Financial Instruments (Tables)

9 Months Ended

Aug. 31, 2022

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):

	Asset Derivatives					Liability Derivatives
	Balance sheet location	Notional amount		Fair value		Balance sheet location	Notional amount		Fair value
As of August 31, 2022
Interest rate contracts	Other current assets / Other long-term assets	$	—	$	—	Other long-term liabilities	$	600.0	$	30.8
Foreign exchange contracts	Other current assets	316.3		14.9		Other accrued liabilities	223.2		2.3
Cross currency contracts	Other current assets / Other long-term assets	439.6		57.5		Other long-term liabilities	443.2		7.7
Total				$	72.4				$	40.8
As of November 30, 2021
Interest rate contracts	Other current assets / Other long-term assets	$	350.0	$	23.1	Other long-term liabilities	$	—	$	—
Foreign exchange contracts	Other current assets	380.8		8.3		Other accrued liabilities	202.8		2.8
Cross currency contracts	Other current assets / Other long-term assets	251.0		4.4		Other long-term liabilities	257.5		8.0
Total				$	35.8				$	10.8

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 loss (AOCI) and our consolidated income statement for the three- and nine-months ended August 31, 2022 and 2021 (in millions):

 

Fair Value Hedges
Derivative	Income statement location	Income (expense)
		Three months ended August 31, 2022		Three months ended August 31, 2021		Nine months ended August 31, 2022		Nine months ended August 31, 2021
Interest rate contracts	Interest expense	$	0.6	$	2.1	$	5.4	$	6.1

	Income statement location	Gain (loss) recognized in income					Income statement location	Gain (loss) recognized in income
Derivative		2022		2021		Hedged item		2022		2021
Three months ended August 31,
Foreign exchange contracts	Other income, net	$	3.6	$	5.6	Intercompany loans	Other income, net	$	(3.2)	$	(5.4)

Nine months ended August 31,
Foreign exchange contracts	Other income, net	$	6.9	$	(0.3)	Intercompany loans	Other income, net	$	(6.1)	$	1.1

Cash Flow Hedges
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) reclassified from AOCI
	2022		2021			2022		2021
Three months ended August 31,
Interest rate contracts	$	1.8	$	—	Interest expense/ Other income, net	$	18.8	$	0.2
Foreign exchange contracts	2.8		1.5		Cost of goods sold	0.7		(0.3)
Total	$	4.6	$	1.5		$	19.5	$	(0.1)
Nine months ended August 31,
Interest rate contracts	$	18.7	$	0.3	Interest expense/ Other income, net	$	19.1	$	0.4
Foreign exchange contracts	5.2		(0.9)		Cost of goods sold	0.7		(0.6)
Total	$	23.9	$	(0.6)		$	19.8	$	(0.2)

Net Investment Hedges
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) excluded from the assessment of hedge effectiveness
	2022		2021			2022		2021
Three months ended August 31,
Cross currency contracts	$	29.7	$	8.4	Interest expense	$	2.4	$	0.4
Nine months ended August 31,
Cross currency contracts	$	51.8	$	4.9	Interest expense	$	4.1	$	1.1