Derivative Instruments (Tables)

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	August 31, 2026		November 30, 2025
Derivative instruments not designated as hedging instruments:
Forward foreign currency exchange contracts (notional value)	$	3,042,940	$	2,697,479
Other current assets	6,393		7,386
Other accrued liabilities	14,650		7,026


Derivative instruments designated as cash flow hedges:





Forward foreign currency exchange contracts (notional value)	$	115,613	$	120,073
Other current assets	7		96
Other accrued liabilities	677		107
Derivative instruments designated as net investment hedges:
Forward foreign currency exchange contracts (notional value)	$	548,250	$	673,644


Other accrued liabilities	438		27,462
Other long-term liabilities	13,913		14,822
Foreign currency exchange collar contracts (notional value)	$	300,000	$	300,000


Other long-term liabilities	2,391		3,500

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				Nine Months Ended
	Location of Gains (Losses) in Income	August 31, 2026		August 31, 2025		August 31, 2026		August 31, 2025


Derivative instruments not designated as hedging instruments:
Losses recognized from forward foreign currency exchange contracts, net⁽¹⁾	Cost of revenue	$	(10,149)	$	(8,787)	$	(10,735)	$	(56,191)
(Losses) gains recognized from forward foreign currency exchange contracts, net⁽¹⁾	Other expense, net	(5,502)		2,653		(12,958)		41

Total		$	(15,651)	$	(6,134)	$	(23,693)	$	(56,150)

Derivative instruments designated as cash flow hedges:


Gains (losses) recognized in OCI on forward foreign currency exchange contracts		$	1,010	$	(1,099)	$	3,768	$	(2,725)
Gains (losses) on forward foreign currency exchange contracts reclassified from AOCI into income	Revenue	$	1,837	$	(1,744)	$	2,235	$	(1,744)
Gains (losses) on forward foreign currency exchange contracts reclassified from AOCI into income	Cost of revenue	$	192	$	(148)	$	1,366	$	(386)
(Losses) gains on forward foreign currency exchange contracts reclassified from AOCI into income	Selling, general and administrative expenses	$	(81)	$	(115)	$	503	$	(262)

Derivative instruments designated as net investment hedges:
Gains (losses) recognized in OCI on forward foreign currency exchange contracts		$	4,189	$	(11,387)	$	(2,165)	$	(53,839)
Gains recognized in income (amount excluded from effectiveness testing)	Interest expense and finance charges, net	$	2,438	$	2,548	$	7,398	$	7,625
Gains (losses) recognized in OCI on foreign currency exchange collar contracts		$	1,054	$	(60)	$	1,110	$	(7,965)

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(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.