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Derivative Instruments (Tables) | 6 Months Ended
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May 31, 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) |  | May 31, 2025 |  | November 30, 2024
Derivative instruments not designated as hedging instruments: |  |  |  |
Foreign exchange forward contracts (notional value) |  | $ | 2,277,702 |  |  | $ | 1,962,852 |
Other current assets |  | 4,615 |  |  | 11,863 |
Other accrued liabilities |  | 15,500 |  |  | 8,096 |
Derivative instruments designated as cash flow hedges: |  |  |  |
Foreign exchange forward contracts (notional value)(1) |  | $ | 54,941 |  |  | $ | — |
Other current liabilities |  | 874 |  |  | — |
Derivative instruments designated as net investment hedges: |  |  |  |
Foreign currency forward contracts (notional value) |  | $ | 680,559 |  |  | $ | 687,475 |
Other current assets |  | — |  |  | 220 |
Other long-term assets |  | — |  |  | 2,320 |
Other accrued liabilities |  | 827 |  |  | 91 |
Other long-term liabilities |  | 42,198 |  |  | 7,889 |
Foreign exchange collar contracts (notional value) |  | $ | 300,000 |  |  | $ | 300,000 |
Other long-term assets |  | — |  |  | 1,792 |
Other long-term liabilities |  | 6,113 |  |  | — |
(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 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 Income |  | May 31, 2025 |  | May 31, 2024 |  | May 31, 2025 |  | May 31, 2024
|  |  | (currency in thousands)
Derivative instruments not designated as hedging instruments: |  |  |  |  |  |  |  |  |
(Losses) gains recognized from foreign exchange contracts, net⁽¹⁾ | Cost of revenue |  | $ | (62,401) |  |  | $ | 326 |  |  | $ | (47,404) |  |  | $ | 6,448 |
(Losses) gains recognized from foreign exchange contracts, net⁽¹⁾ | Other expense, net |  | (125) |  |  | (290) |  |  | (2,612) |  |  | 1,766 |
Total |  |  | $ | (62,526) |  |  | $ | 36 |  |  | $ | (50,016) |  |  | $ | 8,214 |
Derivative instruments designated as cash flow hedges(2): |  |  |  |  |  |  |  |  |
Losses recognized in OCI on foreign exchange forward contracts |  |  | $ | (1,619) |  |  | $ | — |  |  | $ | (1,626) |  |  | $ | — |
Losses on foreign exchange forward contracts reclassified from AOCI into income | Cost of revenue |  | $ | (646) |  |  | $ | — |  |  | $ | (238) |  |  | $ | — |
Losses on foreign exchange forward contracts reclassified from AOCI into income | Selling, general and administrative expenses |  | $ | (92) |  |  | $ | — |  |  | $ | (147) |  |  | $ | — |
Derivative instruments designated as net investment hedges: |  |  |  |  |  |  |  |  |
(Losses) gains recognized in OCI on foreign exchange forward contracts |  |  | $ | (54,676) |  |  | $ | (872) |  |  | $ | (42,452) |  |  | $ | 4,572 |
Gains recognized in income (amount excluded from effectiveness testing) | Interest expense and finance charges, net |  | $ | 2,554 |  |  | $ | 2,388 |  |  | $ | 5,077 |  |  | $ | 4,644 |
Losses recognized in OCI on foreign exchange collar contracts(3) |  |  | $ | (9,806) |  |  | $ | — |  |  | $ | (7,905) |  |  | $ | — |
____________________________ (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 and six months ended May 31, 2024. (3) The Company had no foreign exchange collar contracts outstanding during the three and six months ended May 31, 2024.

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