0001803599-21-000166 | 10-Q | XBRL Viewer

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Cover - shares	9 Months Ended
Cover - shares	Aug. 31, 2021	Sep. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 31, 2021
Document Transition Report	false
Entity File Number	001-39494
Entity Registrant Name	CONCENTRIX CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1605762
Entity Address, Address Line One	44111 Nobel Drive
Entity Address, City or Town	Fremont
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94538
City Area Code	800
Local Phone Number	747-0583
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	CNXC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		52,319,658
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001803599
Current Fiscal Year End Date	--11-30

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Aug. 31, 2021	Nov. 30, 2020
Current assets:
Cash and cash equivalents	$ 154,193	$ 152,656
Accounts receivable, net	1,131,416	1,081,481
Other current assets	175,217	189,239
Total current assets	1,460,826	1,423,376
Property and equipment, net	397,841	451,649
Goodwill	1,822,642	1,836,050
Intangible assets, net	695,285	798,959
Deferred tax assets	43,007	47,423
Other assets	589,839	620,099
Total assets	5,009,440	5,177,556
Current liabilities:
Accounts payable	78,618	140,575
Current portion of long-term debt	0	33,750
Payable to former parent	0	22,825
Accrued compensation and benefits	418,329	419,715
Other accrued liabilities	342,908	371,072
Income taxes payable	48,937	20,725
Total current liabilities	888,792	1,008,662
Long-term debt, net	865,837	1,111,362
Other long-term liabilities	579,746	601,887
Deferred tax liabilities	109,310	153,560
Total liabilities	2,443,685	2,875,471
Commitments and contingencies (Note 15)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000 shares authorized as of August 31, 2021; no shares issued and outstanding as of August 31, 2021	0
Common stock, $0.0001 par value, 250,000 shares authorized as of August 31, 2021; 51,448 shares issued and outstanding as of August 31, 2021	5
Additional paid-in capital	2,338,108
Treasury stock, 93 shares as of August 31, 2021	(13,964)
Retained earnings	281,469
Former parent company investment		2,305,899
Accumulated other comprehensive loss	(39,863)	(3,814)
Total stockholders’ equity	2,565,755	2,302,085
Total liabilities and stockholders’ equity	$ 5,009,440	$ 5,177,556

CONSOLIDATED BALANCE SHEETS (Parenthetical)	Aug. 31, 2021 $ / shares shares
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000
Preferred stock, shares issued (in shares)	0
Preferred stock, shares outstanding (in shares)	0
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001
Common stock, shares authorized (in shares)	250,000,000
Common stock, shares issued (in shares)	51,448,000
Common stock, shares outstanding (in shares)	51,448,000
Treasury stock (in shares)	93,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2021	Aug. 31, 2020
Income Statement [Abstract]
Revenue	$ 1,397,251	$ 1,163,694	$ 4,120,407	$ 3,418,676
Cost of revenue	915,910	751,161	2,670,287	2,215,783
Gross profit	481,341	412,533	1,450,120	1,202,893
Selling, general and administrative expenses	329,962	335,770	1,035,628	1,014,339
Operating income	151,379	76,763	414,492	188,554
Interest expense and finance charges, net	4,868	9,002	19,316	39,515
Other expense (income), net	(5,858)	593	(5,601)	(4,283)
Income before income taxes	152,369	67,168	400,777	153,322
Provision for income taxes	42,615	21,771	119,308	53,138
Net income	$ 109,754	$ 45,397	$ 281,469	$ 100,184
Earnings per common share:
Basic (in dollars per share)	$ 2.10	$ 0.88	$ 5.41	$ 1.94
Diluted (in dollars per share)	$ 2.08	$ 0.88	$ 5.35	$ 1.94
Weighted-average common shares outstanding
Basic (in shares)	51,432	51,602	51,288	51,602
Diluted (in shares)	52,061	51,602	51,914	51,602

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2021	Aug. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 109,754	$ 45,397	$ 281,469	$ 100,184
Other comprehensive income (loss):
Unrealized gains (losses) of defined benefit plans, net of taxes of $0 and $98 for the three and nine months ended August 31, 2021, respectively, and $3,114 for the three and nine months ended August 31, 2020, respectively	2	(8,881)	(446)	(8,879)
Unrealized gains (losses) on cash flow hedges during the period, net of taxes of $3,840 and $47 for the three and nine months ended August 31, 2021, respectively, and $(8,677) and $(8,934) for the three and nine months ended August 31, 2020, respectively	(11,219)	26,086	(620)	26,860
Reclassification of net gains on cash flow hedges to net income, net of taxes of $1,400 and $6,940 for the three and nine months ended August 31, 2021, respectively, and $1,976 and $4,774 for the three and nine months ended August 31, 2020, respectively	(4,091)	(5,942)	(20,617)	(14,354)
Total change in unrealized gains (losses) on cash flow hedges, net of taxes	(15,310)	20,144	(21,237)	12,506
Foreign currency translation gains (losses), net of taxes of $0 for the three and nine months ended August 31, 2021 and 2020, respectively	(56,105)	74,383	(14,366)	35,893
Other comprehensive income (loss)	(71,413)	85,646	(36,049)	39,520
Comprehensive income	$ 38,341	$ 131,043	$ 245,420	$ 139,704

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2021	Aug. 31, 2020
Statement of Comprehensive Income [Abstract]
Change in unrealized losses of defined benefit plans, tax	$ 0	$ 3,114	$ 98	$ 3,114
Unrealized gains (losses) on cash flow hedges, tax	3,840	(8,677)	47	(8,934)
Reclassification of net loss on cash flow hedges to net income, tax	1,400	1,976	6,940	4,774
Foreign currency translation gain (loss), tax	$ 0	$ 0	$ 0	$ 0

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock	Additional paid-in capital	Treasury stock	Retained earnings	Former parent company investment	Accumulated other comprehensive income (loss)
Beginning Balance at Nov. 30, 2019	$ 1,469,841	$ 0	$ 0	$ 0	$ 0	$ 1,519,923	$ (50,082)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	39,520						39,520
Share-based compensation	11,821					11,821
Transfers from former parent	(2,986)					(2,986)
Hypothetical current tax expense recorded for separate return basis presentation	9,587					9,587
Net income	100,184					100,184
Ending Balance at Aug. 31, 2020	1,627,967	0	0	0	0	1,638,529	(10,562)
Beginning Balance at May. 31, 2020	1,492,540	0	0	0	0	1,588,748	(96,208)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	85,646						85,646
Share-based compensation	3,834					3,834
Transfers from former parent	(2,986)					(2,986)
Hypothetical current tax expense recorded for separate return basis presentation	3,536					3,536
Net income	45,397					45,397
Ending Balance at Aug. 31, 2020	1,627,967	0	0	0	0	1,638,529	(10,562)
Beginning Balance at Nov. 30, 2020	2,302,085	0	0	0	0	2,305,899	(3,814)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(36,049)						(36,049)
Share-based compensation	32,214		32,214
Reclassification of net former parent investment in Concentrix	0		2,305,899			(2,305,899)
Issuance of common stock at separation and spin-off	0	5	(5)
Repurchase of common stock for tax withholdings on equity awards	(13,964)			(13,964)
Net income	281,469				281,469
Ending Balance at Aug. 31, 2021	2,565,755	5	2,338,108	(13,964)	281,469	0	(39,863)
Beginning Balance at May. 31, 2021	2,529,768	5	2,327,025	(527)	171,715	0	31,550
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive income (loss)	(71,413)						(71,413)
Share-based compensation	11,083		11,083
Repurchase of common stock for tax withholdings on equity awards	(13,437)			(13,437)
Net income	109,754				109,754
Ending Balance at Aug. 31, 2021	$ 2,565,755	$ 5	$ 2,338,108	$ (13,964)	$ 281,469	$ 0	$ (39,863)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2021	Aug. 31, 2020
Cash flows from operating activities:
Net income	$ 281,469	$ 100,184
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	105,371	93,488
Amortization	103,194	110,190
Non-cash share-based compensation expense	25,344	11,821
Provision for doubtful accounts	(763)	5,477
Deferred income taxes	(21,270)	(25,721)
Hypothetical current tax expense recorded for separate return basis presentation	0	9,587
Unrealized foreign exchange (gain) loss	(446)	12,666
Gain on divestitures and related transaction costs	(13,197)	0
Other	66	(1,136)
Changes in operating assets and liabilities:
Accounts receivable, net	(58,584)	(11,592)
Payable to former parent	(22,825)	1,118
Accounts payable	(42,290)	7,414
Other operating assets and liabilities	(23,944)	75,081
Net cash provided by operating activities	332,125	388,577
Cash flows from investing activities:
Repayments of loan to non-Concentrix subsidiary of former parent as part of its centralized treasury operations	0	(5,749)
Purchases of property and equipment	(112,869)	(106,249)
Acquisitions of business, net of cash acquired and refunds	(3,279)	(4,941)
Cash consideration	73,708	0
Net cash used in investing activities	(42,440)	(116,939)
Cash flows from financing activities:
Repayments of the Credit Facility - Term Loan	(200,000)	0
Proceeds from the Securitization Facility	1,042,000	0
Repayments of the Securitization Facility	(1,123,000)	0
Repayments of borrowings from former parent	0	(260,178)
Proceeds from exercise of stock options	6,870	0
Repurchase of common stock for tax withholdings on equity awards	(13,964)	0
Net cash used in financing activities	(288,094)	(260,178)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2,348)	2,121
Net (decrease) increase in cash, cash equivalents and restricted cash	(757)	13,581
Cash, cash equivalents and restricted cash at beginning of year	156,351	83,514
Cash, cash equivalents and restricted cash at end of period	155,594	97,095
Supplemental disclosure of non-cash investing activities:
Accrued costs for property and equipment purchases	$ 1,846	$ 12,659

BACKGROUND AND BASIS OF PRESENTATION	9 Months Ended
BACKGROUND AND BASIS OF PRESENTATION	Aug. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BACKGROUND AND BASIS OF PRESENTATION	BACKGROUND AND BASIS OF PRESENTATION: Background Concentrix Corporation (“Concentrix,” the “CX business” or the “Company”) is a leading global provider of technology-infused Customer Experience (“CX”) solutions that help iconic and disruptive brands drive deep understanding, full lifecycle engagement, and differentiated experiences for their end-customers around the world. The Company provides end-to-end capabilities, including CX process optimization, technology innovation, front- and back-office automation, analytics and business transformation services to clients in five primary industry verticals. On December 1, 2020, the separation of the CX business (the “separation”) from SYNNEX Corporation (“SYNNEX” or the “former parent”) was completed through a tax-free distribution of all of the issued and outstanding shares of the Company’s common stock to SYNNEX stockholders (the “distribution” and, together with the separation, the “spin-off”). SYNNEX stockholders received one share of the Company’s common stock for each share of SYNNEX common stock held as of the close of business on November 17, 2020. As a result of the spin-off, the Company became an independent public company and the Company’s common stock commenced trading on the Nasdaq Stock Market (“Nasdaq”) under the symbol “CNXC” on December 1, 2020. In connection with the spin-off, on November 30, 2020, the Company entered into a separation and distribution agreement, an employee matters agreement, a tax matters agreement and a commercial agreement with SYNNEX to set forth the principal actions to be taken in connection with the spin-off and define the Company’s ongoing relationship with SYNNEX after the spin-off. Basis of presentation The accompanying interim unaudited consolidated financial statements have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The amounts as of November 30, 2020 have been derived from the Company’s annual audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2020. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to state fairly the financial position of the Company and its results of operations and cash flows as of and for the periods presented. These interim consolidated financial statements should be read in conjunction with the annual audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2020. Prior to the spin-off on December 1, 2020 Prior to the spin-off, the CX business was held entirely within certain wholly-owned subsidiaries of SYNNEX dedicated to the CX business. As the separate legal entities that made up the CX business were not historically held by a single legal entity, the financial statements of the Company were prepared in connection with the expected separation and were derived from the SYNNEX consolidated financial statements and accounting records as if the Company had been operated on a stand-alone basis during the periods presented. Accordingly, for periods prior to December 1, 2020, the Company’s financial statements are presented on a combined basis, and for the periods subsequent to December 1, 2020, they are presented on a consolidated basis (all periods hereinafter are referred to as “consolidated financial statements”). All direct revenue and expenses attributable to the CX business, including certain allocations of former parent costs and expenses, were separately maintained in a separate ledger in the legal entities that made up the CX business. As the separate legal entities that made up the CX business were not historically held by a single legal entity, former parent company investment was shown in lieu of stockholders’ equity in the prior year periods. All significant intercompany balances and transactions between the legal entities that comprised the CX business were eliminated. Management of the Company and the former parent considered allocations of former parent costs to be a reasonable reflection of the utilization of services by, or the benefits provided to, the Company. The allocations may not, however, have reflected the expense the Company would have incurred as a stand-alone company for those periods presented. Actual costs that may have been incurred if the Company had been a stand-alone company would depend on a number of factors, including the chosen organizational structure, what functions were outsourced or performed by employees and other strategic decisions. Prior to the spin-off, certain Concentrix legal entities in the United States jointly and severally guaranteed certain of SYNNEX’ borrowing arrangements and substantially all of the assets of these Concentrix legal entities secured SYNNEX’ obligations under the borrowing arrangements. Historically, Concentrix received or provided funding for acquisitions or ongoing operations as part of SYNNEX’ centralized treasury program. Accordingly, only cash amounts specifically recorded in the separate Concentrix ledger were reflected in the balance sheets. The Company reflected transfers of the cash from the former parent’s cash management system as loans or other accounts payable to the former parent or a reduction of accounts or loans receivable in the balance sheets based on the purpose for which the cash was provided by the former parent. Similarly, cash transfers to the former parent were reflected as reductions of loans or other accounts payable to the former parent or as loans receivable from the former parent. The cash payments and receipts were recorded in the statements of cash flows as operating or financing activities based on the nature of the transactions for which the funds were transferred between the Company and the former parent. Prior to the spin-off, operations of Concentrix were included in the consolidated U.S. federal, and certain state and local income tax returns filed by SYNNEX, where applicable. Concentrix also filed certain separate state, local and foreign tax returns. Income tax expense and other income tax related information contained in the financial statements prior to the spin-off were presented on a separate return basis, which required the Company to estimate tax expense as if the Company filed a separate return apart from SYNNEX. The income taxes of Concentrix as presented in the financial statements for these periods may not be indicative of the income taxes that Concentrix has incurred or will incur following the spin-off. Reclassifications Certain amounts in the consolidated financial statements related to the prior periods have been reclassified to conform to the current period’s presentation. Risks and uncertainties related to the COVID-19 pandemic In December 2019, there was an outbreak of a new strain of coronavirus (“COVID-19”), which was declared a pandemic by the World Health Organization in March 2020. The COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains and labor force participation, and created significant volatility and disruption of financial markets. The Company successfully transitioned a significant portion of its workforce to a remote working environment throughout the second quarter of 2020 and implemented a number of safety and social distancing measures in our sites to protect the health and safety of employees. During the nine months ended August 31, 2021, almost all of the Company’s workforce was productive. The Company is unable to predict how long the pandemic conditions will persist in regions in which the Company operates, if or when countries or localities may experience an increase in COVID-19 cases, what additional measures may be introduced by governments or the Company’s clients in response to the pandemic generally or to an increase in COVID-19 cases in a particular country or locality, and the effect of any such additional measures on the Company’s business. As a result, many of the estimates and assumptions used in preparation of these consolidated financial statements required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve with respect to the pandemic and the global recovery from the pandemic, the Company’s estimates may materially change in future periods.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Aug. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: For a discussion of the Company’s significant accounting policies, refer to the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2020. Accounting pronouncements adopted during the nine months ended August 31, 2021 are discussed below. Concentration of credit risk For the three and nine months ended August 31, 2021, one client accounted for 11.9% and 11.7% of the Company’s consolidated revenue, respectively. For the three and nine months ended August 31, 2020, one client accounted for 11.8% and 10.8% of the Company’s consolidated revenue, respectively. As of August 31, 2021 and November 30, 2020, one client comprised 14.9% and 16.2%, respectively, of the Company’s total accounts receivable balance. Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board (the “FASB”) issued a new credit loss standard that replaces the current incurred loss impairment model with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. This standard became effective for the Company's fiscal year beginning December 1, 2020. The adoption did not have a material impact on the consolidated financial statements. Recently issued accounting pronouncements In March 2020, the FASB issued optional guidance for a limited time to ease the potential burden in accounting for or recognizing the effects of reference rate reform, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”) on financial reporting. The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments are elective and are effective upon issuance for all entities through December 31, 2022. The Company is currently evaluating the impact of the new guidance. In December 2019, the FASB issued new guidance that simplifies the accounting for income taxes. The guidance is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those reporting periods. Certain amendments should be applied prospectively, while other amendments should be applied retrospectively to all periods presented. The Company is currently evaluating the impact of the new guidance. In August 2018, the FASB issued new guidance to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The guidance requires the Company to disclose the weighted-average interest crediting rates used in cash balance pension plans. It also requires the Company to disclose the reasons for significant changes in the benefit obligation or plan assets, including significant gains and losses affecting the benefit obligation for the period. This standard is effective for fiscal years ending after December 15, 2020, and early adoption is permitted. The adoption is not expected to have a material impact on the Company’s consolidated financial statements.

DIVESTITURES	9 Months Ended
DIVESTITURES	Aug. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
DIVESTITURES	DIVESTITURES: In July 2021, the Company completed the sales of its insurance third-party administration operations and software platform, Concentrix Insurance Solutions (“CIS”), and another non-CX solutions business in separate transactions for total cash consideration of approximately $73,708, both subject to customary post-closing adjustments. The divestitures generated a pre-tax gain of approximately $13,197, net of related transaction costs. The gain on divestitures and related transaction costs are included in selling, general and administrative expenses in the consolidated statements of operations. The Company determined that the sales of the businesses did not qualify as discontinued operations. The results of the sold businesses’ operations are included within the Company’s statements of operations for fiscal year 2021 through the sales dates in July 2021

SHARE-BASED COMPENSATION

9 Months Ended

Aug. 31, 2021

Share-based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION:

In November 2020, in connection with the spin-off, SYNNEX, as sole stockholder of Concentrix, approved the Concentrix Corporation 2020 Stock Incentive Plan (the “Concentrix Stock Incentive Plan”) and the Concentrix Corporation 2020 Employee Stock Purchase Plan (the “Concentrix ESPP”), each to be effective upon completion of the spin-off. 4,000 shares of Concentrix common stock were reserved for issuance under the Concentrix Stock Incentive Plan, and 1,000 shares of Concentrix common stock were authorized for issuance under the Concentrix ESPP.

Prior to the spin-off, certain of the Company’s employees participated in a long-term incentive plan sponsored by SYNNEX. In connection with the completion of the spin-off and pursuant to the employee matters agreement with SYNNEX, each outstanding SYNNEX share-based award as of the distribution date was converted into either (a) SYNNEX and Concentrix share-based awards, each with the same number of shares as the original SYNNEX award, or (b) a share-based award of only SYNNEX common stock or only Concentrix common stock, with an adjustment to the number of shares to preserve the value of the award. As a result of the conversion of awards, on December 1, 2020, 827 restricted stock awards and restricted stock units and 684 stock options were issued under the Concentrix Stock Incentive Plan. Following the conversion, it was determined that the share-based awards were modified in accordance with the applicable accounting guidance. As a result, the fair values of the share-based awards immediately before and after the modification were assessed in order to determine if the modification resulted in any incremental compensation cost related to the awards. Based on the analysis performed, including consideration of the anti-dilution feature contained in the SYNNEX stock incentive plan, it was determined that the conversion resulted in an immaterial amount of incremental compensation cost for the outstanding awards.

On January 20, 2021, the Company granted 431 restricted stock awards and restricted stock units and 26 stock options under the Concentrix Stock Incentive Plan, representing annual employee stock awards for fiscal year 2020 and pro-rated non-employee director stock awards for the 2020-2021 service year. The employee grants were delayed from October 2020 to January 2021 due to the previously pending spin-off.

On July 1, 2021, the Company granted 109 performance-based restricted stock units under the Concentrix Stock Incentive Plan. The performance-based restricted stock units will vest, if at all, upon the achievement of certain annual financial targets during the three-year period ending November 30, 2023.

The Company recognizes share-based compensation expense for all share-based awards made to employees, including employee stock options, restricted stock awards, restricted stock units, performance-based restricted stock units and employee stock purchases, based on estimated fair values.

The Company recorded share-based compensation expense in the consolidated statements of operations for the three and nine months ended August 31, 2021 and 2020 as follows:


	Three Months Ended				Nine Months Ended
	August 31, 2021		August 31, 2020		August 31, 2021		August 31, 2020
Total share-based compensation	$	9,457	$	3,929	$	25,858	$	12,031
Tax benefit recorded in the provision for income taxes	(2,364)		(982)		(6,464)		(3,008)
Effect on net income	$	7,093	$	2,947	$	19,394	$	9,023

Share-based compensation expense is included in selling, general and administrative expenses in the consolidated statements of operations.

BALANCE SHEET COMPONENTS

9 Months Ended

Aug. 31, 2021

Balance Sheet Related Disclosures [Abstract]

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS:

Cash, cash equivalents and restricted cash:

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows:


	As of
	August 31, 2021		November 30, 2020
Cash and cash equivalents	$	154,193	$	152,656
Restricted cash included in other current assets	1,401		3,695
Cash, cash equivalents and restricted cash	$	155,594	$	156,351

Restricted cash balances relate primarily to restrictions placed by banks on cash collateral for the issuance of bank guarantees and the terms of a government grant.

Accounts receivable, net:

Accounts receivable, net is comprised of the following:


	As of
	August 31, 2021		November 30, 2020
Billed accounts receivable	$	657,873	$	644,789
Unbilled accounts receivable	479,494		445,655
Less: Allowance for doubtful accounts	(5,951)		(8,963)
Accounts receivable, net	$	1,131,416	$	1,081,481

Allowance for doubtful trade receivables:

Presented below is a progression of the allowance for doubtful trade receivables:


	Three Months Ended				Nine Months Ended
	August 31,				August 31,
	2021		2020		2021		2020
Balance at beginning of period	$	5,513	$	10,873	$	8,963	$	6,055
Net additions (reductions)	1,369		(641)		(763)		5,477
Write-offs and reclassifications	(931)		(2,435)		(2,249)		(3,735)
Balance at end of period	$	5,951	$	7,797	$	5,951	$	7,797

Property and equipment, net:

The following tables summarize the carrying amounts and related accumulated depreciation for property and equipment as of August 31, 2021 and November 30, 2020:


	As of
	August 31, 2021		November 30, 2020
Land	$	27,759	$	29,000
Equipment, computers and software	469,329		476,243
Furniture and fixtures	90,850		90,944
Buildings, building improvements and leasehold improvements	354,738		336,194
Construction-in-progress	7,577		10,115
Total property and equipment, gross	$	950,253	$	942,496
Less: Accumulated depreciation	(552,412)		(490,847)
Property and equipment, net	$	397,841	$	451,649

Shown below are the countries where 10% or more of the Company’s property and equipment, net are located:


	As of
	August 31, 2021		November 30, 2020
Property and equipment, net:
United States	$	99,528	$	149,903
Philippines	82,184		87,686
India	46,718		46,642
Others	169,411		167,418
Total	$	397,841	$	451,649

Goodwill:

The following table summarizes the changes in the Company’s goodwill for the nine months ended August 31, 2021:


Balance as of November 30, 2020	$	1,836,050
Acquisition	3,502
Divestitures	(14,690)
Foreign exchange translation	(2,220)
Balance as of August 31, 2021	$	1,822,642

Intangible assets, net:

The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of August 31, 2021 and November 30, 2020:


	As of August 31, 2021						As of November 30, 2020
	Gross amounts		Accumulated amortization		Net amounts		Gross amounts		Accumulated amortization		Net amounts
Customer relationships	$	1,362,259	$	(669,651)	$	692,608	$	1,389,341	$	(595,024)	$	794,317
Technology	10,892		(8,683)		2,209		14,830		(11,045)		3,785
Trade names	6,817		(6,349)		468		6,846		(5,989)		857
	$	1,379,968	$	(684,683)	$	695,285	$	1,411,017	$	(612,058)	$	798,959

Estimated future amortization expense of the Company’s intangible assets is as follows:


