurchases at par		(18,990	)
Unrealized gains included in accumulated other comprehensive loss		179
Unrealized gain on ARS trading securities included in other income		1,596
Unrealized loss on put option related to ARS rights offering included in other income		(1,596	)

Balance, November 30, 2010	$	39,643

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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Reference 13: http://www.xbrl.org/2003/role/presentationRef

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Reference 14: http://www.xbrl.org/2003/role/presentationRef

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+ Details