| Summary of Fair Values of Derivative Instruments |
The fair values of the Company’s derivative instruments are disclosed in Note 8 – Fair Value Measurements and summarized in the table below: | | | | | | | | | | | | | | | | | Value as of | | Balance Sheet Line Item | | May 31, 2026 | | November 30, 2025 | | Derivative instruments not designated as hedging instruments: | | | | | Forward foreign currency exchange contracts (notional value) | | $ | 3,170,476 | | | $ | 2,697,479 | | | Other current assets | | 9,041 | | | 7,386 | | | Other accrued liabilities | | 8,888 | | | 7,026 | | | | | | | | | | | | | Derivative instruments designated as cash flow hedges: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Forward foreign currency exchange contracts (notional value) | | $ | 139,244 | | | $ | 120,073 | | | Other current assets | | 629 | | | 96 | | Other current liabilities | | 235 | | | 107 | | | Derivative instruments designated as net investment hedges: | | | | | | Forward foreign currency exchange contracts (notional value) | | $ | 666,728 | | | $ | 673,644 | | | | | | | | | | | | | Other accrued liabilities | | 26,758 | | | 27,462 | | | Other long-term liabilities | | 16,324 | | | 14,822 | | | Foreign currency exchange collar contracts (notional value) | | $ | 300,000 | | | $ | 300,000 | | | | | | | | | | | | | Other long-term liabilities | | 3,445 | | | 3,500 | |
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| Effect of Derivative Instruments on AOCI and Consolidated Statements of Earnings |
The following table shows the gains and losses, before taxes, of the Company’s derivative instruments designated as cash flow hedges and net investment hedges in Other Comprehensive Income (“OCI”) and not designated as hedging instruments in the Consolidated Statements of Operations for the periods presented: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | Location of Gains (Losses) in Income | | May 31, 2026 | | May 31, 2025 | | May 31, 2026 | | May 31, 2025 | | | | | | | | | | | | | | | | Derivative instruments not designated as hedging instruments: | | | | | | | | | | | Gains (losses) recognized from forward foreign currency exchange contracts, net⁽¹⁾ | Cost of revenue | | $ | 19,672 | | | $ | (62,401) | | | $ | (586) | | | $ | (47,404) | | | Losses recognized from forward foreign currency exchange contracts, net⁽¹⁾ | Other expense, net | | (4,290) | | | (125) | | | (7,456) | | | (2,612) | | | | | | | | | | | | | Total | | | $ | 15,382 | | | $ | (62,526) | | | $ | (8,042) | | | $ | (50,016) | | | | | | | | | | | | | Derivative instruments designated as cash flow hedges: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gains (losses) recognized in OCI on forward foreign currency exchange contracts | | | $ | 3,374 | | | $ | (1,619) | | | $ | 2,758 | | | $ | (1,626) | | | Gains on forward foreign currency exchange contracts reclassified from AOCI into income | Revenue | | $ | 1,511 | | | $ | — | | | $ | 398 | | | $ | — | | | Gains (losses) on forward foreign currency exchange contracts reclassified from AOCI into income | Cost of revenue | | $ | 1,316 | | | $ | (646) | | | $ | 1,174 | | | $ | (238) | | | Gains (losses) on forward foreign currency exchange contracts reclassified from AOCI into income | Selling, general and administrative expenses | | $ | 535 | | | $ | (92) | | | $ | 584 | | | $ | (147) | | | | | | | | | | | | | Derivative instruments designated as net investment hedges: | | | | | | | | | | | Gains (losses) recognized in OCI on forward foreign currency exchange contracts | | | $ | 5,228 | | | $ | (54,676) | | | $ | (6,354) | | | $ | (42,452) | | | Gains recognized in income (amount excluded from effectiveness testing) | Interest expense and finance charges, net | | $ | 2,496 | | | $ | 2,554 | | | $ | 4,960 | | | $ | 5,077 | | | Gains (losses) recognized in OCI on foreign currency exchange collar contracts | | | $ | 2,834 | | | $ | (9,806) | | | $ | 56 | | | $ | (7,905) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
____________________________ (1) The gains and losses largely offset the currency gains and losses that resulted from changes in the assets and liabilities denominated in nonfunctional currencies.
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