Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Aug. 31, 2013 | Oct. 02, 2013 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | PROGRESS SOFTWARE CORP /MA | |
Entity Central Index Key | 876167 | |
Document Type | 10-Q | |
Document Period End Date | 31-Aug-13 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | -19 | |
Entity Voluntary Filers | No | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 51,917,408 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Aug. 31, 2013 | Nov. 30, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $215,342 | $301,792 |
Short-term investments | 26,640 | 53,425 |
Total cash, cash equivalents and short-term investments | 241,982 | 355,217 |
Accounts receivable (less allowances of $2,392 and $3,024, respectively) | 53,620 | 70,793 |
Other current assets | 27,252 | 16,478 |
Deferred tax assets | 12,783 | 16,301 |
Assets held for sale | 0 | 68,029 |
Total current assets | 335,637 | 526,818 |
Property and equipment, net | 56,889 | 63,071 |
Intangible assets, net | 10,690 | 5,119 |
Goodwill | 224,290 | 226,110 |
Deferred tax assets | 24,197 | 26,565 |
Investments in auction rate securities | 26,573 | 26,321 |
Other assets | 8,314 | 10,973 |
Total assets | 686,590 | 884,977 |
Liabilities and shareholders’ equity | ||
Accounts payable | 5,797 | 10,477 |
Accrued compensation and related taxes | 23,813 | 39,105 |
Income taxes payable | 0 | 21,486 |
Other accrued liabilities | 37,626 | 39,876 |
Short-term deferred revenue | 96,534 | 103,925 |
Liabilities held for sale | 0 | 25,285 |
Total current liabilities | 163,770 | 240,154 |
Long-term deferred revenue | 1,044 | 2,817 |
Deferred tax liabilities | 477 | 1,032 |
Other noncurrent liabilities | 1,944 | 2,575 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred stock, $0.01 par value; authorized, 1,000,000 shares; issued, none | 0 | 0 |
Common stock, $0.01 par value, and additional paid-in capital; authorized, 200,000,000 shares; issued and outstanding, 52,311,645 shares in 2013 and 59,594,961 shares in 2012 | 214,915 | 300,333 |
Retained earnings, including accumulated other comprehensive loss of $14,676 in 2013 and $10,764 in 2012 | 304,440 | 338,066 |
Total shareholders’ equity | 519,355 | 638,399 |
Total liabilities and shareholders’ equity | $686,590 | $884,977 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Assets | ||
Allowance for accounts receivable (in dollars) | $2,392 | $3,024 |
Stockholders' Equity: | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 52,311,645 | 59,594,961 |
Common stock, shares outstanding | 52,311,645 | 59,594,961 |
Accumulated other comprehensive losses (in dollars) | ($14,676) | ($10,764) |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Revenue: | ||||
Software licenses | $25,666 | $22,637 | $84,920 | $72,816 |
Maintenance and services | 51,912 | 51,734 | 158,096 | 158,154 |
Total revenue | 77,578 | 74,371 | 243,016 | 230,970 |
Costs of revenue: | ||||
Cost of software licenses | 1,587 | 1,375 | 5,033 | 4,117 |
Cost of maintenance and services | 6,403 | 7,974 | 21,043 | 22,013 |
Amortization of acquired intangibles | 529 | 139 | 811 | 522 |
Total costs of revenue | 8,519 | 9,488 | 26,887 | 26,652 |
Gross profit | 69,059 | 64,883 | 216,129 | 204,318 |
Operating expenses: | ||||
Sales and marketing | 24,554 | 24,970 | 79,086 | 67,085 |
Product development | 14,615 | 12,631 | 42,908 | 33,330 |
General and administrative | 13,660 | 14,375 | 42,390 | 47,789 |
Amortization of acquired intangibles | 211 | 207 | 549 | 622 |
Restructuring expenses | 5,401 | 1,411 | 9,127 | 6,147 |
Acquisition-related expenses | 957 | 0 | 2,229 | 215 |
Total operating expenses | 59,398 | 53,594 | 176,289 | 155,188 |
Income from operations | 9,661 | 11,289 | 39,840 | 49,130 |
Other (expense) income: | ||||
Interest income and other | 371 | 1,017 | 1,146 | 2,352 |
Foreign currency loss, net | -194 | -660 | -1,809 | -1,476 |
Total other (expense) income, net | 177 | 357 | -663 | 876 |
Income from continuing operations before income taxes | 9,838 | 11,646 | 39,177 | 50,006 |
Provision for income taxes | 2,634 | 3,902 | 14,018 | 17,546 |
Income from continuing operations | 7,204 | 7,744 | 25,159 | 32,460 |
Income (loss) from discontinued operations, net | 17,639 | -1,906 | 34,712 | -21,041 |
Net income | $24,843 | $5,838 | $59,871 | $11,419 |
Basic: | ||||
Continuing operations (in dollars per share) | $0.13 | $0.12 | $0.45 | $0.52 |
Discontinued operations (in dollars per share) | $0.33 | ($0.03) | $0.63 | ($0.33) |
Net income per share (in dollars per share) | $0.46 | $0.09 | $1.08 | $0.18 |
Diluted: | ||||
Continuing operations (in dollars per share) | $0.13 | $0.12 | $0.45 | $0.51 |
Discontinued operations (in dollars per share) | $0.32 | ($0.03) | $0.62 | ($0.33) |
Net income per share (in dollars per share) | $0.46 | $0.09 | $1.06 | $0.18 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 53,532 | 63,469 | 55,451 | 62,888 |
Diluted (in shares) | 54,389 | 64,105 | 56,292 | 63,795 |
Condendsed_Consolidated_Statem
Condendsed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Statement of Other Comprehensive Income [Abstract] | ||||
Net income | $24,843 | $5,838 | $59,871 | $11,419 |
Other comprehensive (loss) income, net of tax: | ||||
Foreign currency translation adjustments | -1,548 | 658 | -4,010 | -1,365 |
Unrealized gain (loss) on investments, net of tax provision of $6 and $57 for the third quarter and the first nine months of 2013 and net of tax benefit of $54 and tax provision of $37 for the third quarter and first nine months of 2012, respectively | 11 | -93 | 98 | 726 |
Total other comprehensive (loss) income, net of tax | -1,537 | 565 | -3,912 | -639 |
Comprehensive income | $23,306 | $6,403 | $55,959 | $10,780 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Parentheticals) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Statement of Other Comprehensive Income [Abstract] | ||||
Tax provision (benefit) included in accumulated unrealized gains on investments | $6 | ($54) | $57 | $37 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Cash flows from operating activities: | ||
Net income | $59,871 | $11,419 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of property and equipment | 8,402 | 6,990 |
Amortization of acquired intangibles and other | 2,972 | 18,379 |
Stock-based compensation | 16,360 | 21,504 |
Gain on dispositions | -70,991 | 0 |
Asset impairment | 111 | 875 |
Deferred income taxes | 2,179 | 888 |
Tax (deficiency) benefit from stock plans | -532 | 563 |
Excess tax benefit from stock plans | -1,188 | -1,338 |
Allowances for accounts receivable | -123 | 774 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 19,967 | 30,250 |
Other assets | -5,690 | -5,412 |
Accounts payable and accrued liabilities | -17,416 | 4,201 |
Income taxes payable and uncertain tax positions | -22,762 | -2,760 |
Deferred revenue | -4,439 | -10,619 |
Net cash flows (used in) from operating activities | -13,279 | 75,714 |
Cash flows from investing activities: | ||
Purchases of investments | 0 | -27,924 |
Sales and maturities of investments | 25,685 | 70,185 |
Redemptions and sales of auction rate securities | 25 | 2,925 |
Purchases of property and equipment | -2,989 | -6,606 |
Payments for acquisitions, net of cash acquired | -9,450 | 0 |
Proceeds from divestitures, net | 111,120 | 0 |
Increase in other noncurrent assets | 835 | 247 |
Net cash flows from investing activities | 125,226 | 38,827 |
Cash flows from financing activities: | ||
Proceeds from stock-based compensation plans | 49,109 | 24,284 |
Purchases of common stock related to withholding taxes from the issuance of restricted stock units | -2,823 | -2,681 |
Repurchases of common stock | -241,184 | 0 |
Excess tax benefit from stock plans | 1,188 | 1,338 |
Payment of long-term debt | 0 | -357 |
Net cash flows (used in) from financing activities | -193,710 | 22,584 |
Effect of exchange rate changes on cash | -4,687 | -3,822 |
Net (decrease) increase in cash and cash equivalents | -86,450 | 133,303 |
Cash and cash equivalents, beginning of period | 301,792 | 161,095 |
Cash and cash equivalents, end of period | 215,342 | 294,398 |
Supplemental disclosure: | ||
Cash paid for income taxes, net of refunds of $4,324 in 2013 and $632 in 2012 | 66,596 | 13,912 |
Non-cash financing activities: | ||
Total fair value of restricted stock awards, restricted stock units and deferred stock units on date vested | 9,890 | 8,669 |
Unsettled repurchases of common stock | $3,301 | $0 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements Of Cash Flows (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Statement of Cash Flows [Abstract] | ||
Proceeds from income tax refunds | $4,324 | $632 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Aug. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation |
We prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete financial statements and these unaudited financial statements should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2012. | |
We made no significant changes in the application of our significant accounting policies that were disclosed in our Annual Report on Form 10-K for the fiscal year ended November 30, 2012. We have prepared the accompanying unaudited condensed consolidated financial statements on the same basis as the audited financial statements included in our Annual Report on Form 10-K, and these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full fiscal year. | |
During the fourth quarter of fiscal year 2012 and the first quarter of fiscal year 2013, we completed the divestitures of the ten product lines which were not considered core product lines of our business: Actional, Artix, DataXtend, FuseSource, ObjectStore, Orbacus, Orbix, Savvion, Shadow and Sonic. The divestitures were part of the new strategic plan (the "Plan") we announced during fiscal year 2012. After the announcement of the Plan, we began reporting our results in two reportable segments: Core and non-Core. Since the non-Core segment ceased to exist during the first quarter of fiscal year 2013, after the closing of all these divestitures, we now operate as one reportable segment. In addition, the revenues and direct expenses of the product lines divested are included in discontinued operations in our condensed consolidated statements of income, including prior period amounts which have been revised to reflect the presentation. | |
In June 2013, we entered into a definitive purchase and sale agreement to divest our Apama product line to Software AG. The target market, deployment and sales model for the Apama product line differed significantly from those of our application development platform and the divestiture allowed us to focus entirely on providing leading cloud and mobile application development technologies through a single cohesive platform. The sale closed in July 2013 for a purchase price of $44.3 million. The revenue and direct expenses of the Apama product line are included in discontinued operations in our consolidated statements of income, including prior period amounts which have been revised to reflect the presentation. | |
Recent Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU 2013-11). ASU 2013-11 clarifies guidance and eliminates diversity in practice on the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. This new guidance is effective on a prospective basis for fiscal years and interim reporting periods within those years, beginning after December 15, 2013. The adoption of ASU 2013-11 is not expected to have a material impact on our financial position, results of operations or cash flows. | |
In March 2013, the FASB issued Accounting Standards Update No. 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (ASU 2013-05). ASU 2013-05 provides guidance on releasing cumulative translation adjustments when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or a business within a foreign entity. ASU 2013-05 is effective on a prospective basis for fiscal years and interim reporting periods within those years, beginning after December 15, 2013. Early adoption is permitted. The adoption of ASU 2013-05 is not expected to have a material impact on our financial position, results of operations or cash flows. | |
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified out of Accumulative Other Comprehensive Income (ASU 2013-02), which replaces the presentation requirements for reclassifications out of accumulated other comprehensive income in ASU 2011-05 and ASU 2011-12. ASU 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component and to present significant amounts reclassified out of accumulated other comprehensive income by respective line items of net income if the amount reclassified is required to be reclassified to net income in its entirety. We adopted ASU 2013-02 in the second quarter of fiscal year 2013 and applied it prospectively. The adoption of ASU 2013-02 did not have any impact on our financial position, results of operations or cash flows. | |
In September 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-08, Intangibles – Goodwill and Other (Topic 350) – Testing Goodwill for Impairment (ASU 2011-08), to allow entities to use a qualitative approach to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If after performing the qualitative assessment an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step goodwill impairment test is unnecessary. However, if an entity concludes otherwise, then it is required to perform the first step of the two-step goodwill impairment test. ASU 2011-08 is effective for us in fiscal year 2013. We adopted ASU 2011-08 during the first quarter of fiscal year 2013 for our annual impairment test, which occurs in the first quarter of our fiscal year. The adoption did not have any impact on our financial position, results of operations or cash flows. | |
In June 2011, the FASB issued ASU No. 2011-05, Comprehensive Income (Topic 220) – Presentation of Comprehensive Income (ASU 2011-05), to require an entity to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. ASU 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of equity. In December 2011, the FASB issued ASU No. 2011-12, Comprehensive Income (Topic 220) – Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU 2011-05 (ASU 2011-12), which defers the effective date of only those changes in ASU 2011-05 that relate to the presentation of reclassification adjustments. We adopted ASU 2011-05 in our first quarter of fiscal year 2013, and applied it retrospectively. We elected to report comprehensive income as a separate, but consecutive statement to net income. The adoption of ASU 2011-05 did not have any impact on our financial position, results of operations or cash flows. |
