Financial Instruments (Tables)

6 Months Ended

May 31, 2019

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):

 

As of May 31, 2019	Asset Derivatives					Liability Derivatives
	Balance sheet location	Notional amount		Fair value		Balance sheet location	Notional amount		Fair value
Interest rate contracts	Other current assets	$	350.0	$	12.1	Other accrued liabilities	$	—	$	—
Foreign exchange contracts	Other current assets	425.4		6.9		Other accrued liabilities	102.8		1.6
Cross currency contracts	Investments and other assets	245.1		7.1		Other long-term liabilities	247.5		7.7
Total				$	26.1				$	9.3
As of May 31, 2018	Asset Derivatives					Liability Derivatives
	Balance sheet location	Notional amount		Fair value		Balance sheet location	Notional amount		Fair value
Interest rate contracts	Other current assets	$	—	$	—	Other accrued liabilities	$	100.0	$	5.8
Foreign exchange contracts	Other current assets	297.7		5.8		Other accrued liabilities	155.2		5.2
Total				$	5.8				$	11.0
As of November 30, 2018	Asset Derivatives					Liability Derivatives
	Balance sheet location	Notional amount		Fair value		Balance sheet location	Notional amount		Fair value
Interest rate contracts	Other current assets	$	—	$	—	Other accrued liabilities	$	100.0	$	6.4
Foreign exchange contracts	Other current assets	199.5		4.4		Other accrued liabilities	295.4		6.4
Total				$	4.4				$	12.8

Impact of fair value and cash flow hedges on other comprehensive income, accumulated other comprehensive income and income statement

Net Investment Hedges
Three months ended May 31,
Derivative	Gain or (loss) recognized in OCI					Income statement location	Gain or (loss) excluded from the assessment of hedge effectiveness
	2019			2018			2019		2018
Cross currency contracts	$	6.8		$	—	Interest expense	$	1.8	$	—
Six months ended May 31,
Derivative	Gain or (loss) recognized in OCI					Income statement location	Gain or (loss) excluded from the assessment of hedge effectiveness
	2019			2018			2019		2018
Cross currency contracts	$	(2.7	)	$	—	Interest expense	$	2.1	$	—

Fair Value Hedging

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 income (AOCI) and our consolidated income statement for the three and six-month periods ended May 31, 2019 and 2018 (in millions):

Fair Value Hedges
Derivative	Income statement location	Income (expense)
		Three months ended May 31, 2019		Three months ended May 31, 2018		Six months ended May 31, 2019		Six months ended May 31, 2018
Interest rate contracts	Interest expense	$	0.2	$	0.1	$	0.4	$	0.2

Three months ended May 31,	Income statement location	Gain (loss) recognized in income						Income statement location	Gain (loss) recognized in income
Derivative		2019		2018			Hedged item		2019			2018
Foreign exchange contracts	Other income, net	$	1.0	$	(0.4	)	Intercompany loans	Other income, net	$	(1.4	)	$	0.2

Six months ended May 31,	Income statement location	Gain (loss) recognized in income						Income statement location	Gain (loss) recognized in income
Derivative		2019		2018			Hedged item		2019			2018
Foreign exchange contracts	Other income, net	$	2.7	$	(2.6	)	Intercompany loans	Other income, net	$	(3.2	)	$	2.2

Cash Flow Hedging

Impact of fair value and cash flow hedges on other comprehensive income, accumulated other comprehensive income and income statement

Cash Flow Hedges
Three months ended May 31,
Derivative	Gain or (loss) recognized in OCI				Income statement location	Gain or (loss) reclassified from AOCI
	2019		2018			2019		2018
Interest rate contracts	$	—	$	—	Interest expense	$	0.1	$	0.1
Foreign exchange contracts	1.8		2.0		Cost of goods sold	0.1		(1.6		)
Total	$	1.8	$	2.0		$	0.2	$	(1.5	)
Six months ended May 31,
Derivative	Gain or (Loss) recognized in OCI				Income statement location	Gain or (Loss) reclassified from AOCI
	2019		2018			2019		2018
Interest rate contracts	$	—	$	—	Interest expense	$	0.2	$	0.2
Foreign exchange contracts	0.6		0.8		Cost of goods sold	0.4		(2.7		)
Total	$	0.6	$	0.8		$	0.6	$	(2.5	)