Financial Arrangements and Financial Instruments (Tables)

9 Months Ended

Aug. 31, 2020

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):

As of August 31, 2020	Asset Derivatives					Liability Derivatives
	Balance sheet location	Notional amount		Fair value		Balance sheet location	Notional amount		Fair value
Interest rate contracts	Other current assets / Other long-term assets	$	350.0	$	45.6	Other accrued liabilities	$	—	$	—
Foreign exchange contracts	Other current assets	156.5		18.1		Other accrued liabilities	206.9		21.3
Cross currency contracts	Other current assets / Other long-term assets	—		—		Other long-term liabilities	524.5		19.3
Total				$	63.7				$	40.6
As of August 31, 2019	Asset Derivatives					Liability Derivatives
	Balance sheet location	Notional amount		Fair value		Balance sheet location	Notional amount		Fair value
Interest rate contracts	Other current assets / Other long-term assets	$	350.0	$	28.2	Other accrued liabilities	$	—	$	—
Foreign exchange contracts	Other current assets	104.7		2.2		Other accrued liabilities	350.6		4.6
Cross currency contracts	Other current assets / Other long-term assets	236.4		14.0		Other long-term liabilities	243.9		13.4
Total				$	44.4				$	18.0
As of November 30, 2019	Asset Derivatives					Liability Derivatives
	Balance sheet location	Notional amount		Fair value		Balance sheet location	Notional amount		Fair value
Interest rate contracts	Other current assets / Other long-term assets	$	350.0	$	20.9	Other accrued liabilities	$	—	$	—
Foreign exchange contracts	Other current assets	293.1		3.3		Other accrued liabilities	196.1		3.6
Cross currency contracts	Other current assets / Other long-term assets	495.5		3.2		Other long-term liabilities	—		—
Total				$	27.4				$	3.6

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 nine-month periods ended August 31, 2020 and 2019 (in millions):

Fair Value Hedges
Derivative	Income statement location	Income (expense)
		Three months ended August 31, 2020		Three months ended August 31, 2019		Nine months ended August 31, 2020		Nine months ended August 31, 2019
Interest rate contracts	Interest expense	$	1.8	$	—	$	3.2	$	(0.3)

Three months ended August 31,	Income statement location	Gain (loss) recognized in income					Income statement location	Gain (loss) recognized in income
Derivative		2020		2019		Hedged item		2020		2019
Foreign exchange contracts	Other income, net	$	(7.6)	$	(5.3)	Intercompany loans	Other income, net	$	7.3	$	5.2

Nine months ended August 31,	Income statement location	Gain (loss) recognized in income					Income statement location	Gain (loss) recognized in income
Derivative		2020		2019		Hedged item		2020		2019
Foreign exchange contracts	Other income, net	$	(4.1)	$	(2.6)	Intercompany loans	Other income, net	$	3.1	$	2.0

Cash Flow Hedges
Three months ended August 31,
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) reclassified from AOCI
	2020		2019			2020		2019
Interest rate contracts	$	—	$	—	Interest expense	$	0.2	$	0.2
Foreign exchange contracts	(0.6)		(0.3)		Cost of goods sold	1.1		0.5
Total	$	(0.6)	$	(0.3)		$	1.3	$	0.7
Nine months ended August 31,
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) reclassified from AOCI
	2020		2019			2020		2019
Interest rate contracts	$	—	$	—	Interest expense	$	0.4	$	0.4
Foreign exchange contracts	2.3		0.3		Cost of goods sold	1.2		0.9
Total	$	2.3	$	0.3		$	1.6	$	1.3

Net Investment Hedges
Three months ended August 31,
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) excluded from the assessment of hedge effectiveness
	2020		2019			2020		2019
Cross currency contracts	$	(17.4)	$	3.0	Interest expense	$	0.3	$	1.7
Nine months ended August 31,
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) excluded from the assessment of hedge effectiveness
	2020		2019			2020		2019
Cross currency contracts	$	(20.7)	$	0.3	Interest expense	$	2.7	$	3.8