Financing Arrangements and Financial Instruments (Tables)

6 Months Ended

May 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following is a summary of the notional amounts of outstanding foreign currency exchange contracts as of May 31, 2026 and November 30, 2025 (in millions):


	May 31, 2026		November 30, 2025
Fair value hedges	$	672.9	$	877.3
Cash flow hedges	186.6		140.9
Foreign exchange contracts not designated as hedging instruments	69.4		—
Total	$	928.9	$	1,018.2

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, 2026
Derivatives designated as hedging instruments
Interest rate contracts	Other current assets / Other long-term assets	$	—	$	—	Other accrued liabilities / Other long-term liabilities	$	500.0	$	23.7
Foreign exchange contracts	Other current assets	535.7		4.5		Other accrued liabilities	323.9		1.1
Cross currency contracts	Other current assets / Other long-term assets	506.8		4.7		Other accrued liabilities / Other long-term liabilities	517.2		20.0
Commodity contracts	Other current assets / Other long-term assets	228.2		72.6		Other accrued liabilities / Other long-term liabilities	73.6		16.7
Derivatives not designated as hedging instruments
Foreign exchange contracts	Other current assets	10.2		0.3		Other accrued liabilities	59.1		$	3.2
Total				$	82.1				$	64.7
As of November 30, 2025
Derivatives designated as hedging instruments
Interest rate contracts	Other current assets / Other long-term assets	$	—	$	—	Other accrued liabilities / Other long-term liabilities	$	500.0	$	20.8
Foreign exchange contracts	Other current assets	894.6		6.5		Other accrued liabilities	123.6		0.7
Cross currency contracts	Other current assets / Other long-term assets	500.8		8.5		Other accrued liabilities / Other long-term liabilities	511.1		18.1
Total				$	15.0				$	39.6

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 income (AOCI), and our consolidated income statement for the three and six months ended May 31, 2026 and 2025 (in millions):


Fair Value Hedges

Derivative	Income statement location	Expense
		Three months ended May 31,				Six months ended May 31,
		2026		2025		2026		2025
Interest rate contracts	Interest expense	$	2.0	$	3.6	$	4.0	$	7.3


	Income statement location	Gain (loss) recognized in income					Income statement location	Gain (loss) recognized in income
Derivative		2026		2025		Hedged item		2026		2025
Three months ended May 31,
Foreign exchange contracts	Other income, net	$	4.0	$	(17.4)	Intercompany loans	Other income, net	$	(5.0)	$	17.8
Six months ended May 31,
Foreign exchange contracts	Other income, net	$	4.9	$	(17.9)	Intercompany loans	Other income, net	$	(6.7)	$	17.2


Cash Flow Hedges
	Gain (loss) recognized in OCI				Income statement location	Gain (loss) reclassified from AOCI
Derivative	2026		2025			2026		2025
Three months ended May 31,
Interest rate contracts	$	—	$	—	Interest expense	$	(0.1)	$	(0.2)
Foreign exchange contracts	0.6		(2.2)		Cost of goods sold	(0.4)		0.7
Commodity contracts	31.9		—		Cost of goods sold	(4.8)		—
Total	$	32.5	$	(2.2)		$	(5.3)	$	0.5

Six months ended May 31,
Interest rate contracts	$	—	$	—	Interest expense	$	(0.2)	$	(0.3)
Foreign exchange contracts	(1.2)		(3.0)		Cost of goods sold	0.2		0.6
Commodity contracts	65.5		—		Cost of goods sold	(6.3)		—
Total	$	64.3	$	(3.0)		$	(6.3)	$	0.3


Net Investment Hedges
	Gain (loss) recognized in OCI				Income statement location	Gain excluded from the assessment of hedge effectiveness
Derivative	2026		2025			2026		2025
Three months ended May 31,
Cross currency contracts	$	6.2	$	(44.2)	Interest expense	$	2.0	$	2.3

Six months ended May 31,
Cross currency contracts	$	(3.2)	$	(36.1)	Interest expense	$	4.0	4.8