Financial Instruments (Tables)

12 Months Ended

Nov. 30, 2023

Derivative Instrument Detail [Abstract]

The following tables disclose the notional amount and fair values of derivative instruments on our consolidated balance sheet:


As of November 30, 2023:
(millions)	Asset Derivatives					Liability Derivatives
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	$	—	$	—	Other accrued liabilities	$	600.0	$	52.8
Foreign exchange contracts	Other current assets	161.3		2.5		Other accrued liabilities	839.1		16.0
Cross currency contracts	Other current assets/Other long-term assets	719.6		24.6		Other long-term liabilities	238.9		7.5
Total				$	27.1				$	76.3
As of November 30, 2022:
(millions)	Asset Derivatives					Liability Derivatives
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	$	—	$	—	Other accrued 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 Derivative Instruments

The following tables disclose the impact of derivative instruments on other comprehensive income (OCI), accumulated other comprehensive income (AOCI) and our consolidated income statement for the years ended November 30, 2023, 2022 and 2021:


Fair value hedges (millions)
	Income statement location	Income (expense)
Derivative	Income statement location	2023		2022		2021
Interest rate contracts	Interest expense	$	(17.7)	$	4.0	$	8.2


	Income statement location	Gain (loss) recognized in income							Income statement location	Gain (loss) recognized in income
Derivative	Income statement location	2023		2022		2021		Hedged Item	Income statement location	2023		2022		2021
Foreign exchange contracts	Other income, net	$	(16.2)	$	6.6	$	(1.9)	Intercompany loans	Other income, net	$	15.6	$	(6.3)	$	2.9


Cash flow hedges (millions)
	Gain (loss) recognized in OCI						Income statement location	Gain (loss) reclassified from AOCI
Derivative	2023		2022		2021		Income statement location	2023		2022		2021
Interest rate contracts	$	(2.6)	$	18.7	$	0.3	Interest expense, Other income, net	$	0.1	$	19.2	$	0.5
Foreign exchange contracts	(0.7)		5.3		(2.0)		Cost of goods sold	0.2		1.6		(0.7)
Total	$	(3.3)	$	24.0	$	(1.7)		$	0.3	$	20.8	$	(0.2)

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)


Net investment hedges (millions)
	Gain (loss) recognized in OCI						Income statement location	Gain (loss) excluded from the assessment of hedge effectiveness
Derivative	2023		2022		2021			2023		2022		2021
Cross currency contracts	$	(18.4)	$	37.6	$	15.5	Interest expense	$	11.2	$	7.3	$	1.5

Schedule of Interest Rate Derivatives

The following is a summary of our outstanding interest rate swaps as of November 30, 2023 and 2022 ($ amounts in millions).


	Fair value hedge of changes in fair value of:
	$250 3.25% notes due 2025			$750 3.40% notes due 2027			$500 2.50% notes due 2030
Notional	$	100.0		$	250.0		$	250.0
Receive rate	3.25		%	3.40		%	2.50		%
Pay rate	SOFR + 1.487%(1)			SOFR + 0.907%(2)			SOFR + 0.684%
Expiration	November 2025			August 2027			April 2030

(1)We amended our $100 million interest rate swaps which expire in November 2025 such that, effective February 15, 2023, we pay and receive at USD SOFR plus 1.487% (previously U.S. three-month LIBOR plus 1.22%).

(2)We amended our $250 million interest rate swaps which expire in August 2027 such that, effective February 15, 2023, we pay and receive at USD SOFR plus 0.907% (previously U.S. three-month LIBOR plus 0.685%).