Cash_Cash_Equivalents_and_Inve
Cash, Cash Equivalents and Investments | 9 Months Ended | |||||||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||||||
Investments and Cash [Abstract] | ||||||||||||||||||||||||
Cash, Cash Equivalents And Investments | Cash, Cash Equivalents and Investments | |||||||||||||||||||||||
A summary of our cash, cash equivalents and available-for-sale investments at August 31, 2013 is as follows (in thousands): | ||||||||||||||||||||||||
Amortized Cost Basis | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Cash | $ | 156,428 | $ | — | $ | — | $ | 156,428 | ||||||||||||||||
Money market funds | 58,914 | — | — | 58,914 | ||||||||||||||||||||
State and municipal bond obligations | 26,504 | 137 | (1 | ) | 26,640 | |||||||||||||||||||
Auction rate securities – municipal bonds | 27,150 | — | (3,443 | ) | 23,707 | |||||||||||||||||||
Auction rate securities – student loans | 3,500 | — | (634 | ) | 2,866 | |||||||||||||||||||
Total | $ | 272,496 | $ | 137 | $ | (4,078 | ) | $ | 268,555 | |||||||||||||||
A summary of our cash, cash equivalents and available-for-sale investments at November 30, 2012 is as follows (in thousands): | ||||||||||||||||||||||||
Amortized Cost Basis | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Cash | $ | 176,201 | $ | — | $ | — | $ | 176,201 | ||||||||||||||||
Money market funds | 125,591 | — | — | 125,591 | ||||||||||||||||||||
State and municipal bond obligations | 50,565 | 255 | (2 | ) | 50,818 | |||||||||||||||||||
Auction rate securities – municipal bonds | 27,175 | — | (3,755 | ) | 23,420 | |||||||||||||||||||
Auction rate securities – student loans | 3,500 | — | (599 | ) | 2,901 | |||||||||||||||||||
Corporate bonds | 2,608 | — | (1 | ) | 2,607 | |||||||||||||||||||
Total | $ | 385,640 | $ | 255 | $ | (4,357 | ) | $ | 381,538 | |||||||||||||||
Such amounts are classified on our condensed consolidated balance sheets as follows (in thousands): | ||||||||||||||||||||||||
August 31, 2013 | November 30, 2012 | |||||||||||||||||||||||
Cash and | Short-Term | Long-Term | Cash and | Short-Term | Long-Term | |||||||||||||||||||
Equivalents | Investments | Investments | Equivalents | Investments | Investments | |||||||||||||||||||
Cash | $ | 156,428 | $ | — | $ | — | $ | 176,201 | $ | — | $ | — | ||||||||||||
Money market funds | 58,914 | — | — | 125,591 | — | — | ||||||||||||||||||
State and municipal bond obligations | — | 26,640 | — | — | 50,818 | — | ||||||||||||||||||
Auction rate securities – municipal bonds | — | — | 23,707 | — | — | 23,420 | ||||||||||||||||||
Auction rate securities – student loans | — | — | 2,866 | — | — | 2,901 | ||||||||||||||||||
Corporate bonds | — | — | — | — | 2,607 | — | ||||||||||||||||||
Total | $ | 215,342 | $ | 26,640 | $ | 26,573 | $ | 301,792 | $ | 53,425 | $ | 26,321 | ||||||||||||
The valuation methodologies for our auction rate securities (ARS) are described in Note 4. Based on these methodologies, we determined that the fair value of our ARS investments is $26.6 million and $26.3 million at August 31, 2013 and November 30, 2012, respectively. The temporary impairment recorded in accumulated other comprehensive loss to reduce the value of our available-for-sale ARS investments was $4.1 million and $4.4 million at August 31, 2013 and November 30, 2012, respectively. | ||||||||||||||||||||||||
We will not be able to access the funds associated with our ARS investments until future auctions for these ARS are successful, we sell the securities in a secondary market, or they are redeemed by the issuer. As such, these remaining investments currently lack short-term liquidity and are therefore classified as long-term investments on the condensed consolidated balance sheets at August 31, 2013 and November 30, 2012. | ||||||||||||||||||||||||
Based on our cash, cash equivalents and short-term investments balance of $242.0 million, expected operating cash flows and the availability of funds under our revolving credit facility, we do not anticipate that the lack of liquidity associated with our ARS will adversely affect our ability to conduct business and we believe that we have the ability to hold the affected securities throughout the currently estimated recovery period. Therefore, the impairment of these securities is considered only temporary in nature. If the credit rating of either the security issuer or the third-party insurer underlying the investments deteriorates significantly, we may be required to adjust the carrying value of the ARS through an other-than-temporary impairment charge to earnings. | ||||||||||||||||||||||||
The fair value of debt securities by contractual maturity is as follows (in thousands): | ||||||||||||||||||||||||
August 31, | November 30, | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Due in one year or less (1) | $ | 39,011 | $ | 55,001 | ||||||||||||||||||||
Due after one year | 14,202 | 24,745 | ||||||||||||||||||||||
Total | $ | 53,213 | $ | 79,746 | ||||||||||||||||||||
-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 11 to 30 years. | |||||||||||||||||||||||
Investments with continuous unrealized losses and their related fair values are as follows at August 31, 2013 (in thousands): | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
State and municipal bond obligations | $ | 956 | $ | (1 | ) | $ | — | $ | — | $ | 956 | $ | (1 | ) | ||||||||||
Auction rate securities – municipal bonds | — | — | 23,707 | (3,443 | ) | 23,707 | (3,443 | ) | ||||||||||||||||
Auction rate securities – student loans | — | — | 2,866 | (634 | ) | 2,866 | (634 | ) | ||||||||||||||||
Total | $ | 956 | $ | (1 | ) | $ | 26,573 | $ | (4,077 | ) | $ | 27,529 | $ | (4,078 | ) | |||||||||
Investments with continuous unrealized losses and their related fair values are as follows at November 30, 2012 (in thousands): | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
State and municipal bond obligations | $ | 5,818 | $ | (1 | ) | $ | 472 | $ | (1 | ) | $ | 6,290 | $ | (2 | ) | |||||||||
Auction rate securities – municipal bonds | — | — | 23,420 | (3,755 | ) | 23,420 | (3,755 | ) | ||||||||||||||||
Auction rate securities – student loans | — | — | 2,901 | (599 | ) | 2,901 | (599 | ) | ||||||||||||||||
Corporate bonds | 2,607 | (1 | ) | — | — | 2,607 | (1 | ) | ||||||||||||||||
Total | $ | 8,425 | $ | (2 | ) | $ | 26,793 | $ | (4,355 | ) | $ | 35,218 | $ | (4,357 | ) | |||||||||
The unrealized losses associated with state and municipal bond obligations and corporate bonds are attributable to changes in interest rates. The unrealized losses associated with ARS are discussed above. Management does not believe any unrealized losses represent other-than-temporary impairments based on our evaluation of available evidence as of August 31, 2013 and November 30, 2012. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||
Derivative Instruments | Derivative Instruments | |||||||||||||||
We use forward contracts that are not designated as hedging instruments to hedge economically the impact of the variability in exchange rates on accounts receivable and collections denominated in certain foreign currencies. We generally do not hedge the net assets of our international subsidiaries. All forward contracts are recorded at fair value in other current assets on the condensed consolidated balance sheets at the end of each reporting period and expire within 90 days. In the three and nine months ended August 31, 2013, realized and unrealized gains of $1.3 million and $0.8 million, respectively, from our forward contracts were recognized in other income (expense) in the condensed consolidated statements of income. In the three and nine months ended August 31, 2012, realized and unrealized losses of $0.3 million and $0.0 million, respectively, from our forward contracts were recognized in other income (expense) in the condensed consolidated statements of income. These losses were substantially offset by realized and unrealized gains on the offsetting positions. | ||||||||||||||||
The table below details outstanding foreign currency forward contracts where the notional amount is determined using contract exchange rates (in thousands): | ||||||||||||||||
August 31, 2013 | November 30, 2012 | |||||||||||||||
Notional Value | Fair Value | Notional Value | Fair Value | |||||||||||||
Forward contracts to sell U.S. dollars | $ | 24,098 | $ | (38 | ) | $ | 6,453 | $ | 4 | |||||||
Forward contracts to purchase U.S. dollars | 19,873 | (49 | ) | 31,465 | (190 | ) | ||||||||||
Total | $ | 43,971 | $ | (87 | ) | $ | 37,918 | $ | (186 | ) | ||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||
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, 2013 (in thousands): | ||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Total Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Value | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Money market funds | $ | 58,914 | $ | 58,914 | $ | — | $ | — | ||||||||||||
State and municipal bond obligations | 26,640 | — | 26,640 | — | ||||||||||||||||
Auction rate securities – municipal bonds | 23,707 | — | — | 23,707 | ||||||||||||||||
Auction rate securities – student loans | 2,866 | — | — | 2,866 | ||||||||||||||||
Foreign exchange derivatives | (87 | ) | — | (87 | ) | — | ||||||||||||||
Liabilities | ||||||||||||||||||||
Contingent consideration | $ | 383 | $ | — | $ | — | $ | 383 | ||||||||||||
The following table details the fair value measurements within the fair value hierarchy of our financial assets at November 30, 2012 (in thousands): | ||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Total Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Value | ||||||||||||||||||||
Money market funds | $ | 125,591 | $ | 125,591 | $ | — | $ | — | ||||||||||||
State and municipal bond obligations | 50,818 | — | 50,818 | — | ||||||||||||||||
Auction rate securities – municipal bonds | 23,420 | — | — | 23,420 | ||||||||||||||||
Auction rate securities – student loans | 2,901 | — | — | 2,901 | ||||||||||||||||
Corporate bonds | 2,607 | — | 2,607 | — | ||||||||||||||||
Foreign exchange derivatives | (186 | ) | — | (186 | ) | — | ||||||||||||||
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. | ||||||||||||||||||||
The valuation technique used to measure fair value for our Level 3 assets, which consists of our ARS, is primarily an income approach, where the expected weighted average future cash flows are discounted back to present value for each asset. The significant unobservable inputs used in the fair value measurement of our ARS are the probability of earning the maximum rate until maturity, the probability of principal return prior to maturity, the probability of default, the liquidity risk premium and the recovery rate in default. Generally, interrelationships are such that a change in the assumptions used for the probability of principal return prior to maturity is accompanied by a directionally opposite change in one or more the following assumptions: the probability of earning the maximum rate until maturity, the probability of default and the liquidity risk premium. The recovery rate in default is somewhat independent and based upon the ARS' specific underlying assets and published recovery rate studies. | ||||||||||||||||||||
One issuer of our ARS is currently in default, but the underlying bond insurer is making interest payments on the issuer's behalf. In this situation, we used a market approach, where the significant unobservable inputs are the market credit default swap spread and the credit rating of the insurer. | ||||||||||||||||||||
The following table provides additional quantitative information about the unobservable inputs used in our Level 3 asset valuations as of August 31, 2013: | ||||||||||||||||||||
Valuation Technique | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||
Auction rate securities | Discounted cash flow | Probability of earning the maximum rate until maturity | 0.2% - 9.9% (1.7%) | |||||||||||||||||
Probability of principal return prior to maturity | 75.7% - 95.1% (87.0%) | |||||||||||||||||||
Probability of default | 4.1% - 24.1% (11.3%) | |||||||||||||||||||
Liquidity risk premium | 4.00% | |||||||||||||||||||
Recovery rate in default | 50% - 70% (56.5%) | |||||||||||||||||||
Market valuation | Market credit default swap spread of insurer | 4.05% | ||||||||||||||||||
Credit rating of insurer | AA- | |||||||||||||||||||
Significant increases or decreases in the underlying assumptions used to value the ARS could significantly increase or decrease the fair value estimates recorded in the consolidated balance sheets. | ||||||||||||||||||||
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 | Nine Months Ended | |||||||||||||||||||
August 31, | August 31, | August 31, | August 31, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Balance, beginning of period | $ | 26,500 | $ | 31,448 | $ | 26,321 | $ | 33,539 | ||||||||||||
Redemptions and repurchases | — | — | (25 | ) | (225 | ) | ||||||||||||||
Transfer to Level 2 fair value measurement | — | — | — | (2,700 | ) | |||||||||||||||
Unrealized gains (losses) included in accumulated other comprehensive loss | 73 | (163 | ) | 277 | 671 | |||||||||||||||
Balance, end of period | $ | 26,573 | $ | 31,285 | $ | 26,573 | $ | 31,285 | ||||||||||||
During the second quarter of fiscal year 2012, we received a redemption notice for one of our ARS at par value. We transferred the ARS to a Level 2 fair value measurement, as the value at May 31, 2012 was based on observable inputs. The ARS was redeemed in the third quarter of fiscal year 2012. | ||||||||||||||||||||
We have classified contingent consideration related to the Rollbase, Inc. acquisition (Rollbase), which occurred in the second quarter of fiscal year 2013 (Note 7), within Level 3 of the fair value hierarchy because the fair value is derived using significant unobservable inputs, which include discount rates and probability-weighted cash flows. We determined the fair value of our contingent consideration obligations based on a probability-weighted income approach derived from probability assessments of the attainment of certain milestones. We establish discount rates to be utilized in our valuation models based on the cost to borrow that would be required by a market participant for similar instruments. In determining the probability of attaining certain milestones, we utilize data regarding similar milestone events from our own experience. On a quarterly basis, we reassess the probability factors associated with the milestones for our contingent consideration obligations. Significant judgment is employed in determining the appropriateness of these key assumptions as of the acquisition date and for each subsequent period. | ||||||||||||||||||||
