0001803599-22-000025 | 10-K | XBRL Viewer

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Cover - USD ($)	12 Months Ended
Cover - USD ($)	Nov. 30, 2021	Jan. 17, 2022	May 28, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Nov. 30, 2021
Current Fiscal Year End Date	--11-30
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 7,821,634,825
Entity Common Stock, Shares Outstanding (in shares)		52,317,517
Documents Incorporated by Reference	Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K incorporate by reference portions of the Registrant’s definitive proxy statement relating to its 2022 Annual Meeting of Stockholders (the “2022 Proxy Statement”) where indicated. The 2022 Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001803599

CONSOLIDATED BALANCE SHEETS - USD ($)	Nov. 30, 2021	Nov. 30, 2020
Current assets:
Cash and cash equivalents	$ 182,038,000	$ 152,656,000
Accounts receivable, net	1,207,953,000	1,081,481,000
Other current assets	153,074,000	189,239,000
Total current assets	1,543,065,000	1,423,376,000
Property and equipment, net	407,144,000	451,649,000
Goodwill	1,813,502,000	1,836,050,000
Intangible assets, net	655,528,000	798,959,000
Deferred tax assets	48,413,000	47,423,000
Other assets	578,715,000	620,099,000
Total assets	5,046,367,000	5,177,556,000
Current liabilities:
Accounts payable	129,359,000	140,575,000
Current portion of long-term debt	0	33,750,000
Payable to former parent	0	22,825,000
Accrued compensation and benefits	453,434,000	419,715,000
Other accrued liabilities	351,642,000	371,072,000
Income taxes payable	33,779,000	20,725,000
Total current liabilities	968,214,000	1,008,662,000
Long-term debt, net	802,017,000	1,111,362,000
Other long-term liabilities	546,410,000	601,887,000
Deferred tax liabilities	109,471,000	153,560,000
Total liabilities	2,426,112,000	2,875,471,000
Commitments and contingencies (Note 15)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 10,000 shares authorized as of November 30, 2021; no shares issued and outstanding as of November 30, 2021	0
Common stock, $0.0001 par value, 250,000 shares authorized as of November 30, 2021; 51,927 shares issued and 51,594 shares outstanding as of November 30, 2021	5,000
Additional paid-in capital	2,355,767,000
Treasury stock, 333 shares as of November 30, 2021	(57,486,000)
Retained earnings	392,495,000
Former parent company investment		2,305,899,000
Accumulated other comprehensive loss	(70,526,000)	(3,814,000)
Total stockholders’ equity	2,620,255,000	2,302,085,000
Total liabilities and stockholders’ equity	$ 5,046,367,000	$ 5,177,556,000

CONSOLIDATED BALANCE SHEETS (Parenthetical)	Nov. 30, 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)	51,927,000
Treasury stock (in shares)	333,000
Common stock, shares outstanding (in shares)	51,594,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Income Statement [Abstract]
Revenue	$ 5,587,015	$ 4,719,534	$ 4,707,912
Cost of revenue	3,617,527	3,058,009	2,959,464
Gross profit	1,969,488	1,661,525	1,748,448
Selling, general and administrative expenses	1,397,091	1,352,764	1,454,116
Operating income	572,397	308,761	294,332
Interest expense and finance charges, net	23,046	48,313	92,196
Other expense (income), net	(6,345)	(7,447)	(2,280)
Income before income taxes	555,696	267,895	204,416
Provision for income taxes	150,119	103,084	87,252
Net income	$ 405,577	$ 164,811	$ 117,164
Earnings per common share:
Basic (in dollars per share)	$ 7.78	$ 3.19	$ 2.27
Diluted (in dollars per share)	$ 7.70	$ 3.19	$ 2.27
Weighted-average common shares outstanding
Basic (in shares)	51,355	51,602	51,602
Diluted (in shares)	51,914	51,602	51,602

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 405,577	$ 164,811	$ 117,164
Other comprehensive income (loss):
Unrealized gains (losses) of defined benefit plans, net of taxes of $(2,761), $3,749 and $5,909 for fiscal years ended November 30, 2021, 2020 and 2019, respectively	15,839	(8,644)	(28,289)
Reclassification of net losses to net income, net of tax of $0 for fiscal years ended November 30, 2021, 2020 and 2019, respectively	0	0	1,791
Total change in unrealized gains (losses) of defined benefit plans, net of taxes	15,839	(8,644)	(26,498)
Unrealized gains (losses) on cash flow hedges during the period, net of taxes of $2,709, $(11,478), $(5,197) for fiscal years ended November 30, 2021, 2020, and 2019, respectively	(8,396)	34,508	15,574
Reclassification of net gains on cash flow hedges to net income, net of taxes of $7,498, $7,581, and $5,891 for fiscal years ended November 30, 2021, 2020, and 2019, respectively	(22,246)	(22,792)	(17,493)
Total change in unrealized gains (losses) on cash flow hedges, net of taxes	(30,642)	11,716	(1,919)
Foreign currency translation adjustments, net of taxes of $0 for fiscal years ended November 30, 2021, 2020 and 2019, respectively	(51,909)	43,196	17,534
Other comprehensive income (loss)	(66,712)	46,268	(10,883)
Comprehensive income	$ 338,865	$ 211,079	$ 106,281

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Statement of Comprehensive Income [Abstract]
Unrealized gains (losses) of defined benefit plans, net of taxes of $(2,761), $3,749 and $5,909 for fiscal years ended November 30, 2021, 2020 and 2019, respectively	$ (2,761)	$ 3,749	$ 5,909
Reclassification of net losses to net income, net of tax of $0 for fiscal years ended November 30, 2021, 2020 and 2019, respectively	0	0	0
Unrealized gains (losses) on cash flow hedges during the period, net of taxes of $_____, $(11,478), $(5,197) for fiscal years ended November 30, 2021, 2020, and 2019, respectively	2,709	(11,478)	(5,197)
Reclassification of net gains on cash flow hedges to net income, net of taxes of $7,498, $7,581, and $5,891 for fiscal years ended November 30, 2021, 2020, and 2019, respectively	7,498	7,581	5,891
Foreign currency translation adjustments, net of taxes of $0 for fiscal years ended November 30, 2021, 2020 and 2019, respectively	$ 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, 2018	$ 1,319,802	$ 0	$ 0	$ 0	$ 0	$ 1,359,001	$ (39,199)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	10,351					10,351
Other comprehensive income (loss)	(10,883)						(10,883)
Hypothetical current tax expense recorded for separate return basis presentation	33,407					33,407
Net income	117,164					117,164
Ending Balance at Nov. 30, 2019	1,469,841	0	0	0	0	1,519,923	(50,082)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	15,572					15,572
Other comprehensive income (loss)	46,268						46,268
Capital contribution	594,320					594,320
Transfers from former parent	(5,950)					(5,950)
Hypothetical current tax expense recorded for separate return basis presentation	17,223					17,223
Net income	164,811					164,811
Ending Balance at Nov. 30, 2020	2,302,085	$ 0	0	$ 0	0	2,305,899	(3,814)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation activity (in shares)		459,000
Share-based compensation	49,873		49,873
Repurchase of common stock for tax withholdings on equity awards (in shares)				195,000
Other comprehensive income (loss)	(66,712)						(66,712)
Reclassification of net former parent investment in Concentrix	0		2,305,899			(2,305,899)
Issuance of common stock at separation and spin-off (in shares)		51,135,000
Issuance of common stock at separation and spin-off	0	$ 5	(5)
Repurchase of common stock for tax withholdings on equity awards	(32,390)			$ (32,390)
Repurchase of common stock (in shares)				138,000
Repurchase of common stock	(25,096)			$ (25,096)
Dividends	(13,082)				(13,082)
Net income	$ 405,577				405,577
Ending balance (in shares) at Nov. 30, 2021	51,594,000	51,594,000		333,000
Ending Balance at Nov. 30, 2021	$ 2,620,255	$ 5	$ 2,355,767	$ (57,486)	$ 392,495	$ 0	$ (70,526)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Cash flows from operating activities:
Net income	$ 405,577	$ 164,811	$ 117,164
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	140,236	129,283	139,174
Amortization	136,939	147,283	166,606
Non-cash share-based compensation	36,176	15,572	10,351
Provision for doubtful accounts	(202)	8,140	5,134
Deferred income taxes	(25,729)	(19,850)	(16,281)
Hypothetical current tax expense recorded for separate return basis presentation	0	17,223	33,407
Unrealized foreign exchange (gain) loss	(305)	5,647	1,973
Convertible debt conversion option fair value and extinguishment (gains) losses	0	0	1,559
Gain on divestitures and related transaction costs	(13,197)	0	0
Other	140	1,932	1,410
Changes in operating assets and liabilities:
Accounts receivable, net	(139,104)	(124,093)	3,645
Payable to former parent	(22,825)	4,230	(4,446)
Accounts payable	(4,546)	36,557	(4,998)
Other operating assets and liabilities	1,018	120,879	(4,962)
Net cash provided by operating activities	514,178	507,614	449,736
Cash flows from investing activities:
Repayments of (proceeds from) loan to non-Concentrix subsidiary of former parent as part of its centralized treasury operations	0	67,676	(30,466)
Purchases of property and equipment	(149,079)	(171,332)	(111,122)
Acquisitions of business, net of cash acquired and refunds	(3,279)	(5,560)	(9,426)
Proceeds from divestitures, net of cash sold	73,708	0	0
Net cash used in investing activities	(78,650)	(109,216)	(151,014)
Cash flows from financing activities:
Proceeds from the Credit Facility - Term Loan	0	900,000	0
Repayments of the Credit Facility - Term Loan	(200,000)	0	0
Proceeds from the Securitization Facility	1,316,000	250,000	0
Repayments of the Securitization Facility	(1,461,000)	0	0
Debt issuance costs	0	(8,521)	0
Repayments of convertible debentures assumed in the Convergys acquisition	0	0	(148,047)
Repayments of borrowings from former parent	0	(1,476,703)	(191,592)
Proceeds from exercise of stock options	13,697	0	0
Repurchase of common stock for tax withholdings on equity awards	(32,390)	0	0
Repurchase of common stock	(25,096)	0	0
Dividends paid	(13,082)	0	0
Net cash used in financing activities	(401,871)	(335,224)	(339,639)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(6,998)	9,663	(3,453)
Net increase (decrease) in cash, cash equivalents and restricted cash	26,659	72,837	(44,370)
Cash, cash equivalents and restricted cash at beginning of year	156,351	83,514	127,884
Cash, cash equivalents and restricted cash at end of year	183,010	156,351	83,514
Supplemental disclosures of cash flow information:
Interest paid on borrowings	20,775	0	0
Income taxes paid	159,826	76,609	103,644
Non-cash capital contribution from former parent	0	594,320	0
Supplemental disclosure of non-cash investing activities:
Accrued costs for property and equipment purchases	$ 16,251	$ 9,398	$ 8,344

BACKGROUND AND BASIS OF PRESENTATION	12 Months Ended
BACKGROUND AND BASIS OF PRESENTATION	Nov. 30, 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 Customer Experience (“CX”) solutions and technology that help iconic and disruptive brands drive deep understanding, full lifecycle engagement, and differentiated experiences for their end-customers around the world. We provide 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, now known as TD SYNNEX Corporation (“TD SYNNEX”) was completed through a tax-free distribution of all of the issued and outstanding shares of the Company’s common stock to TD SYNNEX stockholders (the “distribution” and, together with the separation, the “spin-off”). TD SYNNEX stockholders received one share of the Company’s common stock for each share of TD 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 TD SYNNEX to set forth the principal actions to be taken in connection with the spin-off and define the Company’s ongoing relationship with TD SYNNEX after the spin-off. Basis of presentation (including principles of consolidation) The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company, its majority-owned subsidiaries and entities over which the Company has control. All intercompany balances and transactions have been eliminated in consolidation. 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 TD SYNNEX dedicated to the CX business. As the separate legal entities that make 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 TD 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 make up the CX business. As the separate legal entities that make 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 comprise the CX business were eliminated. Management of the Company and former parent consider 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 TD SYNNEX’ borrowing arrangements and substantially all of the assets of these Concentrix legal entities secured TD SYNNEX’ obligations under the borrowing arrangements. Historically, Concentrix received or provided funding for acquisitions or ongoing operations as part of TD 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 loan or other accounts payable to the former parent or a reduction of accounts or loans receivable in the prior year balance sheet 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 loans receivable from the former parent. The cash payments and receipts were recorded in the prior year 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 TD 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 TD 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 following the spin-off or will incur in the future. Reclassifications Certain amounts in the consolidated financial statements related to the prior years have been reclassified to conform to the current year’s presentation. Risks and uncertainties related to the COVID-19 pandemic In December 2019, there was an outbreak of a new strain of the 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 our team. During fiscal year 2021, almost all of the Company’s workforce was productive, but the Company experienced the continued effects of the COVID-19 pandemic, as the Delta variant caused new waves of COVID-19 cases around the globe. The extent of the continued impact of the COVID-19 pandemic on our operational and financial performance, including our ability to execute our business strategies and initiatives in the expected time frame, will depend on future developments, including the duration, spread and severity of the pandemic, the evolution of the virus and the effects of mutations in its genetic code, country and state restrictions regarding virus containment, the availability and effectiveness of vaccines and treatment options, accessibility to the Company’s delivery and operations locations, our continued utilization of remote work environments in response to future health and safety restrictions, and the effect on the Company’s clients’ businesses and the demand for their products and services, all of which are uncertain and cannot be predicted. 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

12 Months Ended

Nov. 30, 2021

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Use of estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. The Company evaluates these estimates on a regular basis and bases them on historical experience and on various assumptions that the Company believes are reasonable. Actual results could differ from the estimates.

Segment reporting

Concentrix operations are based on an integrated global delivery model whereby services under a client contract in one location may be provided from delivery centers located in one or more different countries, with more than half of the Company’s workforce located in the Philippines and India. Given the homogeneity of technology-infused CX services and the integrated delivery model, the Company operates in a single segment, based on how the chief operating decision maker (“CODM”) views and evaluates the Company’s operations in making operational and strategic decisions and assessments of financial performance. The Company’s President and Chief Executive Officer has been identified as the CODM.

Cash equivalents

The Company considers all highly liquid debt instruments purchased with an original maturity or remaining maturity at the date of purchase of three months or less to be cash equivalents. Cash equivalents consist principally of money market deposit accounts that are stated at cost, which approximates fair value. The Company is exposed to credit risk in the event of default by financial institutions to the extent that cash balances with financial institutions are in excess of amounts that are insured.

Accounts receivable and allowance for doubtful accounts

Accounts receivable are comprised primarily of amounts owed to the Company by clients and are presented net of an allowance for doubtful accounts. The allowance for doubtful accounts is an estimate to cover the losses resulting from uncertainty regarding collections from customers to make payments for outstanding balances. In estimating the required allowance, the Company considers the overall quality and aging of the accounts receivable and credit evaluations of its clients’ financial condition. The Company also evaluates the collectability of accounts receivable based on specific client circumstances, current economic trends, historical experience with collections and the value and adequacy of any collateral received from clients.

Unbilled receivables

In the majority of service contracts, the Company performs the services prior to billing the client, and this amount is captured as an unbilled receivable included in accounts receivable, net on the consolidated balance sheet. Billing usually occurs in the month after the Company performs the services or in accordance with the specific contractual provisions.

Derivative financial instruments

The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value.

For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the gain or loss on the derivative instrument is reported as a component of “Accumulated other comprehensive income (loss),” in stockholders’ equity and reclassified into earnings in the same line associated with the forecasted transactions, in the same period or periods during which the hedged transaction affects earnings. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions.

For derivative instruments that are not designated as cash flow hedges, gains and losses on derivative instruments are reported in the consolidated statements of operations in the current period.

Software costs

The Company develops software platforms for internal use. The Company capitalizes costs incurred to develop software subsequent to the software product reaching the application development stage. The Company also capitalizes the costs incurred to extend the life of existing software, or the cost of significant enhancements that are added to the features of existing software. The capitalized development costs primarily comprise payroll costs and related software costs. Capitalized costs are amortized over the economic life of the software using the straight line method.

Property and equipment

Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight line method based upon the shorter of the estimated useful lives of the assets, or the lease term of the respective assets, if applicable. Maintenance and repairs are charged to expense as incurred, and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is reflected in operations in the period realized. The ranges of estimated useful lives for property and equipment categories are as follows:


Equipment and furniture			3 - 10 years
Software			3 - 7 years
Leasehold improvements			2 - 15 years
Buildings and building improvements			10 - 39 years

Leases

The Company enters into leases as a lessee for property and equipment in the ordinary course of business. When procuring services, or upon entering into a contract with its clients, the Company determines whether an arrangement contains a lease at its inception. As part of that evaluation, the Company considers whether there is an implicitly or explicitly identified asset in the arrangement and whether the Company, as the lessee, or the client, if the Company is the lessor, has the right to control the use of that asset. Effective December 1, 2019, when the Company is the lessee, all leases with a term of more than 12 months are recognized as right-of-use (“ROU”) assets and associated lease liabilities in the consolidated balance sheet. Lease liabilities are measured at the lease commencement date and determined using the present value of the lease payments not yet paid, at the Company’s incremental borrowing rate, which approximates the rate at which the Company would borrow on a secured basis in the country where the lease was executed. The interest rate implicit in the lease is generally not determinable in the transactions where the Company is the lessee. The ROU asset equals the lease liability adjusted for any initial direct costs, prepaid rent and lease incentives. The Company’s variable lease payments generally relate to payments tied to various indexes, non-lease components and payments above a contractual minimum fixed amount.

Operating leases are included in other assets, net, other accrued liabilities and other long-term liabilities in the consolidated balance sheet. Substantially all of the Company’s leases are classified as operating leases. The Company recognizes options to extend or terminate the lease when it is reasonably certain that the Company will

exercise that option. The Company made a policy election to not recognize leases with a lease term of 12 months or less in the consolidated balance sheet. Lease expenses are recorded within selling, general, and administrative expenses in the consolidated statements of operations. Operating lease payments are presented within “Cash flows from operating activities” in the consolidated statements of cash flows.

For all asset classes, the Company has elected the lessee practical expedient to combine lease and non-lease components (e.g. maintenance services) and account for the consolidated unit as a single lease component. Variable lease payments are recognized in the periods in which the obligations for those payments are incurred.

Business combinations

The purchase price is allocated to the assets acquired, liabilities assumed, and non-controlling interests in the acquired entity generally based on their fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired, liabilities assumed and non-controlling interests in the acquired entity is recorded as goodwill. The primary items that generate goodwill include the value of the synergies between the acquired entity and the Company and the value of the acquired assembled workforce, neither of which qualify for recognition as an intangible asset. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available. The Company includes the results of operations of the acquired business in the consolidated financial statements prospectively from the date of acquisition. Acquisition-related charges are recognized separately from the business combination and are expensed as incurred. These charges primarily include direct third-party professional and legal fees, and integration-related costs.

