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Derivative Instruments (Tables)
 6 Months Ended
May 31, 2024
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 9 - Fair Value Measurements and summarized in the table below:
Value as of
Balance Sheet Line Item (currency in thousands)
May 31, 2024November 30, 2023
Derivative instruments not designated as hedging instruments:
Foreign exchange forward contracts (notional value)$1,514,980 $1,456,110 
Other current assets6,683 4,326 
Other accrued liabilities6,378 9,756 
Derivative instruments designated as net investment hedges:
Foreign currency forward contracts (notional value)$595,516 $516,250 
Other accrued liabilities13,366 18,335 
Other long-term liabilities13,600 18,041 
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
Six Months Ended
Location of Gains (Losses) in IncomeMay 31, 2024May 31, 2023May 31, 2024May 31, 2023
(currency in thousands)
Derivative instruments not designated as hedging instruments:
Gains (losses) recognized from foreign exchange contracts, net⁽¹⁾Cost of revenue$326 $(7,611)$6,448 $(24,512)
(Losses) gains recognized from foreign exchange contracts, net⁽¹⁾Other expense, net(290)(2,662)1,766 (5,225)
Total $36 $(10,273)$8,214 $(29,737)
Derivative instruments designated as cash flow hedges:
(Losses) gains recognized in OCI on interest rate swaps$— $(217)$— $937 
Gains on interest rate swaps reclassified from AOCI into incomeInterest expense and finance charges, net$— $2,445 $— $3,583 
Derivative instruments designated as net investment hedges:
(Losses) gains recognized in OCI on foreign exchange forward contracts$(872)$(6,632)$4,572 $(14,657)
Gains recognized in income (amount excluded from effectiveness testing)Interest expense and finance charges, net$2,388 $2,308 $4,644 $4,586 
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(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.