The key assumptions as of August 31, 2013 related to the contingent consideration for the acquisition of Rollbase used in the model are probabilities in excess of 95% that the milestones associated with the contingent consideration will be achieved and a discount rate of 4.8%. A decrease in the probabilities of achievement could result in a significant decrease to the estimated fair value of the contingent consideration liability. During the three and nine months ended August 31, 2013, the change in the fair value of the liability was minimal. | ||||||||||||||||||||
Nonrecurring Fair Value Measurements | ||||||||||||||||||||
The following table details our nonrecurring fair value measurements at November 30, 2012 (in thousands): | ||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Total Fair | Level 1 | Level 2 | Level 3 | Total Losses | ||||||||||||||||
Value | ||||||||||||||||||||
Disposal group | $ | 16,487 | $ | — | $ | 16,487 | $ | — | $ | 8,601 | ||||||||||
The disposal group included the assets and liabilities held for sale of the Artix, Orbacus and Orbix product lines, which had a fair value of $16.5 million as of November 30, 2012. The carrying value at November 30, 2012 of $25.1 million was written down to fair value, less costs to sell, resulting in a loss of $8.6 million. The loss was recorded in income (loss) from discontinued operations in fiscal year 2012. The assets and liabilities held for sale were divested in the first quarter of fiscal year 2013 (Note 6). | ||||||||||||||||||||
We evaluate all of our assets held for sale using undiscounted cash flow models or other valuation models, such as comparative transactions and market multiples, to determine their fair values. However, a market approach was more heavily used to value the assets held for sale related to the divestitures of our non-core product lines. As bid and transaction values became apparent as we moved through the marketing and divestiture process, the fair values of the assets held for sale were established. The impairment loss recorded for the Artix, Orbacus and Orbix product lines was primarily based on our expectations of a sale price as compared to our estimation of the net assets to be sold at closing. |
Intangible_Assets_and_Goodwill
Intangible Assets and Goodwill | 9 Months Ended | |||||||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Intangible Assets and Goodwill | Intangible Assets and Goodwill | |||||||||||||||||||||||
Intangible Assets | ||||||||||||||||||||||||
Intangible assets are comprised of the following significant classes (in thousands): | ||||||||||||||||||||||||
31-Aug-13 | 30-Nov-12 | |||||||||||||||||||||||
Gross | Accumulated | Net Book | Gross | Accumulated | Net Book | |||||||||||||||||||
Carrying | Amortization | Value | Carrying | Amortization | Value | |||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Purchased technology | $ | 44,730 | $ | (36,117 | ) | $ | 8,613 | $ | 42,520 | $ | (40,066 | ) | $ | 2,454 | ||||||||||
Customer-related and other | 19,537 | (17,460 | ) | 2,077 | 26,477 | (23,812 | ) | 2,665 | ||||||||||||||||
Total | $ | 64,267 | $ | (53,577 | ) | $ | 10,690 | $ | 68,997 | $ | (63,878 | ) | $ | 5,119 | ||||||||||
As a result of the Rollbase acquisition in the second quarter of fiscal year 2013 (Note 7), we recorded $7.8 million of purchased technology and $0.2 million of customer relationships as intangible assets during the nine months ended August 31, 2013. As of the date of acquisition, the acquired intangible assets have a weighted average amortization period of 4.9 years. This was offset by a decrease in the gross carrying amount of our intangible assets due to the disposition of the Apama product line (Note 6). | ||||||||||||||||||||||||
In the three and nine months ended August 31, 2013, amortization expense related to intangible assets was $0.7 million and $1.4 million, respectively. In the three and nine months ended August 31, 2012, amortization expense related to intangible assets was $0.3 million and $1.1 million, respectively. | ||||||||||||||||||||||||
Future amortization expense for intangible assets as of August 31, 2013, is as follows (in thousands): | ||||||||||||||||||||||||
Remainder of 2013 | $ | 739 | ||||||||||||||||||||||
2014 | 2,638 | |||||||||||||||||||||||
2015 | 2,409 | |||||||||||||||||||||||
2016 | 1,906 | |||||||||||||||||||||||
2017 | 1,906 | |||||||||||||||||||||||
Thereafter | 1,092 | |||||||||||||||||||||||
Total | $ | 10,690 | ||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||
Changes in the carrying amount of goodwill for the nine months ended August 31, 2013, are as follows (in thousands): | ||||||||||||||||||||||||
Balance, November 30, 2012 | $ | 226,110 | ||||||||||||||||||||||
Addition | 4,798 | |||||||||||||||||||||||
Disposal | (6,377 | ) | ||||||||||||||||||||||
Translation adjustments | (241 | ) | ||||||||||||||||||||||
Balance, August 31, 2013 | $ | 224,290 | ||||||||||||||||||||||
The addition to goodwill during fiscal year 2013 is related to the acquisition of Rollbase (Note 7). The disposal is related to the sale of the Apama product line (Note 6). | ||||||||||||||||||||||||
During the first quarter of fiscal year 2013, we completed our annual testing for impairment of goodwill and, based on those tests, concluded that no impairment of goodwill existed as of December 15, 2012. During the second quarter of fiscal year 2013, we evaluated the impact of the disposition of the Apama product line, which was part of our single reportable segment, on goodwill and concluded that no impairment existed. Through the date and time our condensed consolidated financial statements were issued, no other trigger events have occurred that would indicate a potential impairment of goodwill exists. |
Divestitures
Divestitures | 9 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||
Divestitures | Divestitures | |||||||||||||||
Under the Plan, we announced that we would divest all product lines which were not considered core product lines of our business: Actional, Artix, DataXtend, FuseSource, ObjectStore, Orbacus, Orbix, Savvion, Shadow and Sonic. The FuseSource and Shadow product lines were divested in fiscal year 2012. The remaining product lines were divested in the first quarter of fiscal year 2013. | ||||||||||||||||
In the second quarter of fiscal year 2013, we entered into a definitive purchase and sale agreement to divest our Apama product line to Software AG. The sale closed in July 2013 for a purchase price of $44.3 million. | ||||||||||||||||
Revenues and direct expenses of the divested product lines have been reclassified as discontinued operations for all periods presented. The fiscal year 2012 results include revenues and direct expenses of all divested product lines, since we earned revenues and incurred direct expenses for all or part of fiscal year 2012 for each of those product lines. The fiscal year 2013 results include the revenues and direct expenses of the product lines which had not been divested prior to the start of fiscal year 2013. | ||||||||||||||||
The components included in discontinued operations on the condensed consolidated statements of income are as follows (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
August 31, 2013 | August 31, 2012 | August 31, 2013 | August 31, 2012 | |||||||||||||
Revenue | $ | 537 | $ | 37,610 | $ | 16,143 | $ | 120,033 | ||||||||
Income (loss) before income taxes | (6,221 | ) | (979 | ) | (9,338 | ) | (30,697 | ) | ||||||||
Income tax (benefit) provision | (1,790 | ) | 927 | (2,223 | ) | (9,656 | ) | |||||||||
Gain on sale, net of tax | 22,070 | — | 41,827 | — | ||||||||||||
Income (loss) from discontinued operations, net | $ | 17,639 | $ | (1,906 | ) | $ | 34,712 | $ | (21,041 | ) | ||||||
Apama | ||||||||||||||||
In the second quarter of fiscal year 2013, we entered into a definitive purchase and sale agreement to divest our Apama product line to Software AG. The sale closed in July 2013 for a purchase price of $44.3 million. Of the total consideration, $4.5 million is held in escrow to secure indemnification claims, if any, for up to 18 months. As of August 31, 2013, the escrow is included in other assets on the consolidated balance sheet. In connection with the sale, we also entered into a three year distributor license agreement with Software AG for $0.7 million for one of our DataDirect products. The distributor license agreement does not constitute direct cash flows or significant continuing involvement of the Apama product line, and thus does not preclude us from discontinued operations treatment. | ||||||||||||||||
The gain on the sale of the Apama product line is calculated as follows (in thousands): | ||||||||||||||||
Purchase price | $ | 44,268 | ||||||||||||||
Less: transaction costs | 2,029 | |||||||||||||||
Less: net assets | ||||||||||||||||
Accounts receivable | 2,426 | |||||||||||||||
Other current assets | 428 | |||||||||||||||
Goodwill and intangible assets | 6,991 | |||||||||||||||
Other long-term assets | 426 | |||||||||||||||
Deferred revenue | (3,917 | ) | ||||||||||||||
Gain on sale | 35,885 | |||||||||||||||
Tax provision | 13,815 | |||||||||||||||
Gain on sale, net of tax | $ | 22,070 | ||||||||||||||
Artix, Orbacus and Orbix | ||||||||||||||||
In the first quarter of fiscal year 2013, we entered into a definitive purchase and sale agreement to divest our Artix, Orbacus and Orbix product lines to a subsidiary of Micro Focus International plc (Micro Focus). The divestiture of these product lines was part of the Plan. The sale closed in February 2013 for total consideration of $15.0 million. | ||||||||||||||||
The gain on sale of the Artix, Orbacus and Orbix product lines is calculated as follows (in thousands): | ||||||||||||||||
Purchase price | $ | 15,000 | ||||||||||||||
Less: transaction costs | 826 | |||||||||||||||
Less: indemnification obligation | 1,000 | |||||||||||||||
Less: net assets | ||||||||||||||||
Accounts receivables | 2,300 | |||||||||||||||
Goodwill and intangible assets | 24,325 | |||||||||||||||
Other assets | 20 | |||||||||||||||
Impairment reserve | (8,601 | ) | ||||||||||||||
Deferred revenue | (5,893 | ) | ||||||||||||||
Gain on sale | 1,023 | |||||||||||||||
Tax provision | — | |||||||||||||||
Gain on sale, net of tax | $ | 1,023 | ||||||||||||||
In February 2013, upon the closing of the sale of Artix, Orbacus and Orbix, we amended the definitive purchase and sale agreement with Micro Focus to provide an additional indemnification obligation with respect to a specified vendor. The fair value of the indemnification obligation on the date the sale closed and the carrying value at August 31, 2013 is $1.0 million, and is included in other accrued liabilities in the condensed consolidated balance sheet. Our maximum indemnification obligation with respect to this matter is $11.3 million. The term of the indemnification is indefinite; however, we expect the matter to be substantially resolved within the next six months. | ||||||||||||||||
In the fourth quarter of fiscal year 2012, we recorded an $8.6 million impairment loss on the Artix, Orbacus and Orbix assets held for sale based on our expectations of a sales price as compared to our estimation of the net assets to be sold at closing. The impairment loss was recorded as a reserve against the assets held for sale as of November 30, 2012. The gain recorded in the first quarter of fiscal year 2013 was the result of differences in our estimation of net assets to be sold at closing versus the actual value of the net assets sold at closing. | ||||||||||||||||
Actional, DataXtend, ObjectStore, Savvion and Sonic | ||||||||||||||||
In the fourth quarter of fiscal year 2012, we entered into a definitive purchase and sale agreement to divest our Actional, DataXtend, Savvion and Sonic product lines to the investment arm of Trilogy Enterprises. In December 2012, the agreement was amended to include the sale of our ObjectStore product line. The divestiture of these product lines was part of the Plan. The sale closed in December 2012 for total consideration of $60.5 million. | ||||||||||||||||
The gain on sale of the Actional, DataXtend, ObjectStore, Savvion and Sonic product lines is calculated as follows (in thousands): | ||||||||||||||||
Purchase price | $ | 60,500 | ||||||||||||||
Less: transaction costs | 1,211 | |||||||||||||||
Less: net assets | ||||||||||||||||
Accounts receivables | 12,004 | |||||||||||||||
Goodwill and intangible assets | 31,693 | |||||||||||||||
Other assets | 976 | |||||||||||||||
Deferred revenue | (19,168 | ) | ||||||||||||||
Other liabilities | (299 | ) | ||||||||||||||
Gain on sale | 34,083 | |||||||||||||||
Tax provision | 15,349 | |||||||||||||||
Gain on sale, net of tax | $ | 18,734 | ||||||||||||||
Business_Combinations
Business Combinations | 9 Months Ended | |||||
Aug. 31, 2013 | ||||||
Business Combinations [Abstract] | ||||||
Business Combinations | Business Combinations | |||||
On May 24, 2013, we acquired 100% of the equity interests in Rollbase, Inc. (Rollbase), a privately held software vendor based in Saratoga, California, for $9.9 million. The purchase consideration consisted of $9.5 million in cash paid and $0.4 million of contingent consideration, expected to be paid out over a two year period. The fair value of the contingent consideration was estimated to be $0.4 million at the date of acquisition. Rollbase provides Application Platform-as-a-Service (aPaas) technology that allows the rapid design, development and deployment of on-demand business applications. The purpose of the acquisition was to further the Plan in which we intend to become a leading provider of a next-generation, context-aware application development and deployment platform in the Cloud for the aPaas market. The acquisition was accounted for as a business combination, and accordingly, the results of operations of Rollbase are included in our operating results from the date of acquisition. We paid the purchase price in cash from available funds. | ||||||
