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Fair Value Measurements
 12 Months Ended
Nov. 30, 2018
Fair Value Disclosures [Abstract]  
Fair Value Measurements
Fair Value Measurements

Recurring Fair Value Measurements

The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2018 (in thousands):
 
 
 
 
Fair Value Measurements Using
 
Total Fair
Value
 
Level 1
 
Level 2
 
Level 3
Assets
 
 
 
 
 
 
 
Money market funds
$
3,810

 
$
3,810

 
$
—

 
$
—

State and municipal bond obligations
19,423

 
—

 
19,423


—

U.S. treasury bonds
6,705

 
—

 
6,705

 
—

Corporate bonds
8,259

 
—

 
8,259

 
—

Liabilities
 
 
 
 
 
 
 
Foreign exchange derivatives
$
(170
)
 
$
—

 
$
(170
)
 
$
—



The following table details the fair value measurements within the fair value hierarchy of our financial assets and liabilities at November 30, 2017 (in thousands):
 
 
 
 
Fair Value Measurements Using
 
Total Fair
Value
 
Level 1
 
Level 2
 
Level 3
Assets
 
 
 
 
 
 
 
Money market funds
$
2,917

 
$
2,917

 
$
—

 
$
—

State and municipal bond obligations
40,227

 
—

 
40,227

 
—

U.S. treasury bonds
3,491

 
—

 
3,491

 
—

Corporate bonds
6,427

 
—

 
6,427

 
—

Liabilities
 
 
 
 
 
 
 
Foreign exchange derivatives
$
(27
)
 
$
—

 
$
(27
)
 
$
—



When developing fair value estimates, we maximize the use of observable inputs and minimize the use of unobservable inputs. When available, we use quoted market prices to measure fair value. 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. If market prices are not available, the fair value measurement is based on models that use primarily market based parameters including yield curves, volatilities, credit ratings and currency rates. In certain cases where market rate assumptions are not available, we are required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument.

Nonrecurring Fair Value Measurements

During fiscal year 2018, certain assets were measured at fair value on a nonrecurring basis using significant unobservable inputs (Level 3). We did not have any nonrecurring fair value measurements as of November 30, 2017.

During the fourth quarter of fiscal year 2018, we reclassified certain corporate land and building assets previously reported as property and equipment, net to assets held for sale on our consolidated balance sheet. As a result, we recognized an impairment charge of $5.1 million based on the fair value measurement of the assets, which represents the difference between the fair value less cost to sell and the carrying value of the assets. The impairment charge was recorded to loss on assets held for sale within operating expenses on our fiscal year 2018 consolidated statement of operations. The fair value measurements of the assets held for sale were measured using third-party valuation models and were determined using an income-based valuation methodology, which includes discounted expected cash flows. As the discounted cash flows represent unobservable inputs, the fair value was classified as a Level 3 measurement within the fair value hierarchy. The expected cash flows include proceeds from the sale, offset by the costs incurred to sell the assets.

The following table presents nonrecurring fair value measurements as of November 30, 2018 (in thousands):

 
Total Fair Value
 
Total Losses
Assets held for sale
$
5,776

 
$
5,147