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Cash, Cash Equivalents and Investments | 9 Months Ended
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Aug. 31, 2013
Investments and Cash [Abstract] |
Cash, Cash Equivalents And Investments | Cash, Cash Equivalents and Investments A summary of our cash, cash equivalents and available-for-sale investments at August 31, 2013 is as follows (in thousands):
| Amortized Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Cash | $ | 156,428 |  |  | $ | — |  |  | $ | — |  |  | $ | 156,428 |
Money market funds | 58,914 |  |  | — |  |  | — |  |  | 58,914 |
State and municipal bond obligations | 26,504 |  |  | 137 |  |  | (1 | ) |  | 26,640 |
Auction rate securities – municipal bonds | 27,150 |  |  | — |  |  | (3,443 | ) |  | 23,707 |
Auction rate securities – student loans | 3,500 |  |  | — |  |  | (634 | ) |  | 2,866 |
Total | $ | 272,496 |  |  | $ | 137 |  |  | $ | (4,078 | ) |  | $ | 268,555 |
A summary of our cash, cash equivalents and available-for-sale investments at November 30, 2012 is as follows (in thousands):
| Amortized Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Cash | $ | 176,201 |  |  | $ | — |  |  | $ | — |  |  | $ | 176,201 |
Money market funds | 125,591 |  |  | — |  |  | — |  |  | 125,591 |
State and municipal bond obligations | 50,565 |  |  | 255 |  |  | (2 | ) |  | 50,818 |
Auction rate securities – municipal bonds | 27,175 |  |  | — |  |  | (3,755 | ) |  | 23,420 |
Auction rate securities – student loans | 3,500 |  |  | — |  |  | (599 | ) |  | 2,901 |
Corporate bonds | 2,608 |  |  | — |  |  | (1 | ) |  | 2,607 |
Total | $ | 385,640 |  |  | $ | 255 |  |  | $ | (4,357 | ) |  | $ | 381,538 |
Such amounts are classified on our condensed consolidated balance sheets as follows (in thousands):
| August 31, 2013 |  | November 30, 2012
| Cash and Equivalents |  | Short-Term Investments |  | Long-Term Investments |  | Cash and Equivalents |  | Short-Term Investments |  | Long-Term Investments
Cash | $ | 156,428 |  |  | $ | — |  |  | $ | — |  |  | $ | 176,201 |  |  | $ | — |  |  | $ | — |
Money market funds | 58,914 |  |  | — |  |  | — |  |  | 125,591 |  |  | — |  |  | — |
State and municipal bond obligations | — |  |  | 26,640 |  |  | — |  |  | — |  |  | 50,818 |  |  | — |
Auction rate securities – municipal bonds | — |  |  | — |  |  | 23,707 |  |  | — |  |  | — |  |  | 23,420 |
Auction rate securities – student loans | — |  |  | — |  |  | 2,866 |  |  | — |  |  | — |  |  | 2,901 |
Corporate bonds | — |  |  | — |  |  | — |  |  | — |  |  | 2,607 |  |  | — |
Total | $ | 215,342 |  |  | $ | 26,640 |  |  | $ | 26,573 |  |  | $ | 301,792 |  |  | $ | 53,425 |  |  | $ | 26,321 |
The valuation methodologies for our auction rate securities (ARS) are described in Note 4. Based on these methodologies, we determined that the fair value of our ARS investments is $26.6 million and $26.3 million at August 31, 2013 and November 30, 2012, respectively. The temporary impairment recorded in accumulated other comprehensive loss to reduce the value of our available-for-sale ARS investments was $4.1 million and $4.4 million at August 31, 2013 and November 30, 2012, respectively. We will not be able to access the funds associated with our ARS investments until future auctions for these ARS are successful, we sell the securities in a secondary market, or they are redeemed by the issuer. As such, these remaining investments currently lack short-term liquidity and are therefore classified as long-term investments on the condensed consolidated balance sheets at August 31, 2013 and November 30, 2012. Based on our cash, cash equivalents and short-term investments balance of $242.0 million, expected operating cash flows and the availability of funds under our revolving credit facility, we do not anticipate that the lack of liquidity associated with our ARS will adversely affect our ability to conduct business and we believe that we have the ability to hold the affected securities throughout the currently estimated recovery period. Therefore, the impairment of these securities is considered only temporary in nature. If the credit rating of either the security issuer or the third-party insurer underlying the investments deteriorates significantly, we may be required to adjust the carrying value of the ARS through an other-than-temporary impairment charge to earnings. The fair value of debt securities by contractual maturity is as follows (in thousands):
| August 31, 2013 |  | November 30, 2012
Due in one year or less (1) | $ | 39,011 |  |  | $ | 55,001 |
Due after one year | 14,202 |  |  | 24,745 |
Total | $ | 53,213 |  |  | $ | 79,746 |
(1) | Includes ARS which are tendered for interest-rate setting purposes periodically throughout the year. Beginning in February 2008, auctions for these securities began to fail, and therefore these investments currently lack short-term liquidity. The remaining contractual maturities of these securities range from 11 to 30 years.
Investments with continuous unrealized losses and their related fair values are as follows at August 31, 2013 (in thousands):
| Less Than 12 Months |  | 12 Months or Greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
State and municipal bond obligations | $ | 956 |  |  | $ | (1 | ) |  | $ | — |  |  | $ | — |  |  | $ | 956 |  |  | $ | (1 | )
Auction rate securities – municipal bonds | — |  |  | — |  |  | 23,707 |  |  | (3,443 | ) |  | 23,707 |  |  | (3,443 | )
Auction rate securities – student loans | — |  |  | — |  |  | 2,866 |  |  | (634 | ) |  | 2,866 |  |  | (634 | )
Total | $ | 956 |  |  | $ | (1 | ) |  | $ | 26,573 |  |  | $ | (4,077 | ) |  | $ | 27,529 |  |  | $ | (4,078 | )
Investments with continuous unrealized losses and their related fair values are as follows at November 30, 2012 (in thousands):
| Less Than 12 Months |  | 12 Months or Greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
State and municipal bond obligations | $ | 5,818 |  |  | $ | (1 | ) |  | $ | 472 |  |  | $ | (1 | ) |  | $ | 6,290 |  |  | $ | (2 | )
Auction rate securities – municipal bonds | — |  |  | — |  |  | 23,420 |  |  | (3,755 | ) |  | 23,420 |  |  | (3,755 | )
Auction rate securities – student loans | — |  |  | — |  |  | 2,901 |  |  | (599 | ) |  | 2,901 |  |  | (599 | )
Corporate bonds | 2,607 |  |  | (1 | ) |  | — |  |  | — |  |  | 2,607 |  |  | (1 | )
Total | $ | 8,425 |  |  | $ | (2 | ) |  | $ | 26,793 |  |  | $ | (4,355 | ) |  | $ | 35,218 |  |  | $ | (4,357 | )
The unrealized losses associated with state and municipal bond obligations and corporate bonds are attributable to changes in interest rates. The unrealized losses associated with ARS are discussed above. Management does not believe any unrealized losses represent other-than-temporary impairments based on our evaluation of available evidence as of August 31, 2013 and November 30, 2012.

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