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Derivative Financial Instruments (Tables) | 6 Months Ended
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May 29, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Fair Value of Derivative Instruments | The fair value of derivative instruments on our condensed consolidated balance sheets as of May 29, 2020 and November 29, 2019 were as follows:
(in millions) | 2020 |  | 2019
| Fair Value Asset Derivatives |  | Fair Value Liability Derivatives |  | Fair Value Asset Derivatives |  | Fair Value Liability Derivatives
Derivatives designated as hedging instruments: |  |  |  |  |  |  |
Foreign exchange option contracts(1) (2) | $ | 32 |  |  | $ | — |  |  | $ | 26 |  |  | $ | — |
Treasury lock(1) | — |  |  | — |  |  | — |  |  | 30 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |
Foreign exchange forward contracts(1) | 6 |  |  | 5 |  |  | 3 |  |  | 3 |
Total derivatives | $ | 38 |  |  | $ | 5 |  |  | $ | 29 |  |  | $ | 33 |
_________________________________________
(1) | Fair value asset derivatives are included in prepaid expenses and other current assets and fair value liability derivatives are included in accrued expenses on our condensed consolidated balance sheets.
(2) Includes net derivatives gain expected to be recognized into revenue within the next 18 months, of which $5 million is expected within the next 12 months.
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | Gains (losses) on derivative instruments, net of tax, recognized in our condensed consolidated statements of comprehensive income for the three and six months ended May 29, 2020 and May 31, 2019 were as follows:
| Three Months |  | Six Months
(in millions) | 2020 |  | 2019 |  | 2020 |  | 2019
Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |
Foreign exchange option contracts | $ | 1 |  |  | $ | 17 |  |  | $ | 3 |  |  | $ | 8 |
Treasury lock | $ | — |  |  | $ | — |  |  | $ | (1 | ) |  | $ | — |
Schedule of Derivative Instruments, Effect on Statements of Income | The effects of derivative instruments on our condensed consolidated statements of income for the three months ended May 29, 2020 and May 31, 2019 were as follows:
(in millions) | 2020 |  | 2019
| Revenue |  | Interest Expense |  | Other Income (Expense), Net |  | Revenue |  | Other Income (Expense), Net
Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |  |
Foreign exchange option contracts (1) |  |  |  |  |  |  |  |  |
Net gain (loss) reclassified from accumulated other comprehensive income into income, net of tax | $ | 5 |  |  | $ | — |  |  | $ | — |  |  | $ | 9 |  |  | $ | — |
Amount excluded from effectiveness testing and ineffective portion | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (12 | )
Treasury lock |  |  |  |  |  |  |  |  |
Net gain (loss) reclassified from accumulated other comprehensive income into income, net of tax | $ | — |  |  | $ | (1 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivatives not designated as hedging relationships: |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts | $ | — |  |  | $ | — |  |  | $ | (5 | ) |  | $ | — |  |  | $ | 3 |
The effects of derivative instruments on our condensed consolidated statements of income for the six months ended May 29, 2020 and May 31, 2019 were as follows:
(in millions) | 2020 |  | 2019
| Revenue |  | Interest Expense |  | Other Income (Expense), Net |  | Revenue |  | Other Income (Expense), Net
Derivatives in cash flow hedging relationships: |  |  |  |  |  |  |  |  |
Foreign exchange option contracts (1) |  |  |  |  |  |  |  |  |
Net gain (loss) reclassified from accumulated other comprehensive income into income, net of tax | $ | 12 |  |  | $ | — |  |  | $ | — |  |  | $ | 17 |  |  | $ | — |
Amount excluded from effectiveness testing and ineffective portion | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (24 | )
Treasury lock |  |  |  |  |  |  |  |  |
Net gain (loss) reclassified from accumulated other comprehensive income into income, net of tax | $ | — |  |  | $ | (1 | ) |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivatives not designated as hedging relationships: |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts | $ | — |  |  | $ | — |  |  | $ | (7 | ) |  | $ | — |  |  | $ | 1 |
_________________________________________ (1) Starting the third quarter of fiscal 2019, all changes in the fair value of our foreign currency cash flow hedges are recorded in accumulated other comprehensive income.

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