Goodwill and intangible assets

The Company tests goodwill for impairment annually at the reporting unit level in the fiscal fourth quarter or more frequently if events or changes in circumstances indicate that it may be impaired. For purposes of the goodwill impairment test, the Company can elect to perform a quantitative or qualitative analysis. If the qualitative analysis is elected, goodwill is tested for impairment at the reporting unit level by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. The factors that are considered in the qualitative analysis include macroeconomic conditions, industry and market considerations, cost factors such as increases in labor, or other costs that would have a negative effect on earnings and cash flows; and other relevant entity-specific events and information.

If the Company elects to perform or is required to perform a quantitative analysis, then the reporting unit’s carrying value is compared to its fair value. As part of this analysis, the Company reconciles the fair value of its reporting unit to its market capitalization. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value and the excess is recognized as an impairment loss.

No goodwill impairment has been identified for any of the fiscal years presented in these consolidated financial statements.

The values assigned to intangible assets are based on estimates and judgment regarding expectations for length of customer relationships and success of life cycle of technologies acquired in a business combination. Purchased intangible assets are amortized over the useful lives based on estimates of the use of the economic benefit of the asset or by using the straight line method.

Intangible assets consist of customer relationships, technology and trade names. Amortization is based on the pattern over which the economic benefits of the intangible assets will be consumed or, when the consumption pattern is not apparent, by using the straight line method over the following useful lives:


Customer relationships			10 - 15 years
Technology			5 years
Trade names			5 years

Impairment of long-lived assets

The Company reviews the recoverability of its long-lived assets, such as intangible assets subject to amortization, property and equipment and certain other assets, including lease right-of-use assets, when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on the Company’s ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows, undiscounted and without interest charges, of the related operations. If these cash flows are less than the carrying value of such assets, an impairment loss is recognized for the difference between estimated fair value and carrying value.

Concentration of credit risk

Financial instruments that potentially subject the Company to significant concentration of credit risk consist principally of cash and cash equivalents, accounts receivable and derivative instruments.

The Company’s cash and cash equivalents and derivative instruments are transacted and maintained with financial institutions with high credit standing, and their compositions and maturities are regularly monitored by management. Through November 30, 2021, the Company has not experienced any credit losses on such deposits and derivative instruments.

Accounts receivable comprise amounts due from clients. The Company performs ongoing credit evaluations of its clients’ financial condition and limits the amount of credit extended when deemed necessary, but generally requires no collateral. The Company also maintains allowances for potential credit losses. In estimating the required allowances, the Company takes into consideration the overall quality and aging of its receivable portfolio and specifically identified client risks.

In fiscal years 2021, 2020 and 2019, one client accounted for 11.9%, 11.5% and 10.4%, respectively, of the Company’s consolidated revenue.

As of November 30, 2021 and 2020, one client comprised 15.3% and 16.2%, respectively, of the Company’s total accounts receivable balance.

Revenue recognition

The Company generates revenue primarily from the provision of CX solutions and technology to its clients. The Company recognizes revenue from services contracts over time as the promised services are delivered to clients for an amount that reflects the consideration to which the Company is entitled in exchange for those services. The Company recognizes revenue over time as the client simultaneously receives and consumes the benefits provided by the Company as the Company performs the services. The Company accounts for a contract with a client when it has written approval, the contract is committed, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of collection. Revenue is presented net of taxes collected from clients and remitted to government authorities. The Company generally invoices a client after performance of services, or in accordance with specific contractual provisions. Payments are due as per contract terms and do not contain a significant financing component.

The Company determines whether the services performed during the initial phases of an arrangement, such as setup activities, are distinct. In most cases, the arrangement is a single performance obligation comprised of a series of distinct services that are substantially the same and that have the same pattern of transfer (i.e., distinct days of service).

Service contracts are most significantly based on a fixed unit-price per transaction or other objective measure of output. Revenue on unit-price transactions is recognized over time using an objective measure of output such as staffing hours or the number of transactions processed by service advisors. Certain contracts may be based on a fixed price. Revenue on fixed price contracts is recognized over time using an input measure or on a straight-line basis over the term of the contract as the services are provided based on the nature of the contract. Client contract terms can range from less than one year to more than five years.

Certain client contracts include incentive payments from the client upon achieving certain agreed-upon service levels and performance metrics or service level agreements that could result in credits or refunds to the client. Revenue relating to such arrangements is accounted for as variable consideration when the likely amount of revenue to be recognized can be estimated to the extent that it is probable that a significant reversal of any incremental revenue will not occur.

Cost of revenue

Recurring direct operating costs for services are recognized as incurred. Cost of services revenue consists primarily of personnel costs and transition and initial set up costs.

Selling, general and administrative expenses

Selling, general and administrative expenses are charged to income as incurred. Expenses of promoting and selling products and services are classified as selling expense and include such items as compensation, sales commissions and travel. General and administrative expenses include such items as compensation, cost of delivery centers, legal and professional costs, office supplies, non-income taxes, insurance and utility expenses. In addition, selling, general and administrative expenses include other operating items such as allowances for credit losses, depreciation and amortization of non-technology related intangible assets.

Advertising

Costs related to advertising and service promotion expenditures are charged to “Selling, general and administrative expenses” as incurred. To date, net costs related to advertising and promotion expenditures have not been material.

Income taxes

Prior to December 1, 2020, the Company’s operations were included in the tax returns filed by the respective former parent entities of which the Company’s businesses were a part. For the fiscal years ended November 30, 2020 and 2019, income tax expense and other income tax related information contained in these consolidated financial statements are presented on a separate return basis as if the Company filed its own tax returns.

The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements using enacted tax rates and laws that will be in effect when the difference is expected to reverse. Tax on global low-taxed intangible income is accounted for as a current expense in the period in which the income is includable in a tax return using the “period cost” method. Valuation allowances are provided against deferred tax assets that are not likely to be realized.

The Company recognizes tax benefits from uncertain tax positions only if that tax position is more likely than not to be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax

benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalties related to unrecognized tax benefits in the provisions for income taxes.

Foreign currency translations

The financial statements of the legal entities included in these consolidated financial statements, whose functional currencies are the local currencies, are translated into U.S. dollars for consolidation as follows: assets and liabilities at the exchange rate as of the balance sheet date, equity at the historical rates of exchange, and income and expense amounts at the average exchange rate for the month. Translation adjustments resulting from the translation of the legal entities’ accounts are included in “Accumulated other comprehensive income (loss).” Transactions denominated in currencies other than the applicable functional currency are converted to the functional currency at the exchange rate on the transaction date. At period end, monetary assets and liabilities are remeasured to the functional currency using exchange rates in effect at the balance sheet date. Non-monetary assets and liabilities are remeasured at historical exchange rates. Gains and losses resulting from foreign currency transactions are included within “Other expense (income), net.”

Other comprehensive income

The primary components of other comprehensive income for the Company include foreign currency translation adjustments arising from the combination of foreign legal entities engaged in the CX business, unrealized gains and losses on cash flow hedges, and changes in unrecognized pension and post-retirement benefits.

Share-based compensation

Share-based compensation cost for stock options, restricted stock awards and restricted stock units is determined based on the fair value at the measurement date. The Company recognizes share-based compensation cost as expense for these awards ratably on a straight-line basis over the requisite service period. Share-based compensation for performance-based restricted stock units is measured based on fair value at the initial measurement date and is adjusted each reporting period, as necessary, to reflect changes in the Company’s stock and management’s assessment of the probability that performance conditions will be satisfied. The Company recognizes share-based compensation cost associated with its performance-based restricted stock units over the requisite service period if it is probable that the performance conditions will be satisfied. The Company accounts for expense reductions that result from the forfeiture of unvested awards in the period that the forfeitures occur.

Pension and post-retirement benefits

The funded status of the Company’s pension and other post-retirement benefit plans is recognized in the consolidated balance sheets. The funded status is measured as the difference between the fair value of plan assets and the benefit obligation at November 30, the measurement date. For defined benefit pension plans, the benefit obligation is the projected benefit obligation (“PBO”) and, for the other post-retirement benefit plans, the benefit obligation is the accumulated post-retirement benefit obligation (“APBO”). The PBO represents the actuarial present value of benefits expected to be paid upon retirement. For active plans, the present value reflects estimated future compensation levels. The APBO represents the actuarial present value of post-retirement benefits attributed to employee services already rendered. The fair value of plan assets represents the current market value of assets held by an irrevocable trust fund for the sole benefit of participants. The measurement of the benefit obligation is based on the Company’s estimates and actuarial valuations. These valuations reflect the terms of the plans and use participant-specific information such as compensation, age and years of service, as well as certain key assumptions that require significant judgment, including, but not limited to, estimates of discount rates, expected return on plan assets, inflation, rate of compensation increases, interest crediting rates and mortality rates. The assumptions used are reviewed on an annual basis.

Earnings per common share

Basic and diluted earnings per common share are calculated using the two-class method. The two-class method is an earnings allocation proportional to the respective ownership among holders of common stock and participating securities. 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 earnings per common share is computed by dividing net income attributable to the Company’s common stockholders by the weighted-average common shares outstanding during the period. Diluted earnings per common share also considers the dilutive effect of in-the-money stock options and restricted stock units, calculated using the treasury stock method.

Treasury stock

Repurchases of shares of common stock are accounted for at cost and are included as a component of stockholders’ equity in the consolidated balance sheets.

Accounting pronouncements adopted during the three-year period ended November 30, 2021

In June 2016, the Financial Accounting Standards Board (the “FASB”) issued a credit loss standard that replaced the 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.

In August 2018, the FASB issued new guidance to add, remove, and clarify disclosure requirements related to defined benefit pension and other post-retirement 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 became effective for fiscal year 2021 and did not have a material impact on the Company’s consolidated financial statements.

In February 2018, the FASB issued guidance that permitted the Company to reclassify disproportionate tax effects in accumulated other comprehensive income caused by the Tax Cuts and Jobs Act of 2017 to retained earnings. The guidance was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The adoption of this new guidance did not have a material impact on the Company’s consolidated financial statements.

In February 2016, the FASB issued a new standard which revised various aspects of accounting for leases, with amendments in 2018 and 2019 codified as Accounting Standards Codification Topic 842, Leases (“ASC Topic 842”). The Company adopted the guidance effective December 1, 2019, applying the optional transition method, which allows an entity to apply the new standard at the adoption date with a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. In addition, the Company elected the package of practical expedients not to reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs, and the lessee practical expedient to combine lease and non-lease components for all asset classes. The Company made a policy election to not recognize ROU assets and lease liabilities for short-term leases for all asset classes. The most significant impact of adoption to the Company’s consolidated financial statements related to the recognition of a ROU asset and a lease liability for virtually all of its leases other than short-term leases. The liability was equal to the present value of lease payments. The asset is based on the liability, and subject to adjustment, such as for initial direct costs. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification. For income statement purposes, operating leases will result in a straight-line expense while finance leases will result in a front-loaded expense pattern. Upon adoption, the Company recorded $525,344 of ROU assets and $571,940 of liabilities relating to its operating leases on its consolidated balance sheet. The adoption did not have an impact on the Company’s consolidated statements of operations or its consolidated statements of cash flows.

In May 2014, the FASB issued a comprehensive new revenue recognition standard for contracts with customers with amendments in 2015 and 2016, codified as Accounting Standards Codification Topic 606, Revenue from Contracts with Customers. The Company adopted the guidance effective December 1, 2018 on a full retrospective basis to ensure a consistent basis of presentation within the Company’s consolidated financial statements for all periods reported. In addition, the Company elected the one year practical expedient for contract costs. The impact of adoption was not material and related primarily to the capitalization of certain sales commissions that are assessed to be incremental for obtaining new contracts. Such costs are amortized over the period of expected benefit rather than being expensed as incurred as was the Company’s prior practice.

In January 2016, the FASB issued new guidance that amended various aspects of the recognition, measurement, presentation, and disclosure of financial instruments. With respect to the Company’s consolidated financial statements, the most significant impact related to the accounting for equity investments (other than those that are consolidated or accounted under the equity method), which are measured at fair value through earnings. The Company has elected to use the measurement alternative for non-marketable equity securities, defined as cost, adjusted for changes from observable transactions for identical or similar investments of the same issuer, less impairment. The Company adopted the guidance as of December 1, 2018, with amendments related specifically to equity securities without readily determinable fair values applied prospectively. The adoption did not have a material impact on the Company’s consolidated financial statements.

Recently issued accounting pronouncements not yet adopted

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 guidance on its consolidated financial statements.

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 on its consolidated financial statements.

ACQUISITIONS AND DIVESTITURES	12 Months Ended
ACQUISITIONS AND DIVESTITURES	Nov. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
ACQUISITIONS AND DIVESTITURES	ACQUISITIONS AND DIVESTITURES: PK Acquisition On December 27, 2021, the Company completed its acquisition of PK, a leading CX design engineering company with more than 5,000 staff in four countries. PK creates pioneering experiences that accelerate digital outcomes for their clients’ customers, partners and staff. The acquisition of PK expands the Company’s scale in the digital IT services market and supports the Company’s growth strategy of investing in digital transformation to deliver exceptional customer experiences. The addition of the PK staff and technology to the Company’s team further strengthens its capabilities in CX design and development, artificial intelligence (“AI”), intelligent automation, and customer loyalty. At the completion of the acquisition, the Company paid approximately $1.6 billion in cash. The Company used proceeds from its Amended Credit Facility to fund the payment. See Note 9 for a discussion of the financing that the Company secured to fund the acquisition. Given the short period of time from the close of the acquisition to the filing of this Annual Report on Form 10-K, the Company is in the process of compiling the initial accounting for the PK acquisition, including the determination of the fair values of tangible assets acquired and liabilities assumed, the valuation of intangible assets acquired, income and non-income based taxes, residual goodwill and the amount of goodwill that will be deductible for tax purposes. 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 sale 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

12 Months Ended

Nov. 30, 2021

Share-based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION:

In November 2020, in connection with the spin-off, TD 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 TD SYNNEX. The Company recognized share-based compensation expense for all share-based awards made to Concentrix 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. In connection with the completion of the spin-off and pursuant to the employee matters agreement with TD SYNNEX, each outstanding TD SYNNEX share-based award as of the distribution date was converted into either (a) TD SYNNEX and Concentrix share-based awards, each with the same number of shares as the original TD SYNNEX award, or (b) a share-based award of only TD 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 TD SYNNEX stock incentive plan, it was determined that the conversion resulted in an immaterial amount of incremental compensation cost for the outstanding awards.

The Company recorded share-based compensation expense in the consolidated statements of operations for fiscal years 2021, 2020 and 2019 as follows:


	Fiscal Years Ended November 30,
	2021		2020		2019
Total share-based compensation	$	36,762	$	15,914	$	10,554
Tax benefit recorded in the provision for income taxes	(9,234)		(3,979)		(2,417)
Effect on net income	$	27,528	$	11,935	$	8,137

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

Employee Stock Options

The Company uses the Black-Scholes valuation model to estimate the fair value of stock options. The Black-Scholes option-pricing model was developed for use in estimating the fair value of short-lived exchange traded options that have no vesting restrictions and are fully transferable. In addition, option-pricing models require the input of subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. The stock options have a ten-year term and vesting terms of five years.

A summary of the changes in the employee stock options during fiscal years 2019 and 2020 is presented below:


	Options Outstanding
	Number of former parent shares (in thousands)	Weighted- average exercise price per former parent share
Balance as of November 30, 2018	92	$	86.87
Options granted	30	110.44
Balance as of November 30, 2019	122	92.68
Options granted	—	—
Balance as of November 30, 2020	122	$	92.68

A summary of the changes in the employee stock options during fiscal year 2021 is presented below:


	Options Outstanding
	Number of shares (in thousands)	Weighted- average exercise price per share
Balance as of December 1, 2020 (converted from former parent in connection with the spin-off) (1)	684	$	45.84
Options granted	26	119.72
Options exercised	(269)	43.34
Balance as of November 30, 2021	441	$	51.75

(1)Amounts represent Concentrix awards, including those held by TD SYNNEX employees.

The weighted-average grant date fair value of the stock options granted during fiscal year 2021 is $38.15. As of November 30, 2021, 441 options were outstanding with a weighted-average life of 6.55 years and an aggregate pre-tax intrinsic value of $50,235. As of November 30, 2021, 266 options were vested and exercisable with a weighted-average life of 5.95 years, a weighted-average exercise price of $49.23 per share, and an aggregate pre-tax intrinsic value of $31,041.

As of November 30, 2021, the unamortized share-based compensation expense related to unvested stock options under the Concentrix Stock Incentive Plan was $1,779, which will be recognized over an estimated weighted-average amortization period of 3.00 years.

Restricted Stock Awards, Restricted Stock Units and Performance-Based Restricted Stock Units

The fair value of restricted stock awards and restricted stock units granted under the Concentrix Stock Incentive Plan in fiscal year 2021 were determined based on the Company’s stock price at the date of grant. The awards are expensed on a straight line basis over the vesting term, typically four or five years. The holders of restricted stock awards are entitled to the same voting, dividend and other rights as the Company’s common stockholders.

For performance-based restricted stock units, the grant date fair value assumes that the targeted performance goals will be achieved. The performance-based restricted stock units will vest, if at all, upon achievement of certain annual financial targets during the three-year period ending November 30, 2023.

A summary of the changes in the non-vested restricted stock awards, restricted stock units, and performance-based restricted stock units during fiscal years 2019 and 2020 is presented below:


	Number of former parent shares (in thousands)	Weighted-average, grant-date fair value per former parent share
Non-vested as of November 30, 2018	324	$	97.53
Awards granted	205	110.39
Units granted	181	97.33
Awards and units vested	(61)	94.36
Awards and units cancelled/forfeited	(57)	96.78
Non-vested as of November 30, 2019	591	102.12
Awards granted	7	78.47
Units granted	1	83.88
Awards and units vested	(110)	102.77
Awards and units cancelled/forfeited	(31)	102.04
Non-vested as of November 30, 2020	458	$	101.57

A summary of the changes in the non-vested restricted stock awards, restricted stock units, and performance-based stock units during fiscal year 2021, including the results of the conversion of awards and stock units previously discussed, is presented below:


	Number of shares (in thousands)	Weighted-average, grant-date fair value per share
Balance as of December 1, 2020 (converted from former parent in connection with the spin-off) (1)	827	$	51.53
Awards granted	495	134.65
Units granted (2)	226	154.53
Awards and units vested	(504)	61.95
Awards and units cancelled/forfeited	(64)	84.20
Non-vested as of November 30, 2021	980	$	109.92

(1)Amounts represent Concentrix awards, including those held by TD SYNNEX employees.

(2)For performance-based restricted stock units, the maximum number of shares that can be awarded upon full vesting of the grants is included.

As of November 30, 2021, there was $99,570 of total unamortized share-based compensation expense related to non-vested restricted stock awards, restricted stock units and performance-based restricted stock units granted under the Concentrix Stock Incentive Plan. That cost is expected to be recognized over an estimated weighted-average amortization period of 3.05 years.

