Fair value can be measured using valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). Accounting standards utilize a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels:

•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

At August 31, 2026 and November 30, 2025, we had no financial assets or liabilities that were subject to a level 3 fair value measurement. Our population of financial assets and liabilities subject to fair value measurements on a recurring basis are as follows (in millions):


			August 31, 2026
	Fair Value		Level 1		Level 2
Assets
Cash and cash equivalents	$	331.1	$	331.1	$	—
Insurance contracts	133.6		—		133.6
Bonds and money market fund investments	3.4		3.4		—
Foreign currency derivatives	3.9		—		3.9
Cross currency contracts	6.8		—		6.8
Commodity contracts	46.2		30.6		15.6
Total	$	525.0	$	365.1	$	159.9
Liabilities
Foreign currency derivatives	$	5.3	$	—	$	5.3
Interest rate derivatives	25.8		—		25.8
Cross currency contracts	17.9		—		17.9
Commodity contracts	3.7		3.7		—
Total	$	52.7	$	3.7	$	49.0


			November 30, 2025
	Fair Value		Level 1		Level 2
Assets
Cash and cash equivalents	$	95.9	$	95.9	$	—
Insurance contracts	131.0		—		131.0
Bonds and money market fund investments	1.9		1.9		—
Foreign currency derivatives	6.5		—		6.5
Cross currency contracts	8.5		—		8.5
Total	$	243.8	$	97.8	$	146.0
Liabilities
Foreign currency derivatives	$	0.7	$	—	$	0.7
Interest rate derivatives	20.8		—		20.8
Cross currency contracts	18.1		—		18.1
Total	$	39.6	$	—	$	39.6

At August 31, 2026 and November 30, 2025, the carrying amounts of cash and cash equivalents, interest rate derivatives, foreign currency derivatives, cross currency contracts, commodity contracts, insurance contracts, and bonds and money market fund investments were equal to their respective fair values. Because of their short-term nature, the amounts reported in the balance sheet for cash and cash equivalents, trade accounts receivables, short-term borrowings, and trade accounts payable approximate fair value. Investments in affiliates are not readily marketable, and it is not practicable to estimate their fair value.

Insurance contracts and bonds and money market fund investments are comprised of fixed income and equity securities held for certain non-qualified U.S. employee benefit plans and are stated at fair value on the balance sheet. The fair values of insurance contracts and bonds and money market fund investments are based upon the underlying values of the securities in which they

are invested and are from quoted market prices from various stock and bond exchanges for similar type assets. The fair values for interest rate derivatives, foreign currency derivatives, cross currency contracts, and commodity contracts are based on values for similar instruments using models with market-based inputs.


	August 31, 2026		November 30, 2025
Carrying amount	$	3,678.0	$	3,614.9

Level 1 valuation techniques	$	3,319.2	$	3,401.1
Level 2 valuation techniques	173.0		104.8
Total fair value	$	3,492.2	$	3,505.9