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Financial Instruments (Tables) | 6 Months Ended
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May 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Open Forward Foreign Currency Contract | The following is a summary of the notional amounts of outstanding foreign currency exchange contracts as of May 31, 2024 and November 30, 2023 (in millions):
| May 31, 2024 |  | November 30, 2023
Fair value hedges | $ | 824.9 |  |  | $ | 765.4 |
Cash flow hedge | 114.7 |  |  | 235.0 |
Total | $ | 939.6 |  |  | $ | 1,000.4 |
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, 2024 |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | Other current assets / Other long-term assets |  | $ | — |  |  | $ | — |  |  | Other accrued liabilities / Other long-term liabilities |  | $ | 600.0 |  |  | $ | 53.8 |
Foreign exchange contracts | Other current assets |  | 260.5 |  |  | 2.4 |  |  | Other accrued liabilities |  | 679.1 |  |  | 9.0 |
Cross currency contracts | Other current assets / Other long-term assets |  | 722.1 |  |  | 27.1 |  |  | Other long-term liabilities |  | 237.8 |  |  | 5.0 |
Total |  |  |  |  | $ | 29.5 |  |  |  |  |  |  | $ | 67.8 |
As of November 30, 2023 |  |  |  |  |  |  |  |  |  |  |
Interest rate contracts | Other current assets / Other long-term assets |  | $ | — |  |  | $ | — |  |  | Other accrued liabilities / Other long-term liabilities |  | $ | 600.0 |  |  | $ | 52.8 |
Foreign exchange contracts | Other current assets |  | 161.3 |  |  | 2.5 |  |  | Other accrued liabilities |  | 839.1 |  |  | 16.0 |
Cross currency contracts | Other current assets / Other long-term assets |  | 719.6 |  |  | 24.6 |  |  | Other long-term liabilities |  | 238.9 |  |  | 7.5 |
Total |  |  |  |  | $ | 27.1 |  |  |  |  |  |  | $ | 76.3 |
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, 2024 and 2023 (in millions):
Fair Value Hedges |  |  |  |  |  |  |  |  |  |
Derivative |  | Income statement location |  | (Expense) income
|  |  |  | Three months ended May 31, 2024 |  | Three months ended May 31, 2023 |  | Six months ended May 31, 2024 |  | Six months ended May 31, 2023
Interest rate contracts |  | Interest expense |  | $ | (5.1) |  |  | $ | (4.0) |  |  | $ | (10.2) |  |  | $ | (7.7) |
| Income statement location | Gain (loss) recognized in income |  | Income statement location | Gain (loss) recognized in income
Derivative |  | 2024 |  | 2023 | Hedged item |  | 2024 |  | 2023
Three months ended May 31, |  |  |  |  |  |  |  |  |
Foreign exchange contracts | Other income, net | $ | (3.8) |  |  | $ | (6.5) |  | Intercompany loans | Other income, net | $ | 2.5 |  |  | $ | 7.2 |
Six months ended May 31, |  |  |  |  |  |  |  |  |
Foreign exchange contracts | Other income, net | $ | (6.7) |  |  | $ | (5.7) |  | Intercompany loans | Other income, net | $ | 3.9 |  |  | $ | 7.1 |
T
Cash Flow Hedges |  |
Derivative |  | Gain (loss) recognized in OCI |  | Income statement location |  | Gain (loss) reclassified from AOCI
|  | 2024 |  | 2023 |  |  |  | 2024 |  | 2023
Three months ended May 31, |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | — |  |  | $ | (2.6) |  |  | Interest expense |  | $ | (0.1) |  |  | $ | 0.1 |
Foreign exchange contracts |  | (0.1) |  |  | (1.3) |  |  | Cost of goods sold |  | 0.2 |  |  | (0.1) |
Total |  | $ | (0.1) |  |  | $ | (3.9) |  |  |  |  | $ | 0.1 |  |  | $ | — |
Six months ended May 31, |  |  |  |  |  |  |  |  |  |
Interest rate contracts |  | $ | — |  |  | $ | (2.6) |  |  | Interest expense |  | $ | (0.3) |  |  | $ | 0.2 |
Foreign exchange contracts |  | (0.3) |  |  | (2.4) |  |  | Cost of goods sold |  | 1.5 |  |  | (1.3) |
Total |  | $ | (0.3) |  |  | $ | (5.0) |  |  |  |  | $ | 1.2 |  |  | $ | (1.1) |
Net Investment Hedges |  |
Derivative |  | Gain (loss) recognized in OCI |  | Income statement location |  | Gain (loss) excluded from the assessment of hedge effectiveness
|  | 2024 |  | 2023 |  |  |  | 2024 |  | 2023
Three months ended May 31, |  |  |  |  |  |  |  |  |  |
Cross currency contracts |  | $ | (0.9) |  |  | $ | (3.8) |  |  | Interest expense |  | $ | 2.4 |  |  | $ | 2.9 |
Six months ended May 31, |  |  |  |  |  |  |  |  |  |
Cross currency contracts |  | $ | 5.0 |  |  | $ | (9.6) |  |  | Interest expense |  | $ | 4.6 |  |  | $ | 6.2 |

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