Financial Arrangements and Financial Instruments (Tables)

6 Months Ended

May 31, 2020

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, 2020	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 long-term assets	$	350.0	$	47.1	Other accrued liabilities	$	—	$	—
Foreign exchange contracts	Other current assets	364.0		10.3		Other accrued liabilities	7.4		2.6
Cross currency contracts	Other current assets / Other long-term assets	238.8		10.9		Other long-term liabilities	246.1		11.7
Total				$	68.3				$	14.3
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 / Other long-term 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	Other current assets / Other long-term assets	245.1		7.1		Other long-term liabilities	247.5		7.7
Total				$	26.1				$	9.3
As of November 30, 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 / Other long-term assets	$	350.0	$	20.9	Other accrued liabilities	$	—	$	—
Foreign exchange contracts	Other current assets	293.1		3.3		Other accrued liabilities	196.1		3.6
Cross currency contracts	Other current assets / Other long-term assets	495.5		3.2		Other long-term liabilities	—		—
Total				$	27.4				$	3.6

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
	2020		2019			2020		2019
Cross currency contracts	$	(3.5)	$	6.8	Interest expense	$	1.1	$	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
	2020		2019			2020		2019
Cross currency contracts	$	(3.3)	$	(2.7)	Interest expense	$	2.4	$	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, 2020 and 2019 (in millions):

Fair Value Hedges
Derivative	Income statement location	Income (expense)
		Three months ended May 31, 2020		Three months ended May 31, 2019		Six months ended May 31, 2020		Six months ended May 31, 2019
Interest rate contracts	Interest expense	$	0.9	$	0.2	$	1.4	$	0.4

Three months ended May 31,	Income statement location	Gain (loss) recognized in income					Income statement location	Gain (loss) recognized in income
Derivative		2020		2019		Hedged item		2020		2019
Foreign exchange contracts	Other income, net	$	5.7	$	1.0	Intercompany loans	Other income, net	$	(6.2)	$	(1.4)

Six months ended May 31,	Income statement location	Gain (loss) recognized in income					Income statement location	Gain (loss) recognized in income
Derivative		2020		2019		Hedged item		2020		2019
Foreign exchange contracts	Other income, net	$	3.5	$	2.7	Intercompany loans	Other income, net	$	(4.2)	$	(3.2)

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
	2020		2019			2020		2019
Interest rate contracts	$	—	$	—	Interest expense	$	0.1	$	0.1
Foreign exchange contracts	2.3		1.8		Cost of goods sold	(0.3)		0.1
Total	$	2.3	$	1.8		$	(0.2)	$	0.2
Six months ended May 31,
Derivative	Gain or (Loss) recognized in OCI				Income statement location	Gain or (Loss) reclassified from AOCI
	2020		2019			2020		2019
Interest rate contracts	$	—	$	—	Interest expense	$	0.2	$	0.2
Foreign exchange contracts	2.9		0.6		Cost of goods sold	0.1		0.4
Total	$	2.9	$	0.6		$	0.3	$	0.6