v3.24.3
Financial Instruments (Tables)
 9 Months Ended
Aug. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Open Forward Foreign Currency Contract
The following is a summary of the notional amounts of outstanding foreign currency exchange contracts as of August 31, 2024 and November 30, 2023 (in millions):
August 31, 2024November 30, 2023
Fair value hedges$864.8 $765.4 
Cash flow hedge245.9 235.0 
Total$1,110.7 $1,000.4 
Fair values of derivative instruments on balance sheet
The following table discloses the notional amount and fair values of derivative instruments on our balance sheet (in millions):
Asset DerivativesLiability Derivatives
 Balance sheet
location		Notional
amount		Fair
value		Balance sheet
location		Notional
amount		Fair
value
As of August 31, 2024
Interest rate contractsOther current
assets / Other long-term assets		$— $— Other accrued
liabilities / Other long-term liabilities		$600.0 $36.0 
Foreign exchange contractsOther current
assets		367.3 2.4 Other accrued
liabilities		743.4 16.7 
Cross currency contractsOther current assets / Other long-term assets486.8 18.6 Other accrued liabilities / Other long-term liabilities497.0 5.9 
Total$21.0 $58.6 
As of November 30, 2023
Interest rate contractsOther current
assets / Other long-term assets		$— $— Other accrued
liabilities / Other long-term liabilities		$600.0 $52.8 
Foreign exchange contractsOther current
assets		161.3 2.5 Other accrued
liabilities		839.1 16.0 
Cross currency contractsOther current
assets / Other long-term assets		719.6 24.6 Other long-term liabilities238.9 7.5 
Total$27.1 $76.3 
Impact of fair value and cash flow hedges on other comprehensive income, accumulated other comprehensive income and income statement
The following tables disclose the impact of derivative instruments on our other comprehensive income (OCI), accumulated other comprehensive loss (AOCI) and our consolidated income statement for the three and nine months ended August 31, 2024 and 2023 (in millions):
Fair Value Hedges
DerivativeIncome statement
location		Expense (income)
  Three months ended August 31, 2024Three months ended August 31, 2023Nine months ended August 31, 2024Nine months ended August 31, 2023
Interest rate contractsInterest expense$5.2 $4.9 $15.4 $12.6 
Income statement locationGain (loss) recognized in incomeIncome statement locationGain (loss) recognized in income
Derivative20242023Hedged item20242023
Three months ended August 31,
Foreign exchange contractsOther income, net$(5.5)$(12.4)Intercompany loansOther income, net$4.6 $10.0 
Nine months ended August 31,
Foreign exchange contractsOther income, net$(12.2)$(18.1)Intercompany loansOther income, net$8.5 $17.1 
T
Cash Flow Hedges
DerivativeGain (loss)
recognized in OCI		Income
statement
location		Gain (loss)
reclassified from
AOCI
20242023 20242023
Three months ended August 31,
Interest rate contracts$— $— Interest
expense		$(0.2)$— 
Foreign exchange contracts(0.3)0.7 Cost of goods sold0.4 (0.4)
Total$(0.3)$0.7 $0.2 $(0.4)
Nine months ended August 31,
Interest rate contracts$— $(2.6)Interest
expense		$(0.5)$0.2 
Foreign exchange contracts(0.6)(1.7)Cost of goods
sold		1.9 0.9 
Total$(0.6)$(4.3)$1.4 $1.1 
Net Investment Hedges
DerivativeGain (loss)
recognized in OCI		Income
statement
location		Gain (loss)
excluded from the assessment of hedge effectiveness
 20242023 20242023
Three months ended August 31,
Cross currency contracts$(9.4)$(8.0)Interest
expense		$2.4 $2.7 
Nine months ended August 31,
Cross currency contracts$(4.4)$(17.6)Interest
expense		$7.0 $8.9