| 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:
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| (In thousands) |
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Fair Value Measurements at the Reporting Date Using |
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Quoted Prices in |
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|
|
|
|
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Active Markets |
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|
Significant Other |
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|
Significant |
|
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|
May 31, |
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Using Identical |
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|
Observable Inputs |
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|
Unobservable |
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| Description |
|
2011 |
|
|
Assets (Level 1) |
|
|
(Level 2) |
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|
Inputs (Level 3) |
|
| |
|
Money market funds
|
|
$ |
117,778 |
|
|
$ |
117,778 |
|
|
$ |
— |
|
|
$ |
— |
|
|
State and municipal bond obligations
|
|
|
78,924 |
|
|
|
— |
|
|
|
78,924 |
|
|
|
— |
|
|
Auction rate securities — municipal bonds
|
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|
23,732 |
|
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|
— |
|
|
|
— |
|
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|
23,732 |
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|
Auction rate securities — student loans
|
|
|
11,052 |
|
|
|
— |
|
|
|
— |
|
|
|
11,052 |
|
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Corporate bonds
|
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|
11,544 |
|
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|
— |
|
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|
11,544 |
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|
— |
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Foreign exchange derivatives
|
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|
(43 |
) |
|
|
— |
|
|
|
(43 |
) |
|
|
— |
|
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Total
|
|
$ |
242,987 |
|
|
$ |
117,778 |
|
|
$ |
90,425 |
|
|
$ |
34,784 |
|
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The following table details the fair value measurements within the fair value hierarchy of our
financial assets at November 30, 2010:
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| (In thousands) |
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Fair Value Measurements at the Reporting Date Using |
|
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|
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|
Quoted Prices in |
|
|
|
|
|
|
|
| |
|
|
|
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|
Active Markets |
|
|
Significant Other |
|
|
Significant |
|
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|
Nov. 30, |
|
|
Using Identical |
|
|
Observable Inputs |
|
|
Unobservable |
|
| Description |
|
2010 |
|
|
Assets (Level 1) |
|
|
(Level 2) |
|
|
Inputs (Level 3) |
|
| |
|
Money market funds
|
|
$ |
122,415 |
|
|
$ |
122,415 |
|
|
$ |
— |
|
|
$ |
— |
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|
State and municipal bond obligations
|
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|
25,681 |
|
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|
— |
|
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|
25,681 |
|
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|
— |
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US government and agency securities
|
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|
10,000 |
|
|
|
— |
|
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|
10,000 |
|
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|
— |
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Auction rate securities — municipal bonds
|
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|
23,640 |
|
|
|
— |
|
|
|
— |
|
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|
23,640 |
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|
Auction rate securities — student loans
|
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|
16,003 |
|
|
|
— |
|
|
|
— |
|
|
|
16,003 |
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|
Corporate bonds
|
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|
9,397 |
|
|
|
— |
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|
9,397 |
|
|
|
— |
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|
Certificates of deposit
|
|
|
185 |
|
|
|
— |
|
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|
185 |
|
|
|
— |
|
|
Foreign exchange derivatives
|
|
|
867 |
|
|
|
— |
|
|
|
867 |
|
|
|
— |
|
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Total
|
|
$ |
208,188 |
|
|
$ |
122,415 |
|
|
$ |
46,130 |
|
|
$ |
39,643 |
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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:
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| (In thousands) |
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Three Months Ended May 31, |
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Six Months Ended May 31, |
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2011 |
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2010 |
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2011 |
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|
2010 |
|
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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 |
) |
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|
Balance, end of period
|
|
$ |
34,784 |
|
|
$ |
49,705 |
|
|
$ |
34,784 |
|
|
$ |
49,705 |
|
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