Financial Arrangements and Financial Instruments (Tables)

6 Months Ended

May 31, 2021

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 May 31, 2021	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	$	30.8	Other accrued liabilities	$	—	$	—
Foreign exchange contracts	Other current assets	264.4		2.9		Other accrued liabilities	361.3		9.0
Cross currency contracts	Other current assets / Other long-term assets	270.7		2.8		Other long-term liabilities	275.6		25.1
Total				$	36.5				$	34.1
As of November 30, 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	$	43.1	Other accrued liabilities	$	—	$	—
Foreign exchange contracts	Other current assets	27.5		1.4		Other accrued liabilities	356.3		8.2
Cross currency contracts	Other current assets / Other long-term assets	—		—		Other long-term liabilities	524.4		18.8
Total				$	44.5				$	27.0

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 (loss) ("AOCI") and our consolidated income statement for the three- and six-month periods ended May 31, 2021 and 2020 (in millions):

 

Fair Value Hedges
Derivative	Income statement location	Income (expense)
		Three months ended May 31, 2021		Three months ended May 31, 2020		Six months ended May 31, 2021		Six months ended May 31, 2020
Interest rate contracts	Interest expense	$	2.0	$	0.9	$	4.0	$	1.4

Three months ended May 31,	Income statement location	Gain (loss) recognized in income					Income statement location	Gain (loss) recognized in income
Derivative		2021		2020		Hedged item		2021		2020
Foreign exchange contracts	Other income, net	$	(3.8)	$	5.7	Intercompany loans	Other income, net	$	4.0	$	(6.2)

Six months ended May 31,	Income statement location	Gain (loss) recognized in income					Income statement location	Gain (loss) recognized in income
Derivative		2021		2020		Hedged item		2021		2020
Foreign exchange contracts	Other income, net	$	(5.9)	$	3.5	Intercompany loans	Other income, net	$	6.5	$	(4.2)

Cash Flow Hedges
Three months ended May 31,
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) reclassified from AOCI
	2021		2020			2021		2020
Interest rate contracts	$	—	$	—	Interest expense	$	0.1	$	0.1
Foreign exchange contracts	(0.8)		2.3		Cost of goods sold	(0.6)		(0.3)
Total	$	(0.8)	$	2.3		$	(0.5)	$	(0.2)
Six months ended May 31,
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) reclassified from AOCI
	2021		2020			2021		2020
Interest rate contracts	$	0.3	$	—	Interest expense	$	0.2	$	0.2
Foreign exchange contracts	(2.4)		2.9		Cost of goods sold	(0.3)		0.1
Total	$	(2.1)	$	2.9		$	(0.1)	$	0.3

Net Investment Hedges
Three months ended May 31,
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) excluded from the assessment of hedge effectiveness
	2021		2020			2021		2020
Cross currency contracts	$	(1.5)	$	(3.5)	Interest expense	$	0.3	$	1.1
Six months ended May 31,
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) excluded from the assessment of hedge effectiveness
	2021		2020			2021		2020
Cross currency contracts	$	(3.5)	$	(3.3)	Interest expense	$	0.7	$	2.4