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BALANCE SHEET COMPONENTS | 3 Months Ended
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Feb. 29, 2024
Balance Sheet Related Disclosures [Abstract] |
BALANCE SHEET COMPONENTS | BALANCE SHEET COMPONENTS: Cash, cash equivalents and restricted cash: The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows:
| As of
| February 29, 2024 |  | November 30, 2023
Cash and cash equivalents | $ | 234,794 |  |  | $ | 295,336 |
Restricted cash included in other current assets | 183,161 |  |  | 221,151 |
Cash, cash equivalents and restricted cash | $ | 417,955 |  |  | $ | 516,487 |
Restricted cash balances relate primarily to funds held for clients, restrictions placed on cash deposits by banks as collateral for the issuance of bank guarantees and the terms of a government grant, and letters of credit for leases. The Company had a corresponding current liability recorded in other accrued liabilities on the consolidated balance sheet related to funds held for clients of approximately $174,303 and $218,228 as of February 29, 2024 and November 30, 2023, respectively. Accounts receivable, net: Accounts receivable, net is comprised of the following as of February 29, 2024 and November 30, 2023:
| As of
| February 29, 2024 |  | November 30, 2023
Billed accounts receivable | $ | 1,098,480 |  |  | $ | 1,082,469 |
Unbilled accounts receivable | 840,339 |  |  | 818,954 |
Less: Allowance for doubtful accounts | (11,175) |  |  | (12,533) |
Accounts receivable, net | $ | 1,927,644 |  |  | $ | 1,888,890 |
Allowance for doubtful trade receivables: Presented below is a progression of the allowance for doubtful trade receivables:
| Three Months Ended
| February 29, 2024 |  | February 28, 2023
Balance at beginning of period | $ | 12,533 |  |  | $ | 4,797 |
Net additions (reductions) | (180) |  |  | 1,722 |
Write-offs and reclassifications | (1,178) |  |  | (435) |
Balance at end of period | $ | 11,175 |  |  | $ | 6,084 |
Property and equipment, net: The following table summarizes the carrying amounts and related accumulated depreciation for property and equipment as of February 29, 2024 and November 30, 2023:
| As of
| February 29, 2024 |  | November 30, 2023
Land | $ | 28,276 |  |  | $ | 28,039 |
Equipment, computers and software | 777,778 |  |  | 762,961 |
Furniture and fixtures | 157,760 |  |  | 157,425 |
Buildings, building improvements and leasehold improvements | 567,571 |  |  | 566,384 |
Construction-in-progress | 35,869 |  |  | 35,175 |
Total property and equipment, gross | $ | 1,567,254 |  |  | $ | 1,549,984 |
Less: Accumulated depreciation | (837,012) |  |  | (801,293) |
Property and equipment, net | $ | 730,242 |  |  | $ | 748,691 |
Shown below are the countries where 10% or more and other significant concentrations of the Company’s property and equipment, net are located as of February 29, 2024 and November 30, 2023:
| As of
| February 29, 2024 |  | November 30, 2023
Property and equipment, net: |  |  |
United States | $ | 121,875 |  |  | $ | 123,335 |
Philippines | 72,460 |  |  | 75,943 |
France | 70,913 |  |  | 65,599 |
India | 48,895 |  |  | 51,248 |
Others | 416,099 |  |  | 432,566 |
Total | $ | 730,242 |  |  | $ | 748,691 |
Goodwill: The following table summarizes the changes in the Company’s goodwill for the three months ended February 29, 2024 and February 28, 2023:
| Three Months Ended
| February 29, 2024 |  | February 28, 2023
Balance at beginning of period | $ | 5,078,668 |  |  | $ | 2,904,402 |
Acquisition measurement period adjustments | 13,187 |  |  | — |
Foreign exchange translation | (61,199) |  |  | 676 |
Balance at end of period | $ | 5,030,656 |  |  | $ | 2,905,078 |
Intangible assets, net: The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of February 29, 2024 and November 30, 2023:
| As of February 29, 2024 |  | As of November 30, 2023
| Gross amounts |  | Accumulated amortization |  | Net amounts |  | Gross amounts |  | Accumulated amortization |  | Net amounts
Customer relationships | $ | 3,652,193 |  |  | $ | (1,111,685) |  |  | $ | 2,540,508 |  |  | $ | 3,670,246 |  |  | $ | (1,011,201) |  |  | $ | 2,659,045 |
Technology | 79,690 |  |  | (39,642) |  |  | 40,048 |  |  | 79,739 |  |  | (36,174) |  |  | 43,565 |
Trade names | 117,948 |  |  | (26,471) |  |  | 91,477 |  |  | 118,823 |  |  | (17,255) |  |  | 101,568 |
Non-compete agreements | 2,200 |  |  | (1,597) |  |  | 603 |  |  | 2,200 |  |  | (1,413) |  |  | 787 |
| $ | 3,852,031 |  |  | $ | (1,179,395) |  |  | $ | 2,672,636 |  |  | $ | 3,871,008 |  |  | $ | (1,066,043) |  |  | $ | 2,804,965 |
Estimated future amortization expense of the Company’s intangible assets is as follows:
Fiscal years ending November 30, |
2024 (remaining nine months) | $ | 344,518 |
2025 | 428,418 |
2026 | 381,018 |
2027 | 288,145 |
2028 | 244,272 |
Thereafter | 986,265 |
Total | $ | 2,672,636 |
Accumulated other comprehensive income (loss): The components of accumulated other comprehensive income (loss) (“AOCI”), net of taxes, were as follows:
| Three Months Ended February 29, 2024 and February 28, 2023
| Unrecognized gains (losses) on defined benefit plan, net of taxes |  | Unrealized gains (losses) on hedges, net of taxes |  | Foreign currency translation adjustments, net of taxes |  | Total
Balances at November 30, 2022 | $ | (8,471) |  |  | $ | (19,914) |  |  | $ | (287,364) |  |  | $ | (315,749) |
Other comprehensive income (loss) before reclassification | (552) |  |  | 7,654 |  |  | 17,243 |  |  | 24,345 |
Reclassification of losses from other comprehensive income (loss) | — |  |  | 5,807 |  |  | — |  |  | 5,807 |
Balances at February 28, 2023 | $ | (9,023) |  |  | $ | (6,453) |  |  | $ | (270,121) |  |  | $ | (285,597) |
Balances at November 30, 2023 | $ | (11,271) |  |  | $ | 4,489 |  |  | $ | (184,945) |  |  | $ | (191,727) |
Other comprehensive income (loss) before reclassification | 1,304 |  |  | (4,020) |  |  | (69,412) |  |  | (72,128) |
Reclassification of gains from other comprehensive income (loss) | — |  |  | (427) |  | — |  |  | (427) |
Balances at February 29, 2024 | $ | (9,967) |  |  | $ | 42 |  |  | $ | (254,357) |  |  | $ | (264,282) |
Refer to Note 6—Derivative Instruments for the location of gains and losses on cash flow hedges reclassified from other comprehensive income (loss) to the consolidated statements of operations. Reclassifications of amortization of actuarial (gains) losses of defined benefit plans is recorded in “Other expense (income), net” in the consolidated statement of operations.

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