BALANCE SHEET COMPONENTS

12 Months Ended

Nov. 30, 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, 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 November 30,
	2021		2020
Cash and cash equivalents	$	182,038	$	152,656
Restricted cash included in other current assets	972		3,695
Cash, cash equivalents and restricted cash	$	183,010	$	156,351

Restricted cash balances relate primarily to restrictions placed on cash deposits by banks as 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 November 30, 2021 and 2020:


	As of November 30,
	2021		2020
Billed accounts receivable	$	714,032	$	644,789
Unbilled accounts receivable	499,342		445,655
Less: Allowance for doubtful accounts	(5,421)		(8,963)
Accounts receivable, net	$	1,207,953	$	1,081,481

Allowance for doubtful trade receivables:

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


Balance at November 30, 2018	$	1,000
Additions	5,134
Write-offs and reclassifications	(79)
Balance at November 30, 2019	6,055
Additions	8,140
Write-offs and reclassifications	(5,232)
Balance at November 30, 2020	8,963
Reductions	(202)
Write-offs and reclassifications	(3,340)
Balance at November 30, 2021	$	5,421

Property and equipment, net:

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


	As of November 30,
	2021		2020
Land	$	27,677	$	29,000
Equipment, computers and software	488,270		476,243
Furniture and fixtures	90,442		90,944
Buildings, building improvements and leasehold improvements	364,166		336,194
Construction-in-progress	10,741		10,115
Total property and equipment, gross	$	981,296	$	942,496
Less: Accumulated depreciation	(574,152)		(490,847)
Property and equipment, net	$	407,144	$	451,649

Shown below are the countries where 10% or more of the Company’s property and equipment, net are located as of November 30, 2021 and 2020:


	As of November 30,
	2021		2020
Property and equipment, net:
United States	$	101,333	$	149,903
Philippines	87,548		87,686
India	46,167		46,642
Others	172,096		167,418
Total	$	407,144	$	451,649

Accumulated other comprehensive income (loss):

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


	Unrecognized gains (losses) on defined benefit plan, net of taxes		Unrealized gains (losses) on cash flow hedges, net of taxes		Foreign currency translation adjustment and other, net of taxes		Total
Balance, November 30, 2019	$	(29,940)	$	17,523	$	(37,665)	$	(50,082)
Other comprehensive income (loss) before reclassification	(8,644)		34,508		43,196		69,060
Reclassification of (gains) losses from other comprehensive income (loss)	—		(22,792)		—		(22,792)
Balance, November 30, 2020	$	(38,584)	$	29,239	$	5,531	$	(3,814)
Other comprehensive income (loss) before reclassification	15,839		(8,396)		(51,909)		(44,466)
Reclassification of gains from other comprehensive income (loss)	—		(22,246)		—		(22,246)
Balance, November 30, 2021	$	(22,745)	$	(1,403)	$	(46,378)	$	(70,526)

Refer to Note 7 for the location of gains and losses from cash flow hedges reclassified from other comprehensive income (loss) to the consolidated statements of operations. Reclassifications of amortization of

actuarial (gains) losses of defined benefit 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 fiscal years ended November 30, 2021 and 2020:


	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	(584)		12,155		11,571
Cash payments	(2,244)		(8,509)		(10,753)
Accrued balance as of November 30, 2020	$	—	$	17,810	$	17,810
Release of accrual during the period	—		(248)		(248)
Cash payments	—		(5,156)		(5,156)
Accrued balance as of November 30, 2021	$	—	$	12,406	$	12,406

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Nov. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS:

Goodwill

The Company tests goodwill for impairment annually as of the fourth quarter of its fiscal year and at other times if events have occurred or circumstances exist that indicate the carrying value of goodwill may no longer be recoverable. Goodwill impairment testing is performed at the reporting unit level. Based on the current year assessment, we concluded that no impairment charges were necessary for the Company’s reporting unit. We have not recorded any impairment charges related to goodwill during the three-year period ended November 30, 2021.

Below is a progression of goodwill for fiscal years 2021 and 2020:


	Fiscal Years Ended November 30,
	2021		2020
Balance, beginning of year	$	1,836,050	$	1,829,328
Acquisitions	3,502		—
Divestitures	(14,690)		—
Foreign currency translation	(11,360)		6,722
Balance, end of year	$	1,813,502	$	1,836,050

Other Intangible Assets

The Company’s other intangible assets, primarily acquired through business combinations, are subject to amortization and are evaluated periodically if events or circumstances indicate a possible inability to recover their carrying amounts. No impairment charges were recognized in any period presented. As of November 30, 2021 and 2020, the Company’s other intangible assets consisted of the following:


	As of November 30, 2021						As of November 30, 2020
	Gross amounts		Accumulated amortization		Net amounts		Gross amounts		Accumulated amortization		Net amounts
Customer relationships	$	1,347,961	$	(694,701)	$	653,260	$	1,389,341	$	(595,024)	$	794,317
Technology	10,835		(8,900)		1,935		14,830		(11,045)		3,785
Trade names	6,724		(6,391)		333		6,846		(5,989)		857
	$	1,365,520	$	(709,992)	$	655,528	$	1,411,017	$	(612,058)	$	798,959

Amortization expense for intangible assets was $136,939, $147,283, and $166,606 for the fiscal years ended November 30, 2021, 2020 and 2019, respectively, and the related estimated expense for the five subsequent fiscal years and thereafter is as follows:


Fiscal Years Ending November 30,
2022	$	114,593
2023	100,590
2024	84,268
2025	74,320
2026	61,402
Thereafter	220,355
Total	$	655,528

The remaining weighted average amortization period for customer relationships and other intangible assets is approximately 11 years.

DERIVATIVE INSTRUMENTS

12 Months Ended

Nov. 30, 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 consolidated balance sheets at their fair values. 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 in 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 November 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” and/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 8—Fair Value Measurements and summarized in the table below:


	Value as of
Balance Sheet Line Item	November 30, 2021		November 30, 2020
Derivative instruments not designated as hedging instruments:
Foreign exchange forward contracts (notional value)	$	1,415,447	$	1,153,352
Other current assets	10,058		15,666
Other accrued liabilities	12,542		6,215
Derivative instruments designated as cash flow hedges:
Foreign exchange forward contracts (notional value)	$	918,097	$	814,731
Other current assets and other assets	7,851		38,212
Other accrued liabilities and other long-term liabilities	9,736		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 exchange 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:


		Fiscal Years Ended November 30,
	Location of gain (loss) in statement of operations	2021		2020		2019
Derivative instruments designated as cash flow hedges:
(Losses) gains recognized in OCI:
Foreign exchange forward contracts		$	(11,105)	$	45,986	$	20,772

Gains (losses) reclassified from AOCI into income:
Foreign exchange forward contracts
Gain reclassified from AOCI into income	Revenue for services	$	—	$	—	$	127
Gain reclassified from AOCI into income	Cost of revenue for services	21,138		21,532		16,454
Gain reclassified from AOCI into income	Selling, general and administrative expenses	8,606		8,841		6,767
Gain reclassified from AOCI into income	Other expense (income), net	—		—		36
Total		$	29,744	$	30,373	$	23,384

Derivative instruments not designated as hedging instruments:
(Loss) gain recognized from foreign exchange forward contracts, net(1)	Other expense (income), net	$	(2,880)	$	32,150	$	20,833

(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 losses in AOCI that are expected to be reclassified into earnings in the normal course of business within the next twelve months are $968.

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

12 Months Ended

Nov. 30, 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 which 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 November 30, 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	$	77,332		$	77,332	$	—	$	—	$	60,242		$	60,242	$	—	$	—
Foreign government bond	1,446			1,446		—		—		1,355			1,355		—		—
Forward foreign currency exchange contracts	17,909			—		17,909		—		53,878			—		53,878		—
Liabilities:
Forward foreign currency exchange contracts	$	22,278		$	—	$	22,278	$	—	$	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 an 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. 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 November 30, 2021 and 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 which 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 fiscal years 2021, 2020 and 2019, 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

12 Months Ended

Nov. 30, 2021

Debt Disclosure [Abstract]

BORROWINGS

BORROWINGS:

Borrowings consist of the following:


	As of November 30,
	2021		2020
Credit Facility - current portion of Term Loan component	$	—	$	33,750
Current portion of long term debt	$	—	$	33,750

Credit Facility - Term Loan component	$	700,000	$	866,250
Securitization Facility	105,000		250,000
Long-term debt, before unamortized debt discount and issuance costs	805,000		1,116,250
Less: unamortized debt discount and issuance costs	(2,983)		(4,888)
Long-term debt, net	$	802,017	$	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 TD SYNNEX on November 30, 2020 to eliminate debt owed by Concentrix to TD SYNNEX and in exchange for the contribution of certain Concentrix trademarks from TD SYNNEX to Concentrix.

Beginning May 31, 2021, the outstanding principal 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 fiscal year ended November 30, 2021, the Company paid $200,000 of the principal balance on the Term Loan, including $166,250 of voluntary prepayments.

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 Term Loan available under the Credit Facility in an aggregate principal amount equal to $450,000, plus an additional amount, so long as after giving effect to the incurrence of such additional amount, the 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 Credit Facility that were LIBOR rate loans bore interest at a per annum rate equal to the applicable LIBOR rate (but not less than 0.25%), plus an applicable margin, which ranged from 1.25% to 2.25%, based on Concentrix’ consolidated leverage ratio. Borrowings under the Credit Facility that were not LIBOR rate loans bore interest at a per annum rate equal to (i) the greatest of (a) the Federal Funds Rate in effect on such day plus ½ of 1.00%, (b) the rate of interest last publicly announced by Bank of America as its “prime rate” and (c) the LIBOR rate plus 1.00%, plus (ii) an applicable margin, which ranged 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 ranged from 25 to 45 basis points, based on Concentrix’ consolidated leverage ratio.

The Credit Facility and the Amended Credit Facility (as defined below) contain 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 and the Amended Credit Facility contain 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 and the Amended Credit Facility also contain various customary events of default, including payment defaults, defaults under certain other indebtedness, and a change of control of Concentrix.

At November 30, 2021 and 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 TD SYNNEX on November 30, 2020 to eliminate debt owed by Concentrix to TD SYNNEX and in exchange for the contribution of certain Concentrix trademarks from TD SYNNEX to Concentrix.

Under the Securitization Facility, Concentrix and certain of its subsidiaries 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 sheet. Borrowing availability under the Securitization Facility may be limited by the Company’s accounts receivable 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). The Securitization Facility has a termination date of October 28, 2022. Amounts drawn under this Securitization Facility have been classified as long-term debt within the consolidated balance sheet based on the Company’s ability and intent to refinance on a long-term basis as of November 30, 2021.

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 Concentrix and its subsidiaries 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 November 30, 2021, Concentrix was in compliance with all covenants for the above arrangements.

Future principal payments

As of November 30, 2021, future principal payments under the above loans for the subsequent fiscal years are as follows:


	Amount
Fiscal Years Ending November 30,
2022	$	105,000
2023	—
2024	—
2025	700,000
Total	$	805,000

Amended Credit Facility

On December 27, 2021, in connection with the closing of the acquisition of PK, Concentrix entered into an amendment of the Credit Facility (as amended, the “Amended Credit Facility”) (i) to refinance the Term Loan with a new term loan, which was fully advanced, in the aggregate outstanding principal amount of $2,100,000 (the “New Term Loan”), (ii) to increase the Revolver to $1,000,000 (iii) to extend the maturity of the Credit Facility from November 30, 2025 to December 27, 2026, (iv) to replace LIBOR with SOFR (the Secured Overnight Financing Rate) as the primary reference rate used to calculate interest on the loans under the Credit Facility, and (v) to modify the commitment fee on the unused portion of the Revolver and the margins in excess of the reference rates at which the loans under the Credit Facility bear interest. The proceeds from the New Term Loan and additional borrowings on the Securitization Facility were used to repay the existing Term Loan and to finance the acquisition of PK, including the repayment of certain indebtedness of PK and the payment of fees and expenses in connection therewith.

Borrowings under the Amended Credit Facility bear interest, in the case of SOFR rate loans, at a per annum rate equal to the applicable SOFR rate (but not less than 0.0%), plus an adjustment of between 0.10% and 0.25% depending on the interest period of each SOFR loan, plus an applicable margin, which ranges from 1.25% to 2.00%, based on Concentrix’ consolidated leverage ratio. Borrowings under the Amended Credit Facility that are not SOFR 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 ½ of 1.00%, (b) the rate of interest last publicly announced by Bank of America as its “prime rate” and (c) the term SOFR rate plus 1.00%, plus (ii) an applicable margin, which ranges from 0.25% to 1.00%, based on Concentrix’ consolidated leverage ratio. As amended, the commitment fee on the unused portion of the Revolver ranges from 22.5 to 30 basis points, based on Concentrix’ consolidated leverage ratio.

Beginning August 31, 2022, the outstanding principal of the New Term Loan is payable in quarterly installments of $26.25 million, with the unpaid balance due in full on the maturity date.

- 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

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+ Details

REVENUE

12 Months Ended

Nov. 30, 2021

Revenue from Contract with Customer [Abstract]

REVENUE

REVENUE:

Disaggregated revenue

In the following tables, the Company’s revenue is disaggregated by primary industry verticals and geographic location:


	Fiscal Years Ended November 30,
	2021		2020		2019
Industry vertical:
Technology and consumer electronics	$	1,759,203	$	1,422,817	$	1,283,084
Communications and media	1,005,283		954,234		1,142,242
Retail, travel and ecommerce	985,550		796,324		763,265
Banking, financial services and insurance	862,033		712,469		676,246
Healthcare	489,855		392,686		369,187
Other	485,091		441,004		473,888
Total	$	5,587,015	$	4,719,534	$	4,707,912

The following table presents revenue by geographical location where the Company’s services are delivered. Shown below are the countries that account for the Company’s revenue for the periods presented:


	Fiscal Years Ended November 30,
	2021		2020		2019
Revenue by geography:
Philippines	$	1,335,326	$	1,205,764	$	1,255,937
United States	884,777		812,903		942,779
India	723,495		615,291		631,534
Canada	338,255		215,248		218,206
Great Britain	307,109		235,006		228,643
Others	1,998,053		1,635,322		1,430,813
Total	$	5,587,015	$	4,719,534	$	4,707,912

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

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-Name Accounting Standards Codification
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+ Details

TRANSACTIONS WITH FORMER PARENT

12 Months Ended

Nov. 30, 2021

TRANSACTIONS WITH FORMER PARENT

TRANSACTIONS WITH FORMER PARENT:

The Company provides certain services related to its core business to TD SYNNEX, its former parent. Revenue from CX services to former parent is included 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 TD SYNNEX and records compensation expense for share-based awards granted by TD 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-TD SYNNEX group borrowing arrangements.

Prior to December 1, 2020, the Company consisted of the CX business of TD SYNNEX and thus, transactions with TD 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 TD SYNNEX prior to the spin-off.


	Fiscal Years Ended November 30,
	2020		2019
Revenue from customer experience services to Parent	$	20,855	$	20,585
Purchases from Parent and its non-Concentrix subsidiaries	—		4
Interest expense on borrowings from Parent	50,615		95,395
Interest income on borrowings made to Parent	2,065		2,066
Corporate allocations	1,574		1,574
Share-based compensation	15,914		10,554

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, TD SYNNEX had issued guarantees to certain of the Company’s clients to guarantee the performance obligations of the Company’s legal entities. These TD 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 TD SYNNEX to set forth the principal actions to be taken in connection with the spin-off and define the Company’s ongoing relationship with TD SYNNEX after the spin-off.

PENSION AND EMPLOYEE BENEFITS PLANS

12 Months Ended

Nov. 30, 2021

Retirement Benefits [Abstract]

PENSION AND EMPLOYEE BENEFITS PLANS

PENSION AND EMPLOYEE BENEFITS PLANS:

The Company has 401(k) plans 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 these plans on the first day of the month after their employment date. The Company may make discretionary contributions under the plans. Employees in most of the Company’s non-U.S. legal entities are covered by government mandated defined contribution plans. During fiscal years 2021, 2020 and 2019, the Company contributed $72,561, $64,286 and $43,963, respectively, to defined contribution plans.

Defined Benefit Plans

The Company has defined benefit pension and retirement plans for eligible employees of certain U.S. and non-U.S. legal entities. For eligible employees in the U.S., the Company maintains a frozen defined benefit pension plan (“the cash balance plan”), which includes both a qualified and non-qualified portion. 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 Company maintains funded or unfunded defined benefit pension or retirement plans for certain eligible employees in the Philippines, Malaysia, India, and France. 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.

The Company’s measurement date for all defined benefit plans and other post-retirement benefits is November 30. The plan assumptions for both the U.S. and non-U.S. defined benefit pension plans are evaluated annually and are updated as deemed necessary. Net benefit costs related to defined benefit plans were $13,427 $13,602 and $9,731, during fiscal years 2021, 2020 and 2019, respectively.

Components of pension cost for the Company’s defined benefit plans are as follows:


	Fiscal Years Ended November 30,
	2021		2020		2019
Service cost	$	8,148	$	7,498	$	5,797
Interest cost on projected benefit obligation	6,284		8,385		10,266
Expected return on plan assets	(6,032)		(6,403)		(9,091)
Amortization and deferrals, net	4,542		2,851		822
Settlement charge	485		1,271		1,937
Total pension cost	$	13,427	$	13,602	$	9,731

The status of the Company’s defined benefit plans is summarized below:


	Fiscal Years Ended November 30,
	2021		2020
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	281,957	$	261,028
Service cost	8,148		7,498
Interest cost	6,284		8,385
Actuarial (gain) loss	(6,679)		23,776
Benefits paid	(14,844)		(12,906)
Settlements	(5,893)		(7,579)
Foreign currency adjustments	(2,353)		1,755
Projected obligation at end of year	$	266,620	$	281,957

Change in Plan Assets:
Fair value of plan assets at beginning of year	$	147,558	$	145,645
Actual return on assets	13,534		13,718
Settlements	(5,893)		(7,579)
Employer contributions	14,563		3,152
Benefits paid	(7,711)		(7,149)
Foreign currency adjustments	(120)		(229)
Fair value of plan assets at end of year	$	161,931	$	147,558

Funded Status of Plans:
Unfunded status	$	104,689	$	134,399

Amounts recognized in the consolidated balance sheet and recorded within other accrued liabilities and other long-term liabilities as of November 30, 2021 and 2020 consist of the following:


	As of November 30,
	2021		2020
Current liability	$	15,884	$	10,451
Non-current liability	88,805		123,948
Total	$	104,689	$	134,399

The following weighted-average rates were used in determining the benefit obligations as of November 30, 2021 and 2020:


	As of November 30,
	2021		2020
Discount rate	1.2% - 5.3%		0.3% - 4.7%
Interest crediting rate for cash balance plan	4.0	%	4.0	%
Expected rate of future compensation growth	1.8% - 8.5%		1.8% - 8.5%

The following weighted-average rates were used in determining the pension costs for the fiscal years ended November 30, 2021 and 2020:


	Fiscal Years Ended November 30,
	2021		2020
Discount rate	0.3% - 4.8%		0.6% - 6.0%
Interest crediting rate for cash balance plan	4.0	%	4.0	%
Expected return on plan assets	1.0% - 7.5%		4.5% - 7.5%
Expected rate of future compensation growth	1.8% - 8.5%		1.8% - 8.5%

For the cash balance plan, the discount rate reflects the rate at which benefits could effectively be settled and is based on current investment yields of high-quality corporate bonds. The Company uses an actuarially-developed yield curve approach to match the timing of cash flows of expected future benefit payments by applying specific spot rates along the yield curve to determine the assumed discount rate.

