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Derivative Instruments (Tables)

9 Months Ended

Aug. 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)						August 31, 2024						November 30, 2023
Derivative instruments not designated as hedging instruments:
Foreign exchange forward contracts (notional value)						$	1,597,525					$	1,456,110
Other current assets						9,025						4,326
Other accrued liabilities						12,458						9,756
Derivative instruments designated as net investment hedges:
Foreign currency forward contracts (notional value)						$	687,475					$	516,250
Other accrued liabilities						547						18,335
Other long-term liabilities						21,116						18,041
Foreign exchange collar contracts (notional value)						$	300,000					$	—
Other long-term assets						40						—
Other long-term liabilities						708						—

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												Nine Months Ended
			Location of Gains (Losses) in Income						August 31, 2024						August 31, 2023						August 31, 2024						August 31, 2023
									(currency in thousands)
Derivative instruments not designated as hedging instruments:
(Losses) gains recognized from foreign exchange contracts, net⁽¹⁾			Cost of revenue						$	(5,699)					$	(18,603)					$	749					$	(43,115)
(Losses) gains recognized from foreign exchange contracts, net⁽¹⁾			Other expense, net						(2,210)						2,044						(444)						(3,181)
Total									$	(7,909)					$	(16,559)					$	305					$	(46,296)
Derivative instruments designated as cash flow hedges:
Gains recognized in OCI on interest rate swaps									$	—					$	—					$	—					$	937
Gains on interest rate swaps reclassified from AOCI into income			Interest expense and finance charges, net						$	—					$	3,636					$	—					$	7,219
Derivative instruments designated as net investment hedges:
Losses recognized in OCI on foreign exchange forward contracts									$	(12,660)					$	(12,580)					$	(8,088)					$	(27,237)
Gains recognized in income (amount excluded from effectiveness testing)			Interest expense and finance charges, net						$	3,122					$	2,303					$	7,766					$	6,889
Losses recognized in OCI on foreign exchange collar contracts(2)									$	(668)					$	—					$	(668)					$	—

____________________________

(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 foreign exchange collar contracts outstanding during the three and nine months ended August 31, 2023.

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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
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

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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
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B

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