XML 46 R31.htm IDEA: XBRL DOCUMENT v3.25.2
Derivative Instruments (Tables)
 6 Months Ended
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, 2025November 30, 2024
Derivative instruments not designated as hedging instruments:
Foreign exchange forward contracts (notional value)$2,277,702 $1,962,852 
Other current assets4,615 11,863 
Other accrued liabilities15,500 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 liabilities827 91 
Other long-term liabilities42,198 7,889 
Foreign exchange collar contracts (notional value)$300,000 $300,000 
Other long-term assets— 1,792 
Other long-term liabilities6,113 — 
(1) The Company had no material cash flow hedges outstanding as of November 30, 2024.
Effect of Derivative Instruments on AOCI and Consolidated Statements of Earnings
The following table shows the gains and losses, before taxes, of the Company’s derivative instruments designated as cash flow hedges and net investment hedges in Other Comprehensive Income (“OCI”) and not designated as hedging instruments in the Consolidated Statements of Operations for the periods presented:
Three Months EndedSix Months Ended
Location of Gains (Losses) in IncomeMay 31, 2025May 31, 2024May 31, 2025May 31, 2024
(currency in thousands)
Derivative instruments not designated as hedging instruments:
(Losses) gains recognized from foreign exchange contracts, net⁽¹⁾Cost of revenue$(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 incomeCost of revenue$(646)$— $(238)$— 
Losses on foreign exchange forward contracts reclassified from AOCI into incomeSelling, 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.