Financial Instruments (Tables)

6 Months Ended

May 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Open Forward Foreign Currency Contract

The following is a summary of the notional amounts of outstanding foreign currency exchange contracts as of May 31, 2024 and November 30, 2023 (in millions):

	May 31, 2024		November 30, 2023
Fair value hedges	$	824.9	$	765.4
Cash flow hedge	114.7		235.0
Total	$	939.6	$	1,000.4

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 May 31, 2024
Interest rate contracts	Other current assets / Other long-term assets	$	—	$	—	Other accrued liabilities / Other long-term liabilities	$	600.0	$	53.8
Foreign exchange contracts	Other current assets	260.5		2.4		Other accrued liabilities	679.1		9.0
Cross currency contracts	Other current assets / Other long-term assets	722.1		27.1		Other long-term liabilities	237.8		5.0
Total				$	29.5				$	67.8
As of November 30, 2023
Interest rate contracts	Other current assets / Other long-term assets	$	—	$	—	Other accrued liabilities / Other long-term 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

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 six months ended May 31, 2024 and 2023 (in millions):

Fair Value Hedges
Derivative	Income statement location	(Expense) income
		Three months ended May 31, 2024		Three months ended May 31, 2023		Six months ended May 31, 2024		Six months ended May 31, 2023
Interest rate contracts	Interest expense	$	(5.1)	$	(4.0)	$	(10.2)	$	(7.7)

	Income statement location	Gain (loss) recognized in income					Income statement location	Gain (loss) recognized in income
Derivative		2024		2023		Hedged item		2024		2023
Three months ended May 31,
Foreign exchange contracts	Other income, net	$	(3.8)	$	(6.5)	Intercompany loans	Other income, net	$	2.5	$	7.2
Six months ended May 31,
Foreign exchange contracts	Other income, net	$	(6.7)	$	(5.7)	Intercompany loans	Other income, net	$	3.9	$	7.1

T

Cash Flow Hedges
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) reclassified from AOCI
	2024		2023			2024		2023
Three months ended May 31,
Interest rate contracts	$	—	$	(2.6)	Interest expense	$	(0.1)	$	0.1
Foreign exchange contracts	(0.1)		(1.3)		Cost of goods sold	0.2		(0.1)
Total	$	(0.1)	$	(3.9)		$	0.1	$	—
Six months ended May 31,
Interest rate contracts	$	—	$	(2.6)	Interest expense	$	(0.3)	$	0.2
Foreign exchange contracts	(0.3)		(2.4)		Cost of goods sold	1.5		(1.3)
Total	$	(0.3)	$	(5.0)		$	1.2	$	(1.1)

Net Investment Hedges
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) excluded from the assessment of hedge effectiveness
	2024		2023			2024		2023
Three months ended May 31,
Cross currency contracts	$	(0.9)	$	(3.8)	Interest expense	$	2.4	$	2.9
Six months ended May 31,
Cross currency contracts	$	5.0	$	(9.6)	Interest expense	$	4.6	$	6.2