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Financial Instruments (Tables) | 12 Months Ended
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Nov. 30, 2024
Derivative Instrument Detail [Abstract] |
Open Forward Foreign Currency Contract | The following is a summary of the notional amounts of outstanding foreign currency exchange contracts as of November 30, 2024 and 2023:
(millions) | 2024 | 2023
Fair value hedges | $ | 818.1 |  | $ | 765.4 |
Cash flow hedges | 216.1 |  | 235.0 |
Total | $ | 1,034.2 |  | $ | 1,000.4 |
Schedule of Interest Rate Derivatives | The following is a summary of our outstanding interest rate swaps as of November 30, 2024 and 2023 ($ amounts in millions).
| Fair value hedge of changes in fair value of:
| $250 3.25% notes due 2025 |  | $750 3.40% notes due 2027 |  | $500 2.50% notes due 2030
Notional | $ | 100.0 |  |  | $ | 250.0 |  |  | $ | 250.0 |
Receive rate | 3.25 | % |  | 3.40 | % |  | 2.50 | %
Pay rate | SOFR + 1.487%(1) |  | SOFR + 0.907%(2) |  | SOFR + 0.684%
Expiration | November 2025 |  | August 2027 |  | April 2030
(1)In 2023, we amended our $100 million interest rate swaps which expire in November 2025 such that, effective February 15, 2023, we pay and receive at USD SOFR plus 1.487% (previously U.S. three-month LIBOR plus 1.22%). (2)In 2023, we amended our $250 million interest rate swaps which expire in August 2027 such that, effective February 15, 2023, we pay and receive at USD SOFR plus 0.907% (previously U.S. three-month LIBOR plus 0.685%).
Fair Values Of Derivative Instruments | The following tables disclose the notional amount and fair values of derivative instruments on our consolidated balance sheet:
As of November 30, 2024: |  |  |  |  |  |
(millions) | Asset Derivatives | Liability Derivatives
Derivatives | Balance sheet location | Notional amount | Fair value | Balance sheet location | Notional amount | Fair value
Interest rate contracts | Other current assets/Other long-term assets | $ | — |  | $ | — |  | Other accrued liabilities/Other long-term liabilities | $ | 600.0 |  | $ | 37.9 |
Foreign exchange contracts | Other current assets | 374.4 |  | 5.2 |  | Other accrued liabilities | 659.8 |  | 12.5 |
Cross currency contracts | Other current assets/Other long-term assets | 945.5 |  | 36.8 |  | Other accrued liabilities/Other long-term liabilities | — |  | — |
Total |  |  | $ | 42.0 |  |  |  | $ | 50.4 |
As of November 30, 2023: |  |  |  |  |  |
(millions) | Asset Derivatives | Liability Derivatives
Derivatives | Balance sheet location | Notional amount | Fair value | Balance sheet location | Notional amount | Fair value
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 accrued liabilities/Other long-term liabilities | 238.9 |  | 7.5 |
Total |  |  | $ | 27.1 |  |  |  | $ | 76.3 |
Impact Of Derivative Instruments | The following tables disclose the impact of derivative instruments on other comprehensive income (OCI), accumulated other comprehensive income (AOCI) and our consolidated income statement for the years ended November 30, 2024, 2023, and 2022:
Fair value hedges (millions)
| Income statement location | Income (expense)
Derivative | 2024 | 2023 | 2022
Interest rate contracts | Interest expense | $ | (19.7) |  | $ | (17.7) |  | $ | 4.0 |
| Income statement location | Gain (loss) recognized in income |  | Income statement location | Gain (loss) recognized in income
Derivative | 2024 | 2023 | 2022 | Hedged Item | 2024 | 2023 | 2022
Foreign exchange contracts | Other income, net | $ | (9.0) |  | $ | (16.2) |  | $ | 6.6 |  | Intercompany loans | Other income, net | $ | 4.0 |  | $ | 15.6 |  | $ | (6.3) |
Cash flow hedges (millions)
| Gain (loss) recognized in OCI | Income statement location | Gain (loss) reclassified from AOCI
Derivative | 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Interest rate contracts | $ | — |  | $ | (2.6) |  | $ | 18.7 |  | Interest expense, Other income, net | $ | (0.6) |  | $ | 0.1 |  | $ | 19.2 |
Foreign exchange contracts | (0.1) |  | (0.7) |  | 5.3 |  | Cost of goods sold | 1.6 |  | 0.2 |  | 1.6 |
Total | $ | (0.1) |  | $ | (3.3) |  | $ | 24.0 |  |  | $ | 1.0 |  | $ | 0.3 |  | $ | 20.8 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) |
Net investment hedges (millions) |  |
| Gain (loss) recognized in OCI | Income statement location | Gain (loss) excluded from the assessment of hedge effectiveness
Derivative | 2024 | 2023 | 2022 |  | 2024 | 2023 | 2022
Cross currency contracts | $ | 19.5 |  | $ | (18.4) |  | $ | 37.6 |  | Interest expense | $ | 9.1 |  | $ | 11.2 |  | $ | 7.3 |

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