Financial Instruments (Tables)

3 Months Ended

Feb. 28, 2022

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 February 28, 2022	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	$	600.0	$	14.6	Other accrued liabilities	$	—	$	—
Foreign exchange contracts	Other current assets	444.5		7.7		Other accrued liabilities	192.0		2.8
Cross currency contracts	Other current assets / Other long-term assets	495.3		10.9		Other long-term liabilities	505.7		14.1
Total				$	33.2				$	16.9
As of November 30, 2021	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	$	23.1	Other accrued liabilities	$	—	$	—
Foreign exchange contracts	Other current assets	380.8		8.3		Other accrued liabilities	202.8		2.8
Cross currency contracts	Other current assets / Other long-term assets	251.0		4.4		Other long-term liabilities	257.5		8.0
Total				$	35.8				$	10.8

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-months ended February 28, 2022 and 2021 (in millions):

 

Fair Value Hedges
Three months ended February 28,
Derivative	Income statement location	Income (expense)
		2022		2021
Interest rate contracts	Interest expense	$	2.2	$	2.0

	Income statement location	Gain (loss) recognized in income					Income statement location	Gain (loss) recognized in income
Derivative		2022		2021		Hedged item		2022		2021
Foreign exchange contracts	Other income, net	$	(0.4)	$	(2.1)	Intercompany loans	Other income, net	$	0.4	$	2.4

Cash Flow Hedges
Three months ended February 28,
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) reclassified from AOCI
	2022		2021			2022		2021
Interest rate contracts	$	—	$	0.3	Interest expense	$	0.1	$	0.1
Foreign exchange contracts	2.9		(1.6)		Cost of goods sold	(0.2)		0.3
Total	$	2.9	$	(1.3)		$	(0.1)	$	0.4

Net Investment Hedges
Three months ended February 28,
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) excluded from the assessment of hedge effectiveness
	2022		2021			2022		2021
Cross currency contracts	$	0.7	$	(2.0)	Interest expense	$	0.5	$	0.4