XML 65 R12.htm IDEA: XBRL DOCUMENT
v3.20.1

Derivative Instruments | 3 Months Ended
--- | ---
Feb. 29, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments Cash Flow Hedge On July 9, 2019, we entered into an interest rate swap contract with an initial notional amount of $150.0 million to manage the variability of cash flows associated with approximately one-half of our variable rate debt. The contract matures on April 30, 2024 and requires periodic interest rate settlements. Under this interest rate swap contract, we receive a floating rate based on the greater of 1-month LIBOR or 0.00% and pay a fixed rate of 1.855% on the outstanding notional amount. We have designated the interes t rate swap as a cash flow hedge and assess the hedge effectiveness both at the onset of the hedge and at regular intervals throughout the life of the derivative. To the extent that the interest rate swap is highly effective in offsetting the variability of the hedged cash flows, changes in the fair value of the derivative are included as a component of other comprehensive loss on our condensed consolidated balance sheets. Although we have determined at the onset of the hedge that the interest rate swap will be a highly effective hedge throughout the term of the contract, any portion of the fair value swap subsequently determined to be ineffective will be recognized in earnings. As of February 29, 2020, the fair value of the hedge was a loss of $4.9 million and was included in other noncurrent liabilities on our condensed consolidated balance sheets. The following table presents our interest rate swap contract where the notional amount reflects the quarterly amortization of the interest rate swap, which is equal to approximately one-half of the corresponding reduction in the balance of our term loan as we make our scheduled principal payments. The fair value of the derivative represents the discounted value of the expected future discounted cash flows for the interest rate swap, based on the amortization schedule and the current forward curve for the remaining term of the contract, as of the date of each reporting period (in thousands):
| February 29, 2020 |  | November 30, 2019
| Notional Value |  | Fair Value |  | Notional Value |  | Fair Value
Interest rate swap contracts designated as cash flow hedges | $ | 147,188 |  |  | $ | (4,868 | ) |  | $ | 148,125 |  |  | $ | (2,054 | )
Forward Contracts We generally use forward contracts that are not designated as hedging instruments to hedge economically the impact of the variability in exchange rates on intercompany accounts receivable and loans receivable denominated in certain foreign currencies. We generally do not hedge the net assets of our international subsidiaries. All forward contracts are recorded at fair value on the consolidated balance sheets at the end of each reporting period and expire between 30 days and two years from the date the contract was entered. At February 29, 2020 and November 30, 2019, $1.0 million and $0.1 million were recorded in other noncurrent liabilities on the condensed consolidated balance sheets, respectively. In the three months ended February 29, 2020 and February 28, 2019, realized and unrealized losses of $0.6 million and gains of $0.7 million, respectively, from our forward contracts were recognized in foreign currency loss, net, on the condensed consolidated statements of operations. The losses and gains were substantially offset by realized and unrealized gains and losses on the offsetting positions. The table below details outstanding foreign currency forward contracts where the notional amount is determined using contract exchange rates (in thousands):
| February 29, 2020 |  | November 30, 2019
| Notional Value |  | Fair Value |  | Notional Value |  | Fair Value
Forward contracts to sell U.S. dollars | $ | 65,449 |  |  | $ | (990 | ) |  | $ | 66,951 |  |  | $ | (85 | )
Forward contracts to purchase U.S. dollars | 1,732 |  |  | (29 | ) |  | 1,457 |  |  | 5 |
Total | $ | 67,181 |  |  | $ | (1,019 | ) |  | $ | 68,408 |  |  | $ | (80 | )

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration