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Financial Instruments (Tables) | 6 Months Ended
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May 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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, 2023 |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | Other current assets / Other long-term assets |  | $ | — |  |  | $ | — |  |  | Other long-term liabilities |  | $ | 600.0 |  |  | $ | 44.3 |
Foreign exchange contracts | Other current assets |  | 358.9 |  |  | 8.8 |  |  | Other accrued liabilities |  | 481.1 |  |  | 11.1 |
Cross currency contracts | Other current assets / Other long-term assets |  | 704.3 |  |  | 32.9 |  |  | Other long-term liabilities |  | 233.1 |  |  | 6.4 |
Total |  |  |  |  | $ | 41.7 |  |  |  |  |  |  | $ | 61.8 |
As of November 30, 2022 |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | Other current assets / Other long-term assets |  | $ | — |  |  | $ | — |  |  | Other long-term liabilities |  | $ | 600.0 |  |  | $ | 42.4 |
Foreign exchange contracts | Other current assets |  | 344.9 |  |  | 11.0 |  |  | Other accrued liabilities |  | 215.6 |  |  | 1.5 |
Cross currency contracts | Other current assets / Other long-term assets |  | 680.0 |  |  | 44.5 |  |  | Other long-term liabilities |  | 226.1 |  |  | 8.3 |
Total |  |  |  |  | $ | 55.5 |  |  |  |  |  |  | $ | 52.2 |
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, 2023 and 2022 (in millions):
Fair Value Hedges |  |  |  |  |  |  |  |  |  |
Derivative |  | Income statement location |  | (Expense) income
|  |  |  | Three months ended May 31, 2023 |  | Three months ended May 31, 2022 |  | Six months ended May 31, 2023 |  | Six months ended May 31, 2022
Interest rate contracts |  | Interest expense |  | $ | (4.0) |  |  | $ | 2.6 |  |  | $ | (7.7) |  |  | $ | 4.8 |
| Income statement location | Gain (loss) recognized in income |  | Income statement location | Gain (loss) recognized in income
Derivative |  | 2023 |  | 2022 | Hedged item |  | 2023 |  | 2022
Three months ended May 31, |  |  |  |  |  |  |  |  |
Foreign exchange contracts | Other income, net | $ | (6.5) |  |  | $ | 3.7 |  | Intercompany loans | Other income, net | $ | 7.2 |  |  | $ | (3.3) |
Six months ended May 31, |  |  |  |  |  |  |  |  |
Foreign exchange contracts | Other income, net | $ | (5.7) |  |  | $ | 3.3 |  | Intercompany loans | Other income, net | $ | 7.1 |  |  | $ | (2.9) |
Cash Flow Hedges |  |
Derivative |  | Gain (loss) recognized in OCI |  | Income statement location |  | Gain (loss) reclassified from AOCI
|  | 2023 |  | 2022 |  |  |  | 2023 |  | 2022
Three months ended May 31, |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | (2.6) |  |  | $ | 16.9 |  |  | Interest expense |  | $ | 0.1 |  |  | $ | 0.2 |
Foreign exchange contracts |  | (1.3) |  |  | (0.5) |  |  | Cost of goods sold |  | (0.1) |  |  | 0.2 |
Total |  | $ | (3.9) |  |  | $ | 16.4 |  |  |  |  | $ | — |  |  | $ | 0.4 |
Six months ended May 31, |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | (2.6) |  |  | $ | 16.9 |  |  | Interest expense/ Other income, net |  | $ | 0.2 |  |  | $ | 0.3 |
Foreign exchange contracts |  | (2.4) |  |  | 2.4 |  |  | Cost of goods sold |  | (1.3) |  |  | — |
Total |  | $ | (5.0) |  |  | $ | 19.3 |  |  |  |  | $ | (1.1) |  |  | $ | 0.3 |
Net Investment Hedges |  |
Derivative |  | Gain (loss) recognized in OCI |  | Income statement location |  | Gain (loss) excluded from the assessment of hedge effectiveness
|  | 2023 |  | 2022 |  |  |  | 2023 |  | 2022
Three months ended May 31, |  |  |  |  |  |  |  |  |  |
Cross currency contracts |  | $ | (3.8) |  |  | $ | 21.4 |  |  | Interest expense |  | $ | 2.9 |  |  | $ | 1.2 |
Six months ended May 31, |  |  |  |  |  |  |  |  |  |
Cross currency contracts |  | $ | (9.6) |  |  | $ | 22.1 |  |  | Interest expense |  | $ | 6.2 |  |  | $ | 1.7 |

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- 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 https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959 + Details
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