XML 42 R27.htm IDEA: XBRL DOCUMENT v3.23.2
Derivative Instruments (Tables)
 6 Months Ended
May 31, 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 ItemMay 31, 2023November 30, 2022
Derivative instruments not designated as hedging instruments:
Foreign exchange forward contracts (notional value)$1,649,587 $1,853,188 
Other current assets14,548 9,597 
Other accrued liabilities6,123 16,085 
Derivative instruments designated as cash flow hedges:
Interest rate swaps (notional value)$— $1,000,000 
Other current assets— 17,222 
Derivative instruments designated as net investment hedges:
Foreign currency forward contracts (notional value)$520,000 $523,750 
Other accrued liabilities451 255 
Other long-term liabilities26,038 16,420 
Effect of Derivative Instruments on AOCI and Consolidated Statements of Earnings
The following table shows the gains and losses, before taxes, of the Company’s derivative instruments designated as cash flow hedges and net investment hedges in Other Comprehensive Income (“OCI”) and not designated as hedging instruments in the Consolidated Statements of Operations for the periods presented:
Three Months EndedSix Months Ended
Location of Gains (Losses) in IncomeMay 31, 2023May 31, 2022May 31, 2023May 31, 2022
Derivative instruments not designated as hedging instruments:
(Losses) gains recognized from foreign exchange contracts, net⁽¹⁾Cost of revenue$(7,611)$14,013 $(24,512)$4,118 
Losses recognized from foreign exchange contracts, net⁽¹⁾Other expense, net(2,662)(949)(5,225)(1,159)
Total $(10,273)$13,064 $(29,737)$2,959 
Derivative instruments designated as cash flow hedges:
(Losses) gains recognized in OCI on interest rate swaps$(217)$14,232 $937 $26,051 
Gains (losses) on interest rate swaps reclassified from AOCI into incomeInterest expense and finance charges, net$2,445 $(9,038)$3,583 $(18,998)
Derivative instruments designated as net investment hedges:
(Losses) recognized in OCI on foreign exchange forward contracts⁽²⁾$(6,632)$— $(14,657)$— 
Gains recognized in income (amount excluded from effectiveness testing)⁽²⁾Interest expense and finance charges, net$2,308 $— $4,586 $— 
____________________________
(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 and six months ended May 31, 2022.