Financial Instruments (Tables)

3 Months Ended

Feb. 28, 2023

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 February 28, 2023
Interest rate contracts	Other current assets / Other long-term assets	$	—	$	—	Other long-term liabilities	$	600.0	$	54.3
Foreign exchange contracts	Other current assets	309.2		6.4		Other accrued liabilities	200.4		2.3
Cross currency contracts	Other current assets / Other long-term assets	457.2		43.0		Other long-term liabilities	467.4		14.9
Total				$	49.4				$	71.5
As of November 30, 2022
Interest rate contracts	Other current assets / Other long-term assets	$	—	$	—	Other long-term liabilities	$	600.0	$	42.4
Foreign exchange contracts	Other current assets	344.9		11.0		Other accrued liabilities	215.6		1.5
Cross currency contracts	Other current assets / Other long-term assets	680.0		44.5		Other long-term liabilities	226.1		8.3
Total				$	55.5				$	52.2

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-months ended February 28, 2023 and 2022 (in millions):

 

Fair Value Hedges
Three months ended February 28,
Derivative	Income statement location	(Expense) income
		2023		2022
Interest rate contracts	Interest expense	$	(3.7)	$	2.2

	Income statement location	Gain (loss) recognized in income					Income statement location	Gain (loss) recognized in income
Derivative		2023		2022		Hedged item		2023		2022
Foreign exchange contracts	Other income, net	$	1.0	$	(0.4)	Intercompany loans	Other income, net	$	(0.1)	$	0.4

Cash Flow Hedges
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) reclassified from AOCI
	2023		2022			2023		2022
Three months ended February 28,
Interest rate contracts	$	—	$	—	Interest expense	$	0.1	$	0.1
Foreign exchange contracts	(1.1)		2.9		Cost of goods sold	1.2		(0.2)
Total	$	(1.1)	$	2.9		$	1.3	$	(0.1)

Net Investment Hedges
Derivative	Gain (loss) recognized in OCI				Income statement location	Gain (loss) excluded from the assessment of hedge effectiveness
	2023		2022			2023		2022
Three months ended February 28,
Cross currency contracts	$	(5.8)	$	0.7	Interest expense	$	3.3	$	0.5