v3.26.3
Financing Arrangements and Financial Instruments (Tables)
 9 Months Ended
Aug. 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Open Forward Foreign Currency Contract
The following is a summary of the notional amounts of outstanding foreign currency exchange contracts as of August 31, 2026 and November 30, 2025 (in millions):
August 31, 2026November 30, 2025
Fair value hedges$689.6 $877.3 
Cash flow hedges286.6 140.9 
Foreign exchange contracts not designated as hedging instruments84.3 — 
Total$1,060.5 $1,018.2 
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 DerivativesLiability Derivatives
Balance sheet
location		Notional
amount		Fair
value		Balance sheet
location		Notional
amount		Fair
value
As of August 31, 2026
Derivatives designated as hedging instruments
Interest rate contracts
Other current assets / Other long-term assets
$— $— 
Other accrued liabilities / Other long-term liabilities
$500.0 $25.8 
Foreign exchange contractsOther current
assets		301.5 3.9 Other accrued liabilities674.7 5.3 
Cross currency contracts
Other current assets / Other long-term assets
507.1 6.8 
Other accrued liabilities / Other long-term liabilities
517.6 17.9 
Commodity contracts
Other current assets / Other long-term assets
305.9 46.2 
Other accrued liabilities / Other long-term liabilities
21.0 3.7 
Derivatives not designated as hedging instruments
Foreign exchange contractsOther current assets2.2 — Other accrued liabilities82.1 $2.3 
Total$56.9 $55.0 
As of November 30, 2025
Derivatives designated as hedging instruments
Interest rate contracts
Other current assets / Other long-term assets
$— $— 
Other accrued liabilities / Other long-term liabilities
$500.0 $20.8 
Foreign exchange contractsOther current assets894.6 6.5 Other accrued liabilities123.6 0.7 
Cross currency contracts
Other current assets / Other long-term assets
500.8 8.5 
Other accrued liabilities / Other long-term liabilities
511.1 18.1 
Total$15.0 $39.6 
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 income (AOCI), and our consolidated income statement for the three and nine months ended August 31, 2026 and 2025 (in millions):
Fair Value Hedges
DerivativeIncome statement
location		Expense
Three months ended August 31,Nine months ended August 31,
2026202520262025
Interest rate contractsInterest expense$2.0 $3.6 $6.0 $10.9 

Income statement locationGain (loss) recognized in incomeIncome statement locationGain (loss) recognized in income
Derivative20262025Hedged item20262025
Three months ended August 31,
Foreign exchange contractsOther income, net$(2.3)$1.3 Intercompany loansOther income, net$0.4 $(0.5)
Nine months ended August 31,
Foreign exchange contractsOther income, net$2.6 $(16.6)Intercompany loansOther income, net$(6.3)$16.6 

Cash Flow Hedges
Gain (loss)
recognized in OCI		Income statement
location		Gain (loss)
reclassified from AOCI
Derivative2026202520262025
Three months ended August 31,
Interest rate contracts$— $— Interest expense$(0.1)$(0.1)
Foreign exchange contracts(1.8)(0.6)Cost of goods sold0.6 (0.7)
Commodity contracts(0.8)— Cost of goods sold(7.7)— 
Total$(2.6)$(0.6)$(7.2)$(0.8)
Nine months ended August 31,
Interest rate contracts$— $— Interest expense$(0.3)$(0.4)
Foreign exchange contracts(3.0)(3.6)Cost of goods sold0.8 (0.1)
Commodity contracts64.7 — Cost of goods sold(14.0)— 
Total$61.7 $(3.6)$(13.5)$(0.5)
Net Investment Hedges
Gain (loss)
recognized in OCI		Income statement
location		Gain excluded from the assessment of hedge effectiveness
Derivative2026202520262025
Three months ended August 31,
Cross currency contracts$2.3 $(15.5)Interest expense$1.9 $2.7 
Nine months ended August 31,
Cross currency contracts$(0.9)$(51.6)Interest expense$5.9 7.5