Fair Value of Financial Instruments
|3 Months Ended|
Feb. 29, 2012
|Fair Value of Financial Instruments [Abstract]|
|FAIR VALUE OF FINANCIAL INSTRUMENTS||
Note 6. FAIR VALUE OF FINANCIAL INSTRUMENTS
In general, and where applicable, the Company uses readily available market quotations based upon the last updated sales price from the principal market to determine fair value. This pricing methodology applies to the Company’s Level 1 trading securities.
The Company’s other equity securities are classified as Level 3. See discussion of the valuation technique and assumptions in Note 2.
Various inputs are used in determining the fair value of the Company’s assets and liabilities. These inputs are summarized in the three broad levels listed below:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables provide the fair value measurements of applicable Company assets and liabilities by level within the fair value hierarchy as of February 29, 2012 and November 30, 2011. These assets and liabilities are measured on a recurring basis.
February 29, 2012
The changes for all Level 3 assets measured at fair value on a recurring basis using significant unobservable inputs for the three months ended February 29, 2012 and February 28, 2011, are as follows:
The Company utilizes the beginning of reporting period method for determining transfers between levels. There were no transfers between levels for the three months ended February 29, 2012 and February 28, 2011, respectively.
Certain condensed financial information of the unconsolidated affiliates follows. The information is the most recently available financial information for these companies, which is the three months ending December 31, 2011 as reported by the portfolio companies for High Sierra Energy LP (7.1 percent equity interest), VantaCore Partners LP, (20.1 percent equity interest) and Lighfoot Capital Partners LP (6.7 percent equity interest).
The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
Reference 1: http://www.xbrl.org/2003/role/presentationRef