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79
securities, aggregated by investment category and length of time that individual securities have been in a continuous
unrealized loss position, at November 30, 2007:
Less Than 12 Months 12 Months or More Total
Fair Value
Gross
Unrealized
Losses Fair Value
Gross
Unrealized
Losses Fair Value
Gross
Unrealized
Losses
Obligations of foreign
governments ............... $ 10,506 $ (3) $ — $ — $ 10,506 $ (3)
Total.................... $ 10,506 $ (3) $ — $ — $ 10,506 $ (3)
Market values were determined for each individual security in the investment portfolio. There was one security which
had a market value less than amortized cost. This security was an obligation of a foreign government.
It is our policy to review our marketable equity securities classified as short-term investments on a regular basis to
evaluate whether or not any security has experienced an other-than-temporary decline in fair value. Our policy includes, but
is not limited to, reviewing the length of time and extent to which the market value has been less than the cost, the financial
condition and near-term prospects of the issuer, and our intent and ability to retain our investment in the issuer for a period of
sufficient time to allow for recovery in market value. If we believe that an other-than-temporary decline exists in one of our
marketable equity securities, it is our policy to write down these equity investments to the market value and record the related
write-down as an investment loss on our consolidated statements of income.
See Note 6 for information regarding gains and losses to our investments.
The following table summarizes the cost and estimated fair value of debt securities classified as short-term investments
based on stated maturities.
Cost
Estimated
Fair Value
Due within one year................................ $ 806,995 $ 808,291
Due within two years............................... 191,730 194,807
Due within three years.............................. 22,885 23,491
Due after three years ............................... — —
Total .......................................... $ 1,021,610 $ 1,026,589
Note 4. Property and Equipment
Property and equipment consisted of the following as of November 30, 2007 and December 1, 2006:
2007 2006
Computers and equipment. .............................. $ 264,732 $ 237,480
Furniture and fixtures................................... 55,594 50,008
Capital projects in-progress. ............................. 15,801 2,363
Leasehold improvements. ............................... 114,139 93,910
Land................................................. 67,905 35,350
Buildings............................................. 62,464 62,461
580,635 481,572
Less accumulated depreciation and amortization............. (290,877) (254,375 )
Property and equipment, net.............................. $ 289,758 $ 227,197
Depreciation and amortization expense of capital assets for fiscal 2007, 2006 and 2005 was $73.2 million, $67.7 million,
and $43.9 million, respectively.