Derivative Instruments

6 Months Ended

May 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

We generally use forward contracts that are not designated as hedging instruments to hedge economically the impact of the variability in exchange rates on intercompany accounts receivable and loans receivable denominated in certain foreign currencies. We generally do not hedge the net assets of our international subsidiaries.

All forward contracts are recorded at fair value on the consolidated balance sheets at the end of each reporting period and expire between 30 and one year from the date the contract was entered. At May 31, 2019, $1.5 million was recorded in other accrued liabilities on the condensed consolidated balance sheets. At November 30, 2018, $0.3 million and $0.1 million was recorded in other noncurrent liabilities and other current assets, respectively, on the condensed consolidated balance sheets. In the three and six months ended May 31, 2019, realized and unrealized losses of $2.0 million and $1.3 million, respectively, from our forward contracts were recognized in foreign currency loss, net, on the condensed consolidated statements of operations. In the three and six months ended May 31, 2018, realized and unrealized gains of $6.7 million and $3.1 million, respectively, from our forward contracts were recognized in foreign currency loss, net on the condensed consolidated statements of operations. The losses and gains were substantially offset by realized and unrealized gains and losses on the offsetting positions.

The table below details outstanding foreign currency forward contracts where the notional amount is determined using contract exchange rates (in thousands):



	May 31, 2019					November 30, 2018
	Notional Value		Fair Value			Notional Value		Fair Value
Forward contracts to sell U.S. dollars	$	76,602	$	(1,472	)	$	105,830	$	(170	)
Forward contracts to purchase U.S. dollars	500		—			240		—
Total	$	77,102	$	(1,472	)	$	106,070	$	(170	)