Financial Instruments (Tables)

9 Months Ended

Aug. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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):

	Asset Derivatives					Liability Derivatives
	Balance sheet location	Notional amount		Fair value		Balance sheet location	Notional amount		Fair value
As of August 31, 2023
Interest rate contracts	Other current assets / Other long-term assets	$	—	$	—	Other long-term liabilities	$	600.0	$	56.3
Foreign exchange contracts	Other current assets	275.9		3.6		Other accrued liabilities	690.6		18.9
Cross currency contracts	Other current assets / Other long-term assets	719.4		23.4		Other long-term liabilities	237.6		5.2
Total				$	27.0				$	80.4
As of November 30, 2022
Interest rate contracts	Other current assets / Other long-term assets	$	—	$	—	Other long-term liabilities	$	600.0	$	42.4
Foreign exchange contracts	Other current assets	344.9		11.0		Other accrued liabilities	215.6		1.5
Cross currency contracts	Other current assets / Other long-term assets	680.0		44.5		Other long-term liabilities	226.1		8.3
Total				$	55.5				$	52.2

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 and nine months ended August 31, 2023 and 2022 (in millions):

 

Fair Value Hedges
Derivative	Income statement location	(Expense) income
		Three months ended August 31, 2023		Three months ended August 31, 2022		Nine months ended August 31, 2023		Nine months ended August 31, 2022
Interest rate contracts	Interest expense	$	(4.9)	$	0.6	$	(12.6)	$	5.4

	Income statement location	Gain (loss) recognized in income					Income statement location	Gain (loss) recognized in income
Derivative		2023		2022		Hedged item		2023		2022
Three months ended August 31,
Foreign exchange contracts	Other income, net	$	(12.4)	$	3.6	Intercompany loans	Other income, net	$	10.0	$	(3.2)
Nine months ended August 31,
Foreign exchange contracts	Other income, net	$	(18.1)	$	6.9	Intercompany loans	Other income, net	$	17.1	$	(6.1)

Cash Flow Hedges
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) reclassified from AOCI
	2023		2022			2023		2022
Three months ended August 31,
Interest rate contracts	$	—	$	1.8	Interest expense	$	—	$	18.8
Foreign exchange contracts	0.7		2.8		Cost of goods sold	(0.4)		0.7
Total	$	0.7	$	4.6		$	(0.4)	$	19.5
Nine months ended August 31,
Interest rate contracts	$	(2.6)	$	18.7	Interest expense/ Other income, net	$	0.2	$	19.1
Foreign exchange contracts	(1.7)		5.2		Cost of goods sold	0.9		0.7
Total	$	(4.3)	$	23.9		$	1.1	$	19.8

Net Investment Hedges
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) excluded from the assessment of hedge effectiveness
	2023		2022			2023		2022
Three months ended August 31,
Cross currency contracts	$	(8.0)	$	29.7	Interest expense	$	2.7	$	2.4
Nine months ended August 31,
Cross currency contracts	$	(17.6)	$	51.8	Interest expense	$	8.9	$	4.1