Fair Value Measurements

12 Months Ended

Nov. 30, 2025

Fair value can be measured using valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow) and the cost approach (cost to replace the service capacity of an asset or replacement cost). Accounting standards utilize a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

•Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

•Level 3: Unobservable inputs that reflect management’s own assumptions.

Our population of assets and liabilities subject to fair value measurements on a recurring basis are as follows:


			Fair value measurements using fair value hierarchy as of November 30, 2025
(millions)	Fair value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	95.9	$	95.9	$	—
Insurance contracts	131.0		—		131.0
Bonds and money market fund	1.9		1.9		—

Foreign currency derivatives	6.5		—		6.5
Cross currency contracts	8.5		—		8.5
Total	$	243.8	$	97.8	$	146.0
Liabilities:
Interest rate derivatives	$	20.8	$	—	$	20.8
Foreign currency derivatives	0.7		—		0.7
Cross currency contracts	18.1		—		18.1
Total	$	39.6	$	—	$	39.6


			Fair value measurements using fair value hierarchy as of November 30, 2024
(millions)	Fair value		Level 1		Level 2
Assets:
Cash and cash equivalents	$	186.1	$	186.1	$	—
Insurance contracts	129.2		—		129.2
Bonds and money market fund	1.3		1.3		—

Foreign currency derivatives	5.2		—		5.2
Cross currency contracts	36.8		—		36.8
Total	$	358.6	$	187.4	$	171.2
Liabilities:
Interest rate derivatives	$	37.9	$	—	$	37.9
Foreign currency derivatives	12.5		—		12.5

Total	$	50.4	$	—	$	50.4

At November 30, 2025 and 2024, we had no financial assets or liabilities that were subject to a level 3 fair value measurement.

At November 30, 2025 and 2024, the carrying amount of interest rate derivatives, foreign currency derivatives, cross currency contracts, insurance contracts, and bonds and money market fund investments are equal to their respective fair values. Because of their short-term nature, the amounts reported in the balance sheet for cash and cash equivalents, receivables, short-term borrowings, and trade accounts payable approximate fair value. Investments in affiliates are not readily marketable, and it is not practicable to estimate their fair value.

Insurance contracts, bonds, and money market fund investments are comprised of fixed income and equity securities held for certain non-qualified U.S. employee benefit plans and are stated at fair value on the balance sheet. The fair values of insurance contracts and bonds and money market fund investments are based upon the underlying values of the securities in which they are invested and are from quoted market prices from various stock and bond exchanges for similar type assets. The fair values for interest rate derivatives, foreign currency derivatives, and cross currency contracts are based on values for similar instruments using models with market-based inputs.

The carrying amount and fair value of long-term debt, including the current portion, as of November 30 were as follows:


(millions)	2025				2024
	Carrying amount		Fair value		Carrying amount		Fair value
Long-term debt (including current portion)	$	3,614.9	$	3,505.9	$	3,858.8	$	3,677.1
Level 1 valuation techniques			3,401.1				3,557.3
Level 2 valuation techniques			104.8				119.8

The fair value for Level 2 long-term debt is determined by using quoted prices for similar debt instruments.