XML 37 R27.htm IDEA: XBRL DOCUMENT v3.23.1

Derivative Instruments (Tables)

3 Months Ended

Feb. 28, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Values of Derivative Instruments

The fair values of the Company’s derivative instruments are disclosed in Note 7 - Fair Value Measurements and summarized in the table below:

						Value as of
Balance Sheet Line Item						February 28, 2023						November 30, 2022
Derivative instruments not designated as hedging instruments:
Foreign exchange forward contracts (notional value)						$	1,671,216					$	1,853,188
Other current assets						14,152						9,597
Other accrued liabilities						6,907						16,085
Derivative instruments designated as cash flow hedges:
Interest rate swaps (notional value)						$	1,000,000					$	1,000,000
Other current assets						14,935						17,222
Derivative instruments designated as net investment hedges:
Foreign currency forward contracts (notional value)						$	520,000					$	523,750
Other accrued liabilities						392						255
Other long-term liabilities						21,774						16,420

Effect of Derivative Instruments on AOCI and Consolidated Statements of Earnings

The following table shows the gains and losses, before taxes, of the Company’s derivative instruments designated as cash flow hedges and net investment hedges in Other Comprehensive Income (“OCI”) and not designated as hedging instruments in the Consolidated Statements of Operations for the periods presented:

									Three Months Ended
			Location of Gains (Losses) in Income						February 28, 2023						February 28, 2022
Derivative instruments not designated as hedging instruments:
Losses recognized from foreign exchange forward contracts, net(1)			Cost of revenue						$	(16,901)					$	(9,893)
Losses recognized from foreign exchange forward contracts, net(1)			Other expense, net						(2,563)						(210)
Total									$	(19,464)					$	(10,103)
Derivative instruments designated as cash flow hedges:
Gains recognized in OCI on interest rate swaps									$	1,154					$	11,820
Gains (losses) on interest rate swaps reclassified from AOCI into income			Interest expense and finance charges, net						$	1,138					$	(9,960)
Derivative instruments designated as net investment hedges:
Losses recognized in OCI on foreign exchange forward contracts(2)									$	(8,025)					$	—
Gains recognized in income (amount excluded from effectiveness testing)(2)			Interest expense and finance charges, net						$	2,278					$	—

____________________________

(1) The gains and losses largely offset the currency gains and losses that resulted from changes in the assets and liabilities denominated in nonfunctional currencies.

(2) The Company had no net investment hedges outstanding during the three months ended February 28, 2022.

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624181-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5618551-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

+ Details

Name:	us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
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 https://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