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Fair Value Measurements
 6 Months Ended
May 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS:
The Company’s fair value measurements are classified and disclosed in one of the following three categories:
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
The following table summarizes the valuation of the Company’s financial instruments that are measured at fair value on a recurring basis:
As of May 31, 2025
As of November 30, 2024
Fair value measurement categoryFair value measurement category
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
(currency in thousands)
Assets:
Forward foreign currency exchange contracts not designated as hedges$4,615 $— $4,615 $— $11,863 $— $11,863 $— 
Forward foreign currency exchange contracts designated as net investment hedges— — — — 2,540 — 2,540 — 
Foreign exchange collar contracts designated as net investment hedges— — — — 1,792 — 1,792 — 
Liabilities:
Forward foreign currency exchange contracts not designated as hedges$15,500 $— $15,500 $— $8,096 $— $8,096 $— 
Forward foreign currency exchange contracts designated as net investment hedges43,025 — 43,025 — 7,980 — 7,980 — 
Forward foreign currency exchange contracts designated as cash flow hedges(1)
874 — 874 — — — — — 
Foreign exchange collar contracts designated as net investment hedges6,113 — 6,113 — — — — — 
(1) The Company had no material cash flow hedges outstanding as of November 30, 2024.
The fair values of forward exchange contracts are measured based on the foreign currency spot and forward rates quoted by the banks or foreign currency dealers. The fair values of foreign exchange collar contracts are measured using the cash flows of the contracts, discount rates to account for the passage of time, implied volatility and current foreign exchange market data, which are all based on inputs readily available in public markets. The effect of nonperformance risk on the fair value of derivative instruments was not material as of May 31, 2025 and November 30, 2024.
The carrying values of accounts receivable, accounts payable and short-term debt approximate fair value due to their short maturities and interest rates which are variable in nature. The carrying value of the Company’s term loans approximate their fair value since they bear interest rates that are similar to existing market rates. The estimated fair value of the Senior Notes was approximately $2.3 billion as of both May 31, 2025 and November 30, 2024.
During the six months ended May 31, 2025, there were no transfers between the fair value measurement category levels.