Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Feb. 28, 2019

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following financial assets and liabilities are measured and presented at fair value on a recurring basis as of February 28, 2019 and November 30, 2018:



	Notional Amount		Fair Value		Level 1		Level 2		Level 3
	(Dollars in millions)
Fair value measurements - February 28, 2019:
Financial assets
Foreign currency exchange contracts	$	17.0	$	.1	$	—	$	.1	$	—
Total assets	$	17.0	$	.1	$	—	$	.1	$	—

Financial liabilities
Contingent consideration ⁽¹⁾	$	—	$	.7	$	—	$	—	$	.7
Total liabilities	$	—	$	.7	$	—	$	—	$	.7

Fair value measurements - November 30, 2018:
Financial assets
Foreign currency exchange contracts	$	16.5	$	.1	$	—	$	.1	$	—
Total assets	$	16.5	$	.1	$	—	$	.1	$	—

Financial liabilities
Contingent consideration⁽¹⁾	$	—	$	.6	$	—	$	—	$	.6
Total liabilities	$	—	$	.6	$	—	$	—	$	.6

⁽¹⁾ Contingent consideration obligations arise from business or product line acquisitions. The fair values are based on a probability weighted discounted cash flow analysis reflecting an estimated achievement of specified performance measures of the acquired product lines. Contingent consideration is classified in the consolidated balance sheets as other current liabilities or other non-current liabilities based on contractual payment dates.

Schedule of Business Acquisitions by Acquisition, Contingent Consideration

The changes in Level 3 assets and liabilities measured at fair value on a recurring basis during the first three months of 2019 are summarized as follows:



	Contingent Consideration
	(Dollars in millions)
Balance at November 30, 2018	$	.6
Additions and adjustments	.1
Balance at February 28, 2019	$	.7