Accumulated Other Comprehensive Loss

3 Months Ended

Feb. 28, 2023

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

ACCUMULATED OTHER COMPREHENSIVE LOSS

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


	February 28, 2023		November 30, 2022
Foreign currency translation adjustment (1)	$	(356.3)	$	(405.3)
Unrealized gain on foreign currency exchange contracts	(0.4)		3.8

Unamortized value of settled interest rate swaps	(0.8)		(0.6)
Pension and other postretirement costs	(79.6)		(78.5)
Accumulated other comprehensive loss	$	(437.1)	$	(480.6)

(1)During the three months ended February 28, 2023, the foreign currency translation adjustment of accumulated other comprehensive loss increased on a net basis by $49.0 million, inclusive of $5.8 million of unrealized losses associated with net investment hedges. These net investment hedges are more fully described in note 3.

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


	Three months ended				Affected Line Items in the Condensed Consolidated Income Statement
	February 28, 2023		February 28, 2022
(Gains)/losses on cash flow hedges:
Interest rate derivatives	$	(0.1)	$	(0.1)		Interest expense

Foreign exchange contracts	(1.2)		0.2			Cost of goods sold
Total before tax	(1.3)		0.1
Tax effect	0.3		—			Income tax expense
Net, after tax	$	(1.0)	$	0.1

Amortization of pension and postretirement benefit adjustments:

Amortization of net actuarial losses (1)	$	(0.4)	$	2.6		Other income, net
Total before tax	(0.4)		2.6
Tax effect	0.1		(0.6)			Income tax expense
Net, after tax	$	(0.3)	$	2.0

(1)This accumulated other comprehensive income (loss) component is included in the computation of total pension (income) and other postretirement benefits expense (refer to note 5 for additional details).