Financial Instruments

3 Months Ended

Feb. 29, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

FINANCIAL INSTRUMENTS

FINANCING ARRANGEMENTS AND FINANCIAL INSTRUMENTS

We use derivative financial instruments to enhance our ability to manage risk, including foreign currency and interest rate exposures, which exist as part of our ongoing business operations. We do not enter into contracts for trading purposes, nor are we a party to any leveraged derivative instruments. The use of derivative financial instruments is monitored through regular communication with senior management and the use of written guidelines.

As of February 29, 2016, the maximum time frame for our foreign exchange forward contracts is nine months.

For all derivatives, the net amount of accumulated other comprehensive income expected to be reclassified in the next 12 months is $3.6 million as an increase to earnings.

All derivatives are recognized at fair value in the balance sheet and recorded in either current or noncurrent other assets or other accrued liabilities or other long-term liabilities depending upon nature and maturity.

The following table discloses the fair values of derivative instruments on our balance sheet (in millions):

As of February 29, 2016	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	Notional Amount		Fair Value		Balance Sheet Location	Notional Amount		Fair Value
Interest rate contracts	Other current assets	$	100.0	$	4.5		—		—
Foreign exchange contracts	Other current assets	150.5		4.4		Other accrued liabilities	$	119.8	$	1.8
Total				$	8.9				$	1.8
As of February 28, 2015	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	Notional Amount		Fair Value		Balance Sheet Location	Notional Amount		Fair Value
Interest rate contracts	Other current assets	$	100.0	$	4.9
Foreign exchange contracts	Other current assets	92.3		8.4		Other accrued liabilities	$	178.4	$	3.4
Total				$	13.3				$	3.4
As of November 30, 2015	Asset Derivatives					Liability Derivatives
	Balance Sheet Location	Notional Amount		Fair Value		Balance Sheet Location	Notional Amount		Fair Value
Interest rate contracts	Other current assets	$	100.0	$	2.5	Other accrued liabilities	$	100.0	$	0.6
Foreign exchange contracts	Other current assets	179.5		3.4		Other accrued liabilities	85.0		0.7
Total				$	5.9				$	1.3

The following tables disclose the impact of derivative instruments on our other comprehensive income (OCI), accumulated other comprehensive income (AOCI) and our income statement for the three month periods ended February 29, 2016 and February 28, 2015 (in millions):

Fair Value Hedges
Derivative	Income statement location	Income (expense)
		2016		2015
Interest rate contracts	Interest  expense	$	0.6	$	1.2

Cash Flow Hedges –
Derivative	Gain or (Loss) recognized in OCI				Income statement location	Gain or (Loss) reclassified from AOCI
	2016		2015			2016			2015
Interest rate contracts	$	—	$	—	Interest expense	$	(0.1	)	$	—
Foreign exchange contracts	2.1		3.0		Cost of goods sold	1.3			1.1
Total	$	2.1	$	3.0		$	1.2		$	1.1

The amount of gain or loss recognized in income on the ineffective portion of derivative instruments is not material. The amounts noted in the tables above for OCI do not include any adjustments for the impact of deferred income taxes.