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Fair Value Measurements (Tables)
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6 Months Ended |
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May 31, 2014
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| Fair Value Disclosures [Abstract] |
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| 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 | ) |
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| 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%) |
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| 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 |
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| 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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