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Fair Value Measurements (Tables) | 6 Months Ended
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May 31, 2014
Fair Value Disclosures [Abstract] |
Fair Value Measurements within the Fair Value Hierarchy of the Financial Assets | The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at May 31, 2014 (in thousands):
|  |  | Fair Value Measurements Using
| Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
Money market funds | $ | 74,692 |  |  | $ | 74,692 |  |  | $ | — |  |  | $ | — |
State and municipal bond obligations | 24,605 |  |  | — |  |  | 24,605 |  |  | — |
Auction rate securities – municipal bonds | 22,187 |  |  | — |  |  | — |  |  | 22,187 |
Auction rate securities – student loans | 2,869 |  |  | — |  |  | — |  |  | 2,869 |
Foreign exchange derivatives | (152 | ) |  | — |  |  | (152 | ) |  | — |
Liabilities |  |  |  |  |  |  |
Contingent consideration | $ | (1,649 | ) |  | $ | — |  |  | $ | — |  |  | $ | (1,649 | )
The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2013 (in thousands):
|  |  | Fair Value Measurements Using
| Total Fair Value |  | Level 1 |  | Level 2 |  | Level 3
Assets |  |  |  |  |  |  |
Money market funds | $ | 54,513 |  |  | $ | 54,513 |  |  | $ | — |  |  | $ | — |
State and municipal bond obligations | 31,102 |  |  | — |  |  | 31,102 |  |  | — |
Auction rate securities – municipal bonds | 23,453 |  |  | — |  |  | 1,520 |  |  | 21,933 |
Auction rate securities – student loans | 2,828 |  |  | — |  |  | — |  |  | 2,828 |
Foreign exchange derivatives | 171 |  |  | — |  |  | 171 |  |  | — |
Liabilities |  |  |  |  |  |  |
Contingent consideration | (388 | ) |  | — |  |  | — |  |  | (388 | )
Quantitative Information about Unobservable Inputs | The following table provides additional quantitative information about the unobservable inputs used in our Level 3 asset valuations as of May 31, 2014:
| Valuation Technique |  | Unobservable Input |  | Range (Weighted Average)
Auction rate securities | Discounted cash flow |  | Probability of earning the maximum rate until maturity |  | 0.2% - 12.1% (2.1%)
|  |  | Probability of principal return prior to maturity |  | 74.9% - 94.4% (86.2%)
|  |  | Probability of default |  | 4.4% - 24.9% (11.7%)
|  |  | Liquidity risk premium |  | 3.5%
|  |  | Recovery rate in default |  | 50.0% - 70.0% (56.5%)
Activity for Financial Assets Measured at Fair Value Using Level 3 Inputs | The following table reflects the activity for our financial assets measured at fair value using Level 3 inputs for each period presented (in thousands):
| Three Months Ended |  | Six Months Ended
| May 31, 2014 |  | May 31, 2013 |  | May 31, 2014 |  | May 31, 2013
Balance, beginning of period | $ | 25,110 |  |  | $ | 26,442 |  |  | $ | 24,761 |  |  | $ | 26,321 |
Redemptions and sales | — |  |  | — |  |  | — |  |  | (25 | )
Unrealized (losses) gains included in accumulated other comprehensive loss | (54 | ) |  | 58 |  |  | 295 |  |  | 204 |
Balance, end of period | $ | 25,056 |  |  | $ | 26,500 |  |  | $ | 25,056 |  |  | $ | 26,500 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table reflects the activity for our liabilities measured at fair value using Level 3 inputs for each period presented (in thousands):
| Three Months Ended |  | Six Months Ended
| May 31, 2014 |  | May 31, 2013 |  | May 31, 2014 |  | May 31, 2013
Balance, beginning of period | $ | 393 |  |  | $ | — |  |  | $ | 388 |  |  | $ | — |
Incurrence of contingent purchase price liability | 1,450 |  |  | 379 |  |  | 1,450 |  |  | 379 |
Payments of contingent consideration | (210 | ) |  | — |  |  | (210 | ) |  | — |
Changes in fair value included in operating expenses | 16 |  |  | — |  |  | 21 |  |  | — |
Balance, end of period | $ | 1,649 |  |  | $ | 379 |  |  | $ | 1,649 |  |  | $ | 379 |

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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 + Details
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