PROGRESS SOFTWARE CORP /MA - 10-Q filing on 2014-07-08

Cash, Cash Equivalents and Investments (Tables)

6 Months Ended

May 31, 2014

A summary of our cash, cash equivalents and available-for-sale investments at May 31, 2014 is as follows (in thousands):



	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Cash	$	127,279	$	—	$	—		$	127,279
Money market funds	74,692		—		—			74,692
State and municipal bond obligations	24,470		135		—			24,605
Auction rate securities – municipal bonds	25,250		—		(3,063		)	22,187
Auction rate securities – student loans	3,500		—		(631		)	2,869
Total	$	255,191	$	135	$	(3,694	)	$	251,632

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):



	May 31, 2014						November 30, 2013
	Cash and Equivalents		Short-Term Investments		Long-Term Investments		Cash and Equivalents		Short-Term Investments		Long-Term Investments
Cash	$	127,279	$	—	$	—	$	144,305	$	—	$	—
Money market funds	74,692		—		—		54,513		—		—
State and municipal bond obligations	—		24,605		—		—		31,102		—
Auction rate securities – municipal bonds	—		—		22,187		—		1,520		21,933
Auction rate securities – student loans	—		—		2,869		—		—		2,828
Total	$	201,971	$	24,605	$	25,056	$	198,818	$	32,622	$	24,761

The fair value of debt securities by contractual maturity is as follows (in thousands):


(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 10 to 29 years.


(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.

Investments with continuous unrealized losses and their related fair values are as follows at May 31, 2014 (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	$	—	$	—	$	22,187	$	(3,063	)	$	22,187	$	(3,063	)
Auction rate securities – student loans	—		—		2,869		(631		)	2,869		(631		)
Total	$	—	$	—	$	25,056	$	(3,694	)	$	25,056	$	(3,694	)

Investments with continuous unrealized losses and their related fair values are as follows at November 30, 2013 (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	)