Accumulated Other Comprehensive Income

12 Months Ended

Nov. 30, 2021

Equity [Abstract]

COMPREHENSIVE INCOME

.  ACCUMULATED OTHER COMPREHENSIVE LOSS

The following table sets forth the components of accumulated other comprehensive loss, net of tax where applicable, as of November 30 (in millions):

	2021		2020
Accumulated other comprehensive loss, net of tax where applicable
Foreign currency translation adjustment (1)	$	(233.3)	$	(174.0)
Unrealized gain (loss) on foreign currency exchange contracts	0.6		(0.4)
Unamortized value of settled interest rate swaps	(0.2)		(0.1)
Pension and other postretirement costs	(193.6)		(296.3)
	$	(426.5)	$	(470.8)

(1)During the year ended November 30, 2021, the foreign currency translation adjustment of accumulated other comprehensive loss increased by $(59.3) million, including the impact of a $15.5 million decrease associated with net investment hedges. During the year ended November 30, 2020, the foreign currency translation adjustment of accumulated other comprehensive loss decreased by $92.5 million, including the impact of a $20.8 million increase associated with net investment hedges. These net investment hedges are more fully described in note 8.

The following table sets forth the amounts reclassified from accumulated other comprehensive income (loss) and into consolidated net income for the years ended November 30:

(millions)							Affected line items in the consolidated income statement
Accumulated other comprehensive income (loss) components	2021		2020		2019
(Gains)/losses on cash flow hedges:
Interest rate derivatives	$	(0.5)	$	(0.5)	$	(0.5)	Interest expense
Foreign exchange contracts	0.7		(1.6)		(1.6)		Cost of goods sold
Total before taxes	0.2		(2.1)		(2.1)
Tax effect	—		0.5		0.4		Income taxes
Net, after tax	$	0.2	$	(1.6)	$	(1.7)
Amortization of pension and postretirement benefit adjustments:
Amortization of prior service (credits) costs (1)	$	0.3	$	(4.0)	$	(8.0)	Other income, net
Amortization of net actuarial losses (1)	13.9		11.0		2.6		Other income, net
Total before taxes	14.2		7.0		(5.4)
Tax effect	(3.3)		(1.6)		1.2		Income taxes
Net, after tax	$	10.9	$	5.4	$	(4.2)

(1) This accumulated other comprehensive income (loss) component is included in the computation of total pension expense and total other postretirement expense (refer to note 11 for additional details).