The allocation of the purchase price is as follows (in thousands): | ||||||
Total | Life | |||||
Cash | $ | 50 | ||||
Acquired intangible assets | 7,960 | 1 to 5 years | ||||
Goodwill | 4,798 | |||||
Deferred taxes | (2,921 | ) | ||||
Accounts payable and other liabilities | (8 | ) | ||||
Net assets acquired | $ | 9,879 | ||||
The purchase consideration includes contingent consideration payable by the Company based on the achievement of certain milestones. The Company determined the fair value of the contingent consideration obligations by calculating the probability-weighted earn-out payments based on the assessment of the likelihood that the milestones will be achieved. The probability-weighted earn-out payments were then discounted using a discount rate commensurate with the credit risk of the Company. During the three and nine months ended August 31, 2013, the change in the fair value of the contingent consideration payable was minimal. | ||||||
The stock purchase agreement included contingent earn-out provisions requiring the Company to make payments to former Rollbase owners now employed by the Company. We have concluded that the earn-out provisions for the individuals now employed by the Company, which total approximately $5.0 million, are compensation arrangements and we will accrue the maximum payouts ratably over the two year performance period, as we believe it is probable that the criteria will be met. We have incurred $1.0 million of expense related to the contingent earn-out provisions for the three and nine months ended August 31, 2013. These amounts are recorded as acquisition-related expenses in our consolidated statement of operations. | ||||||
We recorded the excess of the purchase price over the identified tangible and intangible assets as goodwill. We believe that the investment value of the future enhancement of our product and solution offerings created as a result of this acquisition has principally contributed to a purchase price that resulted in the recognition of $4.8 million of goodwill, which is not deductible for tax purposes. The allocation of the purchase price was completed in the third quarter of fiscal year 2013 upon the finalization of our valuation of identifiable intangible assets and acquired deferred tax liabilities. | ||||||
We incurred $1.0 million and $2.2 million of acquisition-related costs which are included in acquisition-related expenses in our consolidated statement of operations for the three and nine months ended August 31, 2013, respectively. The acquisition-related expenses for the nine months ended August 31, 2013 includes a $1.0 million termination fee related to a pre-existing license arrangement between Rollbase and another third-party. | ||||||
We have not disclosed the amount of revenues and earnings of Rollbase since acquisition, nor pro forma financial information, as those amounts are not significant to our condensed consolidated financial statements. |
Line_of_Credit
Line of Credit | 9 Months Ended |
Aug. 31, 2013 | |
Line of Credit Facility [Abstract] | |
Line of Credit | Line of Credit |
Our credit facility provides for a revolving line of credit in the amount of $150.0 million, with a sublimit for the issuance of standby letters of credit in a face amount up to $25.0 million and swing line loans up to $20.0 million. The credit facility also permits us to increase the revolving line of credit by up to an additional $75.0 million subject to receiving further commitments from lenders and certain other conditions. As of August 31, 2013, there were no amounts outstanding under the revolving line and $0.4 million of letters of credit. |
Common_Stock_Repurchases
Common Stock Repurchases | 9 Months Ended |
Aug. 31, 2013 | |
Common Stock Repurchases [Abstract] | |
Common Stock Repurchases | Common Stock Repurchases |
We repurchased and retired 10.3 million shares of our common stock for $237.4 million in the nine months ended August 31, 2013. The shares were repurchased as part of our Board of Directors authorized return of capital to shareholders in the form of share repurchases through December 31, 2013 of $360.0 million. No shares were repurchased in the nine months ended August 31, 2012. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | |||||||||||||||
Stock-based compensation expense reflects the fair value of stock-based awards measured at the grant date and recognized over the relevant service period. We estimate the fair value of each stock-based award on the measurement date using either the current market price of the stock or the Black-Scholes option valuation model. The Black-Scholes option valuation model incorporates assumptions as to stock price volatility, the expected life of options, a risk-free interest rate and dividend yield. We recognize stock-based compensation expense on a straight-line basis over the service period of the award, which is generally 4 or 5 years for options and 3 years for restricted stock units and restricted stock awards. | ||||||||||||||||
The following table provides the classification of stock-based compensation as reflected in our condensed consolidated statements of income (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
August 31, | August 31, | August 31, | August 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Cost of software licenses | $ | — | $ | 4 | $ | — | $ | 7 | ||||||||
Cost of maintenance and services | 133 | 153 | 500 | 582 | ||||||||||||
Sales and marketing | 748 | 701 | 2,668 | 2,848 | ||||||||||||
Product development | 999 | 861 | 3,687 | 2,375 | ||||||||||||
General and administrative | 2,720 | 3,040 | 7,215 | 8,246 | ||||||||||||
Stock-based compensation from continuing operations | 4,600 | 4,759 | 14,070 | 14,058 | ||||||||||||
Income (loss) from discontinued operations | 973 | 2,985 | 2,290 | 7,446 | ||||||||||||
Total stock-based compensation | $ | 5,573 | $ | 7,744 | $ | 16,360 | $ | 21,504 | ||||||||
During the second quarter of fiscal year 2013, in connection with the divestiture of the Apama product line, we entered into transition agreements with five executives. As part of the agreements, the executives were entitled to accelerated vesting of certain stock-based awards upon the completion of the divestiture. All employees associated with the Apama product line were also entitled to accelerated vesting of certain stock-based awards upon the completion of the divestiture. Due to the accelerated vesting, we recognized additional stock-based compensation of $0.8 million and $1.4 million in the three and nine months ended August 31, 2013, respectively, in discontinued operations. | ||||||||||||||||
During the nine months ended August 31, 2012, the employment of three of our executives terminated. As part of the separation agreements, the executives were entitled to accelerated vesting of certain stock-based awards. Due to the separation and accelerated vesting, we recognized additional stock-based compensation of $1.8 million in the nine months ended August 31, 2012. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | |||||||||||
Aug. 31, 2013 | ||||||||||||
Equity [Abstract] | ||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss | |||||||||||
The following table summarizes the changes in accumulated balances of other comprehensive loss during the nine months ended August 31, 2013 (in thousands): | ||||||||||||
Foreign Currency Translation Adjustment | Unrealized Gains (Losses) on investments | Accumulated Other Comprehensive Loss | ||||||||||
Balance, December 1, 2012 | $ | (8,183 | ) | $ | (2,581 | ) | $ | (10,764 | ) | |||
Other comprehensive income (loss) before reclassifications, net of tax | (4,010 | ) | 98 | (3,912 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | — | |||||||||
Balance, August 31, 2013 | $ | (12,193 | ) | $ | (2,483 | ) | $ | (14,676 | ) | |||
The tax effect on accumulated unrealized losses on investments was $1.4 million and $1.5 million as of August 31, 2013 and November 30, 2012, respectively. |
Restructuring_Charges
Restructuring Charges | 9 Months Ended | |||||||||||
Aug. 31, 2013 | ||||||||||||
Restructuring Charges [Abstract] | ||||||||||||
Restructuring Charges | Restructuring Charges | |||||||||||
2013 Restructuring | ||||||||||||
During the third quarter of fiscal year 2013, our management approved, committed to and initiated plans to restructure and improve efficiencies in our operations as a result of the sale of the Apama product line and the divestitures completed during the fourth quarter of fiscal year 2012 and the first quarter of fiscal year 2013. We reduced our global workforce primarily within the administrative and sales organizations. This workforce reduction was conducted across all geographies and also resulted in the closing of certain facilities. | ||||||||||||
Restructuring expenses primarily relate to employee costs, including severance, health benefits, outplacement services and transition divestiture arrangements, but excluding stock-based compensation. Facilities costs include fees to terminate lease agreements and costs for unused space, net of sublease assumptions. Other costs include costs to terminate automobile leases of employees included in the workforce reduction, asset impairment charges for assets no longer deployed as part of cost reduction strategies, costs for unused software licenses as part of the workforce reduction and other costs directly associated with the restructuring actions taken. | ||||||||||||
As part of the 2013 restructuring, for the three and nine months ended August 31, 2013, we incurred expenses totaling $6.1 million, of which $0.4 million represents excess facilities and other costs and $5.7 million represents employee severance and related benefits. The expenses are recorded as restructuring expenses in the condensed consolidated statements of income, with the exception of $0.4 million included in income (loss) from discontinued operations for the three and nine months ended August 31, 2013. We expect to incur additional costs with respect to the 2013 restructuring through the remainder of fiscal year 2013. The total cost of the 2013 restructuring is expected to be approximately $1.3 million for excess facilities and other costs and approximately $6.5 million for employee severance and related benefits. The estimated costs not yet recorded in the condensed consolidated statement of income relate to excess facilities costs, net of sublease assumptions, and employee severance-related costs. | ||||||||||||
A summary of activity for the 2013 restructuring action is as follows (in thousands): | ||||||||||||
Excess | Employee Severance and Related Benefits | Total | ||||||||||
Facilities and | ||||||||||||
Other Costs | ||||||||||||
Balance, December 1, 2012 | $ | — | $ | — | $ | — | ||||||
Costs incurred | 388 | 5,716 | 6,104 | |||||||||
Cash disbursements | (20 | ) | (1,020 | ) | (1,040 | ) | ||||||
Asset impairment | — | — | — | |||||||||
Translation adjustments and other | — | 14 | 14 | |||||||||
Balance, August 31, 2013 | $ | 368 | $ | 4,710 | $ | 5,078 | ||||||
Cash disbursements for expenses incurred to date under the 2013 restructuring are expected to be made through the first quarter of fiscal year 2014. The restructuring reserve of $5.1 million is included in other accrued liabilities on the condensed consolidated balance sheet at August 31, 2013. | ||||||||||||
2012 Restructuring | ||||||||||||
In the second quarter of fiscal year 2012, our management approved, committed to and initiated certain operational restructuring initiatives to reduce annual costs, including the simplification of our organizational structure and the consolidation of facilities. In addition, as part of the Plan, we have divested the product lines not considered core to our business. Our restructuring actions include both our cost reduction efforts and qualifying costs associated with our divestitures. | ||||||||||||
As part of the 2012 restructuring, for the nine months ended August 31, 2013, we incurred expenses totaling $4.0 million, of which $1.2 million represents excess facilities and other costs and $2.8 million represents employee severance and related benefits. The expenses are recorded as restructuring expenses in the condensed consolidated statements of income, with the exception of $0.6 million included in income (loss) from discontinued operations for the nine months ended August 31, 2013. Cumulative expenses of the 2012 restructuring through the first nine months of fiscal year 2013 are $23.1 million, of which $3.9 million represents excess facilities and other costs and $19.2 million represents employee severance and related benefits. We do not expect to incur additional material costs with respect to the 2012 restructuring. | ||||||||||||
A summary of activity for the 2012 restructuring action during the nine months ended August 31, 2013, is as follows (in thousands): | ||||||||||||
Excess | Employee Severance and Related Benefits | Total | ||||||||||
Facilities and | ||||||||||||
Other Costs | ||||||||||||
Balance, December 1, 2012 | $ | 603 | $ | 6,429 | $ | 7,032 | ||||||
Costs incurred | 1,213 | 2,844 | 4,057 | |||||||||
Cash disbursements | (668 | ) | (8,544 | ) | (9,212 | ) | ||||||
Asset impairment | (111 | ) | — | (111 | ) | |||||||
Translation adjustments and other | (5 | ) | 27 | 22 | ||||||||
Balance, August 31, 2013 | $ | 1,032 | $ | 756 | $ | 1,788 | ||||||
Cash disbursements under the 2012 restructuring are expected to be made through fiscal year 2016. The short-term portion of the restructuring reserve of $1.6 million is included in other accrued liabilities and the long-term portion of $0.2 million is included in other noncurrent liabilities on the condensed consolidated balance sheet at August 31, 2013. |
Income_Taxes
Income Taxes | 9 Months Ended |
Aug. 31, 2013 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes |
Our income tax provision for the third quarter of fiscal year 2013 and 2012 reflects our estimates of the effective tax rates expected to be applicable for the full fiscal years, adjusted for any discrete events which are recorded in the period they occur. The estimates are reevaluated each quarter based on our estimated tax expense for the full fiscal year. | |
The research and development credit was retroactively reinstated in January 2013. As a result, in the first quarter of fiscal year 2013 we recorded a tax benefit of $0.4 million related to qualifying research and development activities for the period from January 2012 to November 2012. | |
