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Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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May 31, 2019
Impact of ASC 606 Adoption on Opening Balance Sheets | We recognized the following cumulative effects of initially applying the new revenue standard as of December 1, 2018 (in thousands):
| As of November 30, 2018 |  | ASC 606 Adoption Adjustments |  | As of December 1, 2018
Assets |  |  |  |  |
Trade receivables, net of allowances for doubtful accounts | $ | 1,315,578 |  |  | $ | 43,028 |  |  | $ | 1,358,606 |
Prepaid expenses and other current assets | 312,499 |  |  | 186,220 |  |  | 498,719 |
Other assets | 186,522 |  |  | 273,421 |  |  | 459,943 |
Liabilities and Stockholders’ Equity |  |  |  |  |
Accrued expenses | 1,163,185 |  |  | 30,358 |  |  | 1,193,543 |
Deferred revenue, current | 2,915,974 |  |  | (52,842 | ) |  | 2,863,132 |
Deferred income taxes | 46,702 |  |  | 82,834 |  |  | 129,536 |
Retained earnings | $ | 11,815,597 |  |  | $ | 442,319 |  |  | $ | 12,257,916 |
Accounting Standards Update 2014-09 |
Impact of ASC 606 Adoption on Condensed Statements of Income | Adoption of the new revenue standard impacted our condensed consolidated statement of income for three months ended May 31, 2019 as follows (in thousands, except per share amounts):
| As reported |  | Adjustments |  | Balances without ASC 606 adoption impact
Revenue |  |  |  |  |
Subscription | $ | 2,456,097 |  |  | $ | (6,444 | ) |  | $ | 2,449,653 |
Product | 152,816 |  |  | (19,148 | ) |  | 133,668 |
Services and support | 135,367 |  |  | (304 | ) |  | 135,063 |
Total revenue | 2,744,280 |  |  | (25,896 | ) |  | 2,718,384 |
Operating expenses |  |  |  |  |
Sales and marketing | 848,927 |  |  | 8,068 |  |  | 856,995 |
Provision for income taxes | 78,179 |  |  | (3,747 | ) |  | 74,432 |
Net income | $ | 632,593 |  |  | $ | (30,370 | ) |  | $ | 602,223 |
Basic net income per share | $ | 1.30 |  |  | $ | (0.06 | ) |  | $ | 1.24 |
Diluted net income per share | $ | 1.29 |  |  | $ | (0.07 | ) |  | $ | 1.22 |
Adoption of the new revenue standard impacted our condensed consolidated statement of income for six months ended May 31, 2019 as follows (in thousands, except per share amounts):
| As reported |  | Adjustments |  | Balances without ASC 606 adoption impact
Revenue |  |  |  |  |
Subscription | $ | 4,761,064 |  |  | $ | (4,237 | ) |  | $ | 4,756,827 |
Product | 323,370 |  |  | (42,028 | ) |  | 281,342 |
Services and support | 260,792 |  |  | (1,075 | ) |  | 259,717 |
Total revenue | 5,345,226 |  |  | (47,340 | ) |  | 5,297,886 |
Operating expenses |  |  |  |  |
Sales and marketing | 1,630,445 |  |  | 16,936 |  |  | 1,647,381 |
Provision for income taxes | 106,272 |  |  | (4,957 | ) |  | 101,315 |
Net income | $ | 1,306,834 |  |  | $ | (59,423 | ) |  | $ | 1,247,411 |
Basic net income per share | $ | 2.68 |  |  | $ | (0.12 | ) |  | $ | 2.56 |
Diluted net income per share | $ | 2.65 |  |  | $ | (0.12 | ) |  | $ | 2.53 |
Impact of ASC 606 Adoption on Condensed Balance Sheets | Adoption of the new revenue standard impacted our condensed consolidated balance sheets as of May 31, 2019 as follows (in thousands):
| As reported |  | Adjustments |  | Balances without ASC 606 adoption impact
Assets |  |  |  |  |
Trade receivables, net of allowances for doubtful accounts | $ | 1,272,668 |  |  | $ | (73,370 | ) |  | $ | 1,199,298 |
Prepaid expenses and other current assets | 590,998 |  |  | (190,282 | ) |  | 400,716 |
Other assets | 503,221 |  |  | (306,265 | ) |  | 196,956 |
Liabilities and Stockholders’ Equity |  |  |  |  |
Accrued expenses | 1,314,998 |  |  | (36,444 | ) |  | 1,278,554 |
Deferred revenue, current | 3,011,552 |  |  | 58,244 |  |  | 3,069,796 |
Deferred revenue, long-term | 122,522 |  |  | (2,183 | ) |  | 120,339 |
Deferred income taxes | 133,886 |  |  | (87,792 | ) |  | 46,094 |
Retained earnings | $ | 13,183,938 |  |  | $ | (501,742 | ) |  | $ | 12,682,196 |

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