| ACCUMULATED OTHER COMPREHENSIVE LOSS The following table sets forth the components of accumulated other comprehensive loss, net of tax, where applicable (in millions):
| | | | | | | | | | | | | | | May 31, 2024 | | | | November 30, 2023 | Foreign currency translation adjustment (1) | $ | (300.7) | | | | | $ | (305.7) | | | Unrealized gain (loss) on foreign currency exchange contracts | (2.3) | | | | | 0.8 | | | | | | | | | Unamortized value of settled interest rate swaps | (2.5) | | | | | (2.7) | | | Pension and other postretirement costs | (82.1) | | | | | (81.0) | | | Accumulated other comprehensive loss | $ | (387.6) | | | | | $ | (388.6) | |
(1)During the six months ended May 31, 2024, the foreign currency translation adjustment of accumulated other comprehensive loss decreased on a net basis by $5.0 million, inclusive of $5.0 million of unrealized gains associated with net investment hedges. These net investment hedges are more fully described in note 3.
The following table sets forth the amounts reclassified from accumulated other comprehensive income (loss) and into consolidated net income (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended | | Six months ended | | Affected Line Items in the Condensed Consolidated Income Statement | | | May 31, 2024 | | May 31, 2023 | | May 31, 2024 | | May 31, 2023 | | | (Gains)/losses on cash flow hedges: | | | | | | | | | | | | | Interest rate derivatives | | $ | 0.1 | | | $ | (0.2) | | | $ | 0.3 | | | $ | (0.3) | | | Interest expense | | | | | | | | | | | | | Foreign exchange contracts | | (0.2) | | | (0.1) | | | (1.5) | | | (1.3) | | | Cost of goods sold | | Total before tax | | (0.1) | | | (0.3) | | | (1.2) | | | (1.6) | | | | | | Tax effect | | — | | | 0.1 | | | 0.3 | | | 0.4 | | | Income tax expense | | Net, after tax | | $ | (0.1) | | | $ | (0.2) | | | $ | (0.9) | | | $ | (1.2) | | | | | | | | | | | | | | | | | | Amortization of pension and postretirement benefit adjustments: | | | | | | | | | | | | Amortization of prior service costs (1) | | $ | — | | | $ | 0.1 | | | $ | — | | | $ | 0.1 | | | Other income, net | Amortization of net actuarial (gains)(1) | | $ | (0.9) | | | $ | (0.6) | | | (1.6) | | | (1.0) | | | Other income, net | | Total before tax | | (0.9) | | | (0.5) | | | (1.6) | | | (0.9) | | | | | | Tax effect | | 0.2 | | | 0.1 | | | 0.4 | | | 0.2 | | | Income tax expense | | Net, after tax | | $ | (0.7) | | | $ | (0.4) | | | $ | (1.2) | | | $ | (0.7) | | | | |
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