The Internal Revenue Service finalized its examination of our U.S. Federal income tax returns for fiscal years 2009 and 2010 during the second quarter of fiscal year 2013. In the first quarter of fiscal year 2013, we had effectively settled certain unrecognized tax benefits which had been reserved in previous periods, reducing our unrecognized tax benefits liability by $1.2 million. | |
Our Federal income tax returns have been examined or are closed by statute for all years prior to fiscal year 2011, and we are no longer subject to audit for those periods. State taxing authorities are currently examining our income tax returns for years through fiscal year 2010. Our state income tax returns have been examined or are closed by statute for all years prior to fiscal year 2005, and we are no longer subject to audit for those periods. | |
Tax authorities for certain non-U.S. jurisdictions are also examining returns affecting unrecognized tax benefits, none of which are material to our condensed consolidated balance sheets, cash flows or statements of income. With some exceptions, we are generally no longer subject to tax examinations in non-U.S. jurisdictions for years prior to fiscal year 2007. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Earnings Per Share | Earnings Per Share | |||||||||||||||
We compute basic earnings per share using the weighted average number of common shares outstanding. We compute diluted earnings per share using the weighted average number of common shares outstanding plus the effect of outstanding dilutive stock options, restricted stock units and deferred stock units, using the treasury stock method. The following table sets forth the calculation of basic and diluted earnings per share from continuing operations on an interim basis (in thousands, except per share data): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
August 31, | August 31, | August 31, | August 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Income from continuing operations | $ | 7,204 | $ | 7,744 | $ | 25,159 | $ | 32,460 | ||||||||
Weighted average shares outstanding | 53,532 | 63,469 | 55,451 | 62,888 | ||||||||||||
Dilutive impact from common stock equivalents | 857 | 636 | 841 | 907 | ||||||||||||
Diluted weighted average shares outstanding | 54,389 | 64,105 | 56,292 | 63,795 | ||||||||||||
Basic earnings per share from continuing operations | $ | 0.13 | $ | 0.12 | $ | 0.45 | $ | 0.52 | ||||||||
Diluted earnings per share from continuing operations | $ | 0.13 | $ | 0.12 | $ | 0.45 | $ | 0.51 | ||||||||
We excluded stock awards representing approximately 455,000 shares, 875,000 shares, 3,098,000 shares and 1,386,000 shares of common stock from the calculation of diluted earnings per share in the three and nine months ended August 31, 2013 and 2012, respectively, because these awards were anti-dilutive. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Aug. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | We prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (GAAP) for complete financial statements and these unaudited financial statements should be read in conjunction with the audited financial statements included in our Annual Report on Form 10-K for the fiscal year ended November 30, 2012. |
We made no significant changes in the application of our significant accounting policies that were disclosed in our Annual Report on Form 10-K for the fiscal year ended November 30, 2012. We have prepared the accompanying unaudited condensed consolidated financial statements on the same basis as the audited financial statements included in our Annual Report on Form 10-K, and these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full fiscal year. | |
During the fourth quarter of fiscal year 2012 and the first quarter of fiscal year 2013, we completed the divestitures of the ten product lines which were not considered core product lines of our business: Actional, Artix, DataXtend, FuseSource, ObjectStore, Orbacus, Orbix, Savvion, Shadow and Sonic. The divestitures were part of the new strategic plan (the "Plan") we announced during fiscal year 2012. After the announcement of the Plan, we began reporting our results in two reportable segments: Core and non-Core. Since the non-Core segment ceased to exist during the first quarter of fiscal year 2013, after the closing of all these divestitures, we now operate as one reportable segment. In addition, the revenues and direct expenses of the product lines divested are included in discontinued operations in our condensed consolidated statements of income, including prior period amounts which have been revised to reflect the presentation. | |
In June 2013, we entered into a definitive purchase and sale agreement to divest our Apama product line to Software AG. The target market, deployment and sales model for the Apama product line differed significantly from those of our application development platform and the divestiture allowed us to focus entirely on providing leading cloud and mobile application development technologies through a single cohesive platform. The sale closed in July 2013 for a purchase price of $44.3 million. The revenue and direct expenses of the Apama product line are included in discontinued operations in our consolidated statements of income, including prior period amounts which have been revised to reflect the presentation. | |
Recent Accounting Pronouncements | In July 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (ASU 2013-11). ASU 2013-11 clarifies guidance and eliminates diversity in practice on the presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. This new guidance is effective on a prospective basis for fiscal years and interim reporting periods within those years, beginning after December 15, 2013. The adoption of ASU 2013-11 is not expected to have a material impact on our financial position, results of operations or cash flows. |
In March 2013, the FASB issued Accounting Standards Update No. 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (ASU 2013-05). ASU 2013-05 provides guidance on releasing cumulative translation adjustments when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or a business within a foreign entity. ASU 2013-05 is effective on a prospective basis for fiscal years and interim reporting periods within those years, beginning after December 15, 2013. Early adoption is permitted. The adoption of ASU 2013-05 is not expected to have a material impact on our financial position, results of operations or cash flows. | |
In February 2013, the FASB issued ASU No. 2013-02, Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified out of Accumulative Other Comprehensive Income (ASU 2013-02), which replaces the presentation requirements for reclassifications out of accumulated other comprehensive income in ASU 2011-05 and ASU 2011-12. ASU 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component and to present significant amounts reclassified out of accumulated other comprehensive income by respective line items of net income if the amount reclassified is required to be reclassified to net income in its entirety. We adopted ASU 2013-02 in the second quarter of fiscal year 2013 and applied it prospectively. The adoption of ASU 2013-02 did not have any impact on our financial position, results of operations or cash flows. | |
In September 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2011-08, Intangibles – Goodwill and Other (Topic 350) – Testing Goodwill for Impairment (ASU 2011-08), to allow entities to use a qualitative approach to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If after performing the qualitative assessment an entity determines it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, then performing the two-step goodwill impairment test is unnecessary. However, if an entity concludes otherwise, then it is required to perform the first step of the two-step goodwill impairment test. ASU 2011-08 is effective for us in fiscal year 2013. We adopted ASU 2011-08 during the first quarter of fiscal year 2013 for our annual impairment test, which occurs in the first quarter of our fiscal year. The adoption did not have any impact on our financial position, results of operations or cash flows. | |
In June 2011, the FASB issued ASU No. 2011-05, Comprehensive Income (Topic 220) – Presentation of Comprehensive Income (ASU 2011-05), to require an entity to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. ASU 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of equity. In December 2011, the FASB issued ASU No. 2011-12, Comprehensive Income (Topic 220) – Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in ASU 2011-05 (ASU 2011-12), which defers the effective date of only those changes in ASU 2011-05 that relate to the presentation of reclassification adjustments. We adopted ASU 2011-05 in our first quarter of fiscal year 2013, and applied it retrospectively. We elected to report comprehensive income as a separate, but consecutive statement to net income. The adoption of ASU 2011-05 did not have any impact on our financial position, results of operations or cash flows. |
Cash_Cash_Equivalents_and_Inve1
Cash, Cash Equivalents and Investments (Tables) | 9 Months Ended | |||||||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||||||
Investments and Cash [Abstract] | ||||||||||||||||||||||||
Summary of Cash, Cash Equivalents and Trading and Available-for-sale Investments | A summary of our cash, cash equivalents and available-for-sale investments at August 31, 2013 is as follows (in thousands): | |||||||||||||||||||||||
Amortized Cost Basis | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Cash | $ | 156,428 | $ | — | $ | — | $ | 156,428 | ||||||||||||||||
Money market funds | 58,914 | — | — | 58,914 | ||||||||||||||||||||
State and municipal bond obligations | 26,504 | 137 | (1 | ) | 26,640 | |||||||||||||||||||
Auction rate securities – municipal bonds | 27,150 | — | (3,443 | ) | 23,707 | |||||||||||||||||||
Auction rate securities – student loans | 3,500 | — | (634 | ) | 2,866 | |||||||||||||||||||
Total | $ | 272,496 | $ | 137 | $ | (4,078 | ) | $ | 268,555 | |||||||||||||||
A summary of our cash, cash equivalents and available-for-sale investments at November 30, 2012 is as follows (in thousands): | ||||||||||||||||||||||||
Amortized Cost Basis | Unrealized | Unrealized | Fair Value | |||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||
Cash | $ | 176,201 | $ | — | $ | — | $ | 176,201 | ||||||||||||||||
Money market funds | 125,591 | — | — | 125,591 | ||||||||||||||||||||
State and municipal bond obligations | 50,565 | 255 | (2 | ) | 50,818 | |||||||||||||||||||
Auction rate securities – municipal bonds | 27,175 | — | (3,755 | ) | 23,420 | |||||||||||||||||||
Auction rate securities – student loans | 3,500 | — | (599 | ) | 2,901 | |||||||||||||||||||
Corporate bonds | 2,608 | — | (1 | ) | 2,607 | |||||||||||||||||||
Total | $ | 385,640 | $ | 255 | $ | (4,357 | ) | $ | 381,538 | |||||||||||||||
Summary of Cash, Cash Equivalents and Trading and Available-for-sale Investments by Balance Sheet Classification | Such amounts are classified on our condensed consolidated balance sheets as follows (in thousands): | |||||||||||||||||||||||
August 31, 2013 | November 30, 2012 | |||||||||||||||||||||||
Cash and | Short-Term | Long-Term | Cash and | Short-Term | Long-Term | |||||||||||||||||||
Equivalents | Investments | Investments | Equivalents | Investments | Investments | |||||||||||||||||||
Cash | $ | 156,428 | $ | — | $ | — | $ | 176,201 | $ | — | $ | — | ||||||||||||
Money market funds | 58,914 | — | — | 125,591 | — | — | ||||||||||||||||||
State and municipal bond obligations | — | 26,640 | — | — | 50,818 | — | ||||||||||||||||||
Auction rate securities – municipal bonds | — | — | 23,707 | — | — | 23,420 | ||||||||||||||||||
Auction rate securities – student loans | — | — | 2,866 | — | — | 2,901 | ||||||||||||||||||
Corporate bonds | — | — | — | — | 2,607 | — | ||||||||||||||||||
Total | $ | 215,342 | $ | 26,640 | $ | 26,573 | $ | 301,792 | $ | 53,425 | $ | 26,321 | ||||||||||||
Fair Value of Debt Securities by Contractual Maturity | The fair value of debt securities by contractual maturity is as follows (in thousands): | |||||||||||||||||||||||
August 31, | November 30, | |||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
Due in one year or less (1) | $ | 39,011 | $ | 55,001 | ||||||||||||||||||||
Due after one year | 14,202 | 24,745 | ||||||||||||||||||||||
Total | $ | 53,213 | $ | 79,746 | ||||||||||||||||||||
-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 11 to 30 years. | |||||||||||||||||||||||
Investments with Continuous Unrealized Losses and Their Related Fair Values | Investments with continuous unrealized losses and their related fair values are as follows at August 31, 2013 (in thousands): | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair Value | Unrealized | Fair Value | Unrealized | Fair Value | Unrealized | |||||||||||||||||||
Losses | Losses | Losses | ||||||||||||||||||||||
State and municipal bond obligations | $ | 956 | $ | (1 | ) | $ | — | $ | — | $ | 956 | $ | (1 | ) | ||||||||||
Auction rate securities – municipal bonds | — | — | 23,707 | (3,443 | ) | 23,707 | (3,443 | ) | ||||||||||||||||
Auction rate securities – student loans | — | — | 2,866 | (634 | ) | 2,866 | (634 | ) | ||||||||||||||||
Total | $ | 956 | $ | (1 | ) | $ | 26,573 | $ | (4,077 | ) | $ | 27,529 | $ | (4,078 | ) | |||||||||
Investments with continuous unrealized losses and their related fair values are as follows at November 30, 2012 (in thousands): | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
State and municipal bond obligations | $ | 5,818 | $ | (1 | ) | $ | 472 | $ | (1 | ) | $ | 6,290 | $ | (2 | ) | |||||||||
Auction rate securities – municipal bonds | — | — | 23,420 | (3,755 | ) | 23,420 | (3,755 | ) | ||||||||||||||||
Auction rate securities – student loans | — | — | 2,901 | (599 | ) | 2,901 | (599 | ) | ||||||||||||||||
Corporate bonds | 2,607 | (1 | ) | — | — | 2,607 | (1 | ) | ||||||||||||||||
Total | $ | 8,425 | $ | (2 | ) | $ | 26,793 | $ | (4,355 | ) | $ | 35,218 | $ | (4,357 | ) | |||||||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||
Outstanding Foreign Currency Forward Contracts | The table below details outstanding foreign currency forward contracts where the notional amount is determined using contract exchange rates (in thousands): | |||||||||||||||
