XML 32 R21.htm IDEA: XBRL DOCUMENT
v3.22.2

Financial Instruments (Tables) | 6 Months Ended
--- | ---
May 31, 2022
Fair values of derivative instruments on balance sheet | The following table discloses the notional amount and fair values of derivative instruments on our balance sheet (in millions):
| Asset Derivatives |  | Liability Derivatives
| Balance sheet location |  | Notional amount |  | Fair value |  | Balance sheet location |  | Notional amount |  | Fair value
As of May 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | Other current assets / Other long-term assets |  | $ | 200.0 |  |  | $ | 16.9 |  |  | Other long-term liabilities |  | $ | 600.0 |  |  | $ | 16.8 |
Foreign exchange contracts | Other current assets |  | 308.6 |  |  | 7.1 |  |  | Other accrued liabilities |  | 173.4 |  |  | 4.7 |
Cross currency contracts | Other current assets / Other long-term assets |  | 715.2 |  |  | 25.2 |  |  | Other long-term liabilities |  | 235.2 |  |  | 6.0 |
Total |  |  |  |  | $ | 49.2 |  |  |  |  |  |  | $ | 27.5 |
As of November 30, 2021 |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | Other current assets / Other long-term assets |  | $ | 350.0 |  |  | $ | 23.1 |  |  | Other long-term liabilities |  | $ | — |  |  | $ | — |
Foreign exchange contracts | Other current assets |  | 380.8 |  |  | 8.3 |  |  | Other accrued liabilities |  | 202.8 |  |  | 2.8 |
Cross currency contracts | Other current assets / Other long-term assets |  | 251.0 |  |  | 4.4 |  |  | Other long-term liabilities |  | 257.5 |  |  | 8.0 |
Total |  |  |  |  | $ | 35.8 |  |  |  |  |  |  | $ | 10.8 |
Impact of fair value and cash flow hedges on other comprehensive income, accumulated other comprehensive income and income statement | The following tables disclose the impact of derivative instruments on our other comprehensive income (OCI), accumulated other comprehensive loss (AOCI) and our consolidated income statement for the three- and six-months ended May 31, 2022 and 2021 (in millions):
Fair Value Hedges |  |  |  |  |  |  |  |  |  |
Derivative |  | Income statement location |  | Income (expense)
|  |  |  | Three months ended May 31, 2022 |  | Three months ended May 31, 2021 |  | Six months ended May 31, 2022 |  | Six months ended May 31, 2021
Interest rate contracts |  | Interest expense |  | $ | 2.6 |  |  | $ | 2.0 |  |  | $ | 4.8 |  |  | $ | 4.0 |
| Income statement location | Gain (loss) recognized in income |  | Income statement location | Gain (loss) recognized in income
Derivative |  | 2022 |  | 2021 | Hedged item |  | 2022 |  | 2021
Three months ended May 31, |  |  |  |  |  |  |  |  |
Foreign exchange contracts | Other income, net | $ | 3.7 |  |  | $ | (3.8) |  | Intercompany loans | Other income, net | $ | (3.3) |  |  | $ | 4.0 |
Six months ended May 31, |  |  |  |  |
Foreign exchange contracts | Other income, net | $ | 3.3 |  |  | $ | (5.9) |  | Intercompany loans | Other income, net | $ | (2.9) |  |  | $ | 6.5 |
Cash Flow Hedges |  |
Derivative |  | Gain (loss) recognized in OCI |  | Income statement location |  | Gain (loss) reclassified from AOCI
|  | 2022 |  | 2021 |  |  |  | 2022 |  | 2021
Three months ended May 31, |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 16.9 |  |  | $ | — |  |  | Interest expense |  | $ | 0.2 |  |  | $ | 0.1 |
Foreign exchange contracts |  | (0.5) |  |  | (0.8) |  |  | Cost of goods sold |  | 0.2 |  |  | (0.6) |
Total |  | $ | 16.4 |  |  | $ | (0.8) |  |  |  |  | $ | 0.4 |  |  | $ | (0.5) |
Six months ended May 31, |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | 16.9 |  |  | $ | 0.3 |  |  | Interest expense |  | $ | 0.3 |  |  | $ | 0.2 |
Foreign exchange contracts |  | 2.4 |  |  | (2.4) |  |  | Cost of goods sold |  | — |  |  | (0.3) |
Total |  | $ | 19.3 |  |  | $ | (2.1) |  |  |  |  | $ | 0.3 |  |  | $ | (0.1) |
Net Investment Hedges |  |
Derivative |  | Gain (loss) recognized in OCI |  | Income statement location |  | Gain (loss) excluded from the assessment of hedge effectiveness
|  | 2022 |  | 2021 |  |  |  | 2022 |  | 2021
Three months ended May 31, |  |  |  |  |  |  |  |  |  |
Cross currency contracts |  | $ | 21.4 |  |  | $ | (1.5) |  |  | Interest expense |  | $ | 1.2 |  |  | $ | 0.3 |
Six months ended May 31, |  |  |  |  |  |  |  |  |  |
Cross currency contracts |  | $ | 22.1 |  |  | $ | (3.5) |  |  | Interest expense |  | $ | 1.7 |  |  | $ | 0.7 |

X
- Definition Tabular disclosure of the effective portion of the gains and losses on derivative instruments designated (and non-derivative instruments) designated and qualifying in cash flow hedges and net investment hedges that was recognized in other comprehensive income (loss) during the current period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsEffectOnOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration