Derivative Instruments (Tables)

9 Months Ended

Aug. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Values of Derivative Instruments

The fair values of the Company’s derivative instruments are disclosed in Note 9 – Fair Value Measurements and summarized in the table below:


	Value as of
Balance Sheet Line Item (currency in thousands)	August 31, 2025		November 30, 2024
Derivative instruments not designated as hedging instruments:
Forward foreign currency exchange contracts (notional value)	$	2,494,782	$	1,962,852
Other current assets	5,552		11,863
Other accrued liabilities	9,137		8,096


Derivative instruments designated as cash flow hedges:





Forward foreign currency exchange contracts (notional value)(1)	$	202,604	$	—
Other current assets	183		—
Other current liabilities	241		—
Derivative instruments designated as net investment hedges:
Forward foreign currency exchange contracts (notional value)	$	673,644	$	687,475
Other current assets	—		220
Other long-term assets	—		2,320
Other accrued liabilities	31,004		91
Other long-term liabilities	20,301		7,889
Foreign currency exchange collar contracts (notional value)	$	300,000	$	300,000
Other long-term assets	—		1,792

Other long-term liabilities	6,173		—

____________________________

(1) The Company had no material cash flow hedges outstanding as of November 30, 2024.

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				Nine Months Ended
	Location of Gains (Losses) in Income	August 31, 2025		August 31, 2024		August 31, 2025		August 31, 2024

		(currency in thousands)
Derivative instruments not designated as hedging instruments:
(Losses) gains recognized from forward foreign currency exchange contracts⁽¹⁾	Cost of revenue	$	(8,787)	$	(5,699)	$	(56,191)	$	749
Gains (losses) recognized from forward foreign currency exchange contracts, net⁽¹⁾	Other income (expense), net	2,653		(2,210)		41		(444)

Total		$	(6,134)	$	(7,909)	$	(56,150)	$	305

Derivative instruments designated as cash flow hedges(2):


Losses recognized in OCI on forward foreign currency exchange contracts		$	(1,099)	$	—	$	(2,725)	$	—
Losses on forward foreign currency exchange contracts reclassified from AOCI into income	Revenue	$	(1,744)	$	—	$	(1,744)	$	—
Losses on forward foreign currency exchange contracts reclassified from AOCI into income	Cost of revenue	$	(148)	$	—	$	(386)	$	—
Losses on forward foreign currency exchange contracts reclassified from AOCI into income	Selling, general and administrative expenses	$	(115)	$	—	$	(262)	$	—

Derivative instruments designated as net investment hedges:
Losses recognized in OCI on forward foreign currency exchange contracts		$	(11,387)	$	(12,660)	$	(53,839)	$	(8,088)
Gains recognized in income (amount excluded from effectiveness testing)	Interest expense and finance charges, net	$	2,548	$	3,122	$	7,625	$	7,766
Losses recognized in OCI on foreign currency exchange collar contracts		$	(60)	$	(668)	$	(7,965)	$	(668)

____________________________

(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.

(2) The Company had no material cash flow hedges outstanding during the three and nine months ended August 31, 2024.

TD SYNNEX CORP 10-Q