Financial Instruments
 6 Months Ended
May 31, 2019
Fair Value Disclosures [Abstract]  
Financial Instruments Financial Instruments
In accordance with the “Financial Instruments” Topic, ASC 825-10, and in accordance with the “Fair Value Measurements and Disclosures” Topic, ASC 820-10, additional clarification and disclosure is required about the use of fair value measurements. These topics discuss key considerations in determining fair value in such markets and expanding disclosures on recurring fair value measurements, using unobservable inputs (Level 3).
Various inputs are considered when determining the carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities. These items approximate fair value due to the short-term maturities of these assets and liabilities. The Company's note receivable is a variable-based financial instrument and, therefore, its carrying value approximates its fair value. The Company’s credit facilities approximate fair value as they bear interest rates that approximate market. Fair values of long-term debt are based on quoted market prices at the date of measurement and determined by quotes from financial institutions. There have been no changes or transfers between category levels or classes.
These inputs are summarized in the three broad levels and two classes listed below:
•
Level 1 — observable market inputs that are unadjusted quoted prices for identical assets or liabilities in active markets
•
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.)
•
Level 3 — significant unobservable inputs (including the Company’s own assumptions in determining the fair value of investments)
•
Recurring (R) - measured at fair value on recurring basis, subsequent to initial recognition.
•
Non-recurring (NR) - measured at fair value on nonrecurring basis, subsequent to initial recognition.
The following table presents estimated fair values and categorization levels of the Company's financial instruments as of November 30, 2018 and May 31, 2019, respectively (in thousands):
 
 
 
November 30, 2018
 
May 31, 2019
Assets
Level
Class
Carrying Value
Fair Value
 
Carrying Value
Fair Value
Money market funds
1
R
$
219,229

$
219,229

 
$
291,010

$
291,010

Note Receivable
2
R
10,500

10,500

 
10,500

10,500

 
 
 
 
 
 
 
 
Liabilities (principal)
 
 
 
 
 
 
 
Senior Notes
2
NR
257,305

260,778

 
256,827

286,876


The Company had no level 3 inputs as of May 31, 2019.