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Cash, Cash Equivalents and Investments | 9 Months Ended
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Aug. 31, 2014
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, 2014 is as follows (in thousands):
| Amortized Cost Basis |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Cash | $ | 173,237 |  |  | $ | — |  |  | $ | — |  |  | $ | 173,237 |
Money market funds | 69,143 |  |  | — |  |  | — |  |  | 69,143 |
State and municipal bond obligations | 18,800 |  |  | 112 |  |  | — |  |  | 18,912 |
Total | $ | 261,180 |  |  | $ | 112 |  |  | $ | — |  |  | $ | 261,292 |
A summary of our cash, cash equivalents and available-for-sale investments at November 30, 2013 is as follows (in thousands):
| Amortized Cost Basis |  | Realized Losses |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Cash | $ | 144,305 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 144,305 |
Money market funds | 54,513 |  |  | — |  |  | — |  |  | — |  |  | 54,513 |
State and municipal bond obligations | 30,938 |  |  | — |  |  | 164 |  |  | — |  |  | 31,102 |
Auction rate securities – municipal bonds | 27,150 |  |  | (380 | ) |  | — |  |  | (3,317 | ) |  | 23,453 |
Auction rate securities – student loans | 3,500 |  |  | — |  |  | — |  |  | (672 | ) |  | 2,828 |
Total | $ | 260,406 |  |  | $ | (380 | ) |  | $ | 164 |  |  | $ | (3,989 | ) |  | $ | 256,201 |
Such amounts are classified on our condensed consolidated balance sheets as follows (in thousands):
| August 31, 2014 |  | November 30, 2013
| Cash and Equivalents |  | Short-Term Investments |  | Long-Term Investments |  | Cash and Equivalents |  | Short-Term Investments |  | Long-Term Investments
Cash | $ | 173,237 |  |  | $ | — |  |  | $ | — |  |  | $ | 144,305 |  |  | $ | — |  |  | $ | — |
Money market funds | 69,143 |  |  | — |  |  | — |  |  | 54,513 |  |  | — |  |  | — |
State and municipal bond obligations | — |  |  | 18,912 |  |  | — |  |  | — |  |  | 31,102 |  |  | — |
Auction rate securities – municipal bonds | — |  |  | — |  |  | — |  |  | — |  |  | 1,520 |  |  | 21,933 |
Auction rate securities – student loans | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,828 |
Total | $ | 242,380 |  |  | $ | 18,912 |  |  | $ | — |  |  | $ | 198,818 |  |  | $ | 32,622 |  |  | $ | 24,761 |
During the third quarter of fiscal year 2014, we received favorable offers to purchase our auction rate securities (ARS). As a result of the favorable offers we received, we sold all of our remaining ARS for $26.2 million and received the proceeds during the quarter. The previously recorded unrealized losses associated with our ARS have been adjusted based on the sale prices and recorded as a realized loss of $2.6 million during the three months ended August 31, 2014 within interest income and other in the condensed consolidated statement of operations. During prior periods in which we held ARS, we evaluated the risks related to the structure, collateral and liquidity of the investment and forecasted the probability of issuer default, auction failure and a successful auction at par or a redemption at par for each future auction period. The weighted average cash flow for each period was then discounted back to present value for each security. Based on this methodology, we determined that the fair value of our ARS investments was $24.8 million at November 30, 2013. The temporary impairment recorded in accumulated other comprehensive loss to reduce the value of our available-for-sale ARS investments was $4.0 million at November 30, 2013. As we determined that these investments lacked short-term liquidity as of November 30, 2013, they are classified as long-term investments on the condensed consolidated balance sheets at November 30, 2013. During the fourth quarter of fiscal year 2013, the exit bankruptcy plan for an issuer of one of our ARS, which was in default and on whose behalf the underlying bond insurer was making interest payments, was approved by a federal bankruptcy judge in federal court. The exit bankruptcy plan included a settlement provision with the holders of the ARS, which were given the option to receive 80% of the par value of their holdings, but renounce their claim with the bond issuer, or receive 65% of the par value of their holdings and retain their insurance rights. We accepted the 80% settlement offer and as a result we adjusted the fair value of this ARS to the amount of the settlement as of November 30, 2013. The previously recorded unrealized loss associated with this ARS has been recorded as a realized loss in fiscal year 2013 due to the settlement. As this investment no longer lacked short-term liquidity, it was classified as a short-term investment on our consolidated balance sheet at November 30, 2013. We received the settlement in December 2013. The fair value of debt securities by contractual maturity is as follows (in thousands):
| August 31, 2014 |  | November 30, 2013
Due in one year or less (1) | $ | 11,664 |  |  | $ | 42,198 |
Due after one year (2) | 7,248 |  |  | 15,185 |
Total | $ | 18,912 |  |  | $ | 57,383 |
(1) | Amounts as of November 30, 2013 include ARS which are tendered for interest-rate setting purposes periodically throughout the year.
(2) | Includes state and municipal bond obligations, which are securities representing investments available for current operations and are classified as current in the consolidated balance sheets.
We did not hold any investments with continuous unrealized losses as of August 31, 2014. Investments with continuous unrealized losses and their related fair values at November 30, 2013 are as follows (in thousands):
| Less Than 12 Months |  | 12 Months or Greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Auction rate securities – municipal bonds | $ | — |  |  | $ | — |  |  | $ | 21,933 |  |  | $ | (3,317 | ) |  | $ | 21,933 |  |  | $ | (3,317 | )
Auction rate securities – student loans | — |  |  | — |  |  | 2,828 |  |  | (672 | ) |  | 2,828 |  |  | (672 | )
Total | $ | — |  |  | $ | — |  |  | $ | 24,761 |  |  | $ | (3,989 | ) |  | $ | 24,761 |  |  | $ | (3,989 | )

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- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References No definition available. + Details
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