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Derivative Instruments (Tables)
12 Months Ended
Nov. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Net Investment Hedges
The aggregate notional values of the Company's outstanding net investment hedge contracts by year of maturity as of November 30, 2023 are as follows:
Fiscal years ending November 30,
(currency in thousands)
2024$257,500 
20254,375 
2026254,375 
Total$516,250 
Summary of Fair Values of Derivative Instruments
The fair values of the Company’s derivative instruments are disclosed in Note 10 - Fair Value Measurements and summarized in the table below:
Value as of
Balance Sheet Line Item (currency in thousands)
November 30,
2023
November 30,
2022
Derivative instruments not designated as hedging instruments:
Foreign exchange forward contracts (notional value)$1,456,110 $1,853,188 
Other current assets4,326 9,597 
Other accrued liabilities9,756 16,085 
Derivative instruments designated as cash flow hedges:
Interest rate swaps (notional value)$— $1,000,000 
Other current assets— 17,222 
Derivative instruments designated as net investment hedges:
Foreign currency forward contracts (notional value)$516,250 $523,750 
Other accrued liabilities18,335 255 
Other long-term liabilities18,041 16,420 
Effect of Derivative Instruments on AOCI and Consolidated Statements of Earnings
The Effect of Derivative Instruments on AOCI and the Consolidated Statements of Operations
The following table shows the gains and losses, before taxes, of the Company's derivative instruments designated as cash flow hedges and net investment hedges in Other Comprehensive Income (“OCI”), and not designated as hedging instruments in the Consolidated Statements of Operations for the periods presented:
Location of Gains (losses)
in Income
For the fiscal years ended November 30,
202320222021
(currency in thousands)
Derivative instruments designated as cash flow hedges:
Gains recognized in OCI on interest rate swaps$937 $46,502 $10,902 
Gains (losses) on interest rate swaps reclassified from AOCI into incomeInterest expense and finance charges, net$9,494 $(26,443)$(42,115)
Derivative instruments designated as net investment hedges:
Losses recognized in OCI on foreign exchange forward contracts$(29,405)$(18,477)$— 
Gains recognized in income (amount excluded from effectiveness testing)Interest expense and finance charges, net$9,149 $1,802 $— 
Derivative instruments not designated as hedging instruments:
(Losses) gains recognized from foreign exchange forward contracts, net(1)
Cost of revenue$(43,338)$38,360 $18,073 
Losses recognized from foreign exchange forward contracts, net(1)
Other (expense) income, net(6,212)(10,504)(6,878)
Gains recognized from interest rate swaps, netInterest expense and finance charges, net— — 128 
Total $(49,550)$27,856 $11,323 
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(1) The gains and losses largely offset the currency gains and losses that resulted from changes in the assets and liabilities denominated in nonfunctional currencies.