August 31, 2013 | November 30, 2012 | |||||||||||||||
Notional Value | Fair Value | Notional Value | Fair Value | |||||||||||||
Forward contracts to sell U.S. dollars | $ | 24,098 | $ | (38 | ) | $ | 6,453 | $ | 4 | |||||||
Forward contracts to purchase U.S. dollars | 19,873 | (49 | ) | 31,465 | (190 | ) | ||||||||||
Total | $ | 43,971 | $ | (87 | ) | $ | 37,918 | $ | (186 | ) | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
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 August 31, 2013 (in thousands): | |||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Total Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Value | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Money market funds | $ | 58,914 | $ | 58,914 | $ | — | $ | — | ||||||||||||
State and municipal bond obligations | 26,640 | — | 26,640 | — | ||||||||||||||||
Auction rate securities – municipal bonds | 23,707 | — | — | 23,707 | ||||||||||||||||
Auction rate securities – student loans | 2,866 | — | — | 2,866 | ||||||||||||||||
Foreign exchange derivatives | (87 | ) | — | (87 | ) | — | ||||||||||||||
Liabilities | ||||||||||||||||||||
Contingent consideration | $ | 383 | $ | — | $ | — | $ | 383 | ||||||||||||
The following table details the fair value measurements within the fair value hierarchy of our financial assets at November 30, 2012 (in thousands): | ||||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Total Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||||
Value | ||||||||||||||||||||
Money market funds | $ | 125,591 | $ | 125,591 | $ | — | $ | — | ||||||||||||
State and municipal bond obligations | 50,818 | — | 50,818 | — | ||||||||||||||||
Auction rate securities – municipal bonds | 23,420 | — | — | 23,420 | ||||||||||||||||
Auction rate securities – student loans | 2,901 | — | — | 2,901 | ||||||||||||||||
Corporate bonds | 2,607 | — | 2,607 | — | ||||||||||||||||
Foreign exchange derivatives | (186 | ) | — | (186 | ) | — | ||||||||||||||
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 August 31, 2013: | |||||||||||||||||||
Valuation Technique | Unobservable Input | Range (Weighted Average) | ||||||||||||||||||
Auction rate securities | Discounted cash flow | Probability of earning the maximum rate until maturity | 0.2% - 9.9% (1.7%) | |||||||||||||||||
Probability of principal return prior to maturity | 75.7% - 95.1% (87.0%) | |||||||||||||||||||
Probability of default | 4.1% - 24.1% (11.3%) | |||||||||||||||||||
Liquidity risk premium | 4.00% | |||||||||||||||||||
Recovery rate in default | 50% - 70% (56.5%) | |||||||||||||||||||
Market valuation | Market credit default swap spread of insurer | 4.05% | ||||||||||||||||||
Credit rating of insurer | AA- | |||||||||||||||||||
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 | Nine Months Ended | |||||||||||||||||||
August 31, | August 31, | August 31, | August 31, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||
Balance, beginning of period | $ | 26,500 | $ | 31,448 | $ | 26,321 | $ | 33,539 | ||||||||||||
Redemptions and repurchases | — | — | (25 | ) | (225 | ) | ||||||||||||||
Transfer to Level 2 fair value measurement | — | — | — | (2,700 | ) | |||||||||||||||
Unrealized gains (losses) included in accumulated other comprehensive loss | 73 | (163 | ) | 277 | 671 | |||||||||||||||
Balance, end of period | $ | 26,573 | $ | 31,285 | $ | 26,573 | $ | 31,285 | ||||||||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | The following table details our nonrecurring fair value measurements at November 30, 2012 (in thousands): | |||||||||||||||||||
Fair Value Measurements Using | ||||||||||||||||||||
Total Fair | Level 1 | Level 2 | Level 3 | Total Losses | ||||||||||||||||
Value | ||||||||||||||||||||
Disposal group | $ | 16,487 | $ | — | $ | 16,487 | $ | — | $ | 8,601 | ||||||||||
Intangible_Assets_and_Goodwill1
Intangible Assets and Goodwill (Tables) | 9 Months Ended | |||||||||||||||||||||||
Aug. 31, 2013 | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||
Schedule Of Intangible Assets | Intangible assets are comprised of the following significant classes (in thousands): | |||||||||||||||||||||||
31-Aug-13 | 30-Nov-12 | |||||||||||||||||||||||
Gross | Accumulated | Net Book | Gross | Accumulated | Net Book | |||||||||||||||||||
Carrying | Amortization | Value | Carrying | Amortization | Value | |||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||
Purchased technology | $ | 44,730 | $ | (36,117 | ) | $ | 8,613 | $ | 42,520 | $ | (40,066 | ) | $ | 2,454 | ||||||||||
Customer-related and other | 19,537 | (17,460 | ) | 2,077 | 26,477 | (23,812 | ) | 2,665 | ||||||||||||||||
Total | $ | 64,267 | $ | (53,577 | ) | $ | 10,690 | $ | 68,997 | $ | (63,878 | ) | $ | 5,119 | ||||||||||
Schedule Of Future Amortization Expense From Intangible Assets Held | Future amortization expense for intangible assets as of August 31, 2013, is as follows (in thousands): | |||||||||||||||||||||||
Remainder of 2013 | $ | 739 | ||||||||||||||||||||||
2014 | 2,638 | |||||||||||||||||||||||
2015 | 2,409 | |||||||||||||||||||||||
2016 | 1,906 | |||||||||||||||||||||||
2017 | 1,906 | |||||||||||||||||||||||
Thereafter | 1,092 | |||||||||||||||||||||||
Total | $ | 10,690 | ||||||||||||||||||||||
Schedule of Goodwill | Changes in the carrying amount of goodwill for the nine months ended August 31, 2013, are as follows (in thousands): | |||||||||||||||||||||||
Balance, November 30, 2012 | $ | 226,110 | ||||||||||||||||||||||
Addition | 4,798 | |||||||||||||||||||||||
Disposal | (6,377 | ) | ||||||||||||||||||||||
Translation adjustments | (241 | ) | ||||||||||||||||||||||
Balance, August 31, 2013 | $ | 224,290 | ||||||||||||||||||||||
Divestitures_Tables
Divestitures (Tables) | 9 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The components included in discontinued operations on the condensed consolidated statements of income are as follows (in thousands): | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
August 31, 2013 | August 31, 2012 | August 31, 2013 | August 31, 2012 | |||||||||||||
Revenue | $ | 537 | $ | 37,610 | $ | 16,143 | $ | 120,033 | ||||||||
Income (loss) before income taxes | (6,221 | ) | (979 | ) | (9,338 | ) | (30,697 | ) | ||||||||
Income tax (benefit) provision | (1,790 | ) | 927 | (2,223 | ) | (9,656 | ) | |||||||||
Gain on sale, net of tax | 22,070 | — | 41,827 | — | ||||||||||||
Income (loss) from discontinued operations, net | $ | 17,639 | $ | (1,906 | ) | $ | 34,712 | $ | (21,041 | ) | ||||||
Apama [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The gain on the sale of the Apama product line is calculated as follows (in thousands): | |||||||||||||||
Purchase price | $ | 44,268 | ||||||||||||||
Less: transaction costs | 2,029 | |||||||||||||||
Less: net assets | ||||||||||||||||
Accounts receivable | 2,426 | |||||||||||||||
Other current assets | 428 | |||||||||||||||
Goodwill and intangible assets | 6,991 | |||||||||||||||
Other long-term assets | 426 | |||||||||||||||
Deferred revenue | (3,917 | ) | ||||||||||||||
Gain on sale | 35,885 | |||||||||||||||
Tax provision | 13,815 | |||||||||||||||
Gain on sale, net of tax | $ | 22,070 | ||||||||||||||
Artix, Orbacus and Orbix [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Schedule of Gain on Disposal Groups, Including Discontinued Operations | The gain on sale of the Artix, Orbacus and Orbix product lines is calculated as follows (in thousands): | |||||||||||||||
Purchase price | $ | 15,000 | ||||||||||||||
Less: transaction costs | 826 | |||||||||||||||
Less: indemnification obligation | 1,000 | |||||||||||||||
Less: net assets | ||||||||||||||||
Accounts receivables | 2,300 | |||||||||||||||
Goodwill and intangible assets | 24,325 | |||||||||||||||
Other assets | 20 | |||||||||||||||
Impairment reserve | (8,601 | ) | ||||||||||||||
Deferred revenue | (5,893 | ) | ||||||||||||||
Gain on sale | 1,023 | |||||||||||||||
Tax provision | — | |||||||||||||||
Gain on sale, net of tax | $ | 1,023 | ||||||||||||||
Actional, DataXtend, ObjectStore, Savvion, and Sonic [Member] | ||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||||
Schedule of Gain on Disposal Groups, Including Discontinued Operations | The gain on sale of the Actional, DataXtend, ObjectStore, Savvion and Sonic product lines is calculated as follows (in thousands): | |||||||||||||||
Purchase price | $ | 60,500 | ||||||||||||||
Less: transaction costs | 1,211 | |||||||||||||||
Less: net assets | ||||||||||||||||
Accounts receivables | 12,004 | |||||||||||||||
Goodwill and intangible assets | 31,693 | |||||||||||||||
Other assets | 976 | |||||||||||||||
Deferred revenue | (19,168 | ) | ||||||||||||||
Other liabilities | (299 | ) | ||||||||||||||
Gain on sale | 34,083 | |||||||||||||||
Tax provision | 15,349 | |||||||||||||||
Gain on sale, net of tax | $ | 18,734 | ||||||||||||||
Business_Combinations_Tables
Business Combinations (Tables) | 9 Months Ended | |||||
Aug. 31, 2013 | ||||||
Business Combinations [Abstract] | ||||||
Schedule of Allocation of the Purchase Price | The allocation of the purchase price is as follows (in thousands): | |||||
Total | Life | |||||
Cash | $ | 50 | ||||
Acquired intangible assets | 7,960 | 1 to 5 years | ||||
Goodwill | 4,798 | |||||
Deferred taxes | (2,921 | ) | ||||
Accounts payable and other liabilities | (8 | ) | ||||
Net assets acquired | $ | 9,879 | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||
Classification of Stock-Based Compensation | The following table provides the classification of stock-based compensation as reflected in our condensed consolidated statements of income (in thousands): | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
August 31, | August 31, | August 31, | August 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Cost of software licenses | $ | — | $ | 4 | $ | — | $ | 7 | ||||||||
Cost of maintenance and services | 133 | 153 | 500 | 582 | ||||||||||||
Sales and marketing | 748 | 701 | 2,668 | 2,848 | ||||||||||||
Product development | 999 | 861 | 3,687 | 2,375 | ||||||||||||
General and administrative | 2,720 | 3,040 | 7,215 | 8,246 | ||||||||||||
Stock-based compensation from continuing operations | 4,600 | 4,759 | 14,070 | 14,058 | ||||||||||||
Income (loss) from discontinued operations | 973 | 2,985 | 2,290 | 7,446 | ||||||||||||
Total stock-based compensation | $ | 5,573 | $ | 7,744 | $ | 16,360 | $ | 21,504 | ||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | |||||||||||
Aug. 31, 2013 | ||||||||||||
Equity [Abstract] | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in accumulated balances of other comprehensive loss during the nine months ended August 31, 2013 (in thousands): | |||||||||||
Foreign Currency Translation Adjustment | Unrealized Gains (Losses) on investments | Accumulated Other Comprehensive Loss | ||||||||||
Balance, December 1, 2012 | $ | (8,183 | ) | $ | (2,581 | ) | $ | (10,764 | ) | |||
Other comprehensive income (loss) before reclassifications, net of tax | (4,010 | ) | 98 | (3,912 | ) | |||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | — | |||||||||
Balance, August 31, 2013 | $ | (12,193 | ) | $ | (2,483 | ) | $ | (14,676 | ) |
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 9 Months Ended | |||||||||||
Aug. 31, 2013 | ||||||||||||
2013 Restructuring Activities [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Summary of Restructuring Activity | A summary of activity for the 2013 restructuring action is as follows (in thousands): | |||||||||||
Excess | Employee Severance and Related Benefits | Total | ||||||||||
Facilities and | ||||||||||||
Other Costs | ||||||||||||
Balance, December 1, 2012 | $ | — | $ | — | $ | — | ||||||
Costs incurred | 388 | 5,716 | 6,104 | |||||||||
Cash disbursements | (20 | ) | (1,020 | ) | (1,040 | ) | ||||||
Asset impairment | — | — | — | |||||||||
Translation adjustments and other | — | 14 | 14 | |||||||||
Balance, August 31, 2013 | $ | 368 | $ | 4,710 | $ | 5,078 | ||||||
2012 Restructuring Activities [Member] | ||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||
Summary of Restructuring Activity | A summary of activity for the 2012 restructuring action during the nine months ended August 31, 2013, is as follows (in thousands): | |||||||||||
Excess | Employee Severance and Related Benefits | Total | ||||||||||
Facilities and | ||||||||||||
Other Costs | ||||||||||||
Balance, December 1, 2012 | $ | 603 | $ | 6,429 | $ | 7,032 | ||||||
Costs incurred | 1,213 | 2,844 | 4,057 | |||||||||
Cash disbursements | (668 | ) | (8,544 | ) | (9,212 | ) | ||||||
Asset impairment | (111 | ) | — | (111 | ) | |||||||
Translation adjustments and other | (5 | ) | 27 | 22 | ||||||||
Balance, August 31, 2013 | $ | 1,032 | $ | 756 | $ | 1,788 | ||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Aug. 31, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Calculation of Basic and Diluted Earnings Per Share | The following table sets forth the calculation of basic and diluted earnings per share from continuing operations on an interim basis (in thousands, except per share data): | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
August 31, | August 31, | August 31, | August 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Income from continuing operations | $ | 7,204 | $ | 7,744 | $ | 25,159 | $ | 32,460 | ||||||||
Weighted average shares outstanding | 53,532 | 63,469 | 55,451 | 62,888 | ||||||||||||
Dilutive impact from common stock equivalents | 857 | 636 | 841 | 907 | ||||||||||||
Diluted weighted average shares outstanding | 54,389 | 64,105 | 56,292 | 63,795 | ||||||||||||
Basic earnings per share from continuing operations | $ | 0.13 | $ | 0.12 | $ | 0.45 | $ | 0.52 | ||||||||
Diluted earnings per share from continuing operations | $ | 0.13 | $ | 0.12 | $ | 0.45 | $ | 0.51 | ||||||||
Basis_of_Presentation_Narrativ
Basis of Presentation (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Aug. 31, 2012 | Feb. 28, 2013 | Aug. 31, 2013 | Jul. 31, 2013 | Aug. 31, 2013 |
Segments | product_lines | Segments | Apama [Member] | Apama [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of product lines divested | 10 | ||||
Number of reportable segments | 2 | 1 | |||
Sale of Apama product line, sales price | $44,268 | $44,268 |
Cash_Cash_Equivalents_and_Inve2
Cash, Cash Equivalents and Investments (Narrative) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 |
In Thousands, unless otherwise specified | ||
