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Derivative Instruments (Tables)

12 Months Ended

Nov. 30, 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)						November 30, 2024						November 30, 2023
Derivative instruments not designated as hedging instruments:
Foreign exchange forward contracts (notional value)						$	1,962,852					$	1,456,110
Other current assets						11,863						4,326
Other accrued liabilities						8,096						9,756
Derivative instruments designated as net investment hedges:
Foreign currency forward contracts (notional value)						$	687,475					$	516,250
Other current assets						220						—
Other long-term assets						2,320						—
Other accrued liabilities						91						18,335
Other long-term liabilities						7,889						18,041
Foreign exchange collar contracts (notional value)						$	300,000					$	—
Other long-term assets						1,792						—

Effect of Derivative Instruments on AOCI and Consolidated Statements of Earnings

The Effect of Derivative Instruments on AOCI and the Consolidated Statements of Operations

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:

			Location of Gains (losses) in Income						For the fiscal years ended November 30,
									2024						2023						2022
									(currency in thousands)
Derivative instruments not designated as hedging instruments:
Gains (losses) recognized from foreign exchange forward contracts, net(1)			Cost of revenue						$	36,971					$	(43,338)					$	38,360
Losses recognized from foreign exchange forward contracts, net(1)			Other expense, net						(4,091)						(6,212)						(10,504)
Total									$	32,880					$	(49,550)					$	27,856
Derivative instruments designated as net investment hedges:
Gains (losses) recognized in OCI on foreign exchange forward contracts									$	5,579					$	(29,405)					$	(18,477)
Gains recognized in income (amount excluded from effectiveness testing)			Interest expense and finance charges, net						$	10,323					$	9,149					$	1,802
Gains recognized in OCI on foreign exchange collar contracts(2)									$	1,791					$	—					$	—
Derivative instruments designated as cash flow hedges:
Gains recognized in OCI on interest rate swaps									$	—					$	937					$	46,502
Gains (losses) on interest rate swaps reclassified from AOCI into income			Interest expense and finance charges, net						$	—					$	9,494					$	(26,443)

__________________

(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 fiscal years ended November 30, 2023 or 2022.

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- References

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- 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
-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

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-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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- 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
-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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