v3.26.1
Fair Value Measurements
 6 Months Ended
May 31, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS:
The Company’s fair value measurements are classified and disclosed in one of the following three categories:
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).
The following table summarizes the valuation of the Company’s financial instruments that are measured at fair value on a recurring basis, all of which are based on Level 2 fair value measurement inputs as defined above:
As of
May 31, 2026
As of
November 30, 2025
Assets:
Forward foreign currency exchange contracts not designated as hedges$9,041 $7,386 
Forward foreign currency exchange contracts designated as cash flow hedges629 96 
Liabilities:
Forward foreign currency exchange contracts not designated as hedges$8,888 $7,026 
Forward foreign currency exchange contracts designated as net investment hedges43,082 42,285 
Forward foreign currency exchange contracts designated as cash flow hedges235 107 
Foreign currency exchange collar contracts designated as net investment hedges3,445 3,500 
The fair values of forward exchange contracts are measured based on the foreign currency spot and forward rates quoted by the banks or foreign currency dealers. The fair values of foreign currency exchange collar contracts are measured using the cash flows of the contracts, discount rates to account for the passage of time, implied volatility and current foreign exchange market data, which are all based on inputs readily available in public markets. The effect of nonperformance risk on the fair value of derivative instruments was not material as of May 31, 2026 and November 30, 2025.
The carrying values of accounts receivable, accounts payable and short-term debt approximate fair value due to their short maturities and interest rates which are variable in nature. The carrying value of the Company’s term loans approximate their fair value since they bear interest rates that are similar to existing market rates. The estimated fair value of the Senior Notes (as defined in Note 9 - Borrowings) was approximately $3.5 billion as of both May 31, 2026 and November 30, 2025, based on Level 1 fair value measurement inputs as defined above.
During the six months ended May 31, 2026, there were no transfers between the fair value measurement category levels.