Cash, Cash Equivalents and Investments [Line Items] | ||
Investments in auction rate securities | $26,573 | $26,321 |
Gross unrealized losses | 4,078 | 4,357 |
Cash and short-term investments balance | 241,982 | 355,217 |
Auction Rate Securities [Member] | ||
Cash, Cash Equivalents and Investments [Line Items] | ||
Investments in auction rate securities | 26,600 | 26,300 |
Gross unrealized losses | $4,100 | $4,400 |
Cash_Cash_Equivalents_and_Inve3
Cash, Cash Equivalents and Investments (Summary Of Cash, Cash Equivalents And Trading And Available-For-Sale Investments) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 |
In Thousands, unless otherwise specified | ||
Cash, Cash Equivalents and Investments [Line Items] | ||
Amortized Cost Basis | $272,496 | $385,640 |
Unrealized Gains | 137 | 255 |
Unrealized Losses | -4,078 | -4,357 |
Fair Value | 268,555 | 381,538 |
Cash [Member] | ||
Cash, Cash Equivalents and Investments [Line Items] | ||
Amortized Cost Basis | 156,428 | 176,201 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 156,428 | 176,201 |
Money market funds [Member] | ||
Cash, Cash Equivalents and Investments [Line Items] | ||
Amortized Cost Basis | 58,914 | 125,591 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 58,914 | 125,591 |
State and municipal bond obligations [Member] | ||
Cash, Cash Equivalents and Investments [Line Items] | ||
Amortized Cost Basis | 26,504 | 50,565 |
Unrealized Gains | 137 | 255 |
Unrealized Losses | -1 | -2 |
Fair Value | 26,640 | 50,818 |
Auction rate securities - municipal bonds [Member] | ||
Cash, Cash Equivalents and Investments [Line Items] | ||
Amortized Cost Basis | 27,150 | 27,175 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | -3,443 | -3,755 |
Fair Value | 23,707 | 23,420 |
Auction rate securities - student loans [Member] | ||
Cash, Cash Equivalents and Investments [Line Items] | ||
Amortized Cost Basis | 3,500 | 3,500 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | -634 | -599 |
Fair Value | 2,866 | 2,901 |
Corporate bonds [Member] | ||
Cash, Cash Equivalents and Investments [Line Items] | ||
Amortized Cost Basis | 2,608 | |
Unrealized Gains | 0 | |
Unrealized Losses | -1 | |
Fair Value | $2,607 |
Cash_Cash_Equivalents_and_Inve4
Cash, Cash Equivalents and Investments (Summary of Cash, Cash Equivalents and Trading and Available-for-sale Investments by Balance Sheet Classification) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2012 | Nov. 30, 2011 |
In Thousands, unless otherwise specified | ||||
Cash, Cash Equivalents and Investments [Line Items] | ||||
Cash and Equivalents | $215,342 | $301,792 | $294,398 | $161,095 |
Short-Term Investments | 26,640 | 53,425 | ||
Long-Term Investments | 26,573 | 26,321 | ||
State and municipal bond obligations [Member] | ||||
Cash, Cash Equivalents and Investments [Line Items] | ||||
Short-Term Investments | 26,640 | 50,818 | ||
Long-Term Investments | 0 | 0 | ||
Auction rate securities - municipal bonds [Member] | ||||
Cash, Cash Equivalents and Investments [Line Items] | ||||
Short-Term Investments | 0 | 0 | ||
Long-Term Investments | 23,707 | 23,420 | ||
Auction rate securities - student loans [Member] | ||||
Cash, Cash Equivalents and Investments [Line Items] | ||||
Short-Term Investments | 0 | 0 | ||
Long-Term Investments | 2,866 | 2,901 | ||
Corporate bonds [Member] | ||||
Cash, Cash Equivalents and Investments [Line Items] | ||||
Short-Term Investments | 0 | 2,607 | ||
Long-Term Investments | 0 | 0 | ||
Cash [Member] | ||||
Cash, Cash Equivalents and Investments [Line Items] | ||||
Cash and Equivalents | 156,428 | 176,201 | ||
Money market funds [Member] | ||||
Cash, Cash Equivalents and Investments [Line Items] | ||||
Cash and Equivalents | $58,914 | $125,591 |
Cash_Cash_Equivalents_and_Inve5
Cash, Cash Equivalents and Investments (Fair Value of Debt Securities by Contractual Maturity) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | ||
In Thousands, unless otherwise specified | Minimum [Member] | Maximum [Member] | ||||
Cash, Cash Equivalents and Investments [Line Items] | ||||||
Due in one year or less | $39,011 | [1] | $55,001 | [1] | ||
Due after one year | 14,202 | 24,745 | ||||
Total | $53,213 | $79,746 | ||||
Remaining contractual maturity of investments (in years) | 11 years | 30 years | ||||
[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 11 to 30 years. |
Cash_Cash_Equivalents_and_Inve6
Cash, Cash Equivalents and Investments (Investments with Continuous Unrealized Losses and Their Related Fair Values) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | $956 | $8,425 |
Unrealized Losses, Less Than 12 Months | -1 | -2 |
Fair Value, 12 Months or Greater | 26,573 | 26,793 |
Unrealized Losses, 12 Months or Greater | -4,077 | -4,355 |
Total, Fair Value | 27,529 | 35,218 |
Total, Unrealized Losses | -4,078 | -4,357 |
State and municipal bond obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 956 | 5,818 |
Unrealized Losses, Less Than 12 Months | -1 | -1 |
Fair Value, 12 Months or Greater | 0 | 472 |
Unrealized Losses, 12 Months or Greater | 0 | -1 |
Total, Fair Value | 956 | 6,290 |
Total, Unrealized Losses | -1 | -2 |
Auction rate securities - municipal bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 0 | 0 |
Unrealized Losses, Less Than 12 Months | 0 | 0 |
Fair Value, 12 Months or Greater | 23,707 | 23,420 |
Unrealized Losses, 12 Months or Greater | -3,443 | -3,755 |
Total, Fair Value | 23,707 | 23,420 |
Total, Unrealized Losses | -3,443 | -3,755 |
Auction rate securities - student loans [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 0 | 0 |
Unrealized Losses, Less Than 12 Months | 0 | 0 |
Fair Value, 12 Months or Greater | 2,866 | 2,901 |
Unrealized Losses, 12 Months or Greater | -634 | -599 |
Total, Fair Value | 2,866 | 2,901 |
Total, Unrealized Losses | -634 | -599 |
Corporate bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 2,607 | |
Unrealized Losses, Less Than 12 Months | -1 | |
Fair Value, 12 Months or Greater | 0 | |
Unrealized Losses, 12 Months or Greater | 0 | |
Total, Fair Value | 2,607 | |
Total, Unrealized Losses | ($1) |
Derivative_Instruments_Narrati
Derivative Instruments (Narrative) (Details) (Forward Contracts [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Maximum maturity period, foreign currency derivative (in days) | 90 days | |||
Gains (losses) on foreign currency forward contracts | $1.30 | ($0.30) | $0.80 | $0 |
Derivative_Instruments_Outstan
Derivative Instruments (Outstanding Foreign Currency Forward Contracts) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ||
Total, Notional Value | $43,971 | $37,918 |
Total, Fair Value | -87 | -186 |
Forward contracts to sell U.S. dollars [Member] | ||
Derivative [Line Items] | ||
Foreign currency derivative contracts to sell U.S. dollars, Notional Value | 24,098 | 6,453 |
Foreign currency derivative contracts to purchase U.S. dollars, Fair Value | -38 | 4 |
Forward contracts to purchase U.S. dollars [Member] | ||
Derivative [Line Items] | ||
Foreign currency derivative contracts to purchase U.S. dollars, Notional Value | 19,873 | 31,465 |
Foreign currency derivative contracts to purchase U.S. dollars, Fair Value | ($49) | ($190) |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value Measurements within the Fair Value Hierarchy of the Financial Assets) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 |
In Thousands, unless otherwise specified | ||
Contingent consideration [Member] | Total Fair Value [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial liabilities | $383 | |
Contingent consideration [Member] | Level 1 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial liabilities | 0 | |
Contingent consideration [Member] | Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial liabilities | 0 | |
Contingent consideration [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial liabilities | 383 | |
Money market funds [Member] | Total Fair Value [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | 58,914 | 125,591 |
Money market funds [Member] | Level 1 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | 58,914 | 125,591 |
Money market funds [Member] | Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Money market funds [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | 0 | 0 |
State and municipal bond obligations [Member] | Total Fair Value [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | 26,640 | 50,818 |
State and municipal bond obligations [Member] | Level 1 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | 0 | 0 |
State and municipal bond obligations [Member] | Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | 26,640 | 50,818 |
State and municipal bond obligations [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Auction rate securities - municipal bonds [Member] | Total Fair Value [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | 23,707 | 23,420 |
Auction rate securities - municipal bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Auction rate securities - municipal bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Auction rate securities - municipal bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | 23,707 | 23,420 |
Auction rate securities - student loans [Member] | Total Fair Value [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | 2,866 | 2,901 |
Auction rate securities - student loans [Member] | Level 1 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Auction rate securities - student loans [Member] | Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Auction rate securities - student loans [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | 2,866 | 2,901 |
Corporate bonds [Member] | Total Fair Value [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | 2,607 | |
Corporate bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | 0 | |
Corporate bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | 2,607 | |
Corporate bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | 0 | |
Foreign exchange contract [Member] | Total Fair Value [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | -87 | -186 |
Foreign exchange contract [Member] | Level 1 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | 0 | 0 |
Foreign exchange contract [Member] | Level 2 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | -87 | -186 |
Foreign exchange contract [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value of financial assets | $0 | $0 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements Fair Value Measurments (Quantitative Information about Unobservable Inputs) (Details) | 9 Months Ended |
Aug. 31, 2013 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Liquidity risk premium | 4.00% |
Market credit default swap spread | 4.05% |
Credit rating of insurer (in credit rating) | AA- |
Minimum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Probability of earning maximum rate until maturity | 0.20% |
Probability of principal returned prior to maturity | 75.70% |
Probability of default | 4.10% |
Recovery rate in default | 50.00% |
Maximum [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Probability of earning maximum rate until maturity | 9.90% |
Probability of principal returned prior to maturity | 95.10% |
Probability of default | 24.10% |
Recovery rate in default | 70.00% |
Weighted Average [Member] | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | |
Probability of earning maximum rate until maturity | 1.70% |
Probability of principal returned prior to maturity | 87.00% |
Probability of default | 11.30% |
Recovery rate in default | 56.50% |
Fair_Value_Measurements_Quanti
Fair Value Measurements (Quantitative Information about Unobservable Inputs, Liabilities) (Details) (Contingent Consideration [Member]) | 9 Months Ended |
Aug. 31, 2013 | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |
Contingent consideration, discount rate | 4.80% |
Minimum [Member] | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |
Probability milestones associated with contingent consideration will be achieved | 95.00% |
Fair_Value_Measurements_Activi
Fair Value Measurements (Activity for Financial Assets Measured at Fair Value Using Level 3 Inputs) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Fair Value, Assets Measured on Recurring Basis, Level 3 Reconciliation [Roll Forward] | ||||
Balance, beginning of period | $26,500 | $31,448 | $26,321 | $33,539 |
Redemptions and repurchases | 0 | 0 | -25 | -225 |
Transfer to Level 2 fair value measurement | 0 | 0 | 0 | -2,700 |
Unrealized gains (losses) included in accumulated other comprehensive loss | 73 | -163 | 277 | 671 |
Balance, end of period | $26,573 | $31,285 | $26,573 | $31,285 |
Fair_Value_Measurements_Nonrec
Fair Value Measurements (Nonrecurring Measurements) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Nov. 30, 2012 | Nov. 30, 2012 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Artix, Orbacus and Orbix [Member] | |||
Level 1 [Member] | Level 2 [Member] | Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets held for sale | $0 | $68,029,000 | $16,487,000 | $0 | $16,487,000 | $0 | |
Impairment loss on assets held for sale | 8,601,000 | ||||||
Assets held for sale, at fair value | 16,500,000 | ||||||
Assets held for sale, at carrying value | $25,100,000 |
Intangible_Assets_and_Goodwill2
Intangible Assets and Goodwill (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
24-May-13 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Acquired intangible assets, weighted average useful life | 4 years 10 months 24 days | ||||
Intangible assets, amortization expense | $700,000 | $300,000 | $1,400,000 | $1,100,000 | |
Goodwill impairment loss | 0 | ||||
Purchased Technology [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Acquired finite-lived intangible asset, amount | 7,800,000 | 7,800,000 | |||
Customer Relationships [Member] | |||||
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Acquired finite-lived intangible asset, amount | $200,000 | $200,000 |
Intangible_Assets_and_Goodwill3
Intangible Assets and Goodwill (Schedule Of Intangible Assets) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $64,267 | $68,997 |
Accumulated Amortization | -53,577 | -63,878 |
Net Book Value | 10,690 | 5,119 |
Purchased technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 44,730 | 42,520 |
Accumulated Amortization | -36,117 | -40,066 |
Net Book Value | 8,613 | 2,454 |
Customer-related and other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 19,537 | 26,477 |
Accumulated Amortization | -17,460 | -23,812 |
Net Book Value | $2,077 | $2,665 |
Intangible_Assets_and_Goodwill4
Intangible Assets and Goodwill (Schedule Of Future Amortization Expense From Intangible Assets Held) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2013 | $739 | |
2014 | 2,638 | |
2015 | 2,409 | |
2016 | 1,906 | |
2017 | 1,906 | |
Thereafter | 1,092 | |
Net Book Value | $10,690 | $5,119 |
Intangible_Assets_and_Goodwill5
Intangible Assets and Goodwill Intangible Assets and Goodwill (Schedule of Goodwill) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Aug. 31, 2013 |
Goodwill [Roll Forward] | |
Balance, November 30, 2012 | $226,110 |
Addition | 4,798 |
Disposal | 6,377 |
Translation adjustments | -241 |
Balance, August 31, 2013 | $224,290 |
Divestitures_Narrative_Details
Divestitures (Narrative) (Details) (USD $) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | |
Jul. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | |
Apama [Member] | Apama [Member] | Artix, Orbacus and Orbix [Member] | Artix, Orbacus and Orbix [Member] | Actional, DataXtend, ObjectStore, Savvion, and Sonic [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Total consideration | $44,268,000 | $44,268,000 | $15,000,000 | $60,500,000 | |
Disposal Group, Including Discontinued Operations, Consideration Held in Escrow | 4,500,000 | ||||
Carrying value of indemnification obligation | 1,000,000 | ||||
Period to be held in escrow to secure indemnification claims | 18 months | ||||
Period of distributor license agreement | 3 years | ||||
Reduction of purchase price | 700,000 | ||||
Indemnification obligation, maximum potential exposure | 11,300,000 | ||||
Impairment loss on assets held for sale | $8,601,000 |
Divestitures_Income_Loss_from_
Divestitures (Income (Loss) from Discontinued Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Revenue | $537 | $37,610 | $16,143 | $120,033 |
Income (loss) before income taxes | -6,221 | -979 | -9,338 | -30,697 |
Income tax (benefit) provision | -1,790 | 927 | -2,223 | -9,656 |
Gain on sale, net of tax | 22,070 | 0 | 41,827 | 0 |
Income (loss) from discontinued operations, net | $17,639 | ($1,906) | $34,712 | ($21,041) |
Divestitures_Gain_on_Sale_Deta
Divestitures (Gain on Sale) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Jul. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 |
Apama [Member] | Apama [Member] | Artix, Orbacus and Orbix [Member] | Actional, DataXtend, ObjectStore, Savvion, and Sonic [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Purchase price | $44,268 | $44,268 | $15,000 | $60,500 | ||||
Less: transaction costs | 2,029 | 826 | 1,211 | |||||
Less: indemnification obligation | 1,000 | |||||||
Less: net assets | ||||||||
Accounts receivables | 2,426 | 2,300 | 12,004 | |||||
Disposal Group, Including Discontinued Operation, Consideration Transferred, Other Current Assets | 428 | |||||||
Goodwill and intangible assets | 6,991 | 24,325 | 31,693 | |||||
Disposal Group, Including Discontinued Operation, Consideration Transferred, Other Noncurrent Assets | 426 | |||||||
Other assets | 20 | 976 | ||||||
Impairment reserve | -8,601 | |||||||
Deferred revenue | -3,917 | -5,893 | -19,168 | |||||
Other liabilities | -299 | |||||||
Gain on sale | 70,991 | 0 | 35,885 | 1,023 | 34,083 | |||
Tax provision | 13,815 | 0 | 15,349 | |||||
Gain on sale, net of tax | $22,070 | $0 | $41,827 | $0 | $22,070 | $1,023 | $18,734 |
Business_Combinations_Narrativ
Business Combinations (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Nov. 30, 2012 | 24-May-13 | Aug. 31, 2013 | Aug. 31, 2013 | |
Rollbase [Member] | Rollbase [Member] | Rollbase [Member] | ||||||
Business Acquisition [Line Items] | ||||||||
Equity interests in Rollbase, Inc. | 100.00% | |||||||
Total purchase consideration | $9,900,000 | |||||||
Purchase consideration, cash | 9,500,000 | |||||||
Purchase consideration, contingent consideration | 400,000 | |||||||
Expected payout period | 2 years | |||||||
Earn-out provision | 5,000,000 | |||||||
Expense recognized related to contingent earn-out provisions | 1,000,000 | 1,000,000 | ||||||
Goodwill | 224,290,000 | 224,290,000 | 226,110,000 | 4,798,000 | ||||
Acquisition-related expenses | 957,000 | 0 | 2,229,000 | 215,000 | ||||
Termination fee related to pre-existing license arrangement | $1,000,000 |
Business_Combinations_Schedule
Business Combinations (Schedule of Net Assets Acquired) (Details) (USD $) | Aug. 31, 2013 | Nov. 30, 2012 | 24-May-13 | Aug. 31, 2013 | Aug. 31, 2013 |
In Thousands, unless otherwise specified | Rollbase [Member] | Customer Relationships [Member] | Purchased Technology [Member] | ||
Rollbase [Member] | Rollbase [Member] | ||||
Business Acquisition [Line Items] | |||||
Cash | $50 | ||||
Acquired intangible assets | 7,960 | ||||
Goodwill | 224,290 | 226,110 | 4,798 | ||
Deferred taxes | -2,921 | ||||
Accounts payable and other liabilities | -8 | ||||
Net assets acquired | $9,879 | ||||
Acquired intangible assets, Life | 1 year | 5 years |
Line_of_Credit_Narrative_Detai
Line of Credit (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Aug. 31, 2013 |
Revolving Credit Facility [Member] | |
Line of Credit Facility [Line Items] | |
Unsecured credit facility | $150 |
Additional borrowing capacity | 75 |
Line of credit facility outstanding amount | 0 |
Standby letters of credit [Member] | |
Line of Credit Facility [Line Items] | |
Additional borrowing capacity | 25 |
Letters of credit outstanding amount | 0.4 |
Swing line loans [Member] | |
Line of Credit Facility [Line Items] | |
Additional borrowing capacity | $20 |
Common_Stock_Repurchases_Detai
Common Stock Repurchases (Details) (USD $) | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 |
Common Stock Repurchases [Abstract] | ||
Common stock repurchased and retired (in shares) | 10,300,000 | 0 |
Common stock repurchased and retired | $237.40 | |
Authorized amount for share repurchase programs | $360 |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | |
Executives | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $5,573,000 | $7,744,000 | $16,360,000 | $21,504,000 |
Number of executives whose employment was terminated | 3 | |||
Additional stock-based compensation expenses related to separation and acceleration vesting (in dollars) | 1,800,000 | |||
Stock Options [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation award service period (in years) | 4 years | |||
Stock Options [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation award service period (in years) | 5 years | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation award service period (in years) | 3 years | |||
Accelerated Vesting [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $800,000 | $1,400,000 |
StockBased_Compensation_Classi
Stock-Based Compensation (Classification of Stock-Based Compensation) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $5,573 | $7,744 | $16,360 | $21,504 |
Cost of software licenses [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 0 | 4 | 0 | 7 |
Cost of maintenance and services [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 133 | 153 | 500 | 582 |
Sales and marketing [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 748 | 701 | 2,668 | 2,848 |
Product development [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 999 | 861 | 3,687 | 2,375 |
General and administrative [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 2,720 | 3,040 | 7,215 | 8,246 |
Stock-based compensation from continuing operations [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | 4,600 | 4,759 | 14,070 | 14,058 |
Income (loss) from discontinued operations [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $973 | $2,985 | $2,290 | $7,446 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 9 Months Ended | |
Aug. 31, 2013 | Nov. 30, 2012 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance, December 1, 2012 | ($10,764,000) | |
Other comprehensive income (loss) before reclassification, net of tax | -3,912,000 | |
Amounts reclassified from accumulated other comprehensive income | 0 | |
Balance, August 31, 2013 | -14,676,000 | |
Foreign Currency Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance, December 1, 2012 | -8,183,000 | |
Other comprehensive income (loss) before reclassification, net of tax | -4,010,000 | |
Amounts reclassified from accumulated other comprehensive income | 0 | |
Balance, August 31, 2013 | -12,193,000 | |
Unrealized Gains (Losses) on Investments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance, December 1, 2012 | -2,581,000 | |
Other comprehensive income (loss) before reclassification, net of tax | 98,000 | |
Amounts reclassified from accumulated other comprehensive income | 0 | |
Balance, August 31, 2013 | -2,483,000 | |
Tax effect on accumulated unrealized losses on investments | $1,400,000 | $1,500,000 |
Restructuring_Charges_Narrativ
Restructuring Charges (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | Nov. 30, 2012 | Aug. 31, 2013 | Nov. 30, 2012 | |
2013 Restructuring Activities [Member] | 2013 Restructuring Activities [Member] | 2013 Restructuring Activities [Member] | 2013 Restructuring Activities [Member] | 2013 Restructuring Activities [Member] | 2013 Restructuring Activities [Member] | 2013 Restructuring Activities [Member] | 2013 Restructuring Activities [Member] | 2013 Restructuring Activities [Member] | 2012 Restructuring Activities [Member] | 2012 Restructuring Activities [Member] | 2012 Restructuring Activities [Member] | 2012 Restructuring Activities [Member] | 2012 Restructuring Activities [Member] | 2012 Restructuring Activities [Member] | 2012 Restructuring Activities [Member] | |||||
Income (loss) from discontinued operations [Member] | Income (loss) from discontinued operations [Member] | Excess Facilities and Other Costs [Member] | Excess Facilities and Other Costs [Member] | Employee Severance and Related Benefits [Member] | Employee Severance and Related Benefits [Member] | Other accrued liabilities [Member] | Income (loss) from discontinued operations [Member] | Excess Facilities and Other Costs [Member] | Excess Facilities and Other Costs [Member] | Employee Severance and Related Benefits [Member] | Employee Severance and Related Benefits [Member] | |||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||||||||
Restructuring expenses | $5,401,000 | $1,411,000 | $9,127,000 | $6,147,000 | $6,104,000 | $400,000 | $400,000 | $388,000 | $5,716,000 | $4,057,000 | $600,000 | $1,213,000 | $2,844,000 | |||||||
Expected restructuring costs | 1,300,000 | 6,500,000 | ||||||||||||||||||
Restructuring reserve | 5,078,000 | 0 | 368,000 | 0 | 4,710,000 | 0 | 5,100,000 | 1,788,000 | 7,032,000 | 1,032,000 | 603,000 | 756,000 | 6,429,000 | |||||||
Restructuring cumulative expenses | 23,100,000 | 3,900,000 | 19,200,000 | |||||||||||||||||
Short-term restructuring reserves | 1,600,000 | |||||||||||||||||||
Long-term restructuring reserves | $200,000 |
Restructuring_Charges_Summary_
Restructuring Charges (Summary of Restructuring Activity) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Restructuring Reserve [Roll Forward] | ||||
Costs incurred | $5,401 | $1,411 | $9,127 | $6,147 |
2013 Restructuring Activities [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance at the beginning of the period | 0 | |||
Costs incurred | 6,104 | |||
Cash disbursements | -1,040 | |||
Asset impairment | 0 | |||
Translation adjustments and other | 14 | |||
Balance at the end of the period | 5,078 | 5,078 | ||
2013 Restructuring Activities [Member] | Excess Facilities and Other Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance at the beginning of the period | 0 | |||
Costs incurred | 388 | |||
Cash disbursements | -20 | |||
Asset impairment | 0 | |||
Translation adjustments and other | 0 | |||
Balance at the end of the period | 368 | 368 | ||
2013 Restructuring Activities [Member] | Employee Severance and Related Benefits [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance at the beginning of the period | 0 | |||
Costs incurred | 5,716 | |||
Cash disbursements | -1,020 | |||
Asset impairment | 0 | |||
Translation adjustments and other | 14 | |||
Balance at the end of the period | 4,710 | 4,710 | ||
2012 Restructuring Activities [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance at the beginning of the period | 7,032 | |||
Costs incurred | 4,057 | |||
Cash disbursements | -9,212 | |||
Asset impairment | -111 | |||
Translation adjustments and other | 22 | |||
Balance at the end of the period | 1,788 | 1,788 | ||
2012 Restructuring Activities [Member] | Excess Facilities and Other Costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance at the beginning of the period | 603 | |||
Costs incurred | 1,213 | |||
Cash disbursements | -668 | |||
Asset impairment | -111 | |||
Translation adjustments and other | -5 | |||
Balance at the end of the period | 1,032 | 1,032 | ||
2012 Restructuring Activities [Member] | Employee Severance and Related Benefits [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Balance at the beginning of the period | 6,429 | |||
Costs incurred | 2,844 | |||
Cash disbursements | -8,544 | |||
Asset impairment | 0 | |||
Translation adjustments and other | 27 | |||
Balance at the end of the period | $756 | $756 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Feb. 28, 2013 |
Income Tax Disclosure [Abstract] | |
Tax benefit of qualifiying research and development activities | $0.40 |
Decrease to unrecognized tax benefits related to settlements with taxing authorities | $1.20 |
Earnings_Per_Share_Calculation
Earnings Per Share (Calculation of Basic and Diluted Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Earnings Per Share [Abstract] | ||||
Income from continuing operations (in dollars) | $7,204 | $7,744 | $25,159 | $32,460 |
Weighted average shares outstanding | 53,532 | 63,469 | 55,451 | 62,888 |
Dilutive impact from common stock equivalents | 857 | 636 | 841 | 907 |
Diluted weighted average shares outstanding | 54,389 | 64,105 | 56,292 | 63,795 |
Basic earnings per share from continuing operations (in dollars per share) | $0.13 | $0.12 | $0.45 | $0.52 |
Diluted earnings per share from continuing operations (in dollars per share) | $0.13 | $0.12 | $0.45 | $0.51 |
Earnings_Per_Share_Narrative_D
Earnings Per Share (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 |
Earnings Per Share [Abstract] | ||||
Number of shares excluded from the calculation of diluted earnings per share | 455 | 3,098 | 875 | 1,386 |