The range of discount rates utilized in determining the pension cost and projected benefit obligation of the Company’s defined benefit plans reflects a lower prevalent rate applicable to the frozen cash balance plan for eligible employees in U.S. and a higher applicable rate for the unfunded defined benefit plan for certain eligible employees in the Philippines, France and Malaysia. The plans outside the U.S. represented approximately 25% and 24% of the Company’s total projected benefit obligation for all defined benefit plans as of November 30, 2021 and 2020, respectively.

Plan Assets

As of November 30, 2021 and 2020, plan assets for the cash balance plan consisted of common/collective trusts (of which approximately 60% are invested in equity backed funds and approximately 40% are invested in funds in fixed income instruments) and a private equity fund. The Company’s targeted allocation was 60% equity and 40% fixed income. The investment objectives for the plan assets are to generate returns that will enable the plan to meet its future obligations. The Company’s expected long-term rate of return was determined based on the asset mix of the plan, projected returns, past performance and other factors. The following table sets forth by level within the fair

value hierarchy, total plan assets at fair value as of November 30, 2021 and 2020, including the cash balance plan and other funded benefit plans:


Investments	As of November 30, 2021		As of Quoted Prices in Active Markets for Identical Assets (Level 1)		As of Significant Other Observable Inputs (Level 2)		As of Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	3,383	$	3,383	$	—	$	—
Common/collective trusts:
Fixed Income	59,955		—		59,955		—
U.S. large cap	39,318		—		39,318		—
U.S. small cap	10,100		—		10,100		—
International equity	39,930		—		39,930		—
Governmental bonds	5,493		—		5,493		—
Corporate bonds	3,528		—		3,528		—
Investment funds	—		—		—		—
Limited partnership	224		—		—		224
Total investments	$	161,931	$	3,383	$	158,324	$	224


Investments	As of November 30, 2020		As of Quoted Prices in Active Markets for Identical Assets (Level 1)		As of Significant Other Observable Inputs (Level 2)		As of Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	3,404	$	3,404	$	—	$	—
Common/collective trusts:
Fixed Income	50,986		—		50,986		—
U.S. large cap	43,020		—		43,020		—
U.S. small cap	9,662		—		9,662		—
International equity	31,892		—		31,892		—
Governmental bonds	3,094		—		3,094		—
Corporate bonds	5,232		—		5,232		—
Investment funds	—		—		—		—
Limited partnership	268		—		—		268
Total investments	$	147,558	$	3,404	$	143,886	$	268

The Company’s cash balance plan holds level 2 investments in common/collective trust funds that are public investment vehicles valued using a net asset value (NAV) provided by the manager of each fund. The NAV is based on the underlying net assets owned by the fund, divided by the number of shares outstanding. The NAV’s unit price is quoted on a private market that may not be active. However, the NAV is based on the fair value of the underlying securities within the fund, which are traded on an active market, and valued at the closing price reported on the active market on which those individual securities are traded. The significant investment strategies of the funds are as described in the financial statements provided by each fund. There are no restrictions on redemptions from these funds. Level 3 investments are equity based funds that primarily invest in domestic early stage capital funds.

Benefit Payments

The following table details expected benefit payments for the cash balance plan and other defined benefit plans:


Fiscal Years Ending November 30,
2022	$	34,451
2023	30,264
2024	27,446
2025	25,292
2026	23,467
Thereafter	97,363
Total	$	238,283

The Company expects to make approximately $8,871 in contributions during fiscal year 2022.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LEASES

12 Months Ended

Nov. 30, 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:


	Fiscal Years Ended November 30,
	2021		2020
Operating lease cost	$	203,508	$	202,852
Short-term lease cost	15,767		9,917
Variable lease cost	40,215		41,060
Sublease income	(1,738)		(1,668)
Total operating lease cost	$	257,752	$	252,161

The following table presents a maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next five fiscal years and thereafter as of November 30, 2021:


Fiscal Years Ending November 30,
2022	$	185,065
2023	149,084
2024	110,781
2025	72,724
2026	29,204
Thereafter	20,810
Total payments	567,668
Less: imputed interest*	(59,868)
Total present value of lease payments	$	507,800

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

The following amounts were recorded in the consolidated balance sheet as of November 30, 2021 and 2020:


		As of November 30,
Operating leases	Balance sheet location	2021		2020
Operating lease ROU assets	Other assets, net	$	489,171	$	506,368
Current operating lease liabilities	Other accrued liabilities	153,329		163,052
Non-current operating lease liabilities	Other long-term liabilities	354,471		373,644

The Company decided to cease-use, sublease or abandon leases prior to the end of their lease terms at certain of its sites and recorded impairment losses during the fiscal year ended November 30, 2020 related to the exit of leased facilities. These losses are recorded as a component of selling, general and administrative expenses. As the fair value of the ROU assets was less than the carrying value, the Company recognized an impairment of ROU assets of approximately $9.3 million, reducing the carrying value of the ROU assets to its estimated fair value. The fair value of the ROU assets that the Company intends to sublease was estimated using level 3 inputs such as market comparables to estimate future cash flows expected from sublease income over the remaining lease terms.

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:


	Fiscal Years Ended November 30,
Cash flow information	2021		2020
Cash paid for amounts included in the measurement of lease liabilities	$	200,096	$	206,585
Non-cash ROU assets obtained in exchange for lease liabilities	156,406		147,292

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


	As of November 30,
Operating lease term and discount rate	2021		2020
Weighted-average remaining lease term (years)	3.81		3.97
Weighted-average discount rate	5.82	%	6.97	%

INCOME TAXES

12 Months Ended

Nov. 30, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES:

The sources of income before the provision for income taxes are as follows:


	Fiscal Years Ended November 30,
	2021		2020		2019
United States	$	66,274	$	(64,491)	$	(121,886)
Foreign	489,422		332,386		326,302
Total income before income taxes	$	555,696	$	267,895	$	204,416

Provision for income taxes consists of the following:


	Fiscal Years Ended November 30,
	2021		2020		2019
Current tax provision (benefit):
Federal	$	54,809	$	22,336	$	34,076
State	8,058		10		(6,260)
Foreign	112,981		100,588		75,717
	$	175,848	$	122,934	$	103,533
Deferred tax provision (benefit):
Federal	$	(19,119)	$	49	$	(19,139)
State	(2,798)		(336)		362
Foreign	(3,812)		(19,563)		2,496
	(25,729)		(19,850)		(16,281)
Total income tax provision	$	150,119	$	103,084	$	87,252

Provision for income taxes for fiscal years 2020 and 2019 was increased by an adjustment of $26,823 ($17,203 current tax expense plus $9,600 deferred tax expense) and $23,807 ($33,407 current tax expense offset by $9,600 deferred tax benefit), respectively, to reflect the hypothetical tax impact if Concentrix was not part of TD SYNNEX’ U.S. consolidated group and thereby suffered a much higher U.S. foreign tax credit limitation. The offset to the hypothetical tax expense was reflected in the former parent company investment balance, a component of equity on the consolidated balance sheet.

The following presents the breakdown of net deferred tax liabilities after netting by taxing jurisdiction:


	As of November 30,
	2021		2020
Deferred tax assets	$	48,413	$	47,423
Deferred tax liabilities	109,471		153,560
Total net deferred tax liabilities	$	61,058	$	106,137

Net deferred tax liabilities consist of the following:


	As of November 30,
	2021		2020
Assets:
Net operating losses	$	68,360	$	75,799
Accruals and other reserves	48,469		43,973
Depreciation and amortization	12,625		7,762
U.S. interest limitation carry forward	984		—
Share-based compensation expense	4,464		3,964
Deferred revenue	4,629		2,421
Tax credits	2,506		1,817
Foreign tax credit	2,359		5,829
Operating lease liabilities	90,270		104,429
Other	16,607		8,271
Gross deferred tax assets	251,273		254,265
Valuation allowance	(31,016)		(45,026)
Total deferred tax assets	$	220,257	$	209,239
Liabilities:
Intangible assets	$	160,802	$	183,970
Unremitted non-US earnings	32,199		28,882
Operating lease right-of-use assets	88,314		99,604
Other	—		2,920
Total deferred tax liabilities	281,315		315,376
Net deferred tax liabilities	$	61,058	$	106,137

The valuation allowance relates primarily to certain state and foreign net operating loss carry forwards, foreign deferred items and state credits. The Company’s assessment is that it is not more likely than not that these deferred tax assets will be realized.

A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective income tax rate is as follows:


	Fiscal Years Ended November 30,
	2021		2020		2019
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal income tax benefit	0.6	%	(0.2)	%	(2.2)	%
International rate difference	(1.0)	%	1.3	%	(1.9)	%
Withholding taxes	0.4	%	0.8	%	1.2	%
Uncertain tax benefits	0.3	%	0.9	%	5.0	%
Changes in valuation allowance	(1.6)	%	0.5	%	2.7	%
Contingent debentures	—	%	—	%	(0.2)	%
Adjustments related to the Tax Cuts and Jobs Act	2.8	%	3.3	%	8.4	%
Hypothetical current tax expense recorded for separate return basis presentation	—	%	10.0	%	11.6	%
Other(1)	4.5	%	0.9	%	(2.9)	%
Effective income tax rate	27.0	%	38.5	%	42.7	%

(1) Includes additional tax gain on the sale of CIS for the fiscal year ended November 30, 2021.

The Company’s U.S. business has sufficient cash flow and liquidity to fund its operating requirements and the Company expects and intends that profits earned outside the United States will be fully utilized and reinvested outside of the United States with the exception of earnings of certain previously acquired non-U.S. entities. The Company has recorded deferred tax liabilities related to non-U.S. withholding taxes on the earnings likely to be repatriated in the future.

As of November 30, 2021, the Company had approximately $1,684,899 of undistributed earnings of its non-U.S. subsidiaries for which it has not provided for non-U.S. withholding taxes and state taxes because such earnings are intended to be reinvested indefinitely in international operations. It is not practicable to determine the amount of applicable taxes that would be due if such earnings were distributed. Accordingly, the Company has not provisioned U.S. state taxes and non-U.S. withholding taxes on the non-U.S. legal entities for which the earnings are permanently reinvested.

As of November 30, 2021, the Company had net operating loss carry forwards of approximately $48,737 and $26,228 for federal and state purposes, respectively. The federal net operating loss carry forward and the state net operating loss carry forwards will both start expiring in the fiscal year ending November 30, 2022. The Company also had approximately $139,754 of foreign net operating loss carry forwards that will also start expiring in fiscal year ending November 30, 2022 if not used. In addition, the Company has approximately $5,273 of various federal and state income tax credit carry forwards that, if not used, will begin expiring in the fiscal year ending November 30, 2022. Utilization of the acquired loss carry forwards may be limited pursuant to Section 382 of the Internal Revenue Code of 1986.

The Company enjoys tax holidays in certain jurisdictions, primarily China, Costa Rica, Nicaragua and the Philippines. The tax holidays provide for lower or zero rates of taxation and require various thresholds of investment and business activities in those jurisdictions. The estimated tax benefits from the above tax holidays for fiscal years 2021, 2020, and 2019 were approximately $9,160, $12,850, and $8,247, respectively.

The aggregate changes in the balances of gross unrecognized tax benefits, excluding accrued interest and penalties, during fiscal years 2021, 2020, and 2019 were as follows:


Balance as of November 30, 2018	$	38,675
Additions based on tax positions related to the current year	10,753
Net additions for tax positions of prior years and acquisition	4,198
Lapse of statute of limitations	(4,698)
Balance as of November 30, 2019	48,928
Additions based on tax positions related to the current year	5,081
Additions for tax positions of prior years and acquisition	4,108
Settlements	(144)
Lapse of statute of limitations	(10,061)
Changes due to translation of foreign currencies	1
Balance as of November 30, 2020	47,913
Additions based on tax positions related to the current year	3,602
Reductions for tax positions of prior years	(1,638)
Settlements	(2,108)
Lapse of statute of limitations	(7,872)
Changes due to translation of foreign currencies	104
Balance as of November 30, 2021	$	40,001

The Company conducts business globally and files income tax returns in various U.S. and non-U.S. jurisdictions. The Company is subject to continuous examination and audits by various tax authorities. Significant audits are underway in the United States and India. The Company is not aware of any material exposures arising from these tax audits or in other jurisdictions not already provided for.

Although timing of the resolution of audits and/or appeals is highly uncertain, the Company believes it is reasonably possible that the total amount of unrecognized tax benefits as of November 30, 2021 could decrease between $6,464 and $13,447 in the next twelve months. The Company is no longer subject to U.S. federal income tax audit for returns covering years through fiscal year 2017. The Company is no longer subject to non-U.S. or U.S. state income tax audits for returns covering years through fiscal year 2012 and fiscal year 2014, respectively.

The liability for unrecognized tax benefits was $56,308 and $62,315 at November 30, 2021 and November 30, 2020, respectively, and is included in other long-term liabilities in the consolidated balance sheets. As of November 30, 2021 and 2020, $48,438 and $54,910 of the total unrecognized tax benefits, net of federal benefit, would affect the effective tax rate, if realized. The Company’s policy is to include interest and penalties related to income taxes, including unrecognized tax benefits, within the provision for income taxes. As of November 30, 2021 and 2020, the Company had accrued $16,306 and $14,402, respectively, in income taxes payable related to accrued interest and penalties.

Under the tax matters agreement with TD SYNNEX, the Company generally has liability and is required to indemnify TD SYNNEX for (1) any taxes incurred in the ordinary course of the Company’s business by the Company or its subsidiaries and (2) a portion of the taxes for tax periods that ended on or prior to the distribution related to transactions between Concentrix and TD SYNNEX or their respective subsidiaries, or other transactions in which both Concentrix and TD SYNNEX or their respective subsidiaries received a financial benefit.

- 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

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+ Details

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Nov. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES: From time to time, the Company receives notices from third parties, including clients 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 TD SYNNEX, the Company agreed to indemnify TD 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 TD SYNNEX, if the spin-off fails to qualify for tax-free treatment, the Company is generally required to indemnify TD 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 TD 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.

EARNINGS PER SHARE

12 Months Ended

Nov. 30, 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.

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.


	Fiscal Years Ended November 30,
	2021		2020		2019
Basic earnings per common share:
Net income	$	405,577	$	164,811	117,164
Less: net income allocated to participating securities(1)	(5,785)		—		—
Net income attributable to common stockholders	$	399,792	$	164,811	$	117,164

Weighted average common shares - basic	51,355		51,602		51,602

Basic earnings per common share	$	7.78	$	3.19	$	2.27

Diluted earnings per common share:
Net income	$	405,577	$	164,811	$	117,164
Less: net income allocated to participating securities(1)	(5,724)		—		—
Net income attributable to common stockholders	$	399,853	$	164,811	$	117,164

Weighted-average number of common shares - basic	51,355		51,602		51,602
Effect of dilutive securities:
Stock options and restricted stock units	559		—		—
Weighted-average number of common shares - diluted	51,914		51,602		51,602

