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Fair Value Measurements
9 Months Ended
Aug. 31, 2019
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 August 31, 2019 (in thousands):
 
 
 
 
Fair Value Measurements Using
 
Total Fair
Value
 
Level 1
 
Level 2
 
Level 3
Assets
 
 
 
 
 
 
 
Money market funds
$
7,874

 
$
7,874

 
$

 
$

State and municipal bond obligations
8,303

 

 
8,303

 

U.S. treasury bonds
6,881

 

 
6,881

 

Corporate bonds
6,193

 

 
6,193

 

Liabilities
 
 
 
 
 
 
 
Foreign exchange derivatives
(2,910
)
 

 
(2,910
)
 

Interest rate swap
$
(3,348
)
 
$

 
$
(3,348
)
 
$


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
)
 
$



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 the fourth quarter of fiscal year 2018, certain assets were measured at fair value on a nonrecurring basis using significant unobservable inputs (Level 3). Based on the fair value measurement, we recorded a $5.1 million asset impairment charge as of November 30, 2018 related to certain corporate land and building assets previously reported as property and equipment, net that we reclassified to assets held for sale on our consolidated balance sheets. On April 3, 2019, we sold these assets for approximately $5.8 million in net cash proceeds and recognized a net gain on the sale of approximately $0.1 million, which is included in interest income and other, net on our condensed consolidated statements of operations.

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



The fair value measurement of the assets held for sale was measured using third-party valuation models and was 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.

We did not have any nonrecurring fair value measurements during the nine months ended August 31, 2019.