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Derivative Instruments (Tables)

3 Months Ended

Feb. 28, 2025

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)						February 28, 2025						November 30, 2024
Derivative instruments not designated as hedging instruments:
Foreign exchange forward contracts (notional value)						$	2,156,020					$	1,962,852
Other current assets						9,185						11,863
Other accrued liabilities						9,418						8,096
Derivative instruments designated as cash flow hedges:
Foreign exchange forward contracts (notional value)(1)						$	30,340					$	—
Other current assets						37						—
Other current liabilities						291						—
Derivative instruments designated as net investment hedges:
Foreign currency forward contracts (notional value)						$	680,559					$	687,475
Other current assets						375						220
Other long-term assets						11,269						2,320
Other accrued liabilities						22						91
Other long-term liabilities						2,526						7,889
Foreign exchange collar contracts (notional value)						$	300,000					$	300,000
Other long-term assets						3,693						1,792

(1) The Company had no material cash flow hedges outstanding as of November 30, 2024.

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 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
			Location of Gains (Losses) in Income						February 28, 2025						February 29, 2024
									(currency in thousands)
Derivative instruments not designated as hedging instruments:
Gains recognized from foreign exchange contracts, net⁽¹⁾			Cost of revenue						$	14,997					$	6,122
(Losses) gains recognized from foreign exchange contracts, net⁽¹⁾			Other expense, net						(2,487)						2,056
Total									$	12,510					$	8,178
Derivative instruments designated as cash flow hedges(2):
Losses recognized in OCI on foreign exchange forward contracts									$	(7)					$	—
Gains on foreign exchange forward contracts reclassified from AOCI into income			Cost of revenue						$	408					$	—
Losses on foreign exchange forward contracts reclassified from AOCI into income			Selling, general and administrative expenses						$	(55)					$	—
Derivative instruments designated as net investment hedges:
Gains recognized in OCI on foreign exchange forward contracts									$	12,224					$	5,444
Gains recognized in income (amount excluded from effectiveness testing)			Interest expense and finance charges, net						$	2,523					$	2,256
Gains recognized in OCI on foreign exchange collar contracts(3)									$	1,901					$	—

____________________________

(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 material cash flow hedges outstanding during the three months ended February 29, 2024.

(3) The Company had no foreign exchange collar contracts outstanding during the three months ended February 29, 2024.

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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

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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