Diluted earnings per common share	$	7.70	$	3.19	$	2.27

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

STOCKHOLDERS’ EQUITY	12 Months Ended
STOCKHOLDERS’ EQUITY	Nov. 30, 2021
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY: Share repurchase program In September 2021, the Company’s board of directors authorized the Company to purchase up to $500,000 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. During the fiscal year ended November 30, 2021, the Company repurchased 138 aggregate shares of its common stock for an aggregate purchase price of $25,100. The share repurchases were made on the open market and the shares repurchased by the Company are held in treasury for general corporate purposes. Dividends In September 2021, the board of directors declared a quarterly cash dividend of $0.25 per share. The dividend was paid in November 2021, to stockholders of record at the close of business on October 22, 2021. On January 18, 2022, the Company announced a cash dividend of $0.25 per share to stockholders of record as of January 28, 2022, payable on February 8, 2022.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Nov. 30, 2021
Accounting Policies [Abstract]
Basis of presentation (including principles of consolidation)	Basis of presentation (including principles of consolidation) The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the Company, its majority-owned subsidiaries and entities over which the Company has control. All intercompany balances and transactions have been eliminated in consolidation. 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 TD SYNNEX dedicated to the CX business. As the separate legal entities that make 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 TD 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 make up the CX business. As the separate legal entities that make 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 comprise the CX business were eliminated. Management of the Company and former parent consider 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 TD SYNNEX’ borrowing arrangements and substantially all of the assets of these Concentrix legal entities secured TD SYNNEX’ obligations under the borrowing arrangements. Historically, Concentrix received or provided funding for acquisitions or ongoing operations as part of TD 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 loan or other accounts payable to the former parent or a reduction of accounts or loans receivable in the prior year balance sheet 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 loans receivable from the former parent. The cash payments and receipts were recorded in the prior year 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 TD 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 TD 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 following the spin-off or will incur in the future.
Reclassifications	Reclassifications Certain amounts in the consolidated financial statements related to the prior years have been reclassified to conform to the current year’s presentation. Risks and uncertainties related to the COVID-19 pandemic In December 2019, there was an outbreak of a new strain of the 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 our team. During fiscal year 2021, almost all of the Company’s workforce was productive, but the Company experienced the continued effects of the COVID-19 pandemic, as the Delta variant caused new waves of COVID-19 cases around the globe. The extent of the continued impact of the COVID-19 pandemic on our operational and financial performance, including our ability to execute our business strategies and initiatives in the expected time frame, will depend on future developments, including the duration, spread and severity of the pandemic, the evolution of the virus and the effects of mutations in its genetic code, country and state restrictions regarding virus containment, the availability and effectiveness of vaccines and treatment options, accessibility to the Company’s delivery and operations locations, our continued utilization of remote work environments in response to future health and safety restrictions, and the effect on the Company’s clients’ businesses and the demand for their products and services, all of which are uncertain and cannot be predicted. 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.
Use of estimates	Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expense during the reporting period. The Company evaluates these estimates on a regular basis and bases them on historical experience and on various assumptions that the Company believes are reasonable. Actual results could differ from the estimates.
Segment reporting	Segment reporting Concentrix operations are based on an integrated global delivery model whereby services under a client contract in one location may be provided from delivery centers located in one or more different countries, with more than half of the Company’s workforce located in the Philippines and India. Given the homogeneity of technology-infused CX services and the integrated delivery model, the Company operates in a single segment, based on how the chief operating decision maker (“CODM”) views and evaluates the Company’s operations in making operational and strategic decisions and assessments of financial performance. The Company’s President and Chief Executive Officer has been identified as the CODM.
Cash equivalents	Cash equivalents The Company considers all highly liquid debt instruments purchased with an original maturity or remaining maturity at the date of purchase of three months or less to be cash equivalents. Cash equivalents consist principally of money market deposit accounts that are stated at cost, which approximates fair value. The Company is exposed to credit risk in the event of default by financial institutions to the extent that cash balances with financial institutions are in excess of amounts that are insured.
Accounts receivable and allowance for doubtful accounts	Accounts receivable and allowance for doubtful accounts Accounts receivable are comprised primarily of amounts owed to the Company by clients and are presented net of an allowance for doubtful accounts. The allowance for doubtful accounts is an estimate to cover the losses resulting from uncertainty regarding collections from customers to make payments for outstanding balances. In estimating the required allowance, the Company considers the overall quality and aging of the accounts receivable and credit evaluations of its clients’ financial condition. The Company also evaluates the collectability of accounts receivable based on specific client circumstances, current economic trends, historical experience with collections and the value and adequacy of any collateral received from clients.
Unbilled receivables	Unbilled receivables In the majority of service contracts, the Company performs the services prior to billing the client, and this amount is captured as an unbilled receivable included in accounts receivable, net on the consolidated balance sheet. Billing usually occurs in the month after the Company performs the services or in accordance with the specific contractual provisions.
Derivative financial instruments	Derivative financial instruments The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value. For derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, the gain or loss on the derivative instrument is reported as a component of “Accumulated other comprehensive income (loss),” in stockholders’ equity and reclassified into earnings in the same line associated with the forecasted transactions, in the same period or periods during which the hedged transaction affects earnings. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. For derivative instruments that are not designated as cash flow hedges, gains and losses on derivative instruments are reported in the consolidated statements of operations in the current period.
Software costs	Software costs The Company develops software platforms for internal use. The Company capitalizes costs incurred to develop software subsequent to the software product reaching the application development stage. The Company also capitalizes the costs incurred to extend the life of existing software, or the cost of significant enhancements that are added to the features of existing software. The capitalized development costs primarily comprise payroll costs and related software costs. Capitalized costs are amortized over the economic life of the software using the straight line method.
Property and equipment	Property and equipmentProperty and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed using the straight line method based upon the shorter of the estimated useful lives of the assets, or the lease term of the respective assets, if applicable. Maintenance and repairs are charged to expense as incurred, and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is reflected in operations in the period realized.
Leases	Leases The Company enters into leases as a lessee for property and equipment in the ordinary course of business. When procuring services, or upon entering into a contract with its clients, the Company determines whether an arrangement contains a lease at its inception. As part of that evaluation, the Company considers whether there is an implicitly or explicitly identified asset in the arrangement and whether the Company, as the lessee, or the client, if the Company is the lessor, has the right to control the use of that asset. Effective December 1, 2019, when the Company is the lessee, all leases with a term of more than 12 months are recognized as right-of-use (“ROU”) assets and associated lease liabilities in the consolidated balance sheet. Lease liabilities are measured at the lease commencement date and determined using the present value of the lease payments not yet paid, at the Company’s incremental borrowing rate, which approximates the rate at which the Company would borrow on a secured basis in the country where the lease was executed. The interest rate implicit in the lease is generally not determinable in the transactions where the Company is the lessee. The ROU asset equals the lease liability adjusted for any initial direct costs, prepaid rent and lease incentives. The Company’s variable lease payments generally relate to payments tied to various indexes, non-lease components and payments above a contractual minimum fixed amount. Operating leases are included in other assets, net, other accrued liabilities and other long-term liabilities in the consolidated balance sheet. Substantially all of the Company’s leases are classified as operating leases. The Company recognizes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company made a policy election to not recognize leases with a lease term of 12 months or less in the consolidated balance sheet. Lease expenses are recorded within selling, general, and administrative expenses in the consolidated statements of operations. Operating lease payments are presented within “Cash flows from operating activities” in the consolidated statements of cash flows. For all asset classes, the Company has elected the lessee practical expedient to combine lease and non-lease components (e.g. maintenance services) and account for the consolidated unit as a single lease component. Variable lease payments are recognized in the periods in which the obligations for those payments are incurred.
Business combinations	Business combinations The purchase price is allocated to the assets acquired, liabilities assumed, and non-controlling interests in the acquired entity generally based on their fair values at the acquisition date. The excess of the fair value of purchase consideration over the fair value of these assets acquired, liabilities assumed and non-controlling interests in the acquired entity is recorded as goodwill. The primary items that generate goodwill include the value of the synergies between the acquired entity and the Company and the value of the acquired assembled workforce, neither of which qualify for recognition as an intangible asset. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions existing at the acquisition date becomes available. The Company includes the results of operations of the acquired business in the consolidated financial statements prospectively from the date of acquisition. Acquisition-related charges are recognized separately from the business combination and are expensed as incurred. These charges primarily include direct third-party professional and legal fees, and integration-related costs.
Goodwill and intangible assets	Goodwill and intangible assets The Company tests goodwill for impairment annually at the reporting unit level in the fiscal fourth quarter or more frequently if events or changes in circumstances indicate that it may be impaired. For purposes of the goodwill impairment test, the Company can elect to perform a quantitative or qualitative analysis. If the qualitative analysis is elected, goodwill is tested for impairment at the reporting unit level by first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying value. The factors that are considered in the qualitative analysis include macroeconomic conditions, industry and market considerations, cost factors such as increases in labor, or other costs that would have a negative effect on earnings and cash flows; and other relevant entity-specific events and information. If the Company elects to perform or is required to perform a quantitative analysis, then the reporting unit’s carrying value is compared to its fair value. As part of this analysis, the Company reconciles the fair value of its reporting unit to its market capitalization. Goodwill is considered impaired if the carrying value of the reporting unit exceeds its fair value and the excess is recognized as an impairment loss. No goodwill impairment has been identified for any of the fiscal years presented in these consolidated financial statements. The values assigned to intangible assets are based on estimates and judgment regarding expectations for length of customer relationships and success of life cycle of technologies acquired in a business combination. Purchased intangible assets are amortized over the useful lives based on estimates of the use of the economic benefit of the asset or by using the straight line method. Intangible assets consist of customer relationships, technology and trade names. Amortization is based on the pattern over which the economic benefits of the intangible assets will be consumed or, when the consumption pattern is not apparent, by using the straight line method over the following useful lives:
Impairment of long-lived assets	Impairment of long-lived assets The Company reviews the recoverability of its long-lived assets, such as intangible assets subject to amortization, property and equipment and certain other assets, including lease right-of-use assets, when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on the Company’s ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows, undiscounted and without interest charges, of the related operations. If these cash flows are less than the carrying value of such assets, an impairment loss is recognized for the difference between estimated fair value and carrying value.
Concentration of credit risk	Concentration of credit risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist principally of cash and cash equivalents, accounts receivable and derivative instruments. The Company’s cash and cash equivalents and derivative instruments are transacted and maintained with financial institutions with high credit standing, and their compositions and maturities are regularly monitored by management. Through November 30, 2021, the Company has not experienced any credit losses on such deposits and derivative instruments. Accounts receivable comprise amounts due from clients. The Company performs ongoing credit evaluations of its clients’ financial condition and limits the amount of credit extended when deemed necessary, but generally requires no collateral. The Company also maintains allowances for potential credit losses. In estimating the required allowances, the Company takes into consideration the overall quality and aging of its receivable portfolio and specifically identified client risks. In fiscal years 2021, 2020 and 2019, one client accounted for 11.9%, 11.5% and 10.4%, respectively, of the Company’s consolidated revenue. As of November 30, 2021 and 2020, one client comprised 15.3% and 16.2%, respectively, of the Company’s total accounts receivable balance.
Revenue recognition	Revenue recognition The Company generates revenue primarily from the provision of CX solutions and technology to its clients. The Company recognizes revenue from services contracts over time as the promised services are delivered to clients for an amount that reflects the consideration to which the Company is entitled in exchange for those services. The Company recognizes revenue over time as the client simultaneously receives and consumes the benefits provided by the Company as the Company performs the services. The Company accounts for a contract with a client when it has written approval, the contract is committed, the rights of the parties, including payment terms, are identified, the contract has commercial substance and consideration is probable of collection. Revenue is presented net of taxes collected from clients and remitted to government authorities. The Company generally invoices a client after performance of services, or in accordance with specific contractual provisions. Payments are due as per contract terms and do not contain a significant financing component. The Company determines whether the services performed during the initial phases of an arrangement, such as setup activities, are distinct. In most cases, the arrangement is a single performance obligation comprised of a series of distinct services that are substantially the same and that have the same pattern of transfer (i.e., distinct days of service). Service contracts are most significantly based on a fixed unit-price per transaction or other objective measure of output. Revenue on unit-price transactions is recognized over time using an objective measure of output such as staffing hours or the number of transactions processed by service advisors. Certain contracts may be based on a fixed price. Revenue on fixed price contracts is recognized over time using an input measure or on a straight-line basis over the term of the contract as the services are provided based on the nature of the contract. Client contract terms can range from less than one year to more than five years. Certain client contracts include incentive payments from the client upon achieving certain agreed-upon service levels and performance metrics or service level agreements that could result in credits or refunds to the client. Revenue relating to such arrangements is accounted for as variable consideration when the likely amount of revenue to be recognized can be estimated to the extent that it is probable that a significant reversal of any incremental revenue will not occur.
Cost of revenue	Cost of revenueRecurring direct operating costs for services are recognized as incurred. Cost of services revenue consists primarily of personnel costs and transition and initial set up costs.
Selling, general and administrative expenses	Selling, general and administrative expenses Selling, general and administrative expenses are charged to income as incurred. Expenses of promoting and selling products and services are classified as selling expense and include such items as compensation, sales commissions and travel. General and administrative expenses include such items as compensation, cost of delivery centers, legal and professional costs, office supplies, non-income taxes, insurance and utility expenses. In addition, selling, general and administrative expenses include other operating items such as allowances for credit losses, depreciation and amortization of non-technology related intangible assets.
Advertising	Advertising Costs related to advertising and service promotion expenditures are charged to “Selling, general and administrative expenses” as incurred. To date, net costs related to advertising and promotion expenditures have not been material.
Income taxes	Income taxes Prior to December 1, 2020, the Company’s operations were included in the tax returns filed by the respective former parent entities of which the Company’s businesses were a part. For the fiscal years ended November 30, 2020 and 2019, income tax expense and other income tax related information contained in these consolidated financial statements are presented on a separate return basis as if the Company filed its own tax returns. The asset and liability method is used in accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected tax consequences of temporary differences between the tax bases of assets and liabilities and their reported amounts in the financial statements using enacted tax rates and laws that will be in effect when the difference is expected to reverse. Tax on global low-taxed intangible income is accounted for as a current expense in the period in which the income is includable in a tax return using the “period cost” method. Valuation allowances are provided against deferred tax assets that are not likely to be realized. The Company recognizes tax benefits from uncertain tax positions only if that tax position is more likely than not to be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. The Company recognizes interest and penalties related to unrecognized tax benefits in the provisions for income taxes.
Foreign currency translations	Foreign currency translations The financial statements of the legal entities included in these consolidated financial statements, whose functional currencies are the local currencies, are translated into U.S. dollars for consolidation as follows: assets and liabilities at the exchange rate as of the balance sheet date, equity at the historical rates of exchange, and income and expense amounts at the average exchange rate for the month. Translation adjustments resulting from the translation of the legal entities’ accounts are included in “Accumulated other comprehensive income (loss).” Transactions denominated in currencies other than the applicable functional currency are converted to the functional currency at the exchange rate on the transaction date. At period end, monetary assets and liabilities are remeasured to the functional currency using exchange rates in effect at the balance sheet date. Non-monetary assets and liabilities are remeasured at historical exchange rates. Gains and losses resulting from foreign currency transactions are included within “Other expense (income), net.”
Other comprehensive income	Other comprehensive income The primary components of other comprehensive income for the Company include foreign currency translation adjustments arising from the combination of foreign legal entities engaged in the CX business, unrealized gains and losses on cash flow hedges, and changes in unrecognized pension and post-retirement benefits.
Share-based compensation	Share-based compensation Share-based compensation cost for stock options, restricted stock awards and restricted stock units is determined based on the fair value at the measurement date. The Company recognizes share-based compensation cost as expense for these awards ratably on a straight-line basis over the requisite service period. Share-based compensation for performance-based restricted stock units is measured based on fair value at the initial measurement date and is adjusted each reporting period, as necessary, to reflect changes in the Company’s stock and management’s assessment of the probability that performance conditions will be satisfied. The Company recognizes share-based compensation cost associated with its performance-based restricted stock units over the requisite service period if it is probable that the performance conditions will be satisfied. The Company accounts for expense reductions that result from the forfeiture of unvested awards in the period that the forfeitures occur.
Pension and post-retirement benefits	Pension and post-retirement benefits The funded status of the Company’s pension and other post-retirement benefit plans is recognized in the consolidated balance sheets. The funded status is measured as the difference between the fair value of plan assets and the benefit obligation at November 30, the measurement date. For defined benefit pension plans, the benefit obligation is the projected benefit obligation (“PBO”) and, for the other post-retirement benefit plans, the benefit obligation is the accumulated post-retirement benefit obligation (“APBO”). The PBO represents the actuarial present value of benefits expected to be paid upon retirement. For active plans, the present value reflects estimated future compensation levels. The APBO represents the actuarial present value of post-retirement benefits attributed to employee services already rendered. The fair value of plan assets represents the current market value of assets held by an irrevocable trust fund for the sole benefit of participants. The measurement of the benefit obligation is based on the Company’s estimates and actuarial valuations. These valuations reflect the terms of the plans and use participant-specific information such as compensation, age and years of service, as well as certain key assumptions that require significant judgment, including, but not limited to, estimates of discount rates, expected return on plan assets, inflation, rate of compensation increases, interest crediting rates and mortality rates. The assumptions used are reviewed on an annual basis.
Earnings per common share	Earnings per common share Basic and diluted earnings per common share are calculated using the two-class method. The two-class method is an earnings allocation proportional to the respective ownership among holders of common stock and participating securities. 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 earnings per common share is computed by dividing net income attributable to the Company’s common stockholders by the weighted-average common shares outstanding during the period. Diluted earnings per common share also considers the dilutive effect of in-the-money stock options and restricted stock units, calculated using the treasury stock method.
Treasury stock	Treasury stock Repurchases of shares of common stock are accounted for at cost and are included as a component of stockholders’ equity in the consolidated balance sheets.
Accounting pronouncements adopted and recently issued accounting pronouncements not yet adopted	Accounting pronouncements adopted during the three-year period ended November 30, 2021 In June 2016, the Financial Accounting Standards Board (the “FASB”) issued a credit loss standard that replaced the 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. In August 2018, the FASB issued new guidance to add, remove, and clarify disclosure requirements related to defined benefit pension and other post-retirement 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 became effective for fiscal year 2021 and did not have a material impact on the Company’s consolidated financial statements. In February 2018, the FASB issued guidance that permitted the Company to reclassify disproportionate tax effects in accumulated other comprehensive income caused by the Tax Cuts and Jobs Act of 2017 to retained earnings. The guidance was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. The adoption of this new guidance did not have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued a new standard which revised various aspects of accounting for leases, with amendments in 2018 and 2019 codified as Accounting Standards Codification Topic 842, Leases (“ASC Topic 842”). The Company adopted the guidance effective December 1, 2019, applying the optional transition method, which allows an entity to apply the new standard at the adoption date with a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. In addition, the Company elected the package of practical expedients not to reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs, and the lessee practical expedient to combine lease and non-lease components for all asset classes. The Company made a policy election to not recognize ROU assets and lease liabilities for short-term leases for all asset classes. The most significant impact of adoption to the Company’s consolidated financial statements related to the recognition of a ROU asset and a lease liability for virtually all of its leases other than short-term leases. The liability was equal to the present value of lease payments. The asset is based on the liability, and subject to adjustment, such as for initial direct costs. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification. For income statement purposes, operating leases will result in a straight-line expense while finance leases will result in a front-loaded expense pattern. Upon adoption, the Company recorded $525,344 of ROU assets and $571,940 of liabilities relating to its operating leases on its consolidated balance sheet. The adoption did not have an impact on the Company’s consolidated statements of operations or its consolidated statements of cash flows. In May 2014, the FASB issued a comprehensive new revenue recognition standard for contracts with customers with amendments in 2015 and 2016, codified as Accounting Standards Codification Topic 606, Revenue from Contracts with Customers. The Company adopted the guidance effective December 1, 2018 on a full retrospective basis to ensure a consistent basis of presentation within the Company’s consolidated financial statements for all periods reported. In addition, the Company elected the one year practical expedient for contract costs. The impact of adoption was not material and related primarily to the capitalization of certain sales commissions that are assessed to be incremental for obtaining new contracts. Such costs are amortized over the period of expected benefit rather than being expensed as incurred as was the Company’s prior practice. In January 2016, the FASB issued new guidance that amended various aspects of the recognition, measurement, presentation, and disclosure of financial instruments. With respect to the Company’s consolidated financial statements, the most significant impact related to the accounting for equity investments (other than those that are consolidated or accounted under the equity method), which are measured at fair value through earnings. The Company has elected to use the measurement alternative for non-marketable equity securities, defined as cost, adjusted for changes from observable transactions for identical or similar investments of the same issuer, less impairment. The Company adopted the guidance as of December 1, 2018, with amendments related specifically to equity securities without readily determinable fair values applied prospectively. The adoption did not have a material impact on the Company’s consolidated financial statements. Recently issued accounting pronouncements not yet adopted 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 guidance on its consolidated financial statements. 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 on its consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Nov. 30, 2021

Accounting Policies [Abstract]

Property, Plant and Equipment Useful Life

The ranges of estimated useful lives for property and equipment categories are as follows:


Equipment and furniture			3 - 10 years
Software			3 - 7 years
Leasehold improvements			2 - 15 years
Buildings and building improvements			10 - 39 years

Property and equipment, net:

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


	As of November 30,
	2021		2020
Land	$	27,677	$	29,000
Equipment, computers and software	488,270		476,243
Furniture and fixtures	90,442		90,944
Buildings, building improvements and leasehold improvements	364,166		336,194
Construction-in-progress	10,741		10,115
Total property and equipment, gross	$	981,296	$	942,496
Less: Accumulated depreciation	(574,152)		(490,847)
Property and equipment, net	$	407,144	$	451,649

Shown below are the countries where 10% or more of the Company’s property and equipment, net are located as of November 30, 2021 and 2020:


	As of November 30,
	2021		2020
Property and equipment, net:
United States	$	101,333	$	149,903
Philippines	87,548		87,686
India	46,167		46,642
Others	172,096		167,418
Total	$	407,144	$	451,649

Schedule of Intangible Assets Useful Life


Customer relationships			10 - 15 years
Technology			5 years
Trade names			5 years

As of November 30, 2021 and 2020, the Company’s other intangible assets consisted of the following:


	As of November 30, 2021						As of November 30, 2020
	Gross amounts		Accumulated amortization		Net amounts		Gross amounts		Accumulated amortization		Net amounts
Customer relationships	$	1,347,961	$	(694,701)	$	653,260	$	1,389,341	$	(595,024)	$	794,317
Technology	10,835		(8,900)		1,935		14,830		(11,045)		3,785
Trade names	6,724		(6,391)		333		6,846		(5,989)		857
	$	1,365,520	$	(709,992)	$	655,528	$	1,411,017	$	(612,058)	$	798,959

SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Nov. 30, 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 fiscal years 2021, 2020 and 2019 as follows:


	Fiscal Years Ended November 30,
	2021		2020		2019
Total share-based compensation	$	36,762	$	15,914	$	10,554
Tax benefit recorded in the provision for income taxes	(9,234)		(3,979)		(2,417)
Effect on net income	$	27,528	$	11,935	$	8,137

Share-based Payment Arrangement, Option, Activity

A summary of the changes in the employee stock options during fiscal years 2019 and 2020 is presented below:


	Options Outstanding
	Number of former parent shares (in thousands)	Weighted- average exercise price per former parent share
Balance as of November 30, 2018	92	$	86.87
Options granted	30	110.44
Balance as of November 30, 2019	122	92.68
Options granted	—	—
Balance as of November 30, 2020	122	$	92.68

A summary of the changes in the employee stock options during fiscal year 2021 is presented below:


	Options Outstanding
	Number of shares (in thousands)	Weighted- average exercise price per share
Balance as of December 1, 2020 (converted from former parent in connection with the spin-off) (1)	684	$	45.84
Options granted	26	119.72
Options exercised	(269)	43.34
Balance as of November 30, 2021	441	$	51.75

(1)Amounts represent Concentrix awards, including those held by TD SYNNEX employees.

