Accumulated Other Comprehensive Income (Loss)

6 Months Ended

May 31, 2021

Other Comprehensive Income (Loss), Net of Tax [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table sets forth the components of accumulated other comprehensive income (loss), net of tax, where applicable (in millions):

	May 31, 2021		November 30, 2020
Foreign currency translation adjustment (1)	$	(66.6)	$	(174.0)
Unrealized loss on foreign currency exchange contracts	(0.4)		(0.4)
Unamortized value of settled interest rate swaps	(0.1)		(0.1)
Pension and other postretirement costs	(295.2)		(296.3)
Accumulated other comprehensive loss	$	(362.3)	$	(470.8)

(1)During the six months ended May 31, 2021, the foreign currency translation adjustment of accumulated other comprehensive loss decreased on a net basis by $107.4 million, including the impact of a $3.5 million increase associated with net investment hedges. These net investment hedges are more fully described in note 5.

The following table sets forth the amounts reclassified from accumulated other comprehensive income (loss) and into consolidated net income (in millions):

	Three months ended				Six months ended				Affected Line Items in the Condensed Consolidated Income Statement
Accumulated Other Comprehensive Income (Loss) Components	May 31, 2021		May 31, 2020		May 31, 2021		May 31, 2020
(Gains)/losses on cash flow hedges:
Interest rate derivatives	$	(0.1)	$	(0.1)	$	(0.2)	$	(0.2)	Interest expense
Foreign exchange contracts	0.6		0.3		0.3		(0.1)		Cost of goods sold
Total before tax	0.5		0.2		0.1		(0.3)
Tax effect	(0.1)		—		—		0.1		Income taxes
Net, after tax	$	0.4	$	0.2	$	0.1	$	(0.2)
Amortization of pension and postretirement benefit adjustments:
Amortization of prior service costs (credit) (1)	$	0.1	$	(1.1)	$	0.1	$	(2.1)	Other income, net
Amortization of net actuarial losses (1)	3.6		2.9		7.0		5.3		Other income, net
Total before tax	3.7		1.8		7.1		3.2
Tax effect	(0.9)		(0.4)		(1.7)		(0.7)		Income taxes
Net, after tax	$	2.8	$	1.4	$	5.4	$	2.5

(1)This accumulated other comprehensive income (loss) component is included in the computation of total pension expense and other postretirement benefits expense (refer to note 7 for additional details). Amortization of net actuarial losses includes settlement losses.