Fiscal years ending November 30,
2021 (remaining three months)	$	33,824
2022	115,664
2023	101,531
2024	85,020
2025	74,978
Thereafter	284,268
Total	$	695,285

Accumulated other comprehensive income (loss):

The components of accumulated other comprehensive income (loss) (“AOCI”), net of taxes, were as follows:


	Three Months Ended August 31, 2021 and 2020
	Unrecognized gains (losses) on defined benefit plan, net of taxes		Unrealized gains (losses) on cash flow hedges, net of taxes		Foreign currency translation gain (losses), net of taxes		Total
Balance, May 31, 2020	$	(29,938)	$	9,885	$	(76,155)	$	(96,208)
Other comprehensive income (loss) before reclassification	(8,881)		26,086		74,383		91,588
Reclassification of gains from other comprehensive income (loss)	—		(5,942)		—		(5,942)
Balances at August 31, 2020	$	(38,819)	$	30,029	$	(1,772)	$	(10,562)

Balance, May 31, 2021	$	(39,032)	$	23,312	$	47,270	$	31,550
Other comprehensive income (loss) before reclassification	2		(11,219)		(56,105)		(67,322)
Reclassification of gains from other comprehensive income (loss)	—		(4,091)		—		(4,091)
Balances at August 31, 2021	$	(39,030)	$	8,002	$	(8,835)	$	(39,863)


	Nine Months Ended August 31, 2021 and 2020
	Unrecognized gains (losses) on defined benefit plan, net of taxes		Unrealized gains (losses) on cash flow hedges, net of taxes		Foreign currency translation gains (losses), net of taxes		Total
Balance, November 30, 2019	$	(29,940)	$	17,523	$	(37,665)	$	(50,082)
Other comprehensive income (loss) before reclassification	(8,879)		26,860		35,893		53,874
Reclassification of gains from other comprehensive income (loss)	—		(14,354)		—		(14,354)
Balances at August 31, 2020	$	(38,819)	$	30,029	$	(1,772)	$	(10,562)

Balance, November 30, 2020	$	(38,584)	$	29,239	$	5,531	$	(3,814)
Other comprehensive income (loss) before reclassification	(446)		(620)		(14,366)		(15,432)
Reclassification of gains from other comprehensive income (loss)	—		(20,617)		—		(20,617)
Balances at August 31, 2021	$	(39,030)	$	8,002	$	(8,835)	$	(39,863)

Refer to Note 6 for the location of gains and losses on cash flow hedges reclassified from other comprehensive income (loss) to the consolidated statements of operations. Reclassifications of amortization of actuarial (gains) losses of defined benefits plans is recorded in “Other expense (income), net” in the consolidated statement of operations.

Restructuring:

The following table presents the activity related to liabilities for restructuring charges of previous acquisitions for the three and nine months ended August 31, 2021 and 2020:


	Three Months Ended August 31, 2021 and 2020
Restructuring costs	Severance and benefits		Facility and exit costs		Total
Accrued balance as of May 31, 2020	$	526	$	10,548	$	11,074
Additional (release of) accrual during the period	(214)		336		122
Cash payments	(219)		(2,362)		(2,581)
Accrued balance as of August 31, 2020	$	93	$	8,522	$	8,615

Accrued balance as of May 31, 2021	$	—	$	14,194	$	14,194
Additional accrual during the period	—		62		62
Cash payments	—		(990)		(990)
Accrued balance as of August 31, 2021	$	—	$	13,266	$	13,266


	Nine Months Ended August 31, 2021 and 2020
Restructuring costs	Severance and benefits		Facility and exit costs		Total
Accrued balance as of November 30, 2019	$	2,828	$	14,164	$	16,992
Additional (release of) accrual during the period	(535)		451		(84)
Cash payments	(2,200)		(6,093)		(8,293)
Accrued balance as of August 31, 2020	$	93	$	8,522	$	8,615

Accrued balance as of November 30, 2020	$	—	$	17,810	$	17,810
Release of accrual during the period	—		(348)		(348)
Cash payments	—		(4,196)		(4,196)
Accrued balance as of August 31, 2021	$	—	$	13,266	$	13,266

DERIVATIVE INSTRUMENTS

9 Months Ended

Aug. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS:

In the ordinary course of business, the Company is exposed to foreign currency risk and credit risk. The Company enters into transactions, and owns monetary assets and liabilities, that are denominated in currencies other than the legal entity’s functional currency. The Company may enter into forward contracts, option contracts, or other derivative instruments to offset a portion of the risk on expected future cash flows, earnings, net investments in certain non-U.S. legal entities and certain existing assets and liabilities. However, the Company may choose not to hedge certain exposures for a variety of reasons including, but not limited to, accounting considerations and the prohibitive economic cost of hedging particular exposures. There can be no assurance the hedges will offset more than a portion of the financial impact resulting from movements in foreign currency exchange or interest rates. Generally, the Company does not use derivative instruments to cover equity risk and credit risk. The Company’s hedging program is not used for trading or speculative purposes.

All derivatives are recognized on the balance sheet at their fair value. Changes in the fair value of derivatives are recorded in the consolidated statements of operations, or as a component of AOCI in the consolidated balance sheets, as discussed below.

Cash Flow Hedges

To protect gross margins from fluctuations in foreign currency exchange rates, certain of the Company’s legal entities with functional currencies that are not U.S. dollars may hedge a portion of forecasted revenue or costs not denominated in the entities’ functional currencies. These instruments mature at various dates through August 2023. Gains and losses on cash flow hedges are recorded in AOCI until the hedged item is recognized in earnings. Deferred gains and losses associated with cash flow hedges of foreign currency revenue are recognized as a component of “Revenue” in the same period as the related revenue is recognized, and deferred gains and losses related to cash flow hedges of costs are recognized as a component of “Cost of revenue” or “Selling, general and administrative expenses” in the same period as the related costs are recognized. Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. Deferred gains and losses in AOCI associated with such derivative instruments are reclassified into earnings in the period of de-designation. Any subsequent changes in fair value of such derivative instruments are recorded in earnings unless they are re-designated as hedges of other transactions.

Non-Designated Derivatives

The Company uses short-term forward contracts to offset the foreign exchange risk of assets and liabilities denominated in currencies other than the functional currency of the respective entities. These contracts, which are not designated as hedging instruments, mature or settle within twelve months. Derivatives that are not designated as

hedging instruments are adjusted to fair value through earnings in the financial statement line item to which the derivative relates.

Fair Values of Derivative Instruments in the Consolidated Balance Sheets

The fair values of the Company’s derivative instruments are disclosed in Note 7 and summarized in the table below:


	As of
Balance Sheet Line Item	August 31, 2021		November 30, 2020
Derivative instruments not designated as hedging instruments:
Foreign exchange forward contracts (notional value)	$	1,232,201	$	1,153,352
Other current assets	11,392		15,666
Other accrued liabilities	8,673		6,215
Derivative instruments designated as cash flow hedges:
Foreign exchange forward contracts (notional value)	$	870,844	$	814,731
Other current assets and other assets	18,033		38,212
Other accrued liabilities and other long-term liabilities	7,292		309

Volume of activity

The notional amounts of foreign exchange forward contracts represent the gross amounts of foreign currency, including, principally, the Philippine Peso, the Indian Rupee, the Euro, the British Pound, the Canadian Dollar and the Japanese Yen, that will be bought or sold at maturity. The notional amounts for outstanding derivative instruments provide one measure of the transaction volume outstanding and do not represent the amount of the Company’s exposure to credit or market loss. The Company’s exposure to credit loss and market risk will vary over time as currency rates change.

The Effect of Derivative Instruments on AOCI and the Consolidated Statements of Operations

The following table shows the gains and losses, before taxes, of the Company’s derivative instruments designated as cash flow hedges and not designated as hedging instruments in other comprehensive income (“OCI”), and the consolidated statements of operations for the periods presented:


	Locations of gain (loss) in income	Three Months Ended				Nine Months Ended
		August 31, 2021		August 31, 2020		August 31, 2021		August 31, 2020
Derivative instruments designated as cash flow hedges
(Losses) gains recognized in OCI:
Foreign exchange forward contracts		$	(15,059)	$	34,764	$	(666)	$	35,795

Gains reclassified from AOCI into income:
Foreign exchange forward contracts
Gain reclassified from AOCI into income	Cost of revenue for services	$	3,839	$	5,567	$	19,801	$	13,322
Gain reclassified from AOCI into income	Selling, general and administrative expenses	1,652		2,351		7,756		5,806
Total		$	5,491	$	7,918	$	27,557	$	19,128

Derivative instruments not designated as hedging instruments:
(Loss) gain recognized from foreign exchange forward contracts, net(1)	Other income (expense), net	$	(13,388)	$	24,783	$	4,653	$	26,963

(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.

There were no material gain or loss amounts excluded from the assessment of effectiveness. Existing net gains in AOCI that are expected to be reclassified into earnings in the normal course of business within the next twelve months are $10,306.

Offsetting of Derivatives

In the consolidated balance sheets, the Company does not offset derivative assets against liabilities in master netting arrangements.

Credit exposure for derivative financial instruments is limited to the amounts, if any, by which the counterparties’ obligations under the contracts exceed the Company’s obligations to the counterparties. The Company manages the potential risk of credit losses through careful evaluation of counterparty credit standing and selection of counterparties from a limited group of financial institutions.

FAIR VALUE MEASUREMENTS

9 Months Ended

Aug. 31, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS:

The Company’s fair value measurements are classified and disclosed in one of the following three categories:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

The following table summarizes the valuation of the Company’s investments and financial instruments that are measured at fair value on a recurring basis:


	As of August 31, 2021								As of November 30, 2020
			Fair value measurement category								Fair value measurement category
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	99,719	$	99,719	$	—	$	—	$	60,242	$	60,242	$	—	$	—
Foreign government bond	1,476		1,476		—		—		1,355		1,355		—		—
Forward foreign currency exchange contracts	29,425		—		29,425		—		53,878		—		53,878		—
Liabilities:
Forward foreign currency exchange contracts	$	15,965	$	—	$	15,965	$	—	$	6,524	$	—	$	6,524	$	—

The Company’s cash equivalents consist primarily of highly liquid investments in money market funds and term deposits with maturity periods of three months or less. The carrying values of cash equivalents approximate fair value since they are near their maturity. Investment in foreign government bond classified as available-for-sale debt security is recorded at fair value based on quoted market prices. The fair values of forward exchange contracts are measured based on the foreign currency spot and forward rates quoted by the banks or foreign currency dealers. Fair values of long-term foreign currency exchange contracts are measured using valuations based upon quoted prices for similar assets and liabilities in active markets and are valued by reference to similar financial instruments, adjusted for terms specific to the contracts. The effect of nonperformance risk on the fair value of derivative instruments was not material as of August 31, 2021 and November 30, 2020.

The carrying values of term deposits with maturities less than one year, accounts receivable and accounts payable approximate fair value due to their short maturities and interest rates that are variable in nature. The carrying values of the outstanding balance on the Term Loan under the Company’s Credit Facility and the outstanding balance on the Securitization Facility approximate their fair values since they bear interest rates that are similar to existing market rates.

During the three and nine months ended August 31, 2021 and 2020, there were no transfers between the fair value measurement category levels.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

BORROWINGS

9 Months Ended

Aug. 31, 2021

Debt Disclosure [Abstract]

BORROWINGS

BORROWINGS:

Borrowings consist of the following:


	As of
	August 31, 2021		November 30, 2020
Credit Facility - current portion of Term Loan component	$	—	$	33,750

Credit Facility - Term Loan component	$	700,000	$	866,250
Securitization Facility	169,000		250,000
Long-term debt, before unamortized debt discount and issuance costs	869,000		1,116,250
Less: unamortized debt discount and issuance costs	(3,163)		(4,888)
Long-term debt, net	$	865,837	$	1,111,362

Credit Facility

On October 16, 2020, Concentrix entered into a senior secured credit facility, which provides for the extension of revolving loans of up to $600,000 (the “Revolver”) and term loan borrowings of up to $900,000 (the “Term Loan” and, together with the Revolver, the “Credit Facility”). On November 30, 2020, in connection with the spin-off, the Company incurred $900,000 of initial Term Loan borrowings under the Credit Facility. Substantially all of the proceeds from such indebtedness, net of debt issuance costs, were transferred to SYNNEX on November 30, 2020 to eliminate debt owed by Concentrix to SYNNEX and in exchange for the contribution of certain Concentrix trademarks from SYNNEX to Concentrix.

The Credit Facility matures on November 30, 2025. Beginning May 31, 2021, the outstanding principal amount of the Term Loan was payable in quarterly installments of $11,250 with the unpaid balance due in full on the maturity date. Concentrix may prepay the loans under the Credit Facility at any time without penalty, other than breakage fees. During the nine months ended August 31, 2021, the Company paid $200,000 of the principal balance on the Term Loan.

Concentrix may request, subject to obtaining commitments from any participating lenders and certain other conditions, incremental commitments to increase the amount of the Revolver or the Term Loan available under the Credit Facility in an aggregate principal amount of up to $450,000, plus an additional amount, so long as after giving effect to the incurrence of such additional amount, the Company’s pro forma first lien leverage ratio (as defined in the Credit Facility) would not exceed 3.00 to 1.00.

Obligations under the Credit Facility are secured by substantially all of the assets of Concentrix and certain of its U.S. subsidiaries and are guaranteed by certain of its U.S. subsidiaries.

Borrowings under the Revolver and the Term Loan bear interest, in the case of LIBOR rate loans, at a per annum rate equal to the applicable LIBOR rate (but not less than 0.25%), plus an applicable margin, which ranges from 1.25% to 2.25%, based on Concentrix’ consolidated leverage ratio. Borrowings under the Credit Facility that are not LIBOR rate loans bear interest at a per annum rate equal to (i) the greatest of (a) the Federal Funds Rate in effect on such day plus 1/2 of 1.0%, (b) the rate of interest last publicly announced by Bank of America as its “prime rate” and (c) the LIBOR rate plus 1.0%, plus (ii) an applicable margin, which ranges from 0.25% to 1.25%, based on Concentrix’ consolidated leverage ratio. Commitments under the Revolver are subject to a commitment fee on the unused portion of the Revolver, which fee ranges from 25 to 45 basis points, based on Concentrix’ consolidated leverage ratio.

The Credit Facility contains various loan covenants that restrict the ability of Concentrix and its subsidiaries to take certain actions, including, incurrence of indebtedness, creation of liens, mergers or consolidations, dispositions of assets, repurchase or redemption of capital stock, making certain investments, entering into certain transactions

with affiliates or changing the nature of their business. In addition, the Credit Facility contains financial covenants that require Concentrix to maintain at the end of each fiscal quarter, (i) a consolidated leverage ratio (as defined in the Credit Facility) not to exceed 3.75 to 1.0 and (ii) a consolidated interest coverage ratio (as defined in the Credit Facility) equal to or greater than 3.00 to 1.0. The Credit Facility also contains various customary events of default, including payment defaults, defaults under certain other indebtedness, and a change of control of Concentrix.

At August 31, 2021 and November 30, 2020, no amounts were outstanding under the Revolver.

Securitization Facility

On October 30, 2020, Concentrix entered into a $350,000 accounts receivable securitization facility (the “Securitization Facility”) pursuant to certain agreements, including a Receivables Financing Agreement and a Receivables Purchase Agreement. On November 30, 2020, in connection with the spin-off, the Company incurred $250,000 of borrowings under the Securitization Facility. Substantially all of the proceeds from such indebtedness were transferred to SYNNEX on November 30, 2020 to eliminate debt owed by Concentrix to SYNNEX and in exchange for the contribution of certain Concentrix trademarks from SYNNEX to Concentrix.

Under the Securitization Facility, Concentrix and certain of its subsidiaries (the “Originators”) sell or otherwise transfer all of their accounts receivable to a special purpose bankruptcy-remote subsidiary of Concentrix (the “Borrower”) that grants a security interest in the receivables to the lenders in exchange for available borrowings of up to $350,000. The amount received under the Securitization Facility is recorded as debt on the Company’s consolidated balance sheets. Borrowing availability under the Securitization Facility may be limited by our accounts receivables balances, changes in the credit ratings of the clients comprising the receivables, client concentration levels in the receivables, and certain characteristics of the accounts receivable being transferred (including factors tracking performance of the accounts receivable over time). In May 2021, the Company entered into an amendment of the Securitization Facility to remove CIS as an Originator. The Securitization Facility has a termination date of October 28, 2022.

Borrowings under the Securitization Facility bear interest with respect to loans that are funded through the issuance of commercial paper at the applicable commercial paper rate plus a spread of 1.05% and, otherwise, at a per annum rate equal to the applicable LIBOR rate plus a spread of 1.15%. Concentrix is also obligated to pay a monthly undrawn fee that ranges from 30 to 37.5 basis points based on the portion of the Securitization Facility that is undrawn.

The Securitization Facility contains various affirmative and negative covenants, including a consolidated leverage ratio covenant that is consistent with the Credit Facility and customary events of default, including payment defaults, defaults under certain other indebtedness, a change in control of Concentrix, and certain events negatively affecting the overall credit quality of the transferred accounts receivable.

The Borrower’s sole business consists of the purchase or acceptance through capital contributions of the receivables and related security from the Originators and the subsequent retransfer of or granting of a security interest in such receivables and related security to the administrative agent under the Securitization Facility for the benefit of the lenders. The Borrower is a separate legal entity with its own separate creditors who will be entitled, upon its liquidation, to be satisfied out of the Borrower’s assets prior to any assets or value in the Borrower becoming available to the Borrower’s equity holders, and the assets of the Borrower are not available to pay creditors of Concentrix and its subsidiaries.

Covenant compliance

As of August 31, 2021, Concentrix was in compliance with all covenants for the above arrangements.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1I
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

EARNINGS PER SHARE

9 Months Ended

Aug. 31, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE:

Basic and diluted earnings per common share (“EPS”) are computed using the two-class method, which is an earnings allocation formula that determines EPS for each class of common stock and participating securities, according to dividends declared and participation rights in undistributed earnings. The Company’s restricted stock awards are considered participating securities because they are legally issued at the grant date and holders have a non-forfeitable right to receive dividends.

Basic EPS is generally computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per common share is generally computed by dividing net income attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, increased to include the number of shares of common stock that would have been outstanding had potential dilutive shares of common stock been issued. The dilutive effect of restricted stock units and stock options are reflected in diluted net income per share by applying the treasury stock method. There were no Concentrix equity awards outstanding prior to the spin-off, thus the computation of basic and diluted earnings per common share for all prior year periods disclosed is calculated using the shares issued in connection with the spin-off of 51.6 million shares.


	Three Months Ended				Nine Months Ended
	August 31, 2021		August 31, 2020		August 31, 2021		August 31, 2020
Basic earnings per common share:
Net income	$	109,754	$	45,397	$	281,469	$	100,184
Less: net income allocated to participating securities(1)	(1,669)		—		(3,992)		—
Net income attributable to common stockholders	$	108,085	$	45,397	$	277,477	$	100,184

Weighted-average number of common shares - basic	51,432		51,602		51,288		51,602

Basic earnings per common share	$	2.10	$	0.88	$	5.41	$	1.94

Diluted earnings per common share:
Net income	$	109,754	$	45,397	$	281,469	$	100,184
Less: net income allocated to participating securities(1)	(1,649)		—		(3,945)		—
Net income attributable to common stockholders	$	108,105	$	45,397	$	277,524	$	100,184

Weighted-average number of common shares - basic	51,432		51,602		51,288		51,602
Effect of dilutive securities:
Stock options and restricted stock units	629		—		626		—
Weighted-average number of common shares - diluted	52,061		51,602		51,914		51,602

Diluted earnings per common share	$	2.08	$	0.88	$	5.35	$	1.94

(1)Restricted stock awards granted to employees by the Company are considered participating securities.

REVENUE

9 Months Ended

Aug. 31, 2021

Revenue from Contract with Customer [Abstract]

REVENUE

REVENUE:

Disaggregated revenue

In the following table, the Company’s revenue is disaggregated by primary industry verticals:


	Three Months Ended				Nine Months Ended
	August 31, 2021		August 31, 2020		August 31, 2021		August 31, 2020
Industry vertical:
Technology and consumer electronics	$	448,104	$	360,365	$	1,278,199	$	1,012,275
Communications and media	256,461		240,718		760,111		714,966
Retail, travel and ecommerce	241,662		191,118		712,629		558,412
Banking, financial services and insurance	210,730		165,961		648,630		526,948
Healthcare	113,749		91,838		354,391		274,128
Other	126,545		113,693		366,447		331,947
Total	$	1,397,251	$	1,163,694	$	4,120,407	$	3,418,676

Deferred revenue contract liabilities and deferred costs to obtain or fulfill a contract are not material.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

TRANSACTIONS WITH FORMER PARENT

9 Months Ended

Aug. 31, 2021

TRANSACTIONS WITH FORMER PARENT

TRANSACTIONS WITH FORMER PARENT:

The Company provides certain services related to its core business to SYNNEX, its former parent. Revenue from customer experience services to former parent is included within revenue in the statements of operations. The cost associated with such services is reported as cost of revenue in the statements of operations. The Company purchases certain products from SYNNEX and, through November 30, 2020, recorded compensation expense for share-based awards granted by SYNNEX to Concentrix employees. Prior to November 30, 2020, the Company received allocations of corporate expenses by way of a monthly management fee and received financing for acquisition and operations under the terms of intra-SYNNEX group borrowing arrangements.

Prior to December 1, 2020, the Company consisted of the CX business of SYNNEX and thus, transactions with SYNNEX were considered related party transactions. On December 1, 2020, in connection with the spin-off, the Company became an independent publicly-traded company. The following table presents the Company’s related party transactions with SYNNEX for the three and nine months ended August 31, 2020:


	August 31, 2020
	Three Months Ended		Nine Months Ended
Revenue from customer experience services to former parent	$	5,273	$	15,371
Interest expense on borrowings from former parent	9,654		41,513
Interest income on borrowings made to former parent	723		1,705
Corporate allocations	394		1,181
Share-based compensation	3,929		12,031

As of November 30, 2020, the payable to former parent and its non-Concentrix subsidiaries was primarily trade in nature.

Prior to the spin-off, SYNNEX had issued guarantees to certain of the Company’s clients to guarantee the performance obligations of the Company’s legal entities. These SYNNEX guarantees were released or replaced by Concentrix guarantees on or prior to the spin-off.

In connection with the spin-off, on November 30, 2020, the Company entered into a separation and distribution agreement, an employee matters agreement, a tax matters agreement and a commercial agreement with SYNNEX to set forth the principal actions to be taken in connection with the spin-off and define the Company’s ongoing relationship with SYNNEX after the spin-off.

PENSION AND EMPLOYEE BENEFITS PLANS	9 Months Ended
PENSION AND EMPLOYEE BENEFITS PLANS	Aug. 31, 2021
Retirement Benefits [Abstract]
PENSION AND EMPLOYEE BENEFITS PLANS	PENSION AND EMPLOYEE BENEFITS PLANS: The Company has a 401(k) plan in the United States under which eligible employees may contribute up to the maximum amount as provided by law. Employees become eligible to participate in the 401(k) plan on the first day of the month after their employment date. The Company may make discretionary contributions under the plan. Employees in most of the Company’s non-U.S. legal entities are covered by government mandated defined contribution plans. During the three and nine months ended August 31, 2021, the Company contributed $27,503 and $66,644, respectively, to defined contribution plans. During the three and nine months ended August 31, 2020, the Company contributed $17,927 and $48,365, respectively, to defined contribution plans. Defined Benefit Plans The Company has defined benefit pension or retirement plans for eligible employees in certain non-U.S. legal entities. Benefits under these plans are primarily based on years of service and compensation during the years immediately preceding retirement or termination of participation in the plans. In addition, the Company has a frozen defined benefit pension plan, which includes both a qualified and non-qualified portion, for all eligible employees in the U.S. (“the cash balance plan”) and unfunded defined benefit plans for certain eligible employees in the Philippines, Malaysia and France. The pension benefit formula for the cash balance plan is determined by a combination of compensation, age-based credits and annual guaranteed interest credits. The qualified portion of the cash balance plan has been funded through contributions made to a trust fund. The plan valuation assumptions are evaluated annually and are updated as deemed necessary. Net benefit costs related to defined benefit plans were $6,288 and $12,971, during the three and nine months ended August 31, 2021, respectively. Net benefit costs related to defined benefit plans were $3,875 and $9,816, during the three and nine months ended August 31, 2020, respectively. On an aggregate basis, the plans were underfunded by $127,173 and $134,399 at August 31, 2021 and November 30, 2020, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

INCOME TAXES	9 Months Ended
INCOME TAXES	Aug. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES: Income taxes consist of current and deferred tax expense resulting from income earned in domestic and international jurisdictions. For the three and nine months ended August 31, 2020, although the Company was included in the consolidated tax returns of SYNNEX in certain jurisdictions, the Company’s tax provision was recorded as if Concentrix had filed its taxes on a stand-alone basis. As a result, Concentrix calculated a hypothetical tax as part of the SYNNEX consolidated group, which resulted in an expense adjustment to increase the income tax provision by $3,536 and $9,587, respectively, for the three and nine months ended August 31, 2020. The offset to the hypothetical tax expense was reflected in parent company investment, a component of equity in the Company’s consolidated balance sheet prior to the spin-off. The effective tax rates for the three and nine months ended August 31, 2021 and 2020 were impacted by the geographic mix of worldwide income and certain discrete items, which included an expense related to the sale of CIS of $3,745 and $12,991 for the three and nine months ended August 31, 2021. The liability for unrecognized tax benefits was $62,246 and $62,315 at August 31, 2021 and November 30, 2020, respectively, and is included in other long-term liabilities in the consolidated balance sheets. As of August 31, 2021 and November 30, 2020, the total amount of unrecognized tax benefits that would affect income tax expense if recognized in the consolidated financial statements was $54,752 and $54,910, respectively. This amount includes net interest and penalties of $14,556 and $14,402 for the respective periods. It is reasonably possible that the total amount of unrecognized tax benefits will decrease between approximately $11,000 and $28,000 in the next twelve months; however, actual developments in this area could differ from those currently expected.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LEASES

9 Months Ended

Aug. 31, 2021

Leases [Abstract]

LEASES

LEASES:

The Company leases certain of its facilities and equipment under operating lease agreements, which expire in various periods through 2035. The Company’s finance leases are not material.

The following table presents the various components of lease costs:


	Three Months Ended				Nine Months Ended
	August 31, 2021		August 31, 2020		August 31, 2021		August 31, 2020
Operating lease cost	$	50,340	$	55,682	$	152,903	$	165,884
Short-term lease cost	4,205		1,624		11,732		7,891
Variable lease cost	9,774		11,078		29,908		28,965
Sublease income	(368)		(52)		(1,259)		(186)
Total operating lease cost	$	63,951	$	68,332	$	193,284	$	202,554

The following table presents a maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next five years and thereafter as of August 31, 2021:


Fiscal Years Ending November 30,
2021 (remaining three months)	$	49,030
2022	181,923
2023	142,800
2024	103,827
2025	65,578
Thereafter	45,573
Total payments	588,731
Less: imputed interest*	71,732
Total present value of lease payments	$	516,999

*Imputed interest represents the difference between undiscounted cash flows and discounted cash flows.

The following amounts were recorded in the consolidated balance sheets related to the Company’s operating leases:


		As of
		August 31, 2021		November 30, 2020
Operating lease ROU assets	Other assets, net	$	499,111	$	506,368
Current operating lease liabilities	Other accrued liabilities	153,882		163,052
Non-current operating lease liabilities	Other long-term liabilities	363,117		373,644

The following table presents supplemental cash flow information related to the Company’s operating leases. Cash payments related to variable lease costs and short-term leases are not included in the measurement of operating lease liabilities, and, as such, are excluded from the amounts below:


	Nine Months Ended
	August 31, 2021		August 31, 2020
Cash paid for amounts included in the measurement of lease liabilities	$	157,920	$	152,094
Non-cash ROU assets obtained in exchange for lease liabilities	116,085		66,664

The weighted-average remaining lease term and discount rate as of August 31, 2021 and November 30, 2020 were as follows:


	As of
	August 31, 2021		November 30, 2020
Weighted-average remaining lease term (years)	3.89		3.97
Weighted-average discount rate	5.62	%	6.97	%

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Aug. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES: From time to time, the Company receives notices from third parties, including customers and suppliers, seeking indemnification, payment of money or other actions in connection with claims made against them. Also, from time to time, the Company has been involved in various bankruptcy preference actions where the Company was a supplier to the companies now in bankruptcy. In addition, the Company is subject to various other claims, both asserted and unasserted, that arise in the ordinary course of business. The Company evaluates these claims and records the related liabilities. It is possible that the ultimate liabilities could differ from the amounts recorded. Under the separation and distribution agreement with SYNNEX, the Company agreed to indemnify SYNNEX, each of its subsidiaries and each of their respective directors, officers and employees from and against all liabilities allocated to Concentrix under the separation and distribution agreement, which are generally those liabilities that relate to the CX business and the Company’s business activities, whether incurred prior to or after the spin-off. Under the tax matters agreement with SYNNEX, if the spin-off fails to qualify for tax-free treatment, the Company is generally required to indemnify SYNNEX for any taxes resulting from the spin-off (and related costs and other damages) to the extent such amounts result from (1) an acquisition of all or a portion of the Company’s equity securities or assets by any means, (2) any action or failure to act by the Company after the distribution affecting the voting rights of the Company’s stock, (3) other actions or failures to act by the Company, or (4) certain breaches of the Company’s agreements and representations in the tax matters agreement. The Company’s indemnification obligations to SYNNEX and its subsidiaries, officers, directors and employees are not limited by any maximum amount. The Company does not believe that the above commitments and contingencies will have a material adverse effect on the Company’s results of operations, financial position or cash flows.

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Aug. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS: In September 2021, the Company’s Board of Directors (the “Board”) declared a quarterly dividend of $0.25 per share. The dividend will be payable in cash on November 2, 2021, to shareholders of record at the close of business on October 22, 2021. In addition, the Board has authorized the Company to purchase up to $500 million of the Company’s outstanding shares of common stock from time to time as market and business conditions warrant, including through open market purchases or Rule 10b5-1 trading plans. The repurchase program has no termination date and may be suspended or discontinued at any time.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Aug. 31, 2021
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying interim unaudited consolidated financial statements have been prepared by the Company in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The amounts as of November 30, 2020 have been derived from the Company’s annual audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2020. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to state fairly the financial position of the Company and its results of operations and cash flows as of and for the periods presented. These interim consolidated financial statements should be read in conjunction with the annual audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended November 30, 2020. Prior to the spin-off on December 1, 2020 Prior to the spin-off, the CX business was held entirely within certain wholly-owned subsidiaries of SYNNEX dedicated to the CX business. As the separate legal entities that made up the CX business were not historically held by a single legal entity, the financial statements of the Company were prepared in connection with the expected separation and were derived from the SYNNEX consolidated financial statements and accounting records as if the Company had been operated on a stand-alone basis during the periods presented. Accordingly, for periods prior to December 1, 2020, the Company’s financial statements are presented on a combined basis, and for the periods subsequent to December 1, 2020, they are presented on a consolidated basis (all periods hereinafter are referred to as “consolidated financial statements”). All direct revenue and expenses attributable to the CX business, including certain allocations of former parent costs and expenses, were separately maintained in a separate ledger in the legal entities that made up the CX business. As the separate legal entities that made up the CX business were not historically held by a single legal entity, former parent company investment was shown in lieu of stockholders’ equity in the prior year periods. All significant intercompany balances and transactions between the legal entities that comprised the CX business were eliminated. Management of the Company and the former parent considered allocations of former parent costs to be a reasonable reflection of the utilization of services by, or the benefits provided to, the Company. The allocations may not, however, have reflected the expense the Company would have incurred as a stand-alone company for those periods presented. Actual costs that may have been incurred if the Company had been a stand-alone company would depend on a number of factors, including the chosen organizational structure, what functions were outsourced or performed by employees and other strategic decisions. Prior to the spin-off, certain Concentrix legal entities in the United States jointly and severally guaranteed certain of SYNNEX’ borrowing arrangements and substantially all of the assets of these Concentrix legal entities secured SYNNEX’ obligations under the borrowing arrangements. Historically, Concentrix received or provided funding for acquisitions or ongoing operations as part of SYNNEX’ centralized treasury program. Accordingly, only cash amounts specifically recorded in the separate Concentrix ledger were reflected in the balance sheets. The Company reflected transfers of the cash from the former parent’s cash management system as loans or other accounts payable to the former parent or a reduction of accounts or loans receivable in the balance sheets based on the purpose for which the cash was provided by the former parent. Similarly, cash transfers to the former parent were reflected as reductions of loans or other accounts payable to the former parent or as loans receivable from the former parent. The cash payments and receipts were recorded in the statements of cash flows as operating or financing activities based on the nature of the transactions for which the funds were transferred between the Company and the former parent. Prior to the spin-off, operations of Concentrix were included in the consolidated U.S. federal, and certain state and local income tax returns filed by SYNNEX, where applicable. Concentrix also filed certain separate state, local and foreign tax returns. Income tax expense and other income tax related information contained in the financial statements prior to the spin-off were presented on a separate return basis, which required the Company to estimate tax expense as if the Company filed a separate return apart from SYNNEX. The income taxes of Concentrix as presented in the financial statements for these periods may not be indicative of the income taxes that Concentrix has incurred or will incur following the spin-off.
Reclassifications	Reclassifications Certain amounts in the consolidated financial statements related to the prior periods have been reclassified to conform to the current period’s presentation.
Risks and uncertainties related to the COVID-19 pandemic	Risks and uncertainties related to the COVID-19 pandemic In December 2019, there was an outbreak of a new strain of coronavirus (“COVID-19”), which was declared a pandemic by the World Health Organization in March 2020. The COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains and labor force participation, and created significant volatility and disruption of financial markets. The Company successfully transitioned a significant portion of its workforce to a remote working environment throughout the second quarter of 2020 and implemented a number of safety and social distancing measures in our sites to protect the health and safety of employees. During the nine months ended August 31, 2021, almost all of the Company’s workforce was productive. The Company is unable to predict how long the pandemic conditions will persist in regions in which the Company operates, if or when countries or localities may experience an increase in COVID-19 cases, what additional measures may be introduced by governments or the Company’s clients in response to the pandemic generally or to an increase in COVID-19 cases in a particular country or locality, and the effect of any such additional measures on the Company’s business. As a result, many of the estimates and assumptions used in preparation of these consolidated financial statements required increased judgment and carry a higher degree of variability and volatility. As events continue to evolve with respect to the pandemic and the global recovery from the pandemic, the Company’s estimates may materially change in future periods.
Concentration of credit risk	Concentration of credit risk For the three and nine months ended August 31, 2021, one client accounted for 11.9% and 11.7% of the Company’s consolidated revenue, respectively. For the three and nine months ended August 31, 2020, one client accounted for 11.8% and 10.8% of the Company’s consolidated revenue, respectively. As of August 31, 2021 and November 30, 2020, one client comprised 14.9% and 16.2%, respectively, of the Company’s total accounts receivable balance.
Recently adopted accounting pronouncements and Recently issued accounting pronouncements	Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board (the “FASB”) issued a new credit loss standard that replaces the current incurred loss impairment model with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. This standard became effective for the Company's fiscal year beginning December 1, 2020. The adoption did not have a material impact on the consolidated financial statements. Recently issued accounting pronouncements In March 2020, the FASB issued optional guidance for a limited time to ease the potential burden in accounting for or recognizing the effects of reference rate reform, particularly, the risk of cessation of the London Interbank Offered Rate (“LIBOR”) on financial reporting. The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments are elective and are effective upon issuance for all entities through December 31, 2022. The Company is currently evaluating the impact of the new guidance. In December 2019, the FASB issued new guidance that simplifies the accounting for income taxes. The guidance is effective for annual reporting periods beginning after December 15, 2020, and interim periods within those reporting periods. Certain amendments should be applied prospectively, while other amendments should be applied retrospectively to all periods presented. The Company is currently evaluating the impact of the new guidance. In August 2018, the FASB issued new guidance to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The guidance requires the Company to disclose the weighted-average interest crediting rates used in cash balance pension plans. It also requires the Company to disclose the reasons for significant changes in the benefit obligation or plan assets, including significant gains and losses affecting the benefit obligation for the period. This standard is effective for fiscal years ending after December 15, 2020, and early adoption is permitted. The adoption is not expected to have a material impact on the Company’s consolidated financial statements.

SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Aug. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Compensation Expense

The Company recorded share-based compensation expense in the consolidated statements of operations for the three and nine months ended August 31, 2021 and 2020 as follows:


	Three Months Ended				Nine Months Ended
	August 31, 2021		August 31, 2020		August 31, 2021		August 31, 2020
Total share-based compensation	$	9,457	$	3,929	$	25,858	$	12,031
Tax benefit recorded in the provision for income taxes	(2,364)		(982)		(6,464)		(3,008)
Effect on net income	$	7,093	$	2,947	$	19,394	$	9,023

BALANCE SHEET COMPONENTS (Tables)

9 Months Ended

Aug. 31, 2021

Balance Sheet Related Disclosures [Abstract]

Schedule of Cash and Cash Equivalents


	As of
	August 31, 2021		November 30, 2020
Cash and cash equivalents	$	154,193	$	152,656
Restricted cash included in other current assets	1,401		3,695
Cash, cash equivalents and restricted cash	$	155,594	$	156,351

Schedule of Restricted Cash and Cash Equivalents


	As of
	August 31, 2021		November 30, 2020
Cash and cash equivalents	$	154,193	$	152,656
Restricted cash included in other current assets	1,401		3,695
Cash, cash equivalents and restricted cash	$	155,594	$	156,351

Schedule of Accounts Receivable

Accounts receivable, net is comprised of the following:


	As of
	August 31, 2021		November 30, 2020
Billed accounts receivable	$	657,873	$	644,789
Unbilled accounts receivable	479,494		445,655
Less: Allowance for doubtful accounts	(5,951)		(8,963)
Accounts receivable, net	$	1,131,416	$	1,081,481

Schedule of Allowance for Doubtful Trade Receivables

Presented below is a progression of the allowance for doubtful trade receivables:


	Three Months Ended				Nine Months Ended
	August 31,				August 31,
	2021		2020		2021		2020
Balance at beginning of period	$	5,513	$	10,873	$	8,963	$	6,055
Net additions (reductions)	1,369		(641)		(763)		5,477
Write-offs and reclassifications	(931)		(2,435)		(2,249)		(3,735)
Balance at end of period	$	5,951	$	7,797	$	5,951	$	7,797

Property, Plant and Equipment

The following tables summarize the carrying amounts and related accumulated depreciation for property and equipment as of August 31, 2021 and November 30, 2020:


	As of
	August 31, 2021		November 30, 2020
Land	$	27,759	$	29,000
Equipment, computers and software	469,329		476,243
Furniture and fixtures	90,850		90,944
Buildings, building improvements and leasehold improvements	354,738		336,194
Construction-in-progress	7,577		10,115
Total property and equipment, gross	$	950,253	$	942,496
Less: Accumulated depreciation	(552,412)		(490,847)
Property and equipment, net	$	397,841	$	451,649

Shown below are the countries where 10% or more of the Company’s property and equipment, net are located:


	As of
	August 31, 2021		November 30, 2020
Property and equipment, net:
United States	$	99,528	$	149,903
Philippines	82,184		87,686
India	46,718		46,642
Others	169,411		167,418
Total	$	397,841	$	451,649

Schedule of Goodwill

The following table summarizes the changes in the Company’s goodwill for the nine months ended August 31, 2021:


Balance as of November 30, 2020	$	1,836,050
Acquisition	3,502
Divestitures	(14,690)
Foreign exchange translation	(2,220)
Balance as of August 31, 2021	$	1,822,642

Schedule of Intangible Assets

The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of August 31, 2021 and November 30, 2020:


	As of August 31, 2021						As of November 30, 2020
	Gross amounts		Accumulated amortization		Net amounts		Gross amounts		Accumulated amortization		Net amounts
Customer relationships	$	1,362,259	$	(669,651)	$	692,608	$	1,389,341	$	(595,024)	$	794,317
Technology	10,892		(8,683)		2,209		14,830		(11,045)		3,785
Trade names	6,817		(6,349)		468		6,846		(5,989)		857
	$	1,379,968	$	(684,683)	$	695,285	$	1,411,017	$	(612,058)	$	798,959

Schedule of Intangible Assets, Future Amortization Expense

Estimated future amortization expense of the Company’s intangible assets is as follows:


Fiscal years ending November 30,
2021 (remaining three months)	$	33,824
2022	115,664
2023	101,531
2024	85,020
2025	74,978
Thereafter	284,268
Total	$	695,285

Schedule of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) (“AOCI”), net of taxes, were as follows:


	Three Months Ended August 31, 2021 and 2020
	Unrecognized gains (losses) on defined benefit plan, net of taxes		Unrealized gains (losses) on cash flow hedges, net of taxes		Foreign currency translation gain (losses), net of taxes		Total
Balance, May 31, 2020	$	(29,938)	$	9,885	$	(76,155)	$	(96,208)
Other comprehensive income (loss) before reclassification	(8,881)		26,086		74,383		91,588
Reclassification of gains from other comprehensive income (loss)	—		(5,942)		—		(5,942)
Balances at August 31, 2020	$	(38,819)	$	30,029	$	(1,772)	$	(10,562)

Balance, May 31, 2021	$	(39,032)	$	23,312	$	47,270	$	31,550
Other comprehensive income (loss) before reclassification	2		(11,219)		(56,105)		(67,322)
Reclassification of gains from other comprehensive income (loss)	—		(4,091)		—		(4,091)
Balances at August 31, 2021	$	(39,030)	$	8,002	$	(8,835)	$	(39,863)


	Nine Months Ended August 31, 2021 and 2020
	Unrecognized gains (losses) on defined benefit plan, net of taxes		Unrealized gains (losses) on cash flow hedges, net of taxes		Foreign currency translation gains (losses), net of taxes		Total
Balance, November 30, 2019	$	(29,940)	$	17,523	$	(37,665)	$	(50,082)
Other comprehensive income (loss) before reclassification	(8,879)		26,860		35,893		53,874
Reclassification of gains from other comprehensive income (loss)	—		(14,354)		—		(14,354)
Balances at August 31, 2020	$	(38,819)	$	30,029	$	(1,772)	$	(10,562)

Balance, November 30, 2020	$	(38,584)	$	29,239	$	5,531	$	(3,814)
Other comprehensive income (loss) before reclassification	(446)		(620)		(14,366)		(15,432)
Reclassification of gains from other comprehensive income (loss)	—		(20,617)		—		(20,617)
Balances at August 31, 2021	$	(39,030)	$	8,002	$	(8,835)	$	(39,863)

Liability for Restructuring Charges related to Acquisition

The following table presents the activity related to liabilities for restructuring charges of previous acquisitions for the three and nine months ended August 31, 2021 and 2020:


	Three Months Ended August 31, 2021 and 2020
Restructuring costs	Severance and benefits		Facility and exit costs		Total
Accrued balance as of May 31, 2020	$	526	$	10,548	$	11,074
Additional (release of) accrual during the period	(214)		336		122
Cash payments	(219)		(2,362)		(2,581)
Accrued balance as of August 31, 2020	$	93	$	8,522	$	8,615

Accrued balance as of May 31, 2021	$	—	$	14,194	$	14,194
Additional accrual during the period	—		62		62
Cash payments	—		(990)		(990)
Accrued balance as of August 31, 2021	$	—	$	13,266	$	13,266


	Nine Months Ended August 31, 2021 and 2020
Restructuring costs	Severance and benefits		Facility and exit costs		Total
Accrued balance as of November 30, 2019	$	2,828	$	14,164	$	16,992
Additional (release of) accrual during the period	(535)		451		(84)
Cash payments	(2,200)		(6,093)		(8,293)
Accrued balance as of August 31, 2020	$	93	$	8,522	$	8,615

Accrued balance as of November 30, 2020	$	—	$	17,810	$	17,810
Release of accrual during the period	—		(348)		(348)
Cash payments	—		(4,196)		(4,196)
Accrued balance as of August 31, 2021	$	—	$	13,266	$	13,266

DERIVATIVE INSTRUMENTS (Tables)

9 Months Ended

Aug. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair values of the Company’s derivative instruments are disclosed in Note 7 and summarized in the table below:


	As of
Balance Sheet Line Item	August 31, 2021		November 30, 2020
Derivative instruments not designated as hedging instruments:
Foreign exchange forward contracts (notional value)	$	1,232,201	$	1,153,352
Other current assets	11,392		15,666
Other accrued liabilities	8,673		6,215
Derivative instruments designated as cash flow hedges:
Foreign exchange forward contracts (notional value)	$	870,844	$	814,731
Other current assets and other assets	18,033		38,212
Other accrued liabilities and other long-term liabilities	7,292		309

Derivative Instruments, Gain (Loss)


	Locations of gain (loss) in income	Three Months Ended				Nine Months Ended
		August 31, 2021		August 31, 2020		August 31, 2021		August 31, 2020
Derivative instruments designated as cash flow hedges
(Losses) gains recognized in OCI:
Foreign exchange forward contracts		$	(15,059)	$	34,764	$	(666)	$	35,795

Gains reclassified from AOCI into income:
Foreign exchange forward contracts
Gain reclassified from AOCI into income	Cost of revenue for services	$	3,839	$	5,567	$	19,801	$	13,322
Gain reclassified from AOCI into income	Selling, general and administrative expenses	1,652		2,351		7,756		5,806
Total		$	5,491	$	7,918	$	27,557	$	19,128

Derivative instruments not designated as hedging instruments:
(Loss) gain recognized from foreign exchange forward contracts, net(1)	Other income (expense), net	$	(13,388)	$	24,783	$	4,653	$	26,963

(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.

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Aug. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table summarizes the valuation of the Company’s investments and financial instruments that are measured at fair value on a recurring basis:


	As of August 31, 2021								As of November 30, 2020
			Fair value measurement category								Fair value measurement category
	Total		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents	$	99,719	$	99,719	$	—	$	—	$	60,242	$	60,242	$	—	$	—
Foreign government bond	1,476		1,476		—		—		1,355		1,355		—		—
Forward foreign currency exchange contracts	29,425		—		29,425		—		53,878		—		53,878		—
Liabilities:
Forward foreign currency exchange contracts	$	15,965	$	—	$	15,965	$	—	$	6,524	$	—	$	6,524	$	—

BORROWINGS (Tables)

9 Months Ended

Aug. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

Borrowings consist of the following:


	As of
	August 31, 2021		November 30, 2020
Credit Facility - current portion of Term Loan component	$	—	$	33,750

Credit Facility - Term Loan component	$	700,000	$	866,250
Securitization Facility	169,000		250,000
Long-term debt, before unamortized debt discount and issuance costs	869,000		1,116,250
Less: unamortized debt discount and issuance costs	(3,163)		(4,888)
Long-term debt, net	$	865,837	$	1,111,362

EARNINGS PER SHARE (Tables)

9 Months Ended

Aug. 31, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share


	Three Months Ended				Nine Months Ended
	August 31, 2021		August 31, 2020		August 31, 2021		August 31, 2020
Basic earnings per common share:
Net income	$	109,754	$	45,397	$	281,469	$	100,184
Less: net income allocated to participating securities(1)	(1,669)		—		(3,992)		—
Net income attributable to common stockholders	$	108,085	$	45,397	$	277,477	$	100,184

Weighted-average number of common shares - basic	51,432		51,602		51,288		51,602

Basic earnings per common share	$	2.10	$	0.88	$	5.41	$	1.94

Diluted earnings per common share:
Net income	$	109,754	$	45,397	$	281,469	$	100,184
Less: net income allocated to participating securities(1)	(1,649)		—		(3,945)		—
Net income attributable to common stockholders	$	108,105	$	45,397	$	277,524	$	100,184

Weighted-average number of common shares - basic	51,432		51,602		51,288		51,602
Effect of dilutive securities:
Stock options and restricted stock units	629		—		626		—
Weighted-average number of common shares - diluted	52,061		51,602		51,914		51,602

Diluted earnings per common share	$	2.08	$	0.88	$	5.35	$	1.94

(1)Restricted stock awards granted to employees by the Company are considered participating securities.

REVENUE (Tables)

9 Months Ended

Aug. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

In the following table, the Company’s revenue is disaggregated by primary industry verticals:


	Three Months Ended				Nine Months Ended
	August 31, 2021		August 31, 2020		August 31, 2021		August 31, 2020
Industry vertical:
Technology and consumer electronics	$	448,104	$	360,365	$	1,278,199	$	1,012,275
Communications and media	256,461		240,718		760,111		714,966
Retail, travel and ecommerce	241,662		191,118		712,629		558,412
Banking, financial services and insurance	210,730		165,961		648,630		526,948
Healthcare	113,749		91,838		354,391		274,128
Other	126,545		113,693		366,447		331,947
Total	$	1,397,251	$	1,163,694	$	4,120,407	$	3,418,676

TRANSACTIONS WITH FORMER PARENT (Tables)

9 Months Ended

Aug. 31, 2021

Schedule of Related Party Transactions

The following table presents the Company’s related party transactions with SYNNEX for the three and nine months ended August 31, 2020:


	August 31, 2020
	Three Months Ended		Nine Months Ended
Revenue from customer experience services to former parent	$	5,273	$	15,371
Interest expense on borrowings from former parent	9,654		41,513
Interest income on borrowings made to former parent	723		1,705
Corporate allocations	394		1,181
Share-based compensation	3,929		12,031

LEASES (Tables)

9 Months Ended

Aug. 31, 2021

Leases [Abstract]

Schedule of Lease Cost

The following table presents the various components of lease costs:


	Three Months Ended				Nine Months Ended
	August 31, 2021		August 31, 2020		August 31, 2021		August 31, 2020
Operating lease cost	$	50,340	$	55,682	$	152,903	$	165,884
Short-term lease cost	4,205		1,624		11,732		7,891
Variable lease cost	9,774		11,078		29,908		28,965
Sublease income	(368)		(52)		(1,259)		(186)
Total operating lease cost	$	63,951	$	68,332	$	193,284	$	202,554

The weighted-average remaining lease term and discount rate as of August 31, 2021 and November 30, 2020 were as follows:


	As of
	August 31, 2021		November 30, 2020
Weighted-average remaining lease term (years)	3.89		3.97
Weighted-average discount rate	5.62	%	6.97	%

Operating Lease Liability Maturity Schedule

The following table presents a maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next five years and thereafter as of August 31, 2021:


Fiscal Years Ending November 30,
2021 (remaining three months)	$	49,030
2022	181,923
2023	142,800
2024	103,827
2025	65,578
Thereafter	45,573
Total payments	588,731
Less: imputed interest*	71,732
Total present value of lease payments	$	516,999

*Imputed interest represents the difference between undiscounted cash flows and discounted cash flows.

Schedule of Amounts Recorded In Consolidated Balance Sheet Related to Operating Leases

The following amounts were recorded in the consolidated balance sheets related to the Company’s operating leases:


		As of
		August 31, 2021		November 30, 2020
Operating lease ROU assets	Other assets, net	$	499,111	$	506,368
Current operating lease liabilities	Other accrued liabilities	153,882		163,052
Non-current operating lease liabilities	Other long-term liabilities	363,117		373,644

Schedule of Supplemental Cash Flow Information Related to Operating Leases


	Nine Months Ended
	August 31, 2021		August 31, 2020
Cash paid for amounts included in the measurement of lease liabilities	$	157,920	$	152,094
Non-cash ROU assets obtained in exchange for lease liabilities	116,085		66,664

BACKGROUND AND BASIS OF PRESENTATION (Details)	Dec. 01, 2020	Aug. 31, 2021 market
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Primary industry verticals		5
Share ratio, received from distribution	1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Customer Concentration Risk - One Client	3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2021	Aug. 31, 2020	Nov. 30, 2020
Revenue
Concentration Risk [Line Items]
Concentration risk percentage	11.90%	11.80%	11.70%	10.80%
Accounts Receivable
Concentration Risk [Line Items]
Concentration risk percentage			14.90%		16.20%

DIVESTITURES (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
DIVESTITURES (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Aug. 31, 2021	Aug. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration		$ 73,708	$ 0
CIS \| Held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash consideration	$ 73,708
Pre-tax gain	$ 13,197

SHARE-BASED COMPENSATION - Narrative (Details) - shares	Jul. 01, 2021	Jan. 20, 2021	Dec. 01, 2020	Nov. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)				4,000,000
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance (in shares)				1,000,000
Restricted Stock Awards and Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares)			827,000
Stock granted (in shares)		431,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares)			684,000
Stock granted (in shares)		26,000
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted (in shares)	109,000
Vesting period	3 years

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2021	Aug. 31, 2020
Share-based Payment Arrangement [Abstract]
Total share-based compensation	$ 9,457	$ 3,929	$ 25,858	$ 12,031
Tax benefit recorded in the provision for income taxes	(2,364)	(982)	(6,464)	(3,008)
Effect on net income	$ 7,093	$ 2,947	$ 19,394	$ 9,023

BALANCE SHEET COMPONENTS - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Aug. 31, 2021	Nov. 30, 2020	Aug. 31, 2020	Nov. 30, 2019
Balance Sheet Related Disclosures [Abstract]
Cash and cash equivalents	$ 154,193	$ 152,656
Restricted cash included in other current assets	1,401	3,695
Cash, cash equivalents and restricted cash	$ 155,594	$ 156,351	$ 97,095	$ 83,514

BALANCE SHEET COMPONENTS - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Aug. 31, 2021	May 31, 2021	Nov. 30, 2020	Aug. 31, 2020	May 31, 2020	Nov. 30, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Allowance for doubtful accounts	$ (5,951)	$ (5,513)	$ (8,963)	$ (7,797)	$ (10,873)	$ (6,055)
Accounts receivable, net	1,131,416		1,081,481
Billed accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	657,873		644,789
Unbilled accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 479,494		$ 445,655

BALANCE SHEET COMPONENTS - Allowance for Doubtful Trade Receivables (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2021	Aug. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 5,513	$ 10,873	$ 8,963	$ 6,055
Net additions (reductions)	1,369	(641)	(763)	5,477
Write-offs and reclassifications	(931)	(2,435)	(2,249)	(3,735)
Ending Balance	$ 5,951	$ 7,797	$ 5,951	$ 7,797

BALANCE SHEET COMPONENTS - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Aug. 31, 2021	Nov. 30, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 950,253	$ 942,496
Less: Accumulated depreciation	(552,412)	(490,847)
Property and equipment, net	397,841	451,649
United States
Property, Plant and Equipment [Line Items]
Property and equipment, net	99,528	149,903
Philippines
Property, Plant and Equipment [Line Items]
Property and equipment, net	82,184	87,686
India
Property, Plant and Equipment [Line Items]
Property and equipment, net	46,718	46,642
Other
Property, Plant and Equipment [Line Items]
Property and equipment, net	169,411	167,418
Land
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	27,759	29,000
Equipment, computers and software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	469,329	476,243
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	90,850	90,944
Buildings, building improvements and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	354,738	336,194
Construction-in-progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 7,577	$ 10,115

BALANCE SHEET COMPONENTS - Goodwill (Details) $ in Thousands	9 Months Ended
	Aug. 31, 2021 USD ($)
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 1,836,050
Acquisition	3,502
Divestitures	(14,690)
Foreign exchange translation	(2,220)
Goodwill, Ending Balance	$ 1,822,642

BALANCE SHEET COMPONENTS - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Aug. 31, 2021	Nov. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Gross amounts	$ 1,379,968	$ 1,411,017
Accumulated amortization	(684,683)	(612,058)
Total	695,285	798,959
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross amounts	1,362,259	1,389,341
Accumulated amortization	(669,651)	(595,024)
Total	692,608	794,317
Technology
Finite-Lived Intangible Assets [Line Items]
Gross amounts	10,892	14,830
Accumulated amortization	(8,683)	(11,045)
Total	2,209	3,785
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross amounts	6,817	6,846
Accumulated amortization	(6,349)	(5,989)
Total	$ 468	$ 857

BALANCE SHEET COMPONENTS - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Aug. 31, 2021	Nov. 30, 2020
Balance Sheet Related Disclosures [Abstract]
2021 (remaining three months)	$ 33,824
2022	115,664
2023	101,531
2024	85,020
2025	74,978
Thereafter	284,268
Total	$ 695,285	$ 798,959

BALANCE SHEET COMPONENTS - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2021	Aug. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 2,529,768	$ 1,492,540	$ 2,302,085	$ 1,469,841
Other comprehensive income (loss) before reclassification	(67,322)	91,588	(15,432)	53,874
Reclassification of gains from other comprehensive income (loss)	(4,091)	(5,942)	(20,617)	(14,354)
Ending Balance	2,565,755	1,627,967	2,565,755	1,627,967
Unrecognized gains (losses) on defined benefit plan, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(39,032)	(29,938)	(38,584)	(29,940)
Other comprehensive income (loss) before reclassification	2	(8,881)	(446)	(8,879)
Reclassification of gains from other comprehensive income (loss)	0	0	0	0
Ending Balance	(39,030)	(38,819)	(39,030)	(38,819)
Unrealized gains (losses) on cash flow hedges, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	23,312	9,885	29,239	17,523
Other comprehensive income (loss) before reclassification	(11,219)	26,086	(620)	26,860
Reclassification of gains from other comprehensive income (loss)	(4,091)	(5,942)	(20,617)	(14,354)
Ending Balance	8,002	30,029	8,002	30,029
Foreign currency translation gain (losses), net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	47,270	(76,155)	5,531	(37,665)
Other comprehensive income (loss) before reclassification	(56,105)	74,383	(14,366)	35,893
Reclassification of gains from other comprehensive income (loss)	0	0	0	0
Ending Balance	(8,835)	(1,772)	(8,835)	(1,772)
Accumulated other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	31,550	(96,208)	(3,814)	(50,082)
Ending Balance	$ (39,863)	$ (10,562)	$ (39,863)	$ (10,562)

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=122038336&loc=d3e74512-122707

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

BALANCE SHEET COMPONENTS - Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2021	Aug. 31, 2020
Restructuring Reserve [Roll Forward]
Beginning balance	$ 14,194	$ 11,074	$ 17,810	$ 16,992
Additional (release of) accrual during the period	62	122	(348)	(84)
Cash payments	(990)	(2,581)	(4,196)	(8,293)
Ending balance	13,266	8,615	13,266	8,615
Severance and benefits
Restructuring Reserve [Roll Forward]
Beginning balance	0	526	0	2,828
Additional (release of) accrual during the period	0	(214)	0	(535)
Cash payments	0	(219)	0	(2,200)
Ending balance	0	93	0	93
Facility and exit costs
Restructuring Reserve [Roll Forward]
Beginning balance	14,194	10,548	17,810	14,164
Additional (release of) accrual during the period	62	336	(348)	451
Cash payments	(990)	(2,362)	(4,196)	(6,093)
Ending balance	$ 13,266	$ 8,522	$ 13,266	$ 8,522

DERIVATIVE INSTRUMENTS - Fair Value of Derivative Instruments in Balance Sheets (Details) - Foreign Exchange Forward - USD ($) $ in Thousands	Aug. 31, 2021	Nov. 30, 2020
Not Designated as Hedging Instrument
Derivative instruments not designated as hedging instruments:
Notional value	$ 1,232,201	$ 1,153,352
Derivative instruments designated as cash flow hedges:
Notional value	1,232,201	1,153,352
Not Designated as Hedging Instrument \| Other current assets
Derivative instruments not designated as hedging instruments:
Forward foreign currency exchange contracts	11,392	15,666
Derivative instruments designated as cash flow hedges:
Forward foreign currency exchange contracts	11,392	15,666
Not Designated as Hedging Instrument \| Other accrued liabilities
Derivative instruments not designated as hedging instruments:
Forward foreign currency exchange contracts	8,673	6,215
Derivative instruments designated as cash flow hedges:
Forward foreign currency exchange contracts	8,673	6,215
Designated as Hedging Instrument
Derivative instruments not designated as hedging instruments:
Notional value	870,844	814,731
Derivative instruments designated as cash flow hedges:
Notional value	870,844	814,731
Designated as Hedging Instrument \| Other current assets and other assets
Derivative instruments not designated as hedging instruments:
Forward foreign currency exchange contracts	18,033	38,212
Derivative instruments designated as cash flow hedges:
Forward foreign currency exchange contracts	18,033	38,212
Designated as Hedging Instrument \| Other accrued liabilities and other long-term liabilities
Derivative instruments not designated as hedging instruments:
Forward foreign currency exchange contracts	7,292	309
Derivative instruments designated as cash flow hedges:
Forward foreign currency exchange contracts	$ 7,292	$ 309

DERIVATIVE INSTRUMENTS - Effect of Derivative Instruments on AOCI and Statements of Operations (Details) - Foreign Exchange Forward - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2021	Aug. 31, 2020
Designated as Hedging Instrument
Derivative [Line Items]
(Losses) gains recognized in OCI	$ (15,059)	$ 34,764	$ (666)	$ 35,795
Gain reclassified from AOCI into income	5,491	7,918	27,557	19,128
Cost of revenue for services \| Designated as Hedging Instrument
Derivative [Line Items]
Gain reclassified from AOCI into income	3,839	5,567	19,801	13,322
Selling, general and administrative expenses \| Designated as Hedging Instrument
Derivative [Line Items]
Gain reclassified from AOCI into income	1,652	2,351	7,756	5,806
Other income (expense), net \| Not Designated as Hedging Instrument
Derivative [Line Items]
(Loss) gain recognized from foreign exchange forward contracts, net	$ (13,388)	$ 24,783	$ 4,653	$ 26,963

DERIVATIVE INSTRUMENTS - Narrative (Details) $ in Thousands	9 Months Ended
DERIVATIVE INSTRUMENTS - Narrative (Details) $ in Thousands	Aug. 31, 2021 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Existing gains expected to be reclassified	$ 10,306

FAIR VALUE MEASUREMENTS (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Aug. 31, 2021	Nov. 30, 2020
Assets:
Cash equivalents	$ 99,719	$ 60,242
Foreign government bond	1,476	1,355
Foreign Exchange Forward
Assets:
Forward foreign currency exchange contracts	29,425	53,878
Liabilities:
Forward foreign currency exchange contracts	15,965	6,524
Level 1
Assets:
Cash equivalents	99,719	60,242
Foreign government bond	1,476	1,355
Level 1 \| Foreign Exchange Forward
Assets:
Forward foreign currency exchange contracts	0	0
Liabilities:
Forward foreign currency exchange contracts	0	0
Level 2
Assets:
Cash equivalents	0	0
Foreign government bond	0	0
Level 2 \| Foreign Exchange Forward
Assets:
Forward foreign currency exchange contracts	29,425	53,878
Liabilities:
Forward foreign currency exchange contracts	15,965	6,524
Level 3
Assets:
Cash equivalents	0	0
Foreign government bond	0	0
Level 3 \| Foreign Exchange Forward
Assets:
Forward foreign currency exchange contracts	0	0
Liabilities:
Forward foreign currency exchange contracts	$ 0	$ 0

BORROWINGS - Schedule of Debt (Details) - USD ($) $ in Thousands	Aug. 31, 2021	Nov. 30, 2020
Debt Instrument [Line Items]
Long-term debt, before unamortized debt discount and issuance costs	$ 869,000	$ 1,116,250
Less: unamortized debt discount and issuance costs	(3,163)	(4,888)
Long-term debt, net	865,837	1,111,362
Securitization Facility
Debt Instrument [Line Items]
Credit Facility - Term Loan component	169,000	250,000
Senior Secured Credit Facility \| Term Loan
Debt Instrument [Line Items]
Credit Facility - current portion of Term Loan component	0	33,750
Credit Facility - Term Loan component	$ 700,000	$ 866,250

- Definition

The carrying value as of the balance sheet date of the current portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

- Definition

The carrying value as of the balance sheet date of the noncurrent portion of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

BORROWINGS - Narrative (Details)			3 Months Ended	9 Months Ended
BORROWINGS - Narrative (Details)	Oct. 30, 2020 USD ($)	Oct. 16, 2020 USD ($)	Aug. 31, 2021 USD ($)	Aug. 31, 2021 USD ($)	Aug. 31, 2020 USD ($)	Nov. 30, 2020 USD ($)
Debt Instrument [Line Items]
Principal payments				$ 200,000,000	$ 0
Securitization Facility
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 350,000,000
Amount outstanding						$ 250,000,000
Securitization Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percent of unused portion				0.30%
Securitization Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee percent of unused portion				0.375%
Securitization Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.15%
Securitization Facility \| Commercial Paper Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.05%
Senior Secured Credit Facility
Debt Instrument [Line Items]
Increase in credit facility		$ 450,000,000
Pro forma first lien leverage ratio		3.00
Consolidated leverage ratio		3.75
Consolidated interest coverage ratio		3.00
Senior Secured Credit Facility \| Revolver
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 600,000,000
Amount outstanding			$ 0	$ 0		0
Senior Secured Credit Facility \| Term Loan
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity		$ 900,000,000
Amount outstanding						$ 900,000,000
Quarterly installment amounts			$ 11,250,000
Principal payments				$ 200,000,000
Senior Secured Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percent of unused portion				0.25%
Senior Secured Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee percent of unused portion				0.45%
Senior Secured Credit Facility \| LIBOR \| LIBOR Rate Loans
Debt Instrument [Line Items]
Interest rate floor		0.25%
Senior Secured Credit Facility \| LIBOR \| Not LIBOR Rate Loans
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Senior Secured Credit Facility \| LIBOR \| Minimum \| LIBOR Rate Loans
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Senior Secured Credit Facility \| LIBOR \| Minimum \| Not LIBOR Rate Loans
Debt Instrument [Line Items]
Basis spread on variable rate		0.25%
Senior Secured Credit Facility \| LIBOR \| Maximum \| LIBOR Rate Loans
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%
Senior Secured Credit Facility \| LIBOR \| Maximum \| Not LIBOR Rate Loans
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Senior Secured Credit Facility \| Federal Funds Rate \| Not LIBOR Rate Loans
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%

EARNINGS PER SHARE - Narrative (Details) - shares	Aug. 31, 2021	Dec. 01, 2020	Nov. 30, 2020
Earnings Per Share [Abstract]
Common stock, shares issued (in shares)	51,448,000	51,600,000	0

EARNINGS PER SHARE - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2021	Aug. 31, 2020
Basic earnings per common share:
Net income	$ 109,754	$ 45,397	$ 281,469	$ 100,184
Less: net income allocated to participating securities	(1,669)	0	(3,992)	0
Net income attributable to common stockholders	$ 108,085	$ 45,397	$ 277,477	$ 100,184
Weighted-average number of common shares - basic (in shares)	51,432	51,602	51,288	51,602
Basic earnings per common share (in dollars per share)	$ 2.10	$ 0.88	$ 5.41	$ 1.94
Diluted earnings per common share:
Net income	$ 109,754	$ 45,397	$ 281,469	$ 100,184
Less: net income allocated to participating securities	(1,649)	0	(3,945)	0
Net income attributable to common stockholders	$ 108,105	$ 45,397	$ 277,524	$ 100,184
Weighted-average number of common shares - basic (in shares)	51,432	51,602	51,288	51,602
Effect of dilutive securities:
Stock options and restricted stock units	629	0	626	0
Weighted-average number of common shares - diluted (in shares)	52,061	51,602	51,914	51,602
Diluted earnings per common share (in dollars per share)	$ 2.08	$ 0.88	$ 5.35	$ 1.94

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
REVENUE (Details) - USD ($) $ in Thousands	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2021	Aug. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 1,397,251	$ 1,163,694	$ 4,120,407	$ 3,418,676
Technology and consumer electronics
Disaggregation of Revenue [Line Items]
Revenue	448,104	360,365	1,278,199	1,012,275
Communications and media
Disaggregation of Revenue [Line Items]
Revenue	256,461	240,718	760,111	714,966
Retail, travel and ecommerce
Disaggregation of Revenue [Line Items]
Revenue	241,662	191,118	712,629	558,412
Banking, financial services and insurance
Disaggregation of Revenue [Line Items]
Revenue	210,730	165,961	648,630	526,948
Healthcare
Disaggregation of Revenue [Line Items]
Revenue	113,749	91,838	354,391	274,128
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 126,545	$ 113,693	$ 366,447	$ 331,947

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

TRANSACTIONS WITH FORMER PARENT (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2021	Aug. 31, 2020
Related Party Transaction [Line Items]
Revenue	$ 1,397,251	$ 1,163,694	$ 4,120,407	$ 3,418,676
Share-based compensation	$ 9,457	3,929	$ 25,858	12,031
Former Parent
Related Party Transaction [Line Items]
Revenue		5,273		15,371
Interest expense on borrowings from former parent		9,654		41,513
Interest income on borrowings made to former parent		723		1,705
Corporate allocations		394		1,181
Share-based compensation		$ 3,929		$ 12,031

- Definition

+ References

+ Details

PENSION AND EMPLOYEE BENEFITS PLANS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2021	Aug. 31, 2020	Nov. 30, 2020
Retirement Benefits [Abstract]
Contributed amount	$ 27,503	$ 17,927	$ 66,644	$ 48,365
Net benefit costs	6,288	$ 3,875	12,971	$ 9,816
Plan underfunded amount	$ 127,173		$ 127,173		$ 134,399

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2021	Aug. 31, 2020	Nov. 30, 2020
Income Tax Disclosure [Abstract]
Hypothetical current tax expense recorded for separate return basis presentation		$ 3,536	$ 0	$ 9,587
Additional expense related to indefinite investment assertion reversal	$ 3,745		12,991
Unrecognized tax benefits	62,246		62,246		$ 62,315
Unrecognized tax benefits that would affect income tax expense if recognized	54,752		54,752		54,910
Interest and penalties accrued on unrecognized tax benefits	14,556		14,556		14,402
Unrecognized tax benefits decrease amount	$ 11,000		$ 11,000		$ 28,000

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Thousands	Aug. 31, 2021	Aug. 31, 2020	Aug. 31, 2021	Aug. 31, 2020
Leases [Abstract]
Operating lease cost	$ 50,340	$ 55,682	$ 152,903	$ 165,884
Short-term lease cost	4,205	1,624	11,732	7,891
Variable lease cost	9,774	11,078	29,908	28,965
Sublease income	(368)	(52)	(1,259)	(186)
Total operating lease cost	$ 63,951	$ 68,332	$ 193,284	$ 202,554

LEASES - Operating Lease Liability Maturity (Details) $ in Thousands	Aug. 31, 2021 USD ($)
Leases [Abstract]
2021 (remaining three months)	$ 49,030
2022	181,923
2023	142,800
2024	103,827
2025	65,578
Thereafter	45,573
Total payments	588,731
Less: imputed interest	71,732
Total present value of lease payments	$ 516,999

LEASES - Operating Lease ROU Assets and Liabilities (Details) - USD ($) $ in Thousands	Aug. 31, 2021	Nov. 30, 2020
Leases [Abstract]
Operating lease ROU assets	$ 499,111	$ 506,368
Current operating lease liabilities	153,882	163,052
Non-current operating lease liabilities	$ 363,117	$ 373,644
Operating lease, right-of-use asset, statement of financial position	Other assets	Other assets
Operating lease, liability, current, statement of financial position	Other accrued liabilities	Other accrued liabilities
Operating Lease, liability, noncurrent, statement of financial position	Other long-term liabilities	Other long-term liabilities

LEASES - Operating Lease Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2021	Aug. 31, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 157,920	$ 152,094
Non-cash ROU assets obtained in exchange for lease liabilities	$ 116,085	$ 66,664

LEASES - Operating Lease Weighted Average Remaining Lease Term and Discount Rate (Details)	Aug. 31, 2021	Nov. 30, 2020
Leases [Abstract]
Weighted-average remaining lease term (years)	3 years 10 months 20 days	3 years 11 months 19 days
Weighted-average discount rate	5.62%	6.97%

SUBSEQUENT EVENTS (Details) - Subsequent Event	1 Months Ended
SUBSEQUENT EVENTS (Details) - Subsequent Event	Sep. 30, 2021 $ / shares shares
Subsequent Event [Line Items]
Common stock quarterly dividend declared (in dollars per share) \| $ / shares	$ 0.25
Common stock
Subsequent Event [Line Items]
Shares authorized for repurchase (in shares) \| shares	500,000,000