Schedule of Nonvested Restricted Stock Units Activity

A summary of the changes in the non-vested restricted stock awards, restricted stock units, and performance-based restricted stock units during fiscal years 2019 and 2020 is presented below:


	Number of former parent shares (in thousands)	Weighted-average, grant-date fair value per former parent share
Non-vested as of November 30, 2018	324	$	97.53
Awards granted	205	110.39
Units granted	181	97.33
Awards and units vested	(61)	94.36
Awards and units cancelled/forfeited	(57)	96.78
Non-vested as of November 30, 2019	591	102.12
Awards granted	7	78.47
Units granted	1	83.88
Awards and units vested	(110)	102.77
Awards and units cancelled/forfeited	(31)	102.04
Non-vested as of November 30, 2020	458	$	101.57


	Number of shares (in thousands)	Weighted-average, grant-date fair value per share
Balance as of December 1, 2020 (converted from former parent in connection with the spin-off) (1)	827	$	51.53
Awards granted	495	134.65
Units granted (2)	226	154.53
Awards and units vested	(504)	61.95
Awards and units cancelled/forfeited	(64)	84.20
Non-vested as of November 30, 2021	980	$	109.92

(1)Amounts represent Concentrix awards, including those held by TD SYNNEX employees.

(2)For performance-based restricted stock units, the maximum number of shares that can be awarded upon full vesting of the grants is included.

BALANCE SHEET COMPONENTS (Tables)

12 Months Ended

Nov. 30, 2021

Balance Sheet Related Disclosures [Abstract]

Schedule of Cash and Cash Equivalents


	As of November 30,
	2021		2020
Cash and cash equivalents	$	182,038	$	152,656
Restricted cash included in other current assets	972		3,695
Cash, cash equivalents and restricted cash	$	183,010	$	156,351

Schedule of Restricted Cash and Cash Equivalents


	As of November 30,
	2021		2020
Cash and cash equivalents	$	182,038	$	152,656
Restricted cash included in other current assets	972		3,695
Cash, cash equivalents and restricted cash	$	183,010	$	156,351

Schedule of Accounts Receivable

Accounts receivable, net:

Accounts receivable, net is comprised of the following as of November 30, 2021 and 2020:


	As of November 30,
	2021		2020
Billed accounts receivable	$	714,032	$	644,789
Unbilled accounts receivable	499,342		445,655
Less: Allowance for doubtful accounts	(5,421)		(8,963)
Accounts receivable, net	$	1,207,953	$	1,081,481

Schedule of Allowance for Doubtful Trade Receivables

Allowance for doubtful trade receivables:

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


Balance at November 30, 2018	$	1,000
Additions	5,134
Write-offs and reclassifications	(79)
Balance at November 30, 2019	6,055
Additions	8,140
Write-offs and reclassifications	(5,232)
Balance at November 30, 2020	8,963
Reductions	(202)
Write-offs and reclassifications	(3,340)
Balance at November 30, 2021	$	5,421

Property, Plant and Equipment

The ranges of estimated useful lives for property and equipment categories are as follows:


Equipment and furniture			3 - 10 years
Software			3 - 7 years
Leasehold improvements			2 - 15 years
Buildings and building improvements			10 - 39 years

Property and equipment, net:

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


	As of November 30,
	2021		2020
Land	$	27,677	$	29,000
Equipment, computers and software	488,270		476,243
Furniture and fixtures	90,442		90,944
Buildings, building improvements and leasehold improvements	364,166		336,194
Construction-in-progress	10,741		10,115
Total property and equipment, gross	$	981,296	$	942,496
Less: Accumulated depreciation	(574,152)		(490,847)
Property and equipment, net	$	407,144	$	451,649

Shown below are the countries where 10% or more of the Company’s property and equipment, net are located as of November 30, 2021 and 2020:


	As of November 30,
	2021		2020
Property and equipment, net:
United States	$	101,333	$	149,903
Philippines	87,548		87,686
India	46,167		46,642
Others	172,096		167,418
Total	$	407,144	$	451,649

Schedule of Accumulated Other Comprehensive Income (Loss)

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


	Unrecognized gains (losses) on defined benefit plan, net of taxes		Unrealized gains (losses) on cash flow hedges, net of taxes		Foreign currency translation adjustment and other, net of taxes		Total
Balance, November 30, 2019	$	(29,940)	$	17,523	$	(37,665)	$	(50,082)
Other comprehensive income (loss) before reclassification	(8,644)		34,508		43,196		69,060
Reclassification of (gains) losses from other comprehensive income (loss)	—		(22,792)		—		(22,792)
Balance, November 30, 2020	$	(38,584)	$	29,239	$	5,531	$	(3,814)
Other comprehensive income (loss) before reclassification	15,839		(8,396)		(51,909)		(44,466)
Reclassification of gains from other comprehensive income (loss)	—		(22,246)		—		(22,246)
Balance, November 30, 2021	$	(22,745)	$	(1,403)	$	(46,378)	$	(70,526)

Liability for Restructuring Charges related to Acquisition

The following table presents the activity related to liabilities for restructuring charges of previous acquisitions for the fiscal years ended November 30, 2021 and 2020:


	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	(584)		12,155		11,571
Cash payments	(2,244)		(8,509)		(10,753)
Accrued balance as of November 30, 2020	$	—	$	17,810	$	17,810
Release of accrual during the period	—		(248)		(248)
Cash payments	—		(5,156)		(5,156)
Accrued balance as of November 30, 2021	$	—	$	12,406	$	12,406

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Nov. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Below is a progression of goodwill for fiscal years 2021 and 2020:


	Fiscal Years Ended November 30,
	2021		2020
Balance, beginning of year	$	1,836,050	$	1,829,328
Acquisitions	3,502		—
Divestitures	(14,690)		—
Foreign currency translation	(11,360)		6,722
Balance, end of year	$	1,813,502	$	1,836,050

Schedule of Intangible Assets


Customer relationships			10 - 15 years
Technology			5 years
Trade names			5 years

As of November 30, 2021 and 2020, the Company’s other intangible assets consisted of the following:


	As of November 30, 2021						As of November 30, 2020
	Gross amounts		Accumulated amortization		Net amounts		Gross amounts		Accumulated amortization		Net amounts
Customer relationships	$	1,347,961	$	(694,701)	$	653,260	$	1,389,341	$	(595,024)	$	794,317
Technology	10,835		(8,900)		1,935		14,830		(11,045)		3,785
Trade names	6,724		(6,391)		333		6,846		(5,989)		857
	$	1,365,520	$	(709,992)	$	655,528	$	1,411,017	$	(612,058)	$	798,959

Schedule of Intangible Assets, Future Amortization Expense


Fiscal Years Ending November 30,
2022	$	114,593
2023	100,590
2024	84,268
2025	74,320
2026	61,402
Thereafter	220,355
Total	$	655,528

DERIVATIVE INSTRUMENTS (Tables)

12 Months Ended

Nov. 30, 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 8—Fair Value Measurements and summarized in the table below:


	Value as of
Balance Sheet Line Item	November 30, 2021		November 30, 2020
Derivative instruments not designated as hedging instruments:
Foreign exchange forward contracts (notional value)	$	1,415,447	$	1,153,352
Other current assets	10,058		15,666
Other accrued liabilities	12,542		6,215
Derivative instruments designated as cash flow hedges:
Foreign exchange forward contracts (notional value)	$	918,097	$	814,731
Other current assets and other assets	7,851		38,212
Other accrued liabilities and other long-term liabilities	9,736		309

Derivative Instruments, Gain (Loss)


		Fiscal Years Ended November 30,
	Location of gain (loss) in statement of operations	2021		2020		2019
Derivative instruments designated as cash flow hedges:
(Losses) gains recognized in OCI:
Foreign exchange forward contracts		$	(11,105)	$	45,986	$	20,772

Gains (losses) reclassified from AOCI into income:
Foreign exchange forward contracts
Gain reclassified from AOCI into income	Revenue for services	$	—	$	—	$	127
Gain reclassified from AOCI into income	Cost of revenue for services	21,138		21,532		16,454
Gain reclassified from AOCI into income	Selling, general and administrative expenses	8,606		8,841		6,767
Gain reclassified from AOCI into income	Other expense (income), net	—		—		36
Total		$	29,744	$	30,373	$	23,384

Derivative instruments not designated as hedging instruments:
(Loss) gain recognized from foreign exchange forward contracts, net(1)	Other expense (income), net	$	(2,880)	$	32,150	$	20,833

(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)

12 Months Ended

Nov. 30, 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 November 30, 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	$	77,332		$	77,332	$	—	$	—	$	60,242		$	60,242	$	—	$	—
Foreign government bond	1,446			1,446		—		—		1,355			1,355		—		—
Forward foreign currency exchange contracts	17,909			—		17,909		—		53,878			—		53,878		—
Liabilities:
Forward foreign currency exchange contracts	$	22,278		$	—	$	22,278	$	—	$	6,524		$	—	$	6,524	$	—

BORROWINGS (Tables)

12 Months Ended

Nov. 30, 2021

Debt Disclosure [Abstract]

Schedule of Debt

Borrowings consist of the following:


	As of November 30,
	2021		2020
Credit Facility - current portion of Term Loan component	$	—	$	33,750
Current portion of long term debt	$	—	$	33,750

Credit Facility - Term Loan component	$	700,000	$	866,250
Securitization Facility	105,000		250,000
Long-term debt, before unamortized debt discount and issuance costs	805,000		1,116,250
Less: unamortized debt discount and issuance costs	(2,983)		(4,888)
Long-term debt, net	$	802,017	$	1,111,362

Schedule of Maturities of Long-term Debt

As of November 30, 2021, future principal payments under the above loans for the subsequent fiscal years are as follows:


	Amount
Fiscal Years Ending November 30,
2022	$	105,000
2023	—
2024	—
2025	700,000
Total	$	805,000

REVENUE (Tables)

12 Months Ended

Nov. 30, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

In the following tables, the Company’s revenue is disaggregated by primary industry verticals and geographic location:


	Fiscal Years Ended November 30,
	2021		2020		2019
Industry vertical:
Technology and consumer electronics	$	1,759,203	$	1,422,817	$	1,283,084
Communications and media	1,005,283		954,234		1,142,242
Retail, travel and ecommerce	985,550		796,324		763,265
Banking, financial services and insurance	862,033		712,469		676,246
Healthcare	489,855		392,686		369,187
Other	485,091		441,004		473,888
Total	$	5,587,015	$	4,719,534	$	4,707,912


	Fiscal Years Ended November 30,
	2021		2020		2019
Revenue by geography:
Philippines	$	1,335,326	$	1,205,764	$	1,255,937
United States	884,777		812,903		942,779
India	723,495		615,291		631,534
Canada	338,255		215,248		218,206
Great Britain	307,109		235,006		228,643
Others	1,998,053		1,635,322		1,430,813
Total	$	5,587,015	$	4,719,534	$	4,707,912

TRANSACTIONS WITH FORMER PARENT (Tables)

12 Months Ended

Nov. 30, 2021

Schedule of Related Party Transactions

The following table presents the Company’s related party transactions with TD SYNNEX prior to the spin-off.


	Fiscal Years Ended November 30,
	2020		2019
Revenue from customer experience services to Parent	$	20,855	$	20,585
Purchases from Parent and its non-Concentrix subsidiaries	—		4
Interest expense on borrowings from Parent	50,615		95,395
Interest income on borrowings made to Parent	2,065		2,066
Corporate allocations	1,574		1,574
Share-based compensation	15,914		10,554

Compensation Related Costs, Retirement Benefits (Tables)

12 Months Ended

Nov. 30, 2021

Retirement Benefits [Abstract]

Schedule of Defined Benefit Plans Disclosures

Components of pension cost for the Company’s defined benefit plans are as follows:


	Fiscal Years Ended November 30,
	2021		2020		2019
Service cost	$	8,148	$	7,498	$	5,797
Interest cost on projected benefit obligation	6,284		8,385		10,266
Expected return on plan assets	(6,032)		(6,403)		(9,091)
Amortization and deferrals, net	4,542		2,851		822
Settlement charge	485		1,271		1,937
Total pension cost	$	13,427	$	13,602	$	9,731

Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan

The status of the Company’s defined benefit plans is summarized below:


	Fiscal Years Ended November 30,
	2021		2020
Change in Benefit Obligation:
Benefit obligation at beginning of year	$	281,957	$	261,028
Service cost	8,148		7,498
Interest cost	6,284		8,385
Actuarial (gain) loss	(6,679)		23,776
Benefits paid	(14,844)		(12,906)
Settlements	(5,893)		(7,579)
Foreign currency adjustments	(2,353)		1,755
Projected obligation at end of year	$	266,620	$	281,957

Change in Plan Assets:
Fair value of plan assets at beginning of year	$	147,558	$	145,645
Actual return on assets	13,534		13,718
Settlements	(5,893)		(7,579)
Employer contributions	14,563		3,152
Benefits paid	(7,711)		(7,149)
Foreign currency adjustments	(120)		(229)
Fair value of plan assets at end of year	$	161,931	$	147,558

Funded Status of Plans:
Unfunded status	$	104,689	$	134,399

Schedule of Amounts Recognized in Balance Sheet

Amounts recognized in the consolidated balance sheet and recorded within other accrued liabilities and other long-term liabilities as of November 30, 2021 and 2020 consist of the following:


	As of November 30,
	2021		2020
Current liability	$	15,884	$	10,451
Non-current liability	88,805		123,948
Total	$	104,689	$	134,399

Schedule Of Defined Benefit Plan Weighted Average Rates Used In Determining Benefit Obligations And Pension Costs

The following weighted-average rates were used in determining the benefit obligations as of November 30, 2021 and 2020:


	As of November 30,
	2021		2020
Discount rate	1.2% - 5.3%		0.3% - 4.7%
Interest crediting rate for cash balance plan	4.0	%	4.0	%
Expected rate of future compensation growth	1.8% - 8.5%		1.8% - 8.5%

The following weighted-average rates were used in determining the pension costs for the fiscal years ended November 30, 2021 and 2020:


	Fiscal Years Ended November 30,
	2021		2020
Discount rate	0.3% - 4.8%		0.6% - 6.0%
Interest crediting rate for cash balance plan	4.0	%	4.0	%
Expected return on plan assets	1.0% - 7.5%		4.5% - 7.5%
Expected rate of future compensation growth	1.8% - 8.5%		1.8% - 8.5%

Schedule of Allocation of Plan Assets

The following table sets forth by level within the fair

value hierarchy, total plan assets at fair value as of November 30, 2021 and 2020, including the cash balance plan and other funded benefit plans:


Investments	As of November 30, 2021		As of Quoted Prices in Active Markets for Identical Assets (Level 1)		As of Significant Other Observable Inputs (Level 2)		As of Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	3,383	$	3,383	$	—	$	—
Common/collective trusts:
Fixed Income	59,955		—		59,955		—
U.S. large cap	39,318		—		39,318		—
U.S. small cap	10,100		—		10,100		—
International equity	39,930		—		39,930		—
Governmental bonds	5,493		—		5,493		—
Corporate bonds	3,528		—		3,528		—
Investment funds	—		—		—		—
Limited partnership	224		—		—		224
Total investments	$	161,931	$	3,383	$	158,324	$	224


Investments	As of November 30, 2020		As of Quoted Prices in Active Markets for Identical Assets (Level 1)		As of Significant Other Observable Inputs (Level 2)		As of Significant Unobservable Inputs (Level 3)
Cash and cash equivalents	$	3,404	$	3,404	$	—	$	—
Common/collective trusts:
Fixed Income	50,986		—		50,986		—
U.S. large cap	43,020		—		43,020		—
U.S. small cap	9,662		—		9,662		—
International equity	31,892		—		31,892		—
Governmental bonds	3,094		—		3,094		—
Corporate bonds	5,232		—		5,232		—
Investment funds	—		—		—		—
Limited partnership	268		—		—		268
Total investments	$	147,558	$	3,404	$	143,886	$	268

Schedule of Expected Benefit Payments

The following table details expected benefit payments for the cash balance plan and other defined benefit plans:


Fiscal Years Ending November 30,
2022	$	34,451
2023	30,264
2024	27,446
2025	25,292
2026	23,467
Thereafter	97,363
Total	$	238,283

LEASES (Tables)

12 Months Ended

Nov. 30, 2021

Leases [Abstract]

Schedule of Lease Cost

The following table presents the various components of lease costs:


	Fiscal Years Ended November 30,
	2021		2020
Operating lease cost	$	203,508	$	202,852
Short-term lease cost	15,767		9,917
Variable lease cost	40,215		41,060
Sublease income	(1,738)		(1,668)
Total operating lease cost	$	257,752	$	252,161

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


	As of November 30,
Operating lease term and discount rate	2021		2020
Weighted-average remaining lease term (years)	3.81		3.97
Weighted-average discount rate	5.82	%	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 fiscal years and thereafter as of November 30, 2021:


Fiscal Years Ending November 30,
2022	$	185,065
2023	149,084
2024	110,781
2025	72,724
2026	29,204
Thereafter	20,810
Total payments	567,668
Less: imputed interest*	(59,868)
Total present value of lease payments	$	507,800

*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 sheet as of November 30, 2021 and 2020:


		As of November 30,
Operating leases	Balance sheet location	2021		2020
Operating lease ROU assets	Other assets, net	$	489,171	$	506,368
Current operating lease liabilities	Other accrued liabilities	153,329		163,052
Non-current operating lease liabilities	Other long-term liabilities	354,471		373,644

Schedule of Supplemental Cash Flow Information Related to Operating Leases


	Fiscal Years Ended November 30,
Cash flow information	2021		2020
Cash paid for amounts included in the measurement of lease liabilities	$	200,096	$	206,585
Non-cash ROU assets obtained in exchange for lease liabilities	156,406		147,292

INCOME TAXES (Tables)

12 Months Ended

Nov. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The sources of income before the provision for income taxes are as follows:


	Fiscal Years Ended November 30,
	2021		2020		2019
United States	$	66,274	$	(64,491)	$	(121,886)
Foreign	489,422		332,386		326,302
Total income before income taxes	$	555,696	$	267,895	$	204,416

Schedule of Components of Income Tax Expense (Benefit)

Provision for income taxes consists of the following:


	Fiscal Years Ended November 30,
	2021		2020		2019
Current tax provision (benefit):
Federal	$	54,809	$	22,336	$	34,076
State	8,058		10		(6,260)
Foreign	112,981		100,588		75,717
	$	175,848	$	122,934	$	103,533
Deferred tax provision (benefit):
Federal	$	(19,119)	$	49	$	(19,139)
State	(2,798)		(336)		362
Foreign	(3,812)		(19,563)		2,496
	(25,729)		(19,850)		(16,281)
Total income tax provision	$	150,119	$	103,084	$	87,252

Schedule of Deferred Tax Assets and Liabilities

The following presents the breakdown of net deferred tax liabilities after netting by taxing jurisdiction:


	As of November 30,
	2021		2020
Deferred tax assets	$	48,413	$	47,423
Deferred tax liabilities	109,471		153,560
Total net deferred tax liabilities	$	61,058	$	106,137

Net deferred tax liabilities consist of the following:


	As of November 30,
	2021		2020
Assets:
Net operating losses	$	68,360	$	75,799
Accruals and other reserves	48,469		43,973
Depreciation and amortization	12,625		7,762
U.S. interest limitation carry forward	984		—
Share-based compensation expense	4,464		3,964
Deferred revenue	4,629		2,421
Tax credits	2,506		1,817
Foreign tax credit	2,359		5,829
Operating lease liabilities	90,270		104,429
Other	16,607		8,271
Gross deferred tax assets	251,273		254,265
Valuation allowance	(31,016)		(45,026)
Total deferred tax assets	$	220,257	$	209,239
Liabilities:
Intangible assets	$	160,802	$	183,970
Unremitted non-US earnings	32,199		28,882
Operating lease right-of-use assets	88,314		99,604
Other	—		2,920
Total deferred tax liabilities	281,315		315,376
Net deferred tax liabilities	$	61,058	$	106,137

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory U.S. federal income tax rate to the Company’s effective income tax rate is as follows:


	Fiscal Years Ended November 30,
	2021		2020		2019
Federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal income tax benefit	0.6	%	(0.2)	%	(2.2)	%
International rate difference	(1.0)	%	1.3	%	(1.9)	%
Withholding taxes	0.4	%	0.8	%	1.2	%
Uncertain tax benefits	0.3	%	0.9	%	5.0	%
Changes in valuation allowance	(1.6)	%	0.5	%	2.7	%
Contingent debentures	—	%	—	%	(0.2)	%
Adjustments related to the Tax Cuts and Jobs Act	2.8	%	3.3	%	8.4	%
Hypothetical current tax expense recorded for separate return basis presentation	—	%	10.0	%	11.6	%
Other(1)	4.5	%	0.9	%	(2.9)	%
Effective income tax rate	27.0	%	38.5	%	42.7	%

(1) Includes additional tax gain on the sale of CIS for the fiscal year ended November 30, 2021.

Schedule of Unrecognized Tax Benefits Roll Forward

The aggregate changes in the balances of gross unrecognized tax benefits, excluding accrued interest and penalties, during fiscal years 2021, 2020, and 2019 were as follows:


Balance as of November 30, 2018	$	38,675
Additions based on tax positions related to the current year	10,753
Net additions for tax positions of prior years and acquisition	4,198
Lapse of statute of limitations	(4,698)
Balance as of November 30, 2019	48,928
Additions based on tax positions related to the current year	5,081
Additions for tax positions of prior years and acquisition	4,108
Settlements	(144)
Lapse of statute of limitations	(10,061)
Changes due to translation of foreign currencies	1
Balance as of November 30, 2020	47,913
Additions based on tax positions related to the current year	3,602
Reductions for tax positions of prior years	(1,638)
Settlements	(2,108)
Lapse of statute of limitations	(7,872)
Changes due to translation of foreign currencies	104
Balance as of November 30, 2021	$	40,001

EARNINGS PER SHARE (Tables)

12 Months Ended

Nov. 30, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share


	Fiscal Years Ended November 30,
	2021		2020		2019
Basic earnings per common share:
Net income	$	405,577	$	164,811	117,164
Less: net income allocated to participating securities(1)	(5,785)		—		—
Net income attributable to common stockholders	$	399,792	$	164,811	$	117,164

Weighted average common shares - basic	51,355		51,602		51,602

Basic earnings per common share	$	7.78	$	3.19	$	2.27

Diluted earnings per common share:
Net income	$	405,577	$	164,811	$	117,164
Less: net income allocated to participating securities(1)	(5,724)		—		—
Net income attributable to common stockholders	$	399,853	$	164,811	$	117,164

Weighted-average number of common shares - basic	51,355		51,602		51,602
Effect of dilutive securities:
Stock options and restricted stock units	559		—		—
Weighted-average number of common shares - diluted	51,914		51,602		51,602

Diluted earnings per common share	$	7.70	$	3.19	$	2.27

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

BACKGROUND AND BASIS OF PRESENTATION (Details)	Dec. 01, 2020	Nov. 30, 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 - Property, Plant and Equipment Useful Life (Details)	12 Months Ended
	Nov. 30, 2021
Equipment and furniture \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	3 years
Equipment and furniture \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	10 years
Software \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	3 years
Software \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	7 years
Leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	2 years
Leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	15 years
Buildings, building improvements and leasehold improvements \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	10 years
Buildings, building improvements and leasehold improvements \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful life	39 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets Useful Life (Details)	12 Months Ended
	Nov. 30, 2021
Technology
Finite-Lived Intangible Assets [Line Items]
Intangible assets useful life	5 years
Trade names
Finite-Lived Intangible Assets [Line Items]
Intangible assets useful life	5 years
Minimum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets useful life	10 years
Maximum \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets useful life	15 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019	Dec. 01, 2019
Concentration Risk [Line Items]
Operating lease ROU assets	$ 489,171	$ 506,368		$ 525,344
Operating lease liabilities	$ 507,800			$ 571,940
Revenue \| Customer Concentration Risk \| One Client
Concentration Risk [Line Items]
Concentration risk percentage	11.90%	11.50%	10.40%
Accounts Receivable \| Customer Concentration Risk \| One Client
Concentration Risk [Line Items]
Concentration risk percentage	15.30%	16.20%

ACQUISITIONS AND DIVESTITURES (Details) staff in Thousands, $ in Thousands		1 Months Ended	12 Months Ended
	Dec. 27, 2021 USD ($) staff	Jul. 31, 2021 USD ($)	Nov. 30, 2021 USD ($)	Nov. 30, 2020 USD ($)	Nov. 30, 2019 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestitures, net of cash sold			$ 73,708	$ 0	$ 0
PK \| Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of staff members acquired \| staff	5
Cash paid for acquisition	$ 1,600,000
CIS \| Held for sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from divestitures, net of cash sold		$ 73,708
Pre-tax gain		$ 13,197

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Dec. 01, 2020	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)			4,000,000
Weighted-average grant-date fair values (in dollars per share)		$ 38.15
Options outstanding (in shares)	684,000	441,000	122,000	122,000	92,000
Weighted average life		6 years 6 months 18 days
Aggregate pre-tax intrinsic value		$ 50,235
Options vested and exercisable (in shares)			266,000
Weighted average life			5 years 11 months 12 days
Weighted-average exercise price (in dollars per share)			$ 49.23
Aggregate pre-tax intrinsic value			$ 31,041
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock authorized for issuance (in shares)			1,000,000
Term period		10 years
Vesting period		5 years
Restricted Stock Awards, Restricted Stock Units and Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares)	827,000
Unamortized share-based compensation expense		$ 99,570
Estimated weighted-average amortization period		3 years 18 days
Restricted Stock Awards, Restricted Stock Units and Performance-Based Restricted Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Restricted Stock Awards, Restricted Stock Units and Performance-Based Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		5 years
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued (in shares)	684,000
Unamortized share-based compensation expense		$ 1,779
Estimated weighted-average amortization period		3 years

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Share-based Payment Arrangement [Abstract]
Total share-based compensation	$ 36,762	$ 15,914	$ 10,554
Tax benefit recorded in the provision for income taxes	(9,234)	(3,979)	(2,417)
Effect on net income	$ 27,528	$ 11,935	$ 8,137

SHARE-BASED COMPENSATION - Stock Options Summary (Details) - $ / shares shares in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Number of former parent shares (in thousands)
Beginning balance (in shares)	122	122	92
Options granted (in shares)	26	0	30
Options exercised (in shares)	(269)
Ending balance (in shares)	441	122	122
Weighted- average exercise price per former parent share
Beginning balance (in dollars per share)	$ 92.68	$ 92.68	$ 86.87
Options granted (in dollars per share)	119.72	0	110.44
Options exercised (in dollars per share)	43.34
Ending balance (in dollars per share)	$ 51.75	$ 92.68	$ 92.68

SHARE-BASED COMPENSATION - Restricted Stock Awards Summary (Details) - $ / shares shares in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Restricted Stock Awards, Restricted Stock Units and Performance-Based Restricted Stock Units
Number of former parent shares (in thousands)
Non-vested, beginning balance (in shares)	458	591	324
Awards and units vested (in shares)	(504)	(110)	(61)
Awards and units cancelled/forfeited (in shares)	(64)	(31)	(57)
Non-vested, ending balance (in shares)	980	458	591
Weighted-average, grant-date fair value per former parent share
Non-vested, beginning balance (in dollars per share)	$ 101.57	$ 102.12	$ 97.53
Awards and units vested (in dollars per share)	61.95	102.77	94.36
Awards and units cancelled/forfeited (in dollars per share)	84.20	102.04	96.78
Non-vested, ending balance (in dollars per share)	$ 109.92	$ 101.57	$ 102.12
Restricted Stock
Number of former parent shares (in thousands)
Awards and units granted (in shares)	495	7	205
Weighted-average, grant-date fair value per former parent share
Awards and units granted (in dollars per share)	$ 134.65	$ 78.47	$ 110.39
Restricted Stock Units (RSUs)
Number of former parent shares (in thousands)
Awards and units granted (in shares)	226	1	181
Weighted-average, grant-date fair value per former parent share
Awards and units granted (in dollars per share)	$ 154.53	$ 83.88	$ 97.33

BALANCE SHEET COMPONENTS - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Balance Sheet Related Disclosures [Abstract]
Cash and cash equivalents	$ 182,038	$ 152,656
Restricted cash included in other current assets	972	3,695
Cash, cash equivalents and restricted cash	$ 183,010	$ 156,351	$ 83,514	$ 127,884

BALANCE SHEET COMPONENTS - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less: Allowance for doubtful accounts	$ (5,421)	$ (8,963)	$ (6,055)	$ (1,000)
Accounts receivable, net	1,207,953	1,081,481
Billed accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	714,032	644,789
Unbilled accounts receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, gross	$ 499,342	$ 445,655

BALANCE SHEET COMPONENTS - Allowance for Doubtful Trade Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 8,963	$ 6,055	$ 1,000
Net additions (reductions)	(202)	8,140	5,134
Write-offs and reclassifications	(3,340)	(5,232)	(79)
Ending Balance	$ 5,421	$ 8,963	$ 6,055

BALANCE SHEET COMPONENTS - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 981,296	$ 942,496
Less: Accumulated depreciation	(574,152)	(490,847)
Property and equipment, net	407,144	451,649
United States
Property, Plant and Equipment [Line Items]
Property and equipment, net	101,333	149,903
Philippines
Property, Plant and Equipment [Line Items]
Property and equipment, net	87,548	87,686
India
Property, Plant and Equipment [Line Items]
Property and equipment, net	46,167	46,642
Others
Property, Plant and Equipment [Line Items]
Property and equipment, net	172,096	167,418
Land
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	27,677	29,000
Equipment, computers and software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	488,270	476,243
Equipment and furniture
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	90,442	90,944
Buildings, building improvements and leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	364,166	336,194
Construction-in-progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 10,741	$ 10,115

BALANCE SHEET COMPONENTS - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	$ 2,302,085	$ 1,469,841
Other comprehensive income (loss) before reclassification	(44,466)	69,060
Reclassification of (gains) losses from other comprehensive income (loss)	(22,246)	(22,792)
Ending Balance	2,620,255	2,302,085
Accumulated other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(3,814)	(50,082)
Ending Balance	(70,526)	(3,814)
Unrecognized gains (losses) on defined benefit plan, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(38,584)	(29,940)
Other comprehensive income (loss) before reclassification	15,839	(8,644)
Reclassification of (gains) losses from other comprehensive income (loss)	0	0
Ending Balance	(22,745)	(38,584)
Unrealized gains (losses) on cash flow hedges, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	29,239	17,523
Other comprehensive income (loss) before reclassification	(8,396)	34,508
Reclassification of (gains) losses from other comprehensive income (loss)	(22,246)	(22,792)
Ending Balance	(1,403)	29,239
Foreign currency translation adjustment and other, net of taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	5,531	(37,665)
Other comprehensive income (loss) before reclassification	(51,909)	43,196
Reclassification of (gains) losses from other comprehensive income (loss)	0	0
Ending Balance	$ (46,378)	$ 5,531

- 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	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020
Restructuring Reserve [Roll Forward]
Beginning balance	$ 17,810	$ 16,992
Additional (release of) accrual during the period	(248)	11,571
Cash payments	(5,156)	(10,753)
Ending balance	12,406	17,810
Severance and benefits
Restructuring Reserve [Roll Forward]
Beginning balance	0	2,828
Additional (release of) accrual during the period	0	(584)
Cash payments	0	(2,244)
Ending balance	0	0
Facility and exit costs
Restructuring Reserve [Roll Forward]
Beginning balance	17,810	14,164
Additional (release of) accrual during the period	(248)	12,155
Cash payments	(5,156)	(8,509)
Ending balance	$ 12,406	$ 17,810

GOODWILL AND INTANGIBLE ASSETS - Goodwill Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020
Goodwill [Roll Forward]
Balance, beginning of year	$ 1,836,050	$ 1,829,328
Acquisitions	3,502	0
Divestitures	(14,690)	0
Foreign currency translation	(11,360)	6,722
Balance, end of year	$ 1,813,502	$ 1,836,050

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets (Details) - USD ($)	Nov. 30, 2021	Nov. 30, 2020
Finite-Lived Intangible Assets [Line Items]
Gross amounts	$ 1,365,520,000	$ 1,411,017,000
Accumulated amortization	(709,992,000)	(612,058,000)
Net amounts	655,528,000	798,959,000
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross amounts	1,347,961,000	1,389,341,000
Accumulated amortization	(694,701,000)	(595,024,000)
Net amounts	653,260,000	794,317,000
Technology
Finite-Lived Intangible Assets [Line Items]
Gross amounts	10,835,000	14,830,000
Accumulated amortization	(8,900,000)	(11,045,000)
Net amounts	1,935,000	3,785,000
Trade names
Finite-Lived Intangible Assets [Line Items]
Gross amounts	6,724,000	6,846,000
Accumulated amortization	(6,391,000)	(5,989,000)
Net amounts	$ 333,000	$ 857,000

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization	$ 136,939	$ 147,283	$ 166,606
Remaining amortization period	11 years

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets Future Amortization Expense (Details) - USD ($)	Nov. 30, 2021	Nov. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 114,593,000
2023	100,590,000
2024	84,268,000
2025	74,320,000
2026	61,402,000
Thereafter	220,355,000
Net amounts	$ 655,528,000	$ 798,959,000

DERIVATIVE INSTRUMENTS - Fair Value of Derivative Instruments in Balance Sheets (Details) - Foreign Exchange Forward - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Not Designated as Hedging Instrument
Derivative instruments not designated as hedging instruments:
Notional value	$ 1,415,447	$ 1,153,352
Derivative instruments designated as cash flow hedges:
Notional value	1,415,447	1,153,352
Not Designated as Hedging Instrument \| Other current assets
Derivative instruments not designated as hedging instruments:
Forward foreign currency exchange contracts	10,058	15,666
Derivative instruments designated as cash flow hedges:
Forward foreign currency exchange contracts	10,058	15,666
Not Designated as Hedging Instrument \| Other accrued liabilities
Derivative instruments not designated as hedging instruments:
Forward foreign currency exchange contracts	12,542	6,215
Derivative instruments designated as cash flow hedges:
Forward foreign currency exchange contracts	12,542	6,215
Designated as Hedging Instrument
Derivative instruments not designated as hedging instruments:
Notional value	918,097	814,731
Derivative instruments designated as cash flow hedges:
Notional value	918,097	814,731
Designated as Hedging Instrument \| Other current assets and other assets
Derivative instruments not designated as hedging instruments:
Forward foreign currency exchange contracts	7,851	38,212
Derivative instruments designated as cash flow hedges:
Forward foreign currency exchange contracts	7,851	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	9,736	309
Derivative instruments designated as cash flow hedges:
Forward foreign currency exchange contracts	$ 9,736	$ 309

DERIVATIVE INSTRUMENTS - Effect of Derivative Instruments on AOCI and Statements of Operations (Details) - Foreign Exchange Forward - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Designated as Hedging Instrument
Derivative [Line Items]
(Losses) gains recognized in OCI	$ (11,105)	$ 45,986	$ 20,772
Gains reclassified from AOCI into income	29,744	30,373	23,384
Revenue for services \| Designated as Hedging Instrument
Derivative [Line Items]
Gains reclassified from AOCI into income	0	0	127
Cost of revenue for services \| Designated as Hedging Instrument
Derivative [Line Items]
Gains reclassified from AOCI into income	21,138	21,532	16,454
Selling, general and administrative expenses \| Designated as Hedging Instrument
Derivative [Line Items]
Gains reclassified from AOCI into income	8,606	8,841	6,767
Other expense (income), net \| Designated as Hedging Instrument
Derivative [Line Items]
Gains reclassified from AOCI into income	0	0	36
Other expense (income), net \| Not Designated as Hedging Instrument
Derivative [Line Items]
(Loss) gain recognized from foreign exchange forward contracts, net	$ (2,880)	$ 32,150	$ 20,833

DERIVATIVE INSTRUMENTS - Narrative (Details) $ in Thousands	12 Months Ended
DERIVATIVE INSTRUMENTS - Narrative (Details) $ in Thousands	Nov. 30, 2021 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Existing net losses expected to be reclassified	$ 968

FAIR VALUE MEASUREMENTS (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Assets:
Cash equivalents	$ 77,332	$ 60,242
Foreign government bond	1,446	1,355
Foreign Exchange Forward
Assets:
Forward foreign currency exchange contracts	17,909	53,878
Liabilities:
Forward foreign currency exchange contracts	22,278	6,524
Level 1
Assets:
Cash equivalents	77,332	60,242
Foreign government bond	1,446	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	17,909	53,878
Liabilities:
Forward foreign currency exchange contracts	22,278	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	Nov. 30, 2021	Nov. 30, 2020
Debt Instrument [Line Items]
Current portion of long term debt	$ 0	$ 33,750
Total	805,000	1,116,250
Less: unamortized debt discount and issuance costs	(2,983)	(4,888)
Long-term debt, net	802,017	1,111,362
Securitization Facility
Debt Instrument [Line Items]
Credit Facility - Term Loan component	105,000	250,000
Senior Secured Credit Facility \| Term Loan
Debt Instrument [Line Items]
Current portion of long term debt	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)				1 Months Ended	6 Months Ended	12 Months Ended
BORROWINGS - Narrative (Details)	Dec. 27, 2021 USD ($)	Oct. 30, 2020 USD ($)	Oct. 16, 2020 USD ($)	Dec. 31, 2021	Nov. 30, 2021 USD ($)	Nov. 30, 2021 USD ($)	Nov. 30, 2020 USD ($)	Nov. 30, 2019 USD ($)
Debt Instrument [Line Items]
Principal payments						$ 200,000,000	$ 0	$ 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 \| Revolver \| Subsequent Event
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 1,000,000
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
Voluntary prepayments						166,250,000
Senior Secured Credit Facility \| New Term Loan
Debt Instrument [Line Items]
Quarterly installment payment						$ 26,250,000
Senior Secured Credit Facility \| New Term Loan \| Subsequent Event
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 2,100,000
Senior Secured Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percent of unused portion			0.25%
Senior Secured Credit Facility \| Minimum \| Subsequent Event
Debt Instrument [Line Items]
Commitment fee percent of unused portion	0.225%
Senior Secured Credit Facility \| Minimum \| SOFR Rate Loans \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Senior Secured Credit Facility \| Minimum \| Not SOFR Rate Loans \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Senior Secured Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee percent of unused portion			0.45%
Senior Secured Credit Facility \| Maximum \| Subsequent Event
Debt Instrument [Line Items]
Commitment fee percent of unused portion	0.30%
Senior Secured Credit Facility \| Maximum \| SOFR Rate Loans \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
Senior Secured Credit Facility \| Maximum \| Not SOFR Rate Loans \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
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%
Senior Secured Credit Facility \| Federal Funds Rate \| Not SOFR Rate Loans \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate				0.50%
Senior Secured Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| SOFR Rate Loans \| Subsequent Event
Debt Instrument [Line Items]
Interest rate floor	0.00%
Senior Secured Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Not SOFR Rate Loans \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Senior Secured Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum \| SOFR Rate Loans \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	0.10%
Senior Secured Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum \| SOFR Rate Loans \| Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%

BORROWINGS - Long Term Debt Maturity (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Debt Disclosure [Abstract]
2022	$ 105,000
2023	0
2024	0
2025	700,000
Total	$ 805,000	$ 1,116,250

REVENUE (Details) - USD ($) $ in Thousands	12 Months Ended
REVENUE (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 5,587,015	$ 4,719,534	$ 4,707,912
Philippines
Disaggregation of Revenue [Line Items]
Revenue	1,335,326	1,205,764	1,255,937
United States
Disaggregation of Revenue [Line Items]
Revenue	884,777	812,903	942,779
India
Disaggregation of Revenue [Line Items]
Revenue	723,495	615,291	631,534
Canada
Disaggregation of Revenue [Line Items]
Revenue	338,255	215,248	218,206
Great Britain
Disaggregation of Revenue [Line Items]
Revenue	307,109	235,006	228,643
Others
Disaggregation of Revenue [Line Items]
Revenue	1,998,053	1,635,322	1,430,813
Technology and consumer electronics
Disaggregation of Revenue [Line Items]
Revenue	1,759,203	1,422,817	1,283,084
Communications and media
Disaggregation of Revenue [Line Items]
Revenue	1,005,283	954,234	1,142,242
Retail, travel and ecommerce
Disaggregation of Revenue [Line Items]
Revenue	985,550	796,324	763,265
Banking, financial services and insurance
Disaggregation of Revenue [Line Items]
Revenue	862,033	712,469	676,246
Healthcare
Disaggregation of Revenue [Line Items]
Revenue	489,855	392,686	369,187
Other
Disaggregation of Revenue [Line Items]
Revenue	$ 485,091	$ 441,004	$ 473,888

TRANSACTIONS WITH FORMER PARENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Related Party Transaction [Line Items]
Revenue	$ 5,587,015	$ 4,719,534	$ 4,707,912
Share-based compensation	$ 36,762	15,914	10,554
Former Parent
Related Party Transaction [Line Items]
Revenue		20,855	20,585
Purchases from Parent and its non-Concentrix subsidiaries		0	4
Interest expense on borrowings from Parent		50,615	95,395
Interest income on borrowings made to Parent		2,065	2,066
Corporate allocations		1,574	1,574
Share-based compensation		$ 15,914	$ 10,554

- 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

PENSION AND EMPLOYEE BENEFITS PLANS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Defined Benefit Plan Disclosure [Line Items]
Contributed amount	$ 72,561	$ 64,286	$ 43,963
Net benefit costs	13,427	$ 13,602	$ 9,731
Employer contributions	$ 8,871
Defined Benefit Plan, Equity Securities
Defined Benefit Plan Disclosure [Line Items]
Investment plan asset category percentage	60.00%	60.00%
Targeted allocation percentage	60.00%	60.00%
Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Investment plan asset category percentage	40.00%	40.00%
Targeted allocation percentage	40.00%	40.00%
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Projected benefit obligation percentage	25.00%	24.00%

PENSION AND EMPLOYEE BENEFITS PLANS - Pension Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Retirement Benefits [Abstract]
Service cost	$ 8,148	$ 7,498	$ 5,797
Interest cost	6,284	8,385	10,266
Expected return on plan assets	(6,032)	(6,403)	(9,091)
Amortization and deferrals, net	4,542	2,851	822
Settlements	485	1,271	1,937
Total pension cost	$ 13,427	$ 13,602	$ 9,731

PENSION AND EMPLOYEE BENEFITS PLANS - Employee Benefit Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Change in Benefit Obligation:
Service cost	$ 8,148	$ 7,498	$ 5,797
Interest cost	6,284	8,385	10,266
Settlements	485	1,271	1,937
Change in Plan Assets:
Beginning balance	147,558
Ending balance	161,931	147,558
Pension Plan
Change in Benefit Obligation:
Beginning balance	281,957	261,028
Service cost	8,148	7,498
Interest cost	6,284	8,385
Actuarial (gain) loss	(6,679)	23,776
Benefits paid	(14,844)	(12,906)
Settlements	(5,893)	(7,579)
Foreign currency adjustments	(2,353)	1,755
Ending balance	266,620	281,957	261,028
Change in Plan Assets:
Beginning balance	147,558	145,645
Actual return on assets	13,534	13,718
Settlements	(5,893)	(7,579)
Employer contributions	14,563	3,152
Benefits paid	(7,711)	(7,149)
Foreign currency adjustments	(120)	(229)
Ending balance	161,931	147,558	$ 145,645
Funded Status of Plans:
Unfunded status	$ 104,689	$ 134,399

PENSION AND EMPLOYEE BENEFITS PLANS - Defined Benefit Plan Liability (Details) - Pension Plan - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Current liability	$ 15,884	$ 10,451
Non-current liability	88,805	123,948
Total	$ 104,689	$ 134,399

PENSION AND EMPLOYEE BENEFITS PLANS - Weighted-Average Rates (Details) - Pension Plan	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Interest crediting rate for cash balance plan	4.00%	4.00%
Interest crediting rate for cash balance plan	4.00%	4.00%
Minimum
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	1.20%	0.30%
Expected rate of future compensation growth	1.80%	1.80%
Discount rate	0.30%	0.60%
Expected return on plan assets	1.00%	4.50%
Expected rate of future compensation growth	1.80%	1.80%
Maximum
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	5.30%	4.70%
Expected rate of future compensation growth	8.50%	8.50%
Discount rate	4.80%	6.00%
Expected return on plan assets	7.50%	7.50%
Expected rate of future compensation growth	8.50%	8.50%

PENSION AND EMPLOYEE BENEFITS PLANS - Fair Value of Plan Assets (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Defined Benefit Plan Disclosure [Line Items]
Total investments	$ 161,931	$ 147,558
Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments	3,383	3,404
Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments	158,324	143,886
Level 3
Defined Benefit Plan Disclosure [Line Items]
Total investments	224	268
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Total investments	3,383	3,404
Cash and cash equivalents \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments	3,383	3,404
Cash and cash equivalents \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
Cash and cash equivalents \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
Fixed Income
Defined Benefit Plan Disclosure [Line Items]
Total investments	59,955	50,986
Fixed Income \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
Fixed Income \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments	59,955	50,986
Fixed Income \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
U.S. large cap
Defined Benefit Plan Disclosure [Line Items]
Total investments	39,318	43,020
U.S. large cap \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
U.S. large cap \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments	39,318	43,020
U.S. large cap \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
U.S. small cap
Defined Benefit Plan Disclosure [Line Items]
Total investments	10,100	9,662
U.S. small cap \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
U.S. small cap \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments	10,100	9,662
U.S. small cap \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
International equity
Defined Benefit Plan Disclosure [Line Items]
Total investments	39,930	31,892
International equity \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
International equity \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments	39,930	31,892
International equity \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
Governmental bonds
Defined Benefit Plan Disclosure [Line Items]
Total investments	5,493	3,094
Governmental bonds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
Governmental bonds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments	5,493	3,094
Governmental bonds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
Corporate bonds
Defined Benefit Plan Disclosure [Line Items]
Total investments	3,528	5,232
Corporate bonds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
Corporate bonds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments	3,528	5,232
Corporate bonds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
Investment funds
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
Investment funds \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
Investment funds \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
Investment funds \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
Limited partnership
Defined Benefit Plan Disclosure [Line Items]
Total investments	224	268
Limited partnership \| Level 1
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
Limited partnership \| Level 2
Defined Benefit Plan Disclosure [Line Items]
Total investments	0	0
Limited partnership \| Level 3
Defined Benefit Plan Disclosure [Line Items]
Total investments	$ 224	$ 268

PENSION AND EMPLOYEE BENEFITS PLANS - Expected Benefit Payments (Details) $ in Thousands	Nov. 30, 2021 USD ($)
Retirement Benefits [Abstract]
2022	$ 34,451
2023	30,264
2024	27,446
2025	25,292
2026	23,467
Thereafter	97,363
Total	$ 238,283

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Leases [Abstract]
Operating lease cost	$ 203,508	$ 202,852
Short-term lease cost	15,767	9,917
Variable lease cost	40,215	41,060
Sublease income	(1,738)	(1,668)
Total operating lease cost	$ 257,752	$ 252,161

LEASES - Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Dec. 01, 2019
Leases [Abstract]
2022	$ 185,065
2023	149,084
2024	110,781
2025	72,724
2026	29,204
Thereafter	20,810
Total payments	567,668
Less: imputed interest	(59,868)
Total present value of lease payments	$ 507,800	$ 571,940

LEASES - Narrative (Details) $ in Millions	12 Months Ended
LEASES - Narrative (Details) $ in Millions	Nov. 30, 2020 USD ($)
Leases [Abstract]
Impairment of ROU assets	$ 9.3

LEASES - Operating Lease ROU Assets and Liabilities (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020	Dec. 01, 2019
Leases [Abstract]
Operating lease ROU assets	$ 489,171	$ 506,368	$ 525,344
Current operating lease liabilities	153,329	163,052
Non-current operating lease liabilities	$ 354,471	$ 373,644
Operating lease, right-of-use asset, statement of financial position	Other assets	Other assets	Other assets
Operating lease, liability, current, statement of financial position	Other accrued liabilities	Other accrued liabilities	Other accrued liabilities
Operating Lease, liability, noncurrent, statement of financial position	Other long-term liabilities	Other long-term liabilities	Other long-term liabilities

LEASES - Operating Lease Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities	$ 200,096	$ 206,585
Non-cash ROU assets obtained in exchange for lease liabilities	$ 156,406	$ 147,292

LEASES - Operating Lease Weighted Average Remaining Lease Term and Discount Rate (Details)	Nov. 30, 2021	Nov. 30, 2020
Leases [Abstract]
Weighted-average remaining lease term (years)	3 years 9 months 21 days	3 years 11 months 19 days
Weighted-average discount rate	5.82%	6.97%

INCOME TAXES - Income Before Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Income Tax Disclosure [Abstract]
United States	$ 66,274	$ (64,491)	$ (121,886)
Foreign	489,422	332,386	326,302
Income before income taxes	$ 555,696	$ 267,895	$ 204,416

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123384075&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Current tax provision (benefit):
Federal	$ 54,809	$ 22,336	$ 34,076
State	8,058	10	(6,260)
Foreign	112,981	100,588	75,717
Current tax provision (benefit)	175,848	122,934	103,533
Deferred tax provision (benefit):
Federal	(19,119)	49	(19,139)
State	(2,798)	(336)	362
Foreign	(3,812)	(19,563)	2,496
Deferred tax provision (benefit)	(25,729)	(19,850)	(16,281)
Total income tax provision	$ 150,119	$ 103,084	$ 87,252

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Investments, Owned, Federal Income Tax Note [Line Items]
Adjustment increase for current tax expense		$ 26,823	$ 23,807
Current tax provision (benefit)	$ 175,848	122,934	103,533
Deferred income taxes	(25,729)	(19,850)	(16,281)
Undistributed earnings of non-U.S. subsidiaries	1,684,899
Credit carry forwards	5,273
Estimated tax benefits from tax holidays	9,160	12,850	8,247
Unrecognized tax benefits	40,001	47,913	48,928	$ 38,675
Unrecognized tax benefits that would affect income tax expense if recognized	48,438	54,910
Income taxes payable related to accrued interest and penalties	16,306	14,402
Other Noncurrent Liabilities
Investments, Owned, Federal Income Tax Note [Line Items]
Unrecognized tax benefits	56,308	62,315
Hypothetical Tax Impact
Investments, Owned, Federal Income Tax Note [Line Items]
Current tax provision (benefit)		17,203	33,407
Deferred income taxes		9,600	$ 9,600
Minimum
Investments, Owned, Federal Income Tax Note [Line Items]
Unrecognized tax benefits, possible decrease amount	6,464
Maximum
Investments, Owned, Federal Income Tax Note [Line Items]
Unrecognized tax benefits, possible decrease amount	13,447
Domestic Tax Authority
Investments, Owned, Federal Income Tax Note [Line Items]
Operating loss carry forwards	$ 48,737
State and Local Jurisdiction
Investments, Owned, Federal Income Tax Note [Line Items]
Operating loss carry forwards		26,228
Foreign Tax Authority
Investments, Owned, Federal Income Tax Note [Line Items]
Operating loss carry forwards		$ 139,754

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Income Tax Disclosure [Abstract]
Deferred tax assets	$ 48,413	$ 47,423
Deferred tax liabilities	109,471	153,560
Total net deferred tax liabilities	$ 61,058	$ 106,137

INCOME TAXES - Deferred Tax Assets, Net (Details) - USD ($) $ in Thousands	Nov. 30, 2021	Nov. 30, 2020
Assets:
Net operating losses	$ 68,360	$ 75,799
Accruals and other reserves	48,469	43,973
Depreciation and amortization	12,625	7,762
U.S. interest limitation carry forward	984	0
Share-based compensation expense	4,464	3,964
Deferred revenue	4,629	2,421
Tax credits	2,506	1,817
Foreign tax credit	2,359	5,829
Operating lease liabilities	90,270	104,429
Other	16,607	8,271
Gross deferred tax assets	251,273	254,265
Valuation allowance	(31,016)	(45,026)
Total deferred tax assets	220,257	209,239
Liabilities:
Intangible assets	160,802	183,970
Unremitted non-US earnings	32,199	28,882
Operating lease right-of-use assets	88,314	99,604
Other	0	2,920
Total deferred tax liabilities	281,315	315,376
Total net deferred tax liabilities	$ 61,058	$ 106,137

INCOME TAXES - Income Tax Rate Reconciliation (Details)	12 Months Ended
INCOME TAXES - Income Tax Rate Reconciliation (Details)	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Income Tax Disclosure [Abstract]
Federal statutory income tax rate	21.00%	21.00%	21.00%
State taxes, net of federal income tax benefit	0.60%	(0.20%)	(2.20%)
International rate difference	(1.00%)	1.30%	(1.90%)
Withholding taxes	0.40%	0.80%	1.20%
Uncertain tax benefits	0.30%	0.90%	5.00%
Changes in valuation allowance	(1.60%)	0.50%	2.70%
Contingent debentures	0.00%	0.00%	(0.20%)
Adjustments related to the Tax Cuts and Jobs Act	2.80%	3.30%	8.40%
Hypothetical current tax expense recorded for separate return basis presentation	0.00%	10.00%	11.60%
Other	4.50%	0.90%	(2.90%)
Effective income tax rate	27.00%	38.50%	42.70%

INCOME TAXES - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 47,913	$ 48,928	$ 38,675
Additions based on tax positions related to the current year	3,602	5,081	10,753
Net additions for tax positions of prior years and acquisition		4,108	4,198
Reductions for tax positions of prior years	(1,638)
Settlements	(2,108)	(144)
Lapse of statute of limitations	(7,872)	(10,061)	(4,698)
Changes due to translation of foreign currencies	104	1
Ending balance	$ 40,001	$ 47,913	$ 48,928

EARNINGS PER SHARE - Narrative (Details) - shares	Nov. 30, 2021	Dec. 01, 2020	Nov. 30, 2020
Earnings Per Share [Abstract]
Common stock, shares issued (in shares)	51,927,000	51,600,000	0

EARNINGS PER SHARE - Computation of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Nov. 30, 2021	Nov. 30, 2020	Nov. 30, 2019
Basic earnings per common share:
Net income	$ 405,577	$ 164,811	$ 117,164
Less: net income allocated to participating securities	(5,785)	0	0
Net income attributable to common stockholders	$ 399,792	$ 164,811	$ 117,164
Weighted-average number of common shares - basic (in shares)	51,355	51,602	51,602
Basic earnings per common share (in dollars per share)	$ 7.78	$ 3.19	$ 2.27
Diluted earnings per common share:
Net income	$ 405,577	$ 164,811	$ 117,164
Less: net income allocated to participating securities	(5,724)	0	0
Net income attributable to common stockholders	$ 399,853	$ 164,811	$ 117,164
Weighted-average number of common shares - basic (in shares)	51,355	51,602	51,602
Effect of dilutive securities:
Stock options and restricted stock units (in shares)	559	0	0
Weighted-average number of common shares - diluted (in shares)	51,914	51,602	51,602
Diluted earnings per common share (in dollars per share)	$ 7.70	$ 3.19	$ 2.27

STOCKHOLDERS’ EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	12 Months Ended
	Jan. 18, 2022	Sep. 30, 2021	Nov. 30, 2021
Class of Stock [Line Items]
Authorized repurchase amount		$ 500.0
Shares repurchased			138
Aggregate purchase price			$ 25,100.0
Declared quarterly dividend (in dollars per share)		$ 0.25
Subsequent Event
Class of Stock [Line Items]
Declared quarterly dividend (in dollars per share)	$ 0.25

Label	Element	Value
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice	$ 45.84
Restricted Stock Awards, Restricted Stock Units and Performance-Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue	$ 51.53
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber	827,000