XML 28 R17.htm IDEA: XBRL DOCUMENT v3.24.2
Fair Value Measurements
 6 Months Ended
May 31, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS:
The Company’s fair value measurements are classified and disclosed in one of the following three categories:
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
The following table summarizes the valuation of the Company’s financial instruments that are measured at fair value on a recurring basis:
As of May 31, 2024
As of November 30, 2023
Fair value measurement categoryFair value measurement category
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
(currency in thousands)
Assets:
Forward foreign currency exchange contracts not designated as hedges$6,683 $— $6,683 $— $4,326 $— $4,326 $— 
Liabilities:
Forward foreign currency exchange contracts not designated as hedges$6,378 $— $6,378 $— $9,756 $— $9,756 $— 
Forward foreign currency exchange contracts designated as net investment hedges26,966 — 26,966 — 36,376 — 36,376 — 
The fair values of forward exchange contracts are measured based on the foreign currency spot and forward rates quoted by the banks or foreign currency dealers. The effect of nonperformance risk on the fair value of derivative instruments was not material as of May 31, 2024 and November 30, 2023.
The carrying values of accounts receivable, accounts payable and short-term debt approximate fair value due to their short maturities and interest rates which are variable in nature. The carrying value of the Company’s term loans approximate their fair value since they bear interest rates that are similar to existing market rates. The estimated fair value of the Senior Notes (inclusive of the newly issued 2034 Senior Notes, defined in Note 10 - Borrowings below) was approximately $2.9 billion and $2.2 billion as of May 31, 2024 and November 30, 2023, respectively.
During the six months ended May 31, 2024, there were no transfers